Shutterfly, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net revenues of $199,725,000 against $191,972,000 a year ago. Loss from operations was $34,110,000 against $49,760,000 a year ago. Loss before income taxes was $41,994,000 against $55,535,000 a year ago. Net loss was $27,165,000 against $33,194,000 a year ago. Basic and diluted net loss per share was $0.83 against $0.98 a year ago. Net cash used in operating activities was $124,332,000 against $72,386,000 a year ago. Purchases of property and equipment were $8,075,000 against $3,517,000 a year ago. Capitalization of software and website development costs was $8,584,000 against $7,602,000 a year ago. Non-GAAP net loss was $23,765,000 or $0.73 per share against $28,166,000 or $0.84 per share a year ago. Non-GAAP adjusted EBITDA was $7,065,000 against LBITDA of $1,915,000 a year ago.

For the full ending December 31, 2018, on GAAP, the company expects net revenues to range from $1,970 million to $2,020 million, operating income to range from $130 million to $151 million, capital expenditures to range from $100 million, effective tax rate of 21.0%, and net income per diluted share to range from $1.58 to $2.04. The company also expects non-GAAP net revenues to range from $2,010 million to $2,060 million, non-GAAP operating income to range from $185 million to $206 million, non-GAAP net income per diluted share to range from $2.83 to $3.28, and adjusted EBITDA to range from $390 million to $410 million. The company expects a non-GAAP gross margin of approximately 62.4%. The company expects capital expenditures to be approximately $100 million. Non-GAAP effective tax rate to be 21.0% and adjusted EBITDA margin is to be 19.7%.

The company provided earnings guidance for the second quarter ending June 30, 2018. For the second quarter, the company expects net revenues of $459 million, operating income of $6 million, operating margin of 1.4%, adjusted EBITDA of $62 million, adjusted EBITDA margin of 13.5%, tax rate of 24.3% and net loss per basic share of $0.27.

The company provided earnings guidance for the third quarter ending September 30, 2018. For the third quarter, the company expects net revenues of $387 million, operating loss of $71 million, operating margin of 18.4%, adjusted LBITDA of $16 million, adjusted LBITDA margin of 4.0%, tax rate of 24.3% and net loss per basic share of $2.00.

The company provided earnings guidance for the fourth quarter ending December 31, 2018. For the quarter, on non-GAAP basis, the company expects net revenues of $989 million, operating income of $290 million, operating margin of 29.3%, adjusted EBITDA of $346 million, adjusted EBITDA margin of 35.0%, tax rate of 24.3% and net income per diluted share of $5.87.