Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The table below presents our loss before (provision for) benefit from income taxes, (provision for) benefit from income taxes and effective tax rate for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Loss before (provision for) benefit from income taxes	$	(162,973)		$	(213,540)		$	(394,710)		$	(418,430)
(Provision for) benefit from income taxes	$	(168)		$	(177)		$	(354)		$	1,059
Effective tax rate	(0.1		%)	(0.1		%)	(0.1		%)	0.3		%

The Company is subject to income taxes in the United States and foreign jurisdictions. These foreign jurisdictions have statutory tax rates different from those in the United States. Accordingly, the Company’s effective tax rates will vary depending on the relative proportion of foreign to United States income/loss, the utilization of net operating loss and tax credit carry forwards and carrybacks, changes in jurisdictional mix of income and expense, changes in management’s assessment of matters such as the ability to realize deferred tax assets, and changes in tax laws.

Unrecognized tax benefits were $17.5 million and $17.9 million as of September 30, 2025 and December 31, 2024, respectively, and if recognized, would favorably affect the effective tax rate in future periods.

On July 4, 2025, legislation formally titled An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Trump. The application of the OBBBA did not have a material impact on the Company's financial statements during the three months ended September 30, 2025.