Shutterfly 2014 Annual Report Download - page 49

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ITEM 6. SELECTED FINANCIAL DATA.
The consolidated statements of operations data for the years ended December 31, 2014, 2013 and 2012 and
the consolidated balance sheet data as of December 31, 2014 and 2013 have been derived from our audited
consolidated financial statements included elsewhere in this annual report on Form 10-K. The consolidated
statements of operations data for the years ended December 31, 2011 and 2010 and the consolidated balance
sheet data as of December 31, 2012, 2011 and 2010 have been derived from our audited consolidated financial
statements not included in this annual report on Form 10-K. The following selected consolidated financial data
should be read in conjunction with our ‘‘Management’s Discussion and Analysis of Financial Condition and
Results of Operations’’ and consolidated financial statements and related notes to those statements included
elsewhere in this annual report on Form 10-K.
Year Ended December 31,
2014 2013 2012 2011 2010
(In thousands, except per share amounts)
Consolidated Operations Statement
Data:
Net revenues ................... $ 921,580 $ 783,642 $ 640,624 $ 473,270 $ 307,707
Cost of net revenues ............. 452,720 369,593 294,857 219,542 134,491
Gross profit .................. 468,860 414,049 345,767 253,728 173,216
Operating expenses:
Technology and development ...... 133,623 108,995 85,746 65,675 48,393
Sales and marketing ............ 216,035 189,985 148,806 113,952 59,284
General and administrative ....... 112,957 93,011 70,502 58,710 40,764
Total operating expenses ....... 462,615 391,991 305,054 238,337 148,441
Income from operations ........... 6,245 22,058 40,713 15,391 24,775
Interest expense ................ (16,732) (9,446) (597) (64) (42)
Interest and other income, net ...... 508 308 42 35 482
Income/(loss) before income taxes . . . (9,979) 12,920 40,158 15,362 25,215
Benefit from/(provision for) income
taxes ....................... 2,119 (3,635) (17,160) (1,314) (8,088)
Net income/(loss) ............... $ (7,860) $ 9,285 $ 22,998 $ 14,048 $ 17,127
Net income/(loss) per share:
Basic ....................... $ (0.20) $ 0.25 $ 0.64 $ 0.43 $ 0.63
Diluted ..................... $ (0.20) $ 0.24 $ 0.61 $ 0.40 $ 0.59
Weighted average shares:
Basic ....................... 38,452 37,680 35,826 32,788 27,025
Diluted ..................... 38,452 39,493 37,432 35,007 29,249
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