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Shutterstock (SSTK)

Shutterstock, Inc. (NYSE: SSTK), directly and through its group subsidiaries, is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 1 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 350 million images and more than 20 million video clips available. Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The company's brands also include Bigstock, a value-oriented stock media offering; Shutterstock Custom, a custom content creation platform; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images and videos for the world's media.

Company profile

Ticker
SSTK
Exchange
CEO
Stan Pavlovsky
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Shutterstock Images C.V. • Shutterstock Netherlands B.V. • Shutterstock GmbH • Shutterstock (UK) Ltd. • Shutterstock International • Rex Features (Holdings) Ltd. • Rex Features Ltd. • Shutterstock (France) SAS • Shutterstock Hong Kong Ltd. • Shutterstock Ireland Ltd ...
IRS number
800812659

SSTK stock data

Calendar

26 Jul 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 84.05M 84.05M 84.05M 84.05M 84.05M 84.05M
Cash burn (monthly) 58.02M 27.25M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 177.36M 83.3M n/a n/a n/a n/a
Cash remaining -93.32M 747.87K n/a n/a n/a n/a
Runway (months of cash) -1.6 0.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Jul 22 Steven Ciardiello Common Stock Payment of exercise Dispose F No No 56.83 2,005 113.94K 36,512
5 Jul 22 Steven Ciardiello Common Stock Option exercise Acquire M No No 0 3,926 0 38,517
5 Jul 22 Steven Ciardiello RSU Common Stock Option exercise Dispose M No No 0 3,926 0 0
1 Jul 22 Hennessy Paul J. RSU Common Stock Grant Acquire A No No 0 262,789 0 0
1 Jul 22 Hennessy Paul J. RSU Common Stock Grant Acquire A No No 0 262,789 0 0
10 Jun 22 Hennessy Paul J. Common Stock Buy Acquire P No No 56.47 10,000 564.7K 31,134
6 Jun 22 Bigley Deirdre Mary Common Stock Sell Dispose S No Yes 60.59 426 25.81K 9,528
2 Jun 22 Peter Silvio Common Stock Payment of exercise Dispose F No No 59.6 1,156 68.9K 25,116
2 Jun 22 Peter Silvio Common Stock Option exercise Acquire M No No 0 2,090 0 26,272
2 Jun 22 Peter Silvio RSU Common Stock Option exercise Dispose M No No 0 2,090 0 0
22.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 228 238 -4.2%
Opened positions 35 31 +12.9%
Closed positions 45 34 +32.4%
Increased positions 97 91 +6.6%
Reduced positions 71 92 -22.8%
13F shares Current Prev Q Change
Total value 2.77B 2.31B +19.8%
Total shares 25.32M 24.84M +1.9%
Total puts 344.4K 183.7K +87.5%
Total calls 48.9K 49.7K -1.6%
Total put/call ratio 7.0 3.7 +90.5%
Largest owners Shares Value Change
BLK Blackrock 3.81M $218.06M +0.3%
Vanguard 2.84M $162.6M +3.5%
MCQEF Macquarie 1.14M $65.37M +7.1%
Conestoga Capital Advisors 1.08M $61.78M -0.9%
Renaissance Technologies 994.9K $57.02M +9.4%
Wellington Management 974.39K $55.84M -54.3%
STT State Street 873.58K $50.07M +6.8%
IVZ Invesco 786.77K $45.09M +5.1%
Dimensional Fund Advisors 783.87K $44.92M -0.6%
Copeland Capital Management 723.01K $41.44M +25.6%
Largest transactions Shares Bought/sold Change
Wellington Management 974.39K -1.16M -54.3%
Millennium Management 531.93K +289.99K +119.9%
D. E. Shaw & Co. 419.04K +287.97K +219.7%
JHG Janus Henderson 12.99K -247.55K -95.0%
Assenagon Asset Management 345.78K +246.15K +247.1%
MS Morgan Stanley 370.44K +243.47K +191.8%
Voloridge Investment Management 204.59K +204.59K NEW
MNGPF Man 0 -193.31K EXIT
Intrinsic Edge Capital Management 0 -178.58K EXIT
Two Sigma Advisers 234.5K +168.2K +253.7%

