Shutterfly 2007 Annual Report Download - page 66

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Table of Contents
SHUTTERFLY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share amounts) — (Continued)
Property and Equipment
Property and equipment includes $6,502 and $7,050 of equipment and software under capital leases at December 31, 2006 and 2005,
respectively. Accumulated depreciation of assets under capital leases totaled $3,820 and $2,703 at December 31, 2006 and 2005, respectively.
Depreciation and amortization expense for the years ended December 31, 2006, 2005 and 2004 was $10,525, $6,246 and $3,769,
respectively.
Intangible Assets
Amortization expense of intangibles for the years ended December 31, 2006, 2005 and 2004 was $222, $276 and $379, respectively.
Amortization of existing intangibles is estimated to be approximately $128 per year through 2017.
61
Note 4
—
Balance Sheet Components
December 31,
2006
2005
Computer and other equipment
$
41,880
$
25,658
Software
8,791
7,524
Leasehold improvements
4,903
3,189
Furniture and fixtures
1,348
990
56,922
37,361
Less: Accumulated depreciation and amortization
(26,003
)
(16,600
)
Net property and equipment
$
30,919
$
20,761
Accumulated
Gross
Amortization
Net
As of December 31, 2005
Purchased technology
$
2,030
$
(505
)
$
1,525
Acquired workforce
279
(186
)
93
$
2,309
$
(691
)
$
1,618
As of December 31, 2006
Purchased technology
$
2,030
$
(634
)
$
1,396
Acquired workforce
279
(279
)
—
$
2,309
$
(913
)
$
1,396