Shutterstock Inc. · Q2 2021 earnings

Briefing

Revenue growth accelerated, driven by robust demand across revenue channels and successful execution in the enterprise revenue channel, enhanced by strategic acquisitions in AI.

Shutterstock reported a strong second quarter in 2021, with revenue increasing by 19% to $189.9 million and net income increasing by 55% to $29.5 million. The company's performance was driven by robust demand across revenue channels, content types, and product offerings.

• Revenue increased 19% to $189.9 million, or 16% on a constant currency basis.
• Net income increased 55% to $29.5 million, with diluted EPS increasing 49% to $0.79 per share.
• Adjusted EBITDA increased 43% to $53.1 million, reflecting margin expansion initiatives.
• Subscriber base grew by 44% to 321,000, driving a 25% increase in subscriber revenue to $78.1 million.

Headline financials

Revenue & EPS history

The Company’s revised expectations for the full year 2021 are as follows: •Revenue of $740 million to $750 million, representing annual growth of 11% to 12.5%, an increase from the previous guidance of $720 million to $730 million. •Adjusted EBITDA of between $175 million to $180 million, an increase from the previous guidance of $171 million to $177 million. •Adjusted net income per diluted share of between $2.80 to $2.95, an increase from the previous guidance of $2.78 to $2.93 per diluted share.