Financial Highlights - Revenue increased by 14% to $1833 million compared to the first quarter of 2020[11] - On a constant currency basis, revenue increased by 11%[11] - Net income increased significantly by 584% to $295 million[11] - Adjusted EBITDA increased by 156% to $564 million[11] - Net income per diluted share increased by $067 to $079[11] - Adjusted net income per diluted share increased by $072 to $098[11] - Cash provided by operating activities was $358 million in 2021, compared to $69 million in 2020[11] - Free cash flow was $268 million in 2021, compared to $62 million in 2020[12] Operating Highlights - Subscribers increased by 46% to 306000[14] - Subscriber revenue increased by 20% to $765 million[14] - Image library expanded to over 370 million images, up 12%[14] - Footage library expanded to over 21 million footage clips, up 17%[14] Liquidity and Capital Allocation - Cash and cash equivalents decreased by $646 million to $3639 million during the three months ended March 31, 2021[17] - Investing cash outflows were $812 million, primarily consisting of $722 million cash used in the acquisition of TurboSquid[17] 2021 Guidance - The company's revised revenue expectations for the full year 2021 are $720 - $730 million[38] - The company's revised YOY Growth vs 2020 expectations for the full year 2021 are 8% to 95%[38] - The company's revised Adjusted EBITDA expectations for the full year 2021 are $171 - $177 million[38] - The company's revised Adjusted Net Income per diluted share expectations for the full year 2021 are $278 to $293[38]

Shutterstock, Inc. (NYSE:SSTK) Q1 2021 Earnings Conference Call April 27, 2021 8:30 AM ET Company Participants Chris Suh - VP, IR and Corporate Development Stan Pavlovsky - CEO Jarrod Yahes - CFO Conference Call Participants Ron Josey - JMP Securities Youssef Squali - Truist Securities John Egbert - Stifel Nicolaus Bernie McTernan - Needham & Company Operator Good day and thank you for standing by. Welcome to the Shutterstock, Inc. First Quarter Earnings Conference Call. At this time, all participants are i ...

Washington, D.C. 20549 __________________________________________________________________________________________________ FORM 10-Q ___________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

Financial Performance - Q4 2020 - Revenue increased by 9% to $180.9 million compared to Q4 2019[11] - Net income saw a significant increase of 495% to $25.9 million[11] - Adjusted EBITDA increased by 101% to $48.5 million[11] - Free cash flow was $58.6 million, compared to $17.6 million in 2019[12] Financial Performance - Full Year 2020 - Revenue increased by 2% to $666.7 million compared to 2019[17] - Net income increased significantly by 257% to $71.8 million[17] - Adjusted EBITDA increased by 61% to $154.9 million[17] - Free cash flow was $144.2 million, compared to $73.2 million in 2019[18] Operating Metrics - Q4 2020 - Subscribers increased by 45% to 281,000[14] - Subscriber revenue increased by 18% to $71.1 million[14] - Image library expanded by 15% to over 360 million images[14] - Footage library expanded by 24% to over 21 million footage clips[14] 2021 Guidance - The company expects revenue between $708 million and $722 million[43] - The company expects year-over-year growth of 6% to 8%[43] - The company expects adjusted EBITDA between $165 million and $171 million[43] - The company expects adjusted net income per diluted share between $2.75 and $2.90[43]

Shutterstock, Inc. (NYSE:SSTK) Q4 2020 Earnings Conference Call February 11, 2021 8:30 AM ET Company Participants Chris Suh - Vice President of Investor Relations and Corporate Development Stan Pavlovsky - Chief Executive Officer Jarrod Yahes - Chief Financial Officer Conference Call Participants John Egbert - Stifel Nicolaus Youssef Squali - Truist Securities Ron Josey - JMP Securities Nat Schindler - Bank of America Operator Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2020 Shutterst ...

