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Net revenues increase 13% year-over-year to $40.5 million
35th consecutive quarter of year-over year net revenue growth
GAAP net loss of ($0.25) per diluted share
Adjusted EBITDA1 of $2.0 million
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shutterfly, Inc. (NASDAQ: SFLY), the leading Internet-based social expression and personal publishing service, today announced financial results for the three months ended September 30, 2009.
"Shutterfly delivered very solid third quarter results with better than expected revenue and EBITDA growth, despite an increasingly tough macro-economic environment," said President and Chief Executive Officer Jeffrey Housenbold. "During the quarter we launched the innovative Simple Path photo book creation experience, enhanced our cards and stationery offering and acquired Tiny Pictures. We also made strong progress on our commercial printing initiative and prepared our manufacturing facilities in Charlotte and Phoenix for the seasonally busy fourth quarter."
Third Quarter 2009 Financial Highlights
Net revenues totaled $40.5 million, a 13% year-over-year increase.
Third quarter 2009 represents the 35th consecutive quarter of year-over-year net revenue growth.
Personalized Products & Services2 net revenues totaled $23.6 million, a 22% year-over-year increase.
Personalized Products & Services net revenues represented 58% of total net revenues.
Net revenues from prints declined 6% year-over-year, to $15.6 million.
Commercial print net revenues totaled $1.2 million.
Existing customers generated 76% of total net revenues.
Gross profit margin was 47% of net revenues, compared to 49%3 in the third quarter of 2008.
Operating expenses, excluding $4.0 million of stock-based compensation, totaled $24.1 million.
GAAP net loss was ($6.3) million, compared to a net loss of ($2.8)3 million in the third quarter of 2008.
GAAP net loss per diluted share was ($0.25), compared to ($0.11)3 in the third quarter of 2008.
Adjusted EBITDA was $2.0 million, compared to $0.1 million in the third quarter of 2008.
At September 30, 2009, the Company had $111.6 million of cash, cash equivalents and short-term investments.
Third Quarter 2009 Operating Metrics
Transacting customers totaled 982,000, a 7% increase over the third quarter of 2008.
Orders totaled 1.7 million, a 3% increase over the third quarter of 2008.
Average order value4 was $23.03, a 6% increase over the third quarter of 2008.
Recent Operating Highlights
Introduced Shutterfly Simple Path creation experience that automatically makes photo books.
Acquired Tiny Pictures, a leading developer of mobile and social applications.
Launched our 2009 holiday cards and stationery collection including Shutterfly Support-a-Cause cards from organizations like LiveSTRONG and Special Olympics.
Enhanced Share Sites to include a solution for Youth Sports and announced partnerships with national and regional youth sports organizations.
Launched next generation of Shutterfly Video and iPhone application.
Named Brian Swette to the Board of Directors.
Business Outlook
The Company's current financial expectations for the fourth quarter and the full year 2009 are as follows:
Fourth Quarter 2009:
Net revenues to range from $102.6 million to $112.6 million, a year-over-year change of (4%) to 5%.
GAAP gross profit margins to range from 55% to 59% of net revenues.
Non-GAAP gross profit margins to range from 56% to 60% of net revenues.
GAAP operating income to range from $21 million to $27 million.
Non-GAAP operating income to range from $26 million to $32 million.
GAAP effective tax rate to range from 30% to 35%.
Non-GAAP effective tax rate to range from 30% to 35%.
GAAP diluted net loss per share to range from $0.55 to $0.66.
Non-GAAP diluted net loss per share to range from $0.68 to $0.78.
Weighted average diluted shares of approximately 27.2 million.
Adjusted EBITDA to range from $33 million to $39 million.
Full Year 2009:
Net revenues to range from $218 million to $228 million, a year-over-year change of 2% to 7%.
GAAP gross profit margins to range from 51% to 53% of net revenues.
Non-GAAP gross profit margins to range from 52% to 54% of net revenues.
GAAP operating loss to range from ($7) million to $0 million.
Non-GAAP operating income to range from $10 million to $16 million.
GAAP effective tax rate to range from 25% to 40%.
Non-GAAP effective tax rate to range from 30% to 35%.
GAAP diluted net income (loss) per share to range from a net loss of ($0.14) to net income of $0.01.
Non-GAAP diluted net income per share to range from $0.27 to $0.40.
