Shutterfly, inc. (SFLY)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net loss

-12,732

-83,619

177,616

-73,543

-26,512

-27,165

111,724

-25,607

-22,838

-33,194

90,982

-29,155

-16,485

-29,436

131,114

-63,077

-23,777

-45,103

99,650

-46,244

-27,052

-34,214

43,649

-10,148

-11,811

-12,405

53,027

-10,478

-9,511

-10,040

35,411

-9,953

-3,650

-7,760

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

29,700

29,300

31,178

29,422

27,500

22,600

22,533

21,246

22,097

23,024

24,186

23,036

23,283

22,995

22,855

22,554

20,972

19,909

18,806

16,885

14,972

14,222

13,235

11,384

10,041

9,227

10,097

6,586

6,730

6,011

5,957

5,573

5,672

5,114

Amortization of intangible assets

12,795

12,825

12,701

12,559

12,830

2,334

3,146

3,570

3,860

4,340

4,376

4,551

5,074

6,119

6,189

6,379

6,735

7,684

8,014

8,530

8,740

8,583

8,730

8,189

7,539

6,511

5,924

5,658

5,090

4,013

3,969

3,961

3,487

719

Amortization of debt discount and issuance costs

873

4,660

891

892

2,887

4,122

4,143

3,841

3,789

3,735

3,685

3,632

3,583

3,532

3,484

3,435

3,388

3,340

3,295

3,248

3,204

3,158

3,115

3,031

1,561

0

-

-

-

-

-

-

-

-

Amortization of operating lease assets

5,646

5,504

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

11,506

12,039

12,400

11,932

11,697

11,692

10,863

10,736

10,469

11,505

12,404

12,214

10,924

10,150

10,627

15,756

16,315

17,760

17,268

13,788

14,714

15,992

15,359

13,982

12,649

11,538

9,814

8,365

9,526

9,617

6,714

9,822

12,099

5,235

(Gain) loss on disposal of property and equipment

-39

465

77

329

71

-225

-436

-238

-295

-172

-360

-54

-106

-218

-280

-977

-35

-463

-310

-6

10

-55

-3

77

101

-188

-34

273

220

402

146

166

0

-11

Deferred income taxes

1,388

2,420

-12,026

85

13,307

4,264

8,446

-1,504

-9,461

2,358

3,113

9,353

-7,204

3,637

12,265

-7,791

-8,162

1,539

12,248

-6,477

-9,684

1,309

8,319

-6,097

-5,278

3,387

4,783

-1,944

-1,537

-1,248

-3,915

-1,851

466

-466

Tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

27

-3,758

-1,617

5,638

-12,943

-945

-3,905

17,891

-13,876

-1,748

-820

16,281

-1,788

-5,111

-1,899

11,755

-319

-1,197

-199

16,334

-3,972

778

-4,124

15,709

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

1,527

-4,347

-1,626

6,859

-11,853

-706

-3,767

18,139

-13,077

-1,641

-585

16,328

-1,750

-5,117

-1,777

12,279

1,684

-1,197

-199

16,334

-4,006

779

-4,102

15,709

Restructuring

954

1,347

1,666

0

752

0

-754

872

2,896

7,868

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

20

37

736

-480

272

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities, net of acquisition:
Accounts receivable

