人工智能对美国金融市场的影响是显而易见的。英伟达(NVDA.US)是全球市值最高的公司，市值接近 4.5 万亿美元。从 OpenAI 到 Anthropic 等初创企业也已筹集了数十亿美元。 但这种新技术也存在一个不容忽视的弊端，投资者对此已越来越关注：它有可能像互联网之前那样颠覆 众多行业。而且投资者已经开始预测这场变革将在何处展开，他们纷纷抛售那些策略师认为随着人工智 能应用的普及，其需求将会下降的公司的股票。 其中包括像网站开发公司 Wix.com(WIX.US)、数字图像公司 Shutterstock (SSTK.US)以及软件制造商 Adobe (ADBE.US)。这三家公司是美国银行策略师所列出的 26 家受人工智能影响风险最大的公司之 一。自 5 月中旬以来，该集团的表现比标普500 指数低约 22 个百分点。在此之前，自 2022 年底 ChatGPT 首次亮相以来，该集团的表现与市场基本保持同步。 Futurum Group.首席执行官Daniel Newman说道："这种冲击是真实存在的，我们原本预计这种变化会在 五年内发生。但现在看来，它可能会在两年内到来。拥有大量员工且以服务为导向的行 ...

Core Insights - Shutterstock reported quarterly earnings of $1.19 per share, missing the Zacks Consensus Estimate of $1.65 per share, and showing an increase from $1 per share a year ago [1] - The company posted revenues of $266.99 million for the quarter, missing the Zacks Consensus Estimate by 2.83%, and up from $220.05 million year-over-year [3] Earnings Performance - The earnings surprise for the quarter was -27.88%, with the company having surpassed consensus EPS estimates only once in the last four quarters [2] - The previous quarter also saw a negative surprise, with actual earnings of $1.03 per share against an expectation of $1.26, resulting in a surprise of -18.25% [2] Stock Performance - Shutterstock shares have declined approximately 34.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [4] - The current Zacks Rank for Shutterstock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.47 on revenues of $268.97 million, and for the current fiscal year, it is $5.39 on revenues of $1.07 billion [8] - The outlook for the industry, particularly the Internet - Content sector, is currently in the bottom 30% of Zacks industries, which may impact stock performance [9]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%2E%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The company's financial statements for the period ended June 30, 2025, show significant year-over-year growth in revenue and net income, largely driven by the Envato acquisition and expansion in data offerings [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $1.376 billion, an increase from $1.309 billion at December 31, 2024, primarily driven by increases in accounts receivable and other assets Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,376,451** | **$1,309,156** | | Cash and cash equivalents | $116,410 | $111,251 | | Goodwill | $575,249 | $569,668 | | **Total Liabilities** | **$790,288** | **$790,806** | | Deferred revenue | $226,719 | $225,489 | | Debt (Current & Long-term) | $276,227 | $277,704 | | **Total Stockholders' Equity** | **$586,163** | **$518,350** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, revenue grew 21.3% year-over-year to $267.0 million, and net income surged to $29.4 million, driven by higher revenue and a substantial gain from other income Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$266,990** | **$220,053** | **$509,610** | **$434,368** | | Income from operations | $34,731 | $20,666 | $44,932 | $37,412 | | **Net income** | **$29,440** | **$3,625** | **$48,128** | **$19,746** | | Diluted EPS | $0.82 | $0.10 | $1.35 | $0.55 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities significantly increased to $52.1 million, while cash used in financing activities decreased due to lower share repurchases Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $52,083 | $36,265 | | Net cash used in investing activities | ($26,199) | ($8,227) | | Net cash used in financing activities | ($29,699) | ($50,778) | | **Net increase / (decrease) in cash** | **$5,159** | **($25,619)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant events and accounting policies, including the pending merger with Getty Images, a $5.0 million investment impairment, and revenue breakdown by offering - On January 6, 2025, the Company entered into a merger agreement with Getty Images, which received stockholder approval on June 10, 2025, and is subject to customary closing conditions, including regulatory approvals[32](index=32&type=chunk)[33](index=33&type=chunk) - In Q2 2025, the company recorded a **$5.0 million impairment charge** on a long-term equity security, offset by a significant unrealized gain on its investment in Meitu, Inc., which had a fair value of **$51.9 million** at June 30, 2025[60](index=60&type=chunk)[63](index=63&type=chunk) - The company is involved in stockholder litigation related to the proxy statement for the Getty Images merger, believing the claims are without