Shutterstock, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Shutterstock, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

Shutterstock, Inc. (SSTK) filed a Annual Report (10-K) with the SEC on February 26, 2024. Shutterstock, Inc. filed its 2023 Form 10-K on February 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 350 Fifth Avenue, 20th Floor, New York, NY 10118. Shutterstock, Inc. is incorporated in Delaware. The SIC code for Shutterstock, Inc. is 7374 (Services-Computer Processing & Data Preparation).

Why It Matters

For investors and stakeholders tracking Shutterstock, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Shutterstock's financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, profitability, assets, liabilities, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Shutterstock, Inc. shows moderate risk based on this filing. The company's reliance on a limited number of customers for a significant portion of its revenue presents a risk, as indicated by the 'TwoCustomersMember' and 'OneCustomerMember' data points related to Accounts Receivable.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Shutterstock's financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-26 — Filing Date (Filed as of date)
• 2023-01-01 — Fiscal Year Start (Period covered by the report)

Key Players & Entities

• Shutterstock, Inc. (company) — Filer name
• 350 FIFTH AVENUE (location) — Business address street 1
• NEW YORK (location) — Business address city
• DE (location) — State of incorporation
• 7374 (industry_code) — Standard Industrial Classification
• John Caine (person) — Member name

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to reliance on a limited number of customers for a significant portion of its accounts receivable.

Industry Context

Shutterstock operates in the digital content market, providing a platform for licensing images, video, music, and other content to businesses and individuals.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (Form 10-K).

What Investors Should Do

1. Review the consolidated financial statements for revenue, net income, and cash flow trends.
2. Analyze the risk factors section for potential business challenges and mitigation strategies.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date Shutterstock, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SSTK New York Stock

Filing Documents

• sstk-20231231.htm (10-K) — 2151KB
• a10-k_2023xq4exhibit211.htm (EX-21.1) — 27KB
• a10-k_2023xq4exhibit231.htm (EX-23.1) — 2KB
• a10-k_2023xq4exhibit311.htm (EX-31.1) — 12KB
• a10-k_2023xq4exhibit312.htm (EX-31.2) — 11KB
• a10-k_2023xq4exhibit32.htm (EX-32) — 10KB
• exhibit97-executivecompens.htm (EX-97) — 21KB
• image_0.jpg (GRAPHIC) — 4KB
• sstk-20231231_g1.jpg (GRAPHIC) — 303KB
• 0001549346-24-000007.txt (&nbsp;) — 10926KB
• sstk-20231231.xsd (EX-101.SCH) — 64KB
• sstk-20231231_cal.xml (EX-101.CAL) — 110KB
• sstk-20231231_def.xml (EX-101.DEF) — 325KB
• sstk-20231231_lab.xml (EX-101.LAB) — 906KB
• sstk-20231231_pre.xml (EX-101.PRE) — 606KB
• sstk-20231231_htm.xml (XML) — 1298KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 37

C

Item 1 C . C y bersecurity 37 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. Reserved 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 63

C

Item 9 C . Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 64 Part III Item 10. Directors, Executive Officers and Corporate Governance 65 Item 11.

Executive Compensation

Executive Compensation 65 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13. Certain Relationships and Related Transactions and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 Part IV Item 15. Exhibits, Financial Statement Schedules F- 1 Item 16. Form 10-K Summary 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, particularly in the discussions under the captions "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." All statements other than statements of historical fact, are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies and our competitive position. You can identify many forward-looking statements by words such as "may," "will," "would," "should," "could," "expects," "aims," "anticipates," "believes," "estimates," "intends," "plans," "predicts," "projects," "seeks," "potential," "opportunities" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, among others, those discussed under the caption "Risk Factors" of this Annual Report on Form 10-K, as well as in our consolidated financial statements, related notes, and the other information appearing elsewhere in this report and our other filings with the Securities and Exchange Commission, or the SEC. Given these risks and uncertainties, you should

Business

Item 1. Business. Overview Shutterstock, Inc. (referred to herein as the "Company", "we," "our," and "us") is a leading global creative platform connecting brands and businesses to high quality content. Our platform brings together users and contributors of content by providing readily-searchable content that our customers pay to license and by compensating contributors as their content is licensed. Contributors upload their content to our web properties in exchange for royalty payments based on customer download activity. Beyond content, customers also leverage the Company's platform to assist with the entire creative process from ideation through creative execution. Digital content licensed to our customers for their creative needs includes images, footage, music, and 3D models (our "Content" offering). Our Content revenues represent the majority of the Company's business and are supported by our searchable creative platform and driven by our large contributor network. In addition, our customers have needs that are beyond traditional content license products and services. These include (i) licenses to metadata associated with our images, footage, music tracks and 3D models through our data offering, (ii) distribution and advertising services from our Giphy business, which consists of GIFs (graphics interchange format visuals) that serve as a critical ingredient in text- and message- based conversations and in contextual advertising settings, (iii) specialized solutions for high-quality content matched with production tools and services through Shutterstock Studios and (iv) other tailored white-glove services (collectively, our "Data, Distribution, and Services" offerings). Our Content and Data, Distribution, and Services offering revenues are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Content $ 737,264 $ 789,306 $ 757,470 Data, Distribution, and Services 137,323 38,520 15,945 Total Revenue $ 874,587 $ 827,826 $ 773,415 Our Con

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View this 10-K filing on SEC EDGAR