Shutterfly Reports Double-Digit Gains in All Services
• GAAP operating income to range from $35 million to $40 million.
• Non-GAAP operating income to range from $56 million to $61 million.
• Adjusted EBITDA to range from 21 percent to 22 percent of net revenues.
• Capital expenditures to range from 7.5 percent to 8.5 percent of net revenues.
Notes to the Fourth Quarter and Full Year 2010 Financial Results and Business Outlook
Personalized Products and Services (“PPS”) net revenues primarily include Photo Books, Stationery and folded Greeting Cards, Calendars and Photo-based Merchandise. PPS also includes net revenues from advertising and sponsorship programs and referral fees. The Company’s referral fee program was discontinued effective March 31, 2010, and no referral fee revenues have been recorded subsequent to that date.