$1.8 B

SSTK Mkt cap, 16-Aug-2018

$156.6 M

Shutterstock Revenue Q2, 2018
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

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

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Shutterstock Revenue Breakdown

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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

Shutterstock Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

235.5 m328 m425.1 m494.3 m557.1 m

Revenue growth, %

39%30%16%13%

Cost of goods sold

90.6 m130 m174.5 m203.1 m233.1 m

Gross profit

144.9 m197.9 m250.6 m291.2 m324 m

Gross profit Margin, %

62%60%59%59%58%

Sales and marketing expense

56.7 m82.1 m106.6 m126.6 m146.5 m

R&D expense

21.8 m38.3 m41.3 m47.8 m52.5 m

General and administrative expense

23.1 m38.5 m61.6 m71 m98.7 m

Operating expense total

101.6 m158.9 m209.6 m245.4 m297.7 m

EBIT

43.3 m39 m41 m45.8 m26.3 m

EBIT margin, %

18%12%10%9%5%

Pre tax profit

43.4 m38.2 m34.3 m44.5 m30.1 m

Income tax expense

16.9 m16.1 m14.7 m11.9 m13.4 m

Net Income

26.5 m22.1 m19.6 m32.6 m16.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

59.6 m72.8 m80.2 m83.7 m97.5 m104.4 m107.3 m116.7 m124.4 m123.1 m130.2 m134 k153 m156.6 m

Cost of goods sold

22.9 m29.1 m32 m33.3 m39.5 m42.5 m44.5 m48.1 m52.2 m50.2 m52.4 m57.3 k64.5 m67.9 m

Gross profit

36.6 m43.7 m48.2 m50.5 m58 m61.8 m62.7 m68.6 m72.2 m72.9 m77.8 m76.7 k88.5 m88.7 m

Gross profit Margin, %

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

Sales and marketing expense

14.9 m19.3 m20.5 m21.1 m25.1 m27.4 m27.4 m27.1 m31.6 m33 m32.5 m37.1 k40.4 m42 m

R&D expense

5.7 m7.8 m9.3 m9.9 m10.7 m10.2 m10.8 m11.2 m12 m11.6 m11 m12.9 k16.4 m16.7 m

General and administrative expense

6.1 m7.5 m10 m10.6 m14 m14.5 m16.4 m19.5 m18.2 m17 m24 m23.4 k27.2 m24.3 m

Operating expense total

49.6 m34.6 m71.8 m74.8 m89.3 m94.7 m99.2 m105.8 m113.9 m111.8 m119.9 m73.4 k148.5 m83.1 m

EBIT

9.9 m9.1 m8.4 m8.9 m8.2 m9.7 m8.1 m10.8 m10.5 m11.3 m10.3 m3.3 k4.5 m5.6 m

EBIT margin, %

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

Pre tax profit

9.9 m9.1 m8.4 m8.8 m5.7 m9.6 m7.3 m10.8 m10.3 m11.4 m10.8 m4.8 k43.9 m(1.4 m)

Income tax expense

3.7 m4.2 m3.6 m3.6 m2.4 m4.3 m3.2 m4.7 m3 m2 m4.2 m1.7 k11.3 m(1.1 m)

Net Income

6.2 m4.9 m4.9 m5.3 m3.2 m5.3 m4.1 m6.1 m7.2 m9.4 m6.6 m3.1 k32.6 m(254 k)

Shutterstock Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

155.4 m233.5 m241.3 m224.2 m253.4 m

Accounts Receivable

6.1 m15.3 m25.7 m38.1 m49.9 m

Prepaid Expenses

19.8 m12.1 m11.7 m22.6 m37.1 m

Current Assets

243.2 m323.5 m335.7 m339.8 m340.5 m

PP&E

20.3 m26.7 m32.1 m56.1 m85.7 m

Goodwill

1.4 m10.2 m50.9 m49.3 m98.7 m

Total Assets

278.5 m383.8 m469.1 m501.8 m577.8 m

Accounts Payable

4.2 m5.3 m6.8 m7.3 m7.2 m

Current Liabilities

91.9 m120.3 m160.8 m203.5 m245.7 m

Total Liabilities

95.9 m132.3 m180.6 m215.1 m263.2 m

Additional Paid-in Capital

127.4 m174.8 m213.9 m251.9 m272.7 m

Retained Earnings

54.8 m76.9 m96.4 m129.1 m145.1 m

Total Equity

182.6 m251.4 m288.6 m286.7 m314.6 m

Financial Leverage

1.5 x1.5 x1.6 x1.8 x1.8 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

195.5 m158 m180.9 m210.8 m190.5 m211.5 m229.6 m220.6 m210.9 m238 m195.4 m210.6 k284.9 m289.8 m

