$SSTK
Shutterstock, Inc.

2016 Q1 Form 10-Q Financial Statement

#000154934616000033 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $116.7M $97.52M
YoY Change 19.62% 34.0%
Cost Of Revenue $48.06M $39.53M
YoY Change 21.6% 35.77%
Gross Profit $68.59M $58.00M
YoY Change 18.26% 32.82%
Gross Profit Margin 58.8% 59.47%
Selling, General & Admin $46.54M $39.08M
YoY Change 19.1% 45.73%
% of Gross Profit 67.86% 67.38%
Research & Development $11.23M $10.68M
YoY Change 5.06% 37.38%
% of Gross Profit 16.37% 18.42%
Depreciation & Amortization $4.204M $2.995M
YoY Change 40.37% 93.1%
% of Gross Profit 6.13% 5.16%
Operating Expenses $57.77M $49.76M
YoY Change 16.09% 43.86%
Operating Profit $10.82M $8.236M
YoY Change 31.4% -9.24%
Interest Expense $32.00K $27.00K
YoY Change 18.52%
% of Operating Profit 0.3% 0.33%
Other Income/Expense, Net -$12.00K -$2.562M
YoY Change -99.53% -5669.57%
Pretax Income $10.81M $5.674M
YoY Change 90.52% -37.79%
Income Tax $4.677M $2.431M
% Of Pretax Income 43.27% 42.84%
Net Earnings $6.133M $3.243M
YoY Change 89.12% -34.05%
Net Earnings / Revenue 5.26% 3.33%
Basic Earnings Per Share $0.17 $0.09
Diluted Earnings Per Share $0.17 $0.09
COMMON SHARES
Basic Shares Outstanding 35.38M shares 35.64M shares
Diluted Shares Outstanding 36.10M shares 36.19M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.5M $245.5M
YoY Change 12.24% 15.27%
Cash & Equivalents $220.6M $190.5M
Short-Term Investments $54.98M $55.00M
Other Short-Term Assets $18.80M $17.80M
YoY Change 5.62% -32.58%
Inventory
Prepaid Expenses
Receivables $30.41M $22.70M
Other Receivables $4.600M $3.800M
Total Short-Term Assets $329.3M $289.7M
YoY Change 13.66% 15.63%
LONG-TERM ASSETS
Property, Plant & Equipment $37.88M $27.10M
YoY Change 39.79% 5.05%
Goodwill $52.39M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.765M $18.80M
YoY Change -85.29% 797.37%
Total Long-Term Assets $140.1M $131.1M
YoY Change 6.83% 133.22%
TOTAL ASSETS
Total Short-Term Assets $329.3M $289.7M
Total Long-Term Assets $140.1M $131.1M
Total Assets $469.3M $420.8M
YoY Change 11.53% 37.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.989M $8.900M
YoY Change 1.0% 63.42%
Accrued Expenses $31.32M $21.90M
YoY Change 42.99% 15.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $170.4M $141.4M
YoY Change 20.53% 44.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.23M $13.40M
YoY Change 36.07% 40.28%
Total Long-Term Liabilities $18.23M $13.40M
YoY Change 36.07% 40.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $170.4M $141.4M
Total Long-Term Liabilities $18.23M $13.40M
Total Liabilities $192.2M $159.0M
YoY Change 20.86% 47.72%
SHAREHOLDERS EQUITY
Retained Earnings $102.6M
YoY Change
Common Stock $222.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $43.46M
YoY Change
Treasury Stock Shares 1.340M shares
Shareholders Equity $277.2M $261.8M
YoY Change
Total Liabilities & Shareholders Equity $469.3M $420.8M
YoY Change 11.53% 37.18%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $6.133M $3.243M
YoY Change 89.12% -34.05%
Depreciation, Depletion And Amortization $4.204M $2.995M
YoY Change 40.37% 93.1%
Cash From Operating Activities $21.47M $21.50M
YoY Change -0.15% 37.82%
INVESTING ACTIVITIES
Capital Expenditures $7.790M $2.182M
YoY Change 257.01% -120.02%
Acquisitions
YoY Change
Other Investing Activities -$9.300M -$63.40M
YoY Change -85.33% 492.52%
Cash From Investing Activities -$17.09M -$65.60M
YoY Change -73.95% 205.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.74M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$26.12M 2.900M
YoY Change -1000.55% -65.88%
NET CHANGE
Cash From Operating Activities $21.47M 21.50M
Cash From Investing Activities -$17.09M -65.60M
Cash From Financing Activities -$26.12M 2.900M
Net Change In Cash -$21.74M -41.20M
YoY Change -47.24% -1684.62%
FREE CASH FLOW
Cash From Operating Activities $21.47M $21.50M
Capital Expenditures $7.790M $2.182M
Free Cash Flow $13.68M $19.32M
YoY Change -29.2% -27.1%

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IncreaseDecreaseInSecurityDeposits
-818000 USD
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
418000 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
351000 shares
CY2015Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
27000 USD
CY2016Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
32000 USD
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1100000 USD
CY2016Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1600000 USD
CY2016Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2613000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
180556000 USD
CY2016Q1 us-gaap Liabilities
Liabilities
192171000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
469121000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
469323000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
160784000 USD
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
170425000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2948000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-27630000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-65614000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-17067000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
21470000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
22961000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
3243000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
6133000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3241000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6133000 USD
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
32094000 USD
CY2016Q1 us-gaap Noncurrent Assets
NoncurrentAssets
37884000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2562000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8236000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10822000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
85600000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6602000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6113000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1946000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2765000 USD
CY2016Q1 us-gaap Other Commitment
OtherCommitment
31100000 USD
CY2016Q1 us-gaap Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
3800000 USD
CY2016Q1 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
4000000 USD
CY2016Q1 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
8700000 USD
CY2016Q1 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
6900000 USD
CY2016Q1 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
7800000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3099000 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1856000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3091000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1920000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
64000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6258000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5346000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
15994000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
18234000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27743000 USD
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
68592000 USD
CY2016Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
59951000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
62379000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2182000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7770000 USD
CY2015Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
849000 USD
CY2016Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
628000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11713000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12111000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
68455000 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
52100000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3043000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1627000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54906000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
58511000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32094000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37884000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
346000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1183000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10684000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11225000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
96437000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
102570000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
97522000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
116652000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
25105000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27088000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7508000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7353000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
288565000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
277152000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
460000 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1340000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
15635000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
43461000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2016Q1 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
7300000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2006000 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1814000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36193000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36099000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35635000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35375000 shares
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of the consolidated financial statements in conformity with U.S. GAAP 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, sales refund reserve, the fair value of goodwill, intangible assets and other long-lived assets, non-cash equity-based compensation, the fair value of contingent consideration, the provision for income taxes and the amount of 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></div></div>

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