Weighted average diluted shares of 25.8 million in net loss scenario to 26.8 million in net income scenario.
Adjusted EBITDA to range from 16% to 18% of net revenues.
Capital expenditures to range from $19 million to $21 million.
The foregoing financial guidance replaces any of the Company's previously issued guidance and all such previous guidance should no longer be relied upon.
Third Quarter 2009 Conference Call
Management will review the third quarter 2009 financial results and its expectations for the fourth quarter and full year 2009 on a conference call on Wednesday, October 28, 2009 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 719-325-4880. 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 Wednesday, November 11, 2009. To hear the replay, please dial 719-457-0820, replay passcode 2471402.
About Non-GAAP Financial Information
The accompanying press release dated October 28, 2009, contains certain non-GAAP financial measures. Tables are provided in the press release that reconcile the non-GAAP financial measures 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 margins, non-GAAP operating income (loss) and the related operating income (loss) margins, non-GAAP income (loss) per share, adjusted EBITDA and free cash flow. When used in connection with historical results and forward-looking guidance, the non-GAAP financial measure Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and stock-based compensation while free cash flow is defined as Adjusted EBITDA less purchases of property and equipment and capitalization of software and website development costs. For more information, please see Shutterfly's SEC Filings.
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 net income (loss) or net income (loss) per share determined in accordance with GAAP.
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, which involve risks and uncertainties. These forward-looking statements include all statements regarding the Company's financial expectations for the fourth quarter and full year 2009 set forth under the caption "Business Outlook." 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, our ability to expand our customer base; 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 on a timely basis, as well as consumer acceptance of, new products and services; our ability to develop additional adjacent lines of business; unforeseen changes in expense levels; and competition, 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" sections of the Company's Form 10-K for the year ended December 31, 2008, 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
Founded in 1999, Shutterfly, Inc. is an Internet-based social expression and personal publishing service. Shutterfly provides high quality products and world class services that make it easy, convenient and fun for consumers to preserve their digital photos in a creative and thoughtful manner. Shutterfly's flagship product is its award-winning photo book line, which helps consumers celebrate memories and tell their stories in professionally bound coffee table books. More information about Shutterfly (NASDAQ: SFLY) is available at www.shutterfly.com. Shutterfly and Shutterfly.com are trademarks of Shutterfly, Inc.
1 Adjusted EBITDA is a non-GAAP financial measure that the Company defines as earnings before interest, taxes, depreciation, amortization and stock-based compensation.
2 Personalized Products and Services revenues primarily include photo books, stationery and folded greeting cards, calendars, photo-based merchandise. Commercial printing revenues are excluded from personalized products and services revenues.
3 As restated. See Form 8-K dated October 23, 2009 for details of the restatement which recorded an additional $1.1 million of stock-based compensation in FY 2008, of which $0.2 million is related to third quarter 2008.
4 Average order value excludes commercial printing revenue.
Shutterfly, Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except per
share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(As restated) (As restated)
Net revenues $ 40,495 $ 35,953 $ 115,365 $ 105,738
Cost of net revenues (1) 21,420 18,451 61,161 53,777
Gross profit 19,075 17,502 54,204 51,961
Operating expenses (1):
Technology and 11,390 9,689 33,347 28,796
