Technology
Shutterstock Reports Full Year 2023 and Fourth Quarter Financial Results
Published
9 months agoon
By
NEW YORK, Feb. 21, 2024 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) (the “Company”), a leading global creative platform connecting brands and businesses to high-quality content, today announced financial results for the full year and fourth quarter ended December 31, 2023.
Commenting on the Company’s performance, Paul Hennessy, the Company’s Chief Executive Officer, said, “Shutterstock delivered record revenues and profitability in 2023 and significantly exceeded our targets set out at the beginning of the year.
Our success in building a leading content platform has allowed us to make key investments in Data, Distribution and Services where we have an exciting growth opportunity supported by strong industry tailwinds and a large TAM. Going forward, we’ll be shining a light on these exciting growth businesses, and providing revenue breakouts across two categories – Content and Data, Distribution and Services. As part of today’s release, we are also pleased to announce Shutterstock’s 2027 long-term financial targets.”
Full Year 2023 highlights as compared to Full Year 2022:
Financial Highlights
Revenue increased 6% to $874.6 million. On a constant currency basis, revenue increased 5%.Income from operations decreased 27% to $68.4 million.Net income increased 45% to $110.3 million.Adjusted EBITDA increased 10% to $240.8 million.Net income per diluted share increased 46% to $3.04 per share.Adjusted net income per diluted share increased 12% to $4.35 per share.Operating cash flows decreased $17.9 million to $140.6 million.Free cash flow increased $40.1 million to $138.5 million.
Fourth Quarter 2023 highlights as compared to Fourth Quarter 2022:
Financial Highlights
Revenues decreased $0.5 million to $217.2 million.Income from operations decreased 72% to $2.1 million.Net income / (loss) decreased 114% to a $1.0 million net loss.Adjusted EBITDA decreased 21% to $46.3 million.Net income per diluted share decreased $0.22 to $(0.03).Adjusted net income per diluted share decreased $0.33 to $0.72.Operating cash flows decreased $27.2 million to $33.9 million.Free cash flow decreased $3.6 million to $41.6 million.
FULL YEAR RESULTS
Revenue
Full year revenue of $874.6 million increased $46.8 million or 6% as compared to 2022.
Revenue generated through our Content product offering decreased 7% as compared to the full year 2022, to $737.3 million, and represented 84% of our total revenue in 2023. The decline in Content revenue was primarily driven by weakness in new customer acquisition. Revenue from our Data, Distribution, and Services product offering increased 256% as compared to 2022, to $137.3 million and represented 16% of our total revenue in 2023. The increase in Data, Distribution, and Services revenues was primarily driven by growth in our data offering and revenue generated from Giphy.
On a constant currency basis, revenue increased 5% in 2023 as compared to 2022. On a constant currency basis, Content revenues decreased 7% and Data, Distribution, and Services revenues increased by 256% in 2023, as compared to 2022.
Net income and Income per diluted share
Net income of $110.3 million increased $34.2 million as compared to $76.1 million for the full year 2022. Net income per diluted share was $3.04 as compared to $2.08 for the full year 2022. These increases were driven by the growth in our Data, Distribution, and Services product offering and a $50.3 million bargain purchase gain recorded in connection with the Giphy acquisition. In addition, 2022 was impacted by an $18.7 million impairment of leases and related assets .
Adjusted net income per diluted share, which excludes the bargain purchase in 2023 and the impairment of lease and related assets in 2022, was $4.35 as compared to $3.87 for the full year 2022.
Adjusted EBITDA
Adjusted EBITDA of $240.8 million for 2023 increased $22.7 million or 10% as compared to the full year 2022, attributable to growth in revenues partially offset by operating expenses associated with our acquisition of Giphy.
Adjusted EBITDA margin of 27.5% for 2023 increased by 120 basis points, as compared to 26.3% for the full year 2022.
FOURTH QUARTER RESULTS
Revenue
Fourth quarter revenue was $217.2 million, which remained flat as compared to the fourth quarter of 2022.
Revenue from our Content product offering decreased 10% as compared to the fourth quarter of 2022, to $177.5 million, and represented 82% of our total revenue in the fourth quarter of 2023. Revenue generated from our Data, Distribution, and Services product offering increased 96.4% as compared to the fourth quarter of 2022, to $39.7 million, and represented 18% of fourth quarter revenue in 2023.
Revenues were not impacted on a constant currency basis in the fourth quarter of 2023 as compared to the fourth quarter of 2022.
Net income and net income per diluted share
The net loss in fourth quarter of $1.0 million decreased $8.1 million as compared to net income of $7.0 million for the fourth quarter in 2022. Net (loss) income per diluted share was ($0.03), as compared to $0.19 for the same period in 2022.
