2.2.0.25falsefalse0202 - Disclosure - Summary of Significant Accounting Policiestruefalsefalse1falsefalseUSDfalsefalse7/1/2010 - 3/31/2011
USD ($)
USD ($) / shares
$Jul-01-2010_Mar-31-2011http://www.sec.gov/CIK0001262976duration2010-07-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_GeneralPoliciesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_SignificantAccountingPoliciesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. Summary of Significant Accounting Policies</b>
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Basis of Presentation</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The consolidated financial statements include the accounts of Vistaprint N.V., its wholly
owned subsidiaries, and those entities in which the Company has a variable interest and is the
primary beneficiary. Intercompany balances and transactions have been eliminated.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and, accordingly, do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, all adjustments, consisting
primarily of normal recurring accruals, considered necessary for a fair presentation of the results
of operations for the interim periods reported and of the Company’s financial condition as of the
date of the interim balance sheet have been included. Operating results for the three and nine
months ended March 31, 2011 are not necessarily indicative of the results that may be expected for
the year ending June 30, 2011 or for any other period. The condensed consolidated balance sheet at
June 30, 2010 has been derived from the Company’s audited consolidated financial statements at that
date but does not include all of the information and footnotes required by GAAP for complete
financial statements. These unaudited condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements for the year ended June 30, 2010
included in the Company’s Annual Report on Form 10-K filed with the United States Securities and
Exchange Commission (the “SEC”).
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Treasury Shares</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Treasury shares are accounted for under the cost method and included as a component of
shareholders’ equity. During the nine months ended March 31, 2011, the Company repurchased
1,326,933 of its ordinary shares for a total cost of $56,935, inclusive of transaction costs, in
connection with the Company’s publicly announced share repurchase program authorized by the
Company’s Supervisory Board on November 4, 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Net Income Per Share</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Basic net income per share is computed by dividing net income by the weighted-average number
of ordinary shares outstanding for the fiscal period. Diluted net income per share gives effect to
all potentially dilutive securities, including share options and restricted share units (“RSUs”)
using the treasury stock method as the Company’s unvested share options and RSUs do not have
non-forfeitable rights to dividends.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table sets forth the reconciliation of the weighted-average number of ordinary
shares:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Nine Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted
average shares
outstanding, basic
</div></td>
<td> </td>
<td> </td>
<td align="right">42,851,295</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43,569,607</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43,563,447</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43,234,283</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average
shares issuable
upon exercise /
vesting of
outstanding share
options/RSUs
</div></td>
<td> </td>
<td> </td>
<td align="right">1,670,290</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,091,532</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,474,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,729</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Shares used in
computing diluted
net income per
share
</div></td>
<td> </td>
<td> </td>
<td align="right">44,521,585</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,661,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,037,863</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,265,012</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted
average
anti-dilutive
shares excluded
from diluted net
income per share
</div></td>
<td> </td>
<td> </td>
<td align="right">297,575</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37,692</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">681,705</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284,962</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Share-Based Compensation</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     During the three and nine months ended March 31, 2011, the Company recorded share-based
compensation costs of $5,117 and $16,712, respectively, and $5,143 and $16,900 during the three and
nine months ended March 31, 2010, respectively. Share-based compensation costs capitalized as part
of software and website development costs were $69 and $263 for the three and nine months ended
March 31, 2011, respectively, and were $108 and $372 for the three and nine months ended March 31,
2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At March 31, 2011, there was $32,301 of total unrecognized compensation cost related to
unvested share-based compensation arrangements, net of estimated forfeitures. This cost is expected
to be recognized over a weighted average period of 2.4 years.
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Income Taxes</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company is subject to income taxes in certain jurisdictions, including but not limited to
the Netherlands, Canada, Australia, Spain, and the United States. Significant judgments, estimates
and assumptions regarding future events, such as the amount, timing and character of income,
deductions and tax credits, are required in the determination of the Company’s provision for income
taxes. These judgments, estimates and assumptions involve interpreting the tax laws in various
international jurisdictions, analyzing changes in tax laws and regulations, and estimating the
Company’s levels of revenues, expenses and profits in each jurisdiction and the potential impact of
each on the tax liability in any given year.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company operates in many jurisdictions where the tax laws relating to the pricing of
transactions between related parties and the determination of permanent establishments and
attribution of effectively connected income are open to interpretation, which could potentially
result in tax authorities asserting additional tax liabilities with no offsetting tax recovery in
other countries.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     As of March 31, 2011, the Company had a liability for unrecognized tax benefits included in
the balance sheet of approximately $2,315, including accrued interest of $249. During the nine
months ended March 31, 2011, the Company recorded increases in the liability for unrecognized tax
positions of $655 offset by transfers to income tax payable for audit settlements of $667,
including accrued interest. The total amount of unrecognized tax benefits will reduce the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized
tax benefits in the provision for income taxes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     One of the Company’s U.S. subsidiaries and one of its Bermuda subsidiaries are under audit by
the Internal Revenue Service. Also, the same U.S. subsidiary is under audit by the Commonwealth of
Massachusetts, and the Canada Revenue Agency is auditing one of the Company’s Canadian
subsidiaries.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Goodwill</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company evaluates goodwill for impairment annually or more frequently when an event occurs
or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is
tested for impairment by first comparing the book value of net assets to the fair value of the
reporting units. If the fair value is determined to be less than the book value, a second step is
performed to compute the amount of impairment as the difference between the estimated fair value of
goodwill and the carrying value. The Company estimates the fair value of the reporting units using
discounted cash flows. Forecasts of future cash flows are based on the Company’s best estimate of
future net sales and operating expenses.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company conducts its annual impairment test in the third fiscal quarter of each year and
has determined there to be no impairment for any of the periods presented. There were no events or
circumstances from the date of the Company’s assessment through March 31, 2011 that would impact
this conclusion.