development
Sales and marketing 9,377 10,138 26,075 26,936
General and 7,363 6,901 22,642 22,299
administrative
Total operating expenses 28,130 26,728 82,064 78,031
Loss from operations (9,055 ) (9,226 ) (27,860 ) (26,070 )
Interest expense (22 ) (100 ) (136 ) (185 )
Interest and other 74 455 681 2,514
income, net
Loss before income taxes (9,003 ) (8,871 ) (27,315 ) (23,741 )
Benefit from income taxes 2,657 6,071 9,083 13,032
Net loss $ (6,346 ) $ (2,800 ) $ (18,232 ) $ (10,709 )
Net loss per share - $ (0.25 ) $ (0.11 ) $ (0.72 ) $ (0.43 )
basic and diluted
Weighted-average shares
outstanding - basic and 25,517 25,067 25,303 25,020
diluted
(1) Stock-based
compensation is allocated
as follows:
Cost of net revenues $ 119 $ 109 $ 297 $ 301
Technology and 1,077 654 2,292 1,693
development
Sales and marketing 955 696 2,428 1,733
General and 2,005 1,216 4,778 3,327
administrative
$ 4,156 $ 2,675 $ 9,795 $ 7,054
Shutterfly, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value amounts)
(Unaudited)
September 30, December 31,
2009 2008
(As restated)
ASSETS
Current assets:
Cash and cash equivalents $ 63,250 $ 88,164
Short-term investments 48,375 -
Accounts receivable, net 3,607 5,992
Inventories 3,316 3,610
Deferred tax asset, current portion 1,030 1,194
Prepaid expenses and other current assets 15,703 4,749
Total current assets 135,281 103,709
Long-term investments - 52,250
Property and equipment, net 43,217 48,108
Goodwill and intangible assets, net 13,872 14,547
Deferred tax asset, net of current portion 11,759 12,266
Other assets 4,719 2,417
Total assets $ 208,848 $ 233,297
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,265 $ 11,214
Accrued liabilities 11,442 24,712
Deferred revenue 8,916 9,461
Current portion of capital lease obligations 9 90
Total current liabilities 26,632 45,477
Other liabilities 1,613 1,001
Capital lease obligations, less current portion 8 17
Total liabilities 28,253 46,495
Stockholders' equity
Common stock, $0.0001 par value; 100,000 shares
authorized; 25,651 and
25,138 shares issued and outstanding on September
30, 2009 and
December 31, 2008, respectively 3 2
Additional paid-in-capital 215,926 203,902
Accumulated deficit (35,334 ) (17,102 )
Total stockholders' equity 180,595 186,802
Total liabilities and stockholders' equity $ 208,848 $ 233,297
Shutterfly, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2009 2008
(As restated)
Cash flows from operating activities:
Net loss $ (18,232 ) $ (10,709 )
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 18,844 17,463
Amortization of intangible assets 1,491 1,370
Stock-based compensation 9,795 7,054
Loss on disposal of property and equipment 79 308
Deferred income taxes 703 (10,123 )
Changes in operating assets and liabilities:
Accounts receivable, net 2,389 1,336
Inventories 294 1,518
Prepaid expenses and other current assets (10,700 ) (3,553 )
Other assets (2,421 ) 352
Accounts payable (5,083 ) (2,758 )
Accrued and other liabilities (14,737 ) (6,086 )
Deferred revenue (546 ) 468
Net cash used in operating activities (18,124 ) (3,360 )
Cash flows from investing activities:
Acquisition of business and intangibles, net of cash (796 ) (10,098 )
acquired
Purchases of property and equipment (8,272 ) (16,760 )
Capitalization of software and website development (3,032 ) (3,239 )
costs
Proceeds from sale of short term investments - 3,002
Proceeds from sale of equipment - 6
Purchase of auction rate securities - (52,250 )
Proceeds from the sale of auction rate securities 3,875 -
Net cash used in investing activities (8,225 ) (79,339 )
Cash flows from financing activities:
Principal payments of capital lease obligations (90 ) (378 )
Proceeds from issuance of common stock upon exercise 2,139 1,130
of stock options
Shares withheld for payment of employee's (1,041 ) -
withholding tax liability
Tax benefit of stock options recorded in additional 427 -
paid-in capital
Net cash provided by financing activities 1,435 752
Net increase in cash and cash equivalents (24,914 ) (81,947 )
Cash and cash equivalents, beginning of period 88,164 122,582
Cash and cash equivalents, end of period $ 63,250 $ 40,635
Supplemental schedule of non-cash investing
activities
Accrued property and equipment liability 1,524 -
Escrow liability from acquisition of business 150 -
Shutterfly, Inc.