merit but making supplemental disclosures to avoid delays[132](index=132&type=chunk)[268](index=268&type=chunk) Revenue by Offering (in thousands) | Offering | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Content | $199,796 | $169,951 | $402,684 | $343,781 | | Data, Distribution, and Services | $67,194 | $50,102 | $106,926 | $90,587 | | **Total Revenue** | **$266,990** | **$220,053** | **$509,610** | **$434,368** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 21% year-over-year revenue growth in Q2 2025 primarily to the Envato acquisition and strong performance in the Data, Distribution, and Services offering, with operating income rising 68% to $34.7 million - The number of subscribers more than doubled to **1,073,000** at the end of Q2 2025 from **490,000** a year prior, primarily due to the inclusion of Envato, which was acquired in July 2024[156](index=156&type=chunk)[161](index=161&type=chunk) - General and Administrative expenses in Q2 2025 increased by **$12.0 million**, or **33%**, driven by **$8.7 million** of expenses associated with the Getty merger and costs from the Envato acquisition[189](index=189&type=chunk) - Other income in Q2 2025 was **$12.6 million**, primarily driven by an **$18.0 million unrealized gain** on the company's investment in Meitu, Inc., partially offset by a **$5.0 million investment impairment**[191](index=191&type=chunk) Key Operating Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Subscribers (end of period) | 1,073,000 | 490,000 | | Subscriber revenue (in millions) | $108.0 | $80.3 | | Average revenue per customer (LTM) | $266 | $434 | | Paid downloads (in millions) | 112.6 | 33.4 | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Comparing Q2 2025 to Q2 2024, revenue increased 21% to $267.0 million, driven by the Envato acquisition and a 34% increase in Data, Distribution, and Services revenue, leading to a 68% growth in income from operations Comparison of Three Months Ended June 30 (in thousands) | Item | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$266,990** | **$220,053** | **$46,937** | **21%** | | Cost of revenue | $105,994 | $91,254 | $14,740 | 16% | | Sales and marketing | $57,077 | $51,881 | $5,196 | 10% | | General and administrative | $48,434 | $36,393 | $12,041 | 33% | | **Income from operations** | **$34,731** | **$20,666** | **$14,065** | **68%** | | **Net income** | **$29,440** | **$3,625** | **$25,815** | **712%** | Comparison of Six Months Ended June 30 (in thousands) | Item | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$509,610** | **$434,368** | **$75,242** | **17%** | | General and administrative | $106,741 | $68,471 | $38,270 | 56% | | **Income from operations** | **$44,932** | **$37,412** | **$7,520** | **20%** | | **Net income** | **$48,128** | **$19,746** | **$28,382** | **144%** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had $116.4 million in cash and cash equivalents, financing operations primarily through cash flow and a credit facility with approximately $276 million in outstanding debt - The company had cash and cash equivalents of **$116.4 million** as of June 30, 2025[214](index=214&type=chunk) - In the first six months of 2025, the company paid cash dividends of **$23.1 million** (**$0.66 per share**) and did not repurchase any common stock, with **$30.2 million** remaining authorized under the share repurchase program[216](index=216&type=chunk)[220](index=220&type=chunk) - The company has a senior unsecured term loan and revolving credit facility under its A&R Credit Agreement, with total outstanding debt of approximately **$276.2 million** as of June 30, 2025[222](index=222&type=chunk)[226](index=226&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) Management uses non-GAAP measures like Adjusted EBITDA, which was $82.2 million for Q2 2025 (30.8% margin), and Adjusted Net Income of $42.9 million, to evaluate business performance Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $29,440 | $3,625 | $48,128 | $19,746 | | Adjustments (Depreciation, Amortization, Interest, Taxes, etc.) | $39,449 | $33,571 | $67,213 | $61,023 | | Non-cash equity-based compensation | $15,625 | $14,976 | $33,509 | $26,126 | | Merger related costs | $8,710 | $0 | $20,571 | $0 | | Unrealized (gain) / loss on investment | ($18,029) | $3,625 | ($31,289) | ($130) | | **Adjusted EBITDA** | **$82,236** | **$62,072** | **$145,600** | **$118,049** | Reconciliation of Net Income to Adjusted Net Income (in thousands) | Line Item | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $29,440 | $3,625 | $48,128 | $19,746 | | Non-GAAP adjustments (net of tax) | $13,432 | $32,272 | $31,036 | $49,272 | | **Adjusted net income** | **$42,872** | **$35,897** | **$79,164** | **$69,018** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, with approximately 26% of revenue denominated in foreign currencies - Revenue denominated in foreign currencies was **26%** of total revenue for the six months ended June 30, 2025, with a hypothetical **10% change** in the U.S. dollar exchange rate impacting revenue by approximately **3%**[258](index=258&type=chunk) - The company's debt under the A&R Credit Agreement accrues interest at variable rates tied to the base rate or SOFR, exposing it to interest rate fluctuation risk[262](index=262&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[265](index=265&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[266](index=266&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is facing two stockholder complaints alleging the proxy statement for the Getty Images merger contained false or misleading information, which Shutterstock denies but has supplemented to avoid delays - Two complaints have been filed against Shutterstock and its board of directors alleging the proxy statement for the Getty Images merger was false and misleading[268](index=268&type=chunk)[132](index=132&type=chunk) - The company denies all allegations but has voluntarily supplemented the proxy statement to mitigate litigation risk and avoid delays to the merger[270](index=270&type=chunk)[134](index=134&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - During the three months ended June 30, 2025, there were no material changes to the risk factors as described in the company's 2024 Form 10-K[271](index=271&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[272](index=272&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Shutterstock reported record financial performance in Q2 2025, driven by strong revenue and Adjusted EBITDA growth, significantly boosted by the Envato acquisition [Second Quarter 2025 Results](index=1&type=section&id=Second%20Quarter%202025%20Results) Shutterstock reported record Q2 2025 financial performance, with revenue reaching **$267.0 million** and Adjusted EBITDA growing **32%**, primarily driven by the Envato acquisition and data services Q2 2025 vs. Q2 2024 Financial Summary | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $267.0M | $220.1M | +21% | | **Net Income** | $29.4M | $3.6M | +717% | | **Net Income per Diluted Share** | $0.82 | $0.10 | +720% | | **Adjusted Net Income** | $42.9M | $35.9M | +19% | | **Adjusted Net Income per Diluted Share** | $1.19 | $1.00 | +19% | | **Adjusted EBITDA** | $82.2M | $62.1M | +32% | - Revenue growth was broad-based, with content revenue increasing by **18% to $199.8 million** due to the Envato acquisition, and Data, Distribution, and Services revenue growing by **34% to $67.2 million** from data deal recognition[4](index=4&type=chunk)[5](index=5&type=chunk) - The significant increase in net income was attributed to profitability from the Envato acquisition and unrealized gains from the company's investment in Meitu, Inc, partially offset by a **$3.7 million** increase in interest expense and **$8.7 million** in professional fees for the proposed merger with Getty Images[6](index=6&type=chunk) - Adjusted EBITDA margin improved to **30.8%** in Q2 2025, up from **28.2%** in Q2 2024, primarily due to contributions from Envato and data deal revenue[10](index=10&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity saw a modest increase in Q2 2025, driven by operating cash flow despite significant investing and financing activities [Second Quarter Liquidity](index=2&type=section&id=Second%20Quarter%20Liquidity) Cash and cash equivalents increased by **$4.2 million** to **$116.4 million** in Q2 2025, primarily from operations, partially offset by investing and financing outflows - Cash and cash equivalents rose to **$116.4 million** as of June 30, 2025, an increase of **$4.2 million** during the quarter[11](index=11&type=chunk) - Cash from operations was unfavorably impacted by **$5.7 million** in expenses related to the proposed merger with Getty Images[12](index=12&type=chunk) - Financing activities included an **$11.6 million** dividend payment and a **$0.8 million** repayment of the credit facility[14](index=14&type=chunk) - Adjusted