10-K/A - Shutterstock, Inc. (0001549346) (Filer)

Fri, Mar 28, 8:18 PM (29 days ago)

**Shutterstock, Inc. (SSTK) 10-K/A Summary** **Financial Performance:** - **Revenue:** Increased 7% to $935.3 million. - **Net Income:** Decreased 67% to $35.9 million. - **Operating Income:** Essentially flat at $68.7 million. - **Adjusted EBITDA:** Increased 3% to $247.1 million. - **Operating Cash Flows:** Decreased $107.9 million to $32.6 million. - **Adjusted Free Cash Flow:** Decreased $29.8 million to $108.7 million. **Executive Compensation:** - **Named Executive Officers (NEOs):** Jonathan Oringer, Paul Hennessy, Rik Powell, Jarrod Yahes, John Caine. - **Compensation Philosophy:** Aligns executive compensation with company performance and stockholder value. - **Key Metrics:** Revenue, adjusted EBITDA, and stockholder returns. - **Performance-Based Compensation:** Includes stock options, restricted stock units (RSUs), and performance stock units (PSUs). **Strategic Overview:** - **Merger Agreement:** Combining with Getty Images in a merger-of-equals transaction. - **Future Outlook:** Focus on long-term growth and strategic acquisitions. **Risk Factors:** - **Market Position Changes:** Competitive landscape and market dynamics. - **Operational Risks:** Dependence on key personnel and technological advancements. **Financial Condition:** - **Liquidity:** Adequate cash flows to support operations and strategic initiatives. - **Capital Structure:** Maintains a balanced approach to debt and equity financing. **Market Position Changes:** - **Competitive Landscape:** Continues to innovate and expand its content library. - **Customer Base:** Over 4.0 million active, paying customers. **Directors and Executive Officers:** - **Board Composition:** Includes independent directors and a diverse skill set. - **Corporate Governance:** Strong emphasis on ethical practices and transparency. **Auditor Fees:** - **Audit Fees:** $4,014,500 for fiscal 2024. - **Audit-Related Fees:** $116,000 for fiscal 2024. - **Tax Fees:** $431,400 for fiscal 2024. **Non-GAAP Financial Measures:** - **Adjusted Net Income:** $138,742 for fiscal 2024. - **Adjusted EBITDA:** $247,115 for fiscal 2024. - **Adjusted Free Cash Flow:** $108,693 for fiscal 2024. **Security Ownership:** - **Stockholders:** Significant holdings by institutional investors. - **Insider Ownership:** Key executives and directors hold substantial shares. **Related Transactions:** - **No Significant Transactions:** No material related person transactions reported. **Director Independence:** - **Board Composition:** Majority of directors are independent. - **Committee Structure:** All committees are composed of independent directors. **Future Outlook:** - **Growth Strategy:** Continued focus on content expansion and strategic partnerships. - **Innovation:** Investing in technology to enhance user experience and content delivery. **Risk Factors:** - **Market Risks:** Economic downturns and competitive pressures. - **Operational Risks:** Dependence on key personnel and technological advancements. **Financial Condition:** - **Liquidity:** Adequate cash flows to support operations and strategic initiatives. - **Capital Structure:** Maintains a balanced approach to debt and equity financing.