TiVo 2009 Annual Report Download - page 101
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Table of Contents
Fiscal Year Ended January 31,
Current Expense 2010 2009 2008
Federal $ (1,136) $ 595 $ —
State 91 714 29
Foreign 21 19 1
Total $ (1,024) $ 1,328 $ 30
The income tax (benefit) expense differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pretax loss as a result of
the following:
Fiscal Year Ended January 31,
2010 2009 2008
(in thousands)
Federal tax at statutory rate $ (8,729) $ 36,722 $ (11,010)
State taxes 91 219 29
Foreign withholding tax 21 19 1
Utilization of net operating losses — (21,507) —
Net operating loss and temporary differences for which no tax benefit was realized 9,013 (18,082) 6,570
Stock based compensation (1,905) 2,367 4,260
Refundable research tax credits (288) (229) —
Federal and state alternative minimum taxes (827) 1,193 —
Non-deductible compensation expense 1,542 420 175
Non-deductible expenses and other 58 206 5
Total tax expense $ (1,024) $ 1,328 $ 30
The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets are presented below:
Fiscal Year Ended January 31,
2010 2009
Deferred tax assets: (in thousands)
Net operating loss carryforwards $ 155,353 $ 140,074
Research and alternative minimum tax credits 15,418 11,151
Deferred revenue and rent 13,291 19,773
Capitalized research 26,478 33,442
Stock based compensation 8,805 7,821
Other 13,792 10,814
Total deferred tax assets 233,137 223,075
Valuation allowance (233,137) (223,075)
Net deferred tax assets (liabilities): $ — $ —
Realization of deferred tax assets is dependent upon generation of sufficient future taxable income, the timing and amount of which are uncertain.
Accordingly, Management has established a valuation allowance for the portion of deferred tax assets for which realization is uncertain. The net change in the
total valuation allowance was an increase of $10.1 million and decrease of $43.6 million for the year ended January 31, 2010 and January 31, 2009,
respectively.
As of January 31, 2010, the Company had net operating loss carryforwards for federal and state income tax purposes of approximately $464.9 million
and $229.7 million respectively, available to reduce future income subject to income taxes. Of these amounts, approximately $31.6 million represent federal
and state tax deductions from stock option compensation. The tax benefit from these deductions will be recorded as an adjustment to additional paid-in capital
in the year in which the benefit is realized.
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