Shutterfly, Inc. (NASDAQ:SFLY), the leading online retailer and
manufacturer of high-quality personalized products and services,
today announced financial results for the third quarter ended
September 30, 2017.
“Q3 marked an important milestone for the company as we
substantially completed the platform consolidation and the
restructuring announced earlier this year in February,” said
Christopher North, President and Chief Executive Officer. “Now,
Shutterfly, TinyPrints, and our Weddings business - representing
the overwhelming majority of our Consumer customers - are on a
single technical platform. Combined with our streamlined cost
structure and sharpened focus, we’re in a strong position to
execute against our growth plan going forward.”
“Our Shutterfly brand and Shutterfly Business Solutions
performed well in Q3. We continue to make good progress against our
areas of strategic focus while maintaining strong cost control, and
also closed a $500 million credit facility. And we’re ready for the
fourth quarter with a beautiful selection of holiday products for
both Shutterfly and TinyPrints customers, and having significantly
improved customer experiences both on the web and in our mobile
app.”
Third Quarter 2017 Financial
Highlights
Net revenues totaled $195.4 million, a 4% year-over-year
increase. Consumer net revenues totaled $135.4 million, a 6%
year-over-year decrease as anticipated, as we migrated TinyPrints
customers to the Shutterfly Platform, and shut down Wedding Paper
Divas in the quarter and MyPublisher earlier in the year.
Shutterfly Business Solutions net revenues totaled $60.0 million, a
39% year-over-year increase.
GAAP Operating loss totaled $35.8 million and Net loss was $25.6
million or $0.78 per share.
On a proforma basis, which excludes restructuring charges of
$3.3 million, our operating loss was $32.5 million, Adjusted EBITDA
was $3.0 million, and Net loss was $24.0 million or $0.73 per
share. Restructuring charges for the third quarter are primarily
related to property and equipment, and employee costs.
Restructuring costs on a year-to-date basis were $17.0 million.
Approximately 30% of these restructuring costs are in cash, which
is less than our initial forecast of 50%.
During the third quarter of 2017, we entered into a credit
agreement which provides for a $300 million Delayed Draw Term Loan
B and a $200 million revolving credit facility. The proceeds from
the Term Loan B will finance the repayment of our $300 million
convertible debt due in May 2018, which we expect to repay at
maturity. Given the economic provisions of the delayed draw, we
funded the $300 million term loan in the month of October. The term
loan carries variable interest at LIBOR + 250 basis points with a
seven-year tenor. Concurrent with the funding, we hedged $150
million of the notional value of the loan with interest rate swaps,
resulting in a fixed interest rate of 4.27% for the hedged portion
of the debt.
During the third quarter of 2017, we repurchased a total of 632
thousand shares for $30.0 million bringing our year-to-date
repurchases to over 1.6 million shares. We anticipate repurchasing
approximately $30.0 million in the fourth quarter of 2017, bringing
total estimated share repurchases for 2017 to $110.0 million.
Earlier in the year, we announced that we would undertake a
strategic review of BorrowLenses. We completed the process in the
third quarter, and decided to retain and operate the business.
BorrowLenses is growing at a modest growth rate and generates
positive cash flow.
Business Outlook [1]
Full Year 2017:
For the full year we are maintaining our guidance for Net
revenues and Adjusted EBITDA, raising our guidance for Operating
Income and Earnings Per Share, and decreasing our guidance for
capital expenditures.
