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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of components of the loss before income taxes

Year Ended December 31, 

(In thousands)

    

2021

    

2020

    

2019

Income (loss) before provision for income taxes:

  

  

Cayman Islands

$

$

37,567

$

11,779

United States

(16,568)

(46,500)

(99,225)

Ireland

(182,775)

(277,105)

(154,217)

United Kingdom

(234)

(499)

(14)

Total

$

(199,577)

$

(286,537)

$

(241,677)

Schedule of the components of the provision for income taxes

Year Ended December 31, 

(In thousands)

    

2021

    

2020

    

2019

Provision for income tax benefit (expense):

Current:

Cayman Islands

$

$

$

United States

173

8,545

5,210

Ireland

(8)

(13)

United Kingdom

(14)

(12)

12

Subtotal

151

8,520

5,222

Deferred

Total

$

151

$

8,520

$

5,222

Effective tax rate

0.08

%  

2.97

%  

2.16

%

Schedule of the differences between the Irish statutory income tax rate and the Company's effective tax rates

Year Ended December 31, 

    

2021

    

2020

    

2019

Provision at statutory income tax rate

25.00

%  

25.00

%  

25.00

%

Foreign rate differential

(10.52)

 

(11.49)

 

(6.96)

Share-based compensation

(4.14)

0.75

(1.17)

Non-deductible executive compensation

(1.62)

(0.63)

(0.51)

Uncertain tax positions

(5.25)

(1.26)

(0.63)

Research and development tax credit carryforwards

2.38

1.83

2.50

Intangible asset

2.44

10.01

Change in valuation allowance

(7.62)

 

(20.56)

 

(14.90)

Other

(0.59)

 

(0.68)

 

(1.17)

Effective tax rate

0.08

%  

2.97

%  

2.16

%

Significant components of the Company's deferred tax assets and liabilities

December 31, 

(In thousands)

    

2021

    

2020

Deferred tax assets:

Net operating loss carryforwards

 

$

115,606

$

82,821

Capital loss carryforwards

 

19,409

 

19,409

Research and development tax credit carryforwards

 

28,372

 

24,075

Fixed assets and intangibles

287,177

310,187

Share-based compensation

10,432

15,087

Accruals

3,590

8,145

Operating lease liabilities

11,607

11,662

Other

 

10,505

 

346

Subtotal

486,698

471,732

Valuation allowance

 

(477,868)

 

(462,711)

Total deferred tax assets

8,830

9,021

Deferred tax liabilities:

Operating lease assets

(8,575)

(8,680)

Prepaid assets

(254)

(341)

Total deferred tax liabilities

(8,830)

(9,021)

Net deferred tax assets (liabilities)

$

$

Reconciliation of unrecognized tax benefits

(In thousands)

    

Unrecognized tax benefits as of December 31, 2019

$

58,763

Gross decrease in tax positions for prior years

(8,059)

Gross increase in tax positions for current year

12,743

Unrecognized tax benefits as of December 31, 2020

63,447

Gross decrease in tax positions for prior years

(395)

Gross increase in tax positions for current year

11,971

Unrecognized tax benefits as of December 31, 2021

$

75,023