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Mar 31, 2020
Shutterstock Q1 2020 Earnings Report
Shutterstock's first quarter results reflected the strength of the Shutterstock brand amidst unprecedented economic uncertainty.
Key Takeaways
Shutterstock's Q1 2020 revenue decreased by 1% to $161.3 million compared to Q1 2019. Net income decreased by 43% to $4.3 million, and diluted EPS decreased to $0.12 per share. The company withdrew its 2020 financial guidance due to the COVID-19 pandemic, but expects to produce significant earnings and free cash flow in 2020.
Revenue decreased 1% to $161.3 million.
Net income decreased 43% to $4.3 million.
Diluted EPS decreased to $0.12 per share.
The company withdrew its 2020 financial guidance due to uncertainties related to the COVID-19 pandemic.
Forward Guidance
Due to the significant uncertainty that remains regarding the COVID-19 pandemic, including the pace of recovery, the severity of the impact on the global economy, the company is withdrawing the 2020 financial guidance. At current volumes, they expect to produce significant earnings and free cash flow in 2020, allowing them to continue paying a quarterly dividend and reinvesting in their business.
Positive Outlook
- Expect to produce significant earnings in 2020 at current volumes.
- Expect to produce significant free cash flow in 2020 at current volumes.
- Continue paying a quarterly dividend.
- Reinvesting in the business.
- Well positioned financially with $296 million in cash and no debt.
Challenges Ahead
- Significant uncertainty regarding the COVID-19 pandemic.
- Uncertainty regarding the pace of recovery.
- Uncertainty regarding the severity of the impact on the global economy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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