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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | For financial reporting purposes, loss before income taxes includes the following components (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
United States loss | $ | (259,395) |  |  | $ | (267,058) |  |  | $ | (35,272) |
Foreign income | 1,284 |  |  | 936 |  |  | 1,420 |
Total loss before income taxes | $ | (258,111) |  |  | $ | (266,122) |  |  | $ | (33,852) |
Schedule of provision (benefit) for income taxes | The provision for income taxes for 2024, 2023 and 2022 consists of the following (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | (55) |  |  | $ | 802 |
State | 167 |  |  | 369 |  |  | 1,874 |
Foreign | 233 |  |  | 58 |  |  | 112 |
Total current | 400 |  |  | 372 |  |  | 2,788 |
Deferred: |  |  |  |  |
Federal | 119 |  |  | 37,160 |  |  | (1,275) |
State | 118 |  |  | 4,201 |  |  | (50) |
Foreign | 47 |  |  | (13) |  |  | (79) |
Total deferred | 284 |  |  | 41,348 |  |  | (1,404) |
Total provision for income taxes | $ | 684 |  |  | $ | 41,720 |  |  | $ | 1,384 |
Schedule of difference in income tax provision from amount computed by applying U.S. federal income tax rate of 35% to loss before income taxes | The provision for income taxes for 2024, 2023 and 2022 differ from the amounts computed by applying the U.S. federal income tax rate of 21% to loss before income taxes for the following reasons (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal income tax benefit at statutory rate | $ | (54,203) |  |  | $ | (55,886) |  |  | $ | (7,109) |
State income tax expense, net of federal benefit | (9,444) |  |  | (12,297) |  |  | (1,170) |
Research and development credit | (2,071) |  |  | (3,245) |  |  | (2,956) |
Global intangible low-tax income | 360 |  |  | (736) |  |  | 919 |
Other, net | 391 |  |  | (1) |  |  | (67) |
Non-deductible executive compensation | 1,286 |  |  | 762 |  |  | 905 |
Stock-based compensation expense | 728 |  |  | 2,477 |  |  | 219 |
Change in valuation allowance | 63,637 |  |  | 110,646 |  |  | 10,643 |
Total provision for income taxes | $ | 684 |  |  | $ | 41,720 |  |  | $ | 1,384 |
Schedule of components of deferred tax assets and liabilities | The components of our deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 73,925 |  |  | $ | 29,440 |
Basis difference in equity securities | 53,335 |  |  | 34,729 |
Capitalized software development | 33,064 |  |  | 25,840 |
Research and development tax credits | 26,040 |  |  | 24,202 |
Unearned revenue | 7,324 |  |  | 7,925 |
Accrued expenses | 3,325 |  |  | 4,275 |
Reserves and other | 2,270 |  |  | 2,551 |
Operating lease liabilities | 1,902 |  |  | 861 |
Other tax credits and carryforwards | 261 |  |  | 270 |
Property and equipment, net held for sale | — |  |  | 6,484 |
Intangible assets | — |  |  | 117 |
Gross deferred tax assets | 201,446 |  |  | 136,694 |
Valuation allowance | (195,742) |  |  | (132,105) |
Total deferred tax assets | 5,704 |  |  | 4,589 |
Deferred tax liabilities: |  |  |
Property and equipment, net | (3,378) |  |  | (3,125) |
Operating lease right-of-use assets | (1,664) |  |  | (786) |
Intangible assets | (487) |  |  | — |
Prepaid expenses | (368) |  |  | (587) |
Total deferred tax liabilities | (5,897) |  |  | (4,498) |
Total deferred tax assets (liabilities), net | $ | (193) |  |  | $ | 91 |
Schedule of reconciliation of beginning and ending tax contingencies, excluding interest and penalties | A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, as of December 31, 2024, 2023 and 2022 is as follows (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 15,020 |  |  | $ | 13,488 |  |  | $ | 11,961 |
Additions for tax positions related to the current year | 1,121 |  |  | 1,258 |  |  | 1,083 |
Additions (reductions) for tax positions taken in prior years | (452) |  |  | 274 |  |  | 444 |
Ending balance | $ | 15,689 |  |  | $ | 15,020 |  |  | $ | 13,488 |

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