Shutterstock Reports Fourth Quarter and Full Year 2021 Financial Results
Shutterstock (NYSE: SSTK) reported its Q4 and full-year 2021 financial results, showing a 14% revenue increase to $205.8 million in Q4. Full-year revenue rose 16% to $773.4 million. However, income from operations dropped 47% to $14.6 million in Q4, and net income fell 35% to $16.9 million. Subscriber count grew by 22% to 343,000, while adjusted net income per diluted share decreased to $0.77 from $0.93. For 2022, the company expects revenue between $835 million and $850 million, reflecting 8%-10% growth. Adjusted EBITDA guidance is set at $210-$217 million.
- Revenue increased 14% to $205.8 million in Q4 2021.
- Full-year revenue increased 16% to $773.4 million.
- Subscriber count grew by 22% to 343,000.
- Income from operations decreased 47% to $14.6 million in Q4.
- Net income fell 35% to $16.9 million in Q4.
- Adjusted EBITDA decreased 19% to $39.2 million in Q4.
NEW YORK, Feb. 10, 2022 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a leading global creative platform offering full-service solutions, high-quality content, and creative workflow solutions for brands, businesses and media companies, today announced financial results for the fourth quarter and full year ended December 31, 2021.
Commenting on the Company's performance, Stan Pavlovsky, the Company's Chief Executive Officer, said, "We ended 2021 with solid performance, driven by our Enterprise sales execution and continued popularity in our subscription products. We are well positioned for 2022 and progressing rapidly on our journey to transform Shutterstock into a creative platform leveraging content, data, and workflow applications."
Fourth Quarter 2021 highlights as compared to Fourth Quarter 2020:
Financial Highlights
- Revenue increased
14% to$205.8 million . On a constant currency basis, revenue increased15% . - Income from operations decreased
47% to$14.6 million . - Net income decreased
35% to$16.9 million . - Adjusted EBITDA decreased
19% to$39.2 million . - Net income per diluted share decreased
$0.25 to$0.45 . - Adjusted net income per diluted share decreased
$0.16 to$0.77 . - Operating cash flows decreased
16% to$54.5 million . - Free cash flow decreased
21% to$46.6 million .
Key Operating Metrics
- Subscribers increased
22% to 343,000. - Subscriber revenue increased
14% to$81.4 million . - Average revenue per customer increased
11% to$368 . - Paid downloads decreased
2% to 45.0 million. - Revenue per download increased
10% to$4.29 . - Image collection expanded
11% to over 400 million images. - Footage collection expanded
14% to over 24 million clips.
Full Year 2021 highlights as compared to Full Year 2020:
Financial Highlights
- Revenue increased
16% to$773.4 million . On a constant currency basis, revenue increased15% . - Income from operations increased
27% to$108.1 million . - Net income increased
28% to$91.9 million . - Adjusted EBITDA increased
25% to$193.1 million . - Net income per diluted share increased
25% to$2.46 per share. - Adjusted net income per diluted share increased
33% to$3.48 per share.
Key Operating Metrics
- Subscriber revenue increased
20% to$317.5 million . - Paid downloads remained flat at 180.0 million.
- Revenue per download increased
13% to$4.16 .
SHUTTERSTOCK INVESTOR RELATIONS MICRO SITE
Accessible at content.shutterstock.com/investor-report/index.html.
