Financial Data and Key Metrics Changes - Revenue growth for Q3 2022 was 5%, or 10% on a constant currency basis, with reported revenue declining 1% excluding Pond5 [25] - Adjusted EBITDA for the quarter was $56 million, with margins at 27.5%, up more than 450 basis points year-on-year [29] - GAAP diluted EPS was $0.64 and adjusted diluted EPS was $1.00 [30] Business Line Data and Key Metrics Changes - Ecommerce revenue grew 2% on a reported basis or 6% on a constant currency basis, significantly impacted by weakness in Europe [25] - Enterprise revenue grew 9% on a reported basis or 15% on a constant currency basis, with strong momentum from large brands [26] - Subscriber count increased to 607,000, up 80% year-over-year, with subscriber revenue representing 43% of total revenues [34] Market Data and Key Metrics Changes - North America saw revenue growth of 15%, while Europe experienced a decline of 5%, indicating a 20% growth differential between the two regions [25] - The macroeconomic uncertainty has had a pronounced impact on demand in Europe, particularly in the ecommerce channel [25][10] Company Strategy and Development Direction - The company is focused on integrating generative AI into its product offerings, partnering with OpenAI to enhance its capabilities [16][19] - The acquisition of Pond5 is aimed at expanding video leadership, with a significant increase in the combined video library size [12][13] - The company aims to balance growth and margins while navigating macroeconomic challenges [11] Management's Comments on Operating Environment and Future Outlook - Management noted a softening demand environment, particularly in Europe and ecommerce, but highlighted ongoing strength in the U.S. and enterprise channels [10] - The company is lowering its 2022 revenue guidance to $815 million, equating to 5% year-over-year growth, while raising EBITDA margin guidance to 26.5% [36] - Management expressed confidence in the long-term sustainability of margin improvements and the ability to drive revenue growth [43] Other Important Information - The company repurchased $16 million of shares, completing a $100 million authorization, reducing total shares outstanding by 200,000 [32] - A deferred revenue balance of $174 million increased by $3 million from the previous year, affected by foreign exchange rates [33] Q&A Session Summary Question: Higher margin guidance sustainability - Management indicated that the margin levels are expected to be durable and sustainable, with ongoing efforts to improve gross margins [42][43] Question: Customer demand for AI-generated content - Management noted significant excitement around AI technology, with a focus on providing a platform for exploration and creativity [54] Question: Competitive landscape changes - Management stated that they are focused on their strategy and have not noticed significant changes in the competitive landscape, aside from macroeconomic issues [56] Question: Subscriber behavior amid macro headwinds - No uptick in churn was observed, but new customer demand is focused in Europe, particularly in ecommerce [72] Question: Growth rate differences between North America and Europe - Management highlighted a significant divide in growth rates, with North America growing 15% and Europe 6% on a constant currency basis, attributing some of the difference to foreign exchange [80] Question: Impact of AI on competitive dynamics - Management believes they are well-positioned to lead the change in the industry rather than be changed by it, emphasizing their comprehensive platform [91]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Shutterstock, Inc. (NYSE:SSTK) Q2 2022 Earnings Conference Call July 26, 2022 8:30 AM ET Company Participants Chris Suh - VP, IR and Corporate Development Paul J. Hennessy - CEO Jarrod Yahes - CFO Conference Call Participants Bernie McTernan - Needham & Company Andrew Boone - JMP Securities Youssef Squali - Truist Securities Nat Schindler - Bank of America Operator Good day and welcome to the Q2 2022 Shutterstock, Inc. Earnings Conference Call. At this time all participants are in a listen-only mode. After ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________________________________________ FORM 10-Q ___________________________________________________________________________________________________ 350 Fifth Avenue, 21st Floor (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SEC ...

