Shutterstock, Inc. · NYSE:SSTK
Shutterstock — Q3 2021 Earnings Presentation
15 slides from Shutterstock's earnings presentation, Oct 26, 2021
Slide 1: Third Quarter 2021
Third Quarter 2021 October 26, 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. All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limite
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: Third Quarter 2021 Financial Highlights
Third Quarter 2021 Financial Highlights Compared to Third Quarter 2020: • Revenue increased 18% to $194.4 million. ▪ On a constant currency basis, revenue increased 17%. • Net income decreased 29% to $16.0 million. • Adjusted EBITDA decreased 6% to $44.4 million. • Net income per diluted share decre
Slide 5: Third Quarter 2021 Operating Highlights
Third Quarter 2021 Operating Highlights Compared to Third Quarter 2020: • Subscribers increased 32%, to 336,000. • Subscriber revenue increased 21%, to $81.5 million. • Average revenue per customer (LTM) increased 10% to $361. • Paid downloads increased 2% to 44.3 million. • Image library of approxi
Slide 6: Liquidity
Liquidity Cash Flows: • Cash and cash equivalents decreased $110.5 million during the three months ended September 30, 2021 to $300.6 million. • For the three months ended September 30, 2021: ◦ Operating cash inflows were $54.6 million. ◦ Investing cash outflows were $151.4 million, primarily consis
Slide 7: Capital Allocation
Capital Allocation Quarterly Cash Dividend: • On October 18, 2021, the Board of Directors declared a dividend of $0.21 per share of outstanding common stock, payable on December 16, 2021 to stockholders of record at the close of business on December 2, 2021. Share Repurchase Program: • During the th
Slide 8: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in thousands) Three Months Ended September 30, % Change 2021 2020 Inc. / (Dec.) Total revenues $ 194,439 $ 165,227 18 % Cost of revenue 69,634 60,331 15 % Sales and marketing 54,456 36,655 49 % Product development 13,565 10,617 28 % General and administrat
Slide 9: Adjusted Net Income
Adjusted Net Income (in thousands, except per share data) Three Months Ended September 30, 2021 2020 Net Income $ 16,029 $ 22,582 Add / (Less): Non-Cash Equity-Based Compensation 8,743 8,285 Acquisition-Related Intangible Amortization 4,754 531 Tax Effect of Adjustments1 (3,172) (2,072) Adjusted Net
Slide 10: Free Cash Flow
Free Cash Flow ($ in thousands) Three Months Ended September 30, 2021 2020 Net Cash From Operations $ 54,642 $ 63,882 Less: Capital Expenditures (5,830) (6,311) Less: Content Acquisitions (4,494) (530) Free Cash Flow $ 44,318 $ 57,041 10
Slide 11: Revenue by Sales Channel and Billings
Revenue by Sales Channel and Billings ($ in thousands) For the three months ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 E-commerce Revenue $ 121,707 $ 120,715 $ 118,400 $ 111,805 $ 102,816 $ 98,164 $ 99,736 $ 100,902 Enterprise Revenue 72,732 69,197 64,881
Slide 12: Key Operating Metrics
Key Operating Metrics 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Subscribers (in thousands) (1) 336 321 306 281 255 223 209 194 Subscriber revenue (in millions) (2) $ 81.5 $ 78.1 $ 76.5 $ 71.1 $ 67.6 $ 62.7 $ 63.9 $ 60.5 Average revenue per customer (LTM) (3) $
Slide 13: 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) September 30, 2021 2020 Cost of revenue $ (49) $ 125 Sales and Marketing 638 467 Product development 1,6
Slide 14: 2021 Guidance
2021 Guidance The Company's revised expectations for the full year 2021 are as follows: Previously Announced 2021 Guidance 2021 Guidance Revenue $765 - $770 million $740 - $750 million YOY Growth vs. 2020 14.75% to 15.5% 11% to 12.5% Adjusted EBITDA $185 - $191 million $175 - $180 million Adjusted N
Slide 15: © 2021 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2021 Shutterstock, Inc. All rights reserved.