UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 12, 2015

 


 

Shutterstock, Inc.

(Exact name of registrant as specified in its charter)

 


 

Delaware

 

001-35669

 

80-0812659

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

350 Fifth Avenue, 21st Floor
New York, NY 10118

(Address of principal executive offices, including zip code)

 

(646) 419-4452

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 Results of Operations and Financial Condition

 

On February 12, 2015, Shutterstock, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2014.  A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated herein by reference.

 

The information furnished on this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit No.

 

Exhibit Description

 

 

 

99.1

 

Press Release dated February 12, 2015

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 12, 2015

 

 

SHUTTERSTOCK, INC.

 

 

 

 

 

By:

/s/ Timothy E. Bixby

 

 

Timothy E. Bixby

 

 

Chief Financial Officer

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Exhibit Description

 

 

 

99.1

 

Press Release dated February 12, 2015

 

4


Exhibit 99.1

 

Shutterstock Reports Fourth Quarter and Full Year 2014 Financial Results

 

2014 Full Year Highlights

 

·                  Revenue increased 39% to $328.0 million

·                  Currency-neutral revenue growth was 40%

·                  Adjusted EBITDA increased 32% to $70.7 million, a 22% margin

 

Q4 2014 Highlights

 

·                  Revenue increased 34% to $91.2 million

·                  Currency-neutral revenue growth was 36%

·                  Adjusted EBITDA increased 46% to $22.4 million, a 25% margin

·                  Paid downloads increased 20% to 33.5 million

·                  Revenue per download increased 10% to $2.68

·                  Image collection grew 45%; currently exceeds 48 million images and 2 million video clips

 

Recent Events

 

Company acquired PremiumBeat, a curated royalty-free music library, and Rex Features, a premier source of editorial images for the world’s media, in January 2015

 

NEW YORK, NY — February 12, 2015 — Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial imagery and music, today announced financial results for the fourth quarter and full year ended December 31, 2014.

 

“We had an outstanding year in 2014.  We continue to be a market leader, with strong revenue growth, solid profitability and the largest collection of its kind,” said Founder and CEO Jon Oringer. “We believe we enter 2015 well-positioned for another outstanding year building on a solid foundation, including our recent music and editorial acquisitions that expand our market opportunity.”

 

Operating Metrics

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(in millions, except revenue per download)

 

(in millions, except revenue per download)

 

Number of paid downloads

 

33.5

 

28.0

 

125.9

 

100.1

 

Revenue per download (1)

 

$

2.68

 

$

2.43

 

$

2.58

 

$

2.35

 

Images in our collection (end of period)

 

46.8

 

32.2

 

46.8

 

32.2

 

 


(1)  Revenue per download metric excludes the impact of revenue not associated with content downloads.

 

Revenue

 

Revenue for the fourth quarter of 2014 was $91.2 million, a 34% increase from $68.0 million in the fourth quarter of 2013.  Currency-adjusted revenue growth in the fourth quarter was 36%.  Revenue for the full year was $328.0 million, a 39% increase from $235.5 million in 2013.  Currency-adjusted revenue growth for the full year was 40%.

 



 

Net Income

 

Net income for the fourth quarter of 2014 was $7.0 million as compared to $7.9 million in the fourth quarter of 2013. Net income available to common stockholders for the fourth quarter of 2014 was $7.0 million or $0.19 per share on a fully diluted basis as compared to $7.8 million or $0.22 per share on a fully diluted basis in the fourth quarter of 2013.  The decrease in net income was caused primarily by an increase in non-cash equity-based compensation expense.

 

Net income for the full year 2014 was $22.1 million as compared to $26.5 million in 2013.  Net income available to common stockholders for the full year 2014 was $22.0 million or $0.61 per share on a fully diluted basis as compared to $26.4 million or $0.77 per share on a fully diluted basis in 2013.  The decrease in net income was caused primarily by an increase in non-cash equity-based compensation expense.

