Category: Services

Shutterfly Announces Fourth Quarter and Full Year 2012 Financial Results

    Fourth Quarter 2012 net revenues increase 33% year-over-year to $351.8 million
    Full Year 2012 net revenues increase 35% year-over-year to $640.6 million
    Record Full Year Adjusted EBITDA of $128.1 million, 53% higher than 2011
    48th consecutive quarter of year-over-year net revenue growth

Shutterfly, Inc. (SFLY), the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands, today announced financial results for the fourth quarter and full year-ended December 31, 2012.

 

“Our unwavering commitment to innovation, outstanding product quality, stylish designs, exceptional customer service and overall value, combined with our focus on strong execution led to another year of record revenues, adjusted EBITDA, and free cash flows,” said President and Chief Executive Officer Jeffrey Housenbold. “Our singular focus on addressing the ever increasing challenges that consumers face as they try to do more with their photos and memories, has enabled Shutterfly to emerge as the market leader. We remain confident in our strategy and in the early and large markets in which we operate.”

Fourth Quarter 2012 Financial Highlights

  • Net revenues totaled $351.8 million, a 33% year-over-year increase, and the 48th consecutive quarter of year-over-year net revenue growth.
  • Consumer net revenues totaled $343.5 million, a 33% year-over-year increase.
  • Enterprise net revenues totaled $8.3 million, a 79% year-over-year increase.
  • Gross profit margin was 60.5% of net revenues, compared to 58.9% in the fourth quarter of 2011.
  • Operating expenses, excluding $9.4 million of stock-based compensation, totaled $102.0 million.
  • GAAP net income was $53.0 million, compared to $35.4 million in the fourth quarter of 2011.
  • GAAP net income per diluted share was $1.40, compared to $0.97 in the fourth quarter of 2011.
  • Adjusted EBITDA was $127.2 million, compared to $89.3 million in the fourth quarter of 2011.
  • At December 31, 2012, cash and cash equivalents totaled $245.1 million.

Full Year 2012 Financial Highlights

  • Net revenues totaled $640.6 million, a 35% year-over-year increase.
  • Consumer net revenues totaled $613.4 million, a 33% year-over-year increase.
  • Enterprise net revenues totaled $27.2 million, a 101% year-over-year increase.
  • Gross profit margin was 54.0% of net revenues, compared to 53.6% in 2011.
  • Operating expenses, excluding $35.6 million of stock-based compensation, totaled $269.4 million.
  • GAAP net income was $23.0 million, compared to $14.0 million in 2011.
  • GAAP net income per diluted share was $0.61, compared to $0.40 in 2011.
  • Adjusted EBITDA was $128.1 million, compared to $83.7 million in 2011.

Fourth Quarter 2012 Consumer Metrics

  • Transacting customers totaled 4.2 million, a 30% year-over-year increase.
  • Orders totaled 6.9 million, a 33% year-over-year increase.
  • Average order value was $49.80, flat compared to the fourth quarter 2011.

Full Year 2012 Consumer Metrics

  • Transacting customers totaled 7.1 million, a 31% year-over-year increase.
  • Orders totaled 16.3 million, a 29% year-over-year increase.
  • Average order value was $37.58, a decrease of 2% year-over-year.

Business Outlook

First Quarter 2013:

  • Net revenues to range from $107.2 million to $110.0 million, a year-over-year increase of 17.4% to 20.5%.
  • GAAP gross profit margin to range from 43.0% to 44.0% of net revenues.
  • Non-GAAP gross profit margin to range from 44.8% to 45.8% of net revenues.
  • GAAP operating loss to range from ($26.8) million to ($27.8) million.
  • Non-GAAP operating loss to range from ($9.4) million to ($10.4) million.
  • GAAP effective tax rate to range from 45% to 46%.
  • GAAP net loss per diluted share to range from ($0.39) to ($0.42).
  • Weighted average diluted shares of approximately 36.8 million.
  • Adjusted EBITDA loss to range from ($2.5) million to ($3.5) million.