free cash flow decreased by **$18.7 million** year-over-year to **$17.5 million** for Q2 2025[14](index=14&type=chunk) [Quarterly Cash Dividend](index=2&type=section&id=Quarterly%20Cash%20Dividend) The company maintained its commitment to shareholder returns by paying a **$0.33 per common share** dividend in Q2 2025 and declaring an identical dividend for September 2025 - In Q2 2025, the company paid a cash dividend of **$0.33 per share**, amounting to a total of **$11.6 million**[15](index=15&type=chunk) - The Board of Directors declared a further dividend of **$0.33 per share**, payable on September 18, 2025[15](index=15&type=chunk) [Key Operating Metrics](index=3&type=section&id=Key%20Operating%20Metrics) Envato's integration significantly impacted Q2 2025 operating metrics, doubling subscribers and surging paid downloads, though average revenue per customer decreased Key Operating Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Subscribers (end of period)** | 1,073,000 | 490,000 | +119% | | **Subscriber revenue** | $108.0M | $80.3M | +34.5% | | **Average revenue per customer (LTM)** | $266 | $434 | -38.7% | | **Paid downloads** | 112.6M | 33.4M | +237% | - The metrics for 2025 include counts and revenues from Envato, acquired in July 2024, leading to significant year-over-year changes in subscriber and download figures[16](index=16&type=chunk) [Merger with Getty Images](index=5&type=section&id=Merger%20with%20Getty%20Images) Shutterstock is proceeding with its merger of equals with Getty Images, approved by stockholders, with completion contingent on regulatory approvals - On January 7, 2025, Shutterstock entered into a merger agreement with Getty Images for a merger of equals[29](index=29&type=chunk) - A majority of Shutterstock stockholders approved the merger agreement at a special meeting on June 10, 2025[29](index=29&type=chunk) - Due to the pending transaction, Shutterstock will not host a conference call or provide financial guidance for Q2 2025[30](index=30&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures to provide a clearer understanding of core operational performance by excluding certain non-cash and one-time items - The company uses non-GAAP financial measures such as adjusted EBITDA, adjusted net income, adjusted free cash flow, and constant currency revenue growth[21](index=21&type=chunk) - Management believes these measures help investors analyze operating results on the same basis as management by eliminating the effects of unusual or infrequent charges not attributable to underlying performance[25](index=25&type=chunk) - Key adjustments to derive non-GAAP figures include depreciation and amortization, non-cash equity-based compensation, merger-related costs, and unrealized gains/losses on investments[22](index=22&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents Shutterstock's consolidated financial statements, including detailed statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, Shutterstock's revenue increased to **$267.0 million**, with net income surging to **$29.4 million** ($0.82 per diluted share), driven by higher revenue and other income Consolidated Statements of Operations (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | $266,990 | $220,053 | | **Income from operations** | $34,731 | $20,666 | | **Net income** | $29,440 | $3,625 | | **Diluted EPS** | $0.82 | $0.10 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Shutterstock's total assets increased to **$1.376 billion**, primarily in current assets, leading to higher stockholders' equity while total liabilities remained stable Consolidated Balance Sheet Summary | (In thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $308,706 | $255,958 | | **Total assets** | $1,376,451 | $1,309,156 | | **Total current liabilities** | $634,303 | $625,286 | | **Total liabilities** | $790,288 | $790,806 | | **Total stockholders' equity** | $586,163 | $518,350 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q2 2025, the company generated **$26.8 million** in cash from operating activities, with overall cash and cash equivalents increasing by **$4.2 million** despite investing and financing outflows Consolidated Cash Flow Summary (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $26,836 | $27,965 | | **Net cash (used in) / provided by investing activities** | $(14,965) | $8,301 | | **Net cash used in financing activities** | $(13,878) | $(32,149) | | **Net