 

Non-GAAP net income for the fourth quarter of 2014 was $12.5 million or $0.35 per share, as compared to $9.1 million or $0.26 per share in the fourth quarter of 2013.  Non-GAAP net income for the full year 2014 was $38.0 million, or $1.06 per share, as compared to $31.0 million or $0.90 per share in 2013.  Non-GAAP net income is defined as net income excluding the after tax impact of non-cash equity-based compensation.

 

Adjusted EBITDA

 

Adjusted EBITDA for the fourth quarter of 2014 was $22.4 million as compared to $15.4 million in the fourth quarter of 2013.  Adjusted EBITDA for the full year 2014 was $70.7 million as compared to $53.4 million in 2013.  Adjusted EBITDA is defined as net income adjusted for other income/(expense), income taxes, depreciation, amortization, disposals and non-cash equity-based compensation.

 

Cash

 

The Company’s cash and cash equivalents and short term investments balance was $288.3 million at December 31, 2014 as compared to $209.8 million as of December 31, 2013.  The Company generated $23.4 million of cash from operations in the fourth quarter of 2014 and $82.9 million of cash from operations in the full year 2014.

 

The Company incurred planned capital expenditures related primarily to the purchase of computer servers and networking equipment, and content acquisition, in the amount of $2.0 million in the fourth quarter.  Capital expenditures for the full year were $18.7 million, related primarily to the purchase of servers and networking equipment, and, to a lesser extent, leasehold improvements and content acquisition.

 

Free cash flow for the fourth quarter of 2014 was $21.8 million as compared to $14.6 million in the fourth quarter of 2013.  Free cash flow for the full year 2014 was $64.7 million as compared to $42.3 million in 2013.  Free cash flow is defined as cash provided by/(used in) operating activities adjusted for capital expenditures, content acquisition and other income/(expense).

 

Financial Outlook

 

The Company’s current financial and operating expectations for the first quarter and full year 2015 are as follows:

 

First Quarter 2015

 

·                  Revenue of $94 - $96 million

·                  Adjusted EBITDA of $16 - $17 million

·                  Non-cash equity-based compensation expense of approximately $7 million

·                  An effective tax rate of approximately 40%

·                  Capital expenditures of approximately $5 million

 



 

Full Year 2015

 

·                  Revenue of $436 - $444 million

·                  Adjusted EBITDA of $90 - $94 million

·                  Non-cash equity-based compensation expense of approximately $30 million

·                  An effective tax rate of approximately 40%

·                  Capital expenditures of approximately $18 million

 

Earnings Teleconference Information

 

The Company will discuss its fourth quarter and full year 2014 financial results during a teleconference today, February 12, 2015, at 5:00 PM ET.  The conference call can be accessed at (800) 510-9691 or (617) 614-3453 (outside the US), conference ID# 751 293 36.  The call will also be broadcast simultaneously at http://investor.shutterstock.com.

 

Following completion of the call, a recorded replay of the webcast will be available on Shutterstock’s website.  To listen to the telephone replay, call toll-free (888) 286-8010 or (617) 801-6888 (outside the US), conference ID# 595 765 01. The telephone replay will be available from 9:00 PM ET February 12 through February 19, 2015.

 

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

 

Non-GAAP Financial Measures

 

Shutterstock considers adjusted EBITDA, non-GAAP net income, and free cash flow to be important financial indicators of the Company’s operational strength and the performance of its business. Shutterstock defines adjusted EBITDA as net income adjusted for other income/(expense), income taxes, depreciation, amortization, disposals and non-cash equity-based compensation; non-GAAP net income as net income excluding the after tax impact of non-cash equity-based compensation; and free cash flow as cash provided by/(used in) operating activities adjusted for capital expenditures, content acquisition and other income/(expense). These figures are non-GAAP financial measures and should be considered in addition to results prepared in accordance with generally accepted accounting principles (GAAP), and should not be considered as a substitute for, or superior to, GAAP results. In addition, adjusted EBITDA, non-GAAP net income, and free cash flow should not be construed as indicators of our operating performance, liquidity or cash flows generated by operating, investing and financing activities, as there may be significant factors or trends that they fail to address. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare our current results with our results from other reporting periods and with the results of other companies.

