NEW YORK, Aug. 2, 2017 /PRNewswire/
-- Shutterstock, Inc. (NYSE: SSTK), a leading global technology company offering a creative platform for high-quality
assets, tools and services, today announced financial results for the second quarter ended June 30, 2017.
Founder and CEO Jon Oringer said, "We continued to make solid operational progress in the
second quarter. We've built better technology, reorganized our talent, improved pricing and packaging and have acquired or
launched assets that we believe will define the future of this business. While the actions that we are taking impact short-term
financial results, they also ensure that we can deliver profitable growth over time and that we bolster emerging growth
businesses - Motion, Editorial, Webdam and Custom Content - which have a tremendous growth profile. For example, our recent
acquisition of Flashstock serves a growing base of enterprise marketers seeking on-brand custom content to feed the ever-growing
visual demands of multiple marketing channels. We believe we have the right set of tools to take on what we believe is a
$7 billion addressable market. Overall, we are confident that the changes and investments we are
making and continue to make in our business will translate into strong returns for our shareholders."
Second Quarter 2017 highlights as compared to Second Quarter 2016:
Financial Highlights
- Revenue increased 8% to $134.0 million
- Income from operations decreased 69% to $3.3 million
- Net income decreased 58% to $3.1 million
- Adjusted EBITDA decreased 19% to $18.3 million
- Diluted EPS decreased 55% to $0.09 per share
Key Operating
Metrics
- Paid downloads decreased 2%
- Revenue per download increased 9%
- Image collection expanded 57% to 144.7 million images
- Video collection expanded 55% to 7.6 million clips
SECOND QUARTER RESULTS
Revenue
Revenue of $134.0 million for the second quarter of 2017 increased $9.6 million or 8%, as compared to the second quarter of 2016. This increase is attributable to customer
acquisition through our e-commerce platform, as well as our continued expansion in enterprise sales. Excluding the impact of
foreign currency movements, revenue growth was approximately 9% in the second quarter of 2017.
Income from Operations
Income from operations of $3.3 million for the second quarter of 2017 decreased
$7.2 million as compared to the second quarter of 2016, driven by an increase in operating
expenses primarily due to higher royalty costs associated with increased levels of revenue, increased spend in marketing and
increased administrative expenses.
Net Income
Net income of $3.1 million, or $0.09 per diluted share, for the
second quarter of 2017 decreased $4.2 million as compared with $7.2
million, or $0.20 per diluted share, in the second quarter of 2016 primarily due to the
decline in operating performance and a higher-effective tax rate, which was partly offset by non-operating transactional gains
related to foreign currency as compared to the second quarter of 2016.
Adjusted EBITDA
Adjusted EBITDA of $18.3 million for the second quarter of 2017 decreased $4.2 million or 19%, as compared to the second quarter of 2016 driven primarily by increased operating
expenses as a percent of revenue. Adjusted EBITDA includes $1.0 million of one-time transaction
costs associated with our previously announced Flashstock acquisition and severance expense. Adjusted EBITDA is defined as net
income adjusted for foreign currency transaction gains and losses, changes in fair value of contingent consideration related to
acquisitions, interest income and expense, income taxes, depreciation, amortization, disposals, and non-cash equity-based
compensation.
Adjusted Net Income
Adjusted net income, which excludes the impact of non-cash equity-based compensation, amortization of acquisition-related
intangible assets, changes in fair value of contingent consideration related to acquisitions and the estimated tax impact of such
adjustments was $8.3 million, or $0.24 per diluted share, for the
second quarter of 2017 as compared to $12.7 million or $0.36 per
diluted share, in the second quarter of 2016.
LIQUIDITY
Our cash, cash equivalents and short term investments decreased by $13.6 million to
$265.5 million at June 30, 2017 as compared with $279.2 million at December 31, 2016. This decrease reflects approximately $25.0 million of cash used to repurchase shares of the Company's outstanding common stock, $25.8 million of cash used for capital expenditures and a payment of contingent consideration of
$10.0 million related to the 2015 acquisition of PremiumBeat, which were partially offset by
cash generated from operations.
