Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | SHUTTERSTOCK, INC. |
Entity Central Index Key | 0001549346 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 03, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | ||||||
Pay vs Performance [Table Text Block] | Pay Versus Performance The following table provides information required by Item 402(v) of Regulation S-K. For information regarding the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis.” Year-end value of $100 invested on 12/31/2019 in: Year Summary Compensation Table Total for Paul Hennessy (1) $ Compensation Actually Paid to Paul Hennessy (1)(2) $ Summary Compensation Table Total for Stan Pavlovsky (3) $ Compensation Actually Paid to Stan Pavlovsky (2)(3) Average Summary Compensation Table Total for Non-CEO NEOs(4) $ Average Compensation Actually Paid to Non-CEO NEOs(2)(4) $ Total Shareholder Return $ S&P Software & Svcs (TSR) $ Net Income (in millions) $ Adj. EBITDA (in millions) $ 2022 20,883,260 21,664,800 5,913,330 -15,094,475 4,003,445 -5,820,337 127.83 107.5 76.1 218.1 2021 n/a n/a 5,717,651 21,303,354 3,394,474 13,416,113 264.65 163.9 91.9 193.1 2020 n/a n/a 7,025,759 16,488,485 2,418,455 5,666,638 169.71 152.2 71.8 154.9 (1) Paul Hennessy became CEO of the Company on July 1, 2022. (2) Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include: 2022 2021 2020 Paul Hennessy Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Total Compensation from Summary Compensation Table $ 20,883,260 $ 5,913,330 4,003,445 5,717,651 3,394,474 7,025,759 2,418,455 Adjustments for Equity Awards Adjustment for grant date values in the Summary Compensation Table $(19,912,380) $ (5,636,921) $(3,416,284) $ (4,131,482) $ (2,788,734) $ (5,583,809) $(1,795,052) Year-end fair value of unvested awards granted in the current year $ 20,781,301 $ — $ 1,416,420 $ 5,739,210 $ 4,659,727 $ 12,118,649 $ 3,546,374 Year-over-year difference of year-end fair values for unvested awards granted in prior years $ — $ — $(5,893,159) $10,688,239 $ 6,140,739 $ 3,180,653 $ 1,566,513 Fair values at vest date for awards granted and vested in current year $ — $ — $ 25,894 $ — $ — $ — $ — Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years $ (87,381) $ (3,321,003) $(1,597,402) $ 3,289,735 $ 2,009,907 $ (252,767) $ (69,653) Forfeitures during current year equal to prior year-end fair value $ — $(12,049,881) $ (359,251) $ — $ — $ — $ — Dividends or dividend equivalents not otherwise included in total compensation $ — $ — $ — $ — $ — $ — $ — Total Adjustments for Equity Awards $ 781,540 $(21,007,805) $(9,823,783) $15,585,703 $10,021,639 $ 9,462,726 $ 3,248,182 Compensation Actually Paid (as calculated) $ 21,664,800 $(15,094,475) $(5,820,337) $21,303,354 $ 13,416,113 $16,488,485 $ 5,666,638 (3) Stan Pavlovsky became CEO of the Company on April 1, 2020 and served until May 3, 2022. (4) Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year: 2022: Jonathan Oringer, Jarrod Yahes and Peter Silvio 2021: Jonathan Oringer, Jarrod Yahes and Peter Silvio 2020: Jonathan Oringer, Jarrod Yahes, Peter Silvio, Steve Ciardiello and Abraham Muchnick | |||||
Company Selected Measure Name | Adj. EBITDA | |||||
Named Executive Officers, Footnote [Text Block] | (4) Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year: 2022: Jonathan Oringer, Jarrod Yahes and Peter Silvio 2021: Jonathan Oringer, Jarrod Yahes and Peter Silvio 2020: Jonathan Oringer, Jarrod Yahes, Peter Silvio, Steve Ciardiello and Abraham Muchnick | |||||
Adjustment To PEO Compensation, Footnote [Text Block] | (2) Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include: 2022 2021 2020 Paul Hennessy Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Total Compensation from Summary Compensation Table $ 20,883,260 $ 5,913,330 4,003,445 5,717,651 3,394,474 7,025,759 2,418,455 Adjustments for Equity Awards Adjustment for grant date values in the Summary Compensation Table $(19,912,380) $ (5,636,921) $(3,416,284) $ (4,131,482) $ (2,788,734) $ (5,583,809) $(1,795,052) Year-end fair value of unvested awards granted in the current year $ 20,781,301 $ — $ 1,416,420 $ 5,739,210 $ 4,659,727 $ 12,118,649 $ 3,546,374 Year-over-year difference of year-end fair values for unvested awards granted in prior years $ — $ — $(5,893,159) $10,688,239 $ 6,140,739 $ 3,180,653 $ 1,566,513 Fair values at vest date for awards granted and vested in current year $ — $ — $ 25,894 $ — $ — $ — $ — Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years $ (87,381) $ (3,321,003) $(1,597,402) $ 3,289,735 $ 2,009,907 $ (252,767) $ (69,653) Forfeitures during current year equal to prior year-end fair value $ — $(12,049,881) $ (359,251) $ — $ — $ — $ — Dividends or dividend equivalents not otherwise included in total compensation $ — $ — $ — $ — $ — $ — $ — Total Adjustments for Equity Awards $ 781,540 $(21,007,805) $(9,823,783) $15,585,703 $10,021,639 $ 9,462,726 $ 3,248,182 Compensation Actually Paid (as calculated) $ 21,664,800 $(15,094,475) $(5,820,337) $21,303,354 $ 13,416,113 $16,488,485 $ 5,666,638 | |||||
