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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Loss Before Income Tax

Domestic and foreign components of loss before income tax are as follows (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Domestic

 

$

(102,799

)

 

$

(39,831

)

 

$

(31,571

)

Foreign

 

 

(29,511

)

 

 

(23,798

)

 

 

(19,425

)

Total

 

$

(132,310

)

 

$

(63,629

)

 

$

(50,996

)

Schedule of Components of the Income Tax (Provision) Benefit

Major components of the income tax (provision) benefit are as follows (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

—

 

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

 

 

—

 

Foreign

 

 

(2,180

)

 

 

(1,110

)

 

 

(1,178

)

Total current income tax provision

 

 

(2,180

)

 

 

(1,110

)

 

 

(1,178

)

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(1,746

)

 

 

6,790

 

 

 

(90

)

State

 

 

(526

)

 

 

1,657

 

 

 

(53

)

Foreign

 

 

1,144

 

 

 

972

 

 

 

366

 

Total deferred income tax (provision) benefit

 

 

(1,128

)

 

 

9,419

 

 

 

223

 

Total

 

$

(3,308

)

 

$

8,309

 

 

$

(955

)

Schedule of Major Differences Between U.S Statutory Rate and Effective Tax Rate

Major differences between the U.S. statutory rate of 21% and the effective tax rate are as follows (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Tax at statutory rate

 

$

27,785

 

 

$

13,362

 

 

$

10,709

 

State taxes

 

 

4,847

 

 

 

1,575

 

 

 

1,999

 

Research and development credits

 

 

3,993

 

 

 

2,960

 

 

 

2,285

 

Stock-based compensation

 

 

47,413

 

 

 

56,623

 

 

 

67,609

 

Impact of foreign operations

 

 

2,790

 

 

 

362

 

 

 

(1,363

)

Change in valuation allowance

 

 

(88,272

)

 

 

(66,877

)

 

 

(80,607

)

Other

 

 

(1,864

)

 

 

304

 

 

 

(1,587

)

Total

 

$

(3,308

)

 

$

8,309

 

 

$

(955

)

Schedule of Significant Components of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$

315,482

 

 

$

240,048

 

Stock-based compensation

 

 

22,561

 

 

 

12,201

 

Deferred revenue

 

 

682

 

 

 

—

 

Research and development credit, net of

   uncertain tax position reserve

 

 

13,543

 

 

 

9,284

 

Operating lease liabilities

 

 

14,498

 

 

 

16,237

 

Other

 

 

14,191

 

 

 

11,016

 

Total deferred tax assets

 

 

380,957

 

 

 

288,786

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Deferred commissions

 

 

(17,208

)

 

 

(12,288

)

Operating lease right-of-use assets

 

 

(11,331

)

 

 

(12,243

)

Property and equipment

 

 

(6,625

)

 

 

(4,458

)

Definite-lived intangibles

 

 

(5,073

)

 

 

(8,278

)

Indefinite-lived intangibles

 

 

(4,433

)

 

 

(3,127

)

Deferred revenue

 

 

—

 

 

 

(322

)

Other

 

 

(86

)

 

 

(193

)

Total deferred tax liabilities

 

 

(44,756

)

 

 

(40,909

)

Net deferred tax assets before valuation

   allowance

 

 

336,201

 

 

 

247,877

 

Valuation allowance

 

 

(340,113

)

 

 

(248,315

)

Net deferred tax liability

 

$

(3,912

)

 

$

(438

)

 

Schedule of Net Operating Loss and Research Credit Carryforwards

The following tables summarizes the Company's net operating loss and research credit carryforwards (dollars in thousands):

 

 

December 31, 2021

 

 

Year Expiration Begins (if not utilized)

Federal net operating loss carryforwards generated 2017 and prior

 

$

288,052

 

 

2025

Federal net operating loss carryforwards generated after 2017

 

 

857,522

 

 

Non-expiring

Total Federal net operating loss carryforwards

 

 

1,145,574

 

 

 

State net operating loss carryforwards

 

 

790,264

 

 

2022

Foreign net operating loss carryforwards

 

 

110,463

 

 

Non-expiring

Federal research & development credits

 

 

21,890

 

 

2030

State research & development credits

 

 

1,191

 

 

2040

Foreign research & development credits

 

 

378

 

 

2039

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances for unrecognized tax benefits is as follows (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Balance at January 1

 

$

7,029

 

 

$

5,210

 

 

$

4,118

 

Additions for tax positions related to the

   current year

 

 

2,081

 

 

 

1,799

 

 

 

1,435

 

Additions for tax positions related to prior years

 

 

23

 

 

 

20

 

 

 

—

 

Reductions for tax positions related to prior years

 

 

—

 

 

 

—

 

 

 

(343

)

Reductions related to settlements

 

 

—

 

 

 

—

 

 

 

—

 

Reductions related to a lapse of statute

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31

 

$

9,133

 

 

$

7,029

 

 

$

5,210