Free cash flow was $10.1 million in the second quarter of 2017, an increase of $0.7 million from the second quarter of 2016. This increase is primarily related to improved cash flows
generated by our operations, partly offset by an increase in capital expenditures of $3.8 million, which was primarily related to software development and enhancements to our information
infrastructure during the period. Free cash flow is defined as cash provided by operating activities adjusted for capital
expenditures and content acquisition.
STOCK REPURCHASE PROGRAM
During the second quarter of 2017, we did not repurchase shares of our stock pursuant to our existing stock repurchase
program. Through June 30, 2017, we have repurchased 2.6 million shares of our stock for a total of $100.0 million under the stock repurchase program at an average per-share price of $39.09. In February 2017, our Board of Directors approved an increase to the
stock repurchase program, pursuant to which the Company is authorized to purchase an additional $100
million of our common stock, and as of June 30, 2017 there was $100 million available for purchases under these
authorizations.
The stock repurchase program, which commenced in November 2015, authorizes management to
purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as
permitted by securities laws and other legal requirements. The timing and amount of any future share repurchases will be
determined by our management based on its evaluation of market conditions and other factors. The repurchase program may be
modified, suspended or discontinued at any time.
OPERATING METRICS
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(in millions, except revenue per download)
|
Number of paid downloads
|
|
42.7
|
|
43.4
|
|
86.2
|
|
84.6
|
Revenue per download (1)
|
|
$3.05
|
|
$2.81
|
|
$2.98
|
|
$2.79
|
Content in our collection (end of period)(2):
|
|
|
|
|
|
|
|
|
Images
|
|
144.7
|
|
92.1
|
|
144.7
|
|
92.1
|
Videos
|
|
7.6
|
|
4.9
|
|
7.6
|
|
4.9
|
|
(1) Revenue per download metric excludes the impact of revenue not
associated with content downloads.
|
(2) Represents images (photographs, vectors and illustrations) and video
clips available on shutterstock.com at the end of the period. We exclude content that is not uploaded directly to our
site but is available to our customers through an application program interface and certain images that may be licensed
for editorial use only.
|
FINANCIAL OUTLOOK
"We are revising our financial guidance for 2017, due primarily to lower than expected revenue as a result of the mix shift in
our e-commerce business, and our continuing investment in the business at the level we expected coming into the year," said
Steven Berns, COO and CFO. "We believe that the actions we are taking will have a positive impact
on the long-term value we derive from our customers."
The Company's current expectations for the full year 2017, reduced from those previously announced, are as follows:
- Revenue of $535-545 million, down from $545-560 million
- Income from Operations of $30-40 million, down from $47-52
million
- Adjusted EBITDA of $85-$95 million, down from $105-110
million
- Non-cash equity-based compensation expense of approximately $30 million
- Effective tax rate in mid-30's%
- Capital Expenditures of approximately $45 million, including capitalized labor of
approximately $20 million
NON-GAAP FINANCIAL MEASURES
Shutterstock defines adjusted EBITDA as net income adjusted for foreign currency transaction gains and losses, changes in fair
value of contingent consideration related to acquisitions, interest income and expense, income taxes, depreciation, amortization,
disposals and non-cash equity-based compensation; adjusted net income as net income excluding the impact of non-cash equity-based
compensation, the amortization of acquisition-related intangible assets and changes in the fair value of contingent consideration
related to acquisitions and the estimated tax impact of such adjustments; revenue growth 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 both periods; adjusted EBITDA margin (expressed as a percentage) as the ratio of
adjusted EBITDA to revenue; adjusted EBITDA growth on a constant currency basis (expressed as a percentage) as the increase in
current period adjusted EBITDA over prior period adjusted EBITDA, utilizing fixed exchange rates for translating foreign currency
revenues and expenses for both periods; and free cash flow as cash provided by/(used in) operating activities adjusted for
capital expenditures and content acquisition. These figures have not been calculated in accordance with United States generally accepted accounting principles (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. In
addition, adjusted EBITDA, adjusted net income, revenue growth on a constant currency basis, adjusted EBITDA growth on a constant
currency basis 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.
