Shutterstock Reports Full Year 2024 and Fourth Quarter Financial Results

Rhea-AI Summary

Shutterstock (NYSE: SSTK) reported record revenues and Adjusted EBITDA for 2024, with full-year revenue reaching $935.3 million, a 7% increase compared to 2023. The company's Content business grew 3% to $760.0 million (81% of total revenue), while Data, Distribution, and Services revenue increased 28% to $175.3 million (19% of total revenue).

Full-year net income was $35.9 million ($1.01 per diluted share), down from $110.3 million ($3.04 per share) in 2023. This decrease was primarily due to a non-recurring $50.3 million bargain purchase gain recognized in 2023 from the Giphy acquisition. Adjusted EBITDA increased 3% to $247.1 million, with a margin of 26.4%.

For Q4 2024, revenue was $250.3 million, up 15% year-over-year, with a net loss of $1.4 million. The company declared a quarterly dividend of $0.33 per share, payable March 20, 2025. Shutterstock also announced a pending merger of equals with Getty Images on January 7, 2025, subject to regulatory approvals and other closing conditions.

Positive

• Record annual revenue of $935.3 million, up 7% from 2023
• Data, Distribution, and Services revenue increased 28% year-over-year
• Adjusted EBITDA grew 3% to $247.1 million
• Q4 revenue increased 15% year-over-year to $250.3 million
• Q4 Adjusted EBITDA increased 28% to $59.1 million
• Quarterly dividend increased to $0.33 per share
• Cash and cash equivalents increased by $10.8 million to $111.3 million

Negative

• Full-year net income decreased 67% to $35.9 million from $110.3 million in 2023
• Adjusted net income declined 12% to $138.7 million from $157.6 million in 2023
• Q4 net loss increased to $1.4 million from $1.0 million in Q4 2023
• Adjusted free cash flow decreased by $29.8 million compared to 2023
• Interest expense increased $8.7 million due to borrowings for Envato acquisition
• Income tax expense increased $14.4 million due to non-recurring taxable events
• Q4 Data, Distribution, and Services revenue decreased 5% year-over-year

Insights

Financial Analyst

Shutterstock Reports Record Revenue Amid Shifting Business Mix and Compressed Profitability

Shutterstock's full-year 2024 results reveal a company in transition, with record revenue of $935.3 million (up 7% YoY) but significantly compressed profitability as net income fell 67% to $35.9 million. The results highlight a strategic pivot toward higher-growth segments while managing integration challenges from recent acquisitions.

The company's business mix is evolving meaningfully. While Content offerings (81% of revenue) grew modestly at 3%, the Data, Distribution, and Services segment surged 28%, now representing 19% of total revenue. This pivot toward data services, which generated $120.3 million (up 15% YoY), signals Shutterstock's strategic shift toward higher-margin, recurring revenue streams that are less susceptible to competitive pressures in the core stock image market.

The substantial decline in net income warrants closer examination. Beyond the absence of 2023's one-time $50.3 million Giphy bargain purchase gain, increased interest expenses ($8.7 million) from Envato acquisition financing and $14.4 million in non-recurring tax expenses significantly impacted bottom-line performance. The $7.6 million in M&A transaction costs further pressured margins, with adjusted EBITDA margin contracting 110 basis points to 26.4%.

Cash flow dynamics reveal potential concerns. Adjusted free cash flow declined by $29.8 million to $108.7 million, primarily due to working capital changes and timing of operating expense payments. This 21.5% YoY decline in free cash flow generation merits attention, especially as the company increased its quarterly dividend by 10% to $0.33 per share.

The pending merger with Getty Images represents a watershed moment for Shutterstock. This merger of equals, announced January 7, 2025, would create a dominant player in the visual content market, potentially enabling cost synergies and increased pricing power. However, it introduces significant execution risk during a period when the company is already managing integration of recent acquisitions.

For investors, these results suggest Shutterstock is navigating a challenging transition. The company's strategic pivot toward data services and acquisitive growth demonstrates foresight, but compressed margins and declining free cash flow indicate the transition isn't frictionless. The Getty merger, if approved, would fundamentally transform the company's competitive position and financial profile.

Market Research Analyst

Shutterstock's Acquisition-Driven Growth Masks Core Business Challenges Amid Visual Content Market Disruption

Shutterstock's 2024 results reveal a company aggressively pursuing inorganic growth to offset concerning organic trends in its traditional stock imagery business. The 7% revenue growth to $935.3 million masks an underlying reality: the company's core Content business grew just 3%, with that growth primarily driven by the Envato acquisition rather than organic expansion.

The explicit mention of "weakness in new customer acquisition" in Content offerings signals a potential market share erosion that should alarm investors. This weakness comes amid profound disruption in the visual content market, where AI-generated imagery platforms are rapidly gaining traction with creative professionals and marketers. The traditional stock photography model faces unprecedented pressure from both dedicated AI image generators and integrated AI features in design tools.