 

A reconciliation of the differences between adjusted EBITDA, non-GAAP net income, and free cash flow, and the most comparable financial measure calculated and presented in accordance with GAAP, is presented under the heading “Reconciliation of Non-GAAP Financial Information to GAAP” immediately following the Consolidated Statements of Operations below.

 

Historical Operating Metrics

 

 

 

12/31/12

 

3/31/13

 

6/30/13

 

9/30/13

 

12/31/13

 

3/31/14

 

6/30/14

 

9/30/14

 

12/31/14

 

 

 

(in millions, except revenue per download)

 

Number of paid downloads

 

21.4

 

22.4

 

24.3

 

25.4

 

28.0

 

29.7

 

31.5

 

31.2

 

33.5

 

Revenue per download (1)

 

$

2.30

 

$

2.28

 

$

2.33

 

$

2.35

 

$

2.43

 

$

2.45

 

$

2.52

 

$

2.65

 

$

2.68

 

Images in collection (end of period)

 

23.3

 

25.1

 

27.3

 

29.7

 

32.2

 

35.4

 

38.8

 

42.7

 

46.8

 

 


(1)  Revenue per download metric excludes the impact of revenue not associated with content downloads.

 

Non-Cash Equity-Based Compensation

 

Included in the accompanying financial results are expenses related to non-cash equity-based compensation, as follows (in thousands):

 



 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Cost of revenue

 

$

330

 

$

146

 

$

1,283

 

$

437

 

Sales and marketing

 

1,224

 

431

 

3,912

 

1,296

 

Product development

 

3,068

 

503

 

7,597

 

1,493

 

General and administrative

 

3,420

 

706

 

10,976

 

2,982

 

Total

 

$

8,042

 

$

1,786

 

$

23,768

 

$

6,208

 

 

Amortization of Intangible Assets and Depreciation of Property and Equipment

 

Included in the accompanying financial results are expenses related to the amortization of intangible assets, as follows (in thousands):

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Cost of revenue

 

$

30

 

$

8

 

$

99

 

$

30

 

General and administrative

 

138

 

11

 

452

 

157

 

Total

 

$

168

 

$

19

 

$

551

 

$

187

 

 

Included in the accompanying financial results are expenses related to the depreciation of property and equipment, as follows (in thousands):

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Cost of revenue

 

$

1,145

 

$

764

 

$

4,282

 

$

2,340

 

General and administrative

 

847

 

350

 

3,084

 

1,343

 

Total

 

$

1,992

 

$

1,114

 

$

7,366

 

$

3,683

 

 

About Shutterstock

 

Shutterstock, Inc. (NYSE: SSTK) 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 70,000 contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 48 million images and 2 million video clips available.

 

Headquartered in New York City, with offices in Amsterdam, Berlin, Chicago, Denver, London, Los Angeles, Montreal, Paris and San Francisco, Shutterstock has customers in more than 150 countries. The company owns Bigstock, a value-oriented stock media provider; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; Rex Features, a premier source of editorial images for the world’s media; Skillfeed, an online marketplace for learning; and WebDAM, a cloud-based digital asset management service for businesses.

 

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

 



 

Safe Harbor Provision

 

Statements in this press release regarding management’s future expectations, predictions, beliefs, goals, intentions, plans, prospects or strategies including, without limitation, statements regarding Shutterstock’s future financial and operating performance on both a GAAP and non-GAAP basis and statements regarding Shutterstock’s future market opportunity, may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors including risks related to any unforeseen 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 commercial digital imagery; our inability to successfully operate in a new and rapidly changing market and to evaluate our future prospects; a decrease in repeat customer purchases or in content contributed to our online marketplace; Shutterstock’s inability to increase the percentage of its revenues that come from larger companies; failure to respond to technological changes or upgrade Shutterstock’s website and technology systems; competitive factors; assertions by third parties of infringement or other violations of intellectual property rights by Shutterstock; our inability to increase market awareness of Shutterstock and our services; our inability to continue expansion into international markets; general economic conditions worldwide; our ability to successfully integrate acquisitions and the associated technology and achieve operational efficiencies; and other factors and risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in other documents that may be filed by Shutterstock 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. Shutterstock is providing the information in this press release as of this date and assumes no obligations 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.

