Company: ZM
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001585521-25-000042
Chunk: 169

Company: Zoom Communications, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 169
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 There was no restructuring liability as of January 31, 2025 and January 31, 2024.

12.    Income Taxes

The components of the net income before the provision for income taxes were as follows:

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Table of Contents

 Year Ended January 31, 202520242023 (in thousands)Domestic$1,238,452 $792,495 $196,224 Foreign77,132 39,817 53,052 Total$1,315,584 $832,312 $249,276 The provision for income taxes was as follows: Year Ended January 31, 202520242023 (in thousands)Current:Federal$323,625 $257,913 $254,505 State52,186 44,457 33,548 Foreign20,086 9,159 18,473 Total current income tax expense395,897 311,529 306,526 Deferred:Federal(78,476)(88,110)(173,941)State(12,875)(20,201)16,673 Foreign800 (8,368)(3,693)Total deferred income tax expense(90,551)(116,679)(160,961)Total provision for income taxes$305,346 $194,850 $145,565 The provision for income taxes differs from the amount computed by applying the statutory federal tax rate as follows: Year Ended January 31, 202520242023 (in thousands, except percentages)Tax at federal statutory rate$276,270 $174,785 $52,277 State taxes56,336 37,137 13,666 Foreign rate differential141 2,943 1,017 Non-deductible compensation15,757 10,639 10,231 Stock-based compensation58,770 96,936 124,631 Permanent items10,371 4,016 9,090 Foreign-derived intangible income deduction(56,630)(63,571)(76,686)Research and development credits(49,813)(39,226)(38,127)Tax uncertainties7,478 2,674 2,296 Change in valuation allowance(7,765)(14,109)39,288 Deferred rate change(3,993)(6,803)2,014 Other(1,576)(10,571)5,