On 17 March 2020, Shutterstock, Inc. (NYSE: SSTK) changed 8.47% to recent value of $32.27. The stock transacted 532700 shares during most recent day however it has an average volume of 194.27K shares. It spotted trading -33.25% off 52-week high price. On the other end, the stock has been noted 12.20% away from the low price over the last 52-weeks.

Shutterstock, Inc. (SSTK) recently reported financial results for the fourth quarter and full year ended December 31, 2019.


Full Year 2019 highlights as contrast to Full Year 2018:

Key Operating Metrics

  • Paid downloads increased 5% to 187.8M.
  • Revenue per download increased 1% to $3.43.

Financial Highlights

  • Revenue increased 4% to $650.5M. On a constant currency basis, revenue increased 6%.
  • Net income reduced 63% to $20.1M.
  • Adjusted EBITDA reduced 8% to $96.3M.
  • Net income per diluted share reduced by $0.97 to $0.57.
  • Adjusted net income per diluted share reduced by $0.34 to $1.23.

FOURTH QUARTER RESULTS

Revenue

Fourth quarter revenue of $166.4M increased $4.3M or 3% as contrast to 2018. Revenue generated through our E-commerce sales channel increased 6% as contrast to the fourth quarter of 2018, to $100.9M, and represented 61% of total revenue in the fourth quarter of 2019. Revenue from our Enterprise sales channel reduced 2% as contrast to the fourth quarter of 2018, to $65.5M, and represented 39% of fourth quarter revenue in 2019. Foreign currency fluctuations did not have a important impact on fourth quarter revenue.

Net income and Income per diluted share

Net income of $4.4M, reduced $10.6M as contrast to $14.9M for the fourth quarter in 2018. Net income per diluted share was $0.12, as contrast to $0.42 for the same period in 2018. This decrease is primarily Because of a reduction in income from operations in the fourth quarter of 2019 caused by higher spending in performance marketing initiatives and higher general and administrative expenses, largely attributable to investments made across cyber security, data science and analytics, and technology spend.

Adjusted net income per diluted share was $0.26 as contrast to $0.59 for the fourth quarter of 2018, a decrease of 56%.

Adjusted EBITDA

Adjusted EBITDA of $24.1M for the fourth quarter of 2019 reduced $9.8M, or 29%, as contrast to the fourth quarter of 2018, driven primarily by sales and marketing expenses which increased Because of higher spending in performance marketing initiatives and higher general and administrative expenses, largely attributable to investments made across cyber security, data science and analytics, and technology spend.

FULL YEAR RESULTS

Revenue

Full year revenue of $650.5M increased $27.3M or 4% as contrast to 2018, or 6% on a constant currency basis.  Revenue generated through our E-commerce sales channel increased 7% as contrast to the full year 2018, to $392.2M, or 9% on a constant currency basis, and represented 60% of total revenue in 2019. Revenue from our Enterprise sales channel increased 1% as contrast to 2018, to $258.3M, or 3% on a constant currency basis, and represented 40% of total revenue in 2019.

Net income and Income per diluted share

Net income of $20.1M reduced $34.6M as contrast to $54.7M for the full year 2018. Net income per diluted share was $0.57 as contrast to $1.54 for the full year 2018. This decrease is primarily Because of a reduction in income from operations during 2019 caused by higher spending in performance marketing initiatives and higher general and administrative expenses, largely attributable to investments made across cyber security, data science and analytics, and technology spend and a gain recognized in 2018 on the sale of Webdam of $27.6M, or $0.78 per diluted share, net of tax, partially offset by a 2018 impairment charge of $4.9M, or $0.14 per diluted share, net of tax, related to our long-term investment in SilverHub Media Limited.

Adjusted net income per diluted share of $1.23 reduced by $0.34, as contrast to $1.57 for the full year 2018.

SSTK has a gross margin of 57.20% and an operating margin of 3.10% while its profit margin remained 3.10% for the last 12 months. Its earnings per share (EPS) expected to touch remained -63.40% for this year while earning per share for the next 5-years is expected to reach at 14.00%.  The company has 38.62M of outstanding shares and 19.13M shares were floated in the market. According to the most recent quarter its current ratio was 1.5 that represents company’s ability to meet its current financial obligations. The price moved ahead of -14.14% from the mean of 20 days, -21.88% from mean of 50 days SMA and performed -17.73% from mean of 200 days price. Company’s performance for the week was -5.73%, -21.43% for month and YTD performance remained -24.74%.

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