Fourth quarter 2023 net loss was unfavorably impacted by expenses associated with reimbursable costs paid to the Giphy workforce in addition to increased marketing expenses.
Adjusted net income per diluted share was $0.72 as compared to $1.05 for the fourth quarter of 2022, an decrease of $0.33 per diluted share.
Adjusted EBITDA
Adjusted EBITDA of $46.3 million for the fourth quarter of 2023 decreased by $12.0 million, or 21%, as compared to the fourth quarter of 2022, due primarily to higher operating expenses operating expenses associated with our acquisition of Giphy. The adjusted EBITDA margin of 21.3% for the fourth quarter of 2023 decreased by 550 basis points, as compared to 26.8% in the fourth quarter of 2022.
LIQUIDITY
For the full year 2023, our cash and cash equivalents decreased by $14.7 million to $100.5 million at December 31, 2023, as compared with $115.2 million as of December 31, 2022. This decrease was driven by $54.3 million used in investing activities and $102.7 million used in financing activities, partially offset by $140.6 million of net cash provided by our operating activities. Net cash provided by our operating activities was affected by our operating income, offset by payments made to Giphy employees, which were fully reimbursed by Meta and reported in investing cash flows as Giphy Retention Compensation, and changes in the timing of cash receipts and payments pertaining to our revenues and operating expenses.
Cash used in investing activities primarily consisted of capital expenditures of $44.6 million for internal-use software and website development costs, and $11.1 million paid to acquire the rights to distribute certain digital content in perpetuity. In addition, cash of $53.7 million used in the acquisition of Giphy was offset by $53.7 million of cash reimbursements from Meta for Giphy Retention Compensation.
Cash used in financing activities primarily consisted of (i) $38.7 million related to the payment of the quarterly cash dividend; (ii) $28.2 million paid in connection with the repurchase of common stock under our share repurchase program; (iii) $15.8 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and (iv) a $20.0 million reduction in our revolver.
Free cash flow was $138.5 million for the full year 2023, an increase of $40.1 million from the full year 2022. This increase was primarily driven by the increase in our adjusted EBITDA in addition to changes in the timing of cash receipts and payments pertaining to our revenues and operating expenses.
QUARTERLY CASH DIVIDEND
During the three months ended December 31, 2023, the Company declared and paid a cash dividend of $0.27 per common share or $9.6 million.
On January 29, 2024, the Board of Directors declared a dividend of $0.30 per share of outstanding common stock, payable on March 14, 2024 to stockholders of record at the close of business on February 29, 2024.
KEY OPERATING METRICS
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Subscribers (end of period)(1)
523,000
586,000
523,000
586,000
Subscriber revenue (in millions)(2)
$ 85.2
$ 88.8
$ 351.5
$ 346.6
Average revenue per customer (last twelve months)(3)
$ 412
$ 341
$ 412
$ 341
Paid downloads (in millions)(4)
35.4
42.5
153.0
173.3
Revenue per download(5)
$ 5.02
$ 4.49
$ 4.72
$ 4.40
Content in our collection (end of period, in millions)(6):
Images
771
719
771
719
Footage clips
54
47
54
47
____________________________________________________________________________
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, from PicMonkey beginning September 2022, and from Pond5 and Splash News beginning May 2023. These metrics exclude the respective counts and revenues from Giphy.
(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 our Studios business, downloads of content that are offered to customers for no charge, including our free trials 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 our Studios business, 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, content from our Studios business and AI generated content. 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.
2027 LONG TERM TARGETS
Details of our 2027 Long Term Targets may be found below and in our investor presentation titled “Shutterstock 2027: Long-range Financial Targets,” available at https://investor.shutterstock.com/.
Revenue growth CAGR of 10% and 2027 revenues of $1.2 billion.Content revenue growth CAGR of 7% and Data, Distribution, and Services revenue growth CAGR of 22%.EBITDA margin expansion from 28% to 30% and 2027 EBITDA of $350 million.Cumulative Free Cash Flow of $800 million allocated to strategic acquisitions, dividends, and share repurchases.
2024 GUIDANCE
The Company increased its guidance for the full year 2024, to the following:
Revenue of $875 million and Adjusted EBITDA of $241 million. unchanged from 2023.Adjusted net income per diluted share of between $4.15 to $4.30.
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, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense – non-recurring, 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, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense – non-recurring, 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, content acquisition and cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy.
The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the “Giphy Retention Compensation Expense – non-recurring”), are required payments in accordance with the terms of the acquisition. Meta’s sale of Giphy was directed by the CMA and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense – non-recurring is not considered an ongoing expense necessary to operate the Company’s business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share. For the three months ended December 31, 2023, the Company also incurred $6.6 million of Giphy Retention Compensation expense related to recurring employee costs, which is included in operating expenses, and are not included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.