User Metrics Disclosure
Three Months Ended
September 30,
2009 2008
User Metrics
Customers 981,670 916,195
year-over-year growth 7% 9%
Orders 1,704,591 1,656,050
year-over-year growth 3% 0%
Average order value(1) $23.03 $21.71
year-over-year growth 6% 11%
Average orders per customer 1.7x 1.8x
(1) Average order value excludes commercial print 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
December 31, 2009
Net revenues $102.6 $112.6 - - $102.6 $112.6
Gross profit margin 55% 59% 1% [a] 56% 60%
Operating income $21 $27 $5 [b] $26 $32
Operating margin 20% 24% 5% 4% [b] 25% 28%
Stock-based $4.5 $4.5 $4.5 $4.5 - -
compensation
Amortization of $0.6 $0.6 $0.6 $0.6 - -
intangible assets
Adjusted EBITDA* $33.0 $39.0
Diluted income per $0.55 $0.66 $0.13 $0.12 [c] $0.68 $0.78
share
Diluted shares 27.2 27.2 - - 27.2 27.2
Effective tax rate 30% 35% 0% 0% [d] 30% 35%
Twelve Months Ending
December 31, 2009
Net revenues $218.0 $228.0 - - $218.0 $228.0
Gross profit margin 51% 53% 1% [e] 52% 54%
Operating income ($7) $0 $17.0 $16.0 [f] $10 $16
(loss)
Operating margin (3%) 0% 8% 7% [f] 5% 7%
Stock-based $14.3 $14.3 $14.3 $14.3 - -
compensation
Amortization of $2.1 $2.1 $2.1 $2.1 - -
intangible assets
Adjusted EBITDA* $35 $41
Adjusted EBITDA* 16% 18%
margin
Diluted earnings ($0.14) $0.01 $0.41 $0.39 [g] $0.27 $0.40
(loss) per share
Diluted shares 25.8 26.8 1.0 - 26.8 26.8
Effective tax rate 40% 25% (10%) 10% [h] 30% 35%
Capital expenditures $19.0 $21.0 $19.0 $21.0
*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 $100k and amortization of purchased intangible assets of
approximately $600k.
[b]Reflects estimated adjustments for stock-based compensation expense of
approximately $4.5 million and amortization of purchased intangible assets of
approximately $600k.
[c]Reflects the estimated adjustments in item [b] and the income tax impact
related to these adjustments.
[d]Reflects the estimated adjustments to the effective tax rate based on the
adjustments in item [b].
[e]Reflects estimated adjustments for stock-based compensation expense of
approximately $400k and amortization of purchased intangible assets of
approximately $2.1 million.
[f]Reflects estimated adjustments for stock-based compensation expense of
approximately $14.3 million and amortization of purchased intangible assets of
approximately $2.1 million.
[g]Reflects the estimated adjustments in item [f] and the income tax impact
related to these adjustments.
[h]Reflects the estimated adjustments to the effective tax rate based on the
adjustments in item [f].
Shutterfly,
Inc.
Reconciliation of GAAP
Gross Profit Margin to
Non-GAAP Gross Profit
Margin
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008*
GAAP gross $ 16,401 $ 18,058 $ 17,502 $ 65,306 $ 16,340 $ 18,789 $ 19,075 $ 117,267
profit
Stock-based
compensation
expense within 92 101 109 70 95 82 119 372
cost of net
revenues
Amortization
of intangible
assets within 367 367 367 368 367 394 460 1,469
cost of net
revenues
Non-GAAP gross $ 16,860 $ 18,526 $ 17,978 $ 65,744 $ 16,802 $ 19,265 $ 19,654 $ 119,108
profit
Non-GAAP gross 49 % 52 % 50 % 61 % 47 % 50 % 49 % 56 %
profit margin
Reconciliation of GAAP
Operating Margin to
Non-GAAP Operating Margin
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008
GAAP operating $ (8,672 ) $ (8,172 ) $ (9,226 ) $ 28,676 $ (9,396 ) $ (9,408 ) $ (9,055 ) $ 2,606
income (loss)
Stock-based
