SSTK FY 2013 Earnings Report — Shutterstock, Inc. Revenue & Financial Results | Market Cap Arena

Shutterstock, Inc.SSTK

FY 2013 Earnings

Reported February 28, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$236M	—	$170M	—	38.9%
Op. Income	$43M	—	$22M	—	98.3%
Gross Margin	61.5%	—	61.9%	—	-0.3pp
Net Margin	11.2%	—	28.0%	—	-16.8pp
EPS (Diluted)	$0.77	—	$1.79	—	-57.0%
Free Cash Flow	$42M	—	$41M	—	2.0%

Revenue Flow

Item	Amount
REVENUE	$236M
Cost of Revenue	$91M
GROSS PROFIT	$145M
R&D Expenses	$22M
Selling & Marketing	$57M
General & Administrative	$23M
SG&A Expenses	$80M
Other Expenses	$52.0K
Operating Expenses	$102M
Cost & Expenses	$192M
OPERATING INCOME	$43M
Interest Income	$83.0K
Interest Expense	$0
Other Income/Expenses	$52.0K
INCOME BEFORE TAX	$43M
Income Tax Expense	$17M
Net Income from Continuing Ops	$26M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$26M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$26M
D&A	$4M
EBIT	$43M
EBITDA	$47M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$236M
Cost of Revenue	$91M
GROSS PROFIT	$145M
R&D Expenses	$22M
Selling & Marketing	$57M
General & Administrative	$23M
SG&A Expenses	$80M
Other Expenses	$52.0K
Operating Expenses	$102M
Cost & Expenses	$192M
OPERATING INCOME	$43M
Interest Income	$83.0K
Interest Expense	$0
Other Income/Expenses	$52.0K
INCOME BEFORE TAX	$43M
Income Tax Expense	$17M
Net Income from Continuing Ops	$26M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$26M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$26M
D&A	$4M
EBIT	$43M
EBITDA	$47M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$26M
Depreciation & Amortization	$4M
Stock-Based Compensation	$6M
Deferred Income Tax	$16M
Other Non-Cash Items	-$342.0K
Change in Working Capital	$4M
OPERATING CASH FLOW	$56M
Capital Expenditure	-$14M
Acquisitions (Net)	$14M
Purchases of Investments	-$115M
Sales/Maturities of Investments	$61M
Other Investing Activities	-$16M
NET CASH FROM INVESTING	-$70M
Net Debt Issuance	-$6M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$5M
NET CASH FROM FINANCING	$67M
FREE CASH FLOW	$42M
Net Change in Cash	$53M

Balance Sheet

Item	Amount
Cash & Equivalents	$155M
Short-Term Investments	$54M
Net Receivables	$8M
Inventory	$0
Other Current Assets	$5M
TOTAL CURRENT ASSETS	$243M
PP&E (Net)	$20M
Goodwill	$1M
Intangible Assets	$853.0K
Long-Term Investments	$0
Tax Assets	$11M
Other Non-Current Assets	$2M
TOTAL NON-CURRENT ASSETS	$35M
TOTAL ASSETS	$278M
Account Payables	$4M
Short-Term Debt	$0
Deferred Revenue	$52M
Other Current Liabilities	$9M
TOTAL CURRENT LIABILITIES	$92M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$4M
TOTAL NON-CURRENT LIABILITIES	$4M
TOTAL LIABILITIES	$96M
Common Stock	$351.0K
Additional Paid-In Capital	$127M
Retained Earnings	$55M
Treasury Stock	$0
Accum. Other Comp. Income	$9.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$183M
Minority Interest	$0
TOTAL EQUITY	$183M
TOTAL LIABILITIES & EQUITY	$278M
Total Debt	$0
Net Debt	-$155M