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.
We do not provide a reconciliation of adjusted EBITDA guidance to net income guidance or a reconciliation of adjusted net income per diluted share guidance to net income per diluted share guidance, because we are unable to calculate with reasonable certainty the impact of potential future transactions, including, but not limited to, capital structure transactions, restructuring, acquisitions, divestitures or other events and asset impairments, without unreasonable effort. These amounts depend on various factors and could have a material impact on net income and net income per diluted share, but may be excluded from adjusted EBITDA and adjusted net income per diluted share. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
EARNINGS TELECONFERENCE INFORMATION
The Company will discuss its fourth quarter and full year financial results during a teleconference today, February 21, 2024, at 8:30 AM Eastern Time. The conference call is being webcast live at the Company’s website at http://investor.shutterstock.com/. The webcast is listen-only. Those interested in participating in the question-and-answer session should register using the link below.
Participants may register for the call here (https://edge.media-server.com/mmc/p/cmuiaecy). It is recommended that you join 10 minutes prior to the event start (although you may register and join at any time during the call).
A webcast replay of the call will be available on the Company’s website beginning on February 21, 2024 at approximately 10:30 AM Eastern Time.
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK) is a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies. Fueled by millions of creators around the world, a growing data engine and a dedication to product innovation, Shutterstock is the leading global platform for licensing from the most extensive and diverse collection of high-quality 3D models, videos, music, photographs, vectors and illustrations. From the world’s largest content marketplace, to breaking news and A-list entertainment editorial access, to all-in-one content editing platform and studio production service—all using the latest in innovative technology—Shutterstock offers the most comprehensive selection of resources to bring storytelling to life.
Learn more at www.shutterstock.com and follow us on LinkedIn, Instagram, Twitter, Facebook and YouTube.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly in the discussion under the captions “2027 Long Term Targets” and “2024 Guidance.” All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, new or planned features, products or services, management strategies and our competitive position. You can identify forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “aim,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “predict,” “project,” “seek,” “potential,” “opportunities,” “targets” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements contained herein. Such risks and uncertainties include, among others, those risks discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, as well as in other documents that the Company may file from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Shutterstock’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The forward-looking statements contained in this press release are made only as of this date and Shutterstock assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
Shutterstock, Inc.
Consolidated Statements of Operations
(In thousands, except for per share data)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue
$ 217,219
$ 217,726
$ 874,587
$ 827,826
Operating expenses:
Cost of revenue
95,832
87,925
352,630
314,306
Sales and marketing
62,665
47,819
214,749
203,154
Product development
23,440
17,112
96,162
65,434
General and administrative
33,158
38,559
142,646
132,644
Impairment of lease and related assets
—
18,664
—
18,664
Total operating expenses
215,095
210,079
806,187
734,202
Income from operations
2,124
7,647
68,400
93,624
Bargain purchase gain
(1,543)
—
50,261
—
Other income / (expense), net
1,479
862
3,807
(2,587)
Income before income taxes
2,060
8,509
122,468
91,037
Provision for income taxes
3,066
1,463
12,199
14,934
Net (loss) / income
$ (1,006)
$ 7,046
$ 110,269
$ 76,103
Earnings per share
Basic
$ (0.03)
$ 0.20
$ 3.07
$ 2.11
Diluted
$ (0.03)
$ 0.19
$ 3.04
$ 2.08
Weighted average common shares outstanding:
Basic
35,699
35,821
35,878
36,042
Diluted
35,915
36,147
36,242
36,546
Shutterstock, Inc.
Consolidated Balance Sheets
(In thousands, except par value amount)
(unaudited)
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$ 100,490
$ 115,154
Accounts receivable, net of allowance of $6,335 and $5,830
91,139
67,249
Prepaid expenses and other current assets
100,944
33,268
Total current assets
292,573
215,671
Property and equipment, net
64,300
54,548
Right-of-use assets
15,395
17,593
Intangibles assets, net
184,396
173,087
Goodwill
383,325
381,920
Deferred tax assets, net
24,874
16,533
Other assets
71,152
21,832
Total assets
$ 1,036,015
$ 881,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 9,108
$ 7,183
Accrued expenses
131,443
89,387
Contributor royalties payable
54,859
38,649
Deferred revenue
203,463
187,070
Debt
30,000
50,000
Other current liabilities
23,513
11,445
Total current liabilities
452,386
383,734
Deferred tax liability, net
4,182
4,465
Lease liabilities
29,404
35,611
Other non-current liabilities
22,949
9,892
Total liabilities
508,921
433,702
Commitment and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 39,981 and 39,605 shares
issued and 35,571 and 35,829 shares outstanding as of December 31, 2023 and
December 31, 2022, respectively
399
396
Treasury stock, at cost; 4,410 and 3,776 shares as of December 31, 2023 and December 31,
2022
(228,213)
(200,008)
Additional paid-in capital
424,229
391,482
Accumulated other comprehensive loss
(11,974)
(15,439)
Retained earnings
342,653
271,051
Total stockholders’ equity
527,094
447,482
Total liabilities and stockholders’ equity
$ 1,036,015
$ 881,184
Shutterstock, Inc.