Part I [Business](index=5&type=section&id=Item%201.%20Business.) Shutterstock operates a global creative platform licensing content from over 1.6 million contributors to over 2.0 million customers, with revenue primarily from E-commerce and Enterprise channels - The company's business model is a two-sided marketplace connecting over **1.6 million content contributors** with over **2.0 million customers** in more than 150 countries as of 2020[23](index=23&type=chunk)[26](index=26&type=chunk)[241](index=241&type=chunk) - Content offerings include images, footage, music, and, as of February 2021, 3D models through the acquisition of TurboSquid, Inc[17](index=17&type=chunk) Revenue by Sales Channel (2016-2020, in thousands) | Sales Channel | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | E-commerce | $412,521 | $392,241 | $365,730 | $332,376 | $318,916 | | Enterprise | $254,165 | $258,282 | $254,809 | $208,713 | $164,384 | | Other | — | — | $2,711 | $16,022 | $11,017 | | **Total Revenue** | **$666,686** | **$650,523** | **$623,250** | **$557,111** | **$494,317** | - The number of subscribers grew by **45%** and subscriber revenue grew by **12%** from December 31, 2019 to December 31, 2020, indicating strong growth in recurring revenue streams[25](index=25&type=chunk) - The company's workforce decreased from **1,116 employees** at the end of 2019 to **967** at the end of 2020. In response to COVID-19, a mandatory work-from-home policy was implemented in March 2020[59](index=59&type=chunk)[62](index=62&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors.) The company faces material risks including the COVID-19 pandemic, intense competition, operational challenges, intellectual property issues, international regulatory complexities, and concentrated stock ownership - The COVID-19 pandemic poses a significant risk, potentially leading to decreased customer spending, reduced content contributions, and other operational disruptions[75](index=75&type=chunk) - The business is highly dependent on attracting and retaining customers and contributors in a competitive industry with low barriers to entry. Competitors include Getty Images, AdobeStock, and Canva[78](index=78&type=chunk)[84](index=84&type=chunk)[58](index=58&type=chunk) - The company is subject to extensive governmental regulation regarding data privacy and security, such as GDPR and CCPA, and any failure to comply could result in significant penalties and harm to the business[138](index=138&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) - Founder and Executive Chairman, Jonathan Oringer, controls approximately **36.8%** of outstanding common stock, giving him significant influence over corporate matters. Share repurchases could increase this concentration[182](index=182&type=chunk)[183](index=183&type=chunk) - International operations, which account for about **two-thirds of revenue**, expose the company to risks including foreign exchange fluctuations, compliance with diverse legal systems (e.g., FCPA, UK Bribery Act), and political instability[153](index=153&type=chunk)[154](index=154&type=chunk) [Unresolved Staff Comments](index=40&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments.) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[202](index=202&type=chunk) [Properties](index=40&type=section&id=Item%202.%20Properties.) Shutterstock's corporate headquarters is leased in New York, NY, with other leased facilities globally, deemed adequate for current needs - The company's principal office is leased in New York, New York, with the lease agreement set to expire in **2029**[203](index=203&type=chunk) [Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings.) The company is not currently involved in material litigation but faces various ordinary course claims, not expected to have a material adverse effect - Shutterstock is not currently involved in any material active litigation but faces various claims in the ordinary course of business[205](index=205&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company's business - Not applicable[206](index=206&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) Shutterstock's common stock trades on the NYSE under "SSTK", with a quarterly cash dividend initiated in February 2020, and no share repurchases in Q4 2020 - The company's common stock is listed on the NYSE under the symbol **"SSTK"**[208](index=208&type=chunk) - A quarterly cash dividend policy was initiated on **February 11, 2020**[210](index=210&type=chunk) - No issuer purchases of equity securities were made in the fourth quarter of **2020**[211](index=211&type=chunk) [Selected Financial Data](index=42&type=section&id=Item%206.