| Net Loss Before Provision for (Benefit from) Income Taxes |
The components of the net loss before the provision for
(benefit from) income taxes were as follows (in thousands):
|
|
|
|
|
|
Domestic
|
|
|
$(35,016)
|
|
|
$(558,047)
|
|
|
$(743,667)
|
|
Foreign
|
|
|
—
|
|
|
—
|
|
|
(534)
|
|
Net loss before the provision for (benefit from)
income taxes
|
|
|
$(35,016)
|
|
|
$(558,047)
|
|
|
$(744,201)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision (Benefit) for Income Taxes |
The provision (benefit) for income taxes consists of the
following (in thousands):
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
$(1,664)
|
|
|
$—
|
|
|
$—
|
|
State
|
|
|
(226)
|
|
|
—
|
|
|
6,306
|
|
Foreign
|
|
|
—
|
|
|
—
|
|
|
155
|
|
Total current income tax expense (benefit)
|
|
|
(1,890)
|
|
|
—
|
|
|
6,461
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(1,697)
|
|
|
35,765
|
|
|
109,010
|
|
State
|
|
|
(563)
|
|
|
(64)
|
|
|
3,196
|
|
Foreign
|
|
|
—
|
|
|
—
|
|
|
580
|
|
Total deferred income tax expense (benefit)
|
|
|
(2,260)
|
|
|
35,701
|
|
|
112,786
|
|
Total provision for (benefit from) income taxes
|
|
|
$(4,150)
|
|
|
$35,701
|
|
|
$119,247
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Statutory Federal Income Tax Rate |
The following table presents the reconciliation of the
statutory federal income tax rate to the Company’s effective tax rate:
|
|
|
|
|
|
U.S. federal tax benefit at statutory rate
|
|
|
21.0%
|
|
|
21.0%
|
|
|
21.0%
|
|
State income taxes, net of federal benefit
|
|
|
4.1
|
|
|
0.1
|
|
|
0.1
|
|
Stock-based compensation
|
|
|
(0.4)
|
|
|
0.5
|
|
|
1.9
|
|
Foreign tax rate differential
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
Convertible interest
|
|
|
(0.7)
|
|
|
(0.2)
|
|
|
(0.2)
|
|
Change in valuation allowance, net
|
|
|
(9.5)
|
|
|
(7.7)
|
|
|
(17.5)
|
|
Derivative liabilities
|
|
|
(3.0)
|
|
|
(20.2)
|
|
|
(21.4)
|
|
General business credit - federal
|
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
Other
|
|
|
0.3
|
|
|
(0.1)
|
|
|
(0.2)
|
|
Effective tax rate
|
|
|
11.9%
|
|
|
(6.4)%
|
|
|
(16.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Tax Assets and Liabilities |
Deferred income taxes reflect the net tax effects of
temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets and liabilities as of December 31, 2023 and 2024, were
as follows (in thousands):
|
|
|
|
|
|
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
Net operating losses
|
|
|
$200,057
|
|
|
$766,434
|
|
Lease liabilities
|
|
|
112,634
|
|
|
540,405
|
|
Capitalized research and development expenditures
|
|
|
13,637
|
|
|
24,498
|
|
Deferred revenue
|
|
|
1,054
|
|
|
309,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities and reserves
|
|
|
—
|
|
|
2,811
|
|
Interest expense carryforward
|
|
|
—
|
|
|
61,443
|
|
Research and development credits, net of reserve
|
|
|
1,252
|
|
|
3,244
|
|
Stock-based compensation
|
|
|
2,135
|
|
|
7,593
|
|
Other
|
|
|
650
|
|
|
2,907
|
|
Total deferred tax assets
|
|
|
331,419
|
|
|
1,718,599
|
|
Valuation allowance
|
|
|
(47,717)
|
|
|
(180,529)
|
|
Deferred tax assets, net of valuation allowance
|
|
|
283,702
|
|
|
1,538,070
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
(207,054)
|
|
|
(1,147,258)
|
|
Intangible assets
|
|
|
(1,446)
|
|
|
(969)
|
|
Operating and financing ROU assets
|
|
|
(111,649)
|
|
|
(539,075)
|
|
Total deferred tax liabilities
|
|
|
(320,149)
|
|
|
(1,687,302)
|
|
Net deferred tax liabilities, net of valuation
allowance
|
|
|
$(36,447)
|
|
|
$(149,232)
|
|
|
|
|
|
|
|
|
|