FOURTH QUARTER RESULTS
Revenue
Fourth quarter revenue of
On a constant currency basis, revenue increased
Net income and net income per diluted share
Net income of
Adjusted net income per diluted share was
Adjusted EBITDA
Adjusted EBITDA of
FULL YEAR RESULTS
Revenue
Full year revenue of
On a constant currency basis, revenue increased
Net income and Income per diluted share
Net income of
Adjusted net income per diluted share of
Adjusted EBITDA
Adjusted EBITDA of
LIQUIDITY
For the full year 2021, our cash and cash equivalents decreased by
Cash used in investing activities primarily consisted of (i)
Free cash flow was
QUARTERLY CASH DIVIDEND
In December of 2021, the Company paid a cash dividend of
On January 24, 2022, the Board of Directors declared a dividend of
KEY OPERATING METRICS
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Subscribers (end of period)(1) | 343,000 | 281,000 | 343,000 | 281,000 | ||||
Subscriber revenue (in millions)(2) | $ 81.4 | $ 71.1 | $ 317.5 | $ 265.3 | ||||
Average revenue per customer (last twelve months)(3) | $ 368 | $ 333 | $ 368 | $ 333 | ||||
Paid downloads (in millions)(4) | 45.0 | 45.8 | 180.0 | 180.0 | ||||
Revenue per download(5) | ||||||||
Content in our collection (end of period, in millions)(6): | ||||||||
Images | 400 | 360 | 400 | 360 | ||||
Footage clips | 24 | 21 | 24 | 21 | ||||
_______________________________________________________________________________________________________________________
(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 excluding customers from our acquisitions of TurboSquid and PicMonkey. |
(2) | Subscriber revenue is defined as the revenue generated from subscribers during the period excluding revenues from our acquisitions of TurboSquid |
(3) | Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers, excluding revenues from our acquisitions of TurboSquid and PicMonkey. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period, excluding customers from our acquisitions of TurboSquid and PicMonkey. |
(4) | Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to custom content, downloads of content that are offered to customers for no charge, including our free image of the week and downloads associated with our computer vision offering. |
(5) | Revenue per download is the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from custom content, revenue that is not derived from or associated with content licenses and revenue associated with our computer vision offering. |
(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. This collection metric excludes content 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. |
2022 GUIDANCE UPDATE
The Company's current expectations for the full year 2022 are as follows:
- Revenue of
$835 million to$850 million , representing annual growth of8% -10% - Adjusted EBITDA of between
$210 million to$217 million - Adjusted net income per diluted share of between $3.65 to $3.80
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 EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), 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, interest income and expense and income taxes; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, the amortization of acquisition-related intangible assets and the estimated tax impact of such adjustments; adjusted net income per diluted share as adjusted net income divided by weighted average diluted shares; revenue growth (including by distribution channel) 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 all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and free cash flow as cash provided by operating activities, adjusted for capital expenditures, content acquisition, and, with respect to the year ended December 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 only 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 EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), 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, adjusted net income and adjusted net income per diluted share 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 (expressed as a percentage) 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 internal-use software and website development costs 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 EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), 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 EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), 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. We do not provide a reconciliation of adjusted EBITDA guidance to net income guidance or a reconciliation of adjusted net income per diluted share guidance to net income per diluted share guidance, because we are unable to calculate with reasonable certainty the impact of potential future transactions, including, but not limited to, capital structure transactions, restructuring, acquisitions, divestitures or other events and asset impairments, without unreasonable effort. These amounts depend on various factors and could have a material impact on net income and net income per diluted share, but may be excluded from adjusted EBITDA and adjusted net income per diluted share. 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 fourth quarter and full year financial results during a teleconference today, February 10, 2022, 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# 4904928. 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 February 17, 2022 in the U.S. at (855) 859-2056 or outside the U.S. at (404) 537-3406 with the conference ID# 4904928.
Additional investor information can be accessed at http://investor.shutterstock.com.
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK), is a leading global creative platform offering full-service solutions, high-quality content, and creative workflow solutions for brands, businesses and media companies. Directly and through its group subsidiaries, Shutterstock's comprehensive collection includes high-quality licensed photographs, vectors, illustrations, 3D models, videos and music. Working with its growing community of over 2.0 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 400 million images and more than 24 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 PicMonkey, a leading online graphic design and image editing platform; Offset, a high-end image collection; Shutterstock Studios, an end-to-end custom creative shop; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for the world's media; TurboSquid, a leading 3D content marketplace; Amper Music, an AI-driven music platform; and Bigstock, a value-oriented stock media offering.