Shutterstock's management uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
revenue growth on a constant currency basis, adjusted EBITDA growth on a constant currency basis 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.
Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, revenue growth on a constant currency
basis and adjusted EBITDA growth on a constant currency basis are useful to investors to provide them with disclosures of
Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted
EBITDA 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, with respect to revenue growth and adjusted EBITDA growth 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 business. Additionally, management believes that providing these non-GAAP financial
measures enhances the comparability for investors in assessing Shutterstock's financial reporting. 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 provides them with the same measures that management uses as the basis for making resource allocation
decisions.
A reconciliation of the differences between adjusted EBITDA, adjusted 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 Balance Sheets. We do not provide a reconciliation of
adjusted EBITDA guidance to net income guidance, as the impact of net non-operating foreign currency exchange gains or losses
which are excluded from adjusted EBITDA is inherently uncertain and difficult to estimate and is unavailable without unreasonable
efforts. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to
investors.
EARNINGS TELECONFERENCE INFORMATION
The Company will discuss its second quarter financial results during a teleconference today, August 2, 2017, 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# 46485718. 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 9,
2017 in the U.S. at (855) 859-2056 or outside the U.S. at (404) 537-3406 with the conference ID# 46485718.
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 250,000 contributors, Shutterstock adds hundreds of
thousands of images each week, and currently has more than 140 million images and more than 7 million video 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 agency; Flashstock, a custom content
creation platform; 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; and Webdam, a cloud-based digital asset management service for businesses.
For more information, please visit 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 statements regarding Shutterstock's future financial and operating performance on both a GAAP
and non-GAAP basis and statements regarding Shutterstock's ability to deliver sustained financial growth, 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 creative content; competitive factors; our inability to innovate technologically
or develop, market and offer new products and services; unforeseen costs related to infringement claims, indemnification claims
and the inability to prevent misuse of our digital 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;
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; increased laws 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; general economic and
political 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, 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 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.
Shutterstock, Inc.
Consolidated Statements of Operations
(In thousands, except for per share data)
(Unaudited)
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
133,995
|
|
|
$
|
124,419
|
|
|
$
|
264,219
|
|
|
$
|
241,071
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
57,289
|
|
|
52,245
|
|
|
109,700
|
|
|
100,308
|
|
Sales and marketing
|
|
37,109
|
|
|
31,571
|
|
|
69,612
|
|
|
58,659
|
|
Product development
|
|
12,892
|
|
|
11,971
|
|
|
23,936
|
|
|
23,196
|
|
General and administrative
|
|
23,420
|
|
|
18,155
|
|
|
47,383
|
|
|
37,609
|
|
Total operating expenses
|
|
130,710
|
|
|
113,942
|
|
|
250,631
|
|
|
219,772
|
|
Income from operations
|
|
3,285
|
|
|
10,477
|
|
|
13,588
|
|
|
21,299
|
|
Other income (expense), net
|
|
1,510
|
|
|
(212)
|
|
|
1,965
|
|
|
(224)
|
|
Income before income taxes
|
|
4,795
|
|
|
10,265
|
|
|
15,553
|
|
|
21,075
|
|
Provision for income taxes
|
|
1,729
|
|
|
3,016
|
|
|
5,884
|
|
|
7,693
|
|
Net income available to common stockholders
|
|
$
|
3,066
|
|
|
$
|
7,249
|
|
|
$
|
9,669
|
|
|
$
|
13,382
|
|
|
|
|
|
|
|
|
|
|
Net income per common share available to common
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
|
$
|
0.21
|
|
|
$
|
0.28
|
|
|
$
|
0.38
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
0.20
|
|
|
$
|
0.27
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
34,581
|
|
|
34,957
|
|
|
34,589
|
|
|
35,166
|
|
Diluted
|
|
35,250
|
|
|
35,642
|
|
|
35,421
|
|
|
35,870
|
|
Shutterstock, Inc.
