XML 65 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary Of Net Income (Loss) Before Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2018, 2019 and 2020, includes the following components (in thousands):
 
    
Year Ended December 31,
 
    
2018
   
2019
   
2020
 
U.S.
   $ (286,809 )    $ 149,797     $ (118,296 ) 
Foreign
     46,550       (23,563 )      (17,410 ) 
    
 
 
   
 
 
   
 
 
 
Net income (loss) before income tax
   $ (240,259 )    $ 126,234     $ (135,706 ) 
    
 
 
   
 
 
   
 
 
 
Summary Of Provision for Benefit From Income Taxes
Provision for (benefit from) income taxes for the years ended December 31, 2018, 2019 and 2020 consist of the following (in thousands):
 
    
Year Ended December 31,
 
    
2018
   
2019
   
2020
 
Current:
                        
Federal
   $ 16,905     $ 23,703     $ 20,162  
State
     689       1,888       4,087  
Foreign
     1,329       568       4,027  
    
 
 
   
 
 
   
 
 
 
       18,923       26,159       28,276  
    
 
 
   
 
 
   
 
 
 
Deferred:
                        
Federa
l
     993       (720 )      (29,235 ) 
State
     (31 )      (99 )      (4,800 ) 
Foreign
     (149 )      (18,146 )      (4,013 ) 
    
 
 
   
 
 
   
 
 
 
       813       (18,965 )      (38,048 ) 
    
 
 
   
 
 
   
 
 
 
Total provision for (benefit from) income taxes
   $ 19,736     $ 7,194     $ (9,772 ) 
    
 
 
   
 
 
   
 
 
 
Summary Of Reconciliation Of Federal Statutory Income Tax Rate To The Effective Income Tax Rate
The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):
 
    
Year Ended December 31,
 
    
2018
   
2019
   
2020
 
Tax provision (benefit) at U.S. federal statutory rate
   $ (50,454 )    $ 26,509     $ (28,498 ) 
State income taxes, net of federal benefit
     539       1,412       (1,137 ) 
Foreign income taxed at different rates
     (9,690 )      2,887       8,710  
Change in foreign deferred tax rate
     —       (17,143 )      (6,038 ) 
Stock-based compensation
     830       1,671       10,347  
Foreign-derived intangible income
     (6,246 )      (8,600 )      (3,518 ) 
Research and development credits
     (933 )      (1,025 )      (2,561 ) 
Transaction costs
     —       428       601  
Extinguishments of acquisition-related contingent consideration
     —       —       12,237  
Effect of the Tax Act—transition tax
     1,074       —       —  
Global intangible low-taxed income
     7,453       —       —  
Note premium costs
     67,018       —       —  
Warrant Expense
     12,259       —       —  
Other
     (2,114 )      1,055       85  
    
 
 
   
 
 
   
 
 
 
Total provision for (benefit from) income taxes
   $ 19,736     $ 7,194     $ (9,772 ) 
    
 
 
   
 
 
   
 
 
 
Summary Of Current And Deferred Tax Assets And Liabilities
The following summarizes the current and deferred tax assets and liabilities (in thousands):
 
    
As of December 31,
 
    
2019
   
2020
 
Deferred tax assets:
                
Accrued expenses and reserves
   $ 1,871     $ 4,757  
Stock-based compensation
     1,134       1,955  
Tax credit carryforwards
     183       2,526  
Federal benefit from state taxes
     553       1,047  
Net operating loss
     2,959       3,787  
Interest rate swap
     1,171       —  
Embedded derivative
     —       (1,303 ) 
Identified intangibles
     6,028       8,996  
Operating lease liability
     3,785       20,551  
Valuation allowance
     —       (531 ) 
    
 
 
   
 
 
 
Total deferred tax assets
     17,684       41,785  
    
 
 
   
 
 
 
Deferred tax liabilities:
                
Depreciation and amortization
     (8,419 )      (6,857 ) 
Operating lease right-of-use assets
     (3,270 )      (20,345 ) 
    
 
 
   
 
 
 
Total deferred tax liabilities
     (11,689 )      (27,202 ) 
    
 
 
   
 
 
 
Net deferred tax assets
   $ 5,995     $ 14,583  
    
 
 
   
 
 
 
Summary Of Activity Related To The Gross Unrecognized Tax Benefits
limitations
under IRC Section 382 and similar state provisions. The annual limitation may result in the expiration of the net operating loss carryforwards before utilization.
The Company has not provided U.S. income or foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2019 and 2020, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place in the Tax Act
.
Uncertain Tax Positions
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
 
    
As of December 31,
 
    
2019
   
2020
 
Balance at beginning of year
   $ 2,858     $ 6,646  
Increases related to prior year positions
     2,377       4,681  
Increases related to current year positions
     1,581       3,498  
Decreases related to lapse of statutes
     (170 )      (424 ) 
    
 
 
   
 
 
 
Balance at end of year
   $   6,646     $ 14,401