INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023
Domestic	$	(100,907)	$	(110,860)	$	(191,132)
Foreign	6,926		6,679		2,711
Total	$	(93,981)	$	(104,181)	$	(188,421)

Provision for Income Taxes

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

	Year Ended December 31,
	2025		2024		2023
Current:
State	$	1,129	$	1,094	$	709
Foreign	12,493		1,562		1,333
Total	13,622		2,656		2,042
Deferred:
Federal	42		9		4
State	57		13		6
Foreign	(6,919)		(903)		(779)
Total	(6,820)		(881)		(769)
Provision for income taxes	$	6,802	$	1,775	$	1,273

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) after the adoption of ASU 2023-09:

	Year ended December 31, 2025
	Dollar		Percent
US federal statutory tax rate	$	(19,726)	21.0	%
State and local income taxes, net of federal income tax effect(1)	1,175		(1.2)	%
Foreign tax effects
Norway
IP restructuring	3,951		(4.2)	%
Other foreign jurisdictions	157		(0.1)	%
Effect of cross-border tax laws
Non-deductible base erosion expenses	147		(0.2)	%
Tax credits
Research and development tax credits	(9,902)		10.5	%
Changes in valuation allowances	19,843		(21.1)	%
Nontaxable or nondeductible items
Share-based payment awards	(5,799)		6.2	%
Disallowed executive compensation	14,432		(15.4)	%
Meals and entertainment	1,365		(1.5)	%
Other	69		0.0	%
Changes in unrecognized tax benefits	1,090		(1.2)	%
Effective Tax Rate	$	6,802	(7.2)	%

(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Louisiana, Massachusetts, New York, and Texas.

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) prior to the adoption of ASU 2023-09:

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

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,
	2025		2024
Deferred tax assets:
Net operating loss	$	227,150	$	206,684
Tax credits	109,666		96,711
Lease liabilities	17,122		17,108
Stock-based compensation	8,408		9,824
Capitalized software cost	73,163		91,563
Accrued bonus	11,265		—
Other	11,596		9,011
Total deferred tax assets	458,370		430,901
Valuation allowance	(397,321)		(372,901)
Total deferred tax assets, net	61,049		58,000
Deferred tax liabilities:
Lease assets	(11,303)		(12,264)
Acquired intangible assets	(13,732)		(23,545)
Contract cost asset	(30,579)		(18,922)
Prepaid and accrued expenses	(3,374)		(3,816)
Other	(1,078)		(897)
Total deferred tax liabilities	(60,066)		(59,444)
Total	$	983	$	(1,444)

Summary of Activity Related to Valuation Allowance

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

	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	372,901	$	324,422	$	282,337
Current year change	24,420		48,479		40,810
Increase in valuation allowance as a result of purchase accounting for business combinations	—		—		1,275
Ending balance	$	397,321	$	372,901	$	324,422

Schedule of Unrecognized Tax Benefits Roll Forward

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

	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	38,230	$	29,041	$	21,727
Increases related to current period positions	10,043		8,564		7,513
Increases (decreases) related to prior period positions	63		625		(199)
Ending balance	$	48,336	$	38,230	$	29,041

Schedule of Income Taxes Paid

The amount of cash income taxes paid, net of refunds, by the Company were as follows:

	Year Ended December 31,
	2025
Federal	$	—
State and Local	1,326
Foreign
Australia	1,015
India	2,194
Ireland	856
Other Foreign	137
Total	$	5,528