Shutterfly, Inc. (SFLY:NASDAQ)

Shutterfly, Inc. - Conference Presentation Calls

Shutterfly Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss from operations of $9.055 million, loss before income taxes of $9.003 million and net loss of $6.346 million or $0.25 per basic and diluted share on net revenues of $40.495 million compared to the loss from operations of $9.226 million, loss before income taxes of $8.871 million and net loss of $2.800 million or $0.11 per basic and diluted share on net revenues of $35.953 million for the same period a year ago. Adjusted EBITDA was $2.0 million, compared to $0.1 million in the third quarter of 2008. For nine months, the company reported loss from operations of $27.860 million, loss before income taxes of $27.315 million and net loss of $18.232 million or $0.72 per basic and diluted share on net revenues of $115.365 million compared to the loss from operations of $26.070 million, loss before income taxes of $23.741 million and net loss of $10.709 million or $0.43 per basic and diluted share on net revenues of $105.738 million for the same period a year ago. The company reported net cash used in operating activities of $18.124 million compared to the net cash used in operating activities of $3.360 million for the same period a year ago. The company announced purchase of property and equipment of $8.272 million compared to the purchase of property and equipment of $16.760 million for the same period a year ago. The company provided earnings guidance for the fourth quarter and full year of 2009. For the quarter, the company expects that net revenues to range from $102.6 million to $112.6 million, a year-over-year change of (4%) to 5%. GAAP operating income to range from $21 million to $27 million. Non-GAAP operating income to range from $26 million to $32 million. 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. Adjusted EBITDA to range from $33 million to $39 million. For the full year, Net revenues to range from $218 million to $228 million, a year-over-year change of 2% to 7%. GAAP operating loss to range from $7 million to $0 million. Non-GAAP operating income to range from $10 million to $16 million. 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. Adjusted EBITDA to range from 16% to 18% of net revenues. Capital expenditures to range from $19 million to $21 million.

Shutterfly Inc. reported capital expenditure of $4.9 million for the third quarter ended Sep. 30, 2009, which included $2.7 million for technology equipment and software, approximately $1.1 million for manufacturing equipment and building improvements and $1.1 million in capitalized software development costs. The company now expects full year 2009 free cash flow to range from approximately $14 million to approximately $22 million.