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Shutterstock Reports Fourth Quarter and Full Year 2022 Financial Results

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PR Newswire

NEW YORK, Feb. 9, 2023

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a global creative platform for transformative brands and media companies, today announced financial results for the fourth quarter and full year ended December 31, 2022.

Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "I am delighted to report that Shutterstock achieved record revenues and EBITDA in the fourth quarter. For the full year 2022, we grew revenues by 7% and Adjusted EBITDA by 13% while expanding our Adjusted EBITDA margin to 26.3%. This marks the third consecutive year we have expanded our margins and in turn rewarded our shareholders with an increased dividend.

"Shutterstock has now fully integrated generative AI into our Creative Flow platform across all of our products, sales channels, geographies, and languages, and we have established major AI ecosystem partnerships leveraging our massive content library. I could not be any more excited about the rapid technology change we are experiencing in our industry and Shutterstock's unique ability to reward our contributors for participating in this historic technology evolution around generative AI."

Fourth Quarter 2022 highlights as compared to Fourth Quarter 2021:

Financial Highlights

Revenue increased 6% to $217.7 million. On a constant currency basis, revenue increased 9%.
Income from operations decreased 48% to $7.6 million.
Net income decreased 58% to $7.0 million.
Adjusted EBITDA increased 49% to $58.3 million.
Net income per diluted share decreased $0.26 to $0.19.
Adjusted net income per diluted share increased $0.28 to $1.05.
Operating cash flows increased 12% to $61.2 million.
Free cash flow decreased 3% to $45.2 million.

Key Operating Metrics

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Shutterstock Inc

39,32 €

-0,66%

Subscribers increased to 586,000.
Subscriber revenue increased to $88.8 million.
Average revenue per customer increased to $341.
Paid downloads decreased to 42.5 million.
Revenue per download increased to $4.49.
Image collection expanded to 600 million images.
Footage collection expanded to 45 million clips.

Full Year 2022 highlights as compared to Full Year 2021:

Financial Highlights

Revenue increased 7% to $827.8 million. On a constant currency basis, revenue increased 11%.
Income from operations decreased 13% to $93.6 million.
Net income decreased 17% to $76.1 million.
Adjusted EBITDA increased 13% to $218.1 million.
Net income per diluted share decreased 15% to $2.08 per share.
Adjusted net income per diluted share increased 11% to $3.87 per share.

Key Operating Metrics

Subscriber revenue increased to $346.6 million.
Paid downloads decreased to 173.3 million.
Revenue per download increased to $4.40.

SHUTTERSTOCK INVESTOR RELATIONS MICRO SITE

Accessible at content.shutterstock.com/investor-report/index.html.

FOURTH QUARTER RESULTS

Revenue

Fourth quarter revenue of $217.7 million increased $11.9 million or 6% as compared to the fourth quarter of 2021. Revenue generated through our E-commerce sales channel decreased 5% as compared to the fourth quarter of 2021, to $122.3 million, and represented 56% of total revenue in the fourth quarter of 2022. The decline in E-commerce revenue was primarily driven by weakness in customer acquisition, partially offset by revenue generated from Pond5 which was acquired in May 2022. Revenue from our Enterprise sales channel increased 25% as compared to the fourth quarter of 2021, to $95.4 million, and represented 44% of fourth quarter revenue in 2022. The increase in Enterprise revenues was primarily driven by growth in our Computer Vision and multi-asset product offerings, in addition to revenue generated from our acquisitions of Pond5 and Splash News.

On a constant currency basis, revenue increased 9% in the fourth quarter of 2022 as compared to the fourth quarter of 2021. On a constant currency basis, E-commerce revenue decreased by 2% and Enterprise revenues increased by 30% in the fourth quarter of 2022, as compared to 2021. Over 30% of the Company's revenues are denominated in foreign currencies, many of which have depreciated to historically low values in comparison to the U.S. Dollar.

Net income and net income per diluted share

Net income of $7.0 million decreased $9.8 million as compared to $16.9 million for the fourth quarter in 2021. Net income per diluted share was $0.19, as compared to $0.45 for the same period in 2021. These decreases were driven by an $18.7 million impairment charge of lease and related assets, partially offset by growth in revenue in the fourth quarter of 2022, as compared to the same period in 2021.

Adjusted net income per diluted share, which excludes the impairment of lease and related assets, was $1.05 as compared to $0.77 for the fourth quarter of 2021, an increase of $0.28 per diluted share.

Adjusted EBITDA

Adjusted EBITDA of $58.3 million for the fourth quarter of 2022 increased by $19.1 million, or 49%, as compared to the fourth quarter of 2021, due primarily to increased revenue. The adjusted EBITDA margin of 26.8% for fourth quarter of 2022 increased by 780 basis points, as compared 19.0% in the fourth quarter of 2021.

FULL YEAR RESULTS

Revenue

Full year revenue of $827.8 million increased $54.4 million or 7% as compared to 2021. Revenue generated through our E-commerce sales channel increased 2% as compared to the full year 2021, to $501.4 million and represented 61% of total revenue in 2022. Revenue from our Enterprise sales channel increased 15% as compared to 2021, to $326.4 million and represented 39% of total revenue in 2022.

