Slide 1: First Quarter 2021
First Quarter 2021 April 27, 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: First Quarter 2021 Financial Highlights
First Quarter 2021 Financial Highlights Compared to First Quarter 2020: • Revenue increased 14% to $183.3 million. ▪ On a constant currency basis, revenue increased 11%. • Net income increased 584% to $29.5 million. • Adjusted EBITDA increased 156% to $56.4 million. • Net income per diluted share in
Slide 5: First Quarter 2021 Operating Highlights
First Quarter 2021 Operating Highlights Compared to First Quarter 2020: • Subscribers increased 46%, to 306,000. • Subscriber revenue increased 20%, to $76.5 million. • Average revenue per customer (LTM) increased 4.0% to $342. • Paid downloads decreased 2% to 45.8 million. • Image library expanded
Slide 6: Liquidity and Capital Allocation
Liquidity and Capital Allocation Cash Flows: • Cash and cash equivalents decreased $64.6 million during the three months ended March 31, 2021 to $363.9 million. • For the three months ended March 31, 2021: ◦ Operating cash inflows were $35.8 million. ◦ Investing cash outflows were $81.2 million, pri
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in thousands) Three Months Ended March 31, % Change 2021 2020 Inc. / (Dec.) Total Revenues $ 183,281 $ 161,285 14 % Cost of revenue 61,832 69,123 (11)% Sales and marketing 41,921 42,660 (2)% Product development 10,731 13,069 (18)% General and administrativ
Slide 8: Adjusted Net Income
Adjusted Net Income (in thousands, except per share data) Three Months Ended March 31, 2021 2020 Net Income $ 29,514 $ 4,318 Add / (Less): Non-Cash Equity-Based Compensation 8,210 5,760 Acquisition-Related Intangible Amortization 1,099 568 Tax Effect of Adjustments1 (2,187) (1,487) Adjusted Net Inco
Slide 9: Free Cash Flow
Free Cash Flow ($ in thousands) Three Months Ended March 31, 2021 2020 Net Cash From Operations $ 35,828 $ 6,859 Less: Capital Expenditures (8,548) (7,719) Less: Content Acquisitions (489) (723) Add: Payments related to long-term incentives related to acquisitions — 7,759 Free Cash Flow $ 26,791 $ 6
Slide 10: Revenue by Sales Channel and Billings
Revenue by Sales Channel and Billings ($ in thousands) For the three months ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 E-commerce Revenue $ 118,400 $ 111,805 $ 102,816 $ 98,164 $ 99,736 $ 100,902 $ 96,233 $ 96,993 Enterprise Revenue 64,881 69,139 62,411 6
Slide 11: Key Operating Metrics
Key Operating Metrics 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Subscribers (in thousands) (1) 306 281 255 223 209 194 184 173 Subscriber revenue (in millions) (2) $ 76.5 $ 71.1 $ 67.6 $ 62.7 $ 63.9 $ 60.5 $ 60.1 $ 57.9 Average revenue per customer (LTM) (3) $
Slide 12: 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 ($ in thousands) March 31, 2021 2020 Cost of revenue $ 164 $ 51 Sales and Marketing 467 460 Product development 1,229 1,1
Slide 13: 2021 Guidance
2021 Guidance The Company's revised expectations for the full year 2021 are as follows: Previously Announced 2021 Guidance 2021 Guidance Revenue $720 - $730 million $708 - $722 million YOY Growth vs. 2020 8% to 9.5% 6% to 8% Adjusted EBITDA $171 - $177 million $165 - $171 million Adjusted Net Income
Slide 14: © 2021 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2021 Shutterstock, Inc. All rights reserved.