Shutterstock Reports First Quarter 2025 Financial Results
Commenting on the Company's performance,
First Quarter 2025 highlights as compared to First Quarter 2024:
Financial Highlights
- Revenues were
$242.6 million compared to$214.3 million . - Net income was
$18.7 million compared to$16.1 million . - Net income per diluted common share was
$0.53 compared to$0.45 . - Adjusted net income was
$36.3 million compared to$33.1 million . - Adjusted net income per diluted common share was
$1.03 compared to$0.92 . - Adjusted EBITDA was
$63.4 million compared to$56.0 million .
FIRST QUARTER RESULTS
Revenue
First quarter revenue of
Revenue from our Content product offering increased
Revenue generated from our Data, Distribution, and Services product offering decreased
Net income and net income per diluted common share
Net income in the first quarter of 2025 of
Adjusted net income and adjusted net income per diluted common share
Adjusted net income in the first quarter of 2025 of
Adjusted net income per diluted common share was
Adjusted EBITDA
Adjusted EBITDA of
FIRST QUARTER LIQUIDITY
Our cash and cash equivalents increased by
Net cash provided by our operating activities was driven by our operating income and changes in the timing of cash collections from our customers and payments pertaining to operating expenses, offset by payments of year-end bonuses and commissions. In addition, cash flows for the three months ended
Cash used in investing activities for the three months ended
Cash used in financing activities for the three months ended
Adjusted free cash flow was
QUARTERLY CASH DIVIDEND
During the three months ended
On
KEY OPERATING METRICS
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Three Months Ended |
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2025 |
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2024 |
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Subscribers (end of period)(1) |
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1,079,000 |
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499,000 |
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Subscriber revenue (in millions)(2) |
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$ 109.9 |
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$ 83.9 |
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Average revenue per customer (last twelve months)(3) |
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$ 244 |
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$ 418 |
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Paid downloads (in millions)(4) |
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120.9 |
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35.0 |
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Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning
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(1) |
Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period. |
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(2) |
Subscriber revenue is defined as the revenue generated from subscribers during the period. |
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(3) |
Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. |
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(4) |
Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering. |
NON-GAAP FINANCIAL MEASURES
To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in
Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, unrealized losses / gains on investments, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of
The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of
These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.
Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company's ongoing business operations and provides them with the same measures that management uses as the basis for making resource allocation decisions.
Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.
Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings, adjusted free cash flow), and each measure's most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.
Previously Announced Merger Agreement with Getty Images Holdings, Inc. ("Getty Images")
On
As previously communicated, in light of pending transaction with Getty Images, Shutterstock will not be hosting a conference call or providing financial guidance in conjunction with its first quarter 2025 results.
For additional information associated with the transaction, please see the Company's filings from time to time with the
ABOUT SHUTTERSTOCK
Learn more at www.shutterstock.com and follow us on LinkedIn, Instagram, X, Facebook and YouTube.
