Shutterstock Gross profit (Q2, 2018)88.7 M

Shutterstock Gross profit margin (Q2, 2018), %56.6%

Shutterstock Net income (Q2, 2018)-254 K

Shutterstock EBIT (Q2, 2018)5.6 M

Shutterstock Cash, 30-Jun-2018289.8 M

Shutterstock revenue was $557.11 m in FY, 2017 which is a 12.7% year over year increase from the previous period.

Shutterstock revenue breakdown by business segment: 97.1% from Content Segment and 2.9% from Other

Shutterstock revenue breakdown by geographic segment: 32.6% from Europe, 39.3% from North America and 28.1% from Rest of the world

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 235.5 m | 328 m | 425.1 m | 494.3 m | 557.1 m |

| 39% | 30% | 16% | 13% | |

## Cost of goods sold | 90.6 m | 130 m | 174.5 m | 203.1 m | 233.1 m |

## Gross profit | 144.9 m | 197.9 m | 250.6 m | 291.2 m | 324 m |

| 62% | 60% | 59% | 59% | 58% |

## Sales and marketing expense | 56.7 m | 82.1 m | 106.6 m | 126.6 m | 146.5 m |

## R&D expense | 21.8 m | 38.3 m | 41.3 m | 47.8 m | 52.5 m |

## General and administrative expense | 23.1 m | 38.5 m | 61.6 m | 71 m | 98.7 m |

## Operating expense total | 101.6 m | 158.9 m | 209.6 m | 245.4 m | 297.7 m |

## EBIT | 43.3 m | 39 m | 41 m | 45.8 m | 26.3 m |

| 18% | 12% | 10% | 9% | 5% |

## Pre tax profit | 43.4 m | 38.2 m | 34.3 m | 44.5 m | 30.1 m |

## Income tax expense | 16.9 m | 16.1 m | 14.7 m | 11.9 m | 13.4 m |

## Net Income | 26.5 m | 22.1 m | 19.6 m | 32.6 m | 16.7 m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 59.6 m | 72.8 m | 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 | 134 k | 153 m | 156.6 m |

## Cost of goods sold | 22.9 m | 29.1 m | 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 | 57.3 k | 64.5 m | 67.9 m |

## Gross profit | 36.6 m | 43.7 m | 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 | 76.7 k | 88.5 m | 88.7 m |

| 61% | 60% | 60% | 60% | 59% | 59% | 59% | 59% | 58% | 59% | 60% | 57% | 58% | 57% |

## Sales and marketing expense | 14.9 m | 19.3 m | 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 | 37.1 k | 40.4 m | 42 m |

## R&D expense | 5.7 m | 7.8 m | 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 | 12.9 k | 16.4 m | 16.7 m |

## General and administrative expense | 6.1 m | 7.5 m | 10 m | 10.6 m | 14 m | 14.5 m | 16.4 m | 19.5 m | 18.2 m | 17 m | 24 m | 23.4 k | 27.2 m | 24.3 m |

## Operating expense total | 49.6 m | 34.6 m | 71.8 m | 74.8 m | 89.3 m | 94.7 m | 99.2 m | 105.8 m | 113.9 m | 111.8 m | 119.9 m | 73.4 k | 148.5 m | 83.1 m |

## EBIT | 9.9 m | 9.1 m | 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 | 3.3 k | 4.5 m | 5.6 m |

| 17% | 12% | 11% | 11% | 8% | 9% | 8% | 9% | 8% | 9% | 8% | 2% | 3% | 4% |

## Pre tax profit | 9.9 m | 9.1 m | 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 | 4.8 k | 43.9 m | (1.4 m) |

## Income tax expense | 3.7 m | 4.2 m | 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 | 1.7 k | 11.3 m | (1.1 m) |

## Net Income | 6.2 m | 4.9 m | 4.9 m | 5.3 m | 3.2 m | 5.3 m | 4.1 m | 6.1 m | 7.2 m | 9.4 m | 6.6 m | 3.1 k | 32.6 m | (254 k) |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 155.4 m | 233.5 m | 241.3 m | 224.2 m | 253.4 m |

## Accounts Receivable | 6.1 m | 15.3 m | 25.7 m | 38.1 m | 49.9 m |

## Prepaid Expenses | 19.8 m | 12.1 m | 11.7 m | 22.6 m | 37.1 m |

## Current Assets | 243.2 m | 323.5 m | 335.7 m | 339.8 m | 340.5 m |

## PP&E | 20.3 m | 26.7 m | 32.1 m | 56.1 m | 85.7 m |

## Goodwill | 1.4 m | 10.2 m | 50.9 m | 49.3 m | 98.7 m |

## Total Assets | 278.5 m | 383.8 m | 469.1 m | 501.8 m | 577.8 m |

## Accounts Payable | 4.2 m | 5.3 m | 6.8 m | 7.3 m | 7.2 m |

## Current Liabilities | 91.9 m | 120.3 m | 160.8 m | 203.5 m | 245.7 m |

## Total Liabilities | 95.9 m | 132.3 m | 180.6 m | 215.1 m | 263.2 m |

## Additional Paid-in Capital | 127.4 m | 174.8 m | 213.9 m | 251.9 m | 272.7 m |

## Retained Earnings | 54.8 m | 76.9 m | 96.4 m | 129.1 m | 145.1 m |

## Total Equity | 182.6 m | 251.4 m | 288.6 m | 286.7 m | 314.6 m |

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

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 195.5 m | 158 m | 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 | 210.6 k | 284.9 m | 289.8 m |

## Accounts Receivable | 5.5 m | 8.1 m | 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 | 38.2 k | 44.6 m | 44.7 m |

## Prepaid Expenses | 22.5 m | 19.8 m | 14.5 m | 12.7 m | 14 m | 12.4 m | 12.1 m | 18.2 m | 16.6 m | 28 m | 29.2 k | 33.6 m | 27.3 m | |

## Current Assets | 233.4 m | 250.5 m | 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 | 332.9 k | 363 m | 361.9 m |

## PP&E | 8.6 m | 25.8 m | 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 | 69.5 k | 88.2 m | 84.7 m |

## Goodwill | 1.4 m | 10.2 m | 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 | 51 k | 89.6 m | 88 m |

## Total Assets | 259 m | 306.8 m | 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 | 511 k | 606.5 m | 593.3 m |

## Accounts Payable | 5.2 m | 5.4 m | 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 | 3 k | 8.7 m | 4.6 m |

## Current Liabilities | 84 m | 98.1 m | 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 | 205.7 k | 230.9 m | 216 m |

## Total Liabilities | 85.8 m | 107.6 m | 117.9 m | 125.8 m | 159 m | 165.7 m | 172.1 m | 192.2 m | 194.2 m | 214 m | 210.6 m | 219.4 k | 249.4 m | 234.3 m |

## Additional Paid-in Capital | 125.9 m | 139 m | 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 | 262.1 k | 275.4 m | 281.6 m |

## Retained Earnings | 46.9 m | 59.7 m | 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 | 138.1 k | 183.9 m | 183.6 m |

## Total Equity | 173.2 m | 199.1 m | 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 | 291.5 k | 357.2 m | 358.9 m |

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

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 26.5 m | 22.1 m | 19.6 m | 32.6 m | 16.7 m |

## Depreciation and Amortization | 3.9 m | 7.9 m | 14.8 m | 19.9 m | 35.5 m |

## Accounts Receivable | (4.9 m) | (10.1 m) | (11.1 m) | (13.2 m) | (10 m) |

## Accounts Payable | 10.4 m | 10 m | 2.2 m | 10.8 m | 12 m |

## Cash From Operating Activities | 56.4 m | 82.9 m | 85.3 m | 101.1 m | 108 m |

## Cash From Investing Activities | (70.1 m) | (29 m) | (71.8 m) | (57.2 m) | (57.4 m) |

## Cash From Financing Activities | 67 m | 24.9 m | (4.1 m) | (53.5 m) | (33.9 m) |

## Net Change in Cash | 53.3 m | 78.1 m | 7.9 m | (17.1 m) | 29.2 m |

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

## Income Taxes Paid | 14.2 m | 254 k | 14.5 m | 19.2 m | 5 m |

## Free Cash Flow | 42.3 m | 64.9 m | 71.3 m | 61.2 m | 53 m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 18.6 m | 4.9 m | 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 | 9.7 k | 32.6 m | 32.3 m |