Shutterstock's strategic pivot toward data services represents a savvy defensive maneuver. The Data, Distribution, and Services segment's 28% growth to $175.3 million demonstrates the company's recognition that its vast image library holds value beyond licensing - as training data for AI systems and as a distribution network. This segment now contributes 19% of total revenue and likely delivers higher margins than the increasingly commoditized content business.

The company's acquisition strategy reveals a pragmatic approach to navigating industry disruption. The Envato purchase expanded Shutterstock's content library and customer base, while Backgrid strengthened its editorial offerings. However, these acquisitions have come at a cost, with interest expenses increasing $8.7 million and transaction costs of $7.6 million weighing on profitability.

The pending Getty Images merger represents the culmination of this consolidation strategy - a defensive merger of equals in a market facing structural challenges. The combined entity would command significant market share in traditional stock imagery while possessing the scale to better monetize data assets and negotiate with AI companies seeking training data.

Shutterstock's current market capitalization of $850 million on $935 million in revenue reflects investor skepticism about the traditional visual content business model. The price-to-sales ratio below 1.0x suggests the market views Shutterstock's revenue as low-quality or at risk of disruption - a concerning signal despite management's strategic initiatives.

For investors, these results indicate Shutterstock recognizes the existential challenges facing its traditional business and is taking decisive action through acquisitions, business mix evolution, and ultimately industry consolidation. The success of these efforts will depend on execution of the Getty merger and the company's ability to monetize its visual assets in an increasingly AI-dominated creative landscape.

NEW YORK, Feb. 25, 2025 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies, today announced financial results for the full year and fourth quarter ended December 31, 2024.

Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "We are proud that Shutterstock achieved record revenues and Adjusted EBITDA in 2024. Our Content business grew on a year over year basis and each component of our Data, Distribution and Services business grew double digits or greater on a year over year basis and we expect continued growth across both of these offerings in 2025."

Full Year 2024 highlights as compared to Full Year 2023:

Financial Highlights

• Revenues were $935.3 million compared to $874.6 million.
• Net income was $35.9 million compared to $110.3 million.
• Net income per diluted common share was $1.01 compared to $3.04.
• Adjusted net income was $138.7 million compared to $157.6 million.
• Adjusted net income per diluted common share was $3.89 compared to $4.35.
• Adjusted EBITDA was $247.1 million compared to $240.8 million.

Fourth Quarter 2024 highlights as compared to Fourth Quarter 2023:

Financial Highlights

• Revenues were $250.3 million compared to $217.2 million.
• Net loss was $1.4 million compared to $1.0 million.
• Net loss per diluted common share was $0.04 compared to $0.03.
• Adjusted net income was $23.4 million compared to $25.8 million.
• Adjusted net income per diluted common share was $0.67 compared to $0.72.
• Adjusted EBITDA was $59.1 million compared to $46.3 million.

FULL YEAR 2024 RESULTS

Revenue

Full year revenue of $935.3 million increased $60.7 million or 7% as compared to 2023.

Revenue generated through our Content product offering increased 3% as compared to the full year 2023, to $760.0 million, and represented 81% of our total revenue in 2024. The increase in Content revenue was driven by revenue generated from Envato, offset by weakness in new customer acquisition. Revenue from our Data, Distribution, and Services product offering increased 28% as compared to 2023, to $175.3 million and represented 19% of our total revenue in 2024. The majority of the revenue was driven by our data offering which generated $120.3 million in 2024, growth of 15% when compared to 2023.

Foreign currency fluctuations had a negligible impact on our revenue growth from 2023 to 2024. Normalizing for unfavorable foreign exchange movement in the fourth quarter, total revenue would have been at the midpoint of our guidance range. Revenues from our Content product offerings are typically more exposed to exchange rate fluctuations than revenues from our Data, Distribution and Services product offerings.

Net income and Income per diluted share

Net income of $35.9 million decreased $74.3 million as compared to $110.3 million for the full year 2023. Net income per diluted share was $1.01 as compared to $3.04 for the full year 2023. These decreases were attributable to a non-recurring bargain purchase gain of $50.3 million recognized in 2023 associated with the acquisition of Giphy, Inc. In addition, the Company had an increase in interest expense of $8.7 million for increased borrowings associated with the Envato acquisition and a $14.4 million increase in income tax expense associated with certain non-recurring, non-cash discrete taxable events. In addition, we incurred $7.6 million of transaction costs associated with the Backgrid and Envato acquisitions in 2024.

Adjusted net income and adjusted net income per diluted common share

Adjusted net income in 2024 of $138.7 million decreased $18.9 million as compared to adjusted net income of $157.6 million in 2023. Adjusted net income in 2024 was unfavorably impacted by increases in interest expense and income tax expense, and the costs associated with the acquisition of Envato. These items were partially offset by profitability associated with the Envato acquisition.