ADDITIONAL INFORMATION ABOUT THE ACQUISITION AND WHERE TO FIND IT
In connection with the proposed transaction, on
PARTICIPANTS IN THE SOLICITATION
This communication is not a solicitation of proxies in connection with the proposed transaction. Getty Images, Shutterstock and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Getty Images, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Getty Images' Form 10-K for the year ended
NO OFFER OR SOLICITATION
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
FORWARD-LOOKING STATEMENTS
The statements in this press release, and any related oral statements, include forward-looking statements concerning Getty Images, Shutterstock, the proposed transaction described herein and other matters. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, obtaining applicable regulatory and stockholder approvals for the proposed transaction on a timely basis or otherwise, satisfying other closing conditions to the proposed transaction, on a timely basis or otherwise, the expected tax treatment of the proposed transaction, the expected timing of the proposed transaction, and the integration of the businesses and the expected benefits, cost savings, accretion, synergies and growth to result therefrom. Important factors that could cause actual results to differ materially from the forward-looking statements include, among other things: failure to obtain applicable regulatory or stockholder approvals in a timely manner or otherwise; interloper risk; failure to satisfy other closing conditions to the transaction or to complete the transaction on anticipated terms and timing (or at all); negative effects of the announcement of the transaction on the ability of Shutterstock or Getty Images to retain and hire key personnel and maintain relationships with customers, suppliers and others who Shutterstock or Getty Images does business, or on Shutterstock or Getty Images' operating results and business generally; risks that the businesses will not be integrated successfully or that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth, as expected (or at all), or that such benefits may take longer to realize or may be more costly to achieve than expected; the risk that disruptions from the transaction will harm business plans and operations; risks relating to unanticipated costs of integration; significant transaction and/or integration costs, or difficulties in connection with the transaction and/or unknown or inestimable liabilities; restrictions during the pendency of the transaction that may impact the ability to pursue certain business opportunities or strategic transactions; potential litigation associated with the transaction; the potential impact of the announcement or consummation of the transaction on Getty Images', Shutterstock's or the combined company's relationships with suppliers, customers, employers and regulators; demand for the combined company's products; potential changes in the Getty Images stock price that could negatively impact the value of the consideration offered to the Shutterstock stockholders; the occurrence of any event that could give rise to the termination of the proposed transaction; and Getty Images' ability to complete any refinancing of its debt or new debt financing on a timely basis, on favorable terms or at all. A more fulsome discussion of the risks related to the proposed transaction will be included in the information statement and proxy statement/prospectus. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned "Risk Factors" in each of Getty Images' and Shutterstock's Annual Report on Form 10-K for the fiscal year ended
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Shutterstock, Inc. Consolidated Statements of Operations (In thousands, except for per share data) (unaudited)
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Three Months Ended |
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2025 |
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2024 |
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Revenue |
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$ 242,620 |
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$ 214,315 |
