Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Domestic and Foreign Components of Income (Loss) before Provision for Income Taxes
The domestic and foreign components of (loss) income before provision for income taxes were as follows:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(in thousands)
Domestic
 
$
(18,768
)
 
$
19,230

 
$
9,151

Foreign
 
2,161

 
1,252

 
251

Total
 
$
(16,607
)
 
$
20,482

 
$
9,402

(Benefit) Provision for Income Taxes
Our (benefit) provision for income taxes consisted of the following components:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(in thousands)
Current:
 
 
 
 
 
 
Federal
 
$

 
$

 
$

State
 
437

 
1,886

 
1,568

Foreign
 
550

 
421

 
27

Total current taxes
 
987

 
2,307

 
1,595

Deferred:
 
 
 
 
 
 
Federal
 
(6,611
)
 
(1,832
)
 
3,192

State
 
(460
)
 
(619
)
 
(574
)
Foreign
 
(249
)
 
(66
)
 
6

Total deferred taxes
 
(7,320
)
 
(2,517
)
 
2,624

Total income tax (benefit) provision
 
$
(6,333
)
 
$
(210
)
 
$
4,219

Reconciliation of Income Tax (Benefit) Expense Computed at Federal Statutory Tax Rate to Actual Income Tax (Benefit) Expense
The reconciliation of our income tax (benefit) expense computed at the U.S. federal statutory tax rate to the actual income tax (benefit) expense is as follows:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(in thousands)
Expense derived by applying the Federal income tax rate to (loss) income before taxes
 
$
(5,813
)
 
$
7,169

 
$
3,291

State income tax, net of federal benefit
 
(177
)
 
607

 
445

Foreign income tax
 
(477
)
 
(170
)
 
(55
)
Change in valuation allowance
 

 
(9,087
)
 

Benefit of assets not previously recognized
 
(516
)
 

 

Nondeductible expenses
 
454

 
644

 
612

Fair value adjustment on stock acquisition
 
(28
)
 
487

 
(251
)
Stock-based compensation
 
223

 
139

 
171

Other
 
1

 
1

 
6

 
 
$
(6,333
)
 
$
(210
)
 
$
4,219

Components of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows:
 
 
December 31,
 
 
2014
 
2013
 
 
(in thousands)
Deferred tax assets:
 
 
 
 
Reserves, deferred revenue and accrued liabilities
 
$
6,392

 
$
6,303

Stock-based compensation
 
12,238

 
10,873

Net operating loss carryforwards
 
22,348

 
16,106

Total gross deferred tax assets
 
40,978

 
33,282

Deferred tax asset valuation allowance
 

 
(43
)
Total deferred tax assets
 
40,978

 
33,239

Deferred tax liabilities:
 
 
 
 
Property, equipment and software
 
(8,217
)
 
(5,408
)
Other
 
(2,459
)
 
(2,055
)
Intangible assets
 
(21,965
)
 
(23,871
)
Total deferred tax liabilities
 
(32,641
)
 
(31,334
)
Net deferred tax assets
 
$
8,337

 
$
1,905