Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
Schedule of Income before Income Tax, Domestic and Foreign |
The U.S. and foreign components of loss before provision for income taxes for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
|
2020 |
U.S. |
$ |
(202,192) |
|
|
$ |
(207,744) |
|
|
$ |
(105,738) |
|
Foreign |
(154,539) |
|
|
(6,971) |
|
|
(102,931) |
|
Loss before income taxes |
$ |
(356,731) |
|
|
$ |
(214,715) |
|
|
$ |
(208,669) |
|
|
Schedule of Components of Income Tax Expense (Benefit) |
The components of the provision for income taxes for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
|
2020 |
Current |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State |
385 |
|
|
31 |
|
|
38 |
|
Foreign |
1,752 |
|
|
178 |
|
|
26 |
|
Total current tax expense |
$ |
2,137 |
|
|
$ |
209 |
|
|
$ |
64 |
|
Deferred |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State |
— |
|
|
— |
|
|
— |
|
Foreign |
(127) |
|
|
— |
|
|
— |
|
Total deferred tax expense |
— |
|
|
— |
|
|
— |
|
Total provision for income taxes |
$ |
2,010 |
|
|
$ |
209 |
|
|
$ |
64 |
|
|
Schedule of Effective Income Tax Rate Reconciliation |
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021, and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
|
2020 |
Federal statutory income tax rate |
21.0% |
|
21.0% |
|
21.0% |
Mark-to-market adjustments of Earnout and Earn Back Shares |
7.9% |
|
5.0% |
|
0.0% |
Executive compensation |
(0.3)% |
|
(4.3)% |
|
0.0% |
Goodwill Impairment |
(7.7)% |
|
0.0% |
|
0.0% |
Valuation allowance |
(14.5)% |
|
(22.7)% |
|
(22.9)% |
Other |
(7.0)% |
|
0.9% |
|
1.9% |
Effective income tax rate |
(0.6)% |
|
(0.1)% |
|
0.0% |
|
Schedule of Deferred Tax Assets and Liabilities |
Deferred income taxes for the years ended December 31, 2022 and 2021 consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
Deferred tax assets |
|
|
|
Net operating losses |
$ |
287,256 |
|
|
$ |
284,411 |
|
Stock Based Compensation |
— |
|
|
— |
|
Fixed Assets |
21,037 |
|
|
— |
|
Other |
55,761 |
|
|
22,994 |
|
Total deferred tax assets |
$ |
364,054 |
|
|
$ |
307,405 |
|
Deferred tax liabilities |
|
|
|
Property and equipment, net |
$ |
— |
|
|
$ |
(7,780) |
|
Other |
(3,210) |
|
|
(759) |
|
Total deferred tax liabilities |
$ |
(3,210) |
|
|
$ |
(8,539) |
|
Less: Valuation allowance |
(360,717) |
|
|
(298,866) |
|
Net deferred tax assets |
$ |
127 |
|
|
$ |
— |
|
|
Schedule of Unrecognized Tax Benefits Roll Forward |
The following table reflects changes in gross unrecognized tax benefits (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
Unrecognized tax benefits at beginning of year |
$ |
12,458 |
|
|
$ |
13,993 |
|
Gross increases—current year positions |
— |
|
|
4,842 |
|
Gross increases—prior year positions |
25 |
|
|
— |
|
Gross decreases—prior year positions |
— |
|
|
(6,377) |
|
Unrecognized tax benefits at end of year |
$ |
12,483 |
|
|
$ |
12,458 |
|
|
Summary of Income Tax Examinations |
As of December 31, 2022, the open tax years for the Company’s major tax jurisdictions are as follows:
|
|
|
|
|
|
Jurisdiction |
Tax Years |
U.S. Federal |
2017-2021 |
U.S. State |
2017-2021 |
Netherlands |
2018-2021 |
|