Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit (Provision)
Income tax benefit (provision) included in our reported net loss consisted of the following (in thousands):
Year Ended December 31,
2023 2022 2021
Current:
Federal $ —  $ —  $ — 
State —  —  — 
Foreign —  —  — 
Total Current —  —  — 
Deferred:
Federal —  —  — 
State —  —  — 
Foreign —  —  — 
Total Deferred —  —  — 
Total income tax benefit (provision) $ —  $ —  $ — 
Schedule of Loss before Income Tax, Domestic and Foreign
The sources of loss from operations before income taxes were as follows (in thousands):
Year Ended December 31,
2023 2022 2021
Domestic $ (166,694) $ (36,591) $ (111,114)
Foreign 517  (13,219) (3,624)
Total loss before income taxes $ (166,177) $ (49,810) $ (114,738)
Summary of Effective Income Tax Rate Reconciliation
The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows:
Year Ended December 31,
2023 2022 2021
Income tax benefit (provision) at U.S. statutory rate $ 34,897  $ 10,460  $ 24,095 
Share-based compensation (126) (126) 1,352 
Executive compensation (3,919) (3,688) (203)
Change in U.S. state tax rate —  (1,313) — 
Change in foreign tax rate —  1,816  — 
Disallowed interest (4,683) —  — 
U.S. state tax 5,494  792  4,333 
Change in valuation allowance (29,877) (8,871) (29,648)
R&D Credit —  748  524 
Foreign rate differential (38) 516  (74)
Other (1,748) (334) (379)
Total income tax benefit (provision) $ —  $ —  $ — 
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
2023 2022
Deferred tax assets:
Capitalized costs $ 92,758  $ 85,875 
Compensation and benefits 2,299  8,860 
Lease liability 34,391  16,086 
Disallowed interest expense carryforward 3,974  3,510 
Net operating loss carryforwards and credits:
Federal 124,320  99,922 
State 21,036  16,142 
Foreign 10,760  11,023 
Other, net 14,689  7,080 
Deferred tax assets 304,227  248,498 
Less valuation allowance (241,034) (211,157)
Deferred tax assets, net of valuation allowance 63,193  37,341 
Deferred tax liabilities
Property and equipment (63,193) (37,341)
Net deferred tax assets $ —  $ —