Shutterstock Beats Q4 EPS Expectations

Shutterstock Inc SSTK announced financial results Thursday for the fourth quarter ended December 31, 2014. 

Revenue came in at $91.2 million, in line with estimates of $91.63 million, and was a 34 percent increase from the $68.0 million reported in the fourth quarter of 2013.  Currency-adjusted revenue growth in the fourth quarter was 36 percent. 

Non-GAAP net income was $12.5 million or $0.35 per share, above estimates of $0.32 and the $9.1 million, or $0.26 per share, reported in the fourth quarter of 2013.  

GAAP net income available to common stockholders was $7.0 million or $0.19 per share on a fully diluted basis as compared to $7.8 million or $0.22 per share on a fully diluted basis in the fourth quarter of 2013. 

Revenue for the full year of 2014 was $328.0 million, a 39 percent increase from $235.5 million in 2013.  Currency-adjusted revenue growth for the full year was 40 percent.

Non-GAAP net income for the full year 2014 was $38.0 million, or $1.06 per share, as compared to $31.0 million, or $0.90 per share, in 2013.

"We had an outstanding year in 2014.  We continue to be a market leader, with strong revenue growth, solid profitability and the largest collection of its kind," said Founder and CEO Jon Oringer.

The company provided guidance for the first quarter of 2015 and expected revenue of $94-$96 million and adjusted EBITDA of $16-$17 million.

First quarter non-cash equity-based compensation expense of approximately $7 million is expected along with capital expenditures of approximately $5 million.

For the full year of 2015 the company expected revenue of $436-$444 million and adjusted EBITDA of $90-$94 million.

Shutterstock Inc closed at $59.24 Thursday, up 6.70 percent.