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Shutterfly Announces Second Quarter 2014 Financial Results

Companies mentioned in this article: Shutterfly, Inc.

REDWOOD CITY, Calif. -- (BUSINESS WIRE) -- Shutterfly, Inc. (NASDAQ:SFLY), the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands, today announced financial results for the second quarter ended June 30, 2014.

"We had a strong second quarter, driving momentum in our business through focused execution," said Jeffrey Housenbold, president and chief executive officer of Shutterfly. "Consumer revenue grew 20% year-over-year and mobile revenues on our Shutterfly brand more than doubled as consumers responded to our assortment of high quality personalized products and services across our portfolio of premium lifestyle brands.”

Second Quarter 2014 Financial Highlights

  • Net revenues totaled $159.1 million, a 19% year-over-year increase.
  • Second quarter 2014 represents the 54th consecutive quarter of year-over-year net revenue growth.
  • Consumer net revenues totaled $150.1 million, a 20% year-over-year increase.
  • Enterprise net revenues totaled $9.0 million, a 5% year-over-year increase.
  • Gross profit margin was 47.6% of net revenues, compared to 46.3% in the second quarter of 2013.
  • Operating expenses, excluding $13.8 million of stock-based compensation, totaled $88.7 million.
  • GAAP net loss was ($27.1) million, compared to ($11.8) million in the second quarter of 2013.
  • GAAP net loss per share was ($0.70), compared to ($0.31) in the second quarter of 2013.
  • Adjusted EBITDA was $11.7 million, compared to $6.3 million in the second quarter of 2013.
  • At June 30, 2014, cash and cash equivalents and investments totaled $341.3 million.

Second Quarter 2014 Operating Metrics

  • Transacting customers totaled 2.6 million, a 13% year-over-year increase.
  • Orders totaled 4.2 million, a 16% year-over-year increase.
  • Average order value was $36.14, an increase of 3% year-over-year.

Business Outlook

Third Quarter 2014:

  • Net revenues to range from $140.5 million to $143.5 million, a year-over-year increase of 14.5% to 17.0%.
  • GAAP gross profit margin to range from 38.0% to 39.0% of net revenues.
  • Non-GAAP gross profit margin to range from 40.6% to 41.6% of net revenues.
  • GAAP operating loss to range from ($49.6) million to ($51.6) million.
  • Non-GAAP operating loss to range from ($25.4) million to ($27.1) million.
  • GAAP effective tax rate to range from 15.8% to 16.5%.
  • GAAP net loss per share to range from ($1.18) to ($1.22).
  • Weighted average shares of approximately 38.4 million.
  • Adjusted EBITDA loss to range from ($8.0) million to ($9.5) million.

Full Year 2014:

  • Net revenues to range from $905.0 million to $920.0 million, a year-over-year increase of 15.5% to 17.4%.
  • GAAP gross profit margin to range from 51.5% to 52.5% of net revenues.
  • Non-GAAP gross profit margin to range from 53.1% to 54.1% of net revenues.
  • GAAP operating income/(loss) to range from ($2.5) million to $12.3 million.
  • Non-GAAP operating income to range from $95.5 million to $109.8 million.
  • GAAP effective tax rate to range from 16.5% to 20.0%.
  • GAAP net loss per share to range from ($0.09) to ($0.39).
  • Weighted average shares of approximately 38.5 million.
  • Adjusted EBITDA to range from $161.0 million to $174.8 million, or 17.8% to 19.0% of net revenues.
  • Capital expenditures to range from 9.5% to 10.5% of net revenues.

Notes to the Second Quarter 2014 Financial Results and Business Outlook

Adjusted EBITDA is a non-GAAP financial measure that the Company defines as earnings before interest, taxes, depreciation, amortization and stock-based compensation.

Free cash flow is a non-GAAP financial measure that the Company defines as adjusted EBITDA less purchases of property, plant, and equipment and capitalization of software development costs.