Consolidated Balance Sheets
(In thousands, except par value amount)
(Unaudited)
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
210,550
|
|
|
$
|
224,190
|
|
Short-term investments
|
|
54,963
|
|
|
54,972
|
|
Accounts receivable, net
|
|
38,178
|
|
|
38,107
|
|
Prepaid expenses and other current assets
|
|
29,241
|
|
|
22,569
|
|
Total current assets
|
|
332,932
|
|
|
339,838
|
|
Property and equipment, net
|
|
69,469
|
|
|
56,101
|
|
Intangibles assets, net
|
|
30,157
|
|
|
30,157
|
|
Goodwill
|
|
50,977
|
|
|
49,271
|
|
Deferred tax assets, net
|
|
22,312
|
|
|
23,013
|
|
Other assets
|
|
5,117
|
|
|
3,398
|
|
Total assets
|
|
$
|
510,964
|
|
|
$
|
501,778
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
3,042
|
|
|
$
|
7,305
|
|
Accrued expenses
|
|
44,368
|
|
|
41,106
|
|
Contributor royalties payable
|
|
20,777
|
|
|
20,473
|
|
Deferred revenue
|
|
135,990
|
|
|
122,235
|
|
Other liabilities
|
|
1,517
|
|
|
12,378
|
|
Total current liabilities
|
|
205,694
|
|
|
203,497
|
|
Deferred tax liability, net
|
|
1,836
|
|
|
2,147
|
|
Other non-current liabilities
|
|
11,891
|
|
|
9,438
|
|
Total liabilities
|
|
219,421
|
|
|
215,082
|
|
Commitment and contingencies
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock, $0.01 par value; 200,000 shares authorized; 37,171 and 36,926
shares
issued and 34,612 and 34,816 shares outstanding as of June 30, 2017 and
December 31, 2016, respectively
|
|
372
|
|
|
369
|
|
Treasury stock, at cost; 2,559 and 2,110 shares as of
June 30, 2017 and December 31, 2016,
respectively
|
|
(100,027)
|
|
|
(77,567)
|
|
Additional paid-in capital
|
|
262,056
|
|
|
251,890
|
|
Accumulated other comprehensive loss
|
|
(8,926)
|
|
|
(17,061)
|
|
Retained earnings
|
|
138,068
|
|
|
129,065
|
|
Total stockholders' equity
|
|
291,543
|
|
|
286,696
|
|
Total liabilities and stockholders' equity
|
|
$
|
510,964
|
|
|
$
|
501,778
|
|
Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(Unaudited)
|
|
Adjusted EBITDA, adjusted net income and free cash flow are not financial
measures under 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, or 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 present non-GAAP 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 June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net Income
|
|
$
|
3,066
|
|
|
$
|
7,249
|
|
|
$
|
9,669
|
|
|
$
|
13,382
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
7,765
|
|
|
4,801
|
|
|
14,721
|
|
|
9,005
|
|
Non-cash equity-based compensation
|
|
7,287
|
|
|
7,252
|
|
|
13,243
|
|
|
14,605
|
|
Other adjustments, net (1)
|
|
(1,510)
|
|
|
212
|
|
|
(1,965)
|
|
|
1,875
|
|
Provision for income taxes
|
|
1,729
|
|
|
3,016
|
|
|
5,884
|
|
|
7,693
|
|
Adjusted EBITDA(2)
|
|
$
|
18,337
|
|
|
$
|
22,530
|
|
|
$
|
41,552
|
|
|
$
|
46,560
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
|
|
$
|
3,066
|
|
|
$
|
7,249
|
|
|
$
|
9,669
|
|
|
$
|
13,382
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation
|
|
7,287
|
|
|
7,252
|
|
|
13,243
|
|
|
14,605
|
|
Tax effect of non-cash equity-based compensation
(3)
|
|
(2,679)
|
|
|
(2,610)
|
|
|
(4,869)
|
|
|
(5,197)
|
|
