Shutterfly 2013 Annual Report Download - page 66
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Reconciliation of Cash Flow from Operating Activities to
Non-GAAP Adjusted EBITDA and Free Cash Flow Year Ended December 31,
2013 2012 2011
Net cash provided by operating activities ................ $ 147,268 $ 151,381 $ 63,248
Add back:
Interest expense ................................ 9,446 597 64
Interest and other income, net ...................... (308) (42) (35)
Tax provision ................................... 3,635 17,160 1,314
Changes in operating assets and liabilities .............. (2,226) (43,762) 13,066
Other adjustments ............................... (7,373) 2,810 6,056
Non-GAAP Adjusted EBITDA ........................ 150,442 128,144 83,713
Less:
Purchases of property and equipment, including accrued
amounts .................................... (59,210) (48,229) (23,561)
Capitalized technology & development costs ............ (15,760) (12,528) (10,050)
Free cash flow ................................... $ 75,472 $ 67,387 $ 50,102
Reconciliation of Net Income per Share to Non-GAAP Net
Income per Share Year Ended December 31,
2013 2012 2011
GAAP Net income ................................. $ 9,285 $ 22,998 $ 14,048
Add back interest expense related to:
Amortization of debt discount ...................... 7,002 — —
Amortization of debt issuance costs .................. 705 — —
0.25% coupon .................................. 469 — —
Tax effect ..................................... (2,300) — —
Non-GAAP net income ............................. $ 15,161 $ 22,998 $ 14,048
GAAP diluted shares outstanding ..................... 39,493 37,432 35,007
Add back:
Dilutive effect of convertible notes ...................———
Non-GAAP shares outstanding ....................... 39,493 37,432 35,007
GAAP net income per share ......................... $ 0.24 $ 0.61 $ 0.40
Non-GAAP net income per share ...................... $ 0.38 $ 0.61 $ 0.40
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