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Shutterstock Q3 results: Revenue $165.2M – subs up 39% – footage expanded 25%

Here’s what you need to know:

Shutterstock Third Quarter 2020 highlights compared to Third Quarter 2019:

Key Operating Metrics

  • Subscribers increased 39%, to 255,000. 
  • Subscriber revenue increased 12% to $67.6 million. 
  • Average revenue per customer, increased 0.3% to $328. 
  • Paid downloads decreased 6% to 43.4 million. 
  • Revenue per download increased by $0.39 to $3.79. 
  • Image collection expanded 18% to approximately 350 million images. 
  • Footage collection expanded 25% to approximately 20 million clips. 

Financial Highlights

  • Revenue increased 4% to $165.2 million. On a constant currency basis, revenue increased 3%. 
  • Income from operations increased by $26.2 million to $29.3 million. 
  • Net income increased by $17.6 million to $22.6 million. 
  • Adjusted EBITDA increased by $25.8 million to $47.4 million. 
  • Diluted EPS increased by $0.48 to $0.62 per share. 
  • Adjusted net income per diluted share increased by $0.51 to $0.80 per share.

Commenting on the Company’s performance, Stan Pavlovsky, the Company’s Chief Executive Officer, said, “Shutterstock had a tremendous third quarter and I am pleased with the acceleration in revenue growth and the momentum in our subscription products. Our margins have improved significantly, providing us the confidence to make further investments in product innovation and sales and marketing to enable us to capitalize on the improving demand environment.”

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