Shutterfly 2015 Annual Report Download - page 75

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SHUTTERFLY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Year Ended December 31,
2015 2014 2013
Net revenues ........................................... $ 1,059,429 $ 921,580 $ 783,642
Cost of net revenues ..................................... 528,078 452,720 369,593
Gross profit ........................................ 531,351 468,860 414,049
Operating expenses:
Technology and development ............................ 155,318 133,623 108,995
Sales and marketing ................................... 236,749 216,035 189,985
General and administrative .............................. 121,019 112,957 93,011
Total operating expenses ............................. 513,086 462,615 391,991
Income from operations .................................. 18,265 6,245 22,058
Interest expense ......................................... (20,998) (16,732) (9,446)
Interest and other income, net .............................. 744 508 308
Income/(loss) before income taxes .......................... (1,989) (9,979) 12,920
Benefit from/(provision for) income taxes .................... 1,146 2,119 (3,635)
Net income/(loss) ....................................... $ (843) $ (7,860) $ 9,285
Net income/(loss) per share:
Basic ............................................... $ (0.02) $ (0.20) $ 0.25
Diluted ............................................. $ (0.02) $ (0.20) $ 0.24
Weighted average shares:
Basic ............................................... 36,761 38,452 37,680
Diluted ............................................. 36,761 38,452 39,493
Stock-based compensation is allocated as follows (Notes 2 and 8):
Cost of net revenues ................................... $ 4,134 $ 3,657 $ 2,485
Technology and development ............................ 10,840 9,236 9,477
Sales and marketing ................................... 21,512 22,670 19,774
General and administrative .............................. 23,972 26,199 21,792
The accompanying notes are an integral part of these consolidated financial statements.
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