Full Year 2013:

  • Net revenues to range from $739.7 million to $746.0 million, a year-over-year increase of 15.5% to 16.5%.
  • GAAP gross profit margin to range from 52.0% to 53.0% of net revenues.
  • Non-GAAP gross profit margin to range from 53.3% to 54.3% of net revenues.
  • GAAP operating income to range from $25.0 million to $35.0 million.
  • Non-GAAP operating income to range from $91.7 million to $101.7 million.
  • GAAP effective tax rate to range from 40% to 42%.
  • GAAP net income per diluted share to range from $0.38 to $0.51.
  • Weighted average diluted shares of approximately 38.4 million.
  • Adjusted EBITDA to range from $133.1 million to $141.7 million, or 18% to 19% of net revenues.
  • Capital expenditures to range from 9.4% to 10.4% of net revenues.

Notes to the Fourth Quarter 2012 and Full Year 2012 Financial Results and Business Outlook

Adjusted EBITDA is a non-GAAP financial measure that the Company defines as earnings before interest, taxes, depreciation, amortization and stock-based compensation.

Free cash flow is a non-GAAP financial measure that the Company defines as Adjusted EBITDA less purchases of property, plant, and equipment and capitalization of software development costs.

Consumer category includes net revenues from stationery and greeting cards, photo books, calendars and photo-based merchandise, photo prints, and the related shipping revenues. Consumer also includes net revenues from advertising and sponsorship programs.

Enterprise category includes net revenues primarily from variable, four-color direct marketing collateral manufactured and fulfilled for business customers.

Average Order Value (AOV) is defined as total net revenues (excluding Enterprise) divided by total orders.

The foregoing financial guidance replaces any of the Company’s previously issued financial guidance which should no longer be relied upon.

Fourth Quarter and Full Year 2012 Conference Call

Management will review the fourth quarter and full year 2012 financial results and its expectations for the first quarter and full year 2013 on a conference call on Tuesday, February 5, 2013 at 2:00 p.m. Pacific Daylight Time (5:00 p.m. Eastern Time). To listen to the call and view the accompanying slides, please visit http://www.shutterfly.com. In the Investor Relations area, found in the "About Us" section, click on the link provided for the webcast, or dial 970-315-0490. The webcast, as well as a podcast, will be archived and available at http://www.shutterfly.com. A replay of the conference call will be available through Tuesday, February 19, 2013. To hear the replay, please dial (404) 537-3406, replay passcode 88660359.

Non-GAAP Financial Information

This press release contains certain non-GAAP financial measures. Tables are provided at the end of this press release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP gross margins, non-GAAP operating income (loss) and the related operating income (loss) margins, adjusted EBITDA and free cash flow. For more information, please see Shutterfly's SEC Filings.

To supplement the Company's consolidated financial statements presented on a GAAP basis, we believe that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results and trends and performance. Management uses these non-GAAP measures to evaluate the Company's financial results, develop budgets, manage expenditures, and determine employee compensation. The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to net income (loss) or net income (loss) per share determined in accordance with GAAP.

Notice Regarding Forward-Looking Statements

This media release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. These forward-looking statements include all statements regarding the Company's financial expectations for the first quarter and full year 2013 set forth under the caption "Business Outlook." The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that might contribute to such differences include, among others, economic downturns and the general state of the economy, our ability to expand our customer base, increase sales to existing customers and meet production requirements; our ability to successfully integrate acquired assets; our ability to retain and hire necessary employees and appropriately staff our operations; the impact of seasonality on our business; our ability to develop innovative, new products and services on a timely and cost-effective basis; consumer acceptance of our products and services; our ability to develop additional adjacent lines of business; unforeseen changes in expense levels; and competition, which could lead to pricing pressure. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" sections of the Company's Form 10-Q for the quarter ended September 30, 2012, and the Company's other filings, which are available on the Securities and Exchange Commission's Web site at www.sec.gov. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information.