Adjusted net income per diluted share, which excludes the bargain purchase in 2023, was $3.89 as compared to $4.35 for the full year 2023.

Adjusted EBITDA

Adjusted EBITDA of $247.1 million for 2024 increased $6.3 million or 3% as compared to the full year 2023, attributable to contributions from the Envato acquisition. Normalizing for unfavorable foreign exchange movement in the fourth quarter, Adjusted EBITDA would have been at the midpoint of our guidance range. Included in the Adjusted EBITDA are $7.6 million of non-recurring M&A transaction costs.

Net income margin of 3.8% for 2024 decreased by 880 basis points, as compared to 12.6% for the full year 2023.

Adjusted EBITDA margin of 26.4% for 2024 decreased by 110 basis points, as compared to 27.5% for the full year 2023.

FOURTH QUARTER RESULTS

Revenue

Fourth quarter revenue of $250.3 million increased $33.1 million or 15% as compared to the fourth quarter of 2023.

Revenue from our Content product offering increased $35.0 million, or 20%, as compared to the fourth quarter of 2023, to $212.5 million. The growth in our Content revenues was driven by revenue generated from Envato. Content revenue represented 85% of our total revenue in the fourth quarter of 2024. Revenue generated from our Data, Distribution, and Services product offering decreased $1.9 million, or 5%, as compared to the fourth quarter of 2023, to $37.8 million, and represented 15% of fourth quarter revenue in 2024.

Revenue growth was unfavorably impacted due to fluctuations in foreign currencies by 1% for the three months ended December 31, 2024, compared to the same period in 2023.

Net income and net income per diluted common share

Net loss in the fourth quarter of 2024 of $1.4 million decreased $0.4 million as compared to net loss of $1.0 million for the fourth quarter in 2023. Net loss per diluted common share was $0.04, as compared to $0.03 for the same period in 2023. These decreases were attributable to an increase in interest expense of $4.4 million attributable to increased borrowings associated with the Envato acquisition and a $6.4 million increase in income tax expense associated with a non-recurring, non-cash discrete taxable event. These items were offset by profitability associated with the Envato acquisition.

Adjusted net income and adjusted net income per diluted common share

Adjusted net income in the fourth quarter of 2024 of $23.4 million decreased $2.5 million as compared to adjusted net income of $25.8 million for the fourth quarter in 2023. Fourth quarter 2024 adjusted net income was unfavorably impacted by increases in interest expense and income tax expense. These items were offset by profitability associated with the Envato acquisition.

Adjusted net income per diluted common share was $0.67 as compared to $0.72 for the fourth quarter of 2023, an decrease of $0.05 per diluted share.

Adjusted EBITDA

Adjusted EBITDA of $59.1 million for the fourth quarter of 2024 increased by $12.8 million, or 28%, as compared to the fourth quarter of 2023, primarily due to the contribution from Envato. Net income margin of (0.6)% for the fourth quarter of 2024 decreased by 0.1%, as compared to (0.5)% in the fourth quarter of 2023. The adjusted EBITDA margin of 23.6% for the fourth quarter of 2024 increased by 2.3%, as compared to 21.3% in the fourth quarter of 2023.

LIQUIDITY

For the full year 2024, our cash and cash equivalents increased by $10.8 million to $111.3 million at December 31, 2024, as compared with $100.5 million as of December 31, 2023. This increase was driven by $32.6 million of net cash provided by our operating activities and $150.1 million provided by financing activities, partially offset by $166.2 million used in investing activities. Net cash provided by our operating activities was affected by our operating income, offset by payments made to Giphy employees, which were fully reimbursed by Meta and reported in investing cash flows as Giphy Retention Compensation, payments made for liabilities assumed from the Envato selling shareholders, which were fully funded from cash acquired in the Envato acquisition, and changes in the timing of cash receipts and payments pertaining to our revenues and operating expenses.

Cash used in investing activities primarily consisted of cash of $179.1 million used in the acquisitions of Backgrid and Envato, net of cash acquired. In addition, cash was used for capital expenditures of $47.2 million for internal-use software and website development costs, and $4.0 million paid to acquire the rights to distribute certain digital content in perpetuity. These cash outflows were partially offset by $64.0 million of Giphy Retention Compensation, as reimbursed by the Giphy seller.

Cash provided by financing activities primarily consisted of (i) $280.0 million received from our A&R Credit Agreement; (ii) $31.6 million used for the repayment of our Credit Facility; (iii) $42.4 million related to the payment of the quarterly cash dividend; (iv) $41.6 million paid in connection with the repurchase of common stock under our share repurchase program; (v) $12.2 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and (vi) $2.2 million paid for debt issuance costs.

