$SSTK
Shutterstock, Inc.

2018 Q1 Form 10-Q Financial Statement

#000154934618000012 Filed on April 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $153.0M $130.2M
YoY Change 17.5% 11.63%
Cost Of Revenue $64.49M $52.41M
YoY Change 23.05% 9.05%
Gross Profit $88.53M $77.81M
YoY Change 13.77% 13.45%
Gross Profit Margin 57.85% 59.75%
Selling, General & Admin $67.59M $56.47M
YoY Change 19.7% 21.32%
% of Gross Profit 76.35% 72.57%
Research & Development $16.45M $11.04M
YoY Change 48.93% -1.61%
% of Gross Profit 18.58% 14.19%
Depreciation & Amortization $10.94M $6.956M
YoY Change 57.32% 65.46%
% of Gross Profit 12.36% 8.94%
Operating Expenses $84.04M $67.51M
YoY Change 24.49% 16.87%
Operating Profit $4.489M $10.30M
YoY Change -56.43% -4.8%
Interest Expense $483.0K $90.00K
YoY Change 436.67% 181.25%
% of Operating Profit 10.76% 0.87%
Other Income/Expense, Net $802.0K $455.0K
YoY Change 76.26% -3891.67%
Pretax Income $43.90M $10.76M
YoY Change 308.11% -0.48%
Income Tax $11.32M $4.155M
% Of Pretax Income 25.79% 38.62%
Net Earnings $32.58M $6.603M
YoY Change 393.43% 7.66%
Net Earnings / Revenue 21.29% 5.07%
Basic Earnings Per Share $0.94 $0.19
Diluted Earnings Per Share $0.92 $0.19
COMMON SHARES
Basic Shares Outstanding 34.78M shares 34.60M shares
Diluted Shares Outstanding 35.32M shares 35.60M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $284.9M $250.3M
YoY Change 13.83% -9.16%
Cash & Equivalents $284.9M $195.4M
Short-Term Investments $54.90M
Other Short-Term Assets $33.60M $28.00M
YoY Change 20.0% 48.94%
Inventory
Prepaid Expenses
Receivables $44.58M $37.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $363.0M $316.3M
YoY Change 14.78% -3.94%
LONG-TERM ASSETS
Property, Plant & Equipment $88.19M $63.88M
YoY Change 38.06% 68.61%
Goodwill $89.64M $49.69M
YoY Change 80.4% -5.15%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.25M $4.986M
YoY Change 386.34% 80.33%
Total Long-Term Assets $243.5M $170.3M
YoY Change 43.02% 21.56%
TOTAL ASSETS
Total Short-Term Assets $363.0M $316.3M
Total Long-Term Assets $243.5M $170.3M
Total Assets $606.5M $486.6M
YoY Change 24.66% 3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.705M $11.70M
YoY Change -25.59% 30.15%
Accrued Expenses $55.04M $32.57M
YoY Change 69.0% 4.0%
Deferred Revenue $147.9M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $230.9M $196.1M
YoY Change 17.73% 15.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.23M $12.48M
YoY Change 38.05% -31.56%
Total Long-Term Liabilities $17.23M $12.48M
YoY Change 38.05% -31.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $230.9M $196.1M
Total Long-Term Liabilities $17.23M $12.48M
Total Liabilities $249.4M $210.6M
YoY Change 18.39% 9.61%
SHAREHOLDERS EQUITY
Retained Earnings $151.3M $135.0M
YoY Change 12.07% 31.63%
Common Stock $275.8M $255.8M
YoY Change 7.82% 14.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0M $100.0M
YoY Change 0.0% 130.15%
Treasury Stock Shares 2.558M shares 2.559M shares
Shareholders Equity $357.2M $275.9M
YoY Change
Total Liabilities & Shareholders Equity $606.5M $486.6M
YoY Change 24.66% 3.67%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $32.58M $6.603M
YoY Change 393.43% 7.66%
Depreciation, Depletion And Amortization $10.94M $6.956M
YoY Change 57.32% 65.46%
Cash From Operating Activities $21.09M $17.19M
YoY Change 22.75% -19.95%
INVESTING ACTIVITIES
Capital Expenditures $14.98M $13.47M
YoY Change 11.21% 72.86%
Acquisitions
YoY Change
Other Investing Activities $25.90M -$2.300M
YoY Change -1226.09% -75.27%
Cash From Investing Activities $10.92M -$15.73M
YoY Change -169.39% -7.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $24.98M
YoY Change -100.0% -9.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.848M -$32.14M
YoY Change -91.14% 23.05%
NET CHANGE
Cash From Operating Activities $21.09M $17.19M
Cash From Investing Activities $10.92M -$15.73M
Cash From Financing Activities -$2.848M -$32.14M
Net Change In Cash $31.45M -$30.68M
YoY Change -202.51% 41.16%
FREE CASH FLOW
Cash From Operating Activities $21.09M $17.19M
Capital Expenditures $14.98M $13.47M
Free Cash Flow $6.119M $3.719M
YoY Change 64.53% -72.81%

