Shutterstock, Inc. · NYSE:SSTK
Shutterstock — Q3 2019 Earnings Presentation
12 slides from Shutterstock's earnings presentation, Nov 5, 2019
Slide 1: Third Quarter 2019
Third Quarter 2019 November 5, 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 refer to adjusted EBITDA, adjusted net income, revenue growth (including by distribution channel) on a constant currency basis, revenue excluding the
Slide 4: Third Quarter 2019 Financial Highlights
Third Quarter 2019 Financial Highlights Compared to Third Quarter 2018: • Revenue increased 5% to $159.1 million. ◦ Revenue growth on a constant currency basis was approximately 6%. • Income from operations decreased 52% to $3.2 million. • Net income decreased 34% to $4.9 million. • Adjusted net inc
Slide 5: Third Quarter 2019 Operating Highlights
Third Quarter 2019 Operating Highlights Compared to Third Quarter 2018: • Paid downloads of 46.3 million, up 5%. • Image library expanded to approximately 297 million images, up 34%. • Video library expanded to approximately 16 million video clips, up 33%. • More than 1 million contributors made the
Slide 6: Historical Revenue Detail by Sales Channel
Historical Revenue Detail by Sales Channel ($ in millions) 2019 2018 2017 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 E-commerce $ 96.2 $ 97.0 $ 98.1 $ 95.6 $ 88.7 $ 91.7 $ 89.7 $ 87.8 $ 81.8 Enterprise 62.8 64.7 65.2 66.5 62.9 64.9 60.6 59.3 55.1 Other (1) — — — — — — 2.7 4.7 4.2 Total Revenue (2) $ 159.1 $ 161.7 $
Slide 7: Consolidated Quarterly Financial Results
Consolidated Quarterly Financial Results ($ in millions) Three Months Ended September 30, % Change 2019 2018 Inc. / (Dec.) Total Revenues $ 159.1 $ 151.6 5 % Cost of revenue 68.6 66.5 3 % Sales and marketing 45.6 41.0 11 % Product development 13.5 14.0 (4)% General and administrative 28.1 23.4 20 %
Slide 8: Depreciation and Amortization
Depreciation and Amortization Depreciation and amortization expense is included within the Statement of Operations, as follows: ($ in millions) Three Months Ended September 30, % Change 2019 2018 Fav / (Unfav) Cost of revenue $ 10.1 $ 9.2 (10)% General and administrative 1.9 2.5 24 % Total depreciat
Slide 9: Free Cash Flow
Free Cash Flow ($ in millions) Three Months Ended September 30, 2019 2018 Net Cash From Operations $ 30.3 $ 30.5 Less: Capital Expenditures (5.8) (6.5) Less: Content Acquisitions (0.6) (1.6) Free Cash Flow $ 23.8 $ 22.4 Note: Totals may not sum exactly due to rounding. 9
Slide 10: Adjusted Net Income
Adjusted Net Income (in millions, except per share data) Three Months Ended September 30, 2019 2018 Net Income $ 4.9 $ 7.4 Add / (Less): Non-Cash Equity-Based Compensation 5.5 6.0 Acquisition-Related Amortization 0.7 0.9 Acquisition-Related Long-Term Incentives and Contingent Consideration 0.9 0.7 1
Slide 11: 2019 Guidance
2019 Guidance The Company's current expectations for the full year 2019 remain unchanged and are as follows: 2019 Guidance Revenue $645 - $670 million YOY Growth vs. 2018 3.5% to 7.5% Adjusted EBITDA $93 - $107 million YOY Growth vs. 2018 -11.5% to 1.8% Income from Operations $18 - $32 million Non-C
Slide 12: Please remember this information is . All rights reserved.
Please remember this information is confidential. © 2019 Shutterstock, Inc. All rights reserved.