Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes

Income (loss) before provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2021		2020			2019
Domestic	$	535,989	$	(309,697	)	$	(138,724	)
Foreign		13,813		11,086			(35,805	)
Total income (loss) before provision for income taxes	$	549,802	$	(298,611	)	$	(174,529	)

Components of Income Tax Expense (Benefit)

The components of income tax expense consist of the following (in thousands):

	Year Ended December 31,
	2021		2020			2019
Current:
Federal	$	3,526	$	—		$	—
State		105		—			—
Foreign		2,401		106			154
		6,032		106			154
Deferred:
Federal		15,186		(21	)		—
State		—		(31	)		—
		15,186		(52	)		—
Provision for income taxes	$	21,218	$	54		$	154

Reconciliation Between Expected Income Tax Provision at Federal Statutory Rate and Reported Income Tax Benefit

A reconciliation between the expected income tax provision at the federal statutory rate and the reported income tax expense is as follows:

	Year Ended December 31,
	2021			2020			2019
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Foreign tax at less than federal statutory rate		(0.2	)		0.9			(0.3	)
Prior year tax rate adjustment		—			(1.9	)		—
State taxes, net of federal benefit		0.7			2.7			2.4
Research and development tax credit		(1.6	)		1.8			2.0
Permanent items		1.8			1.3			(0.8	)
Changes in valuation allowance		(17.9	)		(25.3	)		(24.3	)
Other		0.1			(0.5	)		(0.1	)
Effective income tax rate		3.9	%		0.0	%		(0.1	)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020, are related to the following:

	December 31,
	2021			2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	15,030		$	117,433
Research and development tax credit carryforward		11,375			12,246
Equity compensations		15,065			4,193
Reserves and accruals		7,115			10,804
Lease liabilities		28,612			16,184
Intangible assets		19,657			23,006
Deferred tax assets		96,854			183,866
Deferred tax liabilities:
Unrealized gain on investments		(30,170	)		—
ROU assets		(28,483	)		(16,147	)
Property and equipment		(2,422	)		(2,570	)
IPR&D		(8,511	)		(8,511	)
Deferred tax liabilities		(69,586	)		(27,228	)
Valuation allowance		(45,707	)		(159,891	)
Net deferred tax liabilities	$	(18,439	)	$	(3,253	)

Although t

Reconciliation of Liability for Uncertain Tax Positions

A reconciliation of the beginning and ending amounts of the liability for uncertain tax positions is as follows:

	Year Ended December 31,
	2021			2020			2019
	(in thousands)
Gross unrecognized tax benefits at January 1	$	4,877		$	2,725		$	2,404
Addition for tax positions taken in the prior years		—			—			133
Reduction for tax positions taken in the prior years		(62	)		(588	)		(1,596	)
Addition for tax positions taken in current year		2,607			2,740			1,784
Gross unrecognized tax benefits at December 31	$	7,422		$	4,877		$	2,725