Consolidated Statements of Cash Flows
(In thousands, except par value amount) (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) / income
$ (1,006)
$ 7,046
$ 110,269
$ 76,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
20,356
18,636
79,729
68,470
Deferred taxes
(5,216)
(3,713)
(26,176)
(10,587)
Non-cash equity-based compensation
11,988
11,782
48,577
35,740
Impairment of lease and related assets
—
18,664
—
18,664
Bad debt expense
500
2,704
1,894
3,697
Bargain purchase gain
1,543
—
(50,261)
—
Changes in operating assets and liabilities:
Accounts receivable
(5,768)
(16,564)
(24,409)
(22,105)
Prepaid expenses and other current and non-current assets
(8,334)
3,689
(50,501)
532
Accounts payable and other current and non-current liabilities
16,999
8,599
20,892
(24,328)
Contributor royalties payable
4,560
2,536
15,841
7,772
Deferred revenue
(1,673)
7,783
14,697
4,493
Net cash provided by operating activities
$ 33,949
$ 61,162
$ 140,552
$ 158,451
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
(9,930)
(10,374)
(44,645)
(43,296)
Business combination, net of cash acquired
—
—
(53,721)
(211,843)
Cash received related to Giphy Retention Compensation
18,950
—
53,657
—
Asset acquisitions
—
(1,750)
—
(3,417)
Content acquisitions
(1,371)
(5,630)
(11,096)
(16,821)
Security deposit release / (payment)
(50)
109
1,489
(173)
Net cash provided by / (used in) investing activities
$ 7,599
$ (17,645)
$ (54,316)
$ (275,550)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of treasury shares
(9,201)
—
(28,205)
(73,488)
Proceeds from exercise of stock options
—
—
2
1,810
Cash paid related to settlement of employee taxes related to RSU vesting
(625)
(625)
(15,834)
(22,601)
Payment of cash dividend
(9,644)
(8,585)
(38,667)
(34,589)
Proceeds from credit facility
—
—
30,000
50,000
Payment of credit facility
—
—
(50,000)
—
Payment of debt issuance costs
—
—
—
(619)
Net cash used in financing activities
$ (19,470)
$ (9,210)
$ (102,704)
$ (79,487)
Effect of foreign exchange rate changes on cash
3,184
4,603
1,804
(2,277)
Net increase / (decrease) in cash and cash equivalents
25,262
38,910
(14,664)
(198,863)
Cash and cash equivalents, beginning of period
75,228
76,244
115,154
314,017
Cash and cash equivalents, end of period
$ 100,490
$ 115,154
$ 100,490
$ 115,154
Supplemental Disclosure of Cash Information:
Cash paid for income taxes
$ 17,097
$ 3,968
$ 33,067
$ 23,444
Cash paid for interest
492
571
1,724
1,045
Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)
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 not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned 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.
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Net (loss) / income
$ (1,006)
$ 7,046
$ 110,269
$ 76,103
Add / (less) Non-GAAP adjustments:
Depreciation and amortization
20,356
18,636
79,729
68,470
Non-cash equity-based compensation
11,988
11,782
48,577
35,740
Impairment of lease and related assets
—
18,664
—
18,664
Bargain purchase gain
1,543
—
(50,261)
—
Giphy Retention Compensation Expense – non-recurring
6,188
—
31,577
—
Other adjustments, net (1)
4,132
714
8,686
4,163
Provision for income taxes
3,066
1,463
12,199
14,934
Adjusted EBITDA
$ 46,267
$ 58,305
$ 240,776
$ 218,074
Adjusted EBITDA margin
21.3 %
26.8 %
27.5 %
26.3 %
________________________________________________________________________________________
(1)
Other adjustments, net includes unrealized foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations and interest income and expense.