Acquisition-related amortization expense
|
|
1,054
|
|
|
1,086
|
|
|
2,076
|
|
|
2,257
|
|
Tax effect of acquisition-related amortization expense
(3)
|
|
(388)
|
|
|
(399)
|
|
|
(764)
|
|
|
(830)
|
|
Change in fair value of contingent consideration
|
|
—
|
|
|
130
|
|
|
—
|
|
|
2,495
|
|
Tax effect of change in fair value of contingent consideration
(3)
|
|
—
|
|
|
(48)
|
|
|
—
|
|
|
(917)
|
|
Adjusted net income
|
|
$
|
8,340
|
|
|
$
|
12,660
|
|
|
$
|
19,355
|
|
|
$
|
25,795
|
|
Adjusted net income per diluted common share
|
|
$
|
0.24
|
|
|
$
|
0.36
|
|
|
$
|
0.55
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
35,250
|
|
|
35,642
|
|
|
35,421
|
|
|
35,870
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net cash provided by operating activities
|
|
$
|
23,220
|
|
|
$
|
18,773
|
|
|
$
|
40,405
|
|
|
$
|
40,240
|
|
Capital expenditures
|
|
(12,303)
|
|
|
(8,504)
|
|
|
(25,769)
|
|
|
(16,294)
|
|
Content acquisition
|
|
(798)
|
|
|
(834)
|
|
|
(1,551)
|
|
|
(1,462)
|
|
Free cash flow
|
|
$
|
10,119
|
|
|
$
|
9,435
|
|
|
$
|
13,085
|
|
|
$
|
22,484
|
|
|
(1) Included in other adjustments, net is foreign currency
transaction gains and losses, changes in fair value of contingent consideration related to acquisitions, and interest
income and expense.
|
(2) Earnings/(loss) before foreign currency transaction gains and
losses, changes in fair value of contingent consideration related to acquisitions, interest income and expense, income
taxes, depreciation, amortization, disposals and non-cash equity-based compensation.
|
(3) Estimated tax effect of adjusted net income adjustments reflects the
consolidated blended tax rate as applied to the taxable portion of the adjustment.
|
Shutterstock, Inc.
Supplemental Financial Data
(Unaudited)
|
|
Historical Operating Metrics
|
|
|
|
6/30/17
|
|
3/31/17
|
|
12/31/16
|
|
9/30/16
|
|
6/30/16
|
|
3/31/16
|
|
12/31/15
|
|
9/30/15
|
|
6/30/15
|
|
|
(in millions, except revenue per download)
|
Number of paid downloads
|
|
42.7
|
|
|
43.5
|
|
|
42.1
|
|
|
41.2
|
|
|
43.4
|
|
|
41.2
|
|
|
39.8
|
|
|
38.1
|
|
|
35.9
|
|
Revenue per download (1)
|
|
$
|
3.05
|
|
|
$
|
2.91
|
|
|
$
|
3.02
|
|
|
$
|
2.91
|
|
|
$
|
2.81
|
|
|
$
|
2.77
|
|
|
$
|
2.86
|
|
|
$
|
2.76
|
|
|
$
|
2.85
|
|
Content in collection (end of period): (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Images
|
|
144.7
|
|
|
132.0
|
|
|
116.2
|
|
|
102.7
|
|
|
92.1
|
|
|
81.0
|
|
|
71.4
|
|
|
63.7
|
|
|
57.2
|
|
Videos
|
|
7.6
|
|
|
6.9
|
|
|
6.2
|
|
|
5.4
|
|
|
4.9
|
|
|
4.2
|
|
|
3.7
|
|
|
3.3
|
|
|
3.0
|
|
|
(1) Revenue per download metric excludes the impact of revenue not
associated with content downloads.
|
(2) Images (photographs, vectors and illustrations) and video clips
available on shutterstock.com at the end of the period. We exclude content that is not uploaded directly to our site but
is available to our customers through an application program interface and certain images that may be licensed for
editorial use only.
|
View original content:http://www.prnewswire.com/news-releases/shutterstock-reports-second-quarter-2017-financial-results-300498083.html
SOURCE Shutterstock, Inc.