Adjusted free cash flow was $108.7 million for the full year 2024, a decrease of $29.8 million from the full year 2023. This decrease was primarily driven by working capital changes in our accounts receivable and deferred revenue balances and the timing of cash payments pertaining to operating expenses.

QUARTERLY CASH DIVIDEND

During the three months ended December 31, 2024, the Company declared and paid a cash dividend of $0.30 per common share or $10.4 million.

On January 27, 2025, the Board of Directors declared a dividend of $0.33 per share of outstanding common stock, payable on March 20, 2025 to stockholders of record at the close of business on March 6, 2025.

KEY OPERATING METRICS

		Three Months Ended December 31,
		Shutterstock1		Envato2		Pro Forma3
		2024		2024		2024		2023
Subscribers (end of period)(4)		459,000		629,000		1,088,000		523,000
Subscriber revenue (in millions)(5)		$                 75.7		$                  32.0		$                  107.7		$                   85.2
Average revenue per customer (last twelve months)(6)		$                  450		$                     90		$                     255		$                    412
Paid downloads (in millions)(7)		33.0		92.8		125.8		35.4
		Year Ended December 31,
		Shutterstock1		Envato2		Pro Forma3
		2024		2024		2024		2023
Subscribers (end of period)(4)		459,000		629,000		1,088,000		523,000
Subscriber revenue (in millions)(5)		$               318.6		$                134.0		$                  452.6		$                 351.5
Average revenue per customer (last twelve months)(6)		$                  450		$                     90		$                     255		$                    412
Paid downloads (in millions)(7)		134.3		322.4		456.7		153.0

 

(1)	Represents Shutterstock, Inc. key operating metrics before combining the Envato related metrics. Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Pond5 and Splash News beginning May 2023, and, for Average Revenue per Customer, from Giphy beginning July 2024. These metrics exclude the respective counts and revenues from our acquisitions of Backgrid and Envato.
(2)	Envato Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented, and represent metrics incremental to amounts presented under the "Shutterstock, Inc." heading. Envato Average revenue per customer is derived from Envato historical results over the last twelve months.
(3)	The Pro Forma key operating metrics are derived from (i) the Shutterstock amounts before combining with Envato and (ii) the historical Envato metrics, as discussed in footnote 2 above.
(4)	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.
(5)	Subscriber revenue is defined as the revenue generated from subscribers during the period.
(6)	Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period.
(7)	Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.

 

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 adjusted free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, unrealized losses / gains on investments, interest income and expense, income taxes and merger-related costs; 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, amortization of acquisition-related intangible assets, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments, merger-related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) 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 adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition and cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy and cash paid for Envato Seller Obligations.

The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the "CMA") and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense - non-recurring is not considered an ongoing expense necessary to operate the Company's business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share. For the three months ended December 31, 2024, the Company also incurred $4.7 million of Giphy Retention Compensation expense related to recurring employee costs, which is included in operating expenses, and are not included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.

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 common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted 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 common 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 product offering) 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 adjusted 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 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 common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted 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; (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 each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings, adjusted free cash flow), and each measure's most directly comparable financial measure 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.

Previously Announced Merger Agreement with Getty Images Holdings, Inc. ("Getty Images")

On January 7, 2025, Shutterstock announced that it entered into a merger agreement with Getty Images to combine in a merger of equals transaction, creating a premier visual content company. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, the approval of Getty Images and Shutterstock stockholders and the extension or refinancing of Getty Images' existing debt obligations.

As previously communicated, in light of pending transaction with Getty Images and as is customary during the pendency of such transactions, Shutterstock will not be hosting a conference call or providing financial guidance in conjunction with its fourth quarter 2024 results.

For additional information associated with the transaction, please see the Company filings from time to time with the Securities and Exchange Commission.

ABOUT SHUTTERSTOCK

Shutterstock, Inc. (NYSE: SSTK) is a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies. Fueled by millions of creators around the world, a growing data engine and a dedication to product innovation, Shutterstock is the leading global platform for licensing from the most extensive and diverse collection of high-quality 3D models, videos, music, photographs, vectors and illustrations. From the world's largest content marketplace, to breaking news and A-list entertainment editorial access, to all-in-one content editing platform and studio production services—all using the latest in innovative technology—Shutterstock offers the most comprehensive selection of resources to bring storytelling to life.

Learn more at www.shutterstock.com and follow us on LinkedIn, Instagram, X, Facebook and YouTube.

