Shutterfly 2010 Annual Report Download - page 60

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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2009
2008
2007
Cash flows from operating activities:
Net income
$
5,853
$
3,660
$
9,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
25,122
24,211
17,384
Amortization of intangible assets
2,072
1,827
412
Stock
-
based compensation, net of forfeitures
14,273
9,750
4,686
Loss on disposal of property and equipment
346
308
262
Deferred income taxes
(2,903
)
(312
)
5,685
Tax benefit from stock
-
based compensation
4,965
156
-
Excess tax benefits from stock
-
based compensation
(3,273
)
(538
)
-
Loss/(gain) on auction rate securities Rights
2,747
(9,013
)
-
Loss/(gain) on auction rate securities
(2,747
)
9,013
-
Changes in operating assets and liabilities:
Accounts receivable, net
520
(1,512
)
(2,316
)
Inventories, net
642
1,178
(2,290
)
Prepaid expenses and other current assets
501
(120
)
(1,750
)
Other assets
(3,282
)
(243
)
(1,668
)
Accounts payable
1,947
2,431
(602
)
Accrued and other liabilities
7,966
5,482
10,390
Deferred revenue
(859
)
762
2,421
Net cash provided by operating activities
53,890
47,040
42,192
Cash flows from investing activities:
Purchases of property and equipment
(13,762
)
(18,220
)
(31,881
)
Capitalization of software and website development costs
(3,891
)
(4,527
)
(3,112
)
Acquisition of business and intangibles, net of cash acquired
(795
)
(10,097
)
(2,858
)
Purchases of short term investments
-
-
(3,000
)
Proceeds from sale of short term investments
-
3,002
-
Proceeds from sale of equipment
-
6
28
Purchase of auction rate securities
-
(52,250
)
-
Proceeds from the sale of auction rate securities
4,325
-
-
Net cash used in investing activities
(14,123
)
(82,086
)
(40,823
)
Cash flows from financing activities:
Principal payments of capital lease obligations
(91
)
(808
)
(2,840
)
Proceeds from issuance of common stock upon exercise of stock options
2,740
1,158
4,975
Shares withheld for payment of employee's withholding tax liability
(1,041
)
(260
)
-
Excess tax benefits from stock
-
based compensation
3,273
538
27
Net cash provided by financing activities
4,881
628
2,162
Net increase/(decrease) in cash and cash equivalents
44,648
(34,418
)
3,531
Cash and cash equivalents, beginning of period
88,164
122,582
119,051
Cash and cash equivalents, end of period
$
132,812
$
88,164
$
122,582
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest
$
12
$
47
$
198
Income taxes
2,644
535
812
Supplemental schedule of non
-
cash investing activities
Accrued acquisition liabilities
-
400
-
Net change in accrued purchases of property and equipment
2
-
-
Escrow liability from acquisition of business
150
-
-