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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before taxes are as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
U.S.		$	(142,447	)		$	(667,612	)		$	(123,201	)
Foreign			12,801				(80,005	)			(37,037	)
Loss before taxes		$	(129,646	)		$	(747,617	)		$	(160,238	)

Summary of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

		Year Ended December 31,
		2023				2022				2021
Current:
U.S. federal		$	1,398			$	—			$	—
Foreign			16,546				21,252				12,531
State and local			694				1,723				(604	)
Total current			18,638				22,975				11,927
Deferred:
U.S. federal			19				(5,431	)			1,215
Foreign			(8,113	)			(3,871	)			7,116
State and local			(502	)			(84	)			(1,418	)
Total deferred			(8,596	)			(9,386	)			6,913
Provision for income taxes		$	10,042			$	13,589			$	18,840

Component of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

		December 31,
		2023				2022
Deferred tax assets:
Net operating losses		$	22,442			$	19,477
Research credits			10,513				6,791
Foreign tax credits			5,796				2,119
Accrued expenses			25,729				27,987
Basis difference in fixed and intangible assets			38,899				16,290
Deferred revenue			10,652				9,556
Capitalized R&D			87,465				63,601
Lease liability			11,075				13,310
Other tax credits			2,318				1,673
Gross deferred tax assets			214,889				160,804
Valuation allowance			(157,595	)			(111,779	)
Net deferred tax assets			57,294				49,025
Deferred tax liabilities:
Acquired intangible assets			(36,416	)			(45,424	)
Revenue recognition			(4,574	)			(2,292	)
Operating ROU assets			(9,758	)			(10,550	)
Other			(8,436	)			(1,562	)
Gross deferred tax liabilities			(59,184	)			(59,828	)
Net deferred tax liabilities		$	(1,890	)		$	(10,803	)

Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss Carryforwards

As of December 31, 2023, the Company had recorded deferred tax assets for the tax effects of the following gross tax loss carryforwards (in thousands):

		Carry forward Amount				Years of Expiration
Federal		$	29,202			2027—indefinite
State (post-apportionment)		$	93,258			2024—2042

Schedule of Credits Available to Reduce Future Income Tax Expense

As of December 31, 2023, the Company had the following credits available to reduce future income tax expense (in thousands):

		Carry forward Amount				Years of Expiration
Federal research and development credits		$	9,451			2024—2043
State research and development credits		$	17,356			2024—indefinite
Foreign tax credits		$	8,114			2026—2033

Schedule of Changes in Deferred Tax Asset Valuation Allowance

The deferred tax asset valuation allowance and changes in the deferred tax asset valuation allowance consisted of the following (in thousands):

		Year Ended December 31,
		2023				2022				2021
Balance at beginning of period		$	111,779			$	101,529			$	52,676
Charged (credited) to expenses			46,397				19,321				59,249
Charged (credited) to other accounts			(581	)			(9,071	)			(10,396	)
Balance at end of period		$	157,595			$	111,779			$	101,529

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax

Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to loss before income taxes as a result of the following (in thousands):

		Year Ended December 31,
		2023				2022				2021
U.S. federal statutory rate		$	(27,226	)		$	(157,032	)		$	(33,650	)
State, net of federal benefit			532				1,974				(258	)
Stock-based compensation			6,758				2,036				(1,740	)
Executive compensation limitation			1,911				2,286				2,221
Research tax credit			(6,983	)			(5,225	)			(2,321	)
Foreign withholding tax			12,811				8,079				11,018
Goodwill impairment			—				107,831				—
Restructuring and transaction costs			649				293				—
Divestiture-related activity			(26,915	)			—				—
Foreign rate differential			(7,354	)			19,337				16,407
Foreign tax credit			(10,124	)			(977	)			(8,928	)
Change in valuation allowance			50,314				20,491				39,063
Foreign income inclusions			10,151				7,656				—
Unrecognized tax benefits			746				6,798				1,526
Change in estimates			3,844				(1,802	)			(4,674	)
Others			928				1,844				176
Total		$	10,042			$	13,589			$	18,840

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Total unrecognized tax benefits at January 1		$	19,354			$	8,438			$	7,106
Changes due to mergers and transactions			—				1,682				(1,440	)
Increases for tax positions related to the current year			4,070				8,793				1,962
Increases for tax positions related to prior years			961				444				1,303
Decreases for tax positions related to prior years			(798	)			(3	)			(493	)
Total unrecognized tax benefits at December 31		$	23,587			$	19,354			$	8,438

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