ADDITIONAL INFORMATION ABOUT THE ACQUISITION AND WHERE TO FIND IT

In connection with the proposed transaction, Shutterstock intends to file a proxy statement with the Securities and Exchange Commission (the "SEC"), which will be included in the registration statement on Form S-4 intended to be filed by Getty Images and that also will include an information statement of Getty Images and constitute a prospectus with respect to shares of Getty Images' common stock to be issued in the transactions (the "proxy and information statement/prospectus"). Each of Getty Images and Shutterstock may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This filing is not a substitute for the proxy and information statement/prospectus or any other document that Getty Images or Shutterstock may file with or furnish to the SEC. The definitive proxy and information statement/prospectus (if and when available) will be mailed to stockholders of Getty Images and Shutterstock. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY AND INFORMATION STATEMENT/PROSPECTUS (WHEN AVAILABLE) AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the proxy and information statement/prospectus (if and when available) and other documents containing important information about Getty Images, Shutterstock and the proposed transaction, once such documents are filed with or furnished to the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by Getty Images will be available free of charge on Getty Images' website at investors.gettyimages.com. Copies of the documents filed with or furnished to the SEC by Shutterstock will be available free of charge on Shutterstock's website at investor.shutterstock.com.

PARTICIPANTS IN THE SOLICITATION

This communication is not a solicitation of proxies in connection with the proposed transaction. Getty Images, Shutterstock and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Getty Images, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Getty Images' proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on April 24, 2024. Information about the directors and executive officers of Shutterstock, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Shutterstock's proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on April 26, 2024. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy and information statement/prospectus and other relevant materials to be filed with or furnished to the SEC regarding the proposed transaction. You may obtain free copies of these documents using the sources indicated above.

NO OFFER OR SOLICITATION

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

FORWARD-LOOKING STATEMENTS

The statements in this press release, and any related oral statements, include forward-looking statements concerning Getty Images, Shutterstock, the proposed transaction described herein and other matters. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, obtaining applicable regulatory and stockholder approvals on a timely basis or otherwise, satisfying other closing conditions to the proposed transaction, on a timely basis or otherwise, the expected tax treatment of the transaction, the expected timing of the transaction, and the integration of the businesses and the expected benefits, cost savings, accretion, synergies and growth to result therefrom. Important factors that could cause actual results to differ materially from such forward-looking statements include, among other things: failure to obtain applicable regulatory or stockholder approvals in a timely manner or otherwise; interloper risk; failure to satisfy other closing conditions to the transaction or to complete the transaction on anticipated terms and timing (or at all); negative effects of the announcement of the transaction on the ability of Shutterstock or Getty Images to retain and hire key personnel and maintain relationships with customers, suppliers and others who Shutterstock or Getty Images does business, or on Shutterstock or Getty Images' operating results and business generally; risks that the businesses will not be integrated successfully or that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth, as expected (or at all), or that such benefits may take longer to realize or may be more costly to achieve than expected; the risk that disruptions from the transaction will harm business plans and operations; risks relating to unanticipated costs of integration; significant transaction and/or integration costs, or difficulties in connection with the transaction and/or unknown or inestimable liabilities; restrictions during the pendency of the transaction that may impact the ability to pursue certain business opportunities or strategic transactions; potential litigation associated with the transaction; the potential impact of the announcement or consummation of the transaction on Getty Images', Shutterstock's or the combined company's relationships with suppliers, customers, employers and regulators; demand for the combined company's products; potential changes in the Getty Images stock price that could negatively impact the value of the consideration offered to the Shutterstock stockholders; the occurrence of any event that could give rise to the termination of the proposed transaction; and Getty Images' ability to complete any refinancing of its debt or new debt financing on a timely basis, on favorable terms or at all. A more fulsome discussion of the risks related to the proposed transaction will be included in the joint proxy and information statement/prospectus. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned "Risk Factors" in each of Getty Images' and Shutterstock's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is, and the list of factors presented in the joint proxy and information statement/prospectus will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Neither Getty Images nor Shutterstock assumes, and each hereby disclaims, any obligation to update forward-looking statements, except as may be 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,
		2024		2023		2024		2023
Revenue		$           250,306		$           217,219		$           935,262		$           874,587
Operating expenses:
Cost of revenue		112,434		95,832		396,297		352,630
Sales and marketing		59,184		62,665		222,704		214,749
Product development		18,897		23,440		88,417		96,162
General and administrative		46,644		33,158		159,136		142,646
Total operating expenses		237,159		215,095		866,554		806,187
Income from operations		13,147		2,124		68,708		68,400
Bargain purchase gain		—		(1,543)		—		50,261
Interest expense		(4,987)		(571)		(10,561)		(1,857)
Other (expense) / income, net		(89)		2,050		4,401		5,664
Income before income taxes		8,071		2,060		62,548		122,468
Provision for income taxes		9,500		3,066		26,616		12,199
Net income		$             (1,429)		$             (1,006)		$             35,932		$           110,269
Earnings / (losses) per share:
Basic		$               (0.04)		$               (0.03)		$                 1.02		$                 3.07
Diluted		$               (0.04)		$               (0.03)		$                 1.01		$                 3.04
Weighted average common shares outstanding:
Basic		34,867		35,699		35,330		35,878
Diluted		35,122		35,915		35,658		36,242

