Shutterfly 2011 Annual Report Download - page 49

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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.
Table of Contents
Year Ended December 31,
2010
2009
2008
Net revenues
$
307,707
$
246,432
$
213,480
Cost of net revenues
134,491
111,648
96,214
Gross profit
173,216
134,784
117,266
Operating expenses:
Technology and development
48,393
46,003
39,707
Sales and marketing
59,284
44,870
42,212
General and administrative
40,764
35,201
32,741
Total operating expenses
148,441
126,074
114,660
Income from operations
24,775
8,710
2,606
Interest expense
(42
)
(157
)
(273
)
Interest and other income, net
482
814
2,898
Income before income taxes
25,215
9,367
5,231
Provision for income taxes
(8,088
)
(3,514
)
(1,571
)
Net income
$
17,127
$
5,853
$
3,660
Net income per share:
Basic
$
0.63
$
0.23
$
0.15
Diluted
$
0.59
$
0.22
$
0.14
Weighted average shares:
Basic
27,025
25,420
25,036
Diluted
29,249
26,810
25,787
Stock
-
based compensation is allocated as follows (Notes 2 and 7):
Cost of net revenues
$
508
$
416
$
372
Technology and development
3,069
3,340
2,404
Sales and marketing
3,923
3,577
2,452
General and administrative
8,866
6,940
4,522
42