Shutterstock Q1 Top-Line Misses Street View

  • Shutterstock Inc SSTK reported first-quarter FY22 sales growth of 8.6% year-on-year to $199.13 million, missing the consensus of $202.11 million.
  • Average revenue per customer increased 4% to $355, and revenue per download rose 7% to $4.22.
  • Subscribers increased 17% Y/Y to 359,000. Subscriber revenue rose 12% to $85.4 million.
  • The operating margin was 16%, and operating income for the quarter fell 16.3% to $31.9 million.
  • The company held $258 million in cash and equivalents as of March 31, 2022.
  • Operating cash flow for the quarter declined 37% to $22.7 million with a free cash flow of $10.2 million, a 62% decrease.
  • Adjusted EPS of $1.00 beat the analyst consensus of $0.86.
  • Adjusted EBITDA decreased 3% Y/Y to $54.8 million.
  • On April 19, 2022, the company's board declared a dividend of $0.24 per share, payable on June 16, 2022, to stockholders of record on June 2, 2022.
  • Outlook: Shutterstock's expectations for FY22 remain unchanged, with revenue of $835 million - $850 million, against the consensus of $843.93 million.
  • The company expects FY22 adjusted EPS of $3.65 - $3.80 against the Street view of $3.57.
  • Price Action: SSTK shares are trading lower by 3.78% at $74.85 on the last check Tuesday.
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