Shutterstock, Inc. · NYSE:SSTK
Shutterstock — Q1 2020 Earnings Presentation
12 slides from Shutterstock's earnings presentation, Apr 28, 2020
Slide 1: First Quarter 2020
First Quarter 2020 April 28, 2020 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 on a constant currency basis, adjusted EBITDA margin and free cash flow. We define adju
Slide 4: First Quarter 2020 Financial Highlights
First Quarter 2020 Financial Highlights Compared to First Quarter 2019: • Revenue decreased 1% to $161.3 million. ▪ On a constant currency basis, revenue decreased 0.5%. • Net income decreased 43% to $4.3 million. • Adjusted EBITDA decreased 14% to $22.1 million. • Net income per diluted share decre
Slide 5: First Quarter 2020 Operating Highlights
First Quarter 2020 Operating Highlights Compared to First Quarter 2019: • Paid downloads of 46.8 million, down 1%. • Image library expanded to approximately 330 million images, up 27%. • Footage library expanded to approximately 18 million video clips, up 29%. • More than 1.2 million contributors ma
Slide 6: Liquidity and Capital Allocation
Liquidity and Capital Allocation Cash Flows: • Cash and cash equivalents of $295.7 million as of March 31, 2020, compared to $303.3 million as of December 31, 2019. • In the three months ended March 31, 2020: ◦ Cash provided by operations of $6.9 million. ◦ Free cash flow1 of $6.2 million in 2020, a
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in millions) Three Months Ended March 31, % Change 2020 2019 Inc. / (Dec.) Total Revenues $ 161.3 $ 163.3 (1)% Cost of revenue 69.1 69.2 —% Sales and marketing 42.7 44.4 (4)% Product development 13.1 15.0 (13)% General and administrative 30.7 26.6 15 % Tot
Slide 8: Adjusted Net Income
Adjusted Net Income (in millions, except per share data) Three Months Ended March 31, 2020 2019 Net Income $ 4.3 $ 7.5 Add / (Less): Non-Cash Equity-Based Compensation 5.8 4.6 Acquisition-Related Intangible Amortization 0.6 0.9 Acquisition-Related Long-Term Incentives and Contingent Consideration —
Slide 9: Free Cash Flow
Free Cash Flow ($ in millions) Three Months Ended March 31, 2020 2019 Net Cash From Operations $ 6.9 $ 19.7 Less: Capital Expenditures (7.7) (7.3) Less: Content Acquisitions (0.7) (0.5) Add: Payments related to long-term incentives related to acquisitions 7.8 — Free Cash Flow $ 6.2 $ 11.9 Note: Tota
Slide 10: Historical Revenue Detail by Sales Channel
Historical Revenue Detail by Sales Channel ($ in millions) 2020 2019 2018 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 E-commerce $ 99.7 $ 100.9 $ 96.2 $ 97.0 $ 98.1 $ 95.6 $ 88.7 $ 91.7 $ 89.7 YOY Growth 2% 6% 8% 6% 9% 9% 8% 12% 11% Enterprise 61.5 65.5 62.8 64.7 65.2 66.5 62.9 64.9 60.6 YOY Growth (6)% (2)% 0% —% 8
Slide 11: Depreciation and Amortization
Depreciation and Amortization Depreciation and amortization expense is included within the Statements of Operations, as follows: ($ in millions) Three Months Ended March 31, % Change 2020 2019 Fav / (Unfav) Cost of revenue $ 8.8 $ 9.8 10 % General and administrative 1.7 2.1 19 % Total depreciation a
Slide 12: © 2020 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2020 Shutterstock, Inc. All rights reserved.