Non-GAAP earnings per share is defined as non-GAAP net income (loss), which excludes interest expense related to the Company’s issuance of 0.25% convertible senior notes in May 2013, divided by diluted non-GAAP shares outstanding, which is GAAP diluted weighted average shares outstanding less any shares issuable under the Company’s convertible senior notes.

Consumer category includes net revenues from stationery and greeting cards, photo books, calendars and photo-based merchandise, photo prints, and the related shipping revenues and rental revenue. Consumer also includes net revenues from advertising and sponsorship programs.

Enterprise category includes net revenues primarily from variable, four-color direct marketing collateral manufactured and fulfilled for business customers.

Average Order Value (AOV) is defined as total net revenues (excluding Enterprise) divided by total orders.

The foregoing financial guidance replaces any of the Company’s previously issued financial guidance which should no longer be relied upon.

Second Quarter 2014 Conference Call

Management will review the second quarter 2014 financial results and its expectations for the third quarter and full year 2014 on a conference call on Wednesday, July 30, 2014 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To listen to the call and view the accompanying slides, please visit http://www.shutterfly.com. In the Investor Relations area, found in the "About Us" section, click on the link provided for the webcast, or dial 970-315-0490. The webcast, as well as a podcast, will be archived and available at http://www.shutterfly.com. A replay of the conference call will be available through Tuesday, August 12, 2014. To hear the replay, please dial 404-537-3406, replay passcode 66525037.

Non-GAAP Financial Information

This press release contains non-GAAP financial measures. Tables are provided at the end of this press release that reconcile the non-GAAP financial measures that the Company uses to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP gross profit margin, non-GAAP operating income (loss) and operating margin, adjusted EBITDA, free cash flow, and non-GAAP net income (loss) per share. The method the Company uses to produce non-GAAP financial measures is not computed according to GAAP and may differ from methods used by other companies.

To supplement the Company's consolidated financial statements presented on a GAAP basis, we believe that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results and trends and performance. Management uses these non-GAAP measures to evaluate the Company's financial results, develop budgets, manage expenditures, and determine employee compensation. The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to gross margins, operating income (loss), net income (loss) or net income (loss) per share determined in accordance with GAAP. For more information, please see Shutterfly's SEC Filings, including the most recent Form 10-K and Form 10-Q, which are available on the Securities and Exchange Commission's Web site at www.sec.gov.

Notice Regarding Forward-Looking Statements

This media release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements include statements regarding the Company's growth and financial expectations for the third quarter and full year 2014 set forth under the caption "Business Outlook," and statements about historical results that may suggest trends for our business. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that might contribute to such differences include, among others, economic downturns and the general state of the economy; changes in consumer discretionary spending as a result of the macroeconomic environment; the loss of sales partners for our products; our ability to expand our customer base, increase sales to existing customers and meet production requirements; our ability to successfully integrate acquired businesses and assets; our ability to retain and hire necessary employees, including seasonal personnel, and appropriately staff our operations; the impact of seasonality on our business; our ability to develop innovative, new products and services on a timely and cost-effective basis; consumer acceptance of our products and services; our ability to develop additional adjacent lines of business; unforeseen changes in expense levels; and competition and the pricing strategies of our competitors, which could lead to pricing pressure. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of the Company's most recent Form 10-K and Form 10-Q, and the Company's other filings, which are available on the Securities and Exchange Commission's Web site at www.sec.gov. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information.

About Shutterfly, Inc.

Shutterfly, Inc. is the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands includes Shutterfly, where your photos come to life in photo books, cards and gifts; Tiny Prints, premium cards and stationery for all life’s occasions; Wedding Paper Divas, wedding invitations and stationery for every step of the planning process; Treat, personalized greeting cards that really stand out; MyPublisher, one of the pioneers in the photo book industry and creator of easy-to-use photo book-making software; ThisLife, a private, cloud-based solution that makes it easy for consumers to find, share and enjoy their photos and videos, all in one place; and BorrowLenses, the premier online marketplace for photographic and video equipment rentals. For more information about Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterflyinc.com.

