Shutterstock, Inc. reported full-year 2024 revenue of $935.3 million, a 7% increase from 2023, and record Adjusted EBITDA of $247.1 million, up 3% year-over-year. However, fourth-quarter 2024 revenue of $250.3 million, while up 15% year-over-year, missed analyst consensus estimates of $254.94 million.
For the full year, Content product offering revenue increased 3% to $760.0 million, driven by Envato, but was offset by weakness in new customer acquisition. The Data, Distribution, and Services (DDS) segment revenue grew 28% to $175.3 million, with the data offering contributing $120.3 million, a 15% increase.
Fourth-quarter net loss was $1.4 million, or $0.04 per diluted share, compared to a $1.0 million loss in Q4 2023. Adjusted net income for Q4 was $23.4 million, or $0.67 per diluted share, missing analyst consensus estimates and decreasing by $0.05 per diluted share year-over-year.
Full-year net income decreased to $35.9 million from $110.3 million in 2023, primarily due to a non-recurring bargain purchase gain in 2023 and increased interest and tax expenses in 2024. Adjusted net income for the full year was $138.7 million, down from $157.6 million in 2023.
The Board of Directors declared a quarterly cash dividend of $0.33 per common share, payable on March 20, 2025. This represents a 10% increase from the previous dividend of $0.30 per share.
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