Shutterfly, inc. (SFLY)
CashFlow / TTM
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

7,722

-6,058

50,396

-15,496

32,440

36,114

30,085

9,343

5,795

12,148

15,906

56,038

22,116

14,824

-843

-32,307

-15,474

-18,749

-7,860

-63,861

-27,765

-12,524

9,285

18,663

18,333

20,633

22,998

5,382

5,907

11,768

14,048

0

0

0

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

119,600

117,400

110,700

102,055

93,879

88,476

88,900

90,553

92,343

93,529

93,500

92,169

91,687

89,376

86,290

82,241

76,572

70,572

64,885

59,314

53,813

48,882

43,887

40,749

35,951

32,640

29,424

25,284

24,271

23,213

22,316

0

0

0

Amortization of intangible assets

50,880

50,915

40,424

30,869

21,880

12,910

14,916

16,146

17,127

18,341

20,120

21,933

23,761

25,422

26,987

28,812

30,963

32,968

33,867

34,583

34,242

33,041

30,969

28,163

25,632

23,183

20,685

18,730

17,033

15,430

12,136

0

0

0

Amortization of debt discount and issuance costs

7,316

9,330

8,792

12,044

14,993

15,895

15,508

15,050

14,841

14,635

14,432

14,231

14,034

13,839

13,647

13,458

13,271

13,087

12,905

12,725

12,508

10,865

7,707

0

0

0

-

-

-

-

-

-

-

-

Amortization of operating lease assets

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

47,877

48,068

47,721

46,184

44,988

43,760

43,573

45,114

46,592

47,047

45,692

43,915

47,457

52,848

60,458

67,099

65,131

63,530

61,762

59,853

60,047

57,982

53,528

47,983

42,366

39,243

37,322

34,222

35,679

38,252

33,870

0

0

0

(Gain) loss on disposal of property and equipment

832

942

252

-261

-828

-1,194

-1,141

-1,065

-881

-692

-738

-658

-1,581

-1,510

-1,755

-1,785

-814

-769

-361

-54

29

120

-13

-44

152

271

861

1,041

934

714

301

0

0

0

Deferred income taxes

-8,133

3,786

5,630

26,102

24,513

1,745

-161

-5,494

5,363

7,620

8,899

18,051

907

-51

-2,149

-2,166

-852

-2,374

-2,604

-6,533

-6,153

-1,747

331

-3,205

948

4,689

54

-8,644

-8,551

-6,548

-5,766

0

0

0

Tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

290

-12,680

-9,867

-12,155

98

-835

-1,638

1,447

-163

11,925

8,562

7,483

2,957

4,426

8,340

10,040

14,619

10,966

12,941

9,016

8,391

0

0

0

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

2,413

-10,967

-7,326

-9,467

1,813

589

-346

2,836

1,025

12,352

8,876

7,684

3,635

7,069

10,989

12,567

16,622

10,932

12,908

9,005

8,380

0

0

0

Restructuring

3,967

3,765

2,418

-2

870

3,014

10,882

11,636

10,764

7,868

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

313

565

528

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

1,225

-5,057

-2,937

6,728

21,471

20,900

24,952

16,708

1,133

3,157

2,142

-4,143

4,802

9,908

24,117

22,923

8,702

5,642

9,464

10,057

909

2,927

7,174

445

2,529

-2,663

577

6,209

5,503

8,632

7,205

0

0

0

Inventories

5,800

-8,938

-12,766

-13,834

-13,449

721

743

2,182

-1,179

-1,105

-1,715

-259

1,051

5

450

-4,668

1,358

3,493

3,388

7,905

4,039

2,750

3,681

1,889

267

1,147

1,306

2,541

704

18

-766

0

0

0

Prepaid expenses and other assets

519

15,351

-5,680

33,795

17,416

-1,538

-5,603

-7,909

4,871

4,110

19,140

56,403

20,918

5,551

7,436

-4,518

10,731

10,547

5,400

-27,363

-13,906

-657

4,347

10,824

5,444

6,544

1,399

1,038

-3,042

9,225

5,667

0

0

0

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,633

8,188

6,256

7,669

7,185

6,189

4,432

-212

623

726

3,693

1,402

0

0

0

Accounts payable

13,664

12,719

4,223

-52

2,430

3,071

32,189

6,414

6,149

-447

27,128

2,191

1,922

4,074

3,139

-9,722

591

692

-1,275

8,543

-3,440

-2,455

3,583

770

-246

3,543

15,230

3,325

7,208

-3,312

-16,458

0

0

0

Accrued and other liabilities

-9,439

3,015

-25,474

35,639

-48,985

1,472

22,537

5,962

6,253

9,247

-11,333

6,690

10,750

6,468

9,471

22,622

12,538

13,605

23,887

4,377

3,762

2,462

16,089

3,202

5,543

775

26,610

9,196

315

5,563

12,255

0

0

0

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,789

6,650

8,122

5,258

4,307

5,946

4,330

5,739

4,268

3,154

3,418

1,870

0

0

0

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-686

-433

268

167

17

-382

-940

-747

0

0

0

-

-

-

-

Net cash used in operating activities

235,874

182,143

201,926

147,659

98,673

187,578

239,524

183,339

200,403

203,647

193,423

202,162

184,903

190,158

165,037

151,829

166,119

156,230

166,488

125,499

133,658

133,299

147,268

122,299

118,422

115,838

151,381

80,649

82,640

68,136

63,248

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

76,893

62,649

71,936

58,243

57,212

0

0

0

-

-

-

-

Acquisition of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Purchases of property and equipment

