Shutterstock market cap is $1.4 b, and annual revenue was $650.52 m in FY 2019

Shutterstock Gross profit (Q1, 2020)92.2 M

Shutterstock Gross profit margin (Q1, 2020), %57.1%

Shutterstock Net income (Q1, 2020)4.3 M

Shutterstock EBIT (Q1, 2020)5.8 M

Shutterstock Cash, 31-Mar-2020295.7 M

Shutterstock EV1.1 B

Shutterstock revenue was $650.52 m in FY, 2019

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

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

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|---|

## Revenue | 328.0m | 425.1m | 494.3m | 557.1m | 623.3m | 650.5m |

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

## Cost of goods sold | 130.0m | 174.5m | 203.1m | 233.1m | 267.7m | 278.2m |

## Gross profit | 197.9m | 250.6m | 291.2m | 324.0m | 355.6m | 372.3m |

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

## Sales and marketing expense | 82.1m | 106.6m | 126.6m | 146.5m | 166.4m | 181.7m |

## R&D expense | 38.3m | 41.3m | 47.8m | 52.5m | 58.9m | 57.2m |

## General and administrative expense | 38.5m | 61.6m | 71.0m | 98.7m | 97.8m | 113.2m |

## Operating expense total | 158.9m | 209.6m | 245.4m | 297.7m | 323.1m | 352.2m |

## EBIT | 39.0m | 41.0m | 45.8m | 26.3m | 32.5m | 20.2m |

| 12% | 10% | 9% | 5% | 5% | 3% |

## Interest expense | 5.0m | 4.8m | ||||

## Pre tax profit | 38.2m | 34.3m | 44.5m | 30.1m | 66.1m | 24.9m |

## Income tax expense | 16.1m | 14.7m | 11.9m | 13.4m | 11.4m | 4.8m |

## Net Income | 22.1m | 19.6m | 32.6m | 16.7m | 54.7m | 20.1m |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|---|

## Cash | 233.5m | 241.3m | 224.2m | 253.4m | 230.9m | 303.3m |

## Accounts Receivable | 15.3m | 25.7m | 38.1m | 49.9m | 41.0m | 47.0m |

## Prepaid Expenses | 12.1m | 11.7m | 22.6m | 37.1m | 34.8m | 26.7m |

## Current Assets | 323.5m | 335.7m | 339.8m | 340.5m | 306.7m | 377.0m |

## PP&E | 26.7m | 32.1m | 56.1m | 85.7m | 76.2m | 58.8m |

## Goodwill | 10.2m | 50.9m | 49.3m | 98.7m | 88.6m | 89.0m |

## Total Assets | 383.8m | 469.1m | 501.8m | 577.8m | 531.5m | 630.5m |

## Accounts Payable | 5.3m | 6.8m | 7.3m | 7.2m | 7.2m | 6.1m |

## Current Liabilities | 120.3m | 160.8m | 203.5m | 245.7m | 223.3m | 245.9m |

## Long-term debt | 47.3m | |||||

## Total Debt | 47.3m | |||||

## Total Liabilities | 132.3m | 180.6m | 215.1m | 263.2m | 244.8m | 302.4m |

## Common Stock | 373.0k | 376.0k | 381.0k | |||

## Additional Paid-in Capital | 174.8m | 213.9m | 251.9m | 272.7m | 291.7m | 312.8m |

## Retained Earnings | 76.9m | 96.4m | 129.1m | 145.1m | 101.1m | 121.2m |

## Total Equity | 251.4m | 288.6m | 286.7m | 314.6m | 286.7m | 328.1m |

## Financial Leverage | 1.5 x | 1.6 x | 1.8 x | 1.8 x | 1.9 x | 1.9 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 190.5m | 211.5m | 229.6m | 220.6m | 210.9m | 238.0m | 195.4m | 210.6m | 284.9m | 289.8m | 206.4m | 240.1m | 259.1m | 285.4m | 295.7m |

