Shutterfly 2009 Annual Report Download - page 101
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SHUTTERFLY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The components of the net deferred tax assets as of December 31, 2008 and 2007 are as follows (in thousands):
As of January 1, 2008, the Company had $756,000 of unrecognized tax benefits. As of December 31, 2008, the Company booked an
additional $1,010,000 for unrecognized tax benefits for fiscal 2008. A reconciliation of the beginning and ending amounts of unrecognized
income tax benefits during the twelve month period ended December 31, 2008 is as follows (in thousands):
The company does not expect the balance of unrecognized tax benefits to significantly increase or decrease in the next twelve months.
As of December 31, 2008, the Company is subject to taxation in the United States, California, and twelve other jurisdictions in the United
States.
December 31,
2008
2007
Deferred tax assets:
Net operating loss carryforwards
$
1,240
$
7,481
Reserves and other tax benefits
4,312
3,485
Tax credits
4,499
2,715
Depreciation and amortization
2,612
1,196
Other
408
94
Deferred tax assets
13,071
14,971
Deferred tax liabilities:
Deferred tax liabilities
—
—
Net deferred tax assets
$
13,071
$
14,971
2008
2007
Balance of unrecognized tax benefits at January 1
$ 756
1,200
Additions for tax positions of prior years
455
$
—
Additions for tax positions related to current year
555
259
Reductions for tax positions of prior years
—
(
607
)
Settlement of franchise tax audit
—
(
96
)
Balance of unrecognized tax benefits at December 31
1,766
$
756
99