The earnings call presented a positive outlook with record revenues and EBITDA, strong performance from the Envato acquisition, and growth in Data Distribution and Services. However, there was a decline in core Content revenues, although improvement was noted. The overall sentiment is upbeat with raised guidance and strategic growth initiatives.

Company Guidance

During the Q3 2024 earnings call for Shutterstock (SSTK), the company provided updated guidance, raising its revenue expectations to between $935 million and $940 million, representing a 7% to 7.5% year-over-year growth. Adjusted EBITDA guidance was also increased to a range of $247 million to $250 million. The call highlighted record third-quarter revenues of $251 million, a 7.4% year-over-year increase, and adjusted EBITDA of $70 million with a 28% margin. Content revenue reached $204 million, a 14% year-over-year increase, bolstered by Envato's $38 million contribution. Shutterstock's Data Distribution and Services segment generated $47 million in revenue, with substantial growth driven by AI-generated content and partnerships such as GIPHY's collaboration with TikTok. The company remains optimistic about achieving its 2027 targets of $1.2 billion in revenue and $350 million in EBITDA.

Record Third Quarter Revenues and Adjusted EBITDA

Shutterstock achieved record third quarter revenues of $251 million, representing a 7.4% year-over-year growth, and record adjusted EBITDA of $70 million with a 28% margin.

Envato Acquisition Success

Envato contributed $38 million to Content revenues in Q3, exceeding expectations with strong subscriber growth driven by a brand refresh and site improvements.

Data Distribution and Services Growth

Data Distribution and Services achieved revenues of $47 million in Q3, showing over 40% growth year-to-date, with large contract expansions and new customer demand driving the growth.

GIPHY and TikTok Partnership

GIPHY views reached approximately 19 billion per day, up over 10% year-over-year, and a new partnership with TikTok was announced to enhance GIF sharing capabilities.

Positive Outlook and Raised Guidance

Shutterstock raised its guidance for 2024, expecting revenue between $935 million and $940 million, and adjusted EBITDA between $247 million and $250 million.

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Shutterstock (SSTK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SSTK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 01, 2018	2018 (Q2)	- / 0.30	0.24	25.00% (+0.06)	―	―
Oct 30, 2018	2018 (Q3)	- / 0.38	0.31	22.58% (+0.07)	―	―
Feb 26, 2019	2018 (Q4)	- / 0.59	0.3	96.67% (+0.29)	―	―
Apr 25, 2019	2019 (Q1)	- / 0.35	0.3	16.67% (+0.05)	―	―
Aug 06, 2019	2019 (Q2)	- / 0.33	0.3	10.00% (+0.03)	―	―
Nov 05, 2019	2019 (Q3)	- / 0.29	0.38	-23.68% (-0.09)	―	―
Feb 13, 2020	2019 (Q4)	- / 0.26	0.59	-55.93% (-0.33)	―	―
Apr 28, 2020	2020 (Q1)	- / 0.26	0.35	-25.71% (-0.09)	―	―
Jul 28, 2020	2020 (Q2)	- / 0.62	0.33	87.88% (+0.29)	―	―
Oct 27, 2020	2020 (Q3)	- / 0.80	0.29	175.86% (+0.51)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SSTK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	$29.25	$32.56	+11.32%
Aug 06, 2024	$37.28	$36.06	-3.27%
May 02, 2024	$41.34	$40.67	-1.62%
Feb 21, 2024	$43.05	$42.50	-1.28%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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