Financial Data and Key Metrics Changes - Shutterstock reported a revenue growth of 9% year-over-year, or 11% on a constant currency basis, for Q1 2022 [7][23] - Subscription revenue reached a record 43% of total revenue, up from previous quarters, with overall subscriber count increasing by 17% [11][31] - Gross margin declined by approximately 114 basis points to 65.1% year-over-year, largely due to higher non-cash M&A amortization expenses [24] - Adjusted EBITDA margins were 27.5%, down by 300 basis points from the previous year, mainly driven by increased marketing spend [27] Business Line Data and Key Metrics Changes - The enterprise channel grew by 11% year-over-year, reflecting strong performance in FLEX team products and Shutterstock Studios [7][24] - E-commerce revenue grew by 7% year-over-year, or 9% on a constant currency basis, aligning with expectations [10][23] - The FLEX team subscription and FLEX Premium products are now key offerings for small and medium businesses, contributing to overall growth [8] Market Data and Key Metrics Changes - The company experienced a 2% foreign exchange headwind to revenues, primarily due to the depreciation of the euro and GBP [39][52] - Approximately 1% of revenues were derived from Russia and Ukraine, which the company has factored into its expectations for the year [20][39] Company Strategy and Development Direction - Shutterstock is focusing on integrating new applications and enhancing its product offerings, including AI-powered search and creative tools [13][18] - The company plans to introduce a creative flow subscription targeting casual creatives, which will include various applications and a free tier of content [17] - The strategy aims to position Shutterstock as a full-service partner for enterprise customers, enhancing customer retention and engagement [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth prospects despite headwinds from foreign exchange and geopolitical issues [32][39] - The company is maintaining its full-year revenue growth guidance of 8% to 10%, with expectations for margin stability [32][33] - Management highlighted the importance of product differentiation and sustained growth through new applications and strategic solutions [21][33] Other Important Information - Shutterstock made a $1 million donation to support contributors in Ukraine, which impacted EBITDA margins for the quarter [27][19] - The company repurchased 422,000 shares for $38.4 million during the quarter, reducing total shares outstanding [28] Q&A Session Summary Question: FX impact on revenue and integration of PicMonkey - Management quantified the FX impact at approximately $1 million for the quarter and discussed ongoing integration plans for PicMonkey [39][40] Question: User education on new applications - Management outlined plans for user education through site marketing and content creation to drive discovery of new applications [46][47] Question: Guidance and revenue growth offsets - Management indicated strong performance in the enterprise channel and confidence in product roadmap as offsets to revenue headwinds [51] Question: Competition in the stock content market - Management acknowledged the competitive landscape but emphasized Shutterstock's unique data and content library advantages [54] Question: Inclusion of PicMonkey subscribers in metrics - Management confirmed that PicMonkey subscribers have not yet been included in subscriber counts, awaiting annualization of the acquisition [58]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

Financial Data and Key Metrics Changes - Shutterstock reported a 16% revenue growth for the full year 2021, the highest annual growth rate since 2016 [7] - For the fourth quarter, revenue grew 14%, with e-commerce revenue increasing by 16% and enterprise revenue growing by 10% [26] - Gross margins for the full year were 64.1%, up 300 basis points from 61.1% in 2020, while Q4 gross margin declined by approximately 150 basis points to 61.9% year-over-year [27] - Adjusted EBITDA margins increased to 25% for the full year 2021, up from 23.2% in 2020, with a 19% margin in Q4 [31][45] - GAAP diluted earnings per share for the full year was $2.46, representing a growth of 25% [32] Business Line Data and Key Metrics Changes - E-commerce channel grew 19% in 2021, with a 22% increase in subscribers and a 20% growth in subscription revenue [7][8] - The enterprise channel saw an 11% growth in 2021, recovering from a 2% decline in 2020, driven by strength in core image and footage business [11][12] - The number of enterprise deals with an average order value greater than $100,000 grew almost 80% in 2021 [16] Market Data and Key Metrics Changes - The deferred revenue balance increased to $181 million, up almost $10 million from the third quarter and over $31 million from Q4 2020, representing a growth of 21% [34] - Currency is expected to have a negative impact of 2% on revenue growth in 2022, contrasting with a positive impact of 1% in 2021 [42][43] Company Strategy and Development Direction - The company is focused on transforming into a creative platform leveraging content, data, and workflow applications, with plans to introduce new products in the e-commerce channel in early 2022 [21][22] - Strategic acquisitions in 2021 are expected to contribute to growth, particularly in 3D revenues from TurboSquid and enhanced offerings from PicMonkey [17][18] - The company aims to attract new customer segments, including non-professional creative enthusiasts, through new creative power tools [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business for 2022, highlighting the acceleration of revenue growth and enhanced profitability in 2021 [23][45] - The company anticipates organic growth returning to normalized levels throughout 2022, with revenue guidance set between $835 million to $850 million [40][41] - Management emphasized the importance of customer engagement and retention through enhanced subscription offerings and workflow integration [21] Other Important Information - The company announced a 14% increase in its quarterly dividend to $0.24 per share, reflecting positive cash flow results in 2021 [35] - Share repurchase program is expected to increase from $75 million to $100 million annually, allowing for the buyback of approximately 3% of outstanding shares each year [37] Q&A Session Summary Question: Addressing customer needs with new subscription products - Management acknowledged that pricing and packaging of content will continue to drive growth, particularly with new content types and workflow integration [50] Question: Trends in customer content and computer vision revenue - Management clarified that various businesses do not conform neatly to traditional revenue models, and they are focused on maintaining unit pricing while adding value to subscriptions [54] Question: Integration of TurboSquid and new customer types - Management indicated that they will enable 3D services within enterprise, catering to agencies and other clients, and will launch services similar to their 2D content offerings [57] Question: Insights from the brand campaign - Management noted that they learned about the effectiveness of different channels and will focus on high ROI channels while launching new products that require customer education [59]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001- ...