About Shutterfly, Inc.

Shutterfly, Inc. is the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands includes: Shutterfly, where your photos come to life in photo books, cards and gifts; Tiny Prints, premium cards and stationery for all life’s occasions; Wedding Paper Divas, wedding invitations and stationery for every step of the planning process; and Treat, personalized greeting cards that really stand out. For more information about Shutterfly, Inc. (SFLY), visit www.shutterfly-inc.com.

Shutterfly, Inc.                
Consolidated Statement of Income                
(In thousands, except per share amounts)                
(Unaudited)                
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
    2012   2011   2012   2011
                 
Net revenues   $ 351,777     $ 263,754     $ 640,624     $ 473,270  
Cost of net revenues     138,965       108,468       294,857       219,542  
Gross profit     212,812       155,286       345,767       253,728  
Operating expenses:                
Technology and development     24,770       17,485       85,746       65,675  
Sales and marketing     62,191       49,505       148,806       113,952  
General and administrative     24,527       15,687       70,502       58,710  
Total operating expenses     111,488       82,677       305,054       238,337  
Income from operations     101,324       72,609       40,713       15,391  
Interest expense     (141 )     (64 )     (597 )     (64 )
Interest and other income, net     12       10       42       35  
Income before income taxes     101,195       72,555       40,158       15,362  
Provision for income taxes     (48,168 )     (37,144 )     (17,160 )     (1,314 )
Net income   $ 53,027     $ 35,411     $ 22,998     $ 14,048  
                 
                 
Net income per share                
Basic   $ 1.46     $ 1.02     $ 0.64     $ 0.43  
Diluted   $ 1.40     $ 0.97     $ 0.61     $ 0.40  
                 
Weighted-average shares outstanding:                
Basic     36,232       34,743       35,826       32,788  
Diluted     37,764       36,490       37,432       35,007  
                 
Stock-based compensation is allocated as follows:                
                 
Cost of net revenues   $ 367     $ 625     $ 1,696     $ 2,138  
Technology and development     2,170       2,182       8,635       8,201  
Sales and marketing     3,051       2,574       11,559       11,350  
General and administrative     4,226       1,333       15,432       12,181  
    $ 9,814     $ 6,714     $ 37,322     $ 33,870  
                                 
Shutterfly, Inc.        
Consolidated Balance Sheet        
(In thousands, except par value amounts)        
(Unaudited)        
         
    December 31,   December 31,
    2012   2011
         
ASSETS        
Current assets:        
Cash and cash equivalents   $ 245,088   $ 179,915
Accounts receivable, net     13,574     12,997
Inventories     5,032     3,726
Deferred tax asset, current portion     7,713     598
Prepaid expenses and other current assets     15,044     13,870
Total current assets     286,451     211,106
Property and equipment, net     92,667     54,123
Intangible assets, net     122,269     95,016
Goodwill     358,349     340,408
Deferred tax asset, net of current portion     854     3,785
Other assets     4,534     5,448
Total assets   $ 865,124   $ 709,886
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable   $ 31,503   $ 9,470
Accrued liabilities     88,472     59,271
Deferred revenue     17,845     12,106
Total current liabilities     137,820     80,847
Deferred tax liability     24,298     13,948
Other liabilities     11,720     6,094
Total liabilities     173,838     100,889
         
Stockholders' equity        
Common stock, $0.0001 par value; 100,000 shares authorized; 36,358 and 34,839 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively
    4     4
Additional paid-in-capital     652,110     589,067
Accumulated earnings     39,172     19,926
Total stockholders' equity     691,286     608,997
Total liabilities and stockholders' equity   $ 865,124   $ 709,886
             
Shutterfly, Inc.        
Consolidated Statement of Cash Flows        
(In thousands)        
(Unaudited)        
    Twelve Months Ended
    December 31,
    2012   2011
         
