$SSTK
Shutterstock, Inc.

2019 Q1 Form 10-Q Financial Statement

#000154934619000020 Filed on April 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $163.3M $153.0M
YoY Change 6.74% 17.5%
Cost Of Revenue $69.22M $64.49M
YoY Change 7.33% 23.05%
Gross Profit $94.11M $88.53M
YoY Change 6.31% 13.77%
Gross Profit Margin 57.62% 57.85%
Selling, General & Admin $71.03M $67.59M
YoY Change 5.08% 19.7%
% of Gross Profit 75.47% 76.35%
Research & Development $14.99M $16.45M
YoY Change -8.89% 48.93%
% of Gross Profit 15.92% 18.58%
Depreciation & Amortization $11.92M $10.94M
YoY Change 8.89% 57.32%
% of Gross Profit 12.66% 12.36%
Operating Expenses $86.02M $84.04M
YoY Change 2.35% 24.49%
Operating Profit $8.099M $4.489M
YoY Change 80.42% -56.43%
Interest Expense $1.057M $483.0K
YoY Change 118.84% 436.67%
% of Operating Profit 13.05% 10.76%
Other Income/Expense, Net $896.0K $802.0K
YoY Change 11.72% 76.26%
Pretax Income $8.995M $43.90M
YoY Change -79.51% 308.11%
Income Tax $1.473M $11.32M
% Of Pretax Income 16.38% 25.79%
Net Earnings $7.522M $32.58M
YoY Change -76.91% 393.43%
Net Earnings / Revenue 4.61% 21.29%
Basic Earnings Per Share $0.21 $0.94
Diluted Earnings Per Share $0.21 $0.92
COMMON SHARES
Basic Shares Outstanding 35.11M shares 34.78M shares
Diluted Shares Outstanding 35.49M shares 35.32M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.1M $284.9M
YoY Change -15.72% 13.83%
Cash & Equivalents $240.1M $284.9M
Short-Term Investments
Other Short-Term Assets $35.40M $33.60M
YoY Change 5.36% 20.0%
Inventory
Prepaid Expenses
Receivables $45.45M $44.58M
Other Receivables $0.00 $0.00
Total Short-Term Assets $321.0M $363.0M
YoY Change -11.59% 14.78%
LONG-TERM ASSETS
Property, Plant & Equipment $72.55M $88.19M
YoY Change -17.73% 38.06%
Goodwill $88.89M $89.64M
YoY Change -0.84% 80.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.09M $24.25M
YoY Change -25.4% 386.34%
Total Long-Term Assets $266.5M $243.5M
YoY Change 9.45% 43.02%
TOTAL ASSETS
Total Short-Term Assets $321.0M $363.0M
Total Long-Term Assets $266.5M $243.5M
Total Assets $587.5M $606.5M
YoY Change -3.14% 24.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.941M $8.705M
YoY Change -43.24% -25.59%
Accrued Expenses $53.89M $55.04M
YoY Change -2.1% 69.0%
Deferred Revenue $137.4M $147.9M
YoY Change -7.12%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $232.2M $230.9M
YoY Change 0.56% 17.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.71M $17.23M
YoY Change -32.01% 38.05%
Total Long-Term Liabilities $11.71M $17.23M
YoY Change -32.01% 38.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.2M $230.9M
Total Long-Term Liabilities $11.71M $17.23M
Total Liabilities $292.5M $249.4M
YoY Change 17.29% 18.39%
SHAREHOLDERS EQUITY
Retained Earnings $108.6M $151.3M
YoY Change -28.23% 12.07%
Common Stock $292.8M $275.8M
YoY Change 6.19% 7.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0M $100.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares 2.558M shares 2.558M shares
Shareholders Equity $295.0M $357.2M
YoY Change
Total Liabilities & Shareholders Equity $587.5M $606.5M
YoY Change -3.14% 24.66%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $7.522M $32.58M
YoY Change -76.91% 393.43%
Depreciation, Depletion And Amortization $11.92M $10.94M
YoY Change 8.89% 57.32%
Cash From Operating Activities $19.71M $21.09M
YoY Change -6.57% 22.75%
INVESTING ACTIVITIES
Capital Expenditures $7.253M $14.98M
YoY Change -51.57% 11.21%
Acquisitions
YoY Change
Other Investing Activities $2.000M $25.90M
YoY Change -92.28% -1226.09%
Cash From Investing Activities -$5.298M $10.92M
YoY Change -148.53% -169.39%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.876M -$2.848M
YoY Change 36.1% -91.14%
NET CHANGE
Cash From Operating Activities $19.71M $21.09M
Cash From Investing Activities -$5.298M $10.92M
Cash From Financing Activities -$3.876M -$2.848M
Net Change In Cash $9.289M $31.45M
YoY Change -70.47% -202.51%
FREE CASH FLOW
Cash From Operating Activities $19.71M $21.09M
Capital Expenditures $7.253M $14.98M
Free Cash Flow $12.46M $6.119M
YoY Change 103.56% 64.53%

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7386000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18945000 USD
CY2019Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2600000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
244821000 USD
CY2019Q1 us-gaap Liabilities
Liabilities
292513000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
531488000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
587497000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
223303000 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
232210000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2848000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3876000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10917000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5298000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21094000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19709000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
32581000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
7522000 USD
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
76188000 USD
CY2019Q1 us-gaap Noncurrent Assets
NoncurrentAssets
72553000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
802000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
896000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4489000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8099000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
57651000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
58000000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9060000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48591000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2433000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
46313000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
46700000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.062
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term
OperatingLeaseWeightedAverageRemainingLeaseTerm
P9Y
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
78560000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
9913000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
6082000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
6829000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
7493000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8762000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
39481000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22729000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26248000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
18088000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
18090000 USD
CY2019Q1 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
30400000 USD
CY2019Q1 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
16700000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11712000 USD
CY2018Q1 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
15000000 USD
CY2019Q1 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
0 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4033000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4090000 USD
CY2019Q1 us-gaap Other Commitment
OtherCommitment
71500000 USD
CY2019Q1 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
3900000 USD
CY2019Q1 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
20500000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1075000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
45000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1075000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
45000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2131000 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10858000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21441000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
845000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14975000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7253000 USD
CY2018Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
635000 USD
CY2019Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
545000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
34841000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
35378000 USD
CY2019Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1800000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1185000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
214000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
176946000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
183920000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76188000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72553000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
238000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-632000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-600000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16448000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14986000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
2613000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
2613000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
101079000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
108601000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153019000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
163332000 USD
CY2018Q1 us-gaap Revenues
Revenues
153019000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40368000 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
44446000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5606000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4624000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1179000 USD
CY2019Q1 us-gaap Revenues
Revenues
163332000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1160000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
217000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
314585000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
357164000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
286667000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
294984000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
320763000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2558000 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2558000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
100027000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
100027000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1425000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
979000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35318000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35491000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34784000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35114000 shares
CY2019Q1 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 volume of expected unused licenses for our subscription-based products, 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, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate to calculate the lease liability. </font></div></div>

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