Non-PEO NEO Average Total Compensation Amount | $ 4,003,445 | $ 3,394,474 | $ 2,418,455 | |||
Non-PEO NEO Average Compensation Actually Paid Amount | $ (5,820,337) | 13,416,113 | 5,666,638 | |||
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include: 2022 2021 2020 Paul Hennessy Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Stan Pavlovsky Average Non- CEO NEOs Total Compensation from Summary Compensation Table $ 20,883,260 $ 5,913,330 4,003,445 5,717,651 3,394,474 7,025,759 2,418,455 Adjustments for Equity Awards Adjustment for grant date values in the Summary Compensation Table $(19,912,380) $ (5,636,921) $(3,416,284) $ (4,131,482) $ (2,788,734) $ (5,583,809) $(1,795,052) Year-end fair value of unvested awards granted in the current year $ 20,781,301 $ — $ 1,416,420 $ 5,739,210 $ 4,659,727 $ 12,118,649 $ 3,546,374 Year-over-year difference of year-end fair values for unvested awards granted in prior years $ — $ — $(5,893,159) $10,688,239 $ 6,140,739 $ 3,180,653 $ 1,566,513 Fair values at vest date for awards granted and vested in current year $ — $ — $ 25,894 $ — $ — $ — $ — Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years $ (87,381) $ (3,321,003) $(1,597,402) $ 3,289,735 $ 2,009,907 $ (252,767) $ (69,653) Forfeitures during current year equal to prior year-end fair value $ — $(12,049,881) $ (359,251) $ — $ — $ — $ — Dividends or dividend equivalents not otherwise included in total compensation $ — $ — $ — $ — $ — $ — $ — Total Adjustments for Equity Awards $ 781,540 $(21,007,805) $(9,823,783) $15,585,703 $10,021,639 $ 9,462,726 $ 3,248,182 Compensation Actually Paid (as calculated) $ 21,664,800 $(15,094,475) $(5,820,337) $21,303,354 $ 13,416,113 $16,488,485 $ 5,666,638 | |||||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between “Compensation Actually Paid” and Performance The following charts address the relationship between compensation “actually paid” as disclosed in the Pay vs. Performance Table and: • the Company’s cumulative TSR; | |||||
Compensation Actually Paid vs. Net Income [Text Block] | Relationship Between “Compensation Actually Paid” and Performance The following charts address the relationship between compensation “actually paid” as disclosed in the Pay vs. Performance Table and: • the Company’s net income; and | |||||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between “Compensation Actually Paid” and Performance The following charts address the relationship between compensation “actually paid” as disclosed in the Pay vs. Performance Table and: • the Company’s Adjusted EBITDA. | |||||
Total Shareholder Return Vs Peer Group [Text Block] | Relationship Between “Compensation Actually Paid” and Performance The following charts address the relationship between compensation “actually paid” as disclosed in the Pay vs. Performance Table and: • the Company’s cumulative TSR; | |||||
Tabular List [Table Text Block] | Tabular List of Most Important Financial Performance Measures The following is a list of the financial performance measures that we believe are the most important financial performance measures used to link NEO compensation to company performance: • Adjusted EBITDA, • Adjusted EBITDA Margin, • Revenue, and • Revenue growth. For more information, see “Executive Compensation – Compensation Discussion & Analysis” in this proxy statement. Although we do not in practice use any performance measures to link compensation “actually paid” (as calculated herein) to company performance, we are providing this list in accordance with Item 402(v) of Regulation S-K to provide information on performance measures used by the Compensation Committee to determine NEO compensation. | |||||
Total Shareholder Return Amount | $ 127.83 | 264.65 | 169.71 | |||
Peer Group Total Shareholder Return Amount | 107.5 | 163.9 | 152.2 | |||
Net Income (Loss) | $ 76,100,000 | $ 91,900,000 | $ 71,800,000 | |||
Company Selected Measure Amount | 218,100,000 | 193,100,000 | 154,900,000 | |||
Measure [Axis]: 1 | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Measure Name | Adjusted EBITDA | |||||
Measure [Axis]: 2 | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Measure Name | Adjusted EBITDA Margin | |||||
Measure [Axis]: 3 | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Measure Name | Revenue | |||||
Measure [Axis]: 4 | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Measure Name | Revenue growth | |||||