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Net (loss) / income
$ (1,006)
$ 7,046
$ 110,269
$ 76,103
Add / (less) Non-GAAP adjustments:
Non-cash equity-based compensation
11,988
11,782
48,577
35,740
Tax effect of non-cash equity-based compensation (2)
(2,817)
(2,768)
(11,416)
(8,397)
Acquisition-related amortization expense (3)
9,157
8,078
34,737
29,302
Tax effect of acquisition-related amortization expense (2)
(2,152)
(1,898)
(8,163)
(6,886)
Impairment of lease and related assets
—
18,664
—
18,664
Tax effect of impairment of lease and related assets(2)
—
(4,199)
—
(4,199)
Bargain purchase gain
1,543
—
(50,261)
—
Giphy Retention Compensation Expense – non-recurring
6,188
—
31,577
—
Tax effect of Giphy Retention Compensation Expense – non-
recurring
(1,454)
—
(7,421)
—
Other
5,668
1,576
12,493
1,576
Tax effect of other(2)
(1,275)
(355)
(2,811)
(355)
Adjusted net income
$ 25,840
$ 37,926
$ 157,581
$ 141,548
Net income per diluted share
$ (0.03)
$ 0.19
$ 3.04
$ 2.08
Adjusted net income per diluted share
$ 0.72
$ 1.05
$ 4.35
$ 3.87
Weighted average diluted shares
35,915
36,147
36,242
36,546
____________________________________________________________________________________________
(2)
Statutory tax rates are used to calculate the tax effect of the adjustments.
(3)
Of these amounts, $8.2 million and $7.5 million are included in cost of revenue for the three months ended December 31, 2023 and 2022, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Total Revenue
$ 217,219
$ 217,726
$ 874,587
$ 827,826
Revenue growth
— %
6 %
6 %
7 %
Revenue growth on a constant currency basis
— %
9 %
5 %
11 %
Content revenue
$ 177,526
$ 197,513
$ 737,264
$ 789,306
Revenue growth: Content
(10) %
(1) %
(7) %
4 %
Revenue growth: Content on a constant currency basis
(10) %
2 %
(7) %
8 %
Data, Distribution, and Services revenue
$ 39,693
$ 20,213
$ 137,323
$ 38,520
Revenue growth: Data, Distribution, and Services
96 %
265 %
256 %
142 %
Revenue growth: Data, Distribution, and Services on a constant
currency basis
96 %
268 %
256 %
144 %
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Cash flow information:
Net cash provided by operating activities
$ 33,949
$ 61,162
$ 140,552
$ 158,451
Net cash provided by / (used in) investing activities
$ 7,599
$ (17,645)
$ (54,316)
$ (275,550)
Net cash used in financing activities
$ (19,470)
$ (9,210)
$ (102,704)
$ (79,487)
Free cash flow:
Net cash provided by operating activities
$ 33,949
$ 61,162
$ 140,552
$ 158,451
Capital expenditures
(9,930)
(10,374)
(44,645)
(43,296)
Content acquisitions
(1,371)
(5,630)
(11,096)
(16,821)
Cash received related to Giphy Retention Compensation
18,950
—
53,657
—
Free cash flow
$ 41,598
$ 45,158
$ 138,468
$ 98,334
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Content revenue
$ 177,526
$ 197,513
$ 737,264
$ 789,306
Data, Distribution, and Services revenue
$ 39,693
$ 20,213
$ 137,323
$ 38,520
Total revenue
$ 217,219
$ 217,726
$ 874,587
$ 827,826
Change in total deferred revenue
$ 363
$ 12,686
$ 16,393
$ 2,386
Total billings
$ 217,582
$ 230,412
$ 890,980
$ 830,212
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
E-commerce revenue
$ 102,247
$ 122,332
$ 439,941
$ 501,384
Enterprise revenue
$ 114,972
$ 95,394
$ 434,646
$ 326,442
Total revenue
$ 217,219
$ 217,726
$ 874,587
$ 827,826
Shutterstock, Inc.
Supplemental Financial Data
(unaudited)
Historical Operating Metrics
Three Months Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Subscribers (end of period, in thousands) (1)
523
551
556
559
586
607
368
359
Subscriber revenue (in millions) (2)
$ 85.2
$ 88.3
$ 87.4
$ 90.6
$ 88.8
$ 87.7
$ 84.7
$ 85.4
Average revenue per customer (last twelve months) (3)
$ 412
$ 401
$ 374
$ 356
$ 341
$ 329
$ 359
$ 355
Paid downloads (in millions) (4)
35.4
36.4
38.5
42.7
42.5
42.8
43.4
44.6
Revenue per download (5)
$ 5.02
$ 4.76
$ 4.71
$ 4.41
$ 4.49
$ 4.43
$ 4.46
$ 4.22
Content in our collection (end of period, in millions): (6)
Images
771
757
734
731
719
527
511
471
Footage clips
54
52
50
48
47
28
27
25
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, from PicMonkey beginning September 2022, and from Pond5 and Splash News beginning May 2023. These metrics exclude the respective counts and revenues from Giphy.
