Juno 2014 Annual Report Download - page 119
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Table of Contents
The significant components of net deferred tax balances were as follows (in thousands):
Realization of the net deferred tax assets is primarily dependent upon the Company having sufficient taxable income within the carryback and
carryforward periods to obtain a benefit from the reversal of net deductible temporary differences, utilization of tax credit carryforwards, and utilization of net
operating loss carrybacks and carryforwards for federal and state income tax purposes. The determination of whether the deferred tax assets will actually be
realized is subjective and requires management's judgment and evaluation of both positive and negative evidence, including taxable income in prior
carryback years, future reversals of existing taxable temporary differences, applicable tax planning strategies, and forecasts of future income, including the
consideration of carryback availability as a source of taxable income to realize deferred tax assets.
In assessing the realization of net deferred tax assets at December 31, 2014, based on the carryback availability, the Company believes that it was more
likely than not that the Company will realize a benefit of $2.5 million related to its domestic deductible differences. All of the remaining domestic net
deferred tax assets, excluding indefinite-lived assets, will be subject to a valuation allowance as they are not expected to be realized. Therefore, a valuation
allowance totaling
F-37
Deferred tax assets:
Net operating loss and tax credit carryforwards $ 38,877 $ 36,850
Member redemption liability 5,303 4,768
Reserve for legal settlement 2,970 528
Stock-based compensation 1,647 2,271
Amortization of acquired intangible assets 147 984
Other, net 4,465 4,217
Total gross deferred tax assets 53,409 49,618
Less: valuation allowance (48,207) (46,988)
Total deferred tax assets after valuation allowance 5,202 2,630
Deferred tax liabilities:
Depreciation and amortization (4,304) (2,874)
Total deferred tax liabilities (4,304) (2,874)
Net deferred tax assets (liabilities) $ 898 $ (244)
Current deferred tax assets, net $ 265 $ 291
Non-current deferred tax assets, net 1,523 1,742
Current deferred tax liabilities, net (33) (1,124)
Non-current deferred tax liabilities, net (857) (1,153)
Net deferred tax assets (liabilities) $ 898 $ (244)