Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

The Company’s loss before income taxes consisted of (in millions):

The components of the Company’s income tax benefit (provision) consisted of (in millions):


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	—
State	(0.3)		—		—
Foreign	(0.1)		(3.1)		(1.2)
Total current	(0.4)		(3.1)		(1.2)
Deferred:
Federal	0.8		0.9		2.1
State	—		0.3		0.4
Foreign	—		2.8		1.2
Total deferred	0.8		4.0		3.7
Total benefit from income taxes	$	0.4	$	0.9	$	2.5

The effective income tax rate differed from the statutory federal income tax rate as follows:


	Year Ended December 31,
	2023		2022		2021
Tax at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	5.2	%	7.0	%	8.8	%
Change in valuation allowance	(23.7)	%	(25.0)	%	(34.2)	%
Stock-based compensation	(3.6)	%	(2.4)	%	7.9	%
Non-deductible executive compensation	(0.6)	%	(0.6)	%	(2.8)	%
Non-deductible expenses	(0.4)	%	(0.4)	%	0.1	%
Worthless stock deduction	3.2	%	—	%	—	%
Other	(1.0)	%	0.6	%	(0.3)	%
Benefit from income taxes	0.1	%	0.2	%	0.5	%

The components of net deferred taxes arising from temporary differences were as follows (in millions):


	December 31,
	2023		2022
Deferred tax assets:
Nondeductible accruals	$	14.4	$	15.0
Stock-based compensation	44.3		55.0
Lease liabilities	143.9		161.2
Net operating loss carryforward	462.1		395.6
Allowance for credit losses	10.7		9.2
Accrued compensation	27.6		35.4
Capitalized research & development costs	84.5		83.6
Intangible assets	12.1		6.7
Other	5.9		5.4
Total deferred tax assets	$	805.5	$	767.1
Deferred tax liabilities:
Operating lease right-of-use assets	$	(110.8)	$	(132.2)

Property and equipment	(26.6)		(37.5)
Total deferred tax liabilities	(137.4)		(169.7)
Less: valuation allowance	(664.9)		(594.2)
Net deferred tax assets	$	3.2	$	3.2