Pandora 2012 Annual Report Download - page 93
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Table of Contents
Pandora Media, Inc.
Notes to Consolidated Financial Statements - Continued
6. Income Taxes
The provision for income tax expense consists of the following:
Fiscal Year Ended January 31,
2010 2011 2012
(in thousands)
Current
Federal $ — $ — $ —
State and local — 134 75
Total current income tax expense — 134 75
Deferred
Federal $ (5,260) $ 244 $ (403)
State and local (1,214) 1,203 (1,457)
Valuation allowance 6,474 (1,447) 1,860
Total deferred income tax expense — — —
Total income tax expense $ — $ 134 $75
The state income tax provision decreased to $75,000 from $134,000 for the same period in fiscal 2011 as a result of generating tax losses during fiscal
2012.
The following table presents a reconciliation of the statutory federal rate and the Company's effective tax rate for the periods presented.
Fiscal Year Ended January 31,
2010
2011
2012
(in thousands)
U.S. federal taxes at statutory rate 34% 34% 34%
State taxes, net of federal benefit 7 15 —
Permanent differences (2) (55) (24)
Federal R&D credit (net of reserve) — 7 2
Change in valuation allowance (39) 86 (16)
Change in rate — (93) 1
Other — (2) 3
Effective tax rate — (8%) 0%
81