Shutterfly 2010 Annual Report Download - page 57

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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2009
2008
2007
Net revenues
$
246,432
$
213,480
$
186,727
Cost of net revenues
111,648
96,214
84,111
Gross profit
134,784
117,266
102,616
Operating expenses:
Technology and development
46,003
39,707
28,822
Sales and marketing
44,870
42,212
33,530
General and administrative
35,201
32,741
29,888
126,074
114,660
92,240
Income from operations
8,710
2,606
10,376
Interest expense
(157
)
(273
)
(179
)
Interest and other income, net
814
2,898
5,515
Income before income taxes
9,367
5,231
15,712
Provision for income taxes
(3,514
)
(1,571
)
(6,134
)
Net income
$
5,853
$
3,660
$
9,578
Net income per share:
Basic
$
0.23
$
0.15
$
0.39
Diluted
$
0.22
$
0.14
$
0.36
Weighted average shares:
Basic
25,420
25,036
24,295
Diluted
26,810
25,787
26,273
______________
Stock
-
based compensation is allocated as follows (Notes 2 and 8):
Cost of net revenues
$
416
$
372
$
189
Technology and development
3,340
2,404
1,067
Sales and marketing
3,577
2,452
1,044
General and administrative
6,940
4,522
2,386
55