INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Loss before Provision for Income Taxes

The domestic and foreign components of loss before provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Domestic	$	(110,860)	$	(191,132)	$	(287,569)
Foreign	6,679		2,711		1,104
Total	$	(104,181)	$	(188,421)	$	(286,465)

Provision for Income Taxes

The provision for income taxes is comprised of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current:
State	$	1,094	$	709	$	442
Foreign	1,562		1,333		307
Total	2,656		2,042		749
Deferred:
Federal	9		4		(34)
State	13		6		93
Foreign	(903)		(779)		(342)
Total	(881)		(769)		(283)
Provision for income taxes	$	1,775	$	1,273	$	466

Reconciliation between Income Taxes

The following table provides a reconciliation between income taxes computed at the U.S. federal statutory rate and the Company’s provision for income taxes (in thousands):

	Year Ended December 31,
	2024		2023		2022
Computed expected income tax benefit	$	(21,890)	$	(39,568)	$	(60,120)
State income taxes - net of federal income tax benefit	(5,230)		(6,175)		(10,197)
Change in valuation allowance	50,681		42,855		81,251
Non-deductible expenses	1,859		4,489		2,687
Non-deductible base erosion expenses	4,481		11,403		—
Non-deductible officers’ compensation	9,885		12,775		3,648
Stock-based compensation	(8,676)		(9,678)		135
Tax credits (federal and state)	(21,049)		(18,226)		(16,853)
Foreign rate differential	(102)		40		35
Return-to-provision	(8,127)		3,110		(7)
Other	(57)		248		(113)
Provision for income taxes	$	1,775	$	1,273	$	466

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are presented below (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss	$	206,684	$	215,915
Tax credits	96,711		76,504
Lease liabilities	17,108		20,213
Stock-based compensation	9,824		14,899
Capitalized software cost	91,563		59,487
Other	9,011		5,531
Total deferred tax assets	430,901		392,549
Valuation allowance	(372,901)		(324,422)
Total deferred tax assets, net	58,000		68,127
Deferred tax liabilities:
Lease assets	(12,264)		(16,376)
Acquired intangible assets	(23,545)		(32,120)
Contract cost asset	(18,922)		(16,868)
Prepaid and accrued expenses	(3,816)		(3,184)
Other	(897)		(1,201)
Total deferred tax liabilities	(59,444)		(69,749)
Total	$	(1,444)	$	(1,622)

Summary of Activity Related to Valuation Allowance

The following table summarizes the activity related to the valuation allowance (in thousands):

	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	324,422	$	282,337	$	204,182
Current year change	48,479		40,810		78,155
Increase in valuation allowance as a result of purchase accounting for business combinations	—		1,275		—
Ending balance	$	372,901	$	324,422	$	282,337

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	29,041	$	21,727	$	17,010
Increases related to current period positions	8,564		7,513		5,915
Increases (decreases) related to prior period positions	625		(199)		(1,198)
Ending balance	$	38,230	$	29,041	$	21,727