Shutterstock Shares Drop After Q2 Earnings Miss

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  • Shutterstock Inc SSTK reported second-quarter FY22 sales growth of 9% year-on-year, to $206.87 million, missing the consensus of $209.25 million.
  • The average revenue per customer increased 1% to $359, and revenue per download rose 7% to $4.46.
  • Subscribers increased 15% Y/Y to 368,000. Subscriber revenue rose 8% to $84.7 million.
  • Revenue in the E-commerce sales channel increased 6% Y/Y to $127.4 million.
  • The operating margin was 12.3%, and operating income for the quarter fell 24% to $25.4 million.
  • The company held $84 million in cash and equivalents as of June 30, 2022.
  • Operating cash flow for the quarter declined 48% to $36.9 million with a free cash flow of $21.6 million, a 65% decrease.
  • Adjusted EPS of $0.83 missed the analyst consensus of $0.93.
  • Adjusted EBITDA decreased 8% Y/Y to $48.9 million.
  • On July 18, 2022, the company's board declared a dividend of $0.24 per share, payable on September 15, 2022, to stockholders of record on September 1, 2022.
  • Outlook, unchanged: Shutterstock expects FY22 revenue of $835 million - $850 million, against the consensus of $842.25 million.
  • The company expects FY22 adjusted EPS of $3.65 - $3.80 against the Street view of $3.64.
  • Price Action: SSTK shares are trading lower by 13.56% at $51.07 on the last check Tuesday.
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