Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 333

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 333
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 |         (299 | ) |
| Intangible assets                                     |     |   |      (59,472 | ) |     |   |       (2,389 | ) |
| Right-of-use assets                                   |     |   |         (273 | ) |     |   |         (611 | ) |
| Credit risk adjustment                                |     |   |         (802 | ) |     |   |         (553 | ) |
| Other                                                 |     |   |         (376 | ) |     |   |         (655 | ) |
| Total deferred tax liabilities                        |     |   |      (61,367 | ) |     |   |       (5,005 | ) |
| Deferred tax liabilities, net                         |     | $ |      (19,616 | ) |     | $ |       (3,911 | ) |

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all deferred tax assets will not 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. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planningstrategies in making this assessment. The Company released a portion of its U.S. federal valuation allowance in the year, primarily due to the Company’s net U.S. deferred tax liability position as of December 31, 2023. The Company continues to maintain a full valuation allowance, except to the extent of utilizable deferred tax liabilities, in certain foreign jurisdictions. As of December 31, 2023, the U.S. federal and state net operating loss carryforwards (presented gross and tax effected, respectively) for income tax purposes were approximately $3.4 million and $0.6 million, respectively. The federal net operating losses have an indefinite carryforward period, while the state net operating losses begin to expire in 2038. The Company also has foreign net operating losses carryforwards of approximately $63.6 million. These attributes may be subject to various annual and carryforward limitations under the tax laws of the different jurisdictions in which the Company operates. F-41

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the provision for income taxes. The Company follows