 



 

Shutterstock, Inc.

Consolidated Balance Sheets

(In thousands, except par value amount)

(unaudited)

 

 

 

December 31, 2014

 

December 31, 2013

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

233,453

 

$

155,355

 

Short-term investments

 

54,844

 

54,429

 

Credit card receivables

 

2,451

 

2,083

 

Accounts receivable, net

 

15,251

 

6,081

 

Prepaid expenses and other current assets

 

12,141

 

19,809

 

Deferred tax assets, net

 

5,390

 

5,431

 

Total current assets

 

323,530

 

243,188

 

Property and equipment, net

 

26,744

 

20,256

 

Intangibles assets, net

 

4,934

 

853

 

Goodwill

 

10,186

 

1,423

 

Deferred tax assets, net

 

16,484

 

10,720

 

Other assets

 

1,899

 

2,048

 

Total assets

 

$

383,777

 

$

278,488

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY/MEMBERS’ DEFICIT

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

5,334

 

$

4,164

 

Accrued expenses

 

25,073

 

23,638

 

Contributor royalties payable

 

11,933

 

9,180

 

Deferred revenue

 

75,789

 

52,100

 

Other liabilities

 

2,198

 

2,846

 

Total current liabilities

 

120,327

 

91,928

 

Other non-current liabilities

 

12,017

 

3,961

 

Total liabilities

 

132,344

 

95,889

 

 

 

 

 

 

 

Commitment and contingencies

 

 

 

 

 

Stockholders’ equity/members’ deficit:

 

 

 

 

 

Common stock, $0.01 par value; 200,000 shares authorized; 35,603 and 35,071 shares outstanding as of December 31, 2014 and December 31, 2013, respectively

 

356

 

351

 

Additional paid-in capital

 

174,821

 

127,443

 

Accumulated comprehensive (loss) income

 

(629

)

9

 

Retained earnings

 

76,885

 

54,796

 

Total stockholders’ equity

 

251,433

 

182,599

 

Total liabilities and stockholders’ equity/members’ deficit

 

$

383,777

 

$

278,488

 

 



 

Shutterstock, Inc.

Consolidated Statements of Operations

(In thousands, except for share and per share data)

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

91,226

 

$

68,031

 

$

327,971

 

$

235,515

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

35,607

 

26,102

 

130,022

 

90,627

 

Sales and marketing

 

21,235

 

16,499

 

82,125

 

56,738

 

Product development

 

11,379

 

6,464

 

38,301

 

21,764

 

General and administrative

 

10,781

 

6,473

 

38,880

 

23,063

 

Total operating expenses

 

79,002

 

55,538

 

289,328

 

192,192

 

Income from operations

 

12,224

 

12,493

 

38,643

 

43,323

 

Other (expense) income, net

 

(418

)

24

 

(466

)

52

 

Income before income taxes

 

11,806

 

12,517

 

38,177

 

43,375

 

Provision for income taxes

 

4,774

 

4,660

 

16,088

 

16,896

 

Net income

 

$

7,032

 

$

7,857

 

$

22,089

 

$

26,479

 

Less:

 

 

 

 

 

 

 

 

 

Undistributed earnings to participating stockholder

 

12

 

21

 

42

 

80

 

Net income available to common stockholders

 

$

7,020

 

$

7,836

 

$

22,047

 

$

26,399

 

 

 

 

 

 

 

 

 

 

 

Net income per basic share available to common stockholders:

 

 

 

 

 

 

 

 

 

Undistributed

 

$

0.20

 

$

0.22

 

$

0.63

 

$

0.78

 

Basic

 

$

0.20

 

$

0.22

 

$

0.63

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted share available to common stockholders:

 

 

 

 

 

 

 

 

 

Undistributed

 

$

0.19

 

$

0.22

 

$

0.61

 

$

0.77

 

Diluted

 

$

0.19

 

$

0.22

 

$

0.61

 

$

0.77

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

35,451,756

 

34,935,495

 

35,234,768

 

33,878,494

 

Diluted

 

36,000,651

 

35,619,474

 

35,913,161

 

34,426,009

 

 



 

Shutterstock, Inc.

