$SSTK
Shutterstock, Inc.

2013 Q1 Form 10-Q Financial Statement

#000110465913040280 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $51.12M $37.57M
YoY Change 36.04% 47.49%
Cost Of Revenue $19.82M $14.39M
YoY Change 37.75% 41.36%
Gross Profit $31.30M $23.19M
YoY Change 34.98% 51.58%
Gross Profit Margin 61.22% 61.7%
Selling, General & Admin $16.76M $15.97M
YoY Change 4.92% 78.0%
% of Gross Profit 53.55% 68.89%
Research & Development $4.555M $3.419M
YoY Change 33.23% 81.19%
% of Gross Profit 14.55% 14.75%
Depreciation & Amortization $779.0K $528.0K
YoY Change 47.54%
% of Gross Profit 2.49% 2.28%
Operating Expenses $21.31M $19.39M
YoY Change 9.91% 78.55%
Operating Profit $9.983M $3.794M
YoY Change 163.13% -14.47%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$12.00K $3.000K
YoY Change -500.0% -50.0%
Pretax Income $9.971M $3.797M
YoY Change 162.6% -14.52%
Income Tax $4.406M $86.00K
% Of Pretax Income 44.19% 2.26%
Net Earnings $5.600M $3.700M
YoY Change 51.35% -13.95%
Net Earnings / Revenue 10.96% 9.85%
Basic Earnings Per Share $0.17 $0.13
Diluted Earnings Per Share $0.16 $0.13
COMMON SHARES
Basic Shares Outstanding 33.40M shares 20.85M shares
Diluted Shares Outstanding 33.85M shares 20.85M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.0M
YoY Change
Cash & Equivalents $107.0M $14.04M
Short-Term Investments
Other Short-Term Assets $22.90M
YoY Change
Inventory
Prepaid Expenses
Receivables $2.618M
Other Receivables $2.200M
Total Short-Term Assets $134.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.660M
YoY Change
Goodwill $1.423M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.90M
YoY Change
Total Long-Term Assets $22.97M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $134.7M
Total Long-Term Assets $22.97M
Total Assets $157.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.792M
YoY Change
Accrued Expenses $14.37M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.29M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $871.0K
YoY Change
Total Long-Term Liabilities $871.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $73.29M
Total Long-Term Liabilities $871.0K
Total Liabilities $74.16M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $33.88M
YoY Change
Common Stock $49.67M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.55M
YoY Change
Total Liabilities & Shareholders Equity $157.7M
YoY Change

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $5.600M $3.700M
YoY Change 51.35% -13.95%
Depreciation, Depletion And Amortization $779.0K $528.0K
YoY Change 47.54%
Cash From Operating Activities $13.80M $9.800M
YoY Change 40.82%
INVESTING ACTIVITIES
Capital Expenditures $1.127M $1.313M
YoY Change -14.17%
Acquisitions
YoY Change
Other Investing Activities -$1.800M $0.00
YoY Change
Cash From Investing Activities -$2.900M -$1.500M
YoY Change 93.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000M -8.400M
YoY Change -28.57%
NET CHANGE
Cash From Operating Activities 13.80M 9.800M
Cash From Investing Activities -2.900M -1.500M
Cash From Financing Activities -6.000M -8.400M
Net Change In Cash 4.900M -100.0K
YoY Change -5000.0%
FREE CASH FLOW
Cash From Operating Activities $13.80M $9.800M
Capital Expenditures $1.127M $1.313M
Free Cash Flow $12.67M $8.487M
YoY Change 49.32%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Use of Estimates</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company&#8217;s management to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. The Company evaluates its significant estimates on an ongoing basis, including, but not limited to allowance for doubtful accounts, goodwill, intangibles, non-cash equity-based compensation, income tax provision and for certain non-income tax accruals. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</font></p> </div>
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OtherAccruedLiabilitiesCurrent
2092000 USD
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.442 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.023 pure
CY2013Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
2754000 USD
CY2012Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
3409000 USD
CY2012Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
2274000 USD
CY2012Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
943000 USD
CY2012Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
192000 USD
CY2013Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
1063000 USD
CY2013Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
196000 USD
CY2013Q1 sstk Maximum Indemnification Obligation And Liability Per Customer
MaximumIndemnificationObligationAndLiabilityPerCustomer
10000 USD
CY2013Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03 pure
CY2013Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
139000 USD
CY2012Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
147000 USD
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1016000 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
664000 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
53000 USD
CY2013Q1 sstk Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions One
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositionsOne
0 USD
CY2012Q1 sstk Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions One
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositionsOne
6000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
9000 USD
CY2013Q1 sstk Operating Leases Lease Term
OperatingLeasesLeaseTerm
P11Y
CY2013Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
42200000 USD
CY2013Q1 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
1495000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2013Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2013Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 USD
CY2013Q1 sstk Indemnification Liability
IndemnificationLiability
0 USD
CY2012Q4 sstk Indemnification Liability
IndemnificationLiability
0 USD
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33523654 shares

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