Post-effective amendment to a registration statement that is not immediately effective upon filing

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
The components of income tax benefit were as follows (in millions):
Twelve Months Ended
December 31,
2022 2021 2020
Deferred income benefit:
Federal
$ —  $ (4) $ — 
State
—  (1) — 
Total deferred income tax benefit
—  (5) — 
Income tax benefit
$ —  $ (5) $ — 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliations of the effective tax rate from the federal statutory rate were as follows:
Twelve Months Ended
December 31,
2022 2021 2020
Federal statutory tax rate
21.0  % 21.0  % 21.0  %
State income tax, net of federal tax benefit
—  0.1  — 
Stock-based compensation
(0.2) (0.4) (1.5)
Research and development credits
1.5  2.5  3.5 
Liability classified financial instruments 1.4  (0.7) — 
Goodwill impairment (13.6) —  — 
Other
(0.1) (0.1) 0.2 
Change in valuation allowance
(10.0) (21.8) (23.2)
Effective tax rate
—  % 0.6  % —  %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows (in millions):
As of
December 31, 2022 December 31, 2021
Deferred tax assets:
Net operating losses
$ 324  $ 244 
Tax credits
83  45 
Stock-based compensation
17  41 
Capitalized R&D 130  — 
Lease liability
29  31 
Other
14  12 
Deferred tax assets, gross
597  373 
Valuation allowance
(542) (331)
Deferred tax assets, net of valuation allowance
55  42 
Deferred tax liabilities:
Depreciation and amortization
(27) (7)
Right of use asset
(29) (32)
Other
(3) (7)
Deferred tax liabilities
(59) (46)
Deferred tax liabilities, net
$ (4) $ (4)
Schedule of Valuation Allowance
The components of changes in the valuation allowance were as follows (in millions):
Twelve Months Ended
December 31,
2022 2021 2020
Valuation allowance at beginning of period
$ 331  $ 87  $ 31 
Change in deferred tax asset positions
211  244  56 
Valuation allowance at end of period
$ 542  $ 331  $ 87 
Schedule of Unrecognized Tax Benefits Roll Forward
The components of changes in unrecognized tax benefits were as follows (in millions):
Twelve Months Ended
December 31,
2022 2021 2020
Unrecognized tax benefits at beginning of period
$ 18  $ $
Increases related to tax positions taken during a prior year
— 
Increases related to tax positions taken during the current year
12 
Decreases related to tax positions taken during a prior year
(6) —  — 
Unrecognized tax benefits at end of period
$ 21  $ 18  $