increase in cash and cash equivalents** | $4,179 | $3,060 | [Reconciliation of Non-GAAP Financial Information to GAAP](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Information%20to%20GAAP) This section provides detailed reconciliations from GAAP to non-GAAP metrics, including Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow, for Q2 2025 Q2 2025 Reconciliation of Net Income to Adjusted Net Income | (In thousands) | Amount | | :--- | :--- | | **Net income (GAAP)** | **$29,440** | | Non-cash equity-based compensation | $15,625 | | Acquisition-related amortization expense | $9,581 | | Merger related costs | $8,710 | | Other (incl. unrealized gains) | $(17,908) | | Tax effects of adjustments | $(7,514) | | **Adjusted net income (Non-GAAP)** | **$42,872** | Q2 2025 Reconciliation of Net Income to Adjusted EBITDA | (In thousands) | Amount | | :--- | :--- | | **Net income (GAAP)** | **$29,440** | | Interest, Taxes, Depreciation & Amortization | $40,526 | | **EBITDA** | **$68,889** | | Non-cash equity-based compensation | $15,625 | | Merger related costs | $8,710 | | Unrealized gain on investment | $(18,029) | | Other adjustments | $7,041 | | **Adjusted EBITDA (Non-GAAP)** | **$82,236** | Q2 2025 Adjusted Free Cash Flow Calculation | (In thousands) | Amount | | :--- | :--- | | **Net cash provided by operating activities** | **$26,836** | | Capital expenditures | $(11,312) | | Content acquisitions | $(4,081) | | Merger related costs (cash paid) | $5,686 | | Other adjustments | $369 | | **Adjusted Free Cash Flow** | **$17,498** | [Supplemental Financial Data](index=13&type=section&id=Supplemental%20Financial%20Data) This section provides historical quarterly data, highlighting operational trends and expense allocations, with Envato's inclusion significantly increasing subscribers and paid downloads from Q1 2025 - Historical operating metrics show a significant increase in subscribers (from **459k** in Q4'24 to **1,079k** in Q1'25) and paid downloads (from **33.0 million** in Q4'24 to **120.9 million** in Q1'25), coinciding with the inclusion of Envato's results[51](index=51&type=chunk) Total Non-Cash Equity-Based Compensation (Quarterly) | ($ in thousands) | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | $15,625 | $17,884 | $15,110 | $15,094 | $14,976 | Total Depreciation and Amortization (Quarterly) | ($ in thousands) | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | $22,611 | $22,671 | $23,287 | $21,644 | $21,433 |

Core Insights - Shutterstock achieved record levels in both revenue and adjusted EBITDA for the second quarter of 2025, driven by a comprehensive suite of offerings including creative content and AI solutions [2][3]. Financial Highlights - Revenue for the second quarter of 2025 was $267.0 million, an increase of $46.9 million or 21% compared to the second quarter of 2024 [3][14]. - Content product revenue increased by $29.8 million, or 18%, to $199.8 million, representing 75% of total revenue [3][14]. - Revenue from Data, Distribution, and Services rose by $17.1 million, or 34%, to $67.2 million, accounting for 25% of total revenue [4][14]. Net Income and Earnings - Net income for the second quarter of 2025 was $29.4 million, up from $3.6 million in the same period of 2024, with net income per diluted share increasing to $0.82 from $0.10 [5][14]. - Adjusted net income rose to $42.9 million, an increase of $7.0 million compared to $35.9 million in the second quarter of 2024, with adjusted net income per diluted share at $1.19, up from $1.00 [6][7][14]. Adjusted EBITDA - Adjusted EBITDA for the second quarter of 2025 was $82.2 million, a 32% increase from $62.1 million in the second quarter of 2024, with an adjusted EBITDA margin of 30.8% [8][14]. Liquidity and Cash Flow - Cash and cash equivalents increased by $4.2 million to $116.4 million as of June 30, 2025, driven by $26.8 million of net cash from operating activities [9][10]. - Adjusted free cash flow was $17.5 million for the second quarter of 2025, a decrease of $18.7 million from the same period in 2024 [12][14]. Subscriber Metrics - Subscribers at the end of the period reached 1,073,000, up from 490,000 in the previous year [16][43]. - Subscriber revenue for the second quarter was $108.0 million, compared to $80.3 million in the same period of 2024 [16][43]. Merger Activity - The company is in the process of a merger with Getty Images, which was approved by a majority of Shutterstock stockholders [28][29].