Cash flows from operating activities:        
Net income   $ 22,998     $ 14,048  
Adjustments to reconcile net income to net cash used in operating activities:        
Depreciation and amortization     29,424       22,316  
Amortization of intangible assets     20,685       12,136  
Stock-based compensation, net of forfeitures     37,322       33,870  
Gain on disposal of property and equipment     (861 )     (301 )
Deferred income taxes     54       (5,766 )
Tax benefit from stock-based compensation     14,619       8,391  
Excess tax benefits from stock-based compensation     (16,622 )     (8,380 )
Changes in operating assets and liabilities:        
Accounts receivable, net     (577 )     (7,205 )
Inventories     (1,306 )     766  
Prepaid expenses and other current assets     (1,155 )     (5,667 )
Other assets     (32 )     (1,402 )
Accounts payable     15,230       (16,458 )
Accrued and other liabilities     26,610       12,255  
Deferred revenue     5,739       1,870  
Other non-current liabilities     (747 )     2,775  
Net cash provided by operating activities     151,381       63,248  
         
Cash flows from investing activities:        
Acquisition of business and intangibles, net of cash acquired     (57,212 )     (133,705 )
Purchases of property and equipment     (40,535 )     (23,149 )
Capitalization of software and website development costs     (12,528 )     (10,050 )
Proceeds from sale of equipment     986       676  
Net cash used in investing activities
    (109,289 )     (166,228 )
         
Cash flows from financing activities:        
Principal payments of capital lease obligations     -       (6 )
Proceeds from issuance of common stock upon exercise of stock options     10,211       22,277  
Repurchases of common stock     (3,752 )     -  
Excess tax benefits from stock-based compensation     16,622       8,380  
Net cash provided by financing activities     23,081       30,651  
         
Net increase/(decrease) in cash and cash equivalents     65,173       (72,329 )
Cash and cash equivalents, beginning of period     179,915       252,244  
Cash and cash equivalents, end of period   $ 245,088     $ 179,915  
         
Supplemental schedule of non-cash activities        
Net change in accrued purchases of property and equipment   $ 7,694     $ 412  
Fair market value of building under build-to-suit lease     6,372       -  
Amount due for acquisition of business     963       -  
                 
Shutterfly, Inc.                
User Metrics Disclosure                
                 
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
    2012   2011   2012   2011
                 
User Metrics                
                 
Customers   4,227,247   3,246,117   7,062,001   5,388,402
year-over-year growth   30%       31%    
                 
Orders   6,897,969   5,189,943   16,321,828   12,676,455
year-over-year growth   33%       29%    
                 
Average order value*   $49.80   $49.93   $37.58   $38.30
year-over-year growth   0%       -2%    
                 
Average orders per customer   1.6x   1.6x   2.3x   2.4x
                 
* Average order value excludes Enterprise revenue.                
                 
Shutterfly, Inc.
Reconciliation of Forward-Looking Guidance for Non-GAAP Financial Measures to GAAP Measures
(In millions, except per share amounts)
                             
                             
    Forward-Looking Guidance
    GAAP               Non-GAAP
    Range of Estimate   Adjustments       Range of Estimate
    From   To   From   To       From   To
                             
Three Months Ending March 31, 2013                            
                             
Net revenues   $107.2   $110.0   -   -       $107.2   $110.0
Gross profit margin   43.0%   44.0%   1.8%   1.8%   [a]   44.8%   45.8%
Operating loss   ($27.8)   ($26.8)   $17.4   $17.4   [b]   ($10.4)   ($9.4)
Operating margin   (26%)   (24%)   16%   15%   [b]   (10%)   (9%)
                             
Stock-based compensation   $10.8   $10.8   $10.8   $10.8       -   -
Amortization of intangible assets   $6.5   $6.5   $6.5   $6.5       -   -
                             
Adjusted EBITDA*                       ($3.5)   ($2.5)
                             
