TiVo 2013 Annual Report Download - page 94
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Table of Contents
expected life of stock options granted after January 1, 2008 is based on historical employee exercise patterns associated with prior similar
option grants. The interest rate is based on the average of the U.S. Treasury yield curve on investments with terms approximating the
expected life during the fiscal quarter an option is granted. The Company has not declared and has no current plan to declare a dividend.
The weighted average assumptions used for the twelve months ended January 31, 2014, 2013, and 2012, respectively, and the
resulting estimates of weighted-average fair value per share of options and ESPP shares granted during those periods are as follows:
Expected life (in years) 0.80 0.90 0.78 4.39 4.38 4.48
Volatility 57%53%68%51%58%65%
Average risk free interest rate 0.64%0.20%0.28%1.07%0.75%1.61%
Dividend Yield —% —% —% —% —% —%
Weighted-average fair value during the period $3.21 $4.22 $3.29 $5.12 $4.56 $5.06
In December 1997, the Company established a 401(k) Retirement Plan (the "Retirement Plan”) available to employees who meet the
plan’s eligibility requirements. Participants may elect to contribute a percentage of their compensation to the Retirement Plan up to a statutory
limit. Participants are fully vested in their contributions. As of January 1, 2014, the Company has elected to match 50% of the contributions
made by employees who have elected to participate in its 401(k) Plan, including executives, up to $3,000 annually. This match is accrued for
on a monthly basis and contributed to the 401(k) accounts of all participating employees annually on January 31st for the preceding calendar
year. During the fiscal year ended January 31, 2014, TiVo has expensed $287,000 in 401(k) match expense. The Company has not yet
made any contributions to the Retirement Plan from inception through January 31, 2014. TiVo is under no obligation to continue matching
future employee contributions and at the Company's discretion may change its practices at any time.
Income (loss) from continuing operations before income taxes for the fiscal years ended January 31, 2014, 2013, and 2012 were $103.9
million, $(4.2) million, and $103.0 million, respectively.
Income tax benefit (provision) was $167.9 million, $(1.0) million, and $(807,000)in fiscal years 2014, 2013, and 2012, respectively.
The income tax benefit in fiscal year 2014 is primarily due to release of valuation allowance. 2013 and 2012 income tax expense was
primarily related to state taxes and withholding taxes in foreign jurisdictions as noted in the table below:
Federal $(38)$ 2 $ —
State 3,240 778 657
Foreign —256 150
Total $3,202 $1,036 $ 807
Federal $(167,382)$—$—
State (3,731)— —
Foreign — — —
Total $(171,113)$—$—
Provision (benefit) for income taxes $(167,911)$1,036 $ 807
The income tax (benefit) expense differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax
income (loss) as a result of the following:
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