5/1/2023 0 Comments Shutterfly writedown lifetouchOn an ordered basis, we saw 2% growth in the quarter with strong growth in paid personalized gifts and home decor and in calendars and continued solid growth in photo books. On a shipped basis net revenue decreased 2% year over year consistent with our expectations. Touching briefly on the key drivers of our results. We continue to make strong progress on Lifetouch integration and won a large new client in SBS. We made good progress against key initiatives including product range expansion, mobile and personalized marketing in Shutterfly Consumer. We met our expectations on overall revenue and exceeded our expectations on adjusted EBITDA in the quarter. Our results in the first quarter were solid across all three divisions, Shutterfly Consumer, Lifetouch and SBS. I'll make some brief opening remarks, and then I'll ask Mike to run through the results and the strategic progress we're making in more detail. I'd like to welcome everyone to Shutterfly's first-quarter 2019 earnings call. Now I would like to turn the call over to Chris. To the extent possible, a quantitative reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is available on the Investor Relations section of our website at. This information may contain certain financial performance measures that are different from financial measures calculated in accordance with GAAP and may be different from calculations or measures made by other companies. I would also like to note that any forward-looking statements made on this call reflect information and analyses as of today, and we assume no obligation to update this information. 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 our risks relating to our business in general, we refer you to the risk factor section of our most recent Form 10-K and our other filings with the SEC. These forward-looking statements include statements about our business outlook and strategy and the assumptions underlying those statements, and statements about historical results that may suggest trends for our business. Before we begin, I would like to note that our discussion today may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.
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