- Net revenues to range from $1.135
billion to $1.165 billion[2]
- Gross profit margin to range from 48.0%
to 49.0% of net revenues
- Operating income to range from $59.0
million to $79.0 million
- Effective tax rate of 37.5%
- Net income per share to range from
$0.60 to $0.95
- Weighted average shares of
approximately 34.2 million
- Adjusted EBITDA to range from $210.0
million to $230.0 million
- Capital expenditures to be
approximately $70.0 million
Fourth Quarter 2017:
- Net revenues to range from $538.0
million to $568.0 million
- Gross profit margin to range from 58.0%
to 60.0% of net revenues
- Operating income to range from $151.5
million to $171.5 million
- Effective tax rate of 39.0%
- Net income per share to range from
$2.60 to $3.00
- Weighted average shares of
approximately 33.4 million
- Adjusted EBITDA to range from $191.5
million to $211.5 million
[1] Excludes restructuring charges as well as
any costs related to refinancing our convertible debt and capital
lease termination charges of $8.1 million. [2] In 2017, net
revenues from SBS segment are expected to increase 20% over 2016.
Notes to the Third Quarter 2017 Financial Results and
Operating Metrics and 2017 Business Outlook
Adjusted EBITDA is a non-GAAP financial measure that the Company
defines as earnings before interest, taxes, depreciation,
amortization, stock-based compensation, capital lease termination,
and restructuring.
Adjusted EBITDA minus capital expenditures 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.
Consumer segment 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.
Shutterfly Business Solutions (SBS) 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 SBS) 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.
Third Quarter Conference Call
Management will review the third quarter 2017 financial results
and its expectations for the fourth quarter and full year 2017 on a
conference call on Tuesday, October 24, 2017 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.shutterflyinc.com. In
the Investor Relations area, click on the link provided for the
webcast, or dial (888) 243-4451 or (412) 542-4135, and ask to be to
be joined into the Shutterfly call. The webcast will be archived
and available at http://www.shutterflyinc.com in the Investor
Relations section. A replay of the conference call will be
available through Tuesday, November 7, 2017. To hear the replay,
please dial (877) 344-7529 or (412) 317-0088, and enter access code
10112161.
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 net income
(loss) and net income (loss) per share, adjusted EBITDA, and
adjusted EBITDA minus capital expenditures. 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), or net
income (loss) 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 our
expected positioning for future growth, our readiness for the
all-important fourth quarter and for the full year 2017, our
anticipated share repurchase levels and statements about historical
results that may suggest trends for our business. You can identify
these statements by the use of terminology such as “guidance”,
“believe”, “expect”, “will”, “should,” “could”, “estimate”,
“anticipate” or similar forward-looking terms. You should not rely
on these forward-looking statements as they involve risks and
uncertainties that may cause actual results to vary materially from
the forward-looking statements. Factors that might contribute to
such differences include, among others, decreased consumer
discretionary spending as a result of general economic conditions;
our ability to expand our customer base and increase sales to
existing customers; our ability to meet production requirements;
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; failure to realize the anticipated benefits
of our 2017 restructuring activities; 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 our SEC filings,
including our most recent Form 10-K and 10-Q, 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 online retailer and manufacturer
of high-quality personalized products and services. Founded in
1999, the Shutterfly, Inc. brands includes Shutterfly, where your
photos come to life in photo books, gifts, and cards and stationery
- with premium offerings in its Tiny Prints boutique - as well as
wedding invitations and stationery for every step of the planning
process; BorrowLenses, the premier
online marketplace for photographic and video equipment rentals;
and GrooveBook, an iPhone and Android app and subscription service
that prints up to 100 mobile phone photos in a GrooveBook and mails
it to customers every month. For more information about Shutterfly,
Inc. (SFLY), visit
www.shutterflyinc.com.
