Slide 1: Second Quarter 2019
Second Quarter 2019 August 6, 2019 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 In addition to reporting results in accordance with United States generally accepted accounting principles (GAAP), we also refer to adjusted EBITDA, adjusted net income, revenue growth (including by distribution channel) on a constant currency basis, revenue excluding the
Slide 4: Second Quarter 2019 Financial Highlights
Second Quarter 2019 Financial Highlights Compared to Second Quarter 2018: • Revenue increased 3% to $161.7 million. ◦ Revenue growth on a constant currency basis was approximately 5%. • Income from operations decreased 45% to $3.1 million. • Net income increased to $3.3 million, from a net loss of $
Slide 5: Second Quarter 2019 Operating Highlights
Second Quarter 2019 Operating Highlights Compared to Second Quarter 2018: • Paid downloads of 46.6 million, up 3%. • Image library expanded to approximately 280 million images, up 37%. • Video library expanded to approximately 15 million video clips, up 37%. • More than 900,000 contributors made the
Slide 6: Historical Revenue Detail by Sales Channel
Historical Revenue Detail by Sales Channel ($ in millions) 2019 2018 2017 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 E-commerce $ 97.0 $ 98.1 $ 95.6 $ 88.7 $ 91.7 $ 89.7 $ 87.8 $ 81.8 $ 82.2 Enterprise 64.7 65.2 66.5 62.9 64.9 60.6 59.3 55.1 48.1 Other (1) — — — — — 2.7 4.7 4.2 3.7 Total Revenue (2) $ 161.7 $ 163.3
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in millions) Three Months Ended June 30, % Change 2019 2018 Fav / (Unfav) Total Revenues $ 161.7 $ 156.6 3% Operating Expenses (158.7) (151.0) (5)% Other Income / (Expense), net 0.6 (7.0) NM (Provision) / Benefit for Income Taxes (0.4) 1.1 NM Net Income /
Slide 8: Free Cash Flow
Free Cash Flow ($ in millions) Three Months Ended June 30, 2019 2018 Net Cash From Operations $ 27.0 $ 16.9 Less: Capital Expenditures (6.5) (8.1) Less: Content Acquisitions (0.7) (0.6) Free Cash Flow $ 19.8 $ 8.2 Note: Totals may not sum exactly due to rounding. 8
Slide 9: Adjusted Net Income
Adjusted Net Income (in millions, except per share data) Three Months Ended June 30, 2019 2018 Net Income / (Loss) $ 3.3 $ (0.3) Add / (Less): Non-Cash Equity-Based Compensation 7.8 6.4 Acquisition-Related Amortization 2.4 0.9 Acquisition-Related Long-Term Incentives and Contingent Consideration 0.9
Slide 10: 2019 Guidance
2019 Guidance The Company's current expectations for the full year 2019, revised from those previously announced, are as follows: Previously Announced 2019 Guidance 2019 Guidance Revenue $645 - $670 million $685 - $695 million YOY Growth vs. 2018 3.5% - 7.5% 10% - 12% Adjusted EBITDA $93 - $107 mill
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Please remember this information is confidential. © 2019 Shutterstock, Inc. All rights reserved.