$SSTK

Shutterstock, Inc.

CIK:0001549346|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 221,801	$ 266,990	$ 420,971	$ 509,610
Operating expenses:
Cost of revenue	93,787	105,994	188,575	206,882
Sales and marketing	48,008	57,077	96,354	110,436
Product development	17,574	20,754	36,979	40,619
General and administrative	43,930	48,434	111,515	106,741
Goodwill impairment	173,738	0	173,738	0
Total operating expenses	377,037	232,259	607,161	464,678
(Loss) / income from operations	(155,236)	34,731	(186,190)	44,932
Interest expense	(3,833)	(4,224)	(7,593)	(8,522)
Other (expense) / income, net	(1,862)	12,624	(16,523)	27,139
(Loss) / income before income taxes	(160,931)	43,131	(210,306)	63,549
(Benefit) / provision for income taxes	(4,992)	13,691	(6,798)	15,421
Net (loss) / income	$ (155,939)	$ 29,440	$ (203,508)	$ 48,128
(Losses) / Earnings per share:
Basic (in dollars per share)	$ (4.25)	$ 0.84	$ (5.63)	$ 1.37
Diluted (in dollars per share)	$ (4.25)	$ 0.82	$ (5.63)	$ 1.35
Weighted average common shares outstanding:
Basic (in shares)	36,703	35,257	36,126	35,075
Diluted (in shares)	36,703	35,958	36,126	35,642

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) / income	$ (203,508)	$ 48,128
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Depreciation and amortization	45,120	45,282
Deferred taxes	(15,741)	(6,798)
Non-cash equity-based compensation	25,908	33,509
Goodwill impairment	173,738	0
Loss on impairment of long-term investment	0	5,000
Bad debt expense	319	960
Unrealized loss / (gain) on investments, net	18,268	(31,288)
Changes in operating assets and liabilities:
Accounts receivable	9,701	(55,674)
Prepaid expenses and other current and non-current assets	1,592	22,757
Accounts payable and other current and non-current liabilities	(29,386)	(14,587)
Contributor royalties payable	5,084	9,780
Deferred revenue	(13,104)	(4,986)
Net cash provided by operating activities	17,991	52,083
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(21,710)	(22,120)
Cash received related to Giphy Retention Compensation	477	861
Acquisition of content	(301)	(4,978)
Security deposit receipt	249	38
Net cash used in investing activities	(21,285)	(26,199)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash paid for settlement of employee taxes related to RSU vesting	(10,848)	(5,012)
Payment of cash dividends	(25,996)	(23,124)
Repayment of credit facility	(1,563)	(1,563)
Net cash used in financing activities	(38,407)	(29,699)
Effect of foreign exchange rate changes on cash	(3,335)	8,974
Net (decrease) / increase in cash and cash equivalents	(45,036)	5,159
Cash and cash equivalents, beginning of period	178,244	111,251
Cash and cash equivalents, end of period	133,208	116,410
Supplemental Disclosure of Cash Information:
Cash paid for income taxes	7,678	14,689
Cash paid for interest	$ 7,288	$ 8,465

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 133,208	$ 178,244
Accounts receivable, net of allowance of $3,750 and $3,431	102,264	112,626
Prepaid expenses and other current assets	44,025	47,769
Total current assets	279,497	338,639
Property and equipment, net	61,237	62,553
Right-of-use assets	8,238	9,770
Intangible assets, net	192,073	215,673
Goodwill	400,025	574,614
Deferred tax assets, net	77,221	61,289
Other assets	73,986	93,398
Total assets	1,092,277	1,355,936
Current liabilities:
Accounts payable	12,982	13,898
Accrued expenses	104,227	129,952
Contributor royalties payable	98,292	94,163
Deferred revenue	198,444	212,984
Debt	158,112	158,110
Other current liabilities	14,719	19,295
Total current liabilities	586,776	628,402
Deferred tax liability, net	1,323	1,134
Long-term debt	115,157	116,639
Lease liabilities	13,518	17,247
Other non-current liabilities	11,843	11,476
Total liabilities	728,617	774,898
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 42,328 and 41,049 shares issued and 36,807 and 35,528 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	422	410
Treasury stock, at cost; 5,521 shares as of June 30, 2026 and December 31, 2025	(269,804)	(269,804)
Additional paid-in capital	536,627	520,018
Accumulated other comprehensive loss	(9,249)	(4,754)
Retained earnings	105,664	335,168
Total stockholders’ equity	363,660	581,038
Total liabilities and stockholders’ equity	$ 1,092,277	$ 1,355,936