Slide 1: First Quarter 2019
First Quarter 2019 April 25, 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 re fer to adjusted EBITDA, adjusted net income, revenue growth (including by distribution channel) on a constant currency basis, revenue excluding th
Slide 4: First Quarter 2019 Financial Highlights
First Quarter 2019 Financial Highlights Compared to First Quarter 2018: • Revenue increased 6.7% to $163.3 million. ◦ Revenue growth on a constant currency basis was approximately 9.1%. ◦ Revenue growth excluding the impact from Webdam, on a constant currency basis was approximately 11.1% for 2019 c
Slide 5: First Quarter 2019 Operating Highlights
First Quarter 2019 Operating Highlights Compared to First Quarter 2018: • Paid downloads of 47.2 million, up 8.0%. • Image library expanded to approximately 260.5 million images, up 39%. • Video library expanded to approximately 14.3 million video clips, up 44%. • More than 750,000 contributors made
Slide 6: Historical Revenue Detail by Sales Channel
Historical Revenue Detail by Sales Channel ($ in millions) 2019 2018 2017 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 E-commerce $ 98.1 $ 95.6 $ 88.7 $ 91.7 $ 89.7 $ 87.8 $ 81.8 $ 82.2 $ 80.6 Enterprise 65.2 66.5 62.9 64.9 60.6 59.3 55.1 48.1 46.2 Other (1) — — — — 2.7 4.7 4.2 3.7 3.5 Total Revenue $ 163.3 $ 162.1 $
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in millions) Three Months Ended March 31, % Change 2019 2018 Fav / (Unfav) Total Revenues $ 163.3 $ 153.0 6.7% Operating Expenses (155.2) (148.5) (4.5)% Gain on Sale of Webdam — 38.6 NM Other Income, net 0.9 0.8 12.5% Provision for Income Taxes (1.5) (11.3
Slide 8: Free Cash Flow
Free Cash Flow ($ in millions) Three Months Ended March 31, 2019 2018 Net Cash From Operations $ 19.7 $ 21.1 Less: Capital Expenditures (7.3) (15.0) Less: Content Acquisitions (0.5) (0.6) Free Cash Flow $ 11.9 $ 5.5 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 March 31, 2019 2018 Net Income $ 7.5 $ 32.6 Add / (Less): Non-Cash Equity-Based Comp 4.6 5.6 Acquisition-Related Amortization 0.9 1.1 Acquisition-Related Long-Term Incentives and Contingent Consideration 0.9 1.0 Gain on Sale
Slide 10: 2019 Guidance
2019 Guidance The Company's current expectations for the full year 2019, are as follows: 2019 Guidance Revenue $685 - $695 million YOY Growth vs. 2018 10% - 12% Adjusted EBITDA $118 - $123 million YOY Growth vs. 2018 12% - 17% Income from Operations $37 - $47 million Non-Cash Equity Based Comp. $25
Slide 11: © 2019 Shutterstock, Inc. All rights reserved.
Please remember this information is confidential. © 2019 Shutterstock, Inc. All rights reserved.