Shutterstock ( (SSTK) ) has released its Q4 earnings. Here is a breakdown of the information Shutterstock presented to its investors.
Shutterstock, Inc. is a leading global creative platform that provides high-quality creative content for brands, digital media, and marketing companies, offering a diverse collection of 3D models, videos, music, photographs, vectors, and illustrations.
In its latest earnings report, Shutterstock announced record revenues and adjusted EBITDA for 2024, despite a decrease in net income compared to the previous year. The company highlighted significant growth in its Content and Data, Distribution, and Services segments, with expectations for continued growth in 2025.
For the full year 2024, Shutterstock reported revenues of $935.3 million, a 7% increase from 2023, driven by a 3% rise in Content revenue and a 28% increase in Data, Distribution, and Services revenue. However, net income fell to $35.9 million from $110.3 million in 2023, impacted by non-recurring gains in the previous year and increased expenses related to acquisitions. The fourth quarter saw a 15% revenue increase to $250.3 million, with a slight increase in net loss compared to the same period in 2023.
Shutterstock’s adjusted EBITDA for 2024 was $247.1 million, a 3% increase from 2023, supported by contributions from the Envato acquisition. The company’s cash and cash equivalents rose to $111.3 million by year-end, reflecting positive cash flows from operating activities and financing activities, despite significant investments in acquisitions and capital expenditures.
Looking ahead, Shutterstock’s management remains optimistic about future growth, particularly in its Content and Data, Distribution, and Services offerings. The company is also preparing for a merger with Getty Images, which is expected to create a premier visual content company, pending regulatory and stockholder approvals.