## Depreciation and Amortization | 2.7 m | 1.6 m | 3.6 m | 5.8 m | 3 m | 6.5 m | 10.4 m | 4.2 m | 9 m | 14.2 m | 7 m | 14.7 k | 10.9 m | 22.2 m |

## Accounts Receivable | (4.2 m) | (2.1 m) | (5.2 m) | (7.4 m) | (4 m) | (6.2 m) | (8.6 m) | (6 m) | (10.7 m) | (12.2 m) | (404 k) | (924 ) | 561 k | (171 k) |

## Accounts Payable | 6 m | 2.2 m | 6.6 m | 8 m | 2.3 m | 1.7 m | 3.7 m | 1.3 m | 4.6 m | 15.5 m | 362 k | 5 k | 15.2 m | (6 m) |

## Cash From Operating Activities | 32.5 m | 15.6 m | 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 | 40.4 k | 21.1 m | 38 m |

## Cash From Investing Activities | (6.6 m) | (21.5 m) | (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) | (28.7 k) | 10.9 m | 2.2 m |

## Cash From Financing Activities | 67.6 m | 8.5 m | 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) | (32.8 k) | (2.8 m) | (3.1 m) |

## Net Change in Cash | 2.6 m | 25.5 m | 55.4 m | (43 m) | (22 m) | (3.8 m) | (20.7 m) | (30.4 m) | (3.3 m) | (28.8 m) | (13.6 k) | 31.5 m | 36.4 m | |

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

## Income Taxes Paid | 14.2 m | 55 k | 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 | 3.3 k | ||

## Free Cash Flow | 27.7 m | 4.7 m | 22 m | 43.2 m | 19.3 m | 34 m | 49.6 m | 15.2 m | 25.3 m | 50 m | 3.7 m | 14.6 k | 6.1 m | 15 m |

USD | Y, 2018 |
---|---|

## Financial Leverage | 1.7 x |

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Shutterstock's Customers was reported to be 1.8 m in Q1, 2018.

Q1, 2014 | Q2, 2014 | Q3, 2014 | FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | FY, 2017 | Q1, 2018 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Customers | 900 k | 1 m | 1 m | 1.20 m | 1.20 m | 1.30 m | 1.40 m | 1.40 m | 1.50 m | 1.50 m | 1.60 m | 1.60 m | 1.70 m | 1.70 m | 1.70 m | 1.80 m | 1.80 m |

## Content Contributors | 50 k | 60 k | 60 k | 65 k | 70 k | 75 k | 80 k | 95 k | 120 k | 130 k | 160 k | 190 k | 190 k | 250 k | 300 k | 350 k | 400 k |

## Paid Downloads | 29.70 m | 31.50 m | 31.20 m | 125.90 m | 33.40 m | 35.90 m | 38.10 m | 147.20 m | 41.20 m | 43.40 m | 41.20 m | 167.90 m | 43.50 m | 42.70 m | 128 m | 172 m | 40 m |

## Revenue per Download | $2.45 | $2.52 | $2.65 | $2.58 | $2.87 | $2.85 | $2.76 | $2.84 | $2.77 | $2.81 | $2.91 | $2.88 | $2.91 | $3.05 | $3.23 | $3.13 | $3.40 |

## Images in Collection | 35.40 m | 38.80 m | 42.70 m | 46.80 m | 51.60 m | 57.20 m | 63.70 m | 71.40 m | 81 m | 92.10 m | 102.70 m | 116.20 m | 132 m | 144.70 m | 150 m | 170.10 m | 186.90 m |

## Video Clips | 2 m | 2 m | 2 m | 2 m | 3 m | 3.50 m | 4 m | 4 m | 5.40 m | 6.90 m | 7.60 m | 8.30 m | 9.10 m | 9.90 m | |||

## Images and Video Clips | 180 m | 260 m |

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