Shutterfly 2009 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2009 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 131

  • 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

SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
2008
2007
2006
Cash flows from operating activities:
Net income
$
4,561
$
10,095
$
5,798
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
24,211
17,384
10,525
Amortization of intangible assets
1,827
412
222
Stock
-
based compensation
8,628
4,001
2,300
Charitable contribution expense for shares issued to charitable foundation
—
—
923
Change in carrying value of preferred stock warrant liability
—
—
(
152
)
Loss/(gain) on disposal of property and equipment
308
262
(29
)
Deferred income taxes
(473
)
5,853
3,199
Gain on auction rate securities Rights
(9,013
)
—
—
Impairment of non
-
current auction rate securities
9,013
—
—
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable, net
(1,512
)
(2,316
)
(1,215
)
Inventories
1,178
(2,290
)
(1,419
)
Prepaid expenses and other current assets
(120
)
(1,750
)
(1,171
)
Other assets
(243
)
(1,668
)
(121
)
Accounts payable
2,431
(602
)
5,514
Accrued and other liabilities
5,482
10,390
(2,603
)
Deferred revenue
762
2,421
1,714
Net cash provided by operating activities
47,040
42,192
23,485
Cash flows from investing activities:
Purchases of property and equipment
(18,220
)
(31,881
)
(19,330
)
Capitalization of software and website development costs
(4,527
)
(3,112)
(1,351)
Acquisition of business and intangible assets, net of cash acquired
(10,097
)
(2,858
)
—
Purchases of short term investments
—
(
3,000
)
—
Proceeds from sale of short term investments
3,002
—
—
Proceeds from sale of property and equipment
6
28
—
Purchase of auction rate securities
(52,250
)
—
—
Net cash used in investing activities
(82,086
)
(40,823
)
(20,681
)
Cash flows from financing activities:
Principal payments of capital lease obligations
(808
)
(2,840
)
(1,446
)
Proceeds from IPO shares issued, net of issuance costs
—
—
78,468
Proceeds from issuance of common stock upon exercise of stock options
1,158
4,975
83
Shares withheld for payment of employee
’
s withholding tax liability
(260
)
—
—
Repurchases of common stock
—
—
(
11
)
Tax benefit of stock options
538
27
—
Net cash provided by financing activities
628
2,162
77,094
Net increase (decrease) in cash and cash equivalents
(34,418)
3,531
79,898
Cash and cash equivalents, beginning of period
122,582
119,051
39,153
Cash and cash equivalents, end of period
$
88,164
$
122,582
$
119,051
Supplemental disclosures of cash flow information
Cash paid during the period for interest
$
47
$
198
$
205
Cash paid during the period for income taxes
535
812
—
Supplemental schedule of non
-
cash investing and financing activities
Accrued acquisition liabilities
400
—
—
Conversion of preferred stock
—
—
89,795
Conversion of preferred stock warrant liability into APIC
—
—
1,381
Preferred stock warrants exercised on net basis
—
—
143
71