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Shutterstock Reports Second Quarter 2020 Financial Results
Declares Quarterly Dividend of $0.17 per share

NEW YORK, July 28, 2020 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a leading global technology company offering a creative platform for high-quality content, tools and services, today announced financial results for the second quarter ended June 30, 2020.

Commenting on the Company's performance, Stan Pavlovsky, the Company's Chief Executive Officer, said, "Shutterstock delivered a strong second quarter characterized by revenue that surpassed our expectations. Our margin expansion initiatives have begun to take hold, which has resulted in record adjusted EBITDA for the quarter. I am impressed by the resiliency of our business and our ability to deliver strong performance in the current operating environment. Based on a higher level of confidence we have in our business outlook, we are accelerating several targeted investments in our platform solutions offering and marketing and brand building to support growth in our subscriptions products.

Jarrod Yahes, the Company's Chief Financial Officer, said, "As our business evolves towards a primarily subscription-based model, we are now disclosing additional key operating metrics to the investor community. We expect the increase in subscriber revenues to result in greater operating leverage and allow us to consistently deliver incremental margin expansion over a sustained period of time. In order to highlight our market opportunity and business model, we have made a new interactive investor relations microsite available to investors this quarter."

Second Quarter 2020 highlights compared to Second Quarter 2019:

        Key Operating Metrics

  • Subscribers increased 29%, to 223,000.
  • Subscriber revenue increased 8% to $62.7 million.
  • Average revenue per customer, increased 0.2% to $326.
  • Paid downloads decreased 6% to 44.0 million.
  • Revenue per download increased by $0.17 to $3.61.
  • Image collection expanded 21% to approximately 340 million images.
  • Footage collection expanded 27% to approximately 19 million clips.

        Financial Highlights

  • Revenue decreased 2% to $159.2 million. On a constant currency basis, revenue decreased 1%.
  • Income from operations increased by $19.5 million to $22.5 million.
  • Net income increased by $15.7 million to $19.0 million.
  • Adjusted EBITDA increased by $11.9 million to $37.0 million.
  • Diluted EPS increased by $0.44 to $0.53 per share.

SHUTTERSTOCK INVESTOR RELATIONS MICRO SITE

Accessible at content.shutterstock.com/investor-report/index.html

SECOND QUARTER RESULTS

Revenue

Second quarter revenue of $159.2 million decreased $2.5 million or 2% as compared to 2019. Revenue generated through our E-commerce sales channel increased 1% as compared to the second quarter of 2019, to $98.2 million, and represented 62% of total revenue in the second quarter of 2020. Revenue from our Enterprise sales channel decreased 6% as compared to the second quarter of 2019, to $61.1 million, and represented 38% of second quarter revenue in 2020.

On a constant currency basis, revenue decreased 1% in the second quarter of 2020 as compared to the second quarter of 2019. On a constant currency basis, E-commerce revenue increased by 2.0% in the second quarter of 2020, as compared to the second quarter of 2019. On a constant currency basis, Enterprise revenue decreased by approximately 5% in the second quarter of 2020, as compared to the second quarter of 2019.

Net income and Income per diluted share

Net income of $19.0 million, increased $15.7 million as compared to $3.3 million for the second quarter in 2019. Net income per diluted share was $0.53, as compared to $0.09 for the same period in 2019. This increase is primarily due to our margin expansion initiatives which have resulted in lower operating expenses in the second quarter of 2020.

Adjusted net income per diluted share was $0.62 as compared to $0.33 for the second quarter of 2019, a increase of $0.29 per diluted share.

Adjusted EBITDA

Adjusted EBITDA of $37.0 million for the second quarter of 2020 increased $11.9 million, or 48%, as compared to the second quarter of 2019, driven primarily by lower operating expenses resulting from our margin expansion. The adjusted EBITDA margin increased to 23.3% from 15.5% in the second quarter of 2019.

LIQUIDITY

Our cash and cash equivalents increased by $7.9 million to $311.2 million at June 30, 2020, as compared with $303.3 million at December 31, 2019. This increase was driven by $36.3 million of net cash provided by our operating activities, partially offset by $15.4 million used in investing activities and $14.9 million used in financing activities. Net cash provided by our operating activities was impacted by a one-time $7.8 million payment related to long-term incentives made in conjunction with our 2017 acquisition of Flashstock Technology, Inc. ("Flashstock"), in addition to unfavorable impacts due to changes in the timing of payments pertaining to operating expenses. Cash used in investing activities primarily consists of $14.0 million related to capital expenditures. Cash used in financing activities includes $12.1 million related to the payment of the quarterly cash dividend.

