Shutterstock Inc
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
View on SEC.govAbout this filing
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.
FY2024 · Filed Feb 25, 2025
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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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $35,932 | $110,269 | $76,103 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 87,626 | 79,729 | 68,470 |
| Deferred taxes | (10,963) | (26,176) | (10,587) |
| Non-cash equity-based compensation | 56,330 | 48,577 | 35,740 |
| Impairment of lease and related assets | — | — | 18,664 |
| Bad debt expense | (2,033) | 1,894 | 3,697 |
| Bargain purchase gain | — | (50,261) | — |
| Unrealized gain on investments, net | (2,160) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 4,944 | (24,409) | (22,105) |
| Prepaid expenses and other current and non-current assets | (17,934) | (50,501) | 532 |
| Accounts payable and other current and non-current liabilities | (48,600) | 20,892 | (24,328) |
| Envato Seller Obligations | (63,320) | — | — |
| Contributor royalties payable | 14,654 | 15,841 | 7,772 |
| Deferred revenue | (21,830) | 14,697 | 4,493 |
| Net cash provided by operating activities | $32,646 | $140,552 | $158,451 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (47,215) | (44,645) | (43,296) |
| Business combination, net of cash acquired | (179,071) | (53,721) | (211,843) |
| Asset acquisitions | — | — | (3,417) |
| Cash received related to Giphy Retention Compensation | 63,971 | 53,657 | — |
| Acquisition of content | (4,029) | (11,096) | (16,821) |
| Security deposit release / (payment) | 176 | 1,489 | (173) |
| Net cash used in investing activities | $(166,168) | $(54,316) | $(275,550) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from exercise of stock options | — | 2 | 1,810 |
| Cash paid related to settlement of employee taxes related to RSU vesting | (12,167) | (15,834) | (22,601) |
| Payment of cash dividends | (42,383) | (38,667) | (34,589) |
| Proceeds from credit facility | 280,000 | 30,000 | 50,000 |
| Repayment of credit facility | (31,563) | (50,000) | — |
| Repurchase of treasury shares | (41,591) | (28,205) | (73,488) |
| Payment of debt issuance costs | (2,200) | — | (619) |
| Net cash provided by / (used in) financing activities | $150,096 | $(102,704) | $(79,487) |
| Effect of foreign exchange rate changes on cash | (5,813) | 1,804 | (2,277) |
| Net increase / (decrease) in cash and cash equivalents | 10,761 | (14,664) | (198,863) |
| Cash and cash equivalents, beginning of period | 100,490 | 115,154 | 314,017 |
| Cash and cash equivalents, end of period | $111,251 | $100,490 | $115,154 |
| Supplemental Disclosure of Cash Information: | |||
| Cash paid for: | |||
| Cash paid for income taxes | $34,033 | $33,067 | $23,444 |
| Cash paid for interest | $7,830 | $1,724 | 1,045 |
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