compensation 2,058 2,321 2,676 2,695 2,804 2,834 4,156 9,750
expense
Amortization
of intangible 457 457 457 456 457 484 550 1,827
assets
Non-GAAP
operating $ (6,157 ) $ (5,394 ) $ (6,093 ) $ 31,827 $ (6,135 ) $ (6,090 ) $ (4,349 ) $ 14,183
income (loss)
Non-GAAP
operating (18 %) (15 %) (17 %) 30 % (17 %) (16 %) (11 %) 7 %
margin
Reconciliation of GAAP Net
Income to Non-GAAP Net
Income
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008*
GAAP net $ (3,763 ) $ (4,146 ) $ (2,800 ) $ 14,369 $ (6,232 ) $ (5,654 ) $ (6,346 ) $ 3,660
income (loss)
Stock-based
compensation 2,058 2,321 2,676 2,695 2,804 2,834 4,156 9,750
expense
Amortization
of intangible 457 457 457 456 457 484 550 1,827
assets
Income taxes
associated
with certain (1,703 ) (1,523 ) (3,202 ) 3,068 (1,168 ) (1,190 ) (1,255 ) (3,360 )
non-GAAP
entries
Non-GAAP net $ (2,951 ) $ (2,891 ) $ (2,869 ) $ 20,588 $ (4,139 ) $ (3,526 ) $ (2,895 ) $ 11,877
income (loss)
Diluted net
income per
share:
GAAP ($0.15 ) ($0.17 ) ($0.11 ) $ 0.56 ($0.25 ) ($0.22 ) ($0.25 ) $ 0.14
Non-GAAP ($0.12 ) ($0.12 ) ($0.11 ) $ 0.81 ($0.16 ) ($0.14 ) ($0.11 ) $ 0.46
Shares used in
GAAP and
non-GAAP
diluted net 24,949 25,045 25,067 25,455 25,148 25,246 25,517 25,787
income
per-share
calculation
Reconciliation
of GAAP to
Non-GAAP
Effective Tax
Rate
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008*
GAAP benefit
(provision) $ 3,590 $ 3,371 $ 6,071 $ (14,604 ) $ 2,928 $ 3,497 $ 2,657 $ (1,572 )
for income
taxes
Income taxes
associated
with certain (1,703 ) (1,523 ) (3,202 ) 3,068 (1,168 ) (1,190 ) (1,255 ) (3,360 )
non-GAAP
entries
Non-GAAP
benefit
(provision) $ 1,887 $ 1,848 $ 2,869 $ (11,536 ) $ 1,760 $ 2,307 $ 1,402 $ (4,932 )
for income
taxes
GAAP income
(loss) before $ (7,353 ) $ (7,517 ) $ (8,871 ) $ 28,973 $ (9,160 ) $ (9,152 ) $ (9,003 ) $ 5,232
income taxes
Stock-based
compensation 2,058 2,321 2,676 2,695 2,804 2,834 4,156 9,750
expense
Amortization
of intangible 457 457 457 456 457 484 550 1,827
assets
Non-GAAP
income (loss) $ (4,838 ) $ (4,739 ) $ (5,738 ) $ 32,124 $ (5,899 ) $ (5,834 ) $ (4,297 ) $ 16,809
before income
taxes
GAAP Effective 49 % 45 % 68 % 50 % 32 % 38 % 30 % 30 %
tax rate
Non-GAAP
effective tax 39 % 39 % 50 % 36 % 30 % 40 % 33 % 29 %
rate
Shutterfly,
Inc.
Reconciliation
of Non-GAAP
Adjusted
EBITDA
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008*
Income (loss)
from $ (8,672 ) $ (8,172 ) $ (9,226 ) $ 28,676 $ (9,396 ) $ (9,408 ) $ (9,055 ) $ 2,606
Operations
Add back:
Depreciation
and 5,885 6,266 6,682 7,205 6,706 6,779 6,850 26,038
amortization
Stock-based
compensation 2,058 2,321 2,676 2,695 2,804 2,834 4,156 9,750
expense
Non-GAAP
Adjusted $ (729 ) $ 415 $ 132 $ 38,576 $ 114 $ 205 $ 1,951 $ 38,394
EBITDA
Reconciliation of Non-GAAP
Adjusted EBITDA to Free
Cash Flows
(In thousands)
(Unaudited)
* As restated Year Ended
Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31,
2008* 2008* 2008* 2008* 2009 2009 2009 2008*
Non-GAAP
Adjusted $ (729 ) $ 415 $ 132 $ 38,576 $ 114 $ 205 $ 1,951 $ 38,394
EBITDA
Less:
Purchases of (7,930 ) (3,840 ) (4,990 ) (1,460 ) (4,158 ) (1,826 ) (3,811 ) (18,220 )
property and
equipment
Less:
Capitalized
technology & (848 ) (1,410 ) (981 ) (1,288 ) (824 ) (1,114 ) (1,094 ) (4,527 )
development
costs
Free cash $ (9,507 ) $ (4,835 ) $ (5,839 ) $ 35,828 $ (4,868 ) $ (2,735 ) $ (2,954 ) $ 15,647
flows
Source: Shutterfly, Inc.
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