Slide 1: Second Quarter 2021
Second Quarter 2021 July 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. 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: Second Quarter 2021 Financial Highlights
Second Quarter 2021 Financial Highlights Compared to Second Quarter 2020: • Revenue increased 19% to $189.9 million. ▪ On a constant currency basis, revenue increased 16%. • Net income increased 55% to $29.5 million. • Adjusted EBITDA increased 43% to $53.1 million. • Net income per diluted share in
Slide 5: Second Quarter 2021 Operating Highlights
Second Quarter 2021 Operating Highlights Compared to Second Quarter 2020: • Subscribers increased 44%, to 321,000. • Subscriber revenue increased 25%, to $78.1 million. • Average revenue per customer (LTM) increased 9% to $356. • Paid downloads increased 2% to 44.9 million. • Image library expanded
Slide 6: Liquidity and Capital Allocation
Liquidity and Capital Allocation Cash Flows: • Cash and cash equivalents increased $47.1 million during the three months ended June 30, 2021 to $411.0 million. • For the three months ended June 30, 2021: ◦ Operating cash inflows were $71.4 million. ◦ Investing cash outflows were $9.8 million, primar
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in thousands) Three Months Ended June 30, % Change 2021 2020 Inc. / (Dec.) Total Revenues $ 189,912 $ 159,230 19 % Cost of revenue 67,757 63,811 6% Sales and marketing 45,896 35,557 29 % Product development 11,993 12,485 (4)% General and administrative 31,
Slide 8: Adjusted Net Income
Adjusted Net Income (in thousands, except per share data) Three Months Ended June 30, 2021 2020 Net Income $ 29,454 $ 18,987 Add / (Less): Non-Cash Equity-Based Compensation 9,686 3,636 Acquisition-Related Intangible Amortization 1,400 514 Tax Effect of Adjustments1 (2,605) (975) Adjusted Net Income
Slide 9: Free Cash Flow
Free Cash Flow ($ in thousands) Three Months Ended June 30, 2021 2020 Net Cash From Operations $ 71,388 $ 29,484 Less: Capital Expenditures (6,789) (6,247) Less: Content Acquisitions (2,907) (854) Free Cash Flow $ 61,692 $ 22,383 9
Slide 10: Revenue by Sales Channel and Billings
Revenue by Sales Channel and Billings ($ in thousands) For the three months ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 E-commerce Revenue $ 120,715 $ 118,400 $ 111,805 $ 102,816 $ 98,164 $ 99,736 $ 100,902 $ 96,233 Enterprise Revenue 69,197 64,881 69,139
Slide 11: Key Operating Metrics
Key Operating Metrics 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 Subscribers (in thousands) (1) 321 306 281 255 223 209 194 184 Subscriber revenue (in millions) (2) $ 78.1 $ 76.5 $ 71.1 $ 67.6 $ 62.7 $ 63.9 $ 60.5 $ 60.1 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) June 30, 2021 2020 Cost of revenue $ 194 $ 99 Sales and Marketing 926 374 Product development 1,799 1,06
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 $740 - $750 million $720 - $730 million YOY Growth vs. 2020 11% to 12.5% 8% to 9.5% Adjusted EBITDA $175 - $180 million $171 - $177 million Adjusted Net In
Slide 14: © 2021 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2021 Shutterstock, Inc. All rights reserved.