%20Selected%20Financial%20Data.) This section provides selected consolidated financial and operating data for 2016-2020, including GAAP and non-GAAP measures, and key operating metrics Consolidated Statements of Operations Data (2016-2020, in thousands) | | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$666,686** | **$650,523** | **$623,250** | **$557,111** | **$494,317** | | Income from operations | $85,266 | $20,155 | $32,452 | $26,349 | $45,786 | | **Net income** | **$71,766** | **$20,108** | **$54,687** | **$16,727** | **$32,628** | | Net income per share (diluted) | $1.97 | $0.57 | $1.54 | $0.47 | $0.91 | Consolidated Balance Sheet Data (As of Dec 31, in thousands) | | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $428,574 | $303,261 | $230,852 | $253,428 | $224,190 | | Total assets | $729,644 | $630,512 | $531,488 | $577,776 | $501,778 | | Total liabilities | $307,719 | $302,367 | $244,821 | $263,191 | $215,082 | | Total stockholders' equity | $421,925 | $328,145 | $286,667 | $314,585 | $286,696 | Key Operating Metrics (2016-2020) | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Subscribers (end of period, thousands) | 281 | 194 | * | * | * | | Paid downloads (millions) | 180.0 | 187.8 | 179.6 | 172.0 | 167.9 | | Revenue per download | $3.68 | $3.43 | $3.40 | $3.13 | $2.88 | | Images in collection (millions) | 360 | 314 | 242 | 170 | 116 | | Footage in collection (millions) | 21 | 17 | 13 | 9 | 6 | Reconciliation to Adjusted EBITDA (in thousands) | | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | $71,766 | $20,108 | $54,687 | $16,727 | $32,628 | | **Adjusted EBITDA** | **$154,934** | **$96,314** | **$105,114** | **$88,049** | **$95,463** | | Adjusted EBITDA margin | 23.2% | 14.8% | 16.9% | 15.8% | 19.3% | Reconciliation to Free Cash Flow (in thousands) | | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $165,072 | $102,646 | $102,202 | $108,037 | $100,723 | | Capital expenditures | ($25,630) | ($26,081) | ($34,890) | ($55,062) | ($39,959) | | Content acquisitions | ($2,970) | ($3,344) | ($3,838) | ($2,961) | ($8,045) | | **Free Cash Flow** | **$144,231** | **$73,221** | **$63,474** | **$50,014** | **$52,719** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=48&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses 2020 financial performance, noting a 2% revenue increase driven by E-commerce growth, significant operating and net income surges due to expense reductions, and a strong liquidity position [Comparison of 2020 and 2019](index=55&type=section&id=Comparison%20of%20the%20Years%20Ended%20December%2031%2C%202020%20and%20December%2031%2C%202019) In 2020, revenue grew 2% to $666.7 million, driven by E-commerce, while operating expenses decreased 8%, leading to a 323% surge in operating income and 257% rise in net income Financial Performance Comparison: 2020 vs. 2019 (in thousands) | Account | 2020 | 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$666,686** | **$650,523** | **$16,163** | **2%** | | E-commerce Revenue | $412,521 | $392,241 | $20,280 | 5% | | Enterprise Revenue | $254,165 | $258,282 | ($4,117) | (2)% | | Total operating expenses | $581,420 | $630,368 | ($48,948) | (8)% | | **Income from operations** | **$85,266** | **$20,155** | **$65,111** | **323%** | | **Net income** | **$71,766** | **$20,108** | **$51,658** | **257%** | - The decrease in operating expenses was primarily driven by a **$21.1 million** decline in marketing spend and lower royalty expenses resulting from a **4%** decline in paid downloads and a modification to contributor compensation[277](index=277&type=chunk)[278](index=278&type=chunk) [Comparison of 2019 and 2018](index=58&type=section&id=Comparison%20of%20the%20Years%20Ended%20December%2031%2C%202019%20and%20December%2031%2C%202018) In 2019, revenue increased 4% to $650.5 million, but operating expenses rose 7%, causing income from operations to fall 38% and net income to decrease 63% due to the absence of a prior-year gain Financial Performance Comparison: 2019 vs. 2018 (in thousands) | Account | 2019 | 2018 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$650,523** | **$623,250** | **$27,273** | **4%** | | Total operating expenses | $630,368 | $590,798 | $39,570 | 7% | | **Income from operations** | **$20,155** | **$32,452** | **($12,297)** | **(38)%** | | Gain on Sale of Webdam | — | $38,613 | ($38,613) | * | | **Net income** | **$20,108** | **$54,687** | **($34,579)** | **(63)%** | - The **63%** decline in net income in 2019 was primarily due to the non-recurrence of a **$38.6 million** pre-tax gain from the sale of the Webdam business in 2018[296](index=296&type=chunk)[287](index=287&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2020, the company maintained strong liquidity with $428.6 million in cash, supported by operating cash flow, and engaged in dividend payments, capital expenditures, and a stock offering Cash Flow Summary (in thousands) | Cash Flow Activity | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $165,072 | $102,646 | $102,202 | | Net cash used in investing activities | ($35,310) | ($27,234) | ($12,827) | | Net cash used in financing activities | ($4,587) | ($1,696) | ($109,739) | - The company completed a stock offering on **August 14, 2020**, receiving net proceeds of approximately **$23.2 million**[304](index=304&type=chunk) - In 2020, the company paid **$24.4 million** in cash dividends. In 2018, a special dividend of **$104.9 million** was paid[305](index=305&type=chunk)[307](index=307&type=chunk) Contractual Obligations as of Dec 31, 2020 (in thousands) | Obligation Type | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease obligations | $64,317 | $9,334 | $14,725 | $14,607 | $25,651 | | Purchase obligations | $38,637 | $26,524 | $12,113 | — | — | | **Total** | **$102,954** | **$35,858** | **$26,838** | **$14,607** | **$25,651** | [Critical