All you need to do is check if the value for the first time key is set to true, and then launch the Activity, as well as set the value to false for future launches:
SharedPreferences prefs = getSharedPreferences(KEY, Context.MODE_PRIVATE);
SharedPreferences.Editor editor = prefs.edit();
boolean isFirst = prefs.getBoolean(KEY_IS_FIRST_TIME, true);
if(isFirst) {
Intent intent = new Intent(this, SetupActivity.class);
editor.putBoolean(KEY_IS_FIRST_TIME, false);
editor.commit();
startActivity(intent);
}