Free cash flow was $28.6 million for 2020, a decrease of $3.2 million from 2019. This change was primarily driven by lower cash flows from operating activities. Free cash flow for the six months ended June 30, 2020 is presented excluding a nonrecurring payment of $7.8 million with respect to long-term incentives related to our 2017 acquisition of Flashstock.

QUARTERLY CASH DIVIDEND

We declared and paid cash dividends of $0.34 per common share, or $12.1 million during the six months ended June 30, 2020.

On July 20, 2020, the Board of Directors declared a dividend of $0.17 per share of outstanding common stock, payable on September 17, 2020 to stockholders of record at the close of business on September 3, 2020.

KEY OPERATING METRICS



Three Months Ended June 30,



2020


2019




Subscribers (end of period)(1)


223,000



173,000


Subscriber revenue (in millions)(2)


$

62.7



$

57.9







Average revenue per customer (trailing twelve months)(3)


$

326



$

325


Paid downloads (in millions)(4)


44.0



46.6


Revenue per download (5)


$3.61



$3.44


Content in our collection (end of period, in millions)(6):





Images


340



280


Footage clips


19



15



(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 trailing twelve month period by customers.  We define customers as total active, paying customers that contributed to total revenue over the trailing twelve month period.


(4) Paid downloads is the number of downloads that our customers make in a given period of our photographs, vectors, illustrations, footage or music tracks. Paid downloads exclude custom content and downloads of content that are offered to customers for no charge, including our free image of the week.


(5) Revenue per download is the amount of content-related revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from custom content and the impact of revenue that is not derived from or associated with content licenses.


(6) Represents approved images (photographs, vectors and illustrations) and footage (in number of clips) in our library on shutterstock.com at the end of the period. We exclude content from this collection metric that is not uploaded directly to our site but is available for license by our customers through an application program interface, custom content and certain content that may be licensed for editorial use only.

NON-GAAP FINANCIAL MEASURES

To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted net income, revenue growth (including by distribution channel) on a constant currency basis, adjusted EBITDA margin, billings and free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, foreign currency transaction gains and losses, expenses related to long-term incentives and contingent consideration related to acquisitions, interest income and expense and income taxes; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, the amortization of acquisition-related intangible assets, expenses related to long-term incentives and contingent consideration related to acquisitions and the estimated tax impact of such adjustments; revenue growth (including by distribution channel) on a constant currency basis 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; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; billings as revenue adjusted for the change in deferred revenue during the period; and free cash flow as cash provided by operating activities, adjusted for capital expenditures, content acquisition, and, with respect to the three months ended March 31, 2020, a payment associated with long-term incentives related to our 2017 acquisition of Flashstock. These figures have not been calculated in accordance with GAAP and should be considered 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 net income, revenue growth (including by distribution channel) on a constant currency basis, adjusted EBITDA margin, billings and 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 and adjusted net income 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 distribution channel) on a constant currency basis 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 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 property and equipment to support the Company's ongoing business operations and after excluding the impact of nonrecurring payments associated with long-term incentives related to our 2017 acquisition of Flashstock, 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 net income, revenue growth (including by distribution channel) on a constant currency basis, adjusted EBITDA margin, billings and 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 and bonuses; (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 adjusted EBITDA, adjusted net income, billings, free cash flow, and the most comparable financial measures 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.

EARNINGS TELECONFERENCE INFORMATION

The Company will discuss its second quarter and full year financial results during a teleconference today, July 28, 2020, at 8:30 AM ET. The conference call can be accessed in the U.S. at (844) 634-1442 or outside the U.S. at (615) 247-0239 with the conference ID# 2957776. A live audio webcast of the call will also be available simultaneously at http://investor.shutterstock.com.

Following completion of the call, a recorded replay of the webcast will be available in the investor relations section of Shutterstock's website. A telephone replay of the call will also be available until August 5, 2020 in the U.S. at (855) 859-2056 or outside the U.S. at (404) 537-3406 with the conference ID# 2957776.

Additional investor information can be accessed at http://investor.shutterstock.com.

ABOUT SHUTTERSTOCK

Shutterstock, Inc. (NYSE: SSTK), directly and through its group subsidiaries, is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 1 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 340 million images and more than 19 million footage clips available.

Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The Company also owns Bigstock, a value-oriented stock media offering; Shutterstock Custom, a custom content creation platform; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images for the world's media.