Shutterfly, Inc.
Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)
  Three Months Ended   Six Months Ended
June 30, June 30,
2014   2013 2014   2013
 
Net revenues $ 159,148 $ 133,461 $ 296,247 $ 250,169
Cost of net revenues   83,335     71,716     159,678     133,569  
Gross profit   75,813     61,745     136,569     116,600  

Operating expenses:

Technology and development 32,131 26,497 63,614 50,524
Sales and marketing 44,480 38,277 86,613 73,172
General and administrative   25,899     20,904     51,650     40,801  
Total operating expenses   102,510     85,678     201,877     164,497  
Loss from operations (26,697 ) (23,933 ) (65,308 ) (47,897 )
Interest expense (3,856 ) (1,936 ) (7,803 ) (2,075 )
Interest and other income, net   54     35     281     42  
Loss before income taxes (30,499 ) (25,834 ) (72,830 ) (49,930 )
Benefit from income taxes   3,447     14,023     11,564     25,714  
Net loss $ (27,052 ) $ (11,811 ) $ (61,266 ) $ (24,216 )
 
 
Net loss per share - basic and diluted $ (0.70 ) $ (0.31 ) $ (1.59 ) $ (0.65 )
 
Weighted-average shares outstanding - basic and diluted   38,438     37,775     38,470     37,405  
 
Stock-based compensation is allocated as follows:
 
Cost of net revenues $ 894 $ 592 $ 1,896 $ 1,156
Technology and development 2,452 2,452 4,876 4,384
Sales and marketing 5,618 4,551 11,246 8,256
General and administrative   5,750     5,054     12,688     10,391  
$ 14,714   $ 12,649   $ 30,706   $ 24,187  
 
Shutterfly, Inc.
Consolidated Balance Sheets
(In thousands, except par value amounts)
(Unaudited)
   
June 30, December 31,
2014 2013
 
ASSETS
Current assets:

Cash and cash equivalents

$ 239,851 $ 499,084
Short-term investments 40,471 -
Accounts receivable, net 15,441 21,641
Inventories 9,107 9,629
Deferred tax asset, current portion 24,268 26,942
Prepaid expenses and other current assets   36,862     21,260
Total current assets 366,000 578,556
Long-term investments 60,992 -
Property and equipment, net 189,652 155,727
Intangible assets, net 102,082 118,621
Goodwill 396,942 397,306
Deferred tax asset, net of current portion 520 520
Other assets   20,134     15,412
Total assets $ 1,136,322   $ 1,266,142
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 16,672 $ 33,656
Accrued liabilities 44,063 107,448
Deferred revenue   27,190     24,114
Total current liabilities 87,925 165,218
Convertible senior notes, net 249,273 243,493
Deferred tax liability 31,938 42,995
Other liabilities   37,863     26,341
Total liabilities   406,999     478,047
 
Stockholders' equity:

Common stock, $0.0001 par value; 100,000 shares authorized; 38,407 and 38,196 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively

4 4
Additional paid-in-capital 820,411 771,875
Accumulated other comprehensive loss (11 ) -

Accumulated earnings / (deficit)

  (91,081 )   16,216
Total stockholders' equity   729,323     788,095
Total liabilities and stockholders' equity $ 1,136,322   $ 1,266,142
 
Shutterfly, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
  Six Months Ended
June 30,
2014   2013
 