Accounts Receivable

5.5 m8.1 m11.1 m12.9 m22.7 m23.7 m25.6 m30.4 m33.3 m34.1 m38 m38.2 k44.6 m44.7 m

Prepaid Expenses

22.5 m19.8 m14.5 m12.7 m14 m12.4 m12.1 m18.2 m16.6 m28 m29.2 k33.6 m27.3 m

Current Assets

233.4 m250.5 m274 m296.6 m289.7 m313.4 m330.2 m329.3 m328.8 m351.9 m316.3 m332.9 k363 m361.9 m

PP&E

8.6 m25.8 m27.6 m26.4 m27.1 m29 m29.9 m37.9 m41.3 m49.8 m63.9 m69.5 k88.2 m84.7 m

Goodwill

1.4 m10.2 m10.2 m10.2 m53.5 m54.7 m52.2 m52.4 m51.4 m50.5 m49.7 m51 k89.6 m88 m

Total Assets

259 m306.8 m333.3 m356 m420.8 m449.4 m465 m469.3 m468.4 m507.3 m486.6 m511 k606.5 m593.3 m

Accounts Payable

5.2 m5.4 m5.5 m5.7 m8.9 m9.3 m9 m9 m10.6 m15.3 m11.7 m3 k8.7 m4.6 m

Current Liabilities

84 m98.1 m106.1 m114.1 m141.4 m147.7 m154.8 m170.4 m183.8 m202.8 m196.1 m205.7 k230.9 m216 m

Total Liabilities

85.8 m107.6 m117.9 m125.8 m159 m165.7 m172.1 m192.2 m194.2 m214 m210.6 m219.4 k249.4 m234.3 m

Additional Paid-in Capital

125.9 m139 m150.5 m160.1 m185 m198 m206.8 m222.2 m232.3 m244.3 m255.4 m262.1 k275.4 m281.6 m

Retained Earnings

46.9 m59.7 m64.6 m69.9 m80.1 m85.5 m89.6 m102.6 m109.8 m119.2 m135 m138.1 k183.9 m183.6 m

Total Equity

173.2 m199.1 m215.5 m230.2 m261.8 m283.6 m292.9 m277.2 m274.1 m293.3 m275.9 m291.5 k357.2 m358.9 m

Financial Leverage

1.5 x1.5 x1.5 x1.5 x1.6 x1.6 x1.6 x1.7 x1.7 x1.7 x1.8 x1.8 x1.7 x1.7 x

Shutterstock Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

26.5 m22.1 m19.6 m32.6 m16.7 m

Depreciation and Amortization

3.9 m7.9 m14.8 m19.9 m35.5 m

Accounts Receivable

(4.9 m)(10.1 m)(11.1 m)(13.2 m)(10 m)

Accounts Payable

10.4 m10 m2.2 m10.8 m12 m

Cash From Operating Activities

56.4 m82.9 m85.3 m101.1 m108 m

Cash From Investing Activities

(70.1 m)(29 m)(71.8 m)(57.2 m)(57.4 m)

Cash From Financing Activities

67 m24.9 m(4.1 m)(53.5 m)(33.9 m)

Net Change in Cash

53.3 m78.1 m7.9 m(17.1 m)29.2 m

Interest Paid

34 k

Income Taxes Paid

14.2 m254 k14.5 m19.2 m5 m

Free Cash Flow

42.3 m64.9 m71.3 m61.2 m53 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

18.6 m4.9 m9.8 m15.1 m3.2 m8.6 m12.7 m6.1 m13.4 m22.8 m6.6 m9.7 k32.6 m32.3 m

Depreciation and Amortization

2.7 m1.6 m3.6 m5.8 m3 m6.5 m10.4 m4.2 m9 m14.2 m7 m14.7 k10.9 m22.2 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 m2.2 m6.6 m8 m2.3 m1.7 m3.7 m1.3 m4.6 m15.5 m362 k5 k15.2 m(6 m)

Cash From Operating Activities

32.5 m15.6 m36.8 m59.5 m21.5 m40.1 m59.4 m23 m41.6 m76.7 m17.2 m40.4 k21.1 m38 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 m2.2 m

Cash From Financing Activities

67.6 m8.5 m14.2 m17.8 m2.9 m8.4 m9.7 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 m25.5 m55.4 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 m36.4 m

Interest Paid

34 k

Income Taxes Paid

14.2 m55 k159 k235 k1.3 m7.8 m11.7 m4.2 m11.9 m16.3 m2.1 m3.3 k

Free Cash Flow

27.7 m4.7 m22 m43.2 m19.3 m34 m49.6 m15.2 m25.3 m50 m3.7 m14.6 k6.1 m15 m

Shutterstock Ratios

USDY, 2018

Financial Leverage

1.7 x
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