Table of Contents 
INFOSPACE, INC. 
  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 
  
Years Ended December 31, 2001, 2000 and 1999 
The tax effect of temporary differences and net operating loss carry forwards that give rise to the Company's deferred tax assets and 
liabilities are as follows (in thousands):  
  
2001 
2000 
  
   
      
  
Deferred tax assets: 
   
     
      
     
  
Current 
   
$ 
8,030   
   
$ 
4,175   
Non current 
   
     
      
     
  
Net operating loss carryforward 
   
  
381,247   
   
  
375,240   
Tax credit carryforward 
   
  
14,607   
   
  
8,645   
Deferred revenue 
   
  
1,292   
   
  
5,366   
Deductible acquisition costs, net 
   
  
5,521   
   
  
5,140   
Unrealized investment losses 
   
  
2,516   
   
  
5,501   
Depreciation and amortization 
   
  
3,824   
   
  
10,595   
Loss due to investment impairment 
   
  
35,321   
   
  
      
Deductible warrants held by third parties 
   
  
5,723   
   
  
      
Other, net 
   
  
3,570   
   
  
7,747   
  
   
   
Total non current 
   
  
453,621   
   
  
418,234   
  
   
   
Total gross deferred tax assets 
   
  
461,651   
   
  
422,409   
  
   
   
Deferred tax liabilities: 
   
     
      
     
  
Non current 
   
     
      
     
  
Other unrealized income 
   
  
11,447   
   
  
6,924   
Identifiable intangibles 
   
  
14,726   
   
  
26,127   
  
   
   
Total gross deferred liabilities 
   
  
26,173   
   
  
33,051   
  
   
   
Net deferred tax asset 
   
  
435,478   
   
  
389,358   
  
   
   
Valuation allowance 
   
  
(435,478 ) 
   
  
(389,358 ) 
  
   
   
Net deferred tax asset balance 
   
$ 
      
   
$ 
      
  
   
   
  
At December 31, 2001 and 2000, the Company provided a full valuation allowance for its net deferred tax assets. The Company believes 
sufficient uncertainty exists regarding the realizability of the deferred tax assets such that a full valuation allowance is required. The net change 
in the valuation allowance during the years ended December 31, 2001 and 2000, was $46.1 million and $325.1 million respectively.  
  
As of December 31, 2001, the Company's U.S. federal net operating loss carryforward for income tax purposes was approximately $1.1 
billion. If not utilized, the federal net operating loss carryforwards will expire between 2011 and 2021. Changes in ownership, as defined by 
Section 382 of the Code, may limit the amount of net operating loss carryforwards used in any one year. The Company's federal research tax 
credit carryforwards for income tax purposes are approximately $14.6 million. If not utilized, the federal tax credit carryforwards will expire 
between 2011 and 2021.  
  
Federal net operating losses of approximately $815 million as of December 31, 2001 are the result of the exercise of certain employee 
stock options and warrants. When recognized, the tax benefit of these loss carryforwards are accounted for as a credit to additional paid in 
capital rather than a reduction of the income tax provision.  
91  
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