Cash flows from operating activities:
Net loss $ (61,266 ) $ (24,216 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 29,194 19,268
Amortization of intangible assets 17,323 14,050
Amortization of debt discount and transaction costs 6,362 1,561
Stock-based compensation, net of forfeitures 30,706 24,187
Loss on disposal of property and equipment and rental assets 45 87
Deferred income taxes (8,375 ) (1,891 )
Tax benefit from stock-based compensation 15,461 9,856
Excess tax benefits from stock-based compensation (15,743 ) (10,502 )
Changes in operating assets and liabilities:
Accounts receivable, net 6,200 (65 )
Inventories 522 880
Prepaid expenses and other current assets (15,232 ) (33,485 )
Other assets (7,131 ) (6,612 )
Accounts payable (19,619 ) (12,596 )
Accrued and other liabilities (66,121 ) (53,794 )
Deferred revenue 3,077 1,685
Other non-current liabilities   (594 )   6  
Net cash used in operating activities   (85,191 )   (71,581 )
 
Cash flows from investing activities:
Acquisition of business and intangible assets, net of cash acquired - (38,801 )
Purchases of property and equipment (34,461 ) (27,613 )
Capitalization of software and website development costs (9,744 ) (7,750 )
Purchases of investments (101,259 ) -
Maturities and sales of investments 820 -
Proceeds from sale of equipment and rental assets   275     38  
Net cash used in investing activities   (144,369 )   (74,126 )
 
Cash flows from financing activities:
Proceeds from borrowings of convertible senior notes, net of issuance costs - 292,465
Proceeds from issuance of warrants - 43,560
Purchase of convertible note hedge - (63,510 )
Proceeds from issuance of common stock upon exercise of stock options 1,492 15,853
Repurchases of common stock (46,031 ) (32,241 )
Excess tax benefits from stock-based compensation 15,743 10,502
Principal payments of capital lease and financing obligations   (877 )   (169 )
Net cash provided by / (used in) financing activities   (29,673 )   266,460  
 
Net increase / (decrease) in cash and cash equivalents (259,233 ) 120,753
Cash and cash equivalents, beginning of period   499,084     245,088  
Cash and cash equivalents, end of period $ 239,851   $ 365,841  
 
Supplemental schedule of non-cash activities
Net increase / (decrease) in accrued purchases of property and equipment $ 4,692 $ (912 )
Net increase in accrued capitalized software and website development costs 692 -
Increase in estimated fair market value of building under build-to-suit leases 12,910 3,121
Amount due from adjustment of net working capital from acquired business 253 73
Amount due for acquisition of business - 309
Unpaid debt issuance costs

-

568
 
Shutterfly, Inc.
Consumer Metrics Disclosure
   
Three Months Ended
June 30,
2014 2013
 
Consumer Metrics
 
Customers 2,640,739 2,344,355
year-over-year growth 13%
 
Orders 4,154,806 3,572,665
year-over-year growth 16%
 
Average order value* $36.14 $34.96
year-over-year growth 3%
 
* Average order value excludes Enterprise revenue.
 
Shutterfly, Inc.
Reconciliation of Forward-Looking Guidance for Non-GAAP Financial Measures to GAAP Measures
(In millions, except per share amounts)
             
 
Forward-Looking Guidance
GAAP Non-GAAP
Range of Estimate Adjustments Range of Estimate
From To From To From To
 

Three Months Ending September 30, 2014

 
Net revenues $140.5 $143.5 - - $140.5 $143.5
Gross profit margin 38.0% 39.0% 2.6% 2.6% [a] 40.6% 41.6%
Operating loss ($51.6) ($49.6) $24.5 $24.2 [b] ($27.1) ($25.4)
Operating margin (37%) (35%) 18% 17% [b] (19%) (18%)
 
Stock-based compensation $16.0 $15.7 $16.0 $15.7 - -
Amortization of intangible assets $8.5 $8.5 $8.5 $8.5 - -
 
Adjusted EBITDA* ($9.5) ($8.0)
 
Net loss per share ($1.22) ($1.18) $0.07 $0.08 [e] ($1.14) ($1.11)
Weighted average shares 38.4 38.4
Effective tax rate 16.5% 15.8%
 
 
Twelve Months Ending December 31, 2014
 
Net revenues $905.0 $920.0 - - $905.0 $920.0
Gross profit margin 51.5% 52.5% 1.6% 1.6% [c] 53.1% 54.1%
Operating income / (loss) ($2.5) $12.3 $98.0 $97.5 [d] $95.5 $109.8
Operating margin 0% 1% 11% 11% [d] 11% 12%
 