(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 our Studios business, downloads of content that are offered to customers for no charge, including our free trials 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 our Studios business, 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, content from our Studios business and AI generated content. 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.
Equity-Based Compensation by expense category
Three Months Ended
($ in thousands)
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Cost of revenue
$ 145
$ 180
$ 306
$ 184
$ 160
$ 173
$ 156
$ 78
Sales and marketing
2,201
2,067
2,487
604
1,426
1,503
1,629
928
Product development
3,022
3,509
4,221
2,448
3,085
2,957
2,557
1,781
General and administrative
6,620
7,247
7,929
5,407
7,111
4,455
2,702
5,039
Total non-cash equity-based compensation
$ 11,988
$ 13,003
$ 14,943
$ 8,643
$ 11,782
$ 9,088
$ 7,044
$ 7,826
Depreciation and Amortization by expense category
Three Months Ended
($ in thousands)
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Cost of revenue
$ 18,952
$ 19,872
$ 18,134
$ 17,866
$ 17,341
$ 16,856
$ 15,172
$ 13,759
General and administrative
1,404
1,400
1,070
1,031
1,295
1,404
1,338
1,305
Total depreciation and amortization
$ 20,356
$ 21,272
$ 19,204
$ 18,897
$ 18,636
$ 18,260
$ 16,510
$ 15,064
View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-full-year-2023-and-fourth-quarter-financial-results-302067187.html
SOURCE Shutterstock, Inc.
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BANGKOK, Nov. 14, 2024 /PRNewswire/ — The highly anticipated first China-ASEAN AI-Empower Cross-Border Digital Marketing Competition was launched at Chulalongkorn University in Bangkok, Thailand on the morning of November 12th. This competition serves as a prominent highlight within in the series of activities of the Guangxi New Silk Road New Year’s Eve E-commerce Festival, signifying a significant stride forward in digital economy cooperation between China and ASEAN countries.
Under the guidance of the Department of Commerce of Guangxi Zhuang Autonomous Region and China Council for the Promotion of International Trade Guangxi Committee, this competition is hosted by China-Thailand Institute of Modern Craftsmanship of Cross-Border Business, which is led by Guangxi International Business Vocational College, jointly built by Chachoengsao Vocational College and other institutes. Guangxi Tus Innovation Cross-Border E-commerce Co., Ltd. co-organized this competition. This competition brings together a hundred of elite teams from China, Thailand, Malaysia, Vietnam, and other ASEAN countries to demonstrate their skills in the fields of AI and cross-border digital marketing.
At the opening ceremony, Dr. Thitima Rojwatcharapiban, Director of Bureau of TVET Personnel Competency Development, Ms. Liu Jieying, Principal of Guangxi International Business Vocational College, Ms. Napak Worachirapanchaya, President of ASEAN Business Association, Song Tienong, Guangxi Tus Innovation Cross-Border E-commerce Co., Ltd., etc., attended and delivered speeches both online and offline. Their participation transcended geographical boundaries, fostering strong bonds between China, Thailand, and even the entire ASEAN region while injecting a vibrant atmosphere into the competition.
Professor Ma Zhencheng from Chulalongkorn University, as a distinguished guest, delivered an exceptional presentation on the topic of ‘AI Empowerment in Creating a New Marketing Ecology’. This insightful discourse not only provided an in-depth analysis of the extensive applications and profound impact of AI technology in the realm of digital marketing but also infused cutting-edge perspectives and revelations into the competition. Moreover, representatives from esteemed organizations such as the Chinese Academy of Sciences Innovation Cooperation Center (Bangkok), Thai Chinese New Generation Business Association, and Thai-China Commerce Association graced this momentous occasion with their presence. Their participation not only underscores the remarkable influence of this competition but also establishes a robust foundation for future collaborations and exchanges.
The competition aims to jointly promote the process of regional economic integration, actively cultivate new driving forces for regional development, and enhance exchanges and cooperation between China, Thailand, and other ASEAN countries in the field of international vocational education. It also seeks to facilitate two-way empowerment of new quality productivity and youth exchanges. This initiative aligns with the theme ‘Strengthening Connectivity and Resilience’ of this year’s ASEAN Summit and serves as a vivid practice of deepening exchanges and cooperation between China and ASEAN countries under the Belt and Road Initiative.
The launch of the first China-ASEAN AI-Empower Cross-border Digital Marketing Competition signifies a significant stride in the collaboration between China and ASEAN nations within the realm of digital marketing. The competition will embrace the principles of openness, inclusivity, cooperation, and mutual benefit, while further fostering exchanges and cooperation between China and ASEAN countries in the field of digital economy. By organizing this competition, we aim to ignite more sparks of innovation, nurture exceptional talents, jointly embark on a new chapter of China-ASEAN cooperation, and script a fresh tale of regional economic prosperity and development!
