| --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------|-------| | | | | | | | shutterstsck: | | | | | | | | | | | | Third Quarter 2020 October 27, 2020 | | | ● ● | | | | | | | | | | | . + | | | ● Forward-Looking Statements 2 This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management's beliefs and assumptions and on information currently available to management. For ...

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 ...

Shutterstock, Inc. (NYSE:SSTK) Q1 2020 Earnings Conference Call April 28, 2020 8:30 AM ET Company Participants Heidi Garfield - General Counsel Stan Pavlovsky - CEO Jarrod Yahes - CFO Conference Call Participants Youssef Squali - SunTrust Alex Giaimo - Jefferies Operator Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2020 Shutterstock, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a qu ...

| --- | --- | --- | --- | --- | |------------------------------------|-------|-------|-------|-------| | shutterstsck® \nFirst Quarter 2020 | | | | | | | | | | | | April 28, 2020 | | | | | | | | | ● | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management's beliefs and assumptions and on information currently a ...

Financial Performance - Q4 2019 - Revenue increased by 3% to $166.4 million compared to Q4 2018[11] - Net income decreased significantly by 71% to $4.4 million[11] - Adjusted EBITDA decreased by 29% to $24.1 million[11] Financial Performance - Full Year 2019 - Revenue increased by 4% to $650.5 million, or 6% on a constant currency basis, compared to 2018[17] - Net income decreased by 63% to $20.1 million[17] - Adjusted EBITDA decreased by 8% to $96.3 million[17] - Free cash flow increased by 15% to $73.2 million in 2019 from $63.5 million in 2018[18, 20] Operating Metrics - Q4 2019 - Paid downloads increased by 2% to 47.7 million[14] - Image library expanded by 30% to approximately 314 million images[14] - Footage library expanded by 30% to approximately 17 million video clips[14] - Contributor base increased significantly to over 1.1 million, compared to over 650,000 in the previous year[14] - Customer base contributing to revenue increased by 2% to over 1.9 million[15] 2020 Guidance - The company expects revenue between $665 million and $690 million, representing year-over-year growth of 2% to 6%[43] - Adjusted EBITDA is projected to be between $100 million and $107 million, a year-over-year increase of 4% to 11%[43] - Adjusted net income per diluted share is expected to be $1.42 to $1.58, reflecting year-over-year growth of 15% to 28%[43]

Shutterstock, Inc. (NYSE:SSTK) Q4 2019 Earnings Conference Call February 13, 2020 8:30 AM ET Company Participants Heidi Garfield â General Counsel Jon Oringer â Founder, Chief Executive Officer and Chairman Stan Pavlovsky â President and Chief Operating Officer Jarrod Yahes â Chief Financial Officer Conference Call Participants Nate Mitchell â SunTrust Alex Giaimo â Jefferies Operator Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Quarter Four 2019 Shutterstock, Inc. Earni ...

Shutterstock Inc (NYSE:SSTK) Q3 2019 Earnings Conference Call November 5, 2019 8:30 AM ET Company Participants Heidi Garfield – Vice President, General Counsel and Corporate Secretary Jon Oringer – Founder, Chief Executive Officer and Chairman Stan Pavlovsky – President and Chief Operating Officer Steve Ciardiello – Interim Chief Financial Officer and Chief Accounting Officer Conference Call Participants Nate Mitchell – SunTrust Alex Giaimo – Jefferies Seth Gilbert – Deutsche Bank Operator Ladies and gentle ...

| --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------| | | | | | | | shutterstsck® | | | | | | Third Quarter 2019 | | | | | | | | | | | | November 5, 2019 | | | | | | | | | ● | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management's beliefs and assumptions and on inf ...

Financial Data and Key Metrics Changes - Revenue in Q2 2019 grew 3% from 2018 on a reported basis, with e-commerce channel revenue increasing 6% to $97 million, while enterprise channel revenue remained flat at $64.7 million [12][37] - Adjusted EBITDA grew 4.4% from Q2 2018, reaching $25.1 million, with an adjusted EBITDA margin of 15.5%, up 17 basis points year-over-year [13][39] - GAAP net income was $3.3 million or $0.09 per diluted share, an increase from a net loss of $300,000 in Q2 2018 [40] - Free cash flow increased to $19.8 million, up $11.6 million from Q2 2018 [48] Business Line Data and Key Metrics Changes - E-commerce channel revenue grew 6% to $97 million, while enterprise channel revenue was flat at $64.7 million [12][37] - Paid downloads increased by 3% to 46.6 million, and revenue per download rose 1% to $3.44 [38] Market Data and Key Metrics Changes - Approximately one-third of revenues are denominated in foreign currencies, primarily in euros and British pounds, impacting reported revenue growth [37] Company Strategy and Development Direction - The company is focusing on enhancing its enterprise sales channel and reevaluating its go-to-market strategy to drive renewed growth [10][28] - A new footage offering, Shutterstock Elements, was introduced, and the company is enhancing user experience across its platforms [31][32] - The management team has been repositioned to better capture long-term growth opportunities [19][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for operational improvements and emphasized the importance of customer and contributor engagement [18][20] - The company revised its full-year 2019 revenue guidance down to $645 million to $670 million due to weaker-than-expected revenue growth [51][52] Other Important Information - The company added over 150,000 contributors and $20 million assets to its marketplace in Q2 [14] - A new Director, Rachna Bhasin, was welcomed to the Board, bringing strategic industry knowledge [21] Q&A Session Summary Question: E-commerce marketing efficiency and competitive pressures - Management noted that the increase in customer acquisition costs is a trend across industries, but they believe they are well-positioned to target leads effectively [56] Question: Softness in the enterprise segment - Management indicated that the main cause for softness is internal operations, but they believe the market is still growing [62][65] Question: Timeline for changes in enterprise strategy - Management stated that they are focused on identifying immediate opportunities while also considering long-term investments that may take longer to yield results [73] Question: Buyback authorization and cash deployment - Management confirmed a $100 million buyback authorization and emphasized the priority of investing in the business for returns [75]