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Shutterfly Reports Strong First Quarter Financial Results

April 28, 2010
REDWOOD CITY, CA—Apr 28, 2010—Shutterfly, Inc., the leading Internet-based social expression and personal publishing service, today announced financial results for the three months ended March 31, 2010.

"Consistent execution against our key strategic initiatives and relentless focus on innovation and the customer drove a 27% year-over-year increase in revenue for the first quarter of 2010," said President and CEO Jeffrey Housenbold. "Our strong performance was fueled by continued growth in our line of personalized products and services which grew 43% over Q1 2009."

First Quarter 2010 Financial Highlights

- Net revenues totaled $45.7 million, a 27% year-over-year increase.

- First quarter 2010 represents the 37th consecutive quarter of year-over-year net revenue growth.

- Personalized Products & Services net revenues totaled $30.5 million, a 43% year-over-year increase.

- Personalized Products & Services net revenues represented 67% of total net revenues.

- Net revenues from prints declined 2% year-over-year, to $13.7 million.

- Commercial print net revenues totaled $1.5 million.

- Gross profit margin was 51% of net revenues, compared to 45% in the first quarter of 2009.

- Operating expenses, excluding $4.2 million of stock-based compensation, totaled $26.9 million.

- GAAP net loss was ($4.7) million, compared to a net loss of ($6.2) million in the first quarter of 2009.

- GAAP net loss per diluted share was ($0.18), compared to ($0.25) in the first quarter of 2009.

- Adjusted EBITDA was $3.4 million, compared to $0.1 million in the first quarter of 2009.

- At March 31, 2010, the Company had $156.8 million of cash, cash equivalents and short-term investments.

First Quarter 2010 Operating Metrics


- Transacting customers totaled 1.1 million, a 21% increase over the first quarter of 2009.

- Orders totaled 1.7 million, a 14% increase over the first quarter of 2009.

- Average order value was $26.43, a 10% increase over the first quarter of 2009.

Business Outlook

The Company's current financial expectations for the second quarter and the full year 2010 are as follows:

Second Quarter 2010:


- Net revenues to range from $43.5 million to $45.5 million, a year-over-year change of 12% to 17%.

- GAAP gross profit margins to range from 45% to 47% of net revenues.

- Non-GAAP gross profit margins to range from 47% to 49% of net revenues.

- GAAP operating loss to range from ($13) million to ($14) million.

- Non-GAAP operating loss to range from ($8) million to ($9) million.

Full Year 2010:

- Net revenues to range from $275 million to $285 million, a year-over-year change of 12% to 16%.

- GAAP gross profit margins to range from 53% to 55% of net revenues.

- Non-GAAP gross profit margins to range from 54% to 56% of net revenues.

- GAAP operating income to range from $8 million to $13 million.

- Non-GAAP operating income to range from $28 million to $33 million.

Notes to the First Quarter 2010 Financial Results, and Business Outlook
 

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