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UNITED\ue000 STATES\ue000 SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 DC\ue000 20549
Form\ue000 10-K
(Mark\ue000 One)
\u02db
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
or
o
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 file\ue000 number:\ue000 001-33031
SHUTTERFLY,\ue000 INC.
(Exact\ue000 Name\ue000 of\ue000 Registrant\ue000 as\ue000 Specified\ue000 in\ue000 Its\ue000 Charter)
Delaware
94-3330068
(State\ue000 or\ue000 Other\ue000 Jurisdiction\ue000 of\ue000 Incorporation\ue000 or\ue000 Organization)
(I.R.S.\ue000 Employer\ue000 Identification\ue000 No.)
\ue000
\ue000
2800\ue000 Bridge\ue000 Parkway,\ue000 Suite\ue000 101
94065
Redwood\ue000 City,\ue000 California
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
(Zip\ue000 Code)
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code
(650)\ue000 610-5200
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
Title\ue000 of\ue000 Each\ue000 Class
Name\ue000 of\ue000 Each\ue000 Exchange\ue000 on\ue000 Which\ue000 Registered
Common\ue000 Stock,\ue000 $0.0001\ue000 Par\ue000 Value\ue000 Per\ue000 Share
Nasdaq\ue000 Global\ue000 Market
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
None

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000 \ue000 Yes\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000\u02db
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000 \ue000 Yes\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000\u02db
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange

Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 Registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 \ue000 Yes\ue000 \ue000\u02db\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000o
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Rule\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 Registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000o

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 \ue000 See\ue000 definition\ue000 of\ue000 \u201caccelerated\ue000 filer,\u201d\ue000 \u201clarge\ue000 accelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act. (check\ue000 one)

Large\ue000 accelerated\ue000 Filer\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Accelerated\ue000 Filer\ue000 \ue000\u02db\ue000\ue000\ue000\ue000\ue000\ue000
Non-accelerated\ue000 Filer\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Smaller\ue000 reporting\ue000 company\ue000o
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000 \ue000 Yes\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000\u02db

As\ue000 of\ue000 June\ue000 30,\ue000 2008,\ue000 the\ue000 last\ue000 business\ue000 day\ue000 of\ue000 our\ue000 most\ue000 recently\ue000 completed\ue000 second\ue000 fiscal\ue000 quarter,\ue000 the\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 our\ue000 Common Stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 based\ue000 on\ue000 the\ue000 closing\ue000 price\ue000 or\ue000 our\ue000 Common\ue000 Stock\ue000 on\ue000 June\ue000 30,\ue000 2008\ue000 as\ue000 reported\ue000 on\ue000 the\ue000 NASDAQ\ue000 Global\ue000 Market\ue000 was $306,046,727.

Indicate\ue000 the\ue000 number\ue000 of\ue000 shares\ue000 outstanding\ue000 of\ue000 each\ue000 of\ue000 the\ue000 issuer\u2019s\ue000 classes\ue000 of\ue000 common\ue000 stock,\ue000 as\ue000 of\ue000 the\ue000 latest\ue000 practicable\ue000 date.
Class
Outstanding\ue000 at\ue000 February\ue000 20,\ue000 2009
Common\ue000 stock,\ue000 $0.0001\ue000 par\ue000 value\ue000 per\ue000 share
25,150,762\ue000 shares
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
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Portions\ue000 of\ue000 the\ue000 documents\ue000 listed\ue000 below\ue000 have\ue000 been\ue000 incorporated\ue000 by\ue000 reference\ue000 into\ue000 the\ue000 indicated\ue000 parts\ue000 of\ue000 this\ue000 report,\ue000 as\ue000 specified\ue000 in\ue000 the
responses\ue000 to\ue000 the\ue000 item\ue000 numbers\ue000 involved:

Designated\ue000 portions\ue000 of\ue000 the\ue000 Proxy\ue000 Statement\ue000 relating\ue000 to\ue000 the\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 the\ue000 Stockholders\ue000 to\ue000 be\ue000 held\ue000 on\ue000 May\ue000 21,\ue000 2009\ue000 (the\ue000 \u201cProxy Statement\u201d):\ue000 Part\ue000 III\ue000 (Items\ue000 10,\ue000 11,\ue000 12,\ue000 13\ue000 and\ue000 14).\ue000 Except\ue000 with\ue000 respect\ue000 to\ue000 information\ue000 specifically\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 the\ue000 Form\ue000 10-K,\ue000 the Proxy\ue000 Statement\ue000 is\ue000 not\ue000 deemed\ue000 to\ue000 be\ue000 filed\ue000 as\ue000 part\ue000 hereof.

\ue000
1
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\ue000
\ue000
Shutterfly,\ue000 Inc.
Table\ue000 of\ue000 Contents
\ue000
\ue000
Page
Number
PART\ue000 I
\ue000
ITEM\ue000 1.
Business
3
ITEM\ue000 1A.
Risk\ue000 Factors
19
ITEM\ue000 1B.
Unresolved\ue000 Staff\ue000 Comments
39
ITEM\ue000 2.
Properties
39
ITEM\ue000 3.
Legal\ue000 Proceedings
39
ITEM\ue000 4.
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
39
PART\ue000 II
\ue000
ITEM\ue000 5.
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
40
ITEM\ue000 6.
Selected\ue000 Financial\ue000 Data
41
ITEM\ue000 7.
Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
43
ITEM\ue000 7A.
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 about\ue000 Market\ue000 Risk
63
ITEM\ue000 8.
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
64
ITEM\ue000 9.
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
102
ITEM\ue000 9A.
Controls\ue000 and\ue000 Procedures
102
ITEM\ue000 9B.
Other\ue000 Information
103
PART\ue000 III
\ue000
ITEM\ue000 10.
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
104
ITEM\ue000 11.
Executive\ue000 Compensation
104
ITEM\ue000 12.
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholders\ue000 Matters
104
ITEM\ue000 13.
Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
104
ITEM\ue000 14.
Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
105
PART\ue000 IV
\ue000
ITEM\ue000 15.
Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
105
\ue000
\ue000
2
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