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NetCashProvidedByUsedInFinancingActivities
-32136000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2848000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15732000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10917000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17185000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21094000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
6603000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
32581000 USD
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
85698000 USD
CY2018Q1 us-gaap Noncurrent Assets
NoncurrentAssets
88190000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
455000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
802000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10303000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4489000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
76500000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24376000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27735000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8997000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
24249000 USD
CY2018Q1 us-gaap Other Commitment
OtherCommitment
42900000 USD
CY2018Q1 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
14000000 USD
CY2018Q1 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
10000000 USD
CY2018Q1 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
18900000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2215000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1075000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2215000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1075000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1957000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4486000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
15963000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17227000 USD
CY2017Q1 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
1567000 USD
CY2018Q1 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
15000000 USD
CY2017Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
-52000 USD
CY2018Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
0 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24977000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3975000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4033000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
845000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13466000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14975000 USD
CY2017Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
753000 USD
CY2018Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
635000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
37109000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
33575000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
33376000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1185000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
146950000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
158474000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
85698000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
32503000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40368000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5956000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5606000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
561000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
88190000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
135000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
238000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11044000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16448000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2613000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2613000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
145139000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
183903000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
151317000 USD
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
130224000 USD
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
153019000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
314585000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
357164000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2558000 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2558000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
100027000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
100027000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1927000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1425000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35595000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35318000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34597000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34784000 shares
CY2018Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<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;">Revenue Recognition</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 majority of the Company&#8217;s revenue is earned from the license of digital content. Digital content licenses are generally purchased on a monthly or annual subscription basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. Prior to the Sale of Webdam, the Company also earned revenue from licensing hosted software services through Webdam&#8217;s cloud-based tools for businesses, which were purchased as part of a subscription.</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;">Prior to the adoption of ASU 2014-09,&#160;</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> (&#8220;ASU 2014-09&#8221;) on January 1, 2018, and reflected in the reported revenue amounts for the three months ended March 31, 2017, the Company recognized revenue when all of the following basic criteria were met: there was persuasive evidence of an arrangement, performance or delivery of services had occurred, the sales price was fixed or determinable, and collectability was reasonably assured. The Company considered persuasive evidence of an arrangement to be an electronic order form, or a signed contract, which contained the fixed pricing terms. Performance or delivery for digital content licenses was considered to have occurred upon the download of the licensed content. Subscription revenue was recognized upon each download using an effective per-license rate and revenue associated with any unused licenses was recognized at the subscription expiration.</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;">Effective January 1, 2018, after the adoption of ASU 2014-09, the Company recognizes revenue upon the satisfaction of performance obligations, which occurs when (i) digital content is downloaded by a customer or (ii) hosted software services are provisioned and available to a customer. For digital content licenses, the Company recognizes revenue on both its subscription- based and transaction-based sales when content is downloaded, at which time the license is provided. In addition, management estimates expected unused licenses for its subscription-based products and recognizes the revenue associated with the unused licenses throughout the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company&#8217;s subscription products. Revenue associated with hosted software services is recognized ratably over the term of the license. ASU 2014-09 has resulted in a change in the timing of recognizing revenue on the Company&#8217;s digital content license subscription products. ASU 2014-09 did not impact revenue recognition on digital content licenses sold on a transactional basis or license revenue associated with hosted software services. </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;">Prior to the adoption of ASU 2014-09, the Company deferred certain acquisition costs that were then amortized over a period less than one year. Effective January 1, 2018 the Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less. </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 majority of the Company&#8217;s customers purchase products by making electronic payments at the time of the transaction with a credit card. The Company establishes an allowance for credit card chargebacks and a sales refund reserve based on factors surrounding historical chargeback and sales refund trends and other information. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. </font></div></div>
CY2018Q1 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 GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the grant-date fair value of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets and the measurement of certain contingent non-income tax liabilities.</font></div></div>

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