Slide 1: Fourth Quarter and Full Year 2020
Fourth Quarter and Full Year 2020 February 11, 2021 Please remember this information is confidential.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements in
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our 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, colle
Slide 4: Fourth Quarter 2020 Financial Highlights
Fourth Quarter 2020 Financial Highlights Compared to Fourth Quarter 2019: • Revenue increased 9% to $180.9 million. ▪ On a constant currency basis, revenue increased 7%. • Net income increased 495% to $25.9 million. • Adjusted EBITDA increased 101% to $48.5 million. • Net income per diluted share in
Slide 5: Fourth Quarter 2020 Operating Highlights
Fourth Quarter 2020 Operating Highlights Compared to Fourth Quarter 2019: • Subscribers increased 45%, to 281,000. • Subscriber revenue increased 18%, to $71.1 million. • Average revenue per customer (LTM) increased 0.9% to $333. • Paid downloads decreased 4% to 45.8 million. • Image library expande
Slide 6: Full Year 2020 Financial Highlights
Full Year 2020 Financial Highlights Compared to full year 2019: • Revenue increased 2% to $666.7 million. ◦ Foreign currency fluctuations did not have a significant impact on full year 2020 revenues. • Net income increased 257% to $71.8 million. • Adjusted EBITDA increased 61% to $154.9 million. • N
Slide 7: Liquidity and Capital Allocation
Liquidity and Capital Allocation Cash Flows: • Cash and cash equivalents increased $45.4 million during the three months ended December 31, 2020 to $428.6 million. • For the three months ended December 31, 2020: ◦ Operating cash inflows were $64.8 million. ◦ Investing cash outflows were $13.2 millio
Slide 8: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in thousands) Three Months Ended December 31, % Change 2020 2019 Inc. / (Dec.) Total Revenues $ 180,944 $ 166,371 9% Cost of revenue 66,308 71,797 (8)% Sales and marketing 44,369 47,182 (6)% Product development 9,867 15,103 (35)% General and administrative
Slide 9: Consolidated Annual Financial Results
Consolidated Annual Financial Results ($ in thousands) Year Ended December 31, % Change 2020 2019 Inc. / (Dec.) Total Revenues $ 666,686 $ 650,523 2% Cost of revenue 259,573 278,176 (7)% Sales and marketing 159,241 181,730 (12)% Product development 46,038 57,216 (20)% General and administrative 116,
Slide 10: Adjusted Net Income
Adjusted Net Income (in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net Income $ 25,879 $ 4,353 $ 71,766 $ 20,108 Add / (Less): Non-Cash Equity-Based Compensation 10,628 4,931 28,309 22,815 Acquisition-Related Intangible Amortization
Slide 11: Free Cash Flow
Free Cash Flow ($ in thousands) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net Cash From Operations $ 64,847 $ 25,626 $ 165,072 $ 102,646 Less: Capital Expenditures (5,353) (6,534) (25,630) (26,081) Less: Content Acquisitions (863) (1,448) (2,970) (3,344) Add: Paymen
Slide 12: Revenue by Sales Channel and Billings
Revenue by Sales Channel and Billings ($ in thousands) 2020 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 E-commerce Revenue $111,805 $102,816 $ 98,164 $ 99,736 $100,902 $ 96,233 $ 96,993 $ 98,113 Enterprise Revenue 69,139 62,411 61,066 61,549 65,469 62,846 64,748 65,219 Total Revenue $180,944 $165,227 $159,230 $161
Slide 13: Key Operating Metrics
Key Operating Metrics 2020 2019 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Subscribers (in thousands) (1) 281 255 223 209 194 184 173 161 Subscriber revenue (in millions) (2) $ 71.1 $ 67.6 $ 62.7 $ 63.9 $ 60.5 $ 60.1 $ 57.9 $ 58.0 Average revenue per customer (LTM) (3) $ 333 $ 328 $ 326 $ 329 $ 330 $ 327 $ 325 $ 323 P
Slide 14: Non-Cash Compensation and Depreciation and Amortization
Non-Cash Compensation and Depreciation and Amortization Non-cash equity-based compensation expense is included within the Statements of Operations, as follows: Three Months Ended Year Ended December ($ in thousands) December 31, 31, 2020 2019 2020 2019 Cost of revenue $ 155 $ (25) $ 430 $ 220 Sales
Slide 15: 2021 Guidance
2021 Guidance The Company's current expectations for the full year 2021 are as follows: 2021 Guidance Revenue $708 - $722 million YOY Growth vs. 2020 6% to 8% Adjusted EBITDA $165 - $171 million Adjusted Net Income per diluted share $2.75 to $2.90 15
Slide 16: © 2021 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2021 Shutterstock, Inc. All rights reserved.