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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Year Ended December 31,
2010
2009
2008
Cash flows from operating activities:
Net income
$
17,127
$
5,853
$
3,660
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
23,429
25,122
24,211
Amortization of intangible assets
2,543
2,072
1,827
Stock
-
based compensation, net of forfeitures
16,366
14,273
9,750
Loss/(gain) on disposal of property and equipment
(345
)
346
308
Deferred income taxes
2,021
(2,903
)
(312
)
Tax benefit from stock
-
based compensation
5,973
4,965
156
Excess tax benefits from stock
-
based compensation
(5,967
)
(3,273
)
(538
)
Loss/(gain) on auction rate securities Rights
(6,266
)
2,747
(9,013
)
Loss/(gain) on auction rate securities
6,266
(2,747
)
9,013
Changes in operating assets and liabilities:
Accounts receivable, net
688
520
(1,512
)
Inventories
(558
)
642
1,178
Prepaid expenses and other current assets
(2,402
)
501
(120
)
Other assets
2
(3,282
)
(243
)
Accounts payable
8,652
1,947
2,431
Accrued and other liabilities
7,504
7,966
5,482
Deferred revenue
1,128
(859
)
762
Net cash provided by operating activities
76,161
53,890
47,040
Cash flows from investing activities:
Purchases of property and equipment
(14,405
)
(13,762
)
(18,220
)
Capitalization of software and website development costs
(7,405
)
(3,891
)
(4,527
)
Acquisition of business and intangibles, net of cash acquired
(5,981
)
(795
)
(10,097
)
Proceeds from sale of short term investments
-
-
3,002
Proceeds from sale of equipment
2,476
-
6
Purchase of auction rate securities
-
-
(52,250
)
Proceeds from the sale of auction rate securities
47,925
4,325
-
Net cash provided by (used in) investing activities
22,610
(14,123
)
(82,086
)
Cash flows from financing activities:
Principal payments of capital lease obligations
(9
)
(91
)
(808
)
Proceeds from issuance of common stock upon exercise of stock options
14,703
2,740
1,158
Shares withheld for payment of employee's withholding tax liability
-
(1,041
)
(260
)
Excess tax benefits from stock
-
based compensation
5,967
3,273
538
Net cash provided by financing activities
20,661
4,881
628
Net increase/(decrease) in cash and cash equivalents
119,432
44,648
(34,418
)
Cash and cash equivalents, beginning of period
132,812
88,164
122,582
Cash and cash equivalents, end of period
$
252,244
$
132,812
$
88,164
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest
$
1
$
12
$
47
Income taxes
663
2,644
535
Supplemental schedule of non
-
cash investing activities:
Accrued acquisition liabilities
-
-
400
Net change in accrued purchases of property and equipment
556
2
-
Escrow liability from acquisition of business
-
150
-
45