Shutterfly, Inc. Consolidated Statements of
Operations (In thousands, except per share amounts)
(Unaudited) Three Months
Ended Nine Months Ended September
30, September 30, 2017 2016
2017 2016 Net revenues $ 195,443
$ 187,328 $ 596,447 $ 572,998 Cost of net revenues 131,108 117,754
365,432 336,069 Restructuring 39 — 1,475 —
Gross profit 64,296 69,574 229,540
236,929 Operating expenses: Technology and development
39,614 43,284 124,968 122,866 Sales and marketing 33,331 41,903
119,205 135,284 General and administrative 23,894 26,181 79,200
83,462 Capital lease termination — — 8,098 — Restructuring 3,278
— 15,491 — Total operating expenses
100,117 111,368 346,962 341,612 Loss
from operations (35,821 ) (41,794 ) (117,422 ) (104,683 ) Interest
expense (6,699 ) (5,726 ) (18,617 ) (17,062 ) Interest and other
income, net 253 130 687 379 Loss before
income taxes (42,267 ) (47,390 ) (135,352 ) (121,366 ) Benefit from
income taxes 16,660 18,235 53,713 46,290
Net loss $ (25,607 ) $ (29,155 ) $ (81,639 ) $ (75,076 )
Net loss per share - basic and diluted $ (0.78 ) $
(0.86 ) $ (2.45 ) $ (2.19 ) Weighted-average shares
outstanding - basic and diluted 32,878 33,932 33,363
34,235 Stock-based compensation is
allocated as follows: Cost of net revenues $ 1,041 $ 1,131 $ 3,284
$ 3,436 Technology and development 2,512 2,725 7,388 5,696 Sales
and marketing 2,864 3,664 9,017 11,697 General and administrative
4,319 4,694 13,021 12,459 Restructuring — — 814
— $ 10,736 $ 12,214 $ 33,524 $
33,288 Depreciation and amortization is allocated as
follows: Cost of net revenues $ 14,681 $ 14,063 $ 44,733 $ 41,447
Technology and development 6,634 8,184 21,522 25,007 Sales and
marketing 2,484 3,174 8,271 11,582 General and administrative 1,016
2,166 3,611 7,022 Restructuring 665 — 5,999 —
$ 25,480 $ 27,587 $ 84,136 $ 85,058
Shutterfly, Inc. Consolidated
Balance Sheets (In thousands, except par value amounts)
(Unaudited) September 30,
2017 December 31, 2016 ASSETS
Current assets: Cash and cash equivalents $ 55,959 $ 289,224
Short-term investments 44,977 26,352 Accounts receivable, net
61,468 57,365 Inventories 12,057 11,751 Prepaid expenses and other
current assets 81,322 48,084 Total current assets
255,783 432,776 Long-term investments 11,739 14,479 Property and
equipment, net 269,145 284,110 Intangible assets, net 32,544 43,420
Goodwill 408,975 408,975 Other assets 28,751 11,816
Total assets $ 1,006,937 $ 1,195,576
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Convertible senior notes, current $ 290,157 $ — Accounts payable
25,098 58,790 Accrued liabilities 90,596 138,869 Deferred revenue,
current portion 22,794 22,929 Total current
liabilities 428,645 220,588 Convertible senior notes, net — 278,792
Other liabilities 121,522 137,035 Total liabilities
550,167 636,415 Stockholders’ equity: Common stock,
$0.0001 par value; 100,000 shares authorized; 32,798 and 33,637
shares issued and outstanding on September 30, 2017 and December
31, 2016, respectively 3 3 Additional paid-in capital 985,098
949,864 Accumulated other comprehensive income (loss) 828 (32 )
Accumulated deficit (529,159 ) (390,674 ) Total stockholders'
equity 456,770 559,161 Total liabilities and
stockholders' equity $ 1,006,937 $ 1,195,576
Shutterfly, Inc. Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
Nine Months Ended September 30,
2017 2016 Cash flows from operating
activities: Net loss $ (81,639 ) $ (75,076 ) Adjustments to
reconcile net loss to net cash used in operating activities:
Depreciation and amortization 66,367 69,314 Amortization of
intangible assets 11,770 15,744 Amortization of debt discount and
issuance costs 11,365 10,747 Stock-based compensation 32,710 33,288
Loss on disposal of property and equipment 705 378 Deferred income