Accounting Policies and Estimates](index=63&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies revenue recognition, allowance for doubtful accounts, and accounting for income taxes as critical policies requiring significant estimates and judgment - Revenue recognition for subscription products requires management to estimate expected unused licenses based on historical download activity, which could impact the timing of revenue[335](index=335&type=chunk) - The allowance for doubtful accounts was **$4.9 million** as of Dec 31, 2020, up from **$3.6 million** in 2019, determined by evaluating receivable aging, historical loss rates, and specific customer situations[340](index=340&type=chunk) - Accounting for income taxes requires significant management judgment in assessing the realizability of deferred tax assets and establishing reserves for uncertain tax positions[342](index=342&type=chunk)[343](index=343&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company faces market risk primarily from foreign currency exchange rates, with 36% of 2020 revenue in foreign currencies, but does not use derivatives to hedge this risk - Approximately **36%** of total revenue in 2020 was denominated in foreign currencies, primarily the Euro and British Pound[349](index=349&type=chunk) Revenue by Currency (in thousands) | Currency | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Euro | $138,128 | $133,341 | $124,732 | | British pounds | $49,402 | $48,307 | $49,561 | | All other non-U.S. currencies | $49,630 | $47,471 | $44,393 | | **Total foreign currency** | **$237,160** | **$229,119** | **$218,686** | | U.S. dollar | $429,526 | $421,404 | $404,564 | | **Total revenue** | **$666,686** | **$650,523** | **$623,250** | - The company does not have any long-term borrowings as of December 31, 2020, and does not believe interest rate or inflation risks have a material effect on its business[353](index=353&type=chunk)[354](index=354&type=chunk) [Financial Statements and Supplementary Data](index=67&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section presents the audited consolidated financial statements and notes, including the independent auditor's report, which identified revenue recognition as a critical audit matter - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting[380](index=380&type=chunk) - The auditor identified Revenue Recognition as a critical audit matter due to the significant audit effort involved in evaluating evidence related to content license arrangements and customer download activity[387](index=387&type=chunk)[389](index=389&type=chunk) - On **February 1, 2021**, subsequent to the reporting period, the company acquired TurboSquid, Inc. for approximately **$75 million** in cash[554](index=554&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=68&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) The company reports no changes in or disagreements with its accountants regarding accounting principles, practices, or financial disclosure - None reported[356](index=356&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%209A.%20Controls%20and%20Procedures.) As of December 31, 2020, management concluded that disclosure controls and internal control over financial reporting were effective, with no material changes in Q4 2020 - Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of **December 31, 2020**[358](index=358&type=chunk)[360](index=360&type=chunk) [Other Information](index=68&type=section&id=Item%209B.%20Other%20Information.) The company reports no other information for this item - None[364](index=364&type=chunk) Part III [Directors, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=69&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%2C%2014) Information for Items 10 through 14, covering governance, executive compensation, security ownership, related transactions, and accounting fees, is incorporated by reference from the 2021 proxy statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the registrant's definitive proxy statement to be filed within **120 days** of the fiscal year-end[366](index=366&type=chunk)[368](index=368&type=chunk)[370](index=370&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=70&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules.) This section lists financial statements, the independent auditor's report, and an index of all exhibits filed as part of the Form 10-K - This item lists the financial statements, notes, and exhibits filed with the Form 10-K[373](index=373&type=chunk)[375](index=375&type=chunk) [Form 10-K Summary](index=70&type=section&id=Item%2016.%20Form%2010-K%20Summary.) The company reports no information for this item - None[376](index=376&type=chunk)

Shutterstock, Inc. (NYSE:SSTK) Q3 2020 Earnings Conference Call October 27, 2020 8:30 AM ET Company Participants Chris Suh - Vice President, Investor Relations and Corporate Development Stan Pavlovsky - Chief Executive Officer Jarrod Yahes - Chief Financial Officer Conference Call Participants Youssef Squali - Truist Securities Brad Erickson - Needham & Company Ron Josey - JMP Securities John Egbert - Stifel Operator Ladies and gentlemen, thank you for standing by and welcome to the Q3 2020 Shutterstock, In ...