 

Shutterstock, Inc. Consolidated Balance Sheets (In thousands, except par value amount) (unaudited)
		December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$                111,251		$                100,490
Accounts receivable, net of allowance of $3,101 and $6,335		95,225		91,139
Prepaid expenses and other current assets		49,482		100,944
Total current assets		255,958		292,573
Property and equipment, net		66,400		64,300
Right-of-use assets		13,956		15,395
Intangible assets, net		248,477		184,396
Goodwill		569,668		383,325
Deferred tax assets, net		70,982		24,874
Other assets		83,715		71,152
Total assets		$             1,309,156		$             1,036,015
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$                    9,221		$                    9,108
Accrued expenses		126,643		131,443
Contributor royalties payable		81,076		54,859
Deferred revenue		225,489		203,463
Debt		158,106		30,000
Other current liabilities		24,751		23,513
Total current liabilities		625,286		452,386
Deferred tax liability, net		2,174		4,182
Long-term debt		119,598		—
Lease liabilities		23,365		29,404
Other non-current liabilities		20,383		22,949
Total liabilities		790,806		508,921
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value; 200,000 shares authorized; 40,395 and 39,982 shares issued and 34,874 and 35,572 shares outstanding as of December 31, 2024 and December 31, 2023, respectively		403		399
Treasury stock, at cost; 5,521  and 4,410 shares as of December 31, 2024 and December 31, 2023		(269,804)		(228,213)
Additional paid-in capital		468,390		424,229
Accumulated other comprehensive loss		(16,841)		(11,974)
Retained earnings		336,202		342,653
Total stockholders' equity		518,350		527,094
Total liabilities and stockholders' equity		$             1,309,156		$             1,036,015

 

Shutterstock, Inc. Consolidated Statements of Cash Flows (In thousands, except par value amount) (unaudited)
		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) / income		$    (1,429)		$    (1,006)		$    35,932		$  110,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		23,287		20,356		87,626		79,729
Deferred taxes		(2,197)		(5,216)		(10,963)		(26,176)
Non-cash equity-based compensation		15,110		11,988		56,330		48,577
Bad debt expense		(243)		500		(2,033)		1,894
Bargain purchase gain		—		1,543		—		(50,261)
Unrealized gain on investments		(472)		—		(2,160)		—
Changes in operating assets and liabilities:
Accounts receivable		(3,651)		(5,768)		4,944		(24,409)
Prepaid expenses and other current and non-current assets		1,973		(8,334)		(17,934)		(50,501)
Accounts payable and other current and non-current liabilities		(1,167)		16,999		(48,600)		20,892
Envato Seller Obligations		(17,572)		—		(63,320)		—
Contributor royalties payable		(7,972)		4,560		14,654		15,841
Deferred revenue		2,299		(1,673)		(21,830)		14,697
Net cash provided by operating activities		$      7,966		$    33,949		$    32,646		$  140,552
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,918)		(9,930)		(47,215)		(44,645)
Business combination, net of cash acquired		—		—		(179,071)		(53,721)
Cash received related to Giphy Retention Compensation		527		18,950		63,971		53,657
Acquisition of content		(1,556)		(1,371)		(4,029)		(11,096)
Security deposit release / (payment)		(101)		(50)		176		1,489
Net cash (used in) / provided by investing activities		$  (10,048)		$      7,599		$ (166,168)		$  (54,316)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of treasury shares		—		(9,201)		(41,591)		(28,205)
Proceeds from exercise of stock options		—		—		—		2
Cash paid related to settlement of employee taxes related to RSU vesting		(452)		(625)		(12,167)		(15,834)
Payment of cash dividends		(10,445)		(9,644)		(42,383)		(38,667)
Proceeds from credit facility		—		—		280,000		30,000
Repayment of credit facility		(1,563)		—		(31,563)		(50,000)
Payment of debt issuance costs		—		—		(2,200)		—
Net cash provided by / (used in) financing activities		$  (12,460)		$  (19,470)		$  150,096		$ (102,704)
Effect of foreign exchange rate changes on cash		(5,600)		3,184		(5,813)		1,804
Net (decrease) / increase in cash and cash equivalents		(20,142)		25,262		10,761		(14,664)
Cash and cash equivalents, beginning of period		131,393		75,228		100,490		115,154
Cash and cash equivalents, end of period		$  111,251		$  100,490		$  111,251		$  100,490
Supplemental Disclosure of Cash Information:
Cash paid for income taxes		$    11,738		$    17,097		$    34,033		$    33,067
Cash paid for interest		4,875		492		7,830		1,724

 