3,689

-30,294

11,184

16,646

-2,593

-28,174

20,849

31,389

-3,164

-24,122

12,605

15,814

-1,140

-25,137

6,320

24,759

3,966

-10,928

5,126

10,538

906

-7,106

5,719

1,390

2,924

-2,859

-1,010

3,474

-2,268

381

4,622

2,768

861

-1,046

Inventories

0

2,959

29

2,812

-14,738

-869

-1,039

3,197

-568

-847

400

-164

-494

-1,457

1,856

1,146

-1,540

-1,012

-3,262

7,172

595

-1,117

1,255

3,306

-694

-186

-537

1,684

186

-27

698

-153

-500

-811

Prepaid expenses and other assets

12,321

36,673

-79,142

30,667

27,153

15,642

-39,667

14,288

8,199

11,577

-41,973

27,068

7,438

26,607

-4,710

-8,417

-7,929

28,492

-16,664

6,832

-8,113

23,345

-49,427

20,289

5,136

28,349

-42,950

14,909

6,236

23,204

-43,311

10,829

18,503

19,646

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,740

1,647

5,484

242

815

-285

6,897

-242

-181

-2,042

2,253

593

-78

925

-38

Accounts payable

5,010

-65,277

72,283

1,648

4,065

-73,773

68,008

4,130

4,706

-44,655

42,233

3,865

-1,890

-17,080

17,296

3,596

262

-18,015

4,435

13,909

363

-19,982

14,253

1,926

1,348

-13,944

11,440

910

5,137

-2,257

-465

4,793

-5,383

-15,403

Accrued and other liabilities

-60,585

-53,507

10,622

94,031

-48,131

-81,996

71,735

9,407

2,326

-60,931

55,160

9,698

5,320

-81,511

73,183

13,758

1,038

-78,508

86,334

3,674

2,105

-68,226

66,824

3,059

805

-54,599

53,937

5,400

-3,963

-28,764

36,523

-3,481

1,285

-22,072

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,642

550

2,527

3,070

503

2,022

-337

2,119

2,142

406

1,072

648

1,028

670

-476

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

98

-350

-244

-190

351

351

-345

-340

-48

-207

-152

-

-

-

-

Net cash used in operating activities

-21,502

-144,115

374,450

27,041

-75,233

-124,332

320,183

-21,945

13,672

-72,386

263,998

-4,881

16,916

-82,610

272,737

-22,140

22,171

-107,731

259,529

-7,850

12,282

-97,473

218,540

309

11,923

-83,504

193,571

-3,568

9,339

-47,961

122,839

-1,577

-5,165

-52,849

Cash flows from investing activities:
Acquisition of business, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35,773

2,319

37,770

1,031

21,529

11,606

24,077

0

-

-

-

-

Acquisition of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

400

Purchases of property and equipment

13,403

13,726

12,412

11,292

9,617

8,075

13,785

14,784

4,659

3,517

12,531

10,666

22,936

10,131

9,000

17,513

17,876

11,059

14,297

22,411

24,176

10,285

14,032

20,937

12,580

15,033

13,623

9,719

12,156

5,037

6,830

7,255

5,492

3,572

Capitalization of software and website development costs

16,715

13,927

11,276

13,210

12,808

8,584

8,029

8,919

9,456

7,602

6,287

9,053

9,444

8,639

5,773

6,151

5,499

3,798

5,493

5,795

5,418

4,326

3,703

4,307

4,255

3,495

2,925

3,730

2,801

3,072

2,173

2,833

2,726

2,318

Purchases of investments

0

0

0

0

0

9,523

161,085

4,576

13,501

26,304

7,531

5,955

7,910

8,026

26,673

0

1,250

3,150

6,782

16,070

46,409

54,850

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from maturities of investments

6,740

14,444

12,832

19,070

102,261

72,068

16,801

9,423

12,819

6,214

3,164

7,180

6,275

11,615

10,484

20,102

20,658

11,700

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Maturities and sales of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,700

