Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Loss Before Income Taxes |
The components of loss before income taxes consist of the following (in thousands):
|
|
|
Years Ended December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
United States |
|
$ |
(21,107 |
) |
|
$ |
(63,453 |
) |
|
$ |
(11,128 |
) |
|
Foreign |
|
|
2,655 |
|
|
|
2,534 |
|
|
|
1,795 |
|
|
Net loss before income taxes |
|
$ |
(18,452 |
) |
|
$ |
(60,919 |
) |
|
$ |
(9,333 |
) |
|
| Schedule of Income Tax (Benefit) Expense |
The income tax (benefit) expense consisted of the following (in thousands):
|
|
|
Years Ended December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(219 |
) |
|
$ |
(47 |
) |
|
$ |
— |
|
|
State |
|
|
620 |
|
|
|
244 |
|
|
|
114 |
|
|
Foreign |
|
|
743 |
|
|
|
108 |
|
|
|
184 |
|
|
|
|
|
1,144 |
|
|
|
305 |
|
|
|
298 |
|
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
|
|
(2,089 |
) |
|
|
(1,287 |
) |
|
|
(774 |
) |
|
Total |
|
$ |
(945 |
) |
|
$ |
(982 |
) |
|
$ |
(476 |
) |
|
| Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate |
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:
|
|
|
Years Ended December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
U.S. federal income tax at statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
U.S. state and local income taxes |
|
|
(3.2 |
) |
|
|
(0.4 |
) |
|
|
(1.3 |
) |
|
Change in valuation allowance |
|
|
(698.4 |
) |
|
|
(213.4 |
) |
|
|
(1,039.4 |
) |
|
Federal research and development tax credit |
|
|
102.9 |
|
|
|
30.8 |
|
|
|
166.2 |
|
|
Stock-based compensation |
|
|
577.8 |
|
|
|
158.0 |
|
|
|
859.4 |
|
|
Meals and Entertainment |
|
|
(1.6 |
) |
|
|
(1.4 |
) |
|
|
(6.6 |
) |
|
Permanent items |
|
|
— |
|
|
|
— |
|
|
|
(1.1 |
) |
|
Foreign rate differential |
|
|
— |
|
|
|
(0.6 |
) |
|
|
(1.5 |
) |
|
Acquisition costs |
|
|
— |
|
|
|
(1.3 |
) |
|
|
— |
|
|
Section 162(m) limitation |
|
|
(7.2 |
) |
|
|
(1.4 |
) |
|
|
— |
|
|
State apportionment change |
|
|
4.4 |
|
|
|
1.3 |
|
|
|
— |
|
|
Tax rate change |
|
|
— |
|
|
|
(0.4 |
) |
|
|
2.4 |
|
|
Provision to return true-up |
|
|
9.4 |
|
|
|
9.9 |
|
|
|
5.9 |
|
|
Other |
|
|
0.1 |
|
|
|
(0.5 |
) |
|
|
0.1 |
|
|
Effective tax rate |
|
|
5.2 |
% |
|
|
1.6 |
% |
|
|
5.1 |
% |
|
| Summary of Significant Components of Deferred Income Tax Assets and Liabilities |
Significant components of the Company’s deferred income tax assets and liabilities consist of the following (in thousands):
|
|
|
As of December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
379,613 |
|
|
$ |
263,512 |
|
|
Reserves and accruals |
|
|
14,131 |
|
|
|
10,425 |
|
|
Research and development credits |
|
|
104,110 |
|
|
|
73,442 |
|
|
Lease Obligation |
|
|
91,373 |
|
|
|
81,639 |
|
|
Stock-based compensation |
|
|
28,318 |
|
|
|
17,494 |
|
|
Total deferred tax assets |
|
|
617,545 |
|
|
|
446,512 |
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
|
Right-of-use asset |
|
|
(70,755 |
) |
|
|
(72,243 |
) |
|
Depreciation and amortization |
|
|
(11,707 |
) |
|
|
(10,916 |
) |
|
Total deferred tax liabilities |
|
|
(82,462 |
) |
|
|
(83,159 |
) |
|
Valuation allowance |
|
|
(530,887 |
) |
|
|
(361,233 |
) |
|
Net deferred tax assets |
|
$ |
4,196 |
|
|
$ |
2,120 |
|
|
| Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
|
|
|
As of December 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
Unrecognized tax benefits at beginning of year |
|
$ |
19,487 |
|
|
$ |
14,541 |
|
|
Gross increase for tax positions of current year |
|
|
9,959 |
|
|
|
10,378 |
|
|
Gross decrease due to statue expiration |
|
|
(75 |
) |
|
|
(88 |
) |
|
Gross decrease for tax positions of prior years |
|
|
(196 |
) |
|
|
(5,344 |
) |
|
Unrecognized tax benefits balance at end of year |
|
$ |
29,175 |
|
|
$ |
19,487 |
|
|