XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.22.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The total provision for income taxes consisted of the following:
| Year Ended December 31, |  |  |  |
| 2021 |  | 2020 |  | 2019 |  |  |  |
| (in thousands) |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
State | 425 |  |  | 26 |  |  | 13 |  |  |  |  |
Total current | 425 |  |  | 26 |  |  | 13 |  |  |  |  |
Deferred: |  |  |  |  |  |  |  |  |
Federal | (34,462) |  |  | — |  |  | — |  |  |  |  |
State | (4,849) |  |  | — |  |  | — |  |  |  |  |
Total deferred | (39,311) |  |  | — |  |  | — |  |  |  |  |
Total provision for income taxes | $ | (38,886) |  |  | $ | 26 |  |  | $ | 13 |  |  |  |  |
Schedule of Effective Income Tax Rate Reconciliation | The following summarizes the differences between the income tax provision recorded by the Company and the amount computed by applying the statutory federal income tax rate of 21% to loss before income tax for the years ended December 31, 2021, 2020 and 2019:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Tax benefit at federal statutory rate | $ | (43,747) |  |  | $ | (15,664) |  |  | $ | (17,102) |
State taxes, net of federal benefit | (4,431) |  |  | 21 |  |  | 10 |
Research and other credits | (2,305) |  |  | (1,245) |  |  | (1,643) |
VA release related to Title365 PPA | (34,462) |  |  | — |  |  | — |
Change in valuation allowance | 38,188 |  |  | 16,431 |  |  | 16,388 |
Section 162(m) adjustment | 10,241 |  |  | — |  |  | — |
Non-deductible transaction costs | 1,252 |  |  | — |  |  | — |
Stock-based compensation | (2,828) |  |  | 572 |  |  | 1,739 |
Other | (794) |  |  | (89) |  |  | 621 |
Total provision for income taxes | $ | (38,886) |  |  | $ | 26 |  |  | $ | 13 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
| December 31, 2021 |  | December 31, 2020
| (in thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 102,240 |  |  | $ | 65,334 |
Lease liabilities | 4,721 |  |  | 4,287 |
Research and other credits | 12,627 |  |  | 9,914 |
Accruals and reserves | 1,098 |  |  | 1,501 |
Interest expense limitation | 2,174 |  |  | — |
Stock-based compensation | 1,980 |  |  | 551 |
Fixed assets | 1,014 |  |  | — |
Other deferred tax assets | 357 |  |  | — |
Gross deferred tax assets | 126,211 |  |  | 81,587 |
Less: valuation allowance | (77,843) |  |  | (73,936) |
Total deferred tax assets | $ | 48,368 |  |  | $ | 7,651 |
Deferred tax liabilities: |  |  |
Right-of-use assets | $ | (3,776) |  |  | $ | (3,282) |
Deferred contract costs | (2,194) |  |  | (2,608) |
Fixed assets | — |  |  | (55) |
ASC 606 adjustments | (667) |  |  | (1,706) |
Other deferred tax liabilities | (462) |  |  | — |
Amortization | (752) |  |  | — |
Acquired intangible assets | (43,381) |  |  | — |
Gross deferred tax liabilities | (51,232) |  |  | (7,651) |
Total net deferred liabilities | $ | (2,864) |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table reflects the changes in the Company’s unrecognized tax benefits:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Beginning Balance | $ | 4,155 |  |  | $ | 3,167 |  |  | $ | 1,146 |
Gross increases—tax positions in prior periods | — |  |  | — |  |  | 703 |
Gross increases—tax positions in current periods | 1,793 |  |  | 1,188 |  |  | 1,318 |
Gross decreases—tax positions in prior periods | — |  |  | (200) |  |  | — |
Ending balance | $ | 5,948 |  |  | $ | 4,155 |  |  | $ | 3,167 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration