Shutterstock is headquartered in New York, US

Founder/CEO

QA Engineer

Shutterstock has offices in New York, Amsterdam, Berlin, Hamburg and in 16 other locations

New York, US (HQ)

350 Fifth Avenue, 21st Floor

Amsterdam, NL

495 Herengracht

Shutterstock's revenue was reported to be $130.2 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 130.2 m |

## Gross profit (Q1, 2017) | 77.8 m |

## Gross profit margin (Q1, 2017), % | 60% |

## Net income (Q1, 2017) | 6.6 m |

## EBIT (Q1, 2017) | 10.3 m |

## Market capitalization (17-Aug-2017) | 1.2 b |

## Cash (31-Mar-2017) | 195.4 m |

Shutterstock's current market capitalization is $1.2 b.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 235.5 m | 328 m | 425.1 m | 494.3 m |

## Revenue growth, % | 39% | 30% | 16% | |

## Cost of goods sold | 26.1 m | 64.7 m | 47.9 m | 52.6 m |

## Gross profit | 209.4 m | 263.3 m | 377.2 m | 441.7 m |

## Gross profit Margin, % | 89% | 80% | 89% | 89% |

## Sales and marketing expense | 35 m | |||

## R&D expense | 13 m | |||

## General and administrative expense | 16.4 m | |||

## Operating expense total | 101.6 m | 159.3 m | 209.6 m | 117 m |

## EBIT | 43.3 m | 38.6 m | 41 m | 13.2 m |

## EBIT margin, % | 18% | 12% | 10% | 3% |

## Pre tax profit | 12.5 m | 21.8 m | 11.7 m | 12 m |

## Income tax expense | 16.9 m | 16.1 m | 14.7 m | 2.2 m |

## Net Income | 26.4 m | 22 m | 19.6 m | 32.6 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 80.2 m | 83.7 m | 97.5 m | 104.4 m | 107.3 m | 116.7 m | 124.4 m | 123.1 m | 130.2 m |

## Cost of goods sold | 32 m | 33.3 m | 39.5 m | 42.5 m | 44.5 m | 48.1 m | 52.2 m | 50.2 m | 52.4 m |

## Gross profit | 48.2 m | 50.5 m | 58 m | 61.8 m | 62.7 m | 68.6 m | 72.2 m | 72.9 m | 77.8 m |

## Gross profit Margin, % | 60% | 60% | 59% | 59% | 59% | 59% | 58% | 59% | 60% |

## Sales and marketing expense | 20.5 m | 21.1 m | 25.1 m | 27.4 m | 27.4 m | 27.1 m | 31.6 m | 33 m | 32.5 m |

## R&D expense | 9.3 m | 9.9 m | 10.7 m | 10.2 m | 10.8 m | 11.2 m | 12 m | 11.6 m | 11 m |

## General and administrative expense | 10 m | 10.6 m | 14 m | 14.5 m | 16.4 m | 19.5 m | 18.2 m | 17 m | 24 m |

## Operating expense total | 39.8 m | 41.6 m | 49.8 m | 52.2 m | 54.7 m | 57.8 m | 61.7 m | 61.6 m | 67.5 m |

## EBIT | 8.4 m | 8.9 m | 8.2 m | 9.7 m | 8.1 m | 10.8 m | 10.5 m | 11.3 m | 10.3 m |

## EBIT margin, % | 11% | 11% | 8% | 9% | 8% | 9% | 8% | 9% | 8% |

## Pre tax profit | 8.4 m | 8.8 m | 5.7 m | 9.6 m | 7.3 m | 10.8 m | 10.3 m | 11.4 m | 10.8 m |

## Income tax expense | 3.6 m | 3.6 m | 2.4 m | 4.3 m | 3.2 m | 4.7 m | 3 m | 2 m | 4.2 m |

## Net Income | 9.8 m | 15.1 m | 3.2 m | 8.6 m | 12.7 m | 6.1 m | 13.4 m | 22.8 m | 6.6 m |

USD | Y, 2009^{} | Y, 2010^{} | Y, 2011^{} | Y, 2012^{} | Y, 2013^{} | Y, 2014^{} | Y, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|---|---|---|

## Cash | 4.9 m | 6.5 m | 14.1 m | 102.1 m | 155.4 m | 233.5 m | 241.3 m | 224.2 m |

## Accounts Receivable | 6.1 m | 15.3 m | 25.7 m | 38.1 m | ||||

## Inventories | 19.8 m | 12.1 m | 11.7 m | 22.6 m | ||||

## Current Assets | 243.2 m | 323.5 m | 335.7 m | 339.8 m | ||||

## PP&E | 20.3 m | 26.7 m | 32.1 m | 56.1 m | ||||

## Goodwill | 1.4 m | 10.2 m | 50.9 m | 49.3 m | ||||

## Total Assets | 278.5 m | 383.8 m | 469.1 m | 501.8 m | ||||

## Accounts Payable | 4.2 m | 5.3 m | 6.8 m | 7.3 m | ||||

## Current Liabilities | 91.9 m | 120.3 m | 160.8 m | 203.5 m | ||||

## Total Liabilities | 215.1 m | |||||||

## Additional Paid-in Capital | 127.4 m | 174.8 m | 213.9 m | 251.9 m | ||||

## Retained Earnings | 96.4 m | 129.1 m | ||||||

## Total Equity | 288.6 m | 286.7 m | ||||||

## Financial Leverage | 1.6 x | 1.8 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 180.9 m | 210.8 m | 190.5 m | 211.5 m | 229.6 m | 220.6 m | 210.9 m | 238 m | 195.4 m |

