$SSTK
Shutterstock, Inc.

2013 Q2 Form 10-Q Financial Statement

#000110465913062322 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $56.81M $40.63M
YoY Change 39.84% 40.51%
Cost Of Revenue $21.77M $15.44M
YoY Change 41.02% 40.62%
Gross Profit $35.04M $25.19M
YoY Change 39.11% 40.45%
Gross Profit Margin 61.68% 62.0%
Selling, General & Admin $19.05M $15.54M
YoY Change 22.6% 69.62%
% of Gross Profit 54.36% 61.68%
Research & Development $5.060M $3.441M
YoY Change 47.05% 45.31%
% of Gross Profit 14.44% 13.66%
Depreciation & Amortization $889.0K $568.0K
YoY Change 56.51% -5.33%
% of Gross Profit 2.54% 2.25%
Operating Expenses $24.11M $18.98M
YoY Change 27.03% 64.63%
Operating Profit $10.93M $6.211M
YoY Change 76.03% -3.06%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $20.00K $2.000K
YoY Change 900.0% 100.0%
Pretax Income $10.95M $6.213M
YoY Change 76.29% -3.04%
Income Tax $4.090M $141.0K
% Of Pretax Income 37.34% 2.27%
Net Earnings $6.900M $6.100M
YoY Change 13.11% 0.0%
Net Earnings / Revenue 12.15% 15.02%
Basic Earnings Per Share $0.20 $0.22
Diluted Earnings Per Share $0.20 $0.22
COMMON SHARES
Basic Shares Outstanding 33.47M shares 20.85M shares
Diluted Shares Outstanding 34.04M shares 20.85M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.8M $15.00M
YoY Change 652.0%
Cash & Equivalents $112.8M $15.04M
Short-Term Investments
Other Short-Term Assets $28.90M $4.400M
YoY Change 556.82%
Inventory
Prepaid Expenses
Receivables $4.400M $800.0K
Other Receivables $2.500M $1.500M
Total Short-Term Assets $148.6M $21.70M
YoY Change 584.88%
LONG-TERM ASSETS
Property, Plant & Equipment $6.778M $5.500M
YoY Change 23.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.80M $500.0K
YoY Change 2860.0%
Total Long-Term Assets $23.88M $8.500M
YoY Change 180.96%
TOTAL ASSETS
Total Short-Term Assets $148.6M $21.70M
Total Long-Term Assets $23.88M $8.500M
Total Assets $172.5M $30.20M
YoY Change 471.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $2.600M
YoY Change 23.08%
Accrued Expenses $16.86M $12.50M
YoY Change 34.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.10M $55.10M
YoY Change 36.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.800M $4.700M
YoY Change -61.7%
Total Long-Term Liabilities $1.800M $4.700M
YoY Change -61.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.10M $55.10M
Total Long-Term Liabilities $1.800M $4.700M
Total Liabilities $76.95M $59.80M
YoY Change 28.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.60M -$29.60M
YoY Change
Total Liabilities & Shareholders Equity $172.5M $30.20M
YoY Change 471.35%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $6.900M $6.100M
YoY Change 13.11% 0.0%
Depreciation, Depletion And Amortization $889.0K $568.0K
YoY Change 56.51% -5.33%
Cash From Operating Activities $4.000M $9.100M
YoY Change -56.04% -54.27%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$1.400M
YoY Change 35.71% -12.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.900M -$1.300M
YoY Change 46.15% -13.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.700M -6.800M
YoY Change -154.41% -65.13%
NET CHANGE
Cash From Operating Activities 4.000M 9.100M
Cash From Investing Activities -1.900M -1.300M
Cash From Financing Activities 3.700M -6.800M
Net Change In Cash 5.800M 1.000M
YoY Change 480.0% -190.91%
FREE CASH FLOW
Cash From Operating Activities $4.000M $9.100M
Capital Expenditures -$1.900M -$1.400M
Free Cash Flow $5.900M $10.50M
YoY Change -43.81% -51.16%

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-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Use of Estimates</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" 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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us-gaap Operating Income Loss
OperatingIncomeLoss
20916000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
10004000 USD
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
20000 USD
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10953000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6213000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20924000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10009000 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4090000 USD
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
141000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8496000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
227000 USD
CY2013Q2 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
6863000 USD
us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
12428000 USD
us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
9782000 USD
CY2012Q2 sstk Preferred Interest Distributed
PreferredInterestDistributed
1688000 USD
sstk Preferred Interest Distributed
PreferredInterestDistributed
3788000 USD
CY2012Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
-170000 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
41000 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
-1342000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6841000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4554000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12387000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7336000 USD
CY2012Q2 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.24
us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.54
CY2013Q2 us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
0.20
CY2012Q2 us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
-0.02
us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
0.37
us-gaap Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
-0.19
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2013Q2 us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
0.20
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2012Q2 us-gaap Earnings Per Share Diluted Distributed
EarningsPerShareDilutedDistributed
0.24
CY2012Q2 us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
-0.02
us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
-0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Earnings Per Share Diluted Undistributed
EarningsPerShareDilutedUndistributed
0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1160000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-155000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2157000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
50000 USD
sstk Chargeback Reserve And Recovery
ChargebackReserveAndRecovery
20000 USD
sstk Amortization Of Deferred Financing Fees Operating Expenses
AmortizationOfDeferredFinancingFeesOperatingExpenses
125000 USD
sstk Increase Decrease In Credit Card Receivable
IncreaseDecreaseInCreditCardReceivable
524000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
226000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2076000 USD
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-168000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2351000 USD
sstk Increase Decrease In Contributors Payable
IncreaseDecreaseInContributorsPayable
1060000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
193000 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
38000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2826000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4777000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15151000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
6000000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
20000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2330000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
10707000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
300000 USD
us-gaap Interest Paid
InterestPaid
34000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14097000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15042000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
112803000 USD
CY2012Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q4 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
0 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
440345 shares
sstk Incremental Common Shares Attributable To Unvested Restricted Stock Awards
IncrementalCommonSharesAttributableToUnvestedRestrictedStockAwards
28114 shares

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