Stock-based compensation $63.5 $63.0 $63.5 $63.0 - -
Amortization of intangible assets $34.5 $34.5 $34.5 $34.5 - -
 
Adjusted EBITDA* $161.0 $174.8
Adjusted EBITDA* margin 17.8% 19.0%
 
Net income / (loss) per share ($0.39) ($0.09) $0.28 $0.29 [f] ($0.11) $0.20
Weighted average shares 38.5 38.5
Effective tax rate 20.0% 16.5%
 
Capital expenditures - % of net revenues 9.5% 10.5%
 
 
 
 
*

Adjusted EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation, amortization and stock-based compensation.

[a]

Reflects estimated adjustments for stock-based compensation expense of approximately $0.9 million and amortization of purchased intangible assets of approximately $2.8 million.

[b]

Reflects estimated adjustments for stock-based compensation expense of approximately $15.7 million to $16.0 million, and amortization of purchased intangible assets of approximately $8.5 million.

[c]

Reflects estimated adjustments for stock-based compensation expense of approximately $3.7 million and amortization of purchased intangible assets of approximately $11.3 million.

[d]

Reflects estimated adjustments for stock-based compensation expense of approximately $63.0 million to $63.5 million and amortization of purchased intangible assets of approximately $34.5 million.

[e]

Reflects estimated adjustments for interest expense of approximately $2.9 million, net of tax.

[f] Reflects estimated adjustments for interest expense of approximately $10.9 million to $11.4 million, net of tax.
 
Shutterfly, Inc.
Reconciliation of GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
(In thousands)
(Unaudited)
  Three Months Ended   Year Ended
Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30, Dec. 31,
2013 2013 2013 2013 2014 2014 2013
 
GAAP gross profit $ 54,855 $ 61,745 $ 51,377 $ 246,072 $ 60,756 $ 75,813 $ 414,049
Stock-based compensation 564 592 646 683 1,002 894 2,485
Amortization of intangible assets   2,390     2,608     2,685     2,800     2,823     2,823     10,483  
Non-GAAP gross profit $ 57,809   $ 64,945   $ 54,708   $ 249,555   $ 64,581   $ 79,530   $ 427,017  
 
Non-GAAP gross profit margin   50 %   49 %   45 %   61 %   47 %   50 %   54 %
 
Shutterfly, Inc.
Reconciliation of GAAP Operating Margin to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Dec. 31,
2013 2013 2013 2013 2014 2014 2013
 
GAAP operating income (loss) $ (23,964 ) $ (23,933 ) $ (34,622 ) $ 104,577 $ (38,611 ) $ (26,697 ) $ 22,058
Stock-based compensation 11,538 12,649 13,982 15,359 15,992 14,714 53,528
Amortization of intangible assets   6,511     7,539     8,189     8,730     8,583     8,740     30,969  
Non-GAAP operating income (loss) $ (5,915 ) $ (3,745 ) $ (12,451 ) $ 128,666   $ (14,036 ) $ (3,243 ) $ 106,555  
 
Non-GAAP operating margin   (5 %)   (3 %)   (10 %)   31 %   (10 %)   (2 %)   14 %
 
Shutterfly, Inc.
Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Dec. 31,
2013 2013 2013 2013 2014 2014 2013
 
GAAP net income (loss) $ (12,405 ) $ (11,811 ) $ (10,148 ) $ 43,649 $ (34,214 ) $ (27,052 ) $ 9,285
Interest expense 139 1,936 3,609 3,762 3,947 3,856 9,446
Interest and other income, net (7 ) (35 ) (139 ) (127 ) (227 ) (54 ) (308 )
Tax (benefit) provision (11,691 ) (14,023 ) (27,944 ) 57,293 (8,117 ) (3,447 ) 3,635
Depreciation and amortization 15,738 17,580 19,573 21,965 22,805 23,712 74,856
Stock-based compensation   11,538     12,649     13,982     15,359     15,992     14,714     53,528  
Non-GAAP Adjusted EBITDA $ 3,312   $ 6,296   $ (1,067 ) $ 141,901   $ 186   $ 11,729   $ 150,442  
 
