Shutterstock, Inc. · NYSE:SSTK
Shutterstock — Q2 2018 Earnings Presentation
13 slides from Shutterstock's earnings presentation, Aug 2, 2018
Slide 1: Second Quarter 2018
Second Quarter 2018 August 1, 2018 This is your cover. Insert an amazing image and align it with this grey rectangle. Please use the red, patterned, Shutterstock background for internal presentations only. 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 financial results in accordance with accounting principles generally accepted in the United States (GAAP), we also refer to adjusted EBITDA, adjusted net income, revenue growth on a constant currency basis, revenue excluding the impact of Webdam,
Slide 4: Second Quarter 2018 Financial Highlights
Second Quarter 2018 Financial Highlights Compared to Second Quarter 2017: • Revenue increased 16.9% to $156.6 million primarily driven by growth in new customers across our enterprise and e-commerce channels and an increase in paid download activity. • Revenue increased 14.4% on a constant currency
Slide 5: Second Quarter 2018 Operating Highlights
Second Quarter 2018 Operating Highlights Compared to Second Quarter 2017: • Paid downloads of 45.2 million, up 5.9%. • Image library expanded to 204.2 million images, up 41.0%. • Video library expanded to 10.9 million video clips, up 43.9%. • More than 450,000 contributors made their images, video c
Slide 6: Liquidity and Capital Allocation
Liquidity and Capital Allocation • Cash and Cash Equivalents of $289.8 million as of June 30, 2018, compared to $253.4 million as of December 31, 2017. • In the first half of 2018: ◦ Cash generated by operations of $38.0 million. ◦ Proceeds from the Sale of Webdam of $42.4 million. ◦ Net tax refund
Slide 7: Historical Revenue Detail by Sales Channel
Historical Revenue Detail by Sales Channel ($ in millions) 2018 2017(1) 2016(1) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 E-commerce $ 91.7 $ 89.7 $ 87.8 $ 81.8 $ 82.2 $ 80.6 $ 81.4 $ 78.1 $ 81.4 Enterprise 64.9 60.6 59.3 55.1 48.1 46.2 45.4 42.1 40.5 Digital Asset Management(2) (Webdam) — 2.7 4.7 4.2 3.7 3.5 3.3
Slide 8: Historical Deferred Revenue
Historical Deferred Revenue ($ in millions) 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 Reported Deferred Revenue(a)(b) $ 139.9 $ 139.5 $ 157.8 $ 146.4 $ 136.0 (c) Webdam Deferred Revenue (10.2) (e) (e) Impact of Adoption of ASC 606 (Revenue Recognition)(d) (9.9) (e) (e) $ 137.7 (a) Represent
Slide 9: Adjusted EBITDA
Adjusted EBITDA ($ in millions) Three Months Ended June 30, 2018 2017 % Δ Total Revenues $ 156.6 $ 134.0 17 % Total Expenses 156.9 130.9 20 % Net (Loss)/Income (0.3) 3.1 NM Plus: Depreciation & Amortization 11.3 7.8 45 % Plus: Equity-Based Compensation 6.4 7.3 (12)% Plus: Other Adjustments (1) 7.7 (
Slide 10: Free Cash Flow
Free Cash Flow ($ in millions) Three Months Ended June 30, 2018 2017 Net Cash From Operations $ 16.9 $ 23.2 Less: Capital Expenditures (8.1) (12.3) Less: Content Acquisitions (0.6) (0.8) Free Cash Flow $ 8.2 $ 10.1 10
Slide 11: Adjusted Net Income
Adjusted Net Income (in millions, except per share data) Three Months Ended June 30, 2018 2017 Net Loss $ (0.3) $ 3.1 Add: Non-Cash Equity-Based Comp 6.4 7.3 Add: Acquisition-Related Amortization 0.9 1.1 Add: Acquisition-related long-term incentives and contingent consideration 0.7 — Add: Impairment
Slide 12: 2018 Guidance
2018 Guidance The Company’s current financial expectations for the full year 2018, which remain consistent with prior guidance (and excludes the impact of Webdam), are: YOY Growth 2018 Guidance vs. 2017 Revenue $625 - $635 million 15.5% - 17.4% Adjusted EBITDA $105 - $110 million 19.3% - 25.0% Incom
Slide 13: This is your closing slide.. Insert an amazing image and align it with this
This is your closing slide.. Insert an amazing image and align it with this grey rectangle for a dramatic transition. Feel free to change the copy to white should want it to show up better against the image. © 2018Please Shutterstock, remember this Inc. information All rights is reserved. confidenti