Company: SPWH
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0000950170-25-048890
Chunk: 618

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 6
Chunk 618
---
 asset

        (77,701
        )

        (77,654
        )

        Prepaid expenses

        (1,330
        )

        (1,226
        )

        Total gross deferred tax liabilities

        (107,707
        )

        (114,752
        )

        Net deferred tax (liability) asset
         
        $
        (1,140
        )
         
        $
        505

       As of February 1, 2025, the Company had a federal net operating loss (“NOL”) carryforward of $42,647 with no expiration period.  In addition, the Company has federal credit carryforwards of $920 which begin to expire in 2044.  The Company continues to evaluate the possibility of an ownership change in accordance with Internal Revenue Code Section 382, which could limit the utilization of their NOL and credit carryforwards each year.  In general terms, an ownership change results from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percent over a three-year period.  As of February 1, 2025, the Company is not aware of any such ownership change. As of February 1, 2025, the Company had state NOL carryforwards of $15,409 with no expiration period and state NOL carryforwards of $26,813 which expire beginning in 2032 through 2044.  In addition, the Company has state credit carryforwards of $200 which begin to expire in 2038.In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company considers all available evidence, both positive and negative, to determine the realizability of deferred tax assets and includes historical information about results of operations for the current and preceding years as well as more subjective information about future years. A significant piece of objective negative evidence evaluated was a cumulative loss over the most recent 36-month period ended February 1, 2025, which was not outweighed by available positive evidence. Accordingly, as of February 1, 2025, a valuation allowance of $10,