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Shutterfly Announces Third Quarter 2013 Financial Results

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 third quarter ended September 30, 2013.

“We delivered another quarter of strong execution resulting in a 25% year over year increase in revenue with improved profitability,” said Jeffrey Housenbold, President and CEO. “We are now managing a portfolio of seven consumer premium brands, along with our enterprise business, as we continue to augment our organic growth with strategic and disciplined acquisitions. We have a great line up of new products and services across our portfolio and are prepared to delight our customers in the important fourth quarter.”

Third Quarter 2013 Financial Highlights
  • Net revenues totaled $122.7 million, a 25% year-over-year increase.
  • Third quarter 2013 represents the 51 st consecutive quarter of year-over-year net revenue growth.
  • Consumer net revenues totaled $112.7 million, a 25% year-over-year increase.
  • Enterprise net revenues totaled $10.0 million, a 22% year-over-year increase.
  • Gross profit margin was 42% of net revenues, compared to 44% in the third quarter of 2012.
  • Operating expenses, excluding $13.3 million of stock-based compensation, totaled $72.7 million.
  • GAAP net loss was ($10.1) million, compared to ($10.5) million in the third quarter of 2012.
  • GAAP net loss per diluted share was ($0.27), compared to ($0.29) in the third quarter of 2012.
  • Non-GAAP net loss per diluted share was ($0.24), compared to ($0.29) in the third quarter of 2012.
  • Adjusted EBITDA loss was ($1.1) million, compared to ($3.1) million in the third quarter of 2012.
  • At September 30, 2013, cash and cash equivalents totaled $335.1 million.

Third Quarter 2013 Operating Metrics
  • Transacting customers totaled 2.4 million, a 6% year-over-year increase.
  • Orders totaled 3.9 million, an 8% year-over-year increase.
  • Average order value was $29.07, an increase of 16% year-over-year.

Business Outlook

Fourth Quarter 2013:
  • Net revenues to range from $392.1 million to $405.1 million, a year-over-year increase of 11.5% to 15.2%.
  • GAAP gross profit margin to range from 60.3% to 61.3% of net revenues.
  • Non-GAAP gross profit margin to range from 61.1% to 62.1% of net revenues.
  • GAAP operating income to range from $94.9 million to $105.0 million.
  • Non-GAAP operating income to range from $116.6 million to $126.7 million.
  • GAAP effective tax rate to range from 57.6% to 59.9%.
  • GAAP net income per diluted share to range from $0.92 to $1.08.
  • Non-GAAP net income per diluted share to range from $0.95 to $1.11.
  • Weighted average diluted shares of approximately 39.9 million.
  • Adjusted EBITDA to range from $129.2 million to $139.3 million.

Full Year 2013:
  • Net revenues to range from $765.0 million to $778.0 million, a year-over-year increase of 19.4% to 21.4%.
  • GAAP gross profit margin to range from 52.9% to 53.5% of net revenues.
  • Non-GAAP gross profit margin to range from 54.5% to 55.2% of net revenues.
  • GAAP operating income to range from $12.4 million to $22.5 million.
  • Non-GAAP operating income to range from $94.5 million to $104.6 million.
  • GAAP effective tax rate to range from 30% to 35%.
  • GAAP net income per diluted share to range from $0.06 to $0.22.
  • Non-GAAP net income per diluted share to range from $0.20 to $0.35.
  • Weighted average diluted shares of approximately 39.6 million.
  • Adjusted EBITDA to range from $137.7 million to $147.8 million, or 18% to 19% of net revenues.
  • Capital expenditures to range from 9.8% to 10.4% of net revenues.

Notes to the Third Quarter 2013 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.

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