Major components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):
At December 31, 2019, the Company had federal, state, and foreign net operating losses of approximately $256.8 million, $275.5 million, and $89.7 million, respectively. The federal net operating loss carryforward will begin expiring in 2022, the state net operating loss carryforward will begin expiring in 2020, and the foreign net operating loss has an unlimited carryforward period. The Internal Revenue Code of 1986, as amended, imposes substantial restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Due to the effects of historical equity issuances, the Company has determined that the future utilization of a portion of its net operating losses is limited annually pursuant to IRC Section 382. The Company has determined that none of its net operating losses will expire because of the annual limitation.
The Company has recorded a full valuation allowance against its otherwise recognizable US, UK, New Zealand, Hong Kong, and Brazil deferred income tax assets as of December 31, 2019. Management has determined, after evaluating all positive and negative historical and prospective evidence, that it is more likely than not that these assets will not be realized. The net (decrease) increase to the valuation allowance of $(0.1) million, $(1.5) million, and $6.8 million for the years ended December 31, 2019, 2018, and 2017, respectively, was primarily due to additional net operating losses generated by the Company.
Deferred income taxes have not been provided on the undistributed earnings of the Company’s foreign subsidiaries because the Company’s practice and intent is to permanently reinvest these earnings. The cumulative amount of such undistributed earnings was $5.3 million and $3.1 million at December 31, 2019 and December 31, 2018, respectively. Any future distribution of these non-US earnings may subject the Company to state income taxes, as adjusted for tax credits, and foreign withholding taxes that the Company estimates would be $0.1 million and $0.1 million at December 31, 2019 and 2018, respectively.
Table:
 | December 31, | 
 | 2019 | 2018
Deferred tax assets: |  | 
Accrued expenses | $2,427 | $2,353
Long-lived intangible assets and fixed assets - basis difference | 25,178 | 22,947
Net operating loss carryforwards | 81,575 | 82,017
Stock-based compensation | 15,398 | 15,172
Operating lease liabilities | 17,281 | —
Deferred revenue | 3,258 | 2,861
Other | 5,100 | 4,557
Total deferred tax assets | 150,217 | 129,907
Valuation allowance | (116,915) | (117,058)
Deferred tax assets, net of valuation allowance | 33,302 | 12,849
Deferred tax liabilities: |  | 
Prepaid expenses and deferred commissions | (14,502) | (10,831)
Operating right-of-use assets | (16,960) | —
Other | (795) | (976)
Total deferred tax liabilities | (32,257) | (11,807)
Net deferred tax assets | $1,045 | $1,042


Question: What is the percentage change in Deferred revenue between 2018 and 2019?
Answer: 13.88
Calculation: (3,258-2,861)/2,861