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

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 adjusted 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,
		2024		2023		2024		2023
Net income		$               (1,429)		$               (1,006)		$               35,932		$             110,269
Add / (less) Non-GAAP adjustments:
Non-cash equity-based compensation		15,110		11,988		56,330		48,577
Tax effect of non-cash equity-based compensation (1)(2)		(3,551)		(2,817)		(6,883)		(11,416)
Acquisition-related amortization expense (3)		10,309		9,157		37,967		34,737
Tax effect of acquisition-related amortization expense (1)		(2,423)		(2,152)		(8,922)		(8,163)
Bargain purchase gain		—		1,543		—		(50,261)
Giphy Retention Compensation Expense - non-recurring		291		6,188		22,116		31,577
Tax effect of Giphy Retention Compensation Expense - non- recurring(1)		(68)		(1,454)		(5,197)		(7,421)
Merger-related costs		2,750		—		2,750		—
Tax effect of merger-related costs(1)		(619)		—		(619)		—
Other(4)		4,012		5,668		7,425		12,493
Tax effect of other(1)		(1,009)		(1,275)		(2,157)		(2,811)
Adjusted net income(4)		$               23,373		$               25,840		$             138,742		$             157,581
Net income per diluted common share		$                (0.04)		$                (0.03)		$                  1.01		$                  3.04
Adjusted net income per diluted common share		$                  0.67		$                  0.72		$                  3.89		$                  4.35
Weighted average diluted shares		35,122		35,915		35,658		36,242

 

(1)	Statutory tax rates are used to calculate the tax effect of the adjustments.
(2)	For the twelve months ended December 31, 2024, the tax effect of non-cash equity-based compensation includes a $6.2 million add-back for the reduction of deferred tax assets associated with the expiration of performance-based stock options and restricted stock units granted the Company's Founder and Executive Chairman in 2014. The performance-based metrics were not met, the awards were not exercisable, and the Company recognized a non-cash tax expense for the change in deferred taxes.
(3)	Of these amounts, $8.6 million and $8.2 million are included in cost of revenue for the three months ended December 31, 2024 and 2023, respectively, and $32.7 million and $31.6 million are included in cost of revenue for the twelve months ended December 31, 2024 and 2023, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.
(4)	Other consists of unrealized gains and losses on investments and severance costs associated with strategic workforce optimizations.

 

		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Net income		$            (1,429)		$            (1,006)		$            35,932		$          110,269
Add / (less) Non-GAAP adjustments:
Interest expense		4,987		571		10,561		1,857
Interest income		(595)		(2,058)		(4,072)		(4,785)
Provision for income taxes		9,500		3,066		26,616		12,199
Depreciation and amortization		23,287		20,356		87,626		79,729
EBITDA		$            35,750		$            20,929		$          156,663		$          199,269
Non-cash equity-based compensation		15,110		11,988		56,330		48,577
Bargain purchase gain		—		1,543		—		(50,261)
Giphy Retention Compensation Expense - non-recurring		291		6,188		22,116		31,577
Merger-related costs		2,750		—		2,750		—
Foreign currency loss / (gain)		1,156		8		1,831		(879)
Unrealized gain on investment		(472)		—		(2,160)		—
Workforce optimization - severance		4,484		5,611		9,585		12,493
Adjusted EBITDA		$            59,069		$            46,267		$          247,115		$          240,776
Revenue		$          250,306		$          217,219		$          935,262		$          874,587
Net income margin		(0.6) %		(0.5) %		3.8 %		12.6 %
Adjusted EBITDA margin		23.6 %		21.3 %		26.4 %		27.5 %

 

		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Reported Revenue (in thousands)		$          250,306		$          217,219		$          935,262		$          874,587
Revenue growth		15 %		— %		7 %		6 %
Revenue growth on a constant currency basis		16 %		— %		7 %		5 %
Content reported revenue (in thousands)		$          212,517		$          177,526		$          760,011		$          737,264
Content revenue growth		20 %		(10) %		3 %		(7) %
Content revenue growth on a constant currency basis		20 %		(10) %		3 %		(7) %
Data, Distribution, and Services reported revenue (in thousands)		$            37,789		$            39,693		$          175,251		$          137,323
Data, Distribution, and Services revenue growth		(5) %		96 %		28 %		256 %
Data, Distribution, and Services revenue growth on a constant currency basis		(5) %		96 %		28 %		256 %

 

		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Cash flow information:
Net cash provided by operating activities		$                7,966		$               33,949		$               32,646		$             140,552
Net cash (used in) / provided by investing activities		$             (10,048)		$                7,599		$           (166,168)		$             (54,316)
Net cash (used in) / provided by financing activities		$             (12,460)		$             (19,470)		$             150,096		$           (102,704)
Adjusted free cash flow:
Net cash provided by operating activities		$                7,966		$               33,949		$               32,646		$             140,552
Capital expenditures		(8,918)		(9,930)		(47,215)		(44,645)
Content acquisitions		(1,556)		(1,371)		(4,029)		(11,096)
Cash received related to Giphy Retention Compensation		527		18,950		63,971		53,657
Cash paid for Envato Seller Obligations(1)		17,572		—		63,320		—
Adjusted Free Cash Flow		$               15,591		$               41,598		$             108,693		$             138,468

 

(1)	Envato Seller Obligations relate to payments made on behalf of the Envato sellers' after the closing of the acquisition. These liabilities were funded from the acquired cash on the Envato balance sheet and are not indicative of obligations and cash flows to be incurred prospectively.

