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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2008
2007
2006
Redeemable convertible preferred stock
Balance, beginning of year
$
—
$
—
$
89,652
Issuance of Series A preferred stock upon net exercise of warrants
—
—
143
Automatic conversion of preferred stock to common stock upon effective date of initial
public offering ("IPO")
—
—
(
89,795
)
Balance, end of year
—
—
—
Common stock (par value)
Balance, beginning of year
2
2
—
Issuance of common stock upon effective date of IPO, net of underwriting fees of $6,090
and other expenses of $2,442
—
—
1
Automatic conversion of preferred stock to common stock upon effective date of IPO
—
—
1
Balance, end of year
2
2
2
Additional paid
-
In capital
Balance, beginning of year
190,849
181,890
10,501
Issuance of common stock upon exercise of options, net of repurchases
899
4,983
101
Issuance of common stock upon effective date of initial public offering, net of underwriting
fees of $6,090 and other expenses of $2,442
—
—
78,467
Issuance of Series A preferred stock upon net exercise of warrants
—
—
(
143
)
Transfer of preferred stock warrant liability related to series A preferred stock
—
—
871
Automatic conversion of preferred stock to common stock upon effective date of IPO
—
—
89,794
Transfer of preferred stock warrant liability upon conversion of preferred stock warrants
into common stock warrants
—
—
510
Reversal of unearned stock based compensation upon modification of options
—
—
(
526
)
Cancellation of common stock options and restricted shares
—
(
162
)
(249
)
Stock based compensation recognized under SFAS No. 123R, net of estimated forfeiture
10,089
4,111
1,641
Donation of common stock to a charitable foundation
—
—
923
Tax benefit of stock options
156
27
—
Balance, end of year
201,993
190,849
181,890
Deferred stock
-
based compensation
Balance, beginning of year
(28
)
(191
)
(1,625
)
Reversal of unearned stock based compensation upon modification of options
—
—
526
Vesting of restricted shares
—
—
94
Cancellation of common stock options and restricted shares
—
162
249
Amortization of deferred stock
-
based compensation, net of cancellations
28
1
565
Balance, end of year
—
(
28
)
(191
)
Accumulated deficit
Balance, beginning of year
(20,245
)
(30,340
)
(36,138
)
Net income
4,561
10,095
5,798
Balance, end of year
(15,684
)
(20,245
)
(30,340
)
Accumulated other comprehensive loss
Balance, beginning of year
(12
)
(35
)
—
Change in unrealized loss in investments, net of tax
12
23
(35
)
Balance, end of year
—
(
12
)
(35
)
Total stockholders' equity
$
186,311
$
170,566
$
151,326
68