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, particularly in the discussion under the caption "2022 Guidance Update." All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, future dividends, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our competitive position and the COVID-19 pandemic. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements contained herein. Such risks and uncertainties include, among others, those discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in other documents that the Company 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 December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue | $ 205,783 | $ 180,944 | $ 773,415 | $ 666,686 | ||||
Operating expenses: | ||||||||
Cost of revenue | 78,436 | 66,308 | 277,659 | 259,573 | ||||
Sales and marketing | 62,605 | 44,369 | 204,878 | 159,241 | ||||
Product development | 15,725 | 9,867 | 52,014 | 46,038 | ||||
General and administrative | 34,423 | 32,807 | 130,758 | 116,568 | ||||
Total operating expenses | 191,189 | 153,351 | 665,309 | 581,420 | ||||
Income from operations | 14,594 | 27,593 | 108,106 | 85,266 | ||||
Other (expense) / income, net | (482) | 4,763 | (3,370) | 4,257 | ||||
Income before income taxes | 14,112 | 32,356 | 104,736 | 89,523 | ||||
Provision for income taxes | (2,774) | 6,477 | 12,853 | 17,757 | ||||
Net income | $ 16,886 | $ 25,879 | $ 91,883 | $ 71,766 | ||||
Earnings per share | ||||||||
Basic | $ 0.46 | $ 0.71 | $ 2.52 | $ 2.00 | ||||
Diluted | $ 0.45 | $ 0.70 | $ 2.46 | $ 1.97 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 36,507 | 36,234 | 36,509 | 35,844 | ||||
Diluted | 37,438 | 37,183 | 37,324 | 36,369 | ||||
Shutterstock, Inc. Consolidated Balance Sheets (In thousands, except par value amount) (unaudited)
| ||||
December 31, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 314,017 | $ 428,574 | ||
Accounts receivable, net of allowance of | 47,707 | 43,846 | ||
Prepaid expenses and other current assets | 26,491 | 16,650 | ||
Total current assets | 388,215 | 489,070 | ||
Property and equipment, net | 48,074 | 50,906 | ||
Right-of-use assets | 34,570 | 39,552 | ||
Intangibles assets, net | 123,822 | 25,765 | ||
Goodwill | 219,816 | 89,413 | ||
Deferred tax assets, net | 10,512 | 13,566 | ||
Other assets | 26,701 | 21,372 | ||
Total assets | $ 851,710 | $ 729,644 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ 10,092 | $ 2,442 | ||
Accrued expenses | 99,529 | 67,909 | ||
Contributor royalties payable | 29,004 | 26,336 | ||
Deferred revenue | 180,979 | 149,843 | ||
Other liabilities | 14,180 | 10,399 | ||
Total current liabilities | 333,784 | 256,929 | ||
Deferred tax liability, net | 2,781 | — | ||
Lease liabilities | 36,966 | 41,620 | ||
Other non-current liabilities | 9,697 | 9,170 | ||
Total liabilities | 383,228 | 307,719 | ||
Commitment and contingencies | ||||
Stockholders' equity: | ||||
Common stock, | 392 | 389 | ||
Treasury stock, at cost; 2,792 and 2,558 shares as of December 31, 2021 and | (127,196) | (100,027) | ||
Additional paid-in capital | 376,537 | 360,939 | ||
Accumulated other comprehensive loss | (10,788) | (7,681) | ||
Retained earnings | 229,537 | 168,305 | ||
Total stockholders' equity | 468,482 | 421,925 | ||
Total liabilities and stockholders' equity | $ 851,710 | $ 729,644 | ||
Shutterstock, Inc. Consolidated Statements of Cash Flows (In thousands, except par value amount) (unaudited)
| ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ 16,886 | $ 25,879 | $ 91,883 | $ 71,766 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 15,040 | 10,239 | 48,771 | 41,359 | ||||
Deferred taxes | (2,191) | 1,225 | (1,771) | 1,019 | ||||
Non-cash equity-based compensation | 9,540 | 10,628 | 36,179 | 28,309 | ||||
Bad debt expense | (45) | 994 | 137 | 2,580 | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (2,465) | 3,648 | (4,093) | 513 | ||||
Prepaid expenses and other current and non-current assets | (1,715) | 2,591 | (13,184) | 9,775 | ||||
Accounts payable and other current and non-current liabilities | 9,805 | 3,290 | 34,444 | 8,587 | ||||
Long-term incentives related to acquisitions | — | — | — | (7,759) | ||||
Contributor royalties payable | (302) | 1,258 | 898 | 1,075 | ||||
Deferred revenue | 9,961 | 5,095 | 23,108 | 7,848 | ||||