taxes (8,607 ) 5,786 Tax benefit from stock-based compensation —
263 Excess tax benefits from stock-based compensation — (886 )
Restructuring 11,636 — Changes in operating assets and liabilities:
Accounts receivable (4,103 ) 10,463 Inventories (1,782 ) 2,115
Prepaid expenses and other assets (34,064 ) (61,113 ) Accounts
payable (35,819 ) (15,105 ) Accrued and other liabilities (49,198 )
(66,493 ) Net cash used in operating activities (80,659 ) (70,575 )
Cash flows from investing activities: Purchases of
property and equipment (22,960 ) (43,733 ) Capitalization of
software and website development costs (25,977 ) (27,136 )
Purchases of investments (44,381 ) (21,891 ) Proceeds from the
maturities of investments 28,456 25,070 Proceeds from sale of
property and equipment 21,232 14,071 Net cash used in
investing activities (43,630 ) (53,619 )
Cash flows from
financing activities: Proceeds from issuance of common stock
upon exercise of stock options 626 1,935 Repurchases of common
stock (80,000 ) (90,837 ) Excess tax benefits from stock-based
compensation — 886 Principal payments of capital lease and
financing obligations (24,813 ) (15,128 ) Payment for contingent
consideration liabilities — (1,313 ) Payment of credit agreement
issuance costs (4,789 ) — Net cash used in financing
activities (108,976 ) (104,457 ) Net decrease in cash and
cash equivalents (233,265 ) (228,651 ) Cash and cash equivalents,
beginning of period 289,224 288,863 Cash and cash
equivalents, end of period $ 55,959 $ 60,212
Supplemental schedule of non-cash investing / financing
activities: Net increase (decrease) in accrued purchases of
property and equipment $ 4,263 $ (1,274 ) Net decrease in accrued
capitalized software and website development costs (161 ) (97 )
Stock-based compensation capitalized with software and website
development costs 1,084 1,322 Property and equipment acquired under
capital leases 18,224 23,946
Shutterfly, Inc.
Consumer Metrics Disclosure
Three Months Ended September 30, 2017
[2] 2016 Consumer Metrics
Customers 2,969,451 3,150,894 year-over-year change (6 )%
Orders 4,861,262 5,394,902 year-over-year change (10 )%
Average order value [1] $27.86 $26.71 year-over-year change 4 %
[1] Average order value excludes
Shutterfly Business Solutions revenue. [2] In the third quarter of
2017, customers and orders decreased over the prior year, primarily
due to the platform consolidation.
Shutterfly,
Inc. Segment Disclosure (In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended September 30, September 30,
2017 2016 2017
2016 Consumer Net revenues $ 135,418 $ 144,074 $
475,153 $ 476,072 Cost of net revenues 81,439 84,825 263,345
256,438 Restructuring 39 — 1,475
— Gross profit
$
53,940
$
59,249
$
210,333
$
219,634
Consumer gross profit margin 39.8 % 41.1 % 44.3 % 46.1 %
Shutterfly Business Solutions (SBS) Net revenues
$
60,025
$
43,254
$
121,294
$
96,926
Cost of net revenues 47,520 30,389
95,256 71,909 Gross profit
$
12,505
$
12,865
$
26,038
$
25,017
SBS gross profit margin 20.8 % 29.7 % 21.5 % 25.8 %
Corporate [1] Net revenues
$
—
$
—
$
—
$
—
Cost of net revenues 2,149 2,540
6,831 7,722 Gross profit
$
(2,149 )
$
(2,540 )
$
(6,831 )
$
(7,722 )
Consolidated Net revenues
$
195,443
$
187,328
$
596,447
$
572,998
Cost of net revenues 131,108 117,754 365,432 336,069 Restructuring
39 — 1,475 —
Gross profit $ 64,296 $ 69,574 $ 229,540
$ 236,929 Gross profit margin 32.9 % 37.1 %
38.5 % 41.3 % Gross profit margin excluding restructuring
32.9 % 37.1 % 38.7 % 41.3 % [1]
Corporate category includes activities that are not directly
attributable or allocable to a specific segment. This category
consists of stock-based compensation and amortization of intangible
assets.
