Stock Monitor: Cenveo Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 08, 2017 / Active-Investors free earnings report on Shutterstock, Inc. (NYSE: SSTK) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/'symbol=SSTK. The Company posted its financial results on October 31, 2017, for the third quarter of the fiscal year 2017. The Company's revenue and adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Cenveo, Inc. (NASDAQ: CVO), which also belongs to the Services sector as the Company Shutterstock. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Shutterstock most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/'symbol=SSTK
Earnings Highlights and Summary
For the three months ended September 30, 2017, Shutterstock's revenue increased 15% to $141.06 million from $123.07 million in Q3 FY16, due to a continued growth in enterprise sales, as well as increased customer acquisition through ecommerce platforms. The Company's revenue numbers surpassed analysts' expectations of $132.9 million.
During Q3 FY17, Shutterstock's gross profit increased 12.8% to $82.25 million from $72.89 million in the same period of last year. For the reported quarter, the Company's gross margin decreased 90 basis points to 58.3% of revenue from 59.2% of revenue in Q3 FY16.
For the reported quarter, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased 1% to $23.20 million from $22.97 million in Q3 FY16. For the reported quarter, the Company's adjusted EBITDA margin decreased 230 basis points to 16.4% of revenue from 18.7% of revenue in the third quarter of 2016.
During Q3 FY17, Shutterstock's operating income decreased 51% to $5.57 million from $11.29 million in the comparable period of last year, primarily due to increases in employee cash and non-cash compensation expenses and depreciation and amortization expenses. During Q3 FY17, the Company's operating margin decreased 530 basis points to 3.9% of revenue from 9.2% of revenue in the corresponding period of last year.
For the reported quarter, Shutterstock's net income decreased 47% to $5.00 million from $9.39 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) decreased 46.2% to $0.14 from $0.26 in the same period of last year. For the reported quarter, Shutterstock's adjusted net income decreased 24% to $10.88 million from $14.31 million in Q3 FY16. For the reported quarter, the Company's adjusted diluted EPS decreased 22.5% to $0.31 from $0.40 in Q3 FY16. The adjusted diluted EPS surpassed analysts' expectations of $0.26.
Operating Results
For the reported quarter, the Company's Paid Downloads increased 1.7% to 41.9 million from 41.2 million in Q3 FY16. For the reported quarter, the Company's revenue per download increased 11% to $3.23 from $2.91 in Q3 FY16.
During Q3 FY17, Shutterstock's Image Collection expanded 52% to 155.8 million images on y-o-y basis, while the Company's Video Collection expanded 54% to 8.3 million clips.
Balance Sheet
As on September 30, 2017, Shutterstock's cash and cash equivalents decreased 5.1% to $212.78 million from $224.19 million as on December 31, 2016.
For the reported quarter, the Company's net accounts receivable increased 17.8% to $44.90 million from $38.11 million in Q4 FY16. For the reported quarter, the Company's accounts payable increased 39.7% to $10.21 million from $7.31 million in the fourth quarter of 2016.
During Q3 FY17, the Company's cash provided by operating activities decreased 13.4% to $31.11 million from $35.94 million in the comparable period of last year. For the reported quarter, the Company's free cash flow decreased 12.1% to $18.23 million from $20.73 million in Q3 FY16.
Outlook
For FY17, Shutterstock expects revenue to be in the range of $535 million - $545 million, and adjusted EBITDA to be in the band of $85 million - $95 million.
Stock Performance Snapshot
December 07, 2017 - At Thursday's closing bell, Shutterstock's stock climbed 4.91%, ending the trading session at $43.16.
Volume traded for the day: 319.06 thousand shares, which was above the 3-month average volume of 306.44 thousand shares.
Stock performance in the last month - up 14.94%; previous three-month period - up 28.45%
After yesterday's close, Shutterstock's market cap was at $1.50 billion.
Price to Earnings (P/E) ratio was at 62.64.
The stock is part of the Services sector, categorized under the Business Services industry. This sector was up 0.4% at the end of the session.
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