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|
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|
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Operating expenses: |
|
|
|
|
|
Cost of revenue |
|
100,888 |
|
88,204 |
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Sales and marketing |
|
53,359 |
|
56,236 |
|
Product development |
|
19,865 |
|
21,051 |
|
General and administrative |
|
58,307 |
|
32,078 |
|
Total operating expenses |
|
232,419 |
|
197,569 |
|
Income from operations |
|
10,201 |
|
16,746 |
|
Interest expense |
|
(4,298) |
|
(562) |
|
Other income, net |
|
14,515 |
|
4,206 |
|
Income before income taxes |
|
20,418 |
|
20,390 |
|
Provision for income taxes |
|
1,730 |
|
4,269 |
|
Net income |
|
$ 18,688 |
|
$ 16,121 |
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|
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|
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Earnings per share: |
|
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Basic |
|
$ 0.54 |
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$ 0.45 |
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Diluted |
|
$ 0.53 |
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$ 0.45 |
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|
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|
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Weighted average common shares outstanding: |
|
|
|
|
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Basic |
|
34,890 |
|
35,591 |
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Diluted |
|
35,322 |
|
36,066 |
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Shutterstock, Inc. Consolidated Balance Sheets (In thousands, except par value amount) (unaudited)
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ 112,231 |
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$ 111,251 |
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Accounts receivable, net of allowance of |
|
111,739 |
|
95,225 |
|
Prepaid expenses and other current assets |
|
40,043 |
|
49,482 |
|
Total current assets |
|
264,013 |
|
255,958 |
|
Property and equipment, net |
|
65,624 |
|
66,400 |
|
Right-of-use assets |
|
12,913 |
|
13,956 |
|
Intangible assets, net |
|
238,278 |
|
248,477 |
|
|
|
572,420 |
|
569,668 |
|
Deferred tax assets, net |
|
78,053 |
|
70,982 |
|
Other assets |
|
92,917 |
|
83,715 |
|
Total assets |
|
$ 1,324,218 |
|
$ 1,309,156 |
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|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
|
|
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Accounts payable |
|
$ 16,119 |
|
$ 9,221 |
|
Accrued expenses |
|
107,878 |
|
126,643 |
|
Contributor royalties payable |
|
85,022 |
|
81,076 |
|
Deferred revenue |
|
226,242 |
|
225,489 |
|
Debt |
|
158,107 |
|
158,106 |
|
Other current liabilities |
|
21,854 |
|
24,751 |
|
Total current liabilities |
|
615,222 |
|
625,286 |
|
Deferred tax liability, net |
|
1,853 |
|
2,174 |
|
Long-term debt |
|
118,858 |
|
119,598 |
|
Lease liabilities |
|
21,706 |
|
23,365 |
|
Other non-current liabilities |
|
19,399 |
|
20,383 |
|
Total liabilities |
|
777,038 |
|
790,806 |
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock, |
|
403 |
|
403 |
|
|
|
(269,804) |
|
(269,804) |
|
Additional paid-in capital |
|
485,736 |
|
468,390 |
|
Accumulated other comprehensive loss |
|
(12,544) |
|
(16,841) |
|
Retained earnings |
|
343,389 |
|
336,202 |
|
Total stockholders' equity |
|
547,180 |
|
518,350 |
|
Total liabilities and stockholders' equity |
|
$ 1,324,218 |
|
$ 1,309,156 |
|
Shutterstock, Inc. Consolidated Statements of Cash Flows (In thousands, except par value amount) (unaudited)
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Three Months Ended
|
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|
|
|
2025 |
|
2024 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Net income |
|
$ 18,688 |
|
$ 16,121 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
22,671 |
|
21,263 |
|
Deferred taxes |
|
(7,772) |
|
(3,854) |
|
Non-cash equity-based compensation |
|
17,884 |
|
11,150 |
|
Bad debt expense |
|
593 |
|