## Accounts Receivable | 22.7m | 23.7m | 25.6m | 30.4m | 33.3m | 34.1m | 38.0m | 38.2m | 44.6m | 44.7m | 45.9m | 45.4m | 44.3m | 46.9m | 45.2m |

## Prepaid Expenses | 12.7m | 14.0m | 12.4m | 12.1m | 18.2m | 16.6m | 28.0m | 29.2m | 33.6m | 27.3m | 28.3m | 35.4m | 29.7m | 31.7m | 28.8m |

## Current Assets | 289.7m | 313.4m | 330.2m | 329.3m | 328.8m | 351.9m | 316.3m | 332.9m | 363.0m | 361.9m | 280.6m | 321.0m | 333.1m | 364.0m | 369.7m |

## PP&E | 27.1m | 29.0m | 29.9m | 37.9m | 41.3m | 49.8m | 63.9m | 69.5m | 88.2m | 84.7m | 81.2m | 72.6m | 68.4m | 63.2m | 56.9m |

## Goodwill | 53.5m | 54.7m | 52.2m | 52.4m | 51.4m | 50.5m | 49.7m | 51.0m | 89.6m | 88.0m | 88.8m | 88.9m | 88.4m | 88.0m | 88.1m |

## Total Assets | 420.8m | 449.4m | 465.0m | 469.3m | 468.4m | 507.3m | 486.6m | 511.0m | 606.5m | 593.3m | 513.2m | 587.5m | 593.0m | 617.2m | 615.0m |

## Accounts Payable | 8.9m | 9.3m | 9.0m | 9.0m | 10.6m | 15.3m | 11.7m | 3.0m | 8.7m | 4.6m | 4.0m | 4.9m | 3.9m | 4.2m | 4.1m |

## Current Liabilities | 141.4m | 147.7m | 154.8m | 170.4m | 183.8m | 202.8m | 196.1m | 205.7m | 230.9m | 216.0m | 226.6m | 232.2m | 228.8m | 247.9m | 232.3m |

## Long-term debt | 48.6m | 47.0m | 46.0m | 45.5m | |||||||||||

## Total Debt | 48.6m | 47.0m | 46.0m | 45.5m | |||||||||||

## Total Liabilities | 159.0m | 165.7m | 172.1m | 192.2m | 194.2m | 214.0m | 210.6m | 219.4m | 249.4m | 234.3m | 244.6m | 292.5m | 289.0m | 301.0m | 287.2m |

## Common Stock | 376.0k | 378.0k | 379.0k | 380.0k | 381.0k | ||||||||||

## Additional Paid-in Capital | 185.0m | 198.0m | 206.8m | 222.2m | 232.3m | 244.3m | 255.4m | 262.1m | 275.4m | 281.6m | 287.0m | 292.5m | 299.1m | 307.8m | 316.8m |

## Retained Earnings | 80.1m | 85.5m | 89.6m | 102.6m | 109.8m | 119.2m | 135.0m | 138.1m | 183.9m | 183.6m | 86.2m | 108.6m | 111.9m | 116.8m | 119.2m |

## Total Equity | 261.8m | 283.6m | 292.9m | 277.2m | 274.1m | 293.3m | 275.9m | 291.5m | 357.2m | 358.9m | 268.6m | 295.0m | 303.9m | 316.3m | 327.7m |

## Financial Leverage | 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 | 1.9 x | 2 x | 2 x | 2 x | 1.9 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|---|

