NEW YORK, Feb. 21, 2024 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a leading global creative platform connecting brands and businesses to high-quality content, today announced financial results for the full year and fourth quarter ended December 31, 2023. Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "Shutterstock delivered record revenues and profitability in 2023 and significantly exceeded our targets set out at the beginning of ...

Financial Performance - Full year 2023 revenue increased 6% to $874.6 million compared to 2022, with a constant currency increase of 5%[10] - Net income for 2023 rose 45% to $110.3 million, with net income per diluted share increasing 46% to $3.04[13] - Adjusted EBITDA for 2023 increased 10% to $240.8 million, with an adjusted EBITDA margin of 27.5%, up 120 basis points from 2022[15] - Free cash flow for the full year 2023 was $138.5 million, an increase of $40.1 million from 2022[25] - Adjusted net income for 2023 was $110,269,000, up from $76,103,000 in 2022, reflecting a growth of 45%[50] - Adjusted EBITDA for the year ended December 31, 2023, was $240,776,000, up from $218,074,000 in 2022, with an adjusted EBITDA margin of 27.5%[59] Revenue Breakdown - Content revenue decreased 7% to $737.3 million, representing 84% of total revenue, while Data, Distribution, and Services revenue surged 256% to $137.3 million, accounting for 16% of total revenue[11] - Fourth quarter 2023 revenue was $217.2 million, remaining flat compared to Q4 2022, with Content revenue down 10% to $177.5 million[16][17] - Revenue for Q4 2023 was $217,219,000, a slight decrease of 0.2% compared to Q4 2022's $217,726,000[50] - Total revenue for the year ended December 31, 2023, was $874,587,000, reflecting a 6% increase compared to $827,826,000 in 2022[61] - Content revenue decreased by 10% year-over-year for the three months ended December 31, 2023, totaling $177,526,000 compared to $197,513,000 in 2022[61] - Data, Distribution, and Services revenue saw significant growth of 96% for the three months ended December 31, 2023, reaching $39,693,000 compared to $20,213,000 in 2022[61] Subscriber Metrics - As of December 31, 2023, the number of subscribers decreased to 523,000 from 586,000 in 2022, while average revenue per customer increased to $412 from $341[27] - Subscribers at the end of the period decreased to 523,000 from 586,000 a year ago, representing a decline of 10.7%[63] - Subscriber revenue for the quarter was $85.2 million, down from $88.8 million in the same quarter last year, a decrease of 4.1%[63] - Average revenue per customer increased to $412 from $341 a year ago, reflecting a growth of 20.8%[63] Cash Flow and Assets - Cash and cash equivalents decreased to $100,490,000 as of December 31, 2023, down from $115,154,000 in 2022[53] - Total assets increased to $1,036,015,000 in 2023, up from $881,184,000 in 2022, marking a growth of 17.6%[53] - Total liabilities rose to $508,921,000 in 2023, compared to $433,702,000 in 2022, an increase of 17.4%[53] - The company generated $33,949,000 in net cash from operating activities for the three months ended December 31, 2023, down from $61,162,000 in the same period of 2022[61] - Free cash flow for the year ended December 31, 2023, was $138,468,000, compared to $98,334,000 in 2022[61] Future Guidance and Strategy - The company announced 2024 guidance with revenue of $875 million and adjusted EBITDA of $241 million, unchanged from 2023[34] - The company aims for a revenue growth CAGR of 10% and 2027 revenues of $1.2 billion, with EBITDA margin expansion from 28% to 30%[34] - The company plans to discuss its 2024 guidance and long-term targets during the earnings teleconference on February 21, 2024[43] - The company plans to continue expanding its content offerings and enhancing user engagement through new product developments and acquisitions[63] - Future guidance indicates a focus on improving subscriber growth and revenue per customer through strategic marketing initiatives and product enhancements[63] Operating Expenses and Losses - Fourth quarter net loss was $1.0 million, a decrease of $8.1 million compared to net income of $7.0 million in Q4 2022[19] - The company reported a net loss of $1,006,000 for Q4 2023, contrasting with a net income of $7,046,000 in Q4 2022[50] - For the three months ended December 31, 2023, the company reported a net loss of $1,006,000 compared to a net income of $7,046,000 for the same period in 2022[58] - Total operating expenses for Q4 2023 were $215,095,000, compared to $210,079,000 in Q4 2022, indicating an increase of 2%[50] Other Metrics - Total non-cash equity-based compensation for the quarter was $11.988 million, a decrease from $13.003 million in the previous quarter, down by 7.8%[69] - Total depreciation and amortization for the quarter was $20.356 million, compared to $18.636 million a year ago, an increase of 9.2%[70] - The content collection at the end of the period included 771 million images, up from 719 million a year ago, an increase of 7.2%[63] - Paid downloads for the quarter were 35.4 million, a decrease from 42.5 million in the same quarter last year, down by 16.5%[63] - Revenue per download increased to $5.02 from $4.49 a year ago, an increase of 11.8%[63] - Cash paid for income taxes in the three months ended December 31, 2023, was $17,097,000, significantly higher than $3,968,000 in the same period of 2022[61]

