INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income taxes and the related tax expense (benefit) is as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019
Income (loss) before income taxes:
Domestic	$	64,751	$	17,000	$	(7,026)
Foreign	(8,348)		3,089		(3,722)
Total income (loss) before income taxes	$	56,403	$	20,089	$	(10,748)
Current taxes:
Federal	$	—	$	(6)	$	—
State	3,533		1,185		2,096
Foreign	19		—		—
Total current taxes	$	3,552	$	1,179	$	2,096
Deferred taxes:
Federal	$	12,554	$	(99,164)	$	(1,828)
State	(1,682)		(27,449)		—
Total deferred taxes	$	10,872	$	(126,613)	$	(1,828)
Total income tax expense (benefit)	$	14,424	$	(125,434)	$	268

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Provision for Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows:

	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory rate	21.00	%	21.00	%	21.00	%
State taxes	3.82	%	3.15	%	(7.33)	%
Foreign taxes	(1.15)	%	3.18	%	(3.95)	%
Change in valuation allowance	6.55	%	(647.87)	%	19.76	%
Stock-based compensation	(3.80)	%	(1.08)	%	(10.53)	%
Tax credits	(3.00)	%	(7.92)	%	19.93	%
Effect of rate changes	—	%	—	%	(0.42)	%
Convertible senior notes refinancing	—	%	(5.22)	%	—	%
Nondeductible expenses	5.13	%	4.55	%	(13.58)	%
Reserves	(1.31)	%	7.66	%	(15.41)	%
338(g) tax election	—	%	—	%	(9.61)	%
Other	(1.67)	%	(1.84)	%	(2.35)	%
Effective tax rate	25.57	%	(624.39)	%	(2.49)	%

Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows (in thousands):

	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	174,203	$	66,123
Federal and state credits	35,414		17,335
Accruals and reserves	80,237		7,254
Stock based compensation	24,545		21,862
Deferred revenue	2,430		—
Inventory	572		1,345
Other	2,441		2,138
Total deferred tax assets	319,842		116,057
Deferred tax liabilities:
Depreciation and amortization	(131,964)		13,473
Discount on convertible senior notes	(15,521)		(20,851)
Total deferred tax liabilities	(147,485)		(7,378)
Deferred tax assets, net of deferred tax liabilities	172,357		108,679
Less: valuation allowance	(18,993)		(2,515)
Net deferred tax assets	$	153,364	$	106,164

Schedule of Unrecognized Tax Benefits Rollforward

The change in the Company’s UTBs for the year ended December 31, 2021 is summarized as follows (in thousands):

	Unrecognized Tax Benefit
Balance at December 31, 2020	$	6,076
Additions for current year positions	4,300
Reduction for prior year positions	(1,355)
Balance at December 31, 2021	$	9,021