Shutterfly, Inc.
Reconciliation of Cash Flow from Operating Activities to Non-GAAP Adjusted EBITDA and Free Cash Flow
(In thousands)
(Unaudited)
  Three Months Ended   Year Ended
Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30, Dec. 31,
2013 2013 2013 2013 2014 2014 2013
 
Net cash provided by (used in) operating activities $ (83,504 ) $ 11,923 $ 309 $ 218,540 $ (97,473 ) $ 12,282 $ 147,268
Interest expense 139 1,936 3,609 3,762 3,947 3,856 9,446
Interest and other income, net (7 ) (35 ) (139 ) (127 ) (227 ) (54 ) (308 )
Tax (benefit) provision (11,691 ) (14,023 ) (27,944 ) 57,293 (8,117 ) (3,447 ) 3,635
Changes in operating assets and liabilities 101,426 2,555 19,961 (126,168 ) 106,531 (7,633 ) (2,226 )
Other adjustments   (3,051 )   3,940     3,137     (11,399 )   (4,475 )   6,725     (7,373 )
Non-GAAP Adjusted EBITDA   3,312     6,296     (1,067 )   141,901     186     11,729     150,442  
Less: Purchases of property and equipment (10,832 ) (15,869 ) (20,343 ) (12,166 ) (16,419 ) (22,734 ) (59,210 )
Less: Capitalized technology & development costs (3,495 ) (4,255 ) (4,307 ) (3,703 ) (5,112 ) (5,324 ) (15,760 )
             
Free cash flow $ (11,015 ) $ (13,828 ) $ (25,717 ) $ 126,032   $ (21,345 ) $ (16,329 ) $ 75,472  
 
Shutterfly, Inc.
Reconciliation of Net Income/(Loss) per Share to Non-GAAP Net Income/(Loss) per Share
(In thousands)
(Unaudited)
Three Months Ended Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Dec. 31,
2013 2013 2013 2013 2014 2014 2013
GAAP net income (loss) $ (12,405 ) $ (11,811 ) $ (10,148 ) $ 43,649 $ (34,214 ) $ (27,052 ) $ 9,285
Add back interest expense related to:
Amortization of debt discount - 1,401 2,771 2,830 2,870 2,911 7,002
Amortization of debt issuance costs - 160 260 285 288 293 705
0.25% coupon - 93 188 188 188 187 469
Tax effect   -     (770 )   (2,046 )   516     (637 )   (438 )   (2,300 )
Non-GAAP net income (loss) $ (12,405 ) $ (10,927 ) $ (8,975 ) $ 47,468   $ (31,505 ) $ (24,099 ) $ 15,161  
 
GAAP diluted shares outstanding 37,034 37,775 37,814 39,713 38,503 38,438 39,493
Add back:
Dilutive effect of convertible notes   -     -     -     -     -     -     -  
Non-GAAP diluted shares outstanding   37,034     37,775     37,814     39,713     38,503     38,438     39,493  
 
GAAP net income (loss) per share $ (0.33 ) $ (0.31 ) $ (0.27 ) $ 1.10   $ (0.89 ) $ (0.70 ) $ 0.24  
Non-GAAP net income (loss) per share $ (0.33 ) $ (0.29 ) $ (0.24 ) $ 1.20   $ (0.82 ) $ (0.63 ) $ 0.38  


Copyright © Business Wire 2014
Contact:

Shutterfly, Inc.
Media Relations:
Gretchen Sloan, 650-610-5276
gsloan@shutterfly.com
or
Investor Relations:
Michael Look, 650-610-5910
mlook@shutterfly.com