The components of loss before (benefit from) provision for income taxes were as follows (in thousands):

	Year ended June 30,
	2021			2020			2019
Domestic	$	(139,337	)	$	(31,038	)	$	(7,470	)
Foreign		—			—			—
Total	$	(139,337	)	$	(31,038	)	$	(7,470	)

The components of (benefit from) provision for income taxes were as follows (in thousands):

	Year ended June 30,
	2021			2020		2019
Current:
Federal	$	—		$	—	$	—
State		—			53		20
Foreign		—			—		—
Total current		—			53		20
Deferred:		—			—		—
Federal		(27,529	)		—		(142	)
State		(13,088	)		—		(34	)
Foreign		—			—		—
Total deferred		(40,617	)		—		(176	)
(Benefit from) provision for income taxes	$	(40,617	)	$	53	$	(156	)

The items accounting for the difference between the income taxes computed at the federal statutory rate and the (benefit from) provision for income taxes consisted of the following (in thousands):

	Year ended June 30,
	2021			2020			2019
Expected benefit at U.S. federal statutory rate	$	(29,261	)	$	(6,518	)	$	(1,569	)
State income taxes, net of federal benefit		(54	)		—			—
Stock-based compensation		(70,262	)		(31,047	)		390
Research and development tax credits		(8,846	)		(6,411	)		(2,111	)
Change in valuation allowance related to acquisition ⁽¹⁾		(34,749	)		—			—
Change in valuation allowance⁽²⁾		94,244			43,716			3,029
Unrecognized tax benefit		6,766			—			—
Acquisition-related costs		1,484			—			—
Other		61			313			105
(Benefit from) provision for income taxes	$	(40,617	)	$	53		$	(156	)

The components of deferred tax assets and liabilities were as follows as of the periods presented (in thousands):

	June 30,
	2021			2020
Deferred tax assets:
Accruals and reserves	$	8,677		$	3,933
Deferred revenue		1,109			904
Property and equipment		—			128
Stock-based compensation		16,626			2,542
Net operating loss carryforwards		218,783			68,694
Research and development credits		15,864			12,226
Accrued rewards		1,342			—
Operating lease liabilities		25,122			—
Other		514			—
Total deferred tax assets before valuation allowance		288,037			88,427
Valuation allowance		(107,836	)		(85,569	)
Deferred tax assets	$	180,201		$	2,858
Deferred tax liabilities:
Deferred contract costs	$	(2,763	)	$	(2,182	)
Property and equipment		(3,133	)		—
Intangible assets		(107,631	)		—
Operating right of use assets		(18,551	)		—
Convertible notes		(57,213	)		—
Other		—			(676	)
Total deferred tax liabilities	$	(189,291	)	$	(2,858	)
Net deferred tax (liabilities) assets	$	(9,090	)	$	—

ASC 740 requires that the tax benefit of net operating losses, temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The change in valuation allowance was approximately $22.3 million, $52.3 million and $3.7 million during the years ended June 30, 2021, 2020 and 2019, respectively.

As of June 30, 2021, the Company had net operating loss (NOL) carryforwards of $867.6 million and $599.5 million for federal and state tax purposes, respectively, that are available to reduce future taxable income. If not utilized, the federal and state NOL carryforwards will begin to expire in 2027. As of June 30, 2021, approximately $761.9 million of federal NOL carryforwards do not expire and will carry forward indefinitely until utilized. As of June 30, 2021, the Company also had research and development tax credit carryforwards of approximately $23.6 million and $15.8 million for federal and state tax purposes, respectively. If not utilized, the federal tax credits will expire at various dates beginning in 2028. The state tax credits do not expire and will carry forward indefinitely until utilized.

Utilization of the net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and other similar state provisions. The annual limitation may result in the expiration of net operating losses and tax credits before utilization.

As of June 30, 2021 and 2020, the Company had $22.2 million and $5.8 million, respectively, of unrecognized tax benefits related to federal and California R&D credits. Below is the reconciliation of the unrecognized tax benefits as of the periods presented (in thousands):

	June 30,
	2021		2020
Balance at the beginning of the year	$	5,787	$	2,692
Additions based upon tax positions related to the current year		8,267		3,078
Increase from business combination		668		—
Additions based upon tax positions related to the prior year		7,463		17
Balance at the end of the year	$	22,185	$	5,787

The Company files U.S. federal, California, and other various state income tax returns. All U.S. federal and state net operating losses and tax credits generated to date are subject to adjustments. The Company does not anticipate any material change on its unrecognized tax benefits over the next twelve months. If the unrecognized tax benefits as of June 30, 2021 is recognized, it will not have an impact to the effective tax rate due to the Company’s valuation allowance. The Company’s U.S. federal and state tax returns for all years remain subject to examination by taxing authorities as a result of unused tax attributes being carried forward.