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/the-first-china-asean-ai-empower-cross-border-digital-marketing-competition-grand-launched-in-bangkok-302305414.html
SOURCE Guangxi Tus Innovation Cross-Border E-commerce Co., Ltd.
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BEIJING, Nov. 14, 2024 /PRNewswire/ — AirNet Technology Inc., formerly known as AirMedia Group Inc. (“AirNet” or the “Company”) (Nasdaq: ANTE), today announced that it received a written notice from the Listing Qualifications Staff of Nasdaq (the “Staff”) on November 12, 2024, notifying the Company that it has regained compliance with the minimum market value of publicly held shares (“MVPHS”) requirement under Nasdaq Listing Rule 5550(a)(5).
The Company was previously notified by the Staff on September 18, 2024 that it was not in compliance with the MVPHS requirement due to its failure to maintain a minimum MVPHS of US$1.0 million for a period of 30 consecutive business days. Since then, the Staff has determined that the Company’s MVPHS had been US$1.0 million or greater from October 28 through November 11, 2024. Therefore, the Staff determined that the requirement was met on November 12, 2024.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Company Contact
Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com
View original content:https://www.prnewswire.com/news-releases/airnet-resolves-nasdaq-minimum-market-value-of-publicly-held-shares-deficiency-302305202.html
SOURCE AirNet Technology Inc.
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WEATHERING THE STORM: TIGA RESEARCH REVEALS UK GAMES DEV SECTOR CONTINUES TO GROW, DESPITE GLOBAL SECTOR DOWNTURN
Published
29 minutes agoon
November 14, 2024By
TIGA’S Making Games in the UK 2024 report reveals that UK development sector grew 4.8 per cent despite global sector downturn, led by large console studios in London, North East and North West
LONDON, Nov. 14, 2024 /PRNewswire/ — The UK games development sector has grown in the past year, despite companies downsizing and studio closures, according to new research published today by TIGA, the trade association representing the UK video games industry.
Despite the global games industry downturn, the UK games development sector grew 4.8 per cent in the12 months to May 2024, according to new research published today by TIGA, the trade association representing the UK video games industry.
Against a backdrop of companies downsizing and studio closures, the UK’s games development sector proved to be comparatively resilient, growing to 25,419* full time equivalent development roles by May 2024, which, at 4.8 per cent, was the lowest annualised rate of growth in the UK games industry since 2012.
The UK’s fastest growing games clusters in the 12 months to May 2024 were London (468 new staff), North East (280 staff)and North West (247 staff), but 5 regions contracted.
The findings come from TIGA’s definitive report on the state of the UK video games industry Making Games in the UK 2024 (TIGA, 2024), which is based on an extensive survey of UK games businesses, with analysis by Games Investor Consulting.
TIGA’s research shows that in the period from April 2023 to May 2024:
Over 28,500 people make games professionally in the UK: The number of freelancers working for UK games development sector companies (including studios, publishers and service companies) grew substantially from 1,102 (April 2023) to 3,625 (May 2024) as very large companies downsized full-time roles and switched to freelancers. The total games development workforce grew to 28,516 including 3,625 freelancers and 24,891** full time development roles. Employment in the games development sector has grown by an average of 9.5 per cent every year over the period December 2014 to May 2024.Job growth outweighed company downsizing and closure: 400 extant companies shed 2,353 full time development jobs between April 2023 and May 2024; but 678 companies grew over the same period, adding 3,932 full time development jobs. 1,070 extant companies neither grew nor shed staff.Overall games company numbers declined: The UK had 2,148 trading games development companies in May 2024 (down from 2,175 in April 2023). This includes 1,697 games studios, 60 publisher studios, 109 publishers, 4 broadcasters and 278 service companies. Total studio numbers fell from 1,801 in April 2023 to 1,757 in May 2024.Games company mortality rises to record levels: 248 companies closed down or exited the games industry during the survey period, the highest ever recorded. On an annualised basis, this represents 10.4 per cent of all companies during the research period.The number of start-up studios fell: 166 new games development companies were founded between April 2023 and May 2024. This compares to 251 new games development companies that were set up between December 2021 and April 2023.Large and console studios are main growth drivers: Studios with 41 to 149 development staff grew at an average rate of 19 per cent over the research period. Console studios grew by an average of 18.1 per cent over the same time frame.Overseas owned studios now employ 62 per cent of the UK games development workforce: Studios ultimately owned by overseas companies employ 12,743 full-time staff, compared to 7,854 employed by domestically owned studios. While some overseas studios continued to grow strongly, some of the largest employers’ creative headcount fell substantially as entire teams were made redundant.