Paul Hennessy [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
PEO Total Compensation Amount | $ 20,883,260 | |||||
PEO Actually Paid Compensation Amount | 21,664,800 | |||||
PEO Name | Paul Hennessy | |||||
Stan Pavlovsky [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
PEO Total Compensation Amount | 5,913,330 | $ 5,717,651 | $ 7,025,759 | |||
PEO Actually Paid Compensation Amount | (15,094,475) | $ 21,303,354 | 16,488,485 | |||
PEO Name | Stan Pavlovsky | Stan Pavlovsky | Stan Pavlovsky | |||
PEO [Member] | Paul Hennessy [Member] | Adjustments for Equity Awards [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 781,540 | |||||
PEO [Member] | Paul Hennessy [Member] | Grant Date Values in the Summary Compensation Table [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (19,912,380) | |||||
PEO [Member] | Paul Hennessy [Member] | Year-End Fair Value of Unvested Awards Granted in the Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 20,781,301 | |||||
PEO [Member] | Paul Hennessy [Member] | Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | |||||
PEO [Member] | Paul Hennessy [Member] | Fair Values at Vest Date for Awards Granted and Vested in Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | |||||
PEO [Member] | Paul Hennessy [Member] | Difference in Fair Values Between Prior Year-End Fair Values and Vest Date Fair Values for Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (87,381) | |||||
PEO [Member] | Paul Hennessy [Member] | Forfeitures During Current Year Equal to Prior Year-End Fair Value [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | |||||
PEO [Member] | Paul Hennessy [Member] | Dividends or Dividend Equivalents not Otherwise Included in Total Compensation [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | |||||
PEO [Member] | Stan Pavlovsky [Member] | Adjustments for Equity Awards [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (21,007,805) | $ 15,585,703 | 9,462,726 | |||
PEO [Member] | Stan Pavlovsky [Member] | Grant Date Values in the Summary Compensation Table [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (5,636,921) | (4,131,482) | (5,583,809) | |||
PEO [Member] | Stan Pavlovsky [Member] | Year-End Fair Value of Unvested Awards Granted in the Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | 5,739,210 | 12,118,649 | |||
PEO [Member] | Stan Pavlovsky [Member] | Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | 10,688,239 | 3,180,653 | |||
PEO [Member] | Stan Pavlovsky [Member] | Fair Values at Vest Date for Awards Granted and Vested in Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | 0 | 0 | |||
PEO [Member] | Stan Pavlovsky [Member] | Difference in Fair Values Between Prior Year-End Fair Values and Vest Date Fair Values for Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (3,321,003) | 3,289,735 | (252,767) | |||
PEO [Member] | Stan Pavlovsky [Member] | Forfeitures During Current Year Equal to Prior Year-End Fair Value [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (12,049,881) | 0 | 0 | |||
PEO [Member] | Stan Pavlovsky [Member] | Dividends or Dividend Equivalents not Otherwise Included in Total Compensation [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 0 | 0 | 0 | |||
Non-PEO NEO [Member] | Adjustments for Equity Awards [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (9,823,783) | 10,021,639 | 3,248,182 | |||
Non-PEO NEO [Member] | Grant Date Values in the Summary Compensation Table [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (3,416,284) | (2,788,734) | (1,795,052) | |||
Non-PEO NEO [Member] | Year-End Fair Value of Unvested Awards Granted in the Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 1,416,420 | 4,659,727 | 3,546,374 | |||
Non-PEO NEO [Member] | Year-Over-Year Difference of Year-End Fair Values for Unvested Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (5,893,159) | 6,140,739 | 1,566,513 | |||
Non-PEO NEO [Member] | Fair Values at Vest Date for Awards Granted and Vested in Current Year [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | 25,894 | 0 | 0 | |||
Non-PEO NEO [Member] | Difference in Fair Values Between Prior Year-End Fair Values and Vest Date Fair Values for Awards Granted in Prior Years [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (1,597,402) | 2,009,907 | (69,653) | |||
Non-PEO NEO [Member] | Forfeitures During Current Year Equal to Prior Year-End Fair Value [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | (359,251) | 0 | 0 | |||
Non-PEO NEO [Member] | Dividends or Dividend Equivalents not Otherwise Included in Total Compensation [Member] | ||||||
Pay vs Performance Disclosure [Table] | ||||||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ 0 |