Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
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,
2022 2021 2020
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,
2022 2021 2020
Domestic $ (36,591) $ (111,114) $ (202,831)
Foreign (13,219) (3,624) (7,865)
Total loss before income taxes $ (49,810) $ (114,738) $ (210,696)
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,
2022 2021 2020
Income tax benefit (provision) at U.S. statutory rate $ 10,460  $ 24,095  $ 44,246 
Share-based compensation (126) 1,352  — 
Executive compensation (3,688) (203) — 
Change in U.S. state tax rate (1,313) —  — 
Change in foreign tax rate 1,816  —  — 
U.S. state tax 792  4,333  8,563 
Change in valuation allowance (8,871) (29,648) (49,802)
R&D Credit 748  524  524 
Foreign rate differential 516  (74) (168)
Other (334) (379) (3,363)
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,
2022 2021
Deferred tax assets:
Capitalized costs $ 85,875  $ 75,315 
Compensation and benefits 8,860  12,403 
Lease liability 16,086  15,514 
Disallowed interest expense carryforward 3,510  — 
Net operating loss carryforwards and credits:
Federal 99,922  80,246 
State 16,142  13,406 
Foreign 11,023  5,687 
Other, net 7,080  2,993 
Deferred tax assets 248,498  205,564 
Less valuation allowance (211,157) (201,366)
Deferred tax assets, net of valuation allowance 37,341  4,198 
Deferred tax liabilities
Property and equipment (37,341) (4,198)
Net deferred tax assets $ —  $ —