For more information, please visit www.shutterstock.com and follow Shutterstock on Twitter and on Facebook.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding management's future business, future results of operations or financial condition, new or planned features, products or services, management strategies, Shutterstock's expectations regarding financial outlook and future growth and profitability and statements regarding anticipated improvements in operations. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. However, not all forward-looking statements contain these words. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors including risks related to any changes to or the effects on liabilities, financial condition, future capital expenditures, revenue, expenses, net income or loss, synergies and future prospects; our inability to continue to attract and retain customers and contributors to our online marketplace for creative content; competitive factors; our inability to innovate technologically or develop, market and offer new products and services; costs related to litigation or infringement claims, indemnification claims and the inability to prevent misuse of our content; our inability to increase market awareness of Shutterstock and our products and services; our inability to effectively manage our growth; our inability to grow at historic growth rates or at all; technological interruptions that impair access to our websites; assertions by third parties of infringement of intellectual property rights by Shutterstock, our inability to effectively manage risks associated with operating internationally; our exposure to foreign exchange rate risk; our inability to address risks associated with sales to large corporate customers; government regulation of the internet; increasing regulation related to the handling of personal data; actions by governments to restrict access to our products and services; our inability to effectively expand our operations into new products, services and technologies; our inability to protect the confidential information of customers; increased tax liabilities associated with our worldwide operations, including our exposure to withholding, sales and transaction tax liabilities; the effect of the Tax Cuts and Jobs Act of 2017; public health crises including the COVID-19 pandemic; general economic and political conditions worldwide, including disruption and volatility caused by COVID-19 and any resulting economic recession; our inability to successfully integrate acquisitions and the associated technology and achieve operational efficiencies; and other factors and risks discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in other documents that we may file from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Shutterstock's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The forward-looking statements contained in this press release are made only as of this date and Shutterstock assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

 

Shutterstock, Inc.
Consolidated Statements of Operations
(In thousands, except for per share data)
(unaudited)




Three Months Ended June 30,


Six Months Ended June 30,



2020


2019


2020


2019










Revenue


$

159,230



$

161,741



$

320,515



$

325,073











Operating expenses:









Cost of revenue


63,811



68,526



132,934



137,744


Sales and marketing


35,557



44,488



78,217



88,934


Product development


12,485



13,594



25,554



28,580


General and administrative


24,832



32,063



55,484



58,646


Total operating expenses


136,685



158,671



292,189



313,904


Income from operations


22,545



3,070



28,326



11,169


Other income, net


149



584



662



1,480


Income before income taxes


22,694



3,654



28,988



12,649


Provision for income taxes


3,707



355



5,683



1,828


Net income


$

18,987



$

3,299



$

23,305



$

10,821











Earnings per share









Basic


$

0.53



$

0.09



$

0.65



$

0.31


Diluted


$

0.53



$

0.09



$

0.65



$

0.30











Weighted average common shares outstanding:









Basic


35,652



35,232



35,587



35,174


Diluted


35,906



35,504



35,894



35,499



 

 

Shutterstock, Inc.
Consolidated Balance Sheets
(In thousands, except par value amount)
(unaudited)




June 30, 2020


December 31, 2019






ASSETS





Current assets:





Cash and cash equivalents


$

311,157



$

303,261


Accounts receivable, net of allowance of $3,608 and $3,579


48,744



47,016


Prepaid expenses and other current assets


26,590



26,703


Total current assets


386,491



376,980


Property and equipment, net


54,240



58,834


Right-of-use assets


42,097



45,453


Intangibles assets, net


25,182



26,669


Goodwill


88,167



88,974


Deferred tax assets, net


13,727



14,387


Other assets


16,427



19,215


Total assets


$

626,331



$

630,512







LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable


$

4,504



$

6,104


Accrued expenses


51,554



53,864


Contributor royalties payable


24,248



25,193


Deferred revenue


138,229



141,922


Other liabilities


10,347



18,811


Total current liabilities


228,882



245,894


Lease liabilities


44,280



47,313


Other non-current liabilities


9,669



9,160


Total liabilities


282,831



302,367


Commitment and contingencies





Stockholders' equity:





Common stock, $0.01 par value; 200,000 shares authorized; 38,245 and 38,055 shares
issued and 35,687 and 35,497 shares outstanding as of June 30, 2020 and
December 31, 2019, respectively


382



381


Treasury stock, at cost; 2,558 shares as of June 30, 2020 and December 31, 2019


(100,027)



(100,027)