Acquisition Expands the Reach of Exclusive, High Quality Candid Entertainment News and Archival Content from the World's Top PhotographersNEW YORK, Feb. 1, 2024 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform connecting brands and businesses to high-quality content, today announced the acquisition of Backgrid, a global premier destination for celebrity news, known for supplying top media organizations with real-time content from the world's top photographers for more than ...

New York, Jan. 30, 2024 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform connecting brands and businesses to high-quality content, today announced that its Board of Directors has declared a cash dividend of $0.30 per share of outstanding common stock on January 29, 2024, payable on March 14, 2024, to stockholders of record at the close of business on February 29, 2024. This represents an increase of approximately 11% over the previous quarterly dividend of $0.27 per share ...

Editor's note: Seeking Alpha is proud to welcome White Belt Investor as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » Robert Way I am bullish on Shutterstock (NYSE:SSTK) as its metadata offerings and long-term partnerships with leaders in the AI space has shown its growth potential in its Q3 results. I believe Mr. Market has overlooked their potential ...

Leicarras/iStock via Getty ImagesShutterstock (NYSE:SSTK) is a misunderstood company that boasts strong growth prospects and a reasonable valuation. The company has a bright future, and a growth investor should purchase shares at the current enterprise value of ~$1.7B. How the Market Views Shutterstock: When investors hear the name Shutterstock, they think of the commodified stock image market. They think of a transaction-based business where marketers need a picture such as, “woman drinking coffee”, th ...

Shutterstock Editorial and Shutterstock Studios Return for 40th Edition of the World Renowned Sundance Film Festival with Special Events, Portrait Studios and moreShutterstock Studios' Hosts Panel Featuring their Breakthrough Documentary, "Surfing Through the Odds" on Friday, January 19 at 2pm CTNEW YORK, Jan. 4, 2024 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform connecting brands and businesses to high-quality content, today announced that they are the Official House P ...

Shutterstock, Inc. (NYSE:SSTK) Q3 2023 Earnings Conference Call October 31, 2023 8:30 AM ET Company Participants Chris Suh – Vice President-Investor Relations and Corporate Development Paul Hennessy – Chief Executive Officer Jarrod Yahes – Chief Financial Officer Conference Call Participants Bernie McTernan – Needham & Company Youssef Squali – Truist Andrew Boone – JMP Securities Curtis Nagle – Bank of America Operator Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Third ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________________________________________ FORM 10-Q ___________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Shutterstock, Inc. (NYSE:SSTK) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants Chris Suh - VP, IR and Corporate Development Paul Hennessy - CEO Jarrod Yahes - CFO Conference Call Participants Bernie McTernan - Needham and Company Andrew Boone - JMP Securities Operator Good day and thank you for standing by. Welcome to the Second Quarter 2023 Shutterstock, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I woul ...