Lifetouch will be able to offer Shutterfly’s broader product range to the Lifetouch customer, as well as to accelerate the development of Lifetouch’s online platform. But all of this presupposes the ongoing health of the school picture business, Lifetouch’s ability to execute under new ownership, Lifetouch and Shutterfly’s capability in transitioning or integrating systems, and Shutterfly’s ability to drive Lifetouch consumers to Shutterfly’s mobile photo storage, printing and product platform…quickly. Your email address will not be published. Shutterfly expects the acquisition to result in approximately $935.0 million of additional Net Revenues, and approximately $100.0 million of additional Adjusted EBITDA in the twelve-month period following the closing of the acquisition.
We believe this measure provides both management and investors a more complete understanding of the Company’s underlying operational results and trends and performance. Lifetouch provides Shutterfly with a highly complementary business. The Board of Directors of Shutterfly and the trustee of the Lifetouch ESOP both approved the acquisition, which remains subject to customary closing conditions, including regulatory approval. Shutterfly Inc. The business has become increasingly commoditized and competitive with declining sales of photo prints industry wide. Those of us following the industry watched an amazing share price roller coaster ride for Shutterfly investors and management. For additional information on the components of this Adjusted EBITDA target, please see the presentation accompanying the Company’s conference call. If Shutterfly couldn’t quickly monetize the Lifetouch acquisition or if the performance assumptions Shutterfly’s leadership had about their core business didn’t materialize then it would appear to the Shutterfly board of directors and to the investment community as though there was a swing and a miss by the Shutterfly leadership team. There’s nothing wrong with the tradition of school pictures, as we know it today. A lot of things needed to go right in a fairly short period of time in order for Shutterfly to meet expectations. We have not reconciled our combined company non-GAAP Adjusted EBITDA target of $450 million for 2020 and Lifetouch non-GAAP Adjusted EBITDA of $100 million for the twelve-month period following closing of the acquisition to comparable GAAP operating income at this stage of the process because it is unreasonably difficult to provide guidance for stock-based compensation expense, capitalization and amortization of internal-use software and charges related to the proposed acquisition, which are reconciling items between GAAP operating loss and non-GAAP Adjusted EBITDA. Two words come to mind: expectations and execution. Lifetouch is a mature company in a mature industry. A replay of the conference call will be available through Tuesday, February 13, 2018. After Shutterfly hit its stock price high I was quoted in a Quant Media article saying that a $65 share price better recognized the reality of the mature school picture market and the level of effort ahead for the combined companies. What’s different – what’s better about Shutterfly from those already in the business or those with the potential to get into the business?

You can identify these statements by the use of terminology such as “guidance”, “believe”, “expect”, “will”, “should,” “could”, “estimate”, “anticipate” or similar forward-looking terms. I have two observations to make concerning the Shutterfly share price roller coaster ride. The incremental term loans bear interest at LIBOR, plus 250 – 275 basis points (determined based on the company’s secured leverage ratio, as defined), and were issued at a discount to par of 25 basis points. This press release contains a non-GAAP financial measure (adjusted EBITDA). In fact Lifetouch showed year-over-year growth in 2018 and met expectations. EndHTML:000024931
“I’m excited to join the Shutterfly team,” said Michael Meek, CEO of Lifetouch. At closing, the sale proceeds were paid to the trustee of the ESOP who will distribute the proceeds to participants. StartHTML:000000286 Shutterfly acquired privately-held Lifetouch for $825 million, cash-free, debt-free. • On June 10, 2019 Apollo Global Management LLC, a leading global alternative investment manager, agrees to acquire Shutterfly Inc. • On September 25, 2019 Shutterfly Inc. is acquired for $2.7 billion by affiliates of the Apollo Funds. Shutterfly is a mature company in a mature market. The school picture industry is experiencing a steady decline as mobile photography and mobile image management solutions grow. Lifetouch, Inc.Reconciliation of Operating Income to EBITDA(In millions)(Unaudited), View source version on businesswire.com: http://www.businesswire.com/news/home/20180130006286/en/, Shutterfly, Inc.Investor Relations:Shawn Tabak, 650-610-6026stabak@shutterfly.comorMedia Relations:Nicole Stier, 650-610-6013nstier@shutterfly.com, Tiny Prints Teams Up with Baby2Baby to Support Children in Need, Shutterfly Inc.

Imaging app update roundup: iOS 14, Pixelmator and more. The announcement of Apollo’s purchase of Shutterfly and photographer Lifetouch has attracted attention to the consumer digital print business and the volume photography market.

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