Financial report summary

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Competition
Warner MusicGlobe Photos
Risks
  • The effect of the COVID-19 pandemic on our operations, and the operations of our customers, partners and suppliers, has had and could have a material adverse effect on our business, financial condition, cash flows and results of operations, and the extent to which the pandemic will have a continued impact remains uncertain.
  • The success of our business depends on our ability to continue to attract and retain customers of, and contributors to, our creative platform. If customers reduce or cease their spending with us, or if content contributors reduce or end their participation on our platform, our business will be harmed.
  • The industry in which we operate is highly competitive with low barriers to entry and if we do not compete effectively, our operating results could suffer.
  • Our marketing efforts to acquire new, and retain existing, customers may not be effective or cost-efficient, and may be affected by external factors beyond our control.
  • If we cannot continue to innovate technologically or develop, market and offer new products and services, or enhance existing technology and products and services to meet customer requirements, our ability to grow our revenue could be impaired.
  • Unless we increase market awareness of our brand and our existing and new products and services, our revenue may not continue to grow.
  • In order to continue to attract large corporate customers, we may encounter greater pricing pressure, and increased service, indemnification and working capital requirements, each of which could increase our costs and harm our business and operating results.
  • The impact of worldwide economic, political and social conditions, including effects on advertising and marketing budgets, may adversely affect our business and operating results.
  • We may not continue to grow our revenues at historical rates.
  • If we do not effectively expand, train, manage changes to, and retain our sales force, we may be unable to add new customers or increase sales to our existing customers, and our revenue growth and business could be adversely affected.
  • We have continued to grow in recent periods and if we fail to effectively manage our growth, our business and operating results may suffer.
  • If we do not successfully make, integrate and maintain acquisitions and investments, our business could be adversely impacted.
  • We rely on highly skilled personnel and if we are unable to retain and motivate key personnel, attract qualified personnel, integrate new members of our management team or maintain our corporate culture, we may not be able to grow effectively.
  • We may be exposed to risks related to our use of independent contractors.
  • The non-payment or late payments of amounts due to us from certain customers may negatively impact our financial condition.
  • We are subject to payment-related risks that may result in higher operating costs or the inability to process payments, either of which could harm our financial condition and results of operations.
  • If our goodwill or intangible assets become impaired, we may be required to record a significant charge to earnings.
  • We may need to raise additional capital in the future and may be unable to do so on acceptable terms or at all.
  • We rely on information technologies and systems to operate our business and maintain our competitiveness, and any failures in our technology infrastructure could harm our reputation and brand and adversely affect our business.
  • Technological interruptions that impair access to our web properties or the efficiency of our marketplace could harm our reputation and brand and adversely affect our business and results of operations.
  • We face risks resulting from the content in our collection such as unforeseen costs related to infringement claims, potential liability arising from indemnification claims, changes to intellectual property content regulations and laws and the inability to prevent or monitor misuse.
  • Assertions by third parties of infringement of intellectual property rights related to our technology could result in significant costs and substantially harm our business and operating results.
  • We collect, store, process, transmit and use personally identifiable information and other data, which subjects us to governmental regulation and other legal obligations related to privacy, information security and data protection in many jurisdictions. Any cybersecurity breaches or our actual or perceived failure to comply with such legal obligations by us, or by our third-party service providers or partners, could harm our business.
  • Cybersecurity breaches and improper access to or disclosure of data or confidential information we maintain, or hacking or phishing attacks on our systems, could expose us to liability, protracted and costly litigation and damage our reputation.
  • Failure to protect our intellectual property could substantially harm our business and operating results.
  • Much of the software and technologies used to provide our services incorporate, or have been developed with, “open source” software, which may restrict how we use or distribute our services or require that we publicly release certain portions of our source code.
