XML 58 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
The provision for income taxes is based on net loss before income taxes as follows:
 DECEMBER 31,
(in thousands)202120202019
Net loss before income taxes:
United States$(138,323)$(143,349)$(153,620)
Non-U.S.64,106 (34,507)(46,051)
Net loss before income taxes$(74,217)$(177,856)$(199,671)
DECEMBER 31,
(in thousands, except percentages)202120202019
Provision for income taxes:
Current:
United States $— $(33)$(90)
Non-U.S.593 5,278 — 
Total$593 $5,245 $(90)
Deferred:
United States $— $— $— 
Non-U.S.— — — 
Total— — — 
Provision for income taxes$593 $5,245 $(90)
Effective tax rate(0.80)%(2.95)%0.05 %
Schedule of Significant Components of Company's Net Deferred Income Tax Assets
Significant components of the Company’s net deferred income tax assets as of December 31, 2021 and 2020 consist of the following:
 DECEMBER 31,
(in thousands)20212020
Net deferred tax assets:
Net operating loss carryforwards$178,597 $169,070 
Stock-based compensation21,603 29,884 
U.S. tax credit carryforwards16,489 13,526 
Envisia asset acquisition4,593 5,007 
Basis difference in intangibles— 7,625 
Convertible Notes(14,912)(19,028)
Other assets14,347 10,697 
Other liabilities(7,938)(5,416)
Valuation allowance(212,779)(211,365)
Total net deferred income taxes$— $— 
Schedule of Reconciliation of U.S. Statutory Rate and Effective Tax Rate
A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2021, 2020 and 2019 is as follows:
 DECEMBER 31,
 202120202019
U.S. federal tax rate21.00 %21.00 %21.00 %
GILTI(14.14)%— %— %
State income taxes, net of federal benefit1.96 %4.02 %4.97 %
Non-taxable foreign loss11.47 %(4.81)%(4.44)%
Stock-based compensation(16.21)%(2.29)%(1.47)%
Other(0.76)%0.48 %0.98 %
Change in valuation allowance(4.12)%(21.35)%(20.99)%
Effective tax rate(0.80)%(2.95)%0.05 %