Shutterfly 2015 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2015 Shutterfly annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

PART I
Except for historical financial information contained herein, the matters discussed in this annual report on
Form 10-K may be considered forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and subject to the
safe harbor created by the Private Securities Litigation Reform Act of 1995. Such statements include
declarations regarding our intent, belief, or current expectations and those of management. Prospective
investors are cautioned that any such forward-looking statements are not guarantees of future performance and
involve a number of risks, uncertainties and other factors, some of which are beyond our control; actual results
could differ materially from those indicated by such forward-looking statements. Important factors that could
cause actual results to differ materially from those indicated by such forward-looking statements include, but are
not limited to: (i) that the information is of a preliminary nature and may be subject to further adjustment;
(ii) those risks and uncertainties identified in this annual report on Form 10-K under “Risk Factors;” and
(iii) the other risks detailed from time-to-time in our reports and registration statements filed with the Securities
and Exchange Commission, or SEC. Except as required by law, we undertake no obligation to revise or update
publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
ITEM 1. BUSINESS.
Overview
Shutterfly, Inc. was incorporated in Delaware in 1999. In September 2006, we completed our initial public
offering and our common stock is listed on the NASDAQ Global Select Market under the symbol “SFLY.” Our
principal corporate offices are located in Redwood City, California.
We are the leading manufacturer and digital retailer of high-quality personalized products and services
offered through a family of lifestyle brands. Our vision is to make the world a better place by helping people
share life’s joy. Our mission is to build an unrivaled service that enables deeper, more personal relationships
between our customers and those who matter most in their lives. Our primary focus is on helping consumers
manage their memories through the powerful medium of photography. We provide a full range of personalized
photo-based products and services that make it easy, convenient and fun for consumers to upload, edit, enhance,
organize, find, share, create, print, and preserve their memories in a creative and thoughtful manner.
We operate trusted premium lifestyle brands: Shutterfly, Tiny Prints, Wedding Paper Divas, ThisLife,
MyPublisher, BorrowLenses and Groovebook.
Shutterfly leads the market in digital personalized photo products and services. Shutterfly helps our
customers turn their precious memories into lasting keepsakes with award-winning photo books, personalized
holiday cards, announcements, invitations and stationery, as well as custom home decor products and unique
photo gifts. Our online photo service helps our customers stay connected with family and friends, empowering
them to do more with their pictures by expressing themselves in extraordinary ways.
Tiny Prints is a leading online cards and stationery boutique, offering stylish announcements, invitations
and personal stationery for every occasion. Started by three friends with big dreams and a passion for beautiful
paper, Tiny Prints has grown from a tiny self-funded company specializing in unique baby stationery to a
booming online destination for stylish stationery, for every occasion. Customers (celebrities and top designers
alike) seek us out for our fresh designs, premium paper and exceptional customer service. Tiny Prints makes it
easy for customers to connect, keep in touch and transform life’s joys into lasting impressions.
Wedding Paper Divas offers stylish and personalized save the dates, wedding invitations, thank you
cards, bridal invitations and more — all designed by leading artists in the industry. Unlike most stationery
3