Financial Performance - Revenue increased by 18% to $1944 million compared to Q3 2020[10] - On a constant currency basis, revenue increased 17%[10] - Net income decreased 29% to $160 million[10] - Adjusted EBITDA decreased 6% to $444 million[10] - Adjusted net income per diluted share decreased by 13% to $070[10] - Free cash flow was $443 million in Q3 2021 compared to $570 million in Q3 2020[11] Operating Metrics - Subscribers increased 32% to 336000[14] - Subscriber revenue increased 21% to $815 million[14] - Average revenue per customer (LTM) increased 10% to $361[14] - Paid downloads increased 2% to 443 million[14] 2021 Guidance - The company revised its full-year 2021 revenue guidance to $765 - $770 million, representing a year-over-year growth of 1475% to 155%[38] - Adjusted EBITDA is expected to be $185 - $191 million[38] - Adjusted net income per diluted share is projected to be $318 to $329[38]

Financial Data and Key Metrics Changes - Shutterstock reported an 18% year-over-year revenue growth in Q3 2021, with e-commerce and enterprise channels both contributing significantly to this growth [11][27] - Gross margin improved by 70 basis points year-over-year to 64%, consistent with the previous quarter [29] - GAAP diluted earnings per share was $0.43, while adjusted diluted earnings per share was $0.70 [33] Business Line Data and Key Metrics Changes - E-commerce revenue grew 18% year-over-year, driven by strong performance in subscription offerings [28] - The enterprise channel experienced a 17% year-over-year growth, marking its fastest growth since 2018 [13][29] - Subscriber count increased by 32%, and subscriber revenues rose by 21% [40] Market Data and Key Metrics Changes - The deferred revenue balance increased to $171 million, indicating strong future revenue growth potential [36] - The company recognized $1 million in revenue from PicMonkey, contributing to overall revenue growth [28] Company Strategy and Development Direction - The acquisition of PicMonkey is expected to enhance Shutterstock's offerings and expand its customer base [14][15] - The launch of Creative Flow aims to integrate AI-driven workflow applications, enhancing customer collaboration and content management [17][23] - The company is focused on transforming into a leading creative platform, leveraging content, data, and workflow applications [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the enterprise business, despite anticipated slower growth in e-commerce due to tougher comparisons [45][49] - The company plans to increase its full-year revenue guidance, projecting revenue between $765 million and $770 million [45] - Management acknowledged the challenges posed by changes in advertising dynamics but noted that their business model is less impacted due to its focus away from direct advertising revenue [80][81] Other Important Information - Sales and marketing expenses increased to 28% of revenues, driven by investments in marketing and higher sales commissions [30] - The company plans to grow its dividend in line with cash flow growth and has commenced a $75 million share buyback program [38][39] Q&A Session Summary Question: Clarification on Q4 guidance and organic growth - Management indicated that the Q4 guidance reflects a slowdown in organic growth due to tougher comparisons and highlighted ongoing efforts to improve e-commerce growth rates [53][54] Question: Impact of acquisitions on growth - Management discussed the long-term growth potential from acquisitions like PicMonkey and TurboSquid, emphasizing the expansion of customer offerings and retention strategies [55][56] Question: Insights on marketing spend and ROI - Management acknowledged the longer measurement window for brand marketing spend but expressed confidence in the momentum of the creator economy and the importance of brand repositioning [68][69] Question: Performance of FLEX subscription products - Management noted that the FLEX product has expanded average revenue per customer significantly and has attracted new customers beyond initial expectations [77][78] Question: Market conditions and potential weaknesses - Management stated that their business model is less affected by advertising revenue changes, although they are adapting to new marketing attribution challenges [80][81] Question: Allocation of PicMonkey revenue - PicMonkey revenue will be reported under the e-commerce channel, and it will enhance existing subscriptions by integrating creative capabilities into the Creative Flow platform [84][86] Question: Future acquisition pipeline - Management expressed optimism about the acquisition pipeline, focusing on both product roadmap acceleration and content acquisition opportunities [88][89]