Shutterfly 2015 Annual Report Download - page 68

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Reconciliation of Cash Flow from Operating Activities to
Non-GAAP Adjusted EBITDA and Free Cash Flow Year Ended December 31,
2015 2014 2013
Net cash provided by operating activities ..................... $ 165,037 $ 166,488 $ 147,268
Add back:
Interest expense ......................................... 20,998 16,732 9,446
Interest and other income, net .............................. (744) (508) (308)
Tax (benefit)/expense ..................................... (1,146) (2,119) 3,635
Changes in operating assets and liabilities ..................... 19,393 (4,360) (2,226)
Other adjustments ........................................ (11,538) (9,474) (7,373)
Non-GAAP Adjusted EBITDA .............................. 192,000 166,759 150,442
Less:
Purchases of property and equipment, including accrued amounts .... (59,266) (68,495) (59,210)
Capitalized software and website development costs, including
accrued amounts ......................................... (22,113) (21,748) (15,760)
Free cash flow ............................................ $ 110,621 $ 76,516 $ 75,472
Reconciliation of Net Income/(Loss) per Share to Non-GAAP
Net Income per Share Year Ended December 31,
2015 2014 2013
GAAP net income/(loss) ................................ $ (843) $ (7,860) $ 9,285
Add back interest expense related to:
Amortization of debt discount .......................... 12,400 11,726 7,002
Amortization of debt issuance costs ...................... 1,247 1,179 705
0.25% coupon ....................................... 750 $ 750 469
Tax effect .......................................... (8,293) (2,900) (2,300)
Non-GAAP net income ................................. $ 5,261 $ 2,895 $ 15,161
GAAP basic shares outstanding ......................... 36,761 38,452 37,680
Add back:
Dilutive effect of stock options and restricted awards ........ — — 1,813
GAAP diluted shares outstanding ....................... 36,761 38,452 39,493
Add back:
Dilutive effect of stock options and restricted awards ........ 1,721 1,442 —
Dilutive effect of convertible notes ...................... — — —
Non-GAAP diluted shares outstanding ................... 38,482 39,894 39,493
GAAP net income/(loss) per share ....................... $ (0.02) $ (0.20) $ 0.24
Non-GAAP net income per share ........................ $ 0.14 $ 0.07 $ 0.38
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