Shutterstock(US:SSTK)2021-04-27 15:35Financial 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]