Shutterfly, Inc. Restructuring
(In thousands) (Unaudited)
Three Months Ended Nine Months
Ended September 30, 2017 September 30, 2017
Restructuring: Property and equipment $ 1,798 $ 8,414 Employee
costs 697 5,851 Inventory 39 1,475 Other costs 783 1,226 Total $
3,317 $ 16,966
Shutterfly, Inc.
Reconciliation of Net Income (Loss) to Non-GAAP Net Income
(Loss) and Non-GAAP Net Income (Loss) per Share (In
thousands, except per share amounts) (Unaudited)
Three Months Ended
Year Ended Mar. 31, Jun. 30,
Sep. 30, Dec. 31,
Mar. 31, Jun. 30,
Sep. 30, Dec. 31, 2016 2016 2016
2016 2017 2017 2017 2016
GAAP net income (loss) $ (29,436 ) $ (16,485 ) $ (29,155 ) $ 90,982
$ (33,194 ) $ (22,838 ) $ (25,607 ) $ 15,906 Capital lease
termination — — — — — 8,098 — — Restructuring — — — — 8,976 4,673
3,317 — Tax benefit impact of restructuring and capital lease
termination charges — — — — (3,948 )
(4,829 ) (1,669 ) — Non-GAAP net income (loss) $ (29,436 ) $
(16,485 ) $ (29,155 ) $ 90,982 $ (28,166 ) $ (14,896 ) $
(23,959 ) $ 15,906 GAAP diluted shares outstanding 34,596
34,177 33,932 34,625 33,712
33,579 32,878 35,190 Non-GAAP diluted shares
outstanding 34,596 34,177 33,932 34,625
33,712 33,579 32,878 35,190 GAAP net
income (loss) per share $ (0.85 ) $ (0.48 ) $ (0.86 ) $ 2.63
$ (0.98 ) $ (0.68 ) $ (0.78 ) $ 0.45 Non-GAAP net income (loss) per
share $ (0.85 ) $ (0.48 ) $ (0.86 ) $ 2.63 $ (0.84 ) $ (0.44
) $ (0.73 ) $ 0.45
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,
Sep. 30, Dec. 31, 2016 2016 2016
2016 2017 2017 2017 2016
GAAP net income (loss) $ (29,436 ) $ (16,485 ) $ (29,155 ) $ 90,982
$ (33,194 ) $ (22,838 ) $ (25,607 ) $ 15,906 Interest expense 5,675
5,661 5,726 5,961 5,964 5,955 6,699 23,023 Interest and other
income, net (121 ) (128 ) (130 ) (122 ) (189 ) (244 ) (253 ) (501 )
Tax (benefit) provision (17,932 ) (10,123 ) (18,235 ) 56,972
(22,341 ) (14,713 ) (16,660 ) 10,682 Depreciation and amortization
29,114 28,357 27,587 28,593 27,364 25,957 24,815 113,651
Stock-based compensation 10,150 10,924 12,214 12,404 11,505 10,469
10,736 45,692 Capital lease termination — — — — — 8,098 — —
Restructuring — — — — 8,976
4,673 3,317 — Non-GAAP Adjusted EBITDA $
(2,550 ) $ 18,206 $ (1,993 ) $ 194,790 $ (1,915 ) $
17,357 $ 3,047 $ 208,453
Shutterfly, Inc. Reconciliation of Cash Flow from
Operating Activities to Non-GAAP Adjusted EBITDA and Adjusted
EBITDA minus Capital Expenditures (In thousands)
(Unaudited) Three Months
Ended Year Ended Mar. 31,
Jun. 30, Sep. 30,
Dec. 31, Mar. 31, Jun.