Reconciliation of Non-GAAP Financial Information to GAAP

(In thousands, except for share and per share information)

(Unaudited)

 

Unaudited Supplemental Data

 

The following information is not a financial measure under generally accepted accounting principles (GAAP). In addition, it should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present this financial information because we believe that it is helpful to some investors as one measure of our operations. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare our results with our results from other reporting periods and with the results of other companies.

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

7,032

 

$

7,857

 

$

22,089

 

$

26,479

 

Add/(less):

 

 

 

 

 

 

 

 

 

(a) Depreciation and amortization

 

2,160

 

1,133

 

7,917

 

3,870

 

(b) Write-off of property and equipment

 

 

 

367

 

 

(c) Non-cash equity based compensation

 

8,042

 

1,786

 

23,768

 

6,208

 

(d) Other expense (income), net

 

418

 

(24

)

466

 

(52

)

(e) Provision for income taxes

 

4,774

 

4,660

 

16,088

 

16,896

 

Adjusted EBITDA (1)

 

$

22,426

 

$

15,412

 

$

70,695

 

$

53,401

 

Adjusted EBITDA per diluted common share

 

$

0.62

 

$

0.43

 

$

1.97

 

$

1.55

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares

 

36,000,651

 

35,619,474

 

35,913,161

 

34,426,009

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Net income

 

$

7,032

 

$

7,857

 

$

22,089

 

$

26,479

 

(a) Non-cash equity based compensation

 

8,042

 

1,786

 

23,768

 

6,208

 

(b) Non-cash equity based compensation tax benefit

 

(2,554

)

(510

)

(7,808

)

(1,712

)

Non-GAAP net income

 

$

12,520

 

$

9,133

 

$

38,049

 

$

30,975

 

Non-GAAP net income per diluted common share

 

$

0.35

 

$

0.26

 

$

1.06

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares

 

36,000,651

 

35,619,474

 

35,913,161

 

34,426,009

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

Net cash provided by operating activities

 

$

23,360

 

$

23,912

 

$

82,859

 

$

56,373

 

Other (expense) income, net

 

(418

)

24

 

(466

)

52

 

Capital expenditures and content acquisition

 

(2,006

)

(9,280

)

(18,671

)

(14,068

)

Free cash flow

 

$

21,772

 

$

14,608

 

$

64,654

 

$

42,253

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

22,426

 

$

15,412

 

$

70,695

 

$

53,401

 

Add/(less):

 

 

 

 

 

 

 

 

 

(a) Changes in operating assets and liabilities

 

9,565

 

10,164

 

45,766

 

4,310

 

(b) Provision for income taxes

 

(4,774

)

(4,660

)

(16,088

)

(16,896

)

(c) Deferred income taxes

 

(730

)

762

 

(4,911

)

15,848

 

(d) Excess tax benefit from exercise of stock options

 

(2,913

)

1,885

 

(13,137

)

(1,341

)

(e) Provision for doubtful accounts/chargeback/sales refund reserves

 

114

 

325

 

800

 

874

 

(f) Other (expense) income, net

 

(418

)

24

 

(466

)

52

 

(g) Amortization of financing fees

 

 

 

 

125

 

(h) Change in fair value of contingent consideration

 

90

 

 

200

 

 

Net cash provided by operating activities

 

$

23,360

 

$

23,912

 

$

82,859

 

$

56,373

 

 


(1)  Earnings/(loss) before other income/(expense), income taxes, depreciation, amortization, disposals, and non-cash equity based compensation.

 



 

Media Contacts:

Investor Contact:

 

 

Jennifer Bewley
Shutterstock, Inc.
917 563 4991
press@shutterstock.com

Denise Garcia
ICR
denise.garcia@icrinc.com