(1,510) |
|
Unrealized gain on investments, net |
|
(13,260) |
|
(3,755) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(16,618) |
|
(736) |
|
Prepaid expenses and other current and non-current assets |
|
17,982 |
|
(11,999) |
|
Accounts payable and other current and non-current liabilities |
|
(17,264) |
|
(20,182) |
|
Contributor royalties payable |
|
3,379 |
|
6,127 |
|
Deferred revenue |
|
(1,036) |
|
(4,325) |
|
Net cash provided by operating activities |
|
$ 25,247 |
|
$ 8,300 |
|
|
|
|
|
|
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CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Capital expenditures |
|
(10,808) |
|
(14,461) |
|
Business combination, net of cash acquired |
|
— |
|
(19,474) |
|
Cash received related to Giphy Retention Compensation |
|
492 |
|
18,401 |
|
Acquisition of content |
|
(897) |
|
(994) |
|
Security deposit payment |
|
(21) |
|
— |
|
Net cash used in investing activities |
|
$ (11,234) |
|
$ (16,528) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Cash paid related to settlement of employee taxes related to RSU vesting |
|
(3,539) |
|
(7,966) |
|
Payment of cash dividends |
|
(11,501) |
|
(10,663) |
|
Repayment of credit facility |
|
(781) |
|
— |
|
Net cash used in financing activities |
|
$ (15,821) |
|
$ (18,629) |
|
|
|
|
|
|
|
Effect of foreign exchange rate changes on cash |
|
2,788 |
|
(1,822) |
|
Net increase / (decrease) in cash and cash equivalents |
|
980 |
|
(28,679) |
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
111,251 |
|
100,490 |
|
Cash and cash equivalents, end of period |
|
$ 112,231 |
|
$ 71,811 |
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Information: |
|
|
|
|
|
Cash (received) / paid for income taxes |
|
$ (604) |
|
$ 2,901 |
|
Cash paid for interest |
|
4,359 |
|
509 |
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are not financial measures prepared in accordance with
|
|
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Three Months Ended |
||
|
|
|
2025 |
|
2024 |
|
Net income |
|
$ 18,688 |
|
$ 16,121 |
|
Add / (less) Non-GAAP adjustments: |
|
|
|
|
|
Non-cash equity-based compensation |
|
17,884 |
|
11,150 |
|
Tax effect of non-cash equity-based compensation (1) |
|
(4,203) |
|
(2,620) |
|
Acquisition-related amortization expense (2) |
|
9,697 |
|
9,163 |
|
Tax effect of acquisition-related amortization expense (1) |
|
(2,279) |
|
(2,153) |
|
Giphy Retention Compensation Expense - non-recurring |
|
566 |
|
6,829 |
|
Tax effect of Giphy Retention Compensation Expense - non-recurring(1) |
|
(133) |
|
(1,605) |
|
Merger related costs |
|
11,861 |
|
— |
|
Tax effect of Merger related costs(1) |
|
(2,669) |
|
— |
|
Other(3) |
|
(13,080) |
|
(3,766) |
|
Tax effect of other(1) |
|
(41) |
|
2 |
|
Adjusted net income |
|
$ 36,291 |
|
$ 33,121 |
|
|
|
|
|
|
|
Net income per diluted common share |
|
$ 0.53 |
|
$ 0.45 |
|
Adjusted net income per diluted common share |
|
$ 1.03 |
|
$ 0.92 |
|
|
|
|
|
|
|
Weighted average diluted shares |
|
35,322 |
|
36,066 |
|
(1) |
Statutory tax rates are used to calculate the tax effect of the adjustments. |
|
(2) |
Of these amounts, |
|
(3) |
Other consists of unrealized gains and losses on investments and severance costs associated with strategic workforce optimizations. |
|
|
|
Three Months Ended |
||
|
|
|
2025 |
|
2024 |
|
Net income |
|
$ 18,688 |
|
$ 16,121 |
|
Add / (less) Non-GAAP adjustments: |
|
|
|
|
|
Interest expense |
|
4,298 |
|
562 |
|
Interest income |
|
(935) |
|
(1,043) |
|
Provision for income taxes |
|
1,730 |
|
4,269 |
|
Depreciation and amortization |
|
22,671 |
|
21,263 |
|
EBITDA |
|
$ 46,452 |
|
$ 41,172 |
|
|
|
|
|
|
|
Non-cash equity-based compensation |
|
17,884 |
|
11,150 |
|
Giphy Retention Compensation Expense - non-recurring |
|
566 |
|
6,829 |
|
Merger related costs |
|
11,861 |
|
— |
|
Foreign currency (gain) / loss |
|
(320) |
|
592 |
|
Unrealized gain on investment |
|
(13,260) |
|
(3,755) |
|
Workforce optimization - severance |
|
180 |
|
(11) |
|
Adjusted EBITDA |
|
$ 63,363 |
|
$ 55,977 |
|
|
|
|
|
|
|
Revenue |
|
$ 242,620 |
|
$ 214,315 |
|
Net income margin |
|
7.7 % |
|
7.5 % |
|
Adjusted EBITDA margin |
|
26.1 % |
|
26.1 % |