Additional paid-in capital


319,412



312,824


Accumulated other comprehensive loss


(8,414)



(6,220)


Retained earnings


132,147



121,187


Total stockholders' equity


343,500



328,145


Total liabilities and stockholders' equity


$

626,331



$

630,512


 

 

Shutterstock, Inc.
Consolidated Statements of Cash Flows
(In thousands, except par value amount)
(unaudited)




Three Months Ended
June 30,


Six Months Ended
June 30,



2020


2019


2020


2019










CASH FLOWS FROM OPERATING ACTIVITIES









Net income


$

18,987



$

3,299



$

23,305



$

10,821


Adjustments to reconcile net income to net cash provided by
operating activities:









Depreciation and amortization


10,851



13,403



21,370



25,319


Deferred taxes


1,079



(2,011)



693



(1,312)


Non-cash equity-based compensation


3,636



7,751



9,396



12,375


Bad debt expense


428



(3)



1,086



(635)


Changes in operating assets and liabilities:









Accounts receivable


(3,952)



1,066



(3,279)



(2,746)


Prepaid expenses and other current and non-current assets


2,256



4,726



49



1,944


Accounts payable and other current and non-current liabilities


(1,759)



(95)



(4,045)



1,899


Long-term incentives related to acquisitions






(7,759)




Contributor royalties payable


(1,391)



(1,079)



(840)



1,059


Deferred revenue


(651)



(23)



(3,633)



(1,981)


Net cash provided by operating activities


$

29,484



$

27,034



$

36,343



$

46,743











CASH FLOWS FROM INVESTING ACTIVITIES









Capital expenditures


(6,247)



(6,473)



(13,966)



(13,726)


Proceeds from sale of Webdam, net








2,500


Acquisition of content


(854)



(732)



(1,577)



(1,277)


Security deposit release


74



25



105



25


Net cash used in investing activities


$

(7,027)



$

(7,180)



$

(15,438)



$

(12,478)











CASH FLOWS FROM FINANCING ACTIVITIES









Proceeds from exercise of stock options


629



4



629



218


Cash paid related to settlement of employee taxes related to RSU
vesting


(1,675)



(1,091)



(3,436)



(5,181)


Payment of cash dividend


(6,058)





(12,098)




Net cash used in financing activities


$

(7,104)



$

(1,087)



$

(14,905)



$

(4,963)











Effect of foreign exchange rate changes on cash


93



161



(717)



(1,085)


Net increase in cash, cash equivalents and restricted cash


15,446



18,928



5,283



28,217











Cash, cash equivalents and restricted cash, beginning of period


295,711



242,754



305,874



233,465


Cash, cash equivalents and restricted cash, end of period


$

311,157



$

261,682



$

311,157



$

261,682











Supplemental Disclosure of Cash Information:









Cash paid for income taxes


$

433



$

1,175



$

927



$

1,480


 

 

Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)


Adjusted EBITDA, adjusted net income, revenue growth (including by distribution channel) on a constant currency basis, billings and free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. We caution 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.




Three Months Ended June 30,


Six Months Ended June 30,



2020


2019


2020


2019

Net income


$

18,987



$

3,299



$

23,305



$

10,821


Add / (less) Non-GAAP adjustments:









Depreciation and amortization


10,851



13,403



21,370



25,319


Non-cash equity-based compensation


3,636



7,751



9,396



12,375


Other adjustments, net (1)


(149)



298



(662)



305


Provision for income taxes


3,707



355



5,683



1,828


Adjusted EBITDA


$

37,032



$

25,106



$

59,092



$

50,648


Adjusted EBITDA margin


23.3

%


15.5

%


18.4

%


15.6

%



(1)

Other adjustments, net includes foreign currency transaction gains and losses, expenses related to long-term incentives and contingent consideration related to acquisitions, and interest income and expense.

 



Three Months Ended June 30,


Six Months Ended June 30,



2020


2019


2020


2019

Net income


$

18,987



$

3,299



$

23,305



$

10,821


Add / (less) Non-GAAP adjustments:









Non-cash equity-based compensation


3,636



7,751



9,396



12,375


Tax effect of non-cash equity-based compensation (2)


(854)



(1,822)



(2,208)



(2,909)


Acquisition-related amortization expense


514



2,407



1,082



3,297


Tax effect of acquisition-related amortization expense (2)


(121)



(498)



(254)



(707)


Acquisition-related long-term incentives and contingent
consideration




882





1,786


Tax effect of acquisition-related long-term incentives and
contingent consideration (2)




(234)





(474)


Adjusted net income


$

22,162



$

11,785



$

31,321



$

24,189











Net income per diluted share


$

0.53



$

0.09



$

0.65



$

0.30


Adjusted net income per diluted share


$

0.62



$

0.33



$

0.87



$

0.68


Weighted average diluted shares


35,906



35,504



35,894



35,499




(2)

Tax effect reflects the estimated impact of the adjustment on the provision for income taxes.

