Adjusted net income per diluted share was $1.29 as compared to $1.00 for the first quarter of 2022, an increase of $0.29 per diluted share. These increases are due primarily to the first quarter 2023 revenue growth. Net income per diluted share was $0.90, as compared to $0.71 for the same period in 2022. Net income of $32.8 million increased $6.3 million as compared to $26.6 million for the first quarter in 2022. Net income and net income per diluted share On a constant currency basis, E-commerce revenue decreased by 4% and Enterprise revenues increased by 35% in the first quarter of 2023, as compared to 2022. On a constant currency basis, revenue increased 10% in the first quarter of 2023 as compared to the first quarter of 2022. The increase in Enterprise revenues was primarily driven by growth in our computer vision data partnerships and our Studios business, in addition to revenue generated from our acquisitions of Pond5 and Splash News. Revenue from our Enterprise sales channel increased 33% as compared to the first quarter of 2022, to $95.5 million, and represented 44% of first quarter revenue in 2023. The decline in E-commerce revenue was primarily driven by weakness in customer acquisition, partially offset by revenue generated from Pond5 which was acquired in May 2022. Revenue generated through our E-commerce sales channel decreased 6% as compared to the first quarter of 2022, to $119.8 million, and represented 56% of total revenue in the first quarter of 2023. Revenueįirst quarter revenue of $215.3 million increased $16.1 million or 8% as compared to the first quarter of 2022. SHUTTERSTOCK INVESTOR RELATIONS MICRO SITEĪccessible at /investor-report/index.html. Footage collection expanded to 47 million clips. Image collection expanded to 615 million images. Paid downloads decreased to 42.7 million. Key Operating MetricsĪverage revenue per customer increased to $356. Free cash flow increased $40.7 million to $50.9 million. Operating cash flows increased $44.1 million to $66.8 million. Adjusted net income per diluted share increased $0.29 to $1.29. Net income per diluted share increased $0.19 to $0.90. Adjusted EBITDA increased 27% to $69.8 million. Net income increased 24% to $32.8 million. Income from operations increased 26% to $40.4 million. Shutterstock is an extremely exciting place to be right now with our end-to-end creative platform uniquely positioning us for sustained growth and profitability." First Quarter 2023 highlights as compared to First Quarter 2022: Our investments are paying tangible dividends, as demonstrated by record Adjusted EBITDA in the first quarter and increased guidance for the full year. We integrated generative AI into our offering and also concluded landmark data partnerships with some of the largest companies in the world. Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "We are pleased to report an exceptional quarter for Shutterstock. (NYSE: SSTK) (the "Company"), a premier partner for transformative brands, newsrooms and media companies, today announced financial results for the first quarter ended March 31, 2023. NEW YORK, Ap/PRNewswire/ - Shutterstock, Inc. The Bigstock brand is engaged in stock media offering.Shutterstock Reports First Quarter 2023 Financial Results The PremiumBeat brand is a curated royalty-free music library. The Shutterstock Studios brand is an end-to-end custom creative shop. The Offset brand is a high-end image collection. The PicMonkey brand is an online graphic design and image editing platform. The TurboSquid brand is a 3D content marketplace. The Company’s Splash News brand is an entertainment news agency for newsrooms and media companies worldwide. Its Shutterstock brand includes various content types and offerings, such as images, footage, music, three-dimensional (3D), and creative design software. The Company’s offerings are distributed to customers in various ranges of brands, including Splash News, Pond5, TurboSquid, Offset, PremiumBeat, Bigstock, PicMonkey, and Shutterstock Studios. (Shutterstock) is a provider of a global creative platform for transformative brands and media companies.
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