820

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of property and equipment

180

956

888

956

483

649

492

9,554

11,608

70

190

3,824

10,208

39

170

863

252

13

161

468

147

128

215

135

38

0

4

300

272

410

350

306

0

20

Net cash used in investing activities

-23,198

-12,253

-10,585

-2,238

-764,627

46,535

-151,732

-9,302

-3,189

-31,139

-10,782

-14,670

-23,807

-15,142

-20,282

-2,826

-3,715

-6,294

-23,951

-29,108

-75,036

-69,333

-53,293

-27,428

-54,567

-19,559

-38,073

-24,755

-38,762

-7,699

-8,322

-9,782

-141,854

-6,270

Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options

947

60

468

3,121

2,802

13,775

51

106

403

117

169

1,250

194

491

551

358

1,144

1,168

185

1,566

134

1,358

837

2,422

3,463

12,390

1,673

1,422

3,771

3,345

694

3,356

10,783

7,444

Principal payments of borrowings

3,401

203,891

3,034

3,920

238,348

750

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock

-

-

-

-

-

-

30,000

30,000

30,000

20,000

21,651

12,665

30,711

47,461

45,006

46,327

42,562

45,195

38,295

4,489

11,421

34,610

0

0

30,000

2,241

3,752

0

0

0

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

1,527

-4,347

-1,626

6,859

-11,853

-706

-3,767

18,139

-13,077

-1,641

-585

16,328

-1,750

-5,117

-1,777

12,279

1,684

-1,197

-199

16,334

-4,006

779

-4,102

15,709

Principal payments of capital lease and financing obligations

-

-

-

-

-

-

4,567

4,192

16,320

4,301

4,249

3,724

7,632

3,772

3,735

3,641

2,881

2,466

1,513

664

441

436

390

319

169

0

-

-

-

-

-

-

-

-

Payment of debt issuance costs

-

0

-

-

-

1,108

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments of finance lease liabilities

-

5,312

-

-

-

4,643

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment for contingent consideration liabilities

-

-

-

-

-

-

-

-

-

-

0

0

0

1,313

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-6,729

-209,143

-7,376

-5,625

567,461

7,274

265,484

-38,875

-45,917

-24,184

-24,204

-19,486

-39,775

-45,196

-60,043

-12,137

-123,066

-28,354

-52,700

-5,228

-12,313

-17,360

-1,303

-3,582

244,032

22,428

-395

225

3,572

19,679

-3,312

4,134

6,676

23,153

Effect of exchange rate changes on cash and cash equivalents

430

281

-851

50

-271

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-50,999

-365,230

355,638

19,228

-272,670

-70,523

433,935

-70,122

-35,434

-127,709

229,012

-39,037

-46,666

-142,948

192,412

-37,103

-104,610

-142,379

182,878

-42,186

-75,067

-184,166

163,944

-30,701

201,388

-80,635

155,103

-28,098

-25,851

-35,981

111,205

-7,225

-140,343

-35,966

Supplemental schedule of non-cash investing / financing activities:
Net decrease in accrued purchases of property and equipment

-495

-1,420

3,057

-250

2,580

-3,780

-1,570

3,518

2,593

-1,848

-2,739

4,291

-931

-4,634

3,972

-2,396

-677

2,919

-3,724

-3,642

-1,442

6,134

-1,866

-594

3,289

-4,201

-785

6,909

108

1,462

-1,836

2,055

-1,681

1,874

Net increase in accrued capitalized software and website development costs

612

1,920

-172

-878

762

357

-235

-431

146

124

-222

-234

608

-471

529

202

-113

274

-265

289

-94

786

0

0

0

0

-

-

-

-

-

-

-

-

Stock-based compensation capitalized with software and website development costs

320

292

280

368

374

323

289

326

500

258

238

363

422

537

246

328

316

357

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

ROU assets obtained in exchange for finance lease liabilities

2,973

0

-

-

0

2,969

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in estimated fair market value of buildings under build-to-suit leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

747

7,955

8,459

5,280

4,665

4,912

7,998

5,528

1,431

405

2,716

1,522

4,850

0

0

-

-

-

-

Property and equipment acquired under capital leases

-

-

-

-

-

-

921

11,996

6,228

0

-

-

-

-

0

7,457

11,837

9,803

30,992

6,831

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Amount due from adjustment of net working capital from acquired business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

143

110

-63

0

-392

465

0

0

0

0

-

-

-

-