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Cash, Cash Equivalents and Marketable Securities</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company considers all highly liquid investments purchased with an original maturity of
three months or less to be the equivalent of cash for the purpose of balance sheet and statement of
cash flows presentation. Marketable securities, when held, consist primarily of investment-grade
corporate bonds, U.S. government agency issues, and certificates of deposit. At both March 31, 2011
and June 30, 2010, the Company held one auction rate security, included in other assets, for which
the recovery period is expected to be greater than twelve months as a result of failed auctions.
During the nine months ended March 31, 2011, the Company received a partial redemption on this
auction rate security of $100 at par. The Company’s marketable securities are classified as
“available-for-sale securities” and carried at fair value, with the unrealized gains and losses
reported in a separate component of accumulated other comprehensive income (loss). For information
on fair value measurements refer to Note 3. The cost of securities sold is based on the specific
identification method. Interest and dividends on securities classified as available-for-sale are
included in interest income.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company reviews its investments for other-than-temporary impairment whenever the fair
value of an investment is less than amortized cost and evidence indicates that an investment’s
carrying amount is not recoverable within a reasonable period of time. There were no
other-than-temporary impairments during the three and nine months ended March 31, 2011 and 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Cash, cash equivalents and marketable securities as of March 31, 2011 consisted of the
following:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">208,065</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">208,065</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal auction rate security
</div></td>
<td> </td>
<td> </td>
<td align="right">600</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">560</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total long-term marketable securities
</div></td>
<td> </td>
<td> </td>
<td align="right">600</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">560</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total cash, cash equivalents and marketable securities
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">208,665</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">208,625</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Cash, cash equivalents and marketable securities as of June 30, 2010 consisted of the
following:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">162,727</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">162,727</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate debt securities
</div></td>
<td> </td>
<td> </td>
<td align="right">6,772</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,745</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. government and agency securities
</div></td>
<td> </td>
<td> </td>
<td align="right">1,900</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,900</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Certificates of Deposit
</div></td>
<td> </td>
<td> </td>
<td align="right">960</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">959</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total current marketable securities
</div></td>
<td> </td>
<td> </td>
<td align="right">9,632</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,604</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal auction rate security
</div></td>
<td> </td>
<td> </td>
<td align="right">700</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">660</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Total long-term marketable securities
</div></td>
<td> </td>
<td> </td>
<td align="right">700</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">660</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total cash, cash equivalents and marketable securities
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">173,059</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(68</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">172,991</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 6pt"><b><i>Recently Adopted Accounting Pronouncements</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Effective July 1, 2010, the Company adopted ASU 2009-13 Multiple-Deliverable Revenue
Arrangements, which amends ASC Subtopic 650-25 Revenue Recognition—Multiple-Element Arrangements
to eliminate the requirement that all undelivered elements have vendor-specific objective evidence
(“VSOE”) or third-party evidence (“TPE”) before an entity can recognize the portion of an overall
arrangement fee that is attributable to items that already have been delivered. In the absence of
VSOE or TPE of the standalone selling price for one or more delivered or undelivered elements in a
multiple-element arrangement, entities will be required to estimate the selling prices of those
elements. The overall arrangement fee will be allocated to each element (both delivered and
undelivered items) based on their relative selling prices, regardless of whether those selling
prices are evidenced by VSOE or TPE or are based on the entity’s estimated selling price.
Additionally, the new guidance will require entities to disclose more information about their
multiple-element revenue arrangements. The adoption of this ASU did not have a material impact on
the Company’s consolidated financial statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Effective July 1, 2010, the Company adopted ASU 2009-14 Certain Revenue Arrangements that
Include Software Elements, which amends ASC Subtopic 985-605 Software-Revenue Recognition, and
addresses the accounting for revenue transactions involving software, to exclude from its scope
tangible products that contain both software and non-software components that function together to
deliver a product’s essential functionality. The adoption of this ASU did not have any impact on
the Company’s consolidated financial statements.
</div>
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to describe all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
falsefalse12Summary of Significant Accounting PoliciesUnKnownUnKnownUnKnownUnKnownfalsetrue