## Accounts Receivable | 11.1 m | 12.9 m | 22.7 m | 23.7 m | 25.6 m | 30.4 m | 33.3 m | 34.1 m | 38 m |

## Current Assets | 274 m | 296.6 m | 289.7 m | 313.4 m | 330.2 m | 329.3 m | 328.8 m | 351.9 m | 316.3 m |

## PP&E | 27.6 m | 26.4 m | 27.1 m | 29 m | 29.9 m | 37.9 m | 41.3 m | 49.8 m | 63.9 m |

## Goodwill | 10.2 m | 10.2 m | 53.5 m | 54.7 m | 52.2 m | 52.4 m | 51.4 m | 50.5 m | 49.7 m |

## Total Assets | 333.3 m | 356 m | 420.8 m | 449.4 m | 465 m | 469.3 m | 468.4 m | 507.3 m | 486.6 m |

## Accounts Payable | 5.5 m | 5.7 m | 8.9 m | 9.3 m | 9 m | 9 m | 10.6 m | 15.3 m | 11.7 m |

## Current Liabilities | 106.1 m | 114.1 m | 141.4 m | 147.7 m | 154.8 m | 170.4 m | 183.8 m | 202.8 m | 196.1 m |

## Additional Paid-in Capital | 150.5 m | 160.1 m | 185 m | 198 m | 206.8 m | 222.2 m | 232.3 m | 244.3 m | 255.4 m |

## Retained Earnings | 64.6 m | 69.9 m | 80.1 m | 85.5 m | 89.6 m | 102.6 m | 109.8 m | 119.2 m | 135 m |

## Total Equity | 215.5 m | 230.2 m | 261.8 m | 283.6 m | 292.9 m | 277.2 m | 274.1 m | 293.3 m | 275.9 m |

## Financial Leverage | 1.5 x | 1.5 x | 1.6 x | 1.6 x | 1.6 x | 1.7 x | 1.7 x | 1.7 x | 1.8 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 26.5 m | 22.1 m | 19.6 m | 32.6 m |

## Depreciation and Amortization | 3.9 m | 7.9 m | 14.8 m | 19.9 m |

## Accounts Receivable | (4.9 m) | (9.7 m) | (11 m) | (13.2 m) |

## Accounts Payable | 10.4 m | |||

## Cash From Operating Activities | 56.4 m | 82.9 m | 85.3 m | 101.1 m |

## Capital Expenditures | (14.1 m) | (18 m) | (14 m) | (40 m) |

## Cash From Investing Activities | (70.1 m) | (29 m) | (71.8 m) | (57.2 m) |

## Cash From Financing Activities | 67 m | 24.9 m | (4.1 m) | (53.5 m) |

## Interest Paid | 34 k | 34 k | ||

## Income Taxes Paid | 14.2 m | 254 k | 14.5 m | 19.2 m |

## Free Cash Flow | 70.4 m | 100.8 m | 99.3 m | 61.2 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 9.8 m | 15.1 m | 3.2 m | 8.6 m | 12.7 m | 6.1 m | 13.4 m | 22.8 m | 6.6 m |

## Depreciation and Amortization | 3.6 m | 5.8 m | 3 m | 6.5 m | 10.4 m | 4.2 m | 9 m | 14.2 m | 7 m |

## Accounts Receivable | (5.2 m) | (7.4 m) | (4 m) | (6.2 m) | (8.6 m) | (6 m) | (10.7 m) | (12.2 m) | (404 k) |

## Cash From Operating Activities | 36.8 m | 59.5 m | 21.5 m | 40.1 m | 59.4 m | 23 m | 41.6 m | 76.7 m | 17.2 m |

## Capital Expenditures | (14.8 m) | (16.3 m) | (2.2 m) | (6.1 m) | (9.9 m) | (7.8 m) | (16.3 m) | (26.7 m) | (13.5 m) |

## Cash From Investing Activities | (25.5 m) | (21.8 m) | (65.6 m) | (70 m) | (72 m) | (17.1 m) | (26.4 m) | (38.9 m) | (15.7 m) |

## Cash From Financing Activities | 14.2 m | 17.8 m | 2.9 m | 8.4 m | 9.7 m | (27.6 m) | (43.9 m) | (38.8 m) | (32.1 m) |

## Income Taxes Paid | 159 k | 235 k | 1.3 m | 7.8 m | 11.7 m | 4.2 m | 11.9 m | 16.3 m | 2.1 m |

## Free Cash Flow | 22 m | 43.2 m | 19.3 m | 34 m | 49.6 m | 15.2 m | 25.3 m | 50 m | 3.7 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 151.8 k |

## Financial Leverage | 1.8 x |

Shutterstock's Customers was reported to be 1.7 m in Q1, 2017

Acquired Company | Date | Deal Size |
---|---|---|

Flashstock | June 27, 2017 | $65 m |

Source: 72 public H-1B filings from Shutterstock

January 26, 2017

Stock photo site Shutterstock has been around since 2003 but now the stock photo site gotten an 21s century upgrade. The site now has a built in photo editor that lets you create clever graphics on the fly for social media, sharing, and blogging. The tool is fairly rudimentary – you can add text an…

August 04, 2016

* Q2 earnings per share view $0.31 -- Thomson Reuters
I/B/E/S

July 19, 2016

EXCLUSIVE: Shutterstock, a publicly traded company that provides premium stock images, music, and video content, today is announcing the launch of a feature that will speed up the process for contributors submitting new images through the iOS app dedicated for them. The app will suggest several keyw…