 

		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Content		$             212,517		$             177,526		$             760,011		$             737,264
Data, Distribution, and Services		$               37,789		$               39,693		$             175,251		$             137,323
Total revenue		$             250,306		$             217,219		$             935,262		$             874,587
Change in total deferred revenue(1)		$                 (878)		$                   363		$             (24,862)		$               16,393
Total billings		$             249,428		$             217,582		$             910,400		$             890,980

 

(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
		12/31/24		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		3/31/23
Subscribers (end of period, in thousands) (1)		459		470		490		499		523		551		556		559
Subscriber revenue (in millions) (2)		$    75.7		$    78.7		$    80.3		$    83.9		$    85.2		$    88.3		$    87.4		$    90.6
Average revenue per customer (last twelve months) (3)		$     450		$     446		$     434		$     418		$     412		$     401		$     374		$     356
Paid downloads (in millions) (4)		33.0		32.9		33.4		35.0		35.4		36.4		38.5		42.7

 

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Pond5 and Splash News beginning May 2023, and, for Average Revenue per Customer, Giphy starting July 2024. These metrics exclude the respective counts and revenues from Backgrid and Envato.

(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. Envato subscribers for the period ended December 31, 2024 were 0.6 million.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period. Envato's subscriber revenue for the three months ended December 31, 2024 was $32.0 million.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. Envato's average revenue per customer for the last twelve-month period ended December 31, 2024 was $90 per customer.

(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 our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering. Envato had 92.8 million paid downloads during the three months ended December 31, 2024.

 

Equity-Based Compensation by expense category
		Three Months Ended
($ in thousands)		12/31/24		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		3/31/23
Cost of revenue		$     505		$     443		$     300		$     224		$     145		$     180		$     306		$     184
Sales and marketing		2,627		3,226		3,167		2,011		2,201		2,067		2,487		604
Product development		2,722		2,745		4,171		2,285		3,022		3,509		4,221		2,448
General and administrative		9,256		8,680		7,338		6,630		6,620		7,247		7,929		5,407
Total non-cash equity-based compensation		$ 15,110		$ 15,094		$ 14,976		$ 11,150		$ 11,988		$ 13,003		$ 14,943		$   8,643

 

Depreciation and Amortization by expense category
		Three Months Ended
($ in thousands)		12/31/24		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		6/30/23		3/31/23
Cost of revenue		$ 21,191		$ 19,653		$ 20,087		$ 19,874		$ 18,952		$ 19,872		$ 18,134		$ 17,866
General and administrative		2,096		1,991		1,346		1,389		1,404		1,400		1,070		1,031
Total depreciation and amortization		$ 23,287		$ 21,644		$ 21,433		$ 21,263		$ 20,356		$ 21,272		$ 19,204		$ 18,897

 

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SOURCE Shutterstock, Inc.

FAQ

What were Shutterstock's (SSTK) full-year 2024 financial results?

Shutterstock reported record full-year 2024 revenue of $935.3 million (up 7% from 2023), net income of $35.9 million ($1.01 per diluted share), and Adjusted EBITDA of $247.1 million (up 3% year-over-year).

How did SSTK's Content business perform in 2024?

Shutterstock's Content business grew 3% in 2024 to $760.0 million, representing 81% of total revenue. The growth was primarily driven by revenue from the Envato acquisition, offset by weakness in new customer acquisition.

Why did Shutterstock's (SSTK) net income decrease in 2024 despite revenue growth?

SSTK's net income decreased from $110.3 million in 2023 to $35.9 million in 2024 primarily due to a non-recurring $50.3 million bargain purchase gain from the Giphy acquisition in 2023, increased interest expenses of $8.7 million, and a $14.4 million increase in income tax expenses.

What dividend did Shutterstock (SSTK) declare for Q1 2025?

On January 27, 2025, Shutterstock's Board declared a dividend of $0.33 per share of outstanding common stock, payable on March 20, 2025 to stockholders of record as of March 6, 2025.

What is the status of Shutterstock's (SSTK) merger with Getty Images?

Shutterstock announced a merger of equals with Getty Images on January 7, 2025. The transaction is pending regulatory approvals, stockholder approvals from both companies, and the extension or refinancing of Getty Images' existing debt obligations.