Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Loss Before Provision for (benefit from) Income Taxes

Income (loss) before provision for income taxes consisted of the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
United States	$	174,637	$	(402,834)	$	(514,200)
Foreign	62,454		41,807		25,706
Income (loss) before provision for income taxes	$	237,091	$	(361,027)	$	(488,494)

Summary of Provision for (benefit from) Income Taxes

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


	Years Ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	—
State	2,333		765		(88)
Foreign	22,189		9,476		(11,343)
Total current provision	24,522		10,241		(11,431)
Deferred:
Federal	—		—		(111)
State	—		—		—
Foreign	(4,806)		(174)		43,427
Total deferred provision	(4,806)		(174)		43,316
Total provision for income taxes	$	19,716	$	10,067	$	31,885

Summary of Reconciliation of Effective Income Tax Rate

A reconciliation of the expected tax provision at the statutory federal income tax rate to the Company’s recorded tax provision consisted of the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Expected tax (benefit) at U.S. federal statutory rate	$	49,789	$	(75,592)	$	(102,584)
State income taxes - net of federal benefit	2,309		766		(88)
Foreign tax rate differential	859		832		870
Research and development tax credits	(45,667)		(34,546)		(94,591)
Stock-based compensation	(79,128)		1,374		(817,839)
Non-deductible officers’ compensation	34,479		40,629		428,682
Change in valuation allowance	35,070		49,833		616,572
Base Erosion Anti-Abuse Tax and related elections	14,700		25,200		—
Taxes withheld at source	4,378		—		—
Non-deductible expenses	3,610		—		—
Other	(683)		1,571		863
Total provision for income taxes	$	19,716	$	10,067	$	31,885

Summary of Significant Deferred Tax Assets and Liabilities

Significant deferred tax assets and liabilities consisted of the following (in thousands):


	As of December 31,
	2023		2022
Net operating loss carryforwards	$	1,317,684	$	1,436,957
Capitalized research and experimental expenses	214,848		70,839
Reserves and accruals	99,105		76,905
Tax credit carryforwards	277,060		226,565
Stock-based compensation	139,419		203,735
Lease liabilities	53,902		58,056
Depreciation and amortization	14,413		29,665
Capitalized facilitative expenses	28,906		—
Gross deferred tax assets	2,145,337		2,102,722
Outside basis difference	—		(6,512)
Acquisition related intangibles	(8,428)		(10,225)
Right-of-use assets	(42,721)		(46,295)
Total net deferred tax assets before valuation allowance	2,094,188		2,039,690
Valuation allowance	(2,102,251)		(2,051,655)
Net deferred tax assets (liabilities)	$	(8,063)	$	(11,965)

Summary of Reconciliation of the Gross Unrecognized Tax Benefits

A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands):


	Years Ended December 31,
	2023		2022		2021
Unrecognized tax benefit beginning of year	$	81,904	$	65,070	$	75,557
Increases in current year tax positions	14,346		5,733		19,638
Increases in prior year tax positions	15,766		11,497		967
Decreases in prior year tax positions	—		(36)		(30,895)
Decreases in prior year tax positions due to settlements	—		(360)		(197)
Decreases in prior year tax positions due to lapse of statute of limitations	—		—		—
Unrecognized tax benefit end of year	$	112,016	$	81,904	$	65,070