Diluted loss per share   ($0.42)   ($0.39)                    
Diluted shares   36.8   36.8                    
Effective tax rate   45%   46%                    
                             
                             
Twelve Months Ending December 31, 2013                            
                             
Net revenues   $739.7   $746.0   -   -       $739.7   $746.0
Gross profit margin   52.0%   53.0%   1.3%   1.3%   [c]   53.3%   54.3%
Operating income   $25.0   $35.0   $66.7   $66.7   [d]   $91.7   $101.7
Operating margin   3%   5%   9%   9%   [d]   12%   14%
                             
Stock-based compensation   $41.7   $41.7   $41.7   $41.7       -   -
Amortization of intangible assets   $25.0   $25.0   $25.0   $25.0       -   -
                             
Adjusted EBITDA*                       $133.1   $141.7
Adjusted EBITDA* margin                       18.0%   19.0%
                             
Diluted earnings per share   $0.38   $0.51                    
Diluted shares   38.4   38.4                    
Effective tax rate   40%   42%                    
                             
Capital expenditures - % of net revenues   9.4%   10.4%                    
                             
*  
Adjusted EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation, amortization and stock-based compensation.
[a]  
Reflects estimated adjustments for stock-based compensation expense of approximately $500K and amortization of purchased intangible assets of approximately $1.5 million.
[b]  
Reflects estimated adjustments for stock-based compensation expense of approximately $10.8 million and amortization of purchased intangible assets of approximately $6.5 million
[c]  
Reflects estimated adjustments for stock-based compensation expense of approximately $1.8 million and amortization of purchased intangible assets of approximately $7.8 million.
[d]  
Reflects estimated adjustments for stock-based compensation expense of approximately $41.7 million and amortization of purchased intangible assets of approximately $25.0 million.
   
 
Shutterfly, Inc.
Reconciliation of GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
(In thousands)                                        
(Unaudited)                                        
    Three Months Ended   Year Ended
    Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,   Sep. 30   Dec. 31,   Dec. 31,   Dec. 31,
    2011   2011   2011   2011   2012   2012   2012   2012   2011   2012
                                         
GAAP gross profit   $ 27,683     $ 35,883     $ 34,876     $ 155,286     $ 41,238     $ 48,310     $ 43,407     $ 212,812     $ 253,728     $ 345,767  
Stock-based compensation     175       754       584       625       462       443       424       367       2,138       1,696  
Amortization of intangible assets     611       1,345       1,417       1,425       1,454       1,516       1,570       1,856       4,798       6,396  
                                         
Non-GAAP gross profit   $ 28,469     $ 37,982     $ 36,877     $ 157,336     $ 43,154     $ 50,269     $ 45,401     $ 215,035     $ 260,664     $ 353,859  
                                         
Non-GAAP gross profit margin     50 %     50 %     48 %     60 %     47 %     51 %     46 %     61 %     55 %     55 %
                                         
Shutterfly, Inc.                                        
Reconciliation of GAAP Operating Margin to Non-GAAP Operating Margin
(In thousands)                                        
(Unaudited)                                        
    Three Months Ended   Year Ended
    Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,   Sep. 30   Dec. 31,   Dec. 31,   Dec. 31,
    2011   2011   2011   2011   2012   2012   2012   2012   2011   2012
                                         
GAAP operating income (loss)   $ (12,986 )   $ (21,540 )   $ (22,692 )   $ 72,609     $ (19,080 )   $ (17,786 )   $ (23,745 )   $ 101,324     $ 15,391     $ 40,713  
Stock-based compensation     5,235       12,099       9,822       6,714       9,617       9,526       8,365       9,814       33,870     $ 37,322  
Amortization of intangible assets     719       3,487       3,961       3,969       4,013       5,090       5,658       5,924       12,136     $ 20,685  
                                         
