Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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,
2023 2022 2021
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,
2023 2022 2021
Federal statutory tax rate
21.0  % 21.0  % 21.0  %
State income tax, net of federal tax benefit
—  —  0.1 
Stock-based compensation
(1.8) (0.2) (0.4)
Research and development credits
3.7  1.5  2.5 
Liability classified financial instruments (0.5) 1.4  (0.7)
Adjustments of prior years' taxes (2.7) —  — 
Goodwill impairment —  (13.6) — 
Other
(0.3) (0.1) (0.1)
Change in valuation allowance
(19.4) (10.0) (21.8)
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, 2023 December 31, 2022
Deferred tax assets:
Net operating losses
$ 404  $ 324 
Tax credits
122  83 
Stock-based compensation
17 
Capitalized R&D 222  130 
Lease liability
26  29 
Other
16  14 
Deferred tax assets, gross
798  597 
Valuation allowance
(726) (542)
Deferred tax assets, net of valuation allowance
72  55 
Deferred tax liabilities:
Depreciation and amortization
(47) (27)
Right of use asset
(26) (29)
Other
(3) (3)
Deferred tax liabilities
(76) (59)
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,
2023 2022 2021
Valuation allowance at beginning of period
$ 542  $ 331  $ 87 
Change in deferred tax asset positions
184  211  244 
Valuation allowance at end of period
$ 726  $ 542  $ 331 
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,
2023 2022 2021
Unrecognized tax benefits at beginning of period
$ 21  $ 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
$ 31  $ 21  $ 18