Anuvu Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income before Income Tax, Domestic and Foreign

United States and foreign income (loss) from continuing operations before income taxes was as follows (in thousands):



	December 31,			December 31,			December 31,
	2013			2012			2011
United States	$	(99,503	)	$	(42,803	)	$	(18,701	)
Foreign	(13,399		)	—			—
Pretax loss from operations	$	(112,902	)	$	(42,803	)	$	(18,701	)

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision (benefit) based on the income (loss) from continuing operations was as follows (in thousands):



	December 31,			December 31,		December 31,
	2013			2012		2011
Current:
Federal	$	1,878		$	—	$	—
State	7			—		—
Foreign	4,858			—		—
	$	6,743		$	—	$	—
Deferred:
Federal	$	(2,742	)	$	—	$	—
State	3			—		—
Foreign	(2,165		)	—		—
	(4,904		)	—		—
Total provision	$	1,839		$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision (benefit) from continuing operations differs from the amount obtained by applying the Federal statutory tax rate as follows (in thousands):



	December 31,			December 31,			December 31,
	2013			2012			2011
Income tax provision (benefit) at Federal statutory rate	$	(39,512	)	$	(14,553	)	$	(6,358	)
State income tax, net of federal benefit	(384		)	(850		)	(547		)
Permanent items	25,374			4,776			148
Stock compensation	(82		)	315			—
Tax credits	(3,093		)	(125		)	(303		)
Other	1,463			—			—
Uncertain tax positions	95			—			—
Withholding taxes	2,831			—			—
Rate differential	5,783			—			—
Rate adjustment	60			—			858
Change in valuation allowance	9,304			10,437			6,202
	$	1,839		$	—		$	—

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred taxes were as follows (in thousands):



	December 31,			December 31,
	2013			2012
Deferred tax assets:
Intangible assets	$	6,596		$	5,520
Allowances and reserves	294			3
Accrued expenses	2,505			342
Inventory	1,053			465
Stock compensation	980			403
Tax credits	4,309			2,013
Net operating losses	39,282			30,657
Total gross deferred tax asset	55,019			39,403
Less valuation allowance	(50,782		)	(39,122		)
Net deferred tax assets	$	4,237		$	281

Deferred tax liabilities:
Fixed assets	$	(1,385	)	$	(279	)
Intangible assets	(25,422		)	—
Investments in affiliates	(51		)	—
Other	(25		)	(2		)
Total deferred tax liabilities:	(26,883		)	(281		)
Net deferred tax assets (liabilities)	$	(22,646	)	$	—



	December 31,			December 31,
Presented on the balance sheet as follows (in thousands):	2013			2012
Deferred tax assets:
Net current deferred assets	$	3,252		$	—
Net noncurrent deferred assets	480			—
Total deferred tax assets	$	3,732		$	—

Deferred tax liabilities:
Net current deferred tax liabilities	$	(1,192	)	$	—
Net noncurrent deferred tax liabilities	(25,186		)	—
Total deferred tax liabilities	$	(26,378	)	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes to unrecognized tax benefits for the year ended December 31, 2013 (in thousands):



Balance at December 31, 2012	$	—
Additions from business combinations	2,569
Additions based on tax positions related to the current year	262
Balance at December 31, 2013	$	2,831

Summary of Valuation Allowance

The following table summarizes the changes in the valuation allowance balance for the year ended December 31, 2013 (in thousands):



Balance at December 31, 2011	$	28,480
Increase in valuation allowance	10,642
Balance at December 31, 2012	39,122
Acquired valuation allowance from purchased acquisitions	2,356
Increase in valuation allowance	9,304
Balance at December 31, 2013	$	50,782

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References + Details