Provision for Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of loss before provision for income taxes by jurisdiction |
Loss before provision for income taxes by jurisdiction consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2014 |
|
2015 |
|
2016 |
|
(in thousands) |
Jurisdiction |
|
|
|
|
|
Domestic |
$ |
(24,230 |
) |
|
$ |
(163,460 |
) |
|
$ |
(328,414 |
) |
Foreign |
(5,592 |
) |
|
(7,751 |
) |
|
(14,792 |
) |
Loss before provision for income taxes |
$ |
(29,822 |
) |
|
$ |
(171,211 |
) |
|
$ |
(343,206 |
) |
|
| Schedule of provision for income taxes |
The provision for income taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2014 |
|
2015 |
|
2016 |
|
|
|
(in thousands) |
|
|
Current |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State and local |
353 |
|
|
9 |
|
|
26 |
|
International |
231 |
|
|
214 |
|
|
443 |
|
Total current income tax expense |
$ |
584 |
|
|
$ |
223 |
|
|
$ |
469 |
|
Deferred |
|
|
|
|
|
Federal |
(9,996 |
) |
|
(17,943 |
) |
|
(96,852 |
) |
State and local |
(6,238 |
) |
|
(2,174 |
) |
|
(10,750 |
) |
International |
— |
|
|
— |
|
|
(1,032 |
) |
Valuation allowance |
16,234 |
|
|
18,344 |
|
|
107,937 |
|
Total deferred income tax expense (benefit) |
$ |
— |
|
|
$ |
(1,773 |
) |
|
$ |
(697 |
) |
Total provision for (benefit from) income taxes |
$ |
584 |
|
|
$ |
(1,550 |
) |
|
$ |
(228 |
) |
|
| Schedule of reconciliation of the statutory federal rate and effective tax rate |
The following table presents a reconciliation of the statutory federal rate and our effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2014 |
|
2015 |
|
2016 |
U.S. federal taxes at statutory rate |
34 |
% |
|
34 |
% |
|
34 |
% |
State taxes, net of federal benefit |
(1 |
) |
|
— |
|
|
— |
|
Permanent differences |
4 |
|
|
3 |
|
|
2 |
|
Foreign rate differential |
(7 |
) |
|
(1 |
) |
|
(2 |
) |
Federal and state credits, net of reserve |
11 |
|
|
2 |
|
|
2 |
|
Impact of acquired DTAs and DTLs |
— |
|
|
1 |
|
|
1 |
|
Change in valuation allowance |
(55 |
) |
|
(33 |
) |
|
(32 |
) |
Change in rate |
6 |
|
|
(1 |
) |
|
— |
|
Deferred adjustments |
6 |
|
|
(4 |
) |
|
(5 |
) |
Effective tax rate |
(2 |
)% |
|
1 |
% |
|
— |
% |
|
| Schedule of major components of deferred tax assets and liabilities |
The major components of deferred tax assets and liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2015 |
|
2016 |
|
(in thousands) |
Deferred tax assets |
|
|
|
Net operating loss carryforwards |
$ |
91,658 |
|
|
$ |
167,961 |
|
Tax credit carryforwards |
14,204 |
|
|
21,111 |
|
Allowances and other |
21,802 |
|
|
27,729 |
|
Stock options |
29,927 |
|
|
32,986 |
|
Depreciation and amortization |
— |
|
|
3,704 |
|
Total deferred tax assets |
$ |
157,591 |
|
|
$ |
253,491 |
|
Valuation allowance |
(92,772 |
) |
|
(200,797 |
) |
Total deferred tax assets, net of valuation allowance |
$ |
64,819 |
|
|
$ |
52,694 |
|
Deferred tax liabilities |
|
|
|
Convertible debt |
(37,580 |
) |
|
(31,592 |
) |
Depreciation and amortization |
(27,252 |
) |
|
(22,360 |
) |
Total deferred tax liabilities |
$ |
(64,832 |
) |
|
$ |
(53,952 |
) |
Net deferred tax assets (liabilities) |
$ |
(13 |
) |
|
$ |
(1,258 |
) |
|
| Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits (excluding interest and penalties) is as follows:
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
2015 |
|
2016 |
|
(in thousands) |
Beginning balance |
$ |
5,793 |
|
|
$ |
6,864 |
|
Increases related to tax positions taken during a prior year |
— |
|
|
— |
|
Decreases related to tax positions taken during a prior year |
(74 |
) |
|
(13 |
) |
Increases related to tax positions taken during the current year |
1,145 |
|
|
2,561 |
|
Ending balance |
$ |
6,864 |
|
|
$ |
9,412 |
|
|