50,833

47,047

41,396

42,769

46,261

41,303

36,745

35,491

31,373

49,650

56,264

52,733

59,580

54,520

55,448

60,745

65,643

71,943

71,169

70,904

69,430

57,834

62,582

62,173

50,955

50,531

40,535

33,742

31,278

24,614

23,149

0

0

0

Capitalization of software and website development costs

55,128

51,221

45,878

42,631

38,340

34,988

34,006

32,264

32,398

32,386

33,423

32,909

30,007

26,062

21,221

20,941

20,585

20,504

21,032

19,242

17,754

16,591

15,760

14,982

14,405

12,951

12,528

11,776

10,879

10,804

10,050

0

0

0

Purchases of investments

0

0

9,523

170,608

175,184

188,685

205,466

51,912

53,291

47,700

29,422

48,564

42,609

35,949

31,073

11,182

27,252

72,411

124,111

117,329

101,259

54,850

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from maturities of investments

53,086

148,607

206,231

210,200

200,553

111,111

45,257

31,620

29,377

22,833

28,234

35,554

48,476

62,859

62,944

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Maturities and sales of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of property and equipment

2,980

3,283

2,976

2,580

11,178

22,303

21,724

21,422

15,692

14,292

14,261

14,241

11,280

1,324

1,298

1,289

894

789

904

958

625

516

388

177

342

576

986

1,332

1,338

1,066

676

0

0

0

Net cash used in investing activities

-48,274

-789,703

-730,915

-872,062

-879,126

-117,688

-195,362

-54,412

-59,780

-80,398

-64,401

-73,901

-62,057

-41,965

-33,117

-36,786

-63,068

-134,389

-197,428

-226,770

-225,090

-204,621

-154,847

-139,627

-136,954

-121,149

-109,289

-79,538

-64,565

-167,657

-166,228

0

0

0

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

4,596

6,451

20,166

19,749

16,734

14,335

677

795

1,939

1,730

2,104

2,486

1,594

2,544

3,221

2,855

4,063

3,053

3,243

3,895

4,751

8,080

19,112

19,948

18,948

19,256

10,211

9,232

11,166

18,178

22,277

0

0

0

Principal payments of borrowings

214,246

449,193

246,052

243,018

239,098

750

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock

-

-

-

-

-

-

110,000

101,651

84,316

85,027

112,488

135,843

169,505

181,356

179,090

172,379

130,541

99,400

88,815

50,520

46,031

64,610

32,241

35,993

35,993

5,993

3,752

0

0

0

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

2,413

-10,967

-7,326

-9,467

1,813

589

-346

2,836

1,025

12,352

8,876

7,684

3,635

7,069

10,989

12,567

16,622

10,932

12,908

9,005

8,380

0

0

0

Principal payments of capital lease and financing obligations

-

-

-

-

-

-

29,380

29,062

28,594

19,906

19,377

18,863

18,780

14,029

12,723

10,501

7,524

5,084

3,054

1,931

1,586

1,314

878

0

0

0

-

-

-

-

-

-

-

-

Payment of debt issuance costs

-

0

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments of finance lease liabilities

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment for contingent consideration liabilities

-

-

-

-

-

-

-

-

-

-

1,313

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-228,873

345,317

561,734

834,594

801,344

187,966

156,508

-133,180

-113,791

-107,649

-128,661

-164,500

-157,151

-240,442

-223,600

-216,257

-209,348

-98,595

-87,601

-36,204

-34,558

221,787

261,575

262,483

266,290

25,830

23,081

20,164

24,073

27,177

30,651

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-90

-791

-1,072

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-41,363

-263,034

31,673

109,970

20,620

257,856

200,670

-4,253

26,832

15,600

361

-36,239

-34,305

-92,249

-91,680

-101,214

-106,297

-76,754

-118,541

-137,475

-125,990

150,465

253,996

245,155

247,758

20,519

65,173

21,275

42,148

-72,344

-72,329

0

0

0

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

892

3,967

1,607

-3,020

748

761

2,693

1,524

2,297

-1,227

-4,013

2,698

-3,989

-3,735

3,818

-3,878

-5,124

-5,889

-2,674

-816

2,232

6,963

-3,372

-2,291

5,212

2,031

7,694

6,643

1,789

0

412

0

0

0

Net increase in accrued capitalized software and website development costs

1,482

1,632

69

6

453

-163

-396

-383

-186

276

-319

432

868

147

892

98

185

204

716

981

692

786

0

0

0

0

-

-

-

-

-

-

-

-

Stock-based compensation capitalized with software and website development costs

1,260

1,314

1,345

1,354

1,312

1,438

1,373

1,322

1,359

1,281

1,560

1,568

1,533

1,427

1,247

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

ROU assets obtained in exchange for finance lease liabilities

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,161

22,441

26,359

23,316

22,855

23,103

19,869

15,362

10,080

6,074

9,493

9,088

6,372

0

0

0

-

-

-

-

Property and equipment acquired under capital leases

-

-

-

-

-

-

19,145

0

0

0

-

-

-

-

29,097

60,089

59,463

47,626

37,823

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Amount due from adjustment of net working capital from acquired business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

253

190

190

-345

10

73

73

465

0

0

0

0

-

-

-

-