Net cash provided by operating activities | $ 54,514 | $ 64,847 | $ 216,372 | $ 165,072 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (6,958) | (5,353) | (28,125) | (25,630) | ||||
Business combination, net of cash acquired | 163 | — | (181,609) | — | ||||
Asset acquisitions | (199) | (1,850) | (31,639) | (1,850) | ||||
Long term investments | — | (5,000) | — | (5,000) | ||||
Acquisition of content | (984) | (863) | (8,874) | (2,970) | ||||
Security deposit (payment) / release | (53) | (156) | (191) | 140 | ||||
Net cash used in investing activities | $ (8,031) | $ (13,222) | $ (250,438) | $ (35,310) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common stock | — | — | — | 23,153 | ||||
Purchase of treasury shares | (22,322) | — | (26,493) | — | ||||
Proceeds from exercise of stock options | 130 | 542 | 2,148 | 1,171 | ||||
Cash paid related to settlement of employee taxes related to RSU vesting | (1,453) | (649) | (22,726) | (4,510) | ||||
Payment of cash dividend | (7,651) | (6,154) | (30,651) | (24,401) | ||||
Net cash used in financing activities | $ (31,296) | $ (6,261) | $ (77,722) | $ (4,587) | ||||
Effect of foreign exchange rate changes on cash | (1,749) | 83 | (2,769) | (2,475) | ||||
Net increase / (decrease) in cash, cash equivalents and restricted cash | 13,438 | 45,447 | (114,557) | 122,700 | ||||
Cash, cash equivalents and restricted cash, beginning of period | 300,579 | 383,127 | 428,574 | 305,874 | ||||
Cash, cash equivalents and restricted cash, end of period | $ 314,017 | $ 428,574 | $ 314,017 | $ 428,574 | ||||
Supplemental Disclosure of Cash Information: | ||||||||
Cash paid for income taxes | $ 4,281 | $ 5,984 | $ 19,092 | $ 8,751 | ||||
Shutterstock, Inc. |
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), 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. Investors are cautioned 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 December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income | $ 16,886 | $ 25,879 | $ 91,883 | $ 71,766 | ||||
Add / (less) Non-GAAP adjustments: | ||||||||
Depreciation and amortization | 15,040 | 10,239 | 48,771 | 41,359 | ||||
Non-cash equity-based compensation | 9,540 | 10,628 | 36,179 | 28,309 | ||||
Other adjustments, net (1) | 482 | (4,763) | 3,370 | (4,257) | ||||
Provision for income taxes | (2,774) | 6,477 | 12,853 | 17,757 | ||||
Adjusted EBITDA | $ 39,174 | $ 48,460 | $ 193,056 | $ 154,934 | ||||
Adjusted EBITDA margin | ||||||||
____________________________________________________________________________________________________________________
(1) | Other adjustments, net includes foreign currency transaction gains and losses, and interest income and expense. |
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income | $ 16,886 | $ 25,879 | $ 91,883 | $ 71,766 | ||||
Add / (less) Non-GAAP adjustments: | ||||||||
Non-cash equity-based compensation | 9,540 | 10,628 | 36,179 | 28,309 | ||||
Tax effect of non-cash equity-based compensation (2) | (2,242) | (2,498) | (8,502) | (6,653) | ||||
Acquisition-related amortization expense (3) | 6,081 | 648 | 13,334 | 2,261 | ||||
Tax effect of acquisition-related amortization expense (2) | (1,429) | (152) | (3,133) | (531) | ||||
Adjusted net income | $ 28,836 | $ 34,505 | $ 129,761 | $ 95,152 | ||||
Net income per diluted share | $ 0.45 | $ 0.70 | $ 2.46 | $ 1.97 | ||||
Adjusted net income per diluted share | $ 0.77 | $ 0.93 | $ 3.48 | $ 2.62 | ||||
Weighted average diluted shares | 37,438 | 37,183 | 37,324 | 36,369 | ||||
____________________________________________________________________________________________________________________
(2) | Statutory tax rates are used to calculate the tax effect of the adjustments. |
(3) | Of these amounts, |
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Total Revenues | $ 205,783 | $ 180,944 | $ 773,415 | $ 666,686 | ||||
Revenue growth | ||||||||
Revenue growth on a constant currency basis | ||||||||
E-commerce revenues | $ 129,390 | $ 111,805 | $ 490,212 | $ 412,521 | ||||
Revenue growth: E-commerce | ||||||||
Revenue growth: E-commerce on a constant currency basis | ||||||||
Enterprise revenues | $ 76,393 | $ 69,139 | $ 283,203 | $ 254,165 | ||||
Revenue growth: Enterprise | (2)% | |||||||
