Shutterstock Reports Fourth Quarter and Full Year 2020 Financial Results

NEW YORK, Feb. 11, 2021 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) (the “Company”), a leading global creative platform offering full-service solutions, high quality content, and tools for brands, businesses and media companies, today announced financial results for the fourth quarter and full year ended December 31, 2020.

Commenting on the Company’s performance, Stan Pavlovsky, the Company’s Chief Executive Officer, said, “Shutterstock had an exceptionally strong finish to 2020, with revenue growth acceleration across all geographies and channels, including a return to growth in our Enterprise channel. The momentum we have exhibited in evolving our business towards a subscription model is encouraging and I believe we are well positioned heading into 2021.

“I am also excited to welcome the TurboSquid family to our organization. With their blue-chip customer base, extensive network of 3D contributors and the expanding use cases for 3D, AR and VR, I believe this acquisition will generate valuable synergies and additional growth opportunities for our business.”

Fourth Quarter 2020 highlights as compared to Fourth Quarter 2019:

Key Operating Metrics

• Subscribers increased 45%, to 281,000.
• Subscriber revenue increased 18% to $71.1 million.
• Average revenue per customer, increased 0.9% to $333.
• Paid downloads decreased 4% to 45.8 million.
• Revenue per download increased by $0.47 to $3.91.
• Image collection expanded 15% to over 360 million images.
• Footage collection expanded 24% to over 21 million clips.

Financial Highlights

• Revenue increased 9% to $180.9 million. On a constant currency basis, revenue increased 7%.
• Income from operations increased by $21.8 million to $27.6 million.
• Net income increased 495% to $25.9 million.
• Adjusted EBITDA increased 101% to $48.5 million.
• Net income per diluted share increased by $0.58 to $0.70.
• Adjusted net income per diluted share increased by $0.67 to $0.93.
• Operating cash flows increased by 153% to $64.8 million.
• Free cash flow increased by 232% to $58.6 million.

Full Year 2020 highlights as compared to Full Year 2019:

Key Operating Metrics

• Subscriber revenue increased 12% to $265.3 million.
• Paid downloads decreased 4% to 180.0 million.
• Revenue per download increased 7% to $3.68.

Financial Highlights

• Revenue increased 2% to $666.7 million.
  • Foreign currency fluctuations did not have a significant impact on full year 2020 revenue.
• Income from operations increased by $65.1 million to $85.3 million.
• Net income increased 257% to $71.8 million.
• Adjusted EBITDA increased 61% to $154.9 million.
• Net income per diluted share increased by $1.40 to $1.97.
• Adjusted net income per diluted share increased by $1.39 to $2.62.
• Operating cash flows increased by 61% to $165.1 million.
• Free cash flow increased by 97% to $144.2 million.

Shutterstock Acquires TurboSquid

On February 1, 2021, Shutterstock completed the acquisition of TurboSquid, Inc. (“TurboSquid”), for a purchase price of approximately $75 million, subject to customary working capital and other adjustments, paid from existing cash on hand.

SHUTTERSTOCK INVESTOR RELATIONS MICRO SITE

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