Dr Richard Wilson OBE, CEO of TIGA, said:
“The UK games development sector has continued to grow in very difficult economic circumstances. Our sector is weathering the storm. This is a remarkable achievement. Our games development sector has a number of strengths including world-renowned studios, a deep talent pool and TIGA accredited games courses equipping highly skilled graduates for the industry. The UK has the largest development workforce in Europe.
“We need to enable more start-ups to scale-up, continue to enhance our skills base and improve access to investment to enable our sector to fulfil its potential. If the UK Government retains and enhances the Video Games Expenditure Credit, this will help to sustain a favourable environment for games development, create more high skilled jobs and boost investment. A successful video games industry will in turn contribute to the Government’s objective of securing the highest sustained growth in the G7.”
Meanwhile, the TIGA report has highlighted that the UK’s fastest growing games clusters were London (468 new staff), North East (280 staff)and North West (247 staff).
London extended its lead as the largest cluster to 5,931 full time and full time equivalent staff in 584 companies. Five clusters (East of England, South East, East Midlands, Scotland and Northern Ireland) lost headcount between April 2023 and May 2024, the East Midlands for the second consecutive year. All areas saw reduced start-up activity, but London (81), South East (48) and the South West (22) added the most start-ups.
UK regions
2024 share of UK development
workforce
London
23 %
South East
18.7 %
North West
12.3 %
West Midlands
9.9 %
Scotland
9.3 %
North East
6.3 %
East of England
5.9 %
Yorkshire & Humber
5.8 %
East Midlands
4.5 %
South West
2.7 %
Northern Ireland
0.6 %
Wales
0.6 %
Dr Richard Wilson OBE, TIGA CEO, said:
“While London remains the biggest and fastest growing games cluster in the UK, almost 80% of all games development is carried out outside of the Capital. In addition, there has been impressive growth in the North East and North West between April 2023 and May 2024.
“At the same time, although London saw the greatest number of new start-ups, we also witnessed strong entrepreneurial activity in the South East.”
Jason Kingsley CBE, TIGA Chairman and CEO and Creative Director at Rebellion, offered:
“TIGA’s report is reflective of what is currently a challenging environment for some parts of the games industry. However, it also highlights that UK games development is faring better than certain areas of the global games industry. We need the Government to continue to improve the environment for games development in the UK so that our industry in turn can contribute to economic growth across the country.”
* Full time equivalent roles: FT roles above plus a pro-rated % of all the freelancers we recorded in the survey.
** Full time roles: 100% full time roles recorded by companies in our survey.
Notes to editors
The findings in this press release come from TIGA’s definitive report on the state of the UK video games industry Making Games in the UK 2024 (TIGA, 2024) which is based on an extensive survey of UK games businesses, with analysis by Games Investor Consulting.
Research methodology
Games Investor Consulting in conjunction with TIGA and its partners conducted surveys concluding in July 2008, September 2010, November 2011, December 2012, December 2013, December 2014, March 2016, November 2017, November 2018, April 2020, December 2021, April 2023 and May 2024 of all known games companies involved in the creation of games (including developers, publishers, publisher studios, service companies and broadcasters with games divisions) in the UK. Assessments of every database entry are made on a company-by-company basis with strict vetting and verification rules to ensure each entry is discrete (to prevent duplication via subsidiary or parent companies) and confirmed to be active in games development. The survey counts staff working in development and development support roles in games studios, games publishers and development service companies. A broad array of additional data is also captured including studio location, primary platform focus and company ownership structure as well as company start-ups and exits/closures.
Games development
Games development is defined as including all production staff, QA, support, localisation and technical staff but excludes admin, finance, sales, marketing and commercial staff not directly involved with games production. Full-time equivalent staff comprise multiple part-time staff aggregated based on typical usage throughout a year to represent a single full-time employee.
About TIGA
TIGA is the trade association for the UK video games industry. Since 2010, TIGA has won 28 business awards and commendations. Our vision is to make the UK the best place in the world to develop video games. Our core purpose is to strengthen the games development and digital publishing sector. We achieve this by:
influencing Government policy via political representation to create a favourable business environment;driving excellence in education and skills through our accreditation programme, the TIGA Games Education Awards and our education conference; andpromoting best practices through our membership services, including the TIGA STAR Employer Award and the TIGA Games Industry Awards.
Get in touch:
Tel: 0845 468 2330
Email: info@tiga.org
Web: www.tiga.org
Twitter: www.twitter.com/tigamovement
Facebook: www.facebook.com/TIGAMovement
LinkedIn: http://www.linkedin.com/company/tiga
View original content:https://www.prnewswire.co.uk/news-releases/weathering-the-storm-tiga-research-reveals-uk-games-dev-sector-continues-to-grow-despite-global-sector-downturn-302304484.html
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