Non-GAAP operating income (loss)   $ (7,032 )   $ (5,954 )   $ (8,909 )   $ 83,292     $ (5,450 )   $ (3,170 )   $ (9,722 )   $ 117,062     $ 61,397     $ 98,720  
                                         
Non-GAAP operating margin     (12 %)     (8 %)     (12 %)     32 %     (6 %)     (3 %)     (10 %)     33 %     13 %     15 %
                                         
Shutterfly, Inc.                                        
Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA
(In thousands)                                        
(Unaudited)   Three Months Ended   Year Ended
    Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,   Sep. 30   Dec. 31,   Dec. 31,   Dec. 31,
    2011   2011   2011   2011   2012   2012   2012   2012   2011   2012
                                         
GAAP net income (loss)   $ (7,760 )   $ (3,650 )   $ (9,953 )   $ 35,411     $ (10,040 )   $ (9,511 )   $ (10,478 )   $ 53,027     $ 14,048     $ 22,998  
Interest expense     -       -       -       64       152       156       148       141       64       597  
Interest and other income, net     (14 )     (6 )     (5 )     (10 )     (7 )     (9 )     (14 )     (12 )     (35 )     (42 )
Tax benefit (provision)     (5,212 )     (17,884 )     (12,734 )     37,144       (9,185 )     (8,422 )     (13,401 )     48,168       1,314       17,160  
Depreciation and amortization     5,833       9,159       9,534       9,926       10,024       11,820       12,244       16,021       34,452       50,109  
Stock-based compensation     5,235       12,099       9,822       6,714       9,617       9,526       8,365       9,814       33,870       37,322  
                                         
Non-GAAP Adjusted EBITDA   $ (1,918 )   $ (282 )   $ (3,336 )   $ 89,249     $ 561     $ 3,560     $ (3,136 )   $ 127,159     $ 83,713     $ 128,144  
                                         
Shutterfly, Inc.                                        
Reconciliation of Cash Flow from Operating Activities to Non-GAAP Adjusted EBITDA and Free Cash Flow
(In thousands)                                        
(Unaudited)                                        
    Three Months Ended   Year Ended
    Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Dec. 31,   Dec. 31,
    2011   2011   2011   2011   2012   2012   2012   2012   2011   2012
                                         
Net cash provided by (used in) operating activities   $ (52,849 )   $ (5,165 )   $ (1,577 )   $ 122,839     $ (47,961 )   $ 9,339     $ (3,568 )   $ 193,571     $ 63,248     $ 151,381  
Interest expense     -       -       -       64       152       156       148       141       64       597  
Interest and other income, net     (14 )     (6 )     (5 )     (10 )     (7 )     (9 )     (14 )     (12 )     (35 )     (42 )
Tax benefit (provision)     (5,212 )     (17,884 )     (12,734 )     37,144       (9,185 )     (8,422 )     (13,401 )     48,168       1,314       17,160  
Changes in operating assets and liabilities     55,702       23,217       8,962       (74,815 )     55,912       739       11,482       (111,895 )     13,066       (43,762 )
Other adjustments     455       (444 )     2,018       4,027       1,650       1,757       2,217       (2,814 )     6,056       2,810  
Non-GAAP Adjusted EBITDA     (1,918 )     (282 )     (3,336 )     89,249       561       3,560       (3,136 )     127,159       83,713       128,144  
Less: Purchases of property and equipment     (5,446 )     (3,811 )     (9,310 )     (4,994 )     (6,499 )     (12,264 )     (16,628 )     (12,838 )     (23,561 )     (48,229 )
Less: Capitalized technology & development costs     (2,318 )     (2,726 )     (2,833 )     (2,173 )     (3,072 )     (2,801 )     (3,730 )     (2,925 )     (10,050 )     (12,528 )
                                         
Free cash flow   $ (9,682 )   $ (6,819 )   $ (15,479 )   $ 82,082     $ (9,010 )   $ (11,505 )   $ (23,494 )   $ 111,396     $ 50,102     $ 67,387  

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