 



Three Months Ended June 30,


Six Months Ended June 30,



2020


2019


2020


2019

Total Revenues


$

159,230



$

161,741



$

320,515



$

325,073











Revenue growth


(2)

%


3

%


(1)

%


5

%

Revenue growth on a constant currency basis


(1)

%


5

%


(1)

%


7

%










E-commerce revenues


$

98,164



$

96,993



$

197,900



$

195,106


Revenue growth: E-commerce


1

%


6

%


1

%


8

%

Revenue growth: E-commerce on a constant currency basis


2

%


7

%


2

%


10

%










Enterprise revenues


$

61,066



$

64,748



$

122,615



$

129,967


Revenue growth: Enterprise


(6)

%


0

%


(6)

%


4

%

Revenue growth: Enterprise on a constant currency basis


(5)

%


2

%


(5)

%


6

%

 



Three Months Ended June 30,


Six Months Ended June 30,



2020


2019


2020


2019

Net cash provided by operating activities


$

29,484



$

27,034



$

36,343



$

46,743


Capital expenditures


(6,247)



(6,473)



(13,966)



(13,726)


Content acquisition


(854)



(732)



(1,577)



(1,277)


Payments associated with long-term incentives related to
acquisitions






7,759




Free cash flow


$

22,383



$

19,829



$

28,559



$

31,740


 

Shutterstock, Inc.
Supplemental Financial Data
(unaudited)


Historical Operating Metrics



Three Months Ended



6/30/20


3/31/20


12/31/19


9/30/19


6/30/19


3/31/19














Subscribers (end of period, in thousands) (1)


223



209



194



184



173



161


Subscriber revenue (in millions) (2)


$

62.7



$

63.9



$

60.5



$

60.1



$

57.9



$

58.0















Average revenue per customer (trailing twelve months) (3)


$

326



$

329



$

330



$

327



$

325



$

323


Paid downloads (in millions) (4)


44.0



46.8



47.7



46.3



46.6



47.2


Revenue per download (5)


$

3.61



$

3.42



$

3.44



$

3.40



$

3.44



$

3.42


Content in our collection (end of period, in millions): (6)













Images


340



330



314



297



280



260


Footage clips


19



18



17



16



15



14


 

Revenue and Billings by Sales Channel(7)




Three Months Ended



6/30/20


3/31/20


12/31/19


9/30/19


6/30/19


3/31/19



(in millions)

E-commerce revenue


$

98.2



$

99.7



$

100.9



$

96.2



$

97.0



$

98.1


Enterprise revenue


61.1



61.5



65.5



62.8



64.7



65.2


Total revenue


$

159.2



$

161.3



$

166.4



$

159.1



$

161.7



$

163.3















Change in total deferred revenue


$

(0.7)



$

(3.0)



$

4.4



$

0.4



$

(0.2)



$

(2.2)


Total billings


$

158.6



$

158.2



$

170.8



$

159.5



$

161.5



$

161.1




(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 trailing twelve month period by customers.  We define customers as total active, paying customers that contributed to total revenue over the trailing twelve month period.

(4)

Paid downloads is the number of downloads that our customers make in a given period of our photographs, vectors, illustrations, footage or music tracks. Paid downloads exclude custom content and downloads of content that are offered to customers for no charge, including our free image of the week.

(5)

Revenue per download is defined as the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from custom content and the impact of revenue that is not derived from or associated with content licenses.

(6)

Represents approved images (photographs, vectors and illustrations) and footage (in number of clips) in our library on shutterstock.com at the end of the period. We exclude content from this collection metric that is not uploaded directly to our site but is available for license by our customers through an application program interface, custom content and certain content that may be licensed for editorial use only.

(7)

Certain amounts in the table may not foot due to rounding.

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shutterstock-reports-second-quarter-2020-financial-results-301100744.html

SOURCE Shutterstock, Inc.

Media Contact: Niamh Hughes, 917-563-4991, press@shutterstock.com; Investor Contact: Chris Suh, 646-257-4825, ir@shutterstock.com