On a constant currency basis, revenue increased 11% in 2022 as compared to 2021. On a constant currency basis, E-commerce and Enterprise revenues increased by 5% and 20%, respectively, in 2022, as compared to 2021.

Net income and Income per diluted share

Net income of $76.1 million decreased $15.8 million as compared to $91.9 million for the full year 2021. Net income per diluted share was $2.08 as compared to $2.46 for the full year 2021. These decreases were driven primarily by an $18.7 million impairment of lease and related assets, partially offset by growth in revenue in 2022 compared to 2021.

Adjusted net income per diluted share, which excludes the impairment of lease and related assets, was $3.87 as compared to $3.48 for the full year 2021.

Adjusted EBITDA

Adjusted EBITDA of $218.1 million for 2022 increased $25.0 million or 13% as compared to the full year 2021, attributable to growth in revenues partially offset by higher operating expenses associated with our recent acquisitions.

Adjusted EBITDA margin of 26.3% for 2022 increased by 130 basis points, as compared to 25.0% for the full year 2021.

LIQUIDITY

For the full year 2022, our cash and cash equivalents decreased by $198.9 million to $115.2 million at December 31, 2022, as compared with $314.0 million as of December 31, 2021. This decrease was driven by $275.6 million used in investing activities and $79.5 million used in financing activities, partially offset by $158.5 million of net cash provided by our operating activities. Net cash provided by our operating activities was favorably affected by our increased operating income, in addition to changes in the timing of payments pertaining to operating expenses.

Cash used in investing activities primarily consisted of (i) $211.8 million cash used in the acquisitions of Pond5 and Splash News; (ii) capital expenditures of $43.3 million for internal-use software and website development costs, and purchases of software and equipment; and (iii) $16.8 million paid to acquire the rights to distribute certain digital content in perpetuity. Cash used in financing activities primarily consisted of (i) $73.5 million paid in connection with the repurchase of common stock under our share repurchase program; (ii) $34.6 million related to the payment of the quarterly cash dividend; and (iii) $22.6 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards. These amounts were partially offset by a $50.0 million drawdown from our credit facility.

Free cash flow was $98.3 million for the full year 2022, a decrease of $81.0 million from the full year 2021. This change was primarily driven by lower cash flows from operating activities impacted by working capital and timing of cash expenditures.

QUARTERLY CASH DIVIDEND

In December of 2022, the Company paid a cash dividend of $0.24 per common share or $8.6 million and during the year ended December 31, 2022, the Company paid cash dividends of $0.96 per common share, or $34.6 million.

On January 30, 2023, the Board of Directors declared a dividend of $0.27 per share of outstanding common stock, payable on March 16, 2023 to stockholders of record at the close of business on March 2, 2023.

KEY OPERATING METRICS

	Three Months Ended December 31,		Year Ended December 31,
	2022	2021	2022	2021

Subscribers (end of period)⁽¹⁾	586,000	343,000	586,000	343,000
Subscriber revenue (in millions)⁽²⁾	$ 88.8	$ 81.4	$ 346.6	$ 317.5

Average revenue per customer (last twelve months)⁽³⁾	$ 341	$ 368	$ 341	$ 368
Paid downloads (in millions)⁽⁴⁾	42.5	45.0	173.3	180.0
Revenue per download⁽⁵⁾	$4.49	$4.29	$4.40	$4.16
Content in our collection (end of period, in millions)⁽⁶⁾:
Images	600	400	600	400
Footage clips	45	24	45	24

_______________________________________________________________________________________________________________________

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from TurboSquid beginning February 2022 and from PicMonkey beginning September 2022. These metrics exclude the respective customer counts and revenues from our acquisitions of Pond5 and Splash News.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period.

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to custom content, downloads of content that are offered to customers for no charge, including our free image of the week and downloads associated with our Computer Vision offering.

(5) Revenue per download is the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from custom content, revenue that is not derived from or associated with content licenses and revenue associated with our Computer Vision offering.

(6) Content in our collection represents approved images (photographs, vectors and illustrations) and footage (in number of clips) in our library at the end of the period. This metric excludes content that is not uploaded directly to our site but is available for license by our customers through an application program interface, custom content and certain content that may be licensed for editorial use only. Prior to December 31, 2022, this metric only included approved images and footage clips in our library on shutterstock.com at the end of the period.

2023 GUIDANCE

The Company's current expectations for the full year 2023 are as follows:

Revenue of $836 million to $853 million, representing annual growth of 1% to 3%.
Adjusted EBITDA of between $220 million to $228 million.
Adjusted net income per diluted share of between $3.90 to $4.05.

NON-GAAP FINANCIAL MEASURES

To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, impairment of lease and related assets, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, interest income and expense and income taxes; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, impairment of lease and related assets, severance costs associated with strategic workforce optimizations and the estimated tax impact of such adjustments; adjusted net income per diluted share as adjusted net income divided by weighted average diluted shares; revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and free cash flow as cash provided by operating activities, adjusted for capital expenditures, and content acquisition. These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company's ongoing business operations and provides them with the same measures that management uses as the basis for making resource allocation decisions.

Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation and bonuses; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

Reconciliations of the differences between adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings, free cash flow, and the most comparable financial measures calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.

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