Shutterfly 2014 Annual Report Download - page 50

The chart above includes the following stock-based compensation amounts:
Year Ended December 31,
2014 2013 2012 2011 2010
(In thousands)
Cost of net revenues ............. $ 3,657 $ 2,485 $ 1,696 $ 2,138 $ 508
Technology and development ....... 9,236 9,477 8,635 8,201 3,069
Sales and marketing .............. 22,670 19,774 11,559 11,350 3,923
General and administration ........ 26,199 21,792 15,432 12,181 8,866
$ 61,762 $ 53,528 $ 37,322 $ 33,870 $ 16,366
The chart below includes selected data from our balance sheet:
December 31,
2014 2013 2012 2011 2010
(In thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents, and
investments .................. $ 475,337 $ 499,084 $ 245,088 $ 179,915 $ 252,244
Property and equipment, net ....... 241,742 155,727 92,667 54,123 39,726
Working capital ................. 352,172 413,338 148,855 130,259 200,282
Total assets .................... 1,332,278 1,266,142 865,124 709,886 343,830
Convertible senior notes, net ....... 255,218 243,493 — — —
Other long-term liabilities ......... 74,178 26,341 11,720 6,094 3,320
Total stockholders’ equity .......... 757,806 788,095 691,286 608,997 269,607
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report, including the following Management’s Discussion and Analysis of Financial Condition and
Results of Operations, contains forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon our current
expectations. These forward-looking statements include statements related to our business strategy and plans,
restructuring activities, technology initiatives, expectations regarding the seasonality and growth of our business,
the impact on us of general economic conditions, trends in key metrics such as total number of customers and
orders and average order value, the decline in average selling prices for prints, our capital expenditures for 2015,
the sufficiency of our cash and cash equivalents and cash generated from operations for the next 12 months, our
operating expenses remaining a consistent percentage of our net revenues, mergers and acquisitions and our
ability to successfully integrate acquired technologies and services, our new production facilities, as well as other
statements regarding our future operations, financial condition and prospects and business strategies. In some
cases, you can identify forward-looking statements by terminology such as ‘‘project,’’ ‘‘believe,’’ ‘‘anticipate,’’
‘‘plan,’’ ‘‘expect,’’ ‘‘estimate,’’ ‘‘intend,’’ ‘‘continue,’’ ‘‘should,’’ ‘‘would,’’ ‘‘could,’’ ‘‘potentially,’’ ‘‘will,’’ or
‘‘may,’’ or the negative of these terms or other comparable terminology. Forward-looking statements involve risks
and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in
our forward-looking statements as a result of many factors, including but not limited to, general economic
conditions in the United States, consumer sentiment, levels of consumer discretionary spending, the impact of
seasonality on our business, whether we are able to expand our customer base and increase our product and
service offering, competition in our marketplace, our ability to meet production requirements, unanticipated
difficulties building the next generation Shutterfly platform and executing on our strategic restructuring activities,
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