SHUTTERSTOCK, INC. - SSTK STOCK NEWS

Shutterstock, Inc. (NYSE: SSTK) has launched an innovative Single Sign-On (SSO) integration designed for enterprise customers, marking a significant advancement among global content providers. This quick setup allows over 250,000 companies secure access to a library of over 350 million high-quality licensed images, videos, and music tracks. This integration aims to enhance productivity by reducing password fatigue, improving security, and decreasing accidental re-licensing costs by 10%. With support from leading identity solutions like Okta and Microsoft Azure AD, Shutterstock continues to address the evolving demands of remote work.

Shutterstock (NYSE: SSTK) announced the acquisition of assets from Amper Music, an AI-driven music platform. This acquisition enhances Shutterstock's AI capabilities, particularly in content search and music discovery for its users. Amper's technology will improve customer experience and editing tools, with all employees from Amper joining Shutterstock. The deal aligns with Shutterstock's mission to innovate and expand its offerings, allowing users to create customized music efficiently. The financial terms of the transaction remain undisclosed.

Shutterstock (NYSE: SSTK) announced its Q3 2020 financial results, reporting a 4% revenue increase to $165.2 million compared to Q3 2019. The company achieved net income of $22.6 million, up from $4.9 million the previous year, driven by improved margins and lower expenses. Subscriber count rose 39% to 255,000, with subscriber revenue increasing by 12% to $67.6 million. Adjusted EBITDA soared 120% to $47.4 million. Cash and cash equivalents reached $383.1 million, indicating a robust liquidity position. A quarterly cash dividend of $0.17 per share has been declared for December 2020.

Shutterstock (NYSE: SSTK) has launched a new premium service, Editorial Video, featuring over 250,000 video clips from partners like Critical Past and Viral Hog. This service meets the growing demand for video content, anticipated to dominate digital consumption by 2022. It enhances Shutterstock's existing collection of over 340 million images and 19 million videos. The simplified licensing model allows clients to license videos on a per-clip basis, improving the user experience. The move reflects Shutterstock's commitment to expanding its editorial offerings in response to market trends.

Shutterstock, Inc. (NYSE: SSTK) announced on Oct. 1, 2020, that Sara Birmingham has joined as Chief Human Resources Officer (CHRO). With over 20 years of HR leadership experience, Birmingham will drive a transformational people strategy to support Shutterstock's growth, focusing on employee engagement and diversity. CEO Stan Pavlovsky emphasized her role in the company's transition to a subscription-based model. Birmingham previously held senior HR roles at Thomson Reuters, championing diversity initiatives. Her appointment underscores Shutterstock’s commitment to enhancing its corporate culture.

Shutterstock, Inc. (NYSE: SSTK) will release its Q3 2020 financial results on October 27, 2020, before market opens. The company will hold a conference call at 8:30 a.m. ET to discuss the results, accessible at (844) 634-1442 in the U.S. A live audio webcast will also be available on Shutterstock's website. After the call, a replay will be accessible until November 3, 2020. As a leading provider in the stock media industry, Shutterstock continues to serve global clients with over 340 million images and 19 million video clips.

Shutterstock, Inc. (NYSE: SSTK) announced the pricing of its public offering of 2,580,000 shares at $48.50 each, with 516,000 shares sold by the company and 2,064,000 by founder Jon Oringer. The offering is expected to close on August 14, 2020. The underwriters have a 30-day option to purchase an additional 387,000 shares. Proceeds will be used for general corporate purposes, while Oringer's sale will not benefit the company. BofA Securities and Morgan Stanley lead the offering, which follows a shelf registration statement filed on August 10, 2020.

Shutterstock, Inc. (NYSE: SSTK) has announced a public offering of $250 million in common stock. Of this, $200 million will be sold by founder Jon Oringer, while Shutterstock will sell $50 million. Additionally, Oringer may grant underwriters a 30-day option for an extra $37.5 million of shares. The proceeds will be used for general corporate purposes. The offering was registered with the SEC, and BofA Securities and Morgan Stanley are the joint book running managers.

Shutterstock (SSTK) reported its Q2 2020 financial results, showcasing resilience amidst challenging conditions. Revenue totaled $159.2 million, down 2% year-over-year, primarily due to a 6% decline in Enterprise sales. However, adjusted EBITDA rose 48% to $37 million, highlighting effective margin expansion strategies. Subscriber count increased 29% to 223,000, driving an 8% rise in subscriber revenue to $62.7 million. The company's net income surged to $19 million, up from $3.3 million in Q2 2019. Free cash flow decreased to $28.6 million, impacted by one-time payments related to past acquisitions.