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Shutterstock, Inc. (NYSE: SSTK) announced the acquisition of Envato Pty , a leader in digital creative assets and templates. The acquisition includes Envato's flagship product, Elements, a creative subscription service allowing unlimited downloads of various assets. This strategic move by Shutterstock aims to expand its reach to faster-growing audiences such as freelancers, hobbyists, small businesses, and agencies, while also diversifying its content offerings. The acquisition is expected to increase Shutterstock's subscriber base, revenue, and content library significantly.
Shutterstock reported its first quarter 2024 financial results, highlighting strong performance and an acquisition agreement with Envato. Despite revenue consistency, net income, adjusted EBITDA, and adjusted net income per diluted common share all decreased compared to Q1 2023. The acquisition of Envato Pty is expected to close in Q3 2024, with a purchase price of approximately $245 million. The company's cash and cash equivalents decreased, and adjusted free cash flow also declined. A quarterly cash dividend of $0.30 per common share was declared and paid. Key operating metrics showed a decrease in subscribers and revenue per customer compared to 2023. The company increased its guidance for full-year 2024 with revenue growth of 5.5% to 7% and adjusted EBITDA of $245 million to $248 million.