Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule Components of loss before income taxes and the provision for income taxes

The components of loss before income taxes and the income tax (expense) benefit for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands):

	2024						2023						2022
	U.S.		Foreign		Total		U.S.		Foreign		Total		U.S.		Foreign		Total
Loss before income taxes	$	(1,956,615)	$	(150,976)	$	(2,107,591)	$	(1,211,796)	$	(164,401)	$	(1,376,197)	$	(697,342)	$	(25,827)	$	(723,169)
Income tax benefit/(expense)		—		2,686		2,686		29		7,335		7,364		868		(1,707)		(839)
Net loss	$	(1,956,615)	$	(148,290)	$	(2,104,905)	$	(1,211,767)	$	(157,066)	$	(1,368,833)	$	(696,474)	$	(27,534)	$	(724,008)

Schedule of Significant Components of Deferred Income Tax Expense (Benefit)

The significant components of current and deferred income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands):

	2024						2023						2022
	U.S.		Foreign		Total		U.S.		Foreign		Total		U.S.		Foreign		Total
Current income tax expense	$	—	$	469	$	469	$	—	$	1,170	$	1,170	$	—	$	668	$	668
Deferred tax (benefit)/expense		(206,649)		(8,381)		(215,030)		(100,754)		(2,618)		(103,372)		(42,705)		6,968		(35,737)
Net operating loss carryforward generated		(194,386)		(8,452)		(202,838)		(146,174)		(17,653)		(163,827)		(92,030)		4,332		(87,698)
Valuation allowance increase/(decrease)		401,035		13,678		414,713		246,899		11,766		258,665		133,867		(10,261)		123,606
(Benefit)/expense for income taxes	$	—		(2,686)	$	(2,686)	$	(29)	$	(7,335)	$	(7,364)	$	(868)	$	1,707	$	839

Schedule of Effective Income Tax Rate Reconciliation

	2024		2023		2022
U.S. Federal statutory tax rate	(21.0)	%	(21.0)	%	(21.0)	%
Section 162M Disallowance	0.2	%	0.7	%	1.9	%
Equity Compensation	0.5	%	0.4	%	(0.7)	%
Provision to return and deferred tax asset adjustments	0.8	%	(2.1)	%	4.6	%
Change in U.S. Federal/Foreign statutory tax rate	(0.1)	%	(0.1)	%	0.0	%
Other, net	0.4	%	0.6	%	0.6	%
Impairment of goodwill	0.0	%	3.3	%	0.0	%
Change in valuation allowance	19.1	%	17.7	%	14.8	%
	(0.1)	%	(0.5)	%	0.1	%

Schedule of Deferred Tax Assets and Liabilities

	U.S.				Foreign				Total
	2024		2023		2024		2023		2024		2023
Deferred revenue		22,951		39,241		134		142		23,085		39,383
Interest expense		29,390		28,126		—		—		29,390		28,126
Other reserves and accruals		69,834		57,265		318		337		70,152		57,602
Tax credit carryforwards		24,752		20,794		—		—		24,752		20,794
Amortization of stock-based compensation		42,008		44,023		—		—		42,008		44,023
Non-compensatory warrants		6,187		2,950		—		—		6,187		2,950
Capitalized research & development expenditures		67,018		82,374		—		—		67,018		82,374
Right of use liability (operating leases)		71,033		41,960		—		—		71,033		41,960
Capital loss carryforwards		2,649		1,763		—		—		2,649		1,763
Property, plant and equipment and right of use assets		163,518		—		—		—		163,518		—
Net operating loss carryforwards		638,350		443,964		33,825		25,373		672,175		469,337
Total deferred tax asset		1,137,690		762,460		34,277		25,852		1,171,967		788,312
Valuation allowance		(1,077,225)		(676,190)		(33,627)		(19,949)		(1,110,852)		(696,139)
Net deferred tax assets	$	60,465	$	86,270	$	650	$	5,903	$	61,115	$	92,173
Intangible assets		(11,940)		(27,749)		(631)		(9,088)		(12,571)		(36,837)
Convertible debt		—		—		—		—		—		—
Right of use asset (operating leases)		(48,525)		(50,632)		—		—		(48,525)		(50,632)
Property, plant and equipment and right of use assets		—		(7,889)		—		—		—		(7,889)
Deferred tax liability	$	(60,465)	$	(86,270)	$	(631)	$	(9,088)	$	(61,096)	$	(95,358)
Net	$	—	$	—	$	19	$	(3,185)	$	19	$	(3,185)

Schedule of Valuation Allowance

A reconciliation of the current year change in valuation allowance is as follows (in thousands):

	U.S.		Foreign		Total
Increase in valuation allowance for current year increase in net operating losses	$	221,635		15,193	$	236,828
Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses		179,400		—		179,400
Increase in valuation allowance due to change in tax rates		—		(1,515)		(1,515)
Net increase in valuation allowance	$	401,035	$	13,678	$	414,713