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Mar 31, 2023
Shutterstock Q1 2023 Earnings Report
Reported an exceptional quarter with record Adjusted EBITDA and increased full-year guidance.
Key Takeaways
Shutterstock reported strong first-quarter results, driven by the integration of generative AI and landmark data partnerships. Revenue increased by 8% to $215.3 million, and net income increased by 24% to $32.8 million. The company's investments are paying off, as demonstrated by record Adjusted EBITDA and increased guidance for the full year.
Revenue increased 8% to $215.3 million, or 10% on a constant currency basis.
Income from operations increased 26% to $40.4 million.
Net income increased 24% to $32.8 million.
Adjusted EBITDA increased 27% to $69.8 million.
Forward Guidance
The Company increased its guidance for the full year 2023, to the following:
Positive Outlook
- Revenue of $844 million to $853 million, representing annual growth of 2% to 3%.
- Adjusted EBITDA of between $227 million to $231 million.
- Adjusted net income per diluted share of between $4.00 to $4.10.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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