Shutterstock (SSTK) Tops Q4 EPS by 33c, Revenues Beat; Offers FY21 EPS/Revenue Guidance Above Consensus

February 11, 2021 7:10 AM EST

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Shutterstock (NYSE: SSTK) reported Q4 EPS of $0.93, $0.33 better than the analyst estimate of $0.60. Revenue for the quarter came in at $180.9 million versus the consensus estimate of $174 million.

Fourth Quarter 2020 highlights as compared to Fourth Quarter 2019:

Key Operating Metrics

  • Subscribers increased 45%, to 281,000.
  • Subscriber revenue increased 18% to $71.1 million.
  • Average revenue per customer, increased 0.9% to $333.
  • Paid downloads decreased 4% to 45.8 million.
  • Revenue per download increased by $0.47 to $3.91.
  • Image collection expanded 15% to over 360 million images.
  • Footage collection expanded 24% to over 21 million clips.

Financial Highlights

  • Revenue increased 9% to $180.9 million. On a constant currency basis, revenue increased 7%.
  • Income from operations increased by $21.8 million to $27.6 million.
  • Net income increased 495% to $25.9 million.
  • Adjusted EBITDA increased 101% to $48.5 million.
  • Net income per diluted share increased by $0.58 to $0.70.
  • Adjusted net income per diluted share increased by $0.67 to $0.93.
  • Operating cash flows increased by 153% to $64.8 million.
  • Free cash flow increased by 232% to $58.6 million.

Commenting on the Company's performance, Stan Pavlovsky, the Company's Chief Executive Officer, said, "Shutterstock had an exceptionally strong finish to 2020, with revenue growth acceleration across all geographies and channels, including a return to growth in our Enterprise channel. The momentum we have exhibited in evolving our business towards a subscription model is encouraging and I believe we are well positioned heading into 2021.

"I am also excited to welcome the TurboSquid family to our organization. With their blue-chip customer base, extensive network of 3D contributors and the expanding use cases for 3D, AR and VR, I believe this acquisition will generate valuable synergies and additional growth opportunities for our business."

GUIDANCE:

Shutterstock sees FY2021 EPS of $2.75-$2.90, versus the consensus of $2.41. Shutterstock sees FY2021 revenue of $708-722 million, versus the consensus of $706.69 million.

The Company's current expectations for the full year 2021, are as follows:

  • Revenue of $708 million to $722 million, representing growth of 6% to 8%.
  • Adjusted EBITDA of between $165 million to $171 million.
  • Adjusted net income per diluted share of between $2.75 to $2.90.

For earnings history and earnings-related data on Shutterstock (SSTK) click here.



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