Table:
|  | As of July 31, |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| Accruals and reserves | $7,870 | $12,129 |
| Stock-based compensation | 6,353 | 7,658 |
| Deferred revenue | 2,316 | 4,023 |
| Property and equipment | — | 1,268 |
| Net operating loss carryforwards | 55,881 | 56,668 |
| Tax credits | 74,819 | 60,450 |
| Total deferred tax assets | 147,239 | 142,196 |
| Less valuation allowance | 31,421 | 28,541 |
| Net deferred tax assets | 115,818 | 113,655 |
| Less deferred tax liabilities: |  |  |
| Intangible assets | 7,413 | 11,461 |
| Convertible debt | 10,274 | 11,567 |
| Property and equipment | 1,435 | — |
| Unremitted foreign earnings | 302 | 258 |
| Capitalized commissions | 6,086 | — |
| Total deferred tax liabilities | 25,510 | 23,286 |
| Deferred tax assets, net | 90,308 | 90,369 |
| Less foreign deferred revenue | — | 69 |
| Less foreign capitalized commissions | 906 | — |
| Total net deferred tax assets | 89,402 | 90,300 |
Paragraphs:
The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows (in thousands):
The Company considered both positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, historic book profit/loss, prior taxable income/loss, and results of future operations, and determined that a valuation allowance was not required for a significant portion of its deferred tax assets. A valuation allowance of $31.4 million and $28.5 million remained as of July 31, 2019 and 2018, respectively.
The increase of $2.9 million in the valuation allowance in the current fiscal year relates primarily to net operating losses and income tax credits incurred in certain tax jurisdictions for which no tax benefit was recognized.
Question:
What was the average Deferred revenue for 2018 and 2019?
Answer: (2316 + 4023) / 2 = 3169.5