v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
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,
202420232022
United States$426,944 $174,637 $(402,834)
Foreign62,229 62,454 41,807 
Income (loss) before provision for income taxes$489,173 $237,091 $(361,027)
Summary of Provision for (benefit from) Income Taxes
Provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202420232022
Current:
Federal$— $— $— 
State1,556 2,333 765 
Foreign20,265 22,189 9,476 
Total current provision21,821 24,522 10,241 
Deferred:
Federal— — — 
State— — — 
Foreign(566)(4,806)(174)
Total deferred provision(566)(4,806)(174)
Total provision for income taxes$21,255 $19,716 $10,067 
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,
202420232022
Expected tax (benefit) at U.S. federal statutory rate$102,726 $49,789 $(75,592)
State income taxes - net of federal benefit1,365 2,309 766 
Foreign tax rate differential(15,767)859 832 
Research and development tax credits(103,858)(45,667)(34,546)
Stock-based compensation(513,841)(79,128)1,374 
Non-deductible officers’ compensation
33,404 34,479 40,629 
Change in valuation allowance507,149 35,070 49,833 
Base Erosion Anti-Abuse Tax and related elections— 14,700 25,200 
Taxes withheld at source5,599 4,378 — 
Non-deductible expenses5,545 3,610 — 
Other(1,067)(683)1,571 
Total provision for income taxes$21,255 $19,716 $10,067 
Summary of Significant Deferred Tax Assets and Liabilities Significant deferred tax assets and liabilities consisted of the following (in thousands):
As of December 31,
20242023
Net operating loss carryforwards$1,583,076 $1,317,684 
Capitalized research and experimental expenses504,156 214,848 
Reserves and accruals87,111 99,105 
Tax credit carryforwards394,579 277,060 
Stock-based compensation76,604 139,419 
Lease liabilities60,103 53,902 
Depreciation and amortization15,839 14,413 
Capitalized facilitative expenses38,436 28,906 
Gross deferred tax assets2,759,904 2,145,337 
Acquisition related intangibles(6,827)(8,428)
Right-of-use assets(50,208)(42,721)
Total net deferred tax assets before valuation allowance2,702,869 2,094,188 
Valuation allowance(2,710,393)(2,102,251)
Net deferred tax assets (liabilities)$(7,524)$(8,063)
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,
202420232022
Unrecognized tax benefit beginning of year$112,016 $81,904 $65,070 
Increases in current year tax positions39,494 14,346 5,733 
Increases in prior year tax positions2,926 15,766 11,497 
Decreases in prior year tax positions— — (36)
Decreases in prior year tax positions due to settlements(3,253)— (360)
Decreases in prior year tax positions due to lapse of statute of limitations— — — 
Unrecognized tax benefit end of year$151,183 $112,016 $81,904