Shutterstock Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 26, 2024
SSTK$2.83-4.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $110,269 | $76,103 | $91,883 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 79,729 | 68,470 | 48,771 |
| Deferred taxes | (26,176) | (10,587) | (1,771) |
| Non-cash equity-based compensation | 48,577 | 35,740 | 36,179 |
| Impairment of lease and related assets | — | 18,664 | — |
| Bad debt expense | 1,894 | 3,697 | 137 |
| Bargain purchase gain | (50,261) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (24,409) | (22,105) | (4,093) |
| Prepaid expenses and other current and non-current assets | (50,501) | 532 | (13,184) |
| Accounts payable and other current and non-current liabilities | 20,892 | (24,328) | 34,444 |
| Contributor royalties payable | 15,841 | 7,772 | 898 |
| Deferred revenue | 14,697 | 4,493 | 23,108 |
| Net cash provided by operating activities | $140,552 | $158,451 | $216,372 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (44,645) | (43,296) | (28,125) |
| Business combination, net of cash acquired | (53,721) | (211,843) | (181,609) |
| Asset acquisitions | — | (3,417) | (31,639) |
| Cash received related to Giphy Retention Compensation | 53,657 | — | — |
| Acquisition of content | (11,096) | (16,821) | (8,874) |
| Security deposit release / (payment) | 1,489 | (173) | (191) |
| Net cash used in investing activities | $(54,316) | $(275,550) | $(250,438) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from exercise of stock options | 2 | 1,810 | 2,148 |
| Cash paid related to settlement of employee taxes related to RSU vesting | (15,834) | (22,601) | (22,726) |
| Payment of cash dividends | (38,667) | (34,589) | (30,651) |
| Proceeds from credit facility | 30,000 | 50,000 | — |
| Repayment of credit facility | (50,000) | — | — |
| Repurchase of treasury shares | (28,205) | (73,488) | (26,493) |
| Payment of debt issuance costs | — | (619) | — |
| Net cash used in financing activities | $(102,704) | $(79,487) | $(77,722) |
| Effect of foreign exchange rate changes on cash | 1,804 | (2,277) | (2,769) |
| Net decrease in cash, cash equivalents and restricted cash | (14,664) | (198,863) | (114,557) |
| Cash, cash equivalents and restricted cash, beginning of period | 115,154 | 314,017 | 428,574 |
| Cash, cash equivalents and restricted cash, end of period | $100,490 | $115,154 | $314,017 |
| Supplemental Disclosure of Cash Information: | |||
| Cash paid for: | |||
| Cash paid for income taxes | $33,067 | $23,444 | $19,092 |
| Cash paid for interest | $1,724 | $1,045 | — |
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