## Net Income | 22.1m | 19.6m | 32.6m | 16.7m | 54.7m | 20.1m |

## Depreciation and Amortization | 7.9m | 14.8m | 19.9m | 35.5m | 45.7m | 49.9m |

## Accounts Receivable | (10.1m) | (11.1m) | (13.2m) | (10.0m) | 2.6m | (6.2m) |

## Accounts Payable | 10.0m | 2.2m | 10.8m | 12.0m | 6.4m | 8.4m |

## Cash From Operating Activities | 82.9m | 85.3m | 101.1m | 108.0m | 102.2m | 102.6m |

## Purchases of PP&E | (34.9m) | (26.1m) | ||||

## Capital Expenditures | (17.9m) | (14.0m) | (40.0m) | (55.1m) | ||

## Cash From Investing Activities | (29.0m) | (71.8m) | (57.2m) | (57.4m) | (12.8m) | (27.2m) |

## Dividends Paid | (104.9m) | |||||

## Cash From Financing Activities | 24.9m | (4.1m) | (53.5m) | (33.9m) | (109.7m) | (1.7m) |

## Net Change in Cash | 78.1m | 7.9m | (17.1m) | 29.2m | (22.6m) | 72.4m |

## Income Taxes Paid | 254.0k | 14.5m | 19.2m | 5.0m | 580.0k | 1.9m |

## Free Cash Flow | 64.9m | 71.3m | 61.2m | 53.0m |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 3.2m | 8.6m | 12.7m | 6.1m | 13.4m | 22.8m | 6.6m | 9.7m | 14.7m | 32.6m | 32.3m | 39.8m | 7.5m | 10.8m | 15.8m | 4.3m |

## Depreciation and Amortization | 3.0m | 6.5m | 10.4m | 4.2m | 9.0m | 14.2m | 7.0m | 14.7m | 24.9m | 10.9m | 22.2m | 33.9m | 11.9m | 25.3m | 37.3m | 10.5m |

## Accounts Receivable | (4.0m) | (6.2m) | (8.6m) | (6.0m) | (10.7m) | (12.2m) | (404.0k) | (924.0k) | (5.4m) | 561.0k | (171.0k) | (1.8m) | (3.8m) | (2.7m) | (5.6m) | 673.0k |

## Accounts Payable | 2.3m | 1.7m | 3.7m | 1.3m | 4.6m | 15.5m | 362.0k | 5.0m | 11.3m | 15.2m | (6.0m) | 1.4m | 2.0m | 1.9m | 13.3m | (2.3m) |

## Cash From Operating Activities | 21.5m | 40.1m | 59.4m | 23.0m | 41.6m | 76.7m | 17.2m | 40.4m | 71.5m | 21.1m | 38.0m | 68.5m | 19.7m | 46.7m | 77.0m | 6.9m |

## Purchases of PP&E | (29.5m) | (7.3m) | (13.7m) | (19.5m) | (7.7m) | |||||||||||

## Capital Expenditures | (2.2m) | (6.1m) | (9.9m) | (7.8m) | (16.3m) | (26.7m) | (13.5m) | (25.8m) | (37.6m) | (15.0m) | (23.1m) | |||||

## Cash From Investing Activities | (65.6m) | (70.0m) | (72.0m) | (17.1m) | (26.4m) | (38.9m) | (15.7m) | (28.7m) | (60.0m) | 10.9m | 2.2m | (6.5m) | (5.3m) | (12.5m) | (18.9m) | (8.4m) |

## Dividends Paid | (104.9m) | (6.0m) | ||||||||||||||

## Cash From Financing Activities | 2.9m | 8.4m | 9.7m | (27.6m) | (43.9m) | (38.8m) | (32.1m) | (32.8m) | (33.1m) | (2.8m) | (3.1m) | (108.5m) | (3.9m) | (5.0m) | (1.8m) | (7.8m) |

## Net Change in Cash | (43.0m) | (22.0m) | (3.8m) | (20.7m) | (30.4m) | (3.3m) | (28.8m) | (13.6m) | (11.4m) | 31.5m | 36.4m | (47.0m) | 9.3m | 28.2m | 54.5m | (10.2m) |

## Income Taxes Paid | 1.3m | 7.8m | 11.7m | 4.2m | 11.9m | 16.3m | 2.1m | 3.3m | 4.1m | (1.8m) | 124.0k | 364.0k | 305.0k | 494.0k | ||

## Free Cash Flow | 19.3m | 34.0m | 49.6m | 15.2m | 25.3m | 50.0m | 3.7m | 14.6m | 33.9m | 6.1m | 15.0m |

USD | Y, 2020 |
---|---|

## EV/EBIT | 190.4 x |

## EV/CFO | 160.5 x |

## Financial Leverage | 1.9 x |

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 |