Tue, Feb 25, 12:14 PM (64 days ago)
Shutterstock, Inc. (NYSE: SSTK) reported 2024 revenues of $935.3M, a 7% increase from 2023, driven by stable Content licensing ($760M) and a 28% jump in Data, Distribution & Services ($175.3M). Operating expenses rose, with cost of revenue at 42% of sales, while net income fell to $35.9M (down 67% from 2023). The year included significant acquisitions—Envato for ~$250M and Backgrid for ~$20M—which impacted expenses and debt (notably higher interest expense from Envato funding). The company advanced its strategic merger agreement with Getty Images, offering shareholders cash, Getty stock or a mix, subject to regulatory and other closing conditions. Non-GAAP metrics indicate adjusted EBITDA of $247.1M and lower adjusted free cash flow compared to 2023. The report notes risks from integration, competitive pressures, and foreign exchange, along with ongoing investments in technology and content expansion.