Revenue growth: Enterprise on a constant currency basis | (2)% | |||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net cash provided by operating activities | $ 54,514 | $ 64,847 | $ 216,372 | $ 165,072 | ||||
Capital expenditures | (6,958) | (5,353) | (28,125) | (25,630) | ||||
Content acquisition | (984) | (863) | (8,874) | (2,970) | ||||
Payments associated with long-term incentives related to acquisitions | — | — | — | 7,759 | ||||
Free cash flow | $ 46,572 | $ 58,631 | $ 179,373 | $ 144,231 | ||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
E-commerce revenue | $ 129,390 | $ 111,805 | $ 490,212 | $ 412,521 | ||||
Enterprise revenue | $ 76,393 | $ 69,139 | $ 283,203 | $ 254,165 | ||||
Total revenue | $ 205,783 | $ 180,944 | $ 773,415 | $ 666,686 | ||||
Change in total deferred revenue(1) | $ 9,359 | $ 5,186 | $ 22,161 | $ 7,921 | ||||
Total billings | $ 215,142 | $ 186,130 | $ 795,576 | $ 674,607 | ||||
_______________________________________________________________________________________________________________________
(1) | Change in total deferred revenue excludes deferred revenue acquired through business combinations. |
Shutterstock, Inc. Supplemental Financial Data (unaudited)
Historical Operating Metrics
| ||||||||||||||||
Three Months Ended | ||||||||||||||||
12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | |||||||||
Subscribers (end of period, in thousands) (1) | 343 | 336 | 321 | 306 | 281 | 255 | 223 | 209 | ||||||||
Subscriber revenue (in millions) (2) | $ 81.4 | $ 81.5 | $ 78.1 | $ 76.5 | $ 71.1 | $ 67.6 | $ 62.7 | $ 63.9 | ||||||||
Average revenue per customer (last twelve months) (3) | $ 368 | $ 361 | $ 356 | $ 342 | $ 333 | $ 328 | $ 326 | $ 329 | ||||||||
Paid downloads (in millions) (4) | 45.0 | 44.3 | 44.9 | 45.8 | 45.8 | 43.4 | 44.0 | 46.8 | ||||||||
Revenue per download (5) | $ 4.29 | $ 4.20 | $ 4.17 | $ 3.96 | $ 3.91 | $ 3.79 | $ 3.61 | $ 3.42 | ||||||||
Content in our collection (end of period, in millions): (6) | ||||||||||||||||
Images | 400 | 390 | 380 | 370 | 360 | 350 | 340 | 330 | ||||||||
Footage clips | 24 | 23 | 22 | 21 | 21 | 20 | 19 | 18 | ||||||||
Equity-Based Compensation by expense category
Three Months Ended | ||||||||||||||||
($ in thousands) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | ||||||||
Cost of revenue | $ 54 | $ (49) | $ 194 | $ 164 | $ 155 | $ 125 | $ 99 | $ 51 | ||||||||
Sales and marketing | 857 | 638 | 926 | 467 | 586 | 467 | 374 | 460 | ||||||||
Product development | 2,017 | 1,675 | 1,799 | 1,229 | 1,038 | 1,263 | 1,068 | 1,125 | ||||||||
General and administrative | 6,612 | 6,479 | 6,767 | 6,350 | 8,849 | 6,430 | 2,095 | 4,124 | ||||||||
Total non-cash equity-based compensation | ||||||||||||||||
Depreciation and Amortization by expense category
Three Months Ended | ||||||||||||||||
($ in thousands) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | ||||||||
Cost of revenue | ||||||||||||||||
General and administrative | 1,358 | 2,146 | 1,937 | 1,780 | 1,560 | 1,527 | 1,578 | 1,678 | ||||||||
Total depreciation and amortization | ||||||||||||||||
(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 excluding customers from our acquisitions of TurboSquid and PicMonkey. |
(2) | Subscriber revenue is defined as the revenue generated from subscribers during the period excluding revenues from our acquisitions of TurboSquid and PicMonkey. |
(3) | Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers, excluding revenues from our acquisitions of TurboSquid and PicMonkey. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period, excluding customers from our acquisitions of TurboSquid and PicMonkey. |
(4) | Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to custom content, downloads of content that are offered to customers for no charge, including our free image of the week and downloads associated with our computer vision offering. |
(5) | Revenue per download is the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from custom content, revenue that is not derived from or associated with content licenses and revenue associated with our computer vision offering. |
(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. This collection metric excludes content 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. |
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SOURCE Shutterstock, Inc.
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