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Jun 30, 2023
Shutterstock Q2 2023 Earnings Report
Reported a 1% increase in revenue and a significant rise in net income, driven by growth in Enterprise sales and the acquisition of GIPHY.
Key Takeaways
Shutterstock reported a 1% increase in revenue to $208.8 million and a 157% increase in net income to $50.0 million compared to the second quarter of 2022. The company's performance was bolstered by a strategic partnership with Google, the acquisition of GIPHY, and a focus on optimizing its content business. Shutterstock also increased its full-year 2023 guidance on both revenue and adjusted EBITDA.
Revenue increased by 1% year-over-year to $208.8 million.
Net income rose by 157% to $50.0 million, with $25.9 million attributed to the acquisition of Giphy.
Adjusted EBITDA increased by 23% to $60.1 million, with an adjusted EBITDA margin of 28.8%.
Free cash flow increased by $11.8 million to $33.4 million.
Forward Guidance
Shutterstock increased its guidance for the full year 2023.
Positive Outlook
- Revenue of $852 million to $869 million, representing annual growth of 3% to 5%.
- Adjusted EBITDA of between $227 million to $235 million.
- Adjusted net income per diluted share of between $4.00 to $4.17.
- Strategic multi-year content and data partnership with Google.
- Acquisition of GIPHY to lead in moment marketing and conversational content.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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