Shutterfly 2010 Annual Report Download - page 39

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Results of Operations
The following table presents the components of our income statement as a percent of net revenues:
Year Ended December 31,
2009
2008
2007
Net revenues
100
%
100
%
100
%
Cost of revenues
45
45
45
Gross profit
55
55
55
Operating expenses:
Technology and development
19
19
15
Sales and marketing
18
20
18
General and administrative
14
15
16
Income from operations
4
1
6
Interest expense
0
0
0
Interest and other income, net
0
2
2
Income before income taxes
4
3
8
Provision for income taxes
(1
)
(1
)
(3
)
Net income
3
%
2
%
5
%
37