TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of income (loss) before income tax

Loss before income taxes summarized by region was as follows:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
United States	$	(540,192)	$	(2,165,006)	$	(1,509,885)
Foreign	5,688		2,645		2,249
Loss before benefit from income taxes	$	(534,504)	$	(2,162,361)	$	(1,507,636)

Schedule of provision for (benefit from) income taxes

The benefit from income taxes consisted of the following:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current taxes:
Federal	$	1,125	$	—	$	—
Foreign	—		(1,628)		(3,798)
Total current income tax expense/(benefit)	$	1,125	$	(1,628)	$	(3,798)
Deferred taxes:
Federal	$	(111,750)	$	(92,184)	$	(22,019)
State	(15,528)		(41,544)		(16,134)
Total deferred income tax benefit	(127,278)		(133,728)		(38,153)
Benefit from income taxes	$	(126,153)	$	(135,356)	$	(41,951)

Schedule of effective income tax rate reconciliation

The benefit from income taxes reconciles to the amount computed by applying the federal statutory rate to loss before income taxes as follows:


	Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023
(in thousands)
Tax at federal statutory rate	$	(112,246)	21.0	%	$	(454,122)	21.0	%	$	(316,603)	21.0	%
State, net of federal benefit(1)	(11,190)		2.1	%	(29,235)		1.4	%	(13,283)		0.9	%
Tax credits
Research tax credits	(3,589)		0.7	%	(7,145)		0.3	%	(1,827)		0.1	%
Change in valuation allowance	111		—	%	166,475		(7.7)	%	160,664		(10.7)	%
Nontaxable or nondeductible items
Goodwill impairment	—		—	%	186,641		(8.6)	%	127,778		(8.5)	%
Stock compensation	(5,920)		1.1	%	88		—	%	134		—	%
Other	6,681		(1.3)	%	1,942		(0.1)	%	1,186		—	%
Total tax benefit from income taxes	$	(126,153)	23.6	%	$	(135,356)	6.3	%	$	(41,951)	2.8	%

(1) State taxes in California, Georgia, New York, New York City, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses	$	147,070	$	43,707
Tax credits	14,047		7,963
Other accruals and reserves	6,671		5,727
Stock compensation	9,992		9,320
Capitalized U.S. research and development expenses	16,497		23,088
Other amortization	53,792		57,401
Operating lease liabilities	13,689		16,539
Property & equipment	392		2,063
Other	876		1,026
Total gross deferred tax assets	263,026		166,834
Valuation allowance on deferred tax assets	(6,938)		(7,744)
Total deferred tax assets	$	256,088	$	159,090
Deferred tax liabilities:
Purchased intangible amortization	$	(461,714)	$	(488,874)

Operating lease right-of-use assets	(12,957)		(16,076)
Total deferred tax liabilities	(474,671)		(504,950)
Deferred tax liability, net	$	(218,583)	$	(345,860)

Schedule of uncertain tax positions

The following table summarizes the gross amount of uncertain tax positions:


	Year Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Balance at beginning of year	$	3,859	$	59,295	$	51,843


Decreases related to the Spin-Off	—		(59,295)		—
Decreases related to prior year tax positions	(46)		—		—
Increases related to current year tax positions	3,823		3,859		7,452
Balance at end of year	$	7,636	$	3,859	$	59,295

Schedule of Cash Flow, Supplemental Disclosures

The following table presents the disaggregation of income taxes paid by jurisdiction:


(in thousands)	December 31, 2025
Federal	$	—
New York	492
Massachusetts	176
South Carolina	148
New York City	139
North Carolina	80
Tennessee	73
All Other States	23
Total taxes paid	$	1,131