v3.26.1
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 239,044 $ 193,884
Capitalized research and development expenditures 62,931 58,713
Long-term lease liabilities 45,244 82,645
Tax credit carryforwards 43,814 37,699
Accrued expenses 23,066 38,015
Stock-based compensation 13,814 33,626
Other 49,959 36,986
Total deferred tax assets 477,872 481,568
Less: valuation allowance (59,867) (61,604)
Total deferred tax assets, net of valuation allowance 418,005 419,964
Deferred tax liabilities:    
Investment in MGM (255,893) (225,223)
Investment in subsidiaries (222,412) (218,658)
Intangible assets, net of accumulated amortization (83,017) (88,758)
ROU assets (37,000) (52,099)
Other (26,930) (37,911)
Total deferred tax liabilities (625,252) (622,649)
Net deferred tax liabilities $ (207,247) $ (202,685)