|
|
|
Three Months Ended |
||
|
|
|
2025 |
|
2024 |
|
Reported Revenue (in thousands) |
|
$ 242,620 |
|
$ 214,315 |
|
|
|
|
|
|
|
Revenue growth |
|
13 % |
|
— % |
|
Revenue growth on a constant currency basis |
|
14 % |
|
— % |
|
|
|
|
|
|
|
Content reported revenue (in thousands) |
|
$ 202,888 |
|
$ 173,830 |
|
Content revenue growth |
|
17 % |
|
(10) % |
|
Content revenue growth on a constant currency basis |
|
17 % |
|
(10) % |
|
|
|
|
|
|
|
Data, Distribution, and Services reported revenue (in thousands) |
|
$ 39,732 |
|
$ 40,485 |
|
Data, Distribution, and Services revenue growth |
|
(2) % |
|
90 % |
|
Data, Distribution, and Services revenue growth on a constant currency basis |
|
(2) % |
|
90 % |
|
|
|
Three Months Ended |
||
|
|
|
2025 |
|
2024 |
|
Cash flow information: |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 25,247 |
|
$ 8,300 |
|
Net cash used in investing activities |
|
$ (11,234) |
|
$ (16,528) |
|
Net cash used in financing activities |
|
$ (15,821) |
|
$ (18,629) |
|
|
|
|
|
|
|
Adjusted free cash flow: |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 25,247 |
|
$ 8,300 |
|
Capital expenditures |
|
(10,808) |
|
(14,461) |
|
Content acquisitions |
|
(897) |
|
(994) |
|
Cash received related to Giphy Retention Compensation |
|
492 |
|
18,401 |
|
Merger related costs |
|
9,350 |
|
— |
|
Adjusted Free Cash Flow |
|
$ 23,384 |
|
$ 11,246 |
|
|
|
Three Months Ended |
||
|
|
|
2025 |
|
2024 |
|
Content |
|
$ 202,888 |
|
$ 173,830 |
|
Data, Distribution, and Services |
|
$ 39,732 |
|
$ 40,485 |
|
Total revenue |
|
$ 242,620 |
|
$ 214,315 |
|
|
|
|
|
|
|
Change in total deferred revenue(1) |
|
$ 753 |
|
$ (5,422) |
|
Total billings |
|
$ 243,373 |
|
$ 208,893 |
|
(1) Change in total deferred revenue excludes deferred revenue acquired through business combinations. |
|
Shutterstock, Inc. Supplemental Financial Data (unaudited) |
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|
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|
Historical Operating Metrics |
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|
|
Three Months Ended |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribers (end of period, in thousands) (1) |
|
1,079 |
|
459 |
|
470 |
|
490 |
|
499 |
|
523 |
|
551 |
|
556 |
|
Subscriber revenue (in millions) (2) |
|
$ 109.9 |
|
$ 75.7 |
|
$ 78.7 |
|
$ 80.3 |
|
$ 83.9 |
|
$ 85.2 |
|
$ 88.3 |
|
$ 87.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per customer (last twelve months) (3) |
|
$ 244 |
|
$ 450 |
|
$ 446 |
|
$ 434 |
|
$ 418 |
|
$ 412 |
|
$ 401 |
|
$ 374 |
|
Paid downloads (in millions) (4) |
|
120.9 |
|
33.0 |
|
32.9 |
|
33.4 |
|
35.0 |
|
35.4 |
|
36.4 |
|
38.5 |
|
Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning
|
|
|
(1) |
Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period. |
|
(2) |
Subscriber revenue is defined as the revenue generated from subscribers during the period. |
|
(3) |
Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. |
|
(4) |
Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering. |
|
Equity-Based Compensation by expense category |
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|
|
Three Months Ended |
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|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ 396 |
|
$ 505 |
|
$ 443 |
|
$ 300 |
|
$ 224 |
|
$ 145 |
|
$ 180 |
|
$ 306 |
|
Sales and marketing |
|
2,255 |
|
2,627 |
|
3,226 |
|
3,167 |
|
2,011 |
|
2,201 |
|
2,067 |
|
2,487 |
|
Product development |
|
2,912 |
|
2,722 |
|
2,745 |
|
4,171 |
|
2,285 |
|
3,022 |
|
3,509 |
|
4,221 |
|
General and administrative |
|
12,321 |
|
9,256 |
|
8,680 |
|
7,338 |
|
6,630 |
|
6,620 |
|
7,247 |
|
7,929 |
|
Total non-cash equity-based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization by expense category |
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|
|
Three Months Ended |
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|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
1,929 |
|
2,096 |
|
1,991 |
|
1,346 |
|
1,389 |
|
1,404 |
|
1,400 |
|
1,070 |
|
Total depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-first-quarter-2025-financial-results-302444814.html
SOURCE
