Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

(Loss) income before benefit from (provision for) income taxes consists of the following (in thousands):

	Years Ended December 31,
	2023		2022		2021
Domestic	$	(608,134)	$	692,445	$	535,989
Foreign	(20,060)		61,835		13,813
Total (loss) income before benefit from (provision for) income taxes	$	(628,194)	$	754,280	$	549,802

Components of Income Tax Expense (Benefit)

The components of benefit from (provision for) income taxes consist of the following (in thousands):

	Years Ended December 31,
	2023		2022		2021
Current:
Federal	$	12,774	$	(238,550)	$	(3,526)
State	(685)		(2,432)		(105)
Foreign	(75)		(12,647)		(2,401)
	12,014		(253,629)		(6,032)
Deferred:
Federal	406		15,186		(15,186)
State	598		—		—
Foreign	59		—		—
	1,063		15,186		(15,186)
Benefit from (provision for) income taxes	$	13,077	$	(238,443)	$	(21,218)

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

A reconciliation between the U.S. federal statutory income tax rate and the reported effective income tax rate is as follows:

	Years Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign tax at less than federal statutory rate	—		(0.3)		(0.2)
State taxes, net of federal benefit	5.3		0.1		0.7
Research and development tax credit	2.4		(2.0)		(1.6)
Permanent items	(1.6)		(7.4)		1.8
Changes in valuation allowance	(24.2)		21.1		(17.9)
Other	(0.8)		(0.9)		0.1
Effective income tax rate	2.1	%	31.6	%	3.9	%

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, 2023, and 2022, are related to the following (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	138,257	$	14,793
Research and development tax credit carryforward	17,917		12,123
Equity compensations	34,875		24,250
Reserves and accruals	21,745		85,977
Capitalized research and development	136,962		75,680
Lease liabilities	29,047		18,553
Intangible assets	19,060		18,348
Valuation allowance	(356,833)		(204,601)
Deferred tax assets	41,030		45,123
Deferred tax liabilities:
ROU assets	(16,536)		(20,834)
Property and equipment	(19,610)		(13,151)
Unrealized gain on investments	(1,190)		(5,880)
IPR&D	(5,884)		(8,511)
Deferred tax liabilities	(43,220)		(48,376)
Net deferred tax liabilities	$	(2,190)	$	(3,253)

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 (in thousands):

	Years Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits at January 1	$	10,638	$	7,422	$	4,877
Addition for tax positions taken in the prior years	29		—		—
Reduction for tax positions taken in the prior years	—		(12)		(62)
Addition for tax positions taken in current year	2,916		3,228		2,607
Gross unrecognized tax benefits at December 31	$	13,583	$	10,638	$	7,422