  • Catastrophic events or other interruptions or failures of our information technology systems could hurt our ability to effectively provide our products and services, which could harm our reputation and brand and adversely affect our business and operating results.
  • Our international operations and our continued expansion internationally expose us to many risks.
  • We are subject to foreign exchange risk.
  • Government regulation of the internet, both in the United States and abroad, is evolving and unfavorable changes could have a negative impact on our business.
  • Action by governments to restrict access to, or operation of, our services or the content we distribute in their countries could substantially harm our reputation, business and financial results.
  • Income tax laws or regulations could be enacted or changed and existing income tax laws or regulations could be applied to us in a manner that could increase the costs of our products and services, which could harm our financial condition and results of operations.
  • Our operations may expose us to greater than anticipated withholding, sales and transaction tax liabilities, including VAT, which could harm our financial condition and results of operations.
  • Our operating results may fluctuate, which could cause our results to fall short of expectations and our stock price to decline.
  • Our stock price has been and will likely continue to be volatile.
  • Jonathan Oringer, our founder and Executive Chairman of the Board, owns and controls approximately 33.1% of our outstanding shares of common stock, and his ownership percentage may increase, including as a result of any share repurchases pursuant to our share repurchase program. This concentration of ownership may have an effect on matters requiring the approval of our stockholders, including elections to our board of directors and transactions that are otherwise favorable to our stockholders.
  • Purchases of shares of our common stock pursuant to our share repurchase program may affect the value of our common stock, and there can be no assurance that our share repurchase program will enhance stockholder value.
  • If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
  • Future sales of our common stock in the public market could cause our share price to decline.
  • Anti-takeover provisions in our charter documents and Delaware law could discourage, delay or prevent a change in control of our Company and may affect the trading price of our common stock.
  • There can be no assurance that we will declare dividends in the future.
  • We have incurred and expect to continue to incur increased costs and our management will continue to face increased demands as a result of continuously improving our operations as a public company.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to report our financial results accurately or in a timely fashion, and we may not be able to prevent fraud; in such case, our stockholders could lose confidence in our financial reporting, which would harm our business and could negatively impact the price of our stock.
Management Discussion
  • Note: Due to rounding, percentages may not sum to totals.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: affirmative, Agent, annum, apply, appointed, burdensome, carpet, case, celebrity, commitment, complementary, compliance, comply, comprised, consent, default, departure, dispose, drawdown, exclusive, fee, fundamental, hypothetical, indirect, investor, Kingdom, leverage, live, loan, Overnight, prepaid, recreate, red, refinance, repay, reset, resignation, revolving, satisfactory, satisfy, SCP, SOFR, Splash, standby, Subsidiary, suffer, swingline, turn, unable, undergo, unforeseen, unpaid, unrealized, unsecured, vulnerability

Patents

Utility
Automatically managing the musical tastes and preferences of system users based on user feedback and autonomous analysis of music automatically composed and generated by an automated music composition and generation system
30 Aug 22
An automated music composition and generation system having an automated music composition and generation engine for receiving, storing and processing musical experience descriptors and time and/or space parameters selected by the system user.
Utility
Automatically managing the musical tastes and preferences of a population of users requesting digital pieces of music automatically composed and generated by an automated music composition and generation system
30 Aug 22
An automated music composition and generation system having an automated music composition and generation engine for processing musical experience descriptors and space parameters selected by the system user.
Utility
Methods and Systems for Evaluating Content
23 Jun 22
Methods and systems of evaluating content using neural networks and models.
Utility
Architecture for predicting network access probability of data files accessible over a computer network
14 Jun 22
Methods for predicting network access probability of data files accessible over a computer network are provided.
Utility
Method and System for Detecting Model File Content
9 Jun 22
The present invention provides a computerized method and system for detecting modeling content within a model file without rendering the model file, the method and system including loading the model file into a detection engine, the model file including software code therein.