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Financial Data and Key Metrics Changes - Shutterstock's Q2 2020 revenues were $159 million, down 2% year-over-year, and down 1% on a constant currency basis [11][26] - Adjusted EBITDA was $37 million, representing a margin of 23%, up from 15% in the previous year, marking a record quarterly EBITDA for the company [23][30] - Gross margins improved to 60%, up approximately 200 basis points from 58% in Q2 2019 [27][30] - GAAP net income was $19 million or $0.53 per diluted share, compared to $11.8 million or $0.33 per diluted share in Q2 2019 [30] Business Line Data and Key Metrics Changes - E-commerce channel revenue increased 2% to $98.2 million, while Enterprise channel revenue decreased 6% to $61.1 million [26] - Subscriber count increased by 30% to 223,000, with subscriber revenue rising 8% to $62.6 million, representing 39% of total revenues [34][35] - Paid downloads declined by 6% to $44 million, but revenue per download increased by $0.17 to $3.61 [37] Market Data and Key Metrics Changes - The North America and European regions saw a decline of 3%, while the rest of the world, including Asia, grew modestly [11] - The European geography has not yet recovered to 2019 levels, indicating ongoing challenges in that market [26] Company Strategy and Development Direction - The company is focusing on workflow innovation, content services, and data and insights to deliver strong returns for shareholders [10] - Significant investments are being made in platform solutions and global expansion of sales and technical integration teams [12] - The introduction of new subscription products in music and multi-asset offerings is planned for the second half of the year [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to overall quarterly revenue growth by Q4 2020, contingent on the resolution of the pandemic [41] - The company aims for year-over-year margin expansion of at least 50 basis points in 2020 compared to 2019 [43] - Management acknowledged the need for continued investment in marketing and brand building to support new subscription products [16][41] Other Important Information - The company introduced three new KPIs to track the transition towards a subscription-based model [22] - Free cash flow for Q2 was $22.4 million, up from $19.8 million in Q2 2019 [31] - The company is actively looking for M&A opportunities to enhance its business and expand its market presence [39][96] Q&A Session Summary Question: Performance relative to expectations and future EBITDA margins - Management noted strong performance in the SMB sector and the introduction of new subscription products contributed to revenue outperformance [53] - Future EBITDA margins are expected to benefit from operational leverage in G&A and sales and marketing expenses [56][58] Question: Drivers of higher revenue per download - Higher revenue per download was attributed to reduced utilization and the subscription nature of revenues [61] Question: Enterprise segment growth drivers - Growth in the Enterprise segment is expected from new services and deeper penetration into existing accounts [66][70] Question: Changes to contributor royalty payouts - Management clarified that gross margins were impacted by various factors, including lower download activity and automation in content ingestion [74][76] Question: Growth in subscriber numbers - Subscriber growth is driven by new lower-priced subscription products targeting the prosumer segment [82]

| --- | --- | --- | --- | --- | --- | --- | |-------|---------------------|-------|-------|-------|-------|-------| | | shutterstsck® | | | | | | | | Second Quarter 2020 | | | | | | | | July 28, 2020 | | | | | | | | | | | | ● | | | | | | | | | | | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ● | | | | | | | | | | | Forward-Looking Statements This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act ...