Company Overview - Shutterstock (SSTK) shares increased by 9.3% to $20.83 in the last trading session, with a higher-than-average trading volume, contrasting with a 1% gain over the past four weeks [1] - The company is experiencing growth due to an expanding clientele and the acquisition of Envato, alongside strong demand for AI-generated content [2] Financial Performance - Shutterstock is expected to report quarterly earnings of $1.65 per share, reflecting a year-over-year increase of 65%, with revenues projected at $274.77 million, up 24.9% from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [4] Industry Context - Shutterstock operates within the Zacks Internet - Content industry, where Genius Sports Limited (GENI) also resides, having closed 2.9% higher at $10.96, with a 5.7% return over the past month [4] - Genius Sports Limited's consensus EPS estimate has increased by 156.5% over the past month, indicating a significant change compared to the previous year's EPS [5]

Group 1 - Shutterstock has approved the merger with Getty Images by a significant margin, indicating strong support for the deal [1] - The merger is expected to close in the second quarter, providing a premium to current stock prices [1] Group 2 - The article highlights the author's extensive experience in investment analysis, focusing on identifying underappreciated companies [1]

Core Perspective - Shutterstock is redefining its brand identity and offerings to enhance its role in the creative industry, focusing on AI-powered solutions to empower businesses and creatives [1][4][8] Company Overview - Shutterstock has over two decades of experience supporting creative successes across various industries, including entertainment, tech, finance, and healthcare [4] - The company aims to provide scalable creative and generative AI solutions to meet modern storytelling demands [1][4] New Offerings - The company has launched an Unlimited downloads subscription, allowing individual users access to unlimited downloads from a library of over 80 million high-quality images, videos, and audio content [5] - Generative AI Pro is a new offering designed for business use, enabling the creation of high-quality visuals at 4K resolution, enhancing creative variety and brand relevance [5][6] AI and Data Solutions - Shutterstock's AI offerings include a proprietary Model Recommender that selects the best-fit model for each prompt, ensuring higher quality results [6] - The company provides one of the largest rights-cleared multimodal datasets for AI model builders, evolving with content refreshes and new asset types [10] Creative Production and Distribution - Shutterstock Studios offers a streamlined, end-to-end creative production model, leveraging advanced production tools to meet the content needs of major marketers [10] - GIPHY Ads expands Shutterstock's capabilities in creative content distribution, connecting brands with customers through engaging ads [10] Strategic Developments - The rebrand coincides with a merger agreement between Shutterstock and Getty Images, aimed at creating a premier visual content company [9]

Core Points - Shutterstock's stockholders approved the merger agreement with Getty Images, with approximately 82% of the shares voting in favor [1][2][3] - The merger aims to create a premier visual content company, enhancing capabilities in content creation, event coverage, and technology innovation [2][3] - The transaction is expected to close in the second half of 2025, pending regulatory approvals and customary conditions [3] Company Overview - Shutterstock is a leading global creative platform providing high-quality creative content for brands, digital media, and marketing companies [5] - The platform is supported by millions of creators and offers a diverse collection of 3D models, videos, music, photographs, vectors, and illustrations [5] - Shutterstock aims to deliver exceptional value to partners, contributors, and stockholders through its innovative technology and comprehensive resources [5]

Core Insights - The performance of Shutterstock's international operations is crucial for understanding its financial strength and growth potential [1][2] - The company's total revenue for the quarter ending March 2025 was $242.62 million, reflecting a year-over-year increase of 13.2% [4] International Revenue Breakdown - Europe generated $66.18 million in revenue, accounting for 27.28% of total revenue, which was a surprise of -4.6% compared to the consensus estimate of $69.37 million [5] - The Rest of the World contributed $56.23 million, representing 23.18% of total revenue, with a surprise of -7.65% against the expected $60.89 million [6] Future Revenue Predictions - Analysts project Shutterstock's revenues for the ongoing fiscal quarter to reach $274.77 million, a 24.9% increase from the previous year, with Europe and Rest of the World expected to contribute $67.89 million and $59.41 million, respectively [7] - For the full year, total revenue is anticipated to be $1.07 billion, indicating a 14.3% increase from the prior year, with Europe and Rest of the World expected to account for $284.63 million and $249.66 million, respectively [8] Market Dependency and Trends - Shutterstock's reliance on global markets for revenue presents both opportunities and risks, making the monitoring of international revenue trends essential for predicting future performance [9] - The increasing global interconnections and geopolitical tensions are factors that analysts consider when adjusting earnings predictions for companies with international operations [10] Stock Performance - Over the past month, Shutterstock's stock has increased by 30.6%, outperforming the Zacks S&P 500 composite's 9.1% rise [12] - In contrast, the company's shares have declined by 31% over the past three months, while the S&P 500 has only seen a 3.1% decline [12]