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Sep 30, 2021
Shutterstock Q3 2021 Earnings Report
Shutterstock experienced revenue growth driven by enterprise channel momentum and the launch of FLEX 25, with the acquisition of PicMonkey progressing the incorporation of design tools into the creative platform.
Key Takeaways
Shutterstock's Q3 2021 revenue increased by 18% to $194.4 million, driven by growth in both E-commerce and Enterprise channels. Net income decreased by 29% to $16.0 million, and diluted EPS decreased by 31% to $0.43 per share. The company raised its full year 2021 guidance for revenue, Adjusted EBITDA, and Adjusted net income per diluted share.
Revenue increased 18% to $194.4 million.
Subscribers increased 32% to 336,000.
Subscriber revenue increased 21% to $81.5 million.
The Company’s revised expectations for the full year 2021 are as follows: Revenue of $765 million to $770 million
Forward Guidance
The Company’s revised expectations for the full year 2021 are as follows:
Positive Outlook
- Revenue of $765 million to $770 million, representing annual growth of 14.75% to 15.5%, an increase from the previous guidance of $740 million to $750 million.
- Adjusted EBITDA of between $185 million to $191 million, an increase from the previous guidance of $175 million to $180 million.
- Adjusted net income per diluted share of between $3.18 to $3.29, an increase from the previous guidance of $2.80 to $2.95 per diluted share.
- E-commerce revenue growth was driven by higher subscriber revenue and also benefited from our acquisitions of TurboSquid and PicMonkey
- Enterprise revenue growth was driven by billings momentum over the last several quarters, supported by sales execution, and the introduction of new subscription products such as SMB Flex.
Challenges Ahead
- Income from operations decreased 24% to $22.2 million.
- Net income decreased 29% to $16.0 million.
Historical Earnings Impact
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