30, Sep. 30, Dec. 31, 2016
[2] 2016 2016 2016 2017
2017 2017 2016 Net cash provided by
(used in) operating activities $ (82,610 ) $ 16,916 $ (4,881 ) $
263,998 $ (72,386 ) $ 13,672 $ (21,945 ) $ 193,423 Interest expense
5,675 5,661 5,726 5,961 5,964 5,955 6,699 23,023 Interest and other
income, net (121 ) (128 ) (130 ) (122 ) (189 ) (244 ) (253 ) (501 )
Tax (benefit) provision (17,932 ) (10,123 ) (18,235 ) 56,972
(22,341 ) (14,713 ) (16,660 ) 10,682 Changes in operating assets
and liabilities 98,604 2,374 29,155 (126,361 ) 92,194 (2,565 )
35,336 3,772 Other adjustments (6,166 ) 3,506 (13,628 ) (5,658 )
(6,265 ) 5,377 (2,575 ) (21,946 ) Capital lease termination — — — —
— 8,098 — — Cash restructuring — — — —
1,108 1,777 2,445 — Non-GAAP Adjusted
EBITDA (2,550 ) 18,206 (1,993 ) 194,790 (1,915 )
17,357 3,047 208,453 Less: Purchases of
property and equipment (5,497 ) (22,005 ) (14,957 ) (9,792 ) (1,669
) (7,252 ) (18,302 ) (52,251 ) Less: Capitalized technology &
development costs (8,168 ) (10,052 ) (8,819 ) (6,065 ) (7,726 )
(9,602 ) (8,488 ) (33,104 ) Add: Capex adjustments [1] —
9,827 — — — — — 9,827
Adjusted EBITDA minus capital expenditures $ (16,215 ) $
(4,024 ) $ (25,769 ) $ 178,933 $ (11,310 ) $ 503 $
(23,743 ) $ 132,925 [1] In the
second quarter of 2016, the Company acquired and immediately sold
$9.8 million of printers. [2]
The Company reclassified an immaterial
contingent consideration payment (to GrooveBook Founders) in the
first quarter of 2016 between operating and financing activities
within the cash flow statement.
Shutterfly, Inc. Reconciliation of
Forward-Looking Guidance for Non-GAAP Financial Measures (In
millions, except per share amounts)
Forward-Looking Guidance [1] Three Months
Ending Twelve Months Ending December
31, 2017 December 31, 2017 Low
High Low High Net
revenues [2] $ 538.0 $ 568.0
$ 1,135.0 $ 1,165.0 Gross
profit margin 58.0 % 60.0 %
48.0 % 49.0 % Operating
income $ 151.5 $ 171.5 $
59.0 $ 79.0 Operating margin 28.1 % 30.2 % 5.2
% 6.8 %
Operating income $ 151.5
$ 171.5 $ 59.0 $ 79.0
Stock-based compensation $ 13.3 $ 13.3 $ 46.0 $ 46.0 Amortization
of intangible assets $ 3.1 $ 3.1 $ 15.0 $ 15.0 Depreciation $ 23.6
$ 23.6 $ 90.0 $ 90.0
Adjusted
EBITDA $ 191.5 $ 211.5
$ 210.0 $ 230.0
Adjusted EBITDA margin 35.6 % 37.2 % 18.5 % 19.7 %
Capital expenditures $ 70.0 $
70.0 Capital expenditures as % of net revenues 6.2 % 6.0 %
Adjusted EBITDA minus capital expenditures $
140.0 $ 160.0 Adjusted EBITDA minus capital
expenditures as % of net revenues 12.3 % 13.7 %
Tax
rate 39.0 % 39.0 % 37.5
% 37.5 % Net income per share
Diluted
$ 2.60 $ 3.00 $
0.60 $ 0.95 Weighted average
shares Diluted
33.4 33.4 34.2 34.2
[1] Excludes restructuring charges as
well as any costs related to refinancing our convertible debt and
capital lease termination charges of $8.1 million. [2] In 2017, net
revenues from SBS Segment to increase 20% over 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024006596/en/
Shutterfly, Inc.Investor Relations:Shawn Tabak,
650-610-6026stabak@shutterfly.comorMedia Relations:Nicole Stier,
650-610-6013nstier@shutterfly.com
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