0001549346-25-000011 | 10-K | XBRL Viewer

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Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Depreciation and amortization expense	$ 42,000,000	$ 37,700,000	$ 34,000,000
Impairment charge for property plant equipment	0	0	0
Impairment of lease and related assets			2,800,000
Capitalized costs	36,900,000	45,100,000	40,700,000
Amortization expense	39,300,000	34,900,000	29,600,000
Capitalized internal-use software	57,800,000	60,300,000
Cost of revenue
Property and Equipment
Depreciation and amortization expense	40,400,000	36,100,000	31,000,000.0
General and Administrative Expenses
Property and Equipment
Depreciation and amortization expense	$ 1,600,000	$ 1,700,000	$ 3,000,000.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Non-Lease Obligations

As of December 31, 2024, the Company’s other unconditional cash obligations, consisting primarily of unconditional purchase obligations related to contracts for cloud-based services, infrastructure and other business services as well as minimum royalty guarantees in connection with certain content licenses, are as follows:


Year Ending December 31,	Other Obligations
2025	$	44,300
2026	9,500
2027	1,900



Total non-lease unconditional obligations	$	55,700

Leasing (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Balance Sheet Information for Leases

Balance sheet information for the Company’s leases as of December 31, 2024, is as follows:


	December 31,
(in thousands)	2024		2023

Right-of-use assets	$	13,956	$	15,395

Lease liabilities, current	$	9,717	$	9,076
Lease liabilities, non-current	23,365		29,404
Total lease liabilities	$	33,082	$	38,480

Schedule of Maturity of Operating Lease Liabilities

Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its lease liabilities at December 31, 2024 are as follows (in thousands):


Reconciliation of future undiscounted lease payments to lease liabilities	Lease Commitments
Year ending December 31,

2025	10,174
2026	8,094
2027	8,409
2028	8,416
2029	2,662

Total undiscounted lease payments	37,755
Less: imputed interest	(4,673)
Total lease liabilities	$	33,082

Fair Value Measurements and Other Long-term Investments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Other Long-term Investments

Fair Value Measurements

The Company had no assets or liabilities requiring fair value hierarchy disclosures as of December 31, 2024 and 2023, except as noted below.

Money Market Accounts

Cash equivalents include money market accounts and are classified as a level 1 measurement based on quoted prices in active markets for identical assets that the reporting entity can access at the measurement date. As of December 31, 2024 and 2023, the Company did not have any cash equivalent balances.

Other Fair Value Measurements

The carrying amounts of cash, accounts receivable, accounts payable, accrued expenses and the Giphy Retention Compensation approximate fair value because of the short-term nature of these instruments. Debt consists of principal amounts outstanding under our credit facility, which approximates fair value as underlying interest rates are reset regularly based on current market rates and is classified as Level 2. The Company’s non-financial assets, which include long-lived assets, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at its fair value. In 2022, the Company recorded an impairment charge related to a portion of its right-of-use assets and property and equipment triggered by the Company’s decision to cease using certain office spaces. See Note 17, Leasing for further discussion.

Long-Term Investments

Investment in Meitu, Inc. (“Meitu”)

In 2018, the Company invested $15.0 million in convertible preferred shares issued by ZCool Technologies Limited (“ZCool”) (the “Preferred Shares”). ZCool’s primary business is the operation of an e-commerce platform in the People’s Republic of China (the “PRC”) whereby customers can pay to license content contributed by creative professionals. ZCool and its affiliates have been the exclusive distributor of Shutterstock content in China since 2014. The Company used the measurement alternative and the investment in ZCool was reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

On March 27, 2024, ZCool was acquired by Meitu, and the Company’s Preferred Shares in ZCool were exchanged for $18.4 million of Meitu common shares, resulting in an investment carrying value increase of $3.4 million, which is recorded in Other income / (expense), net in the Consolidated Statement of Operations. Meitu’s primary business is the provision of online advertising and other internet value added services in the PRC, and its common shares are publicly traded on the Main Board of The Stock Exchange of Hong Kong Limited. This investment is recorded at fair value on a recurring basis, with changes in fair value being recorded in Other income / (expense), net in the Consolidated Statement of Operations. Its fair value level hierarchy and amount at December 31, 2024 are as follows (in thousands):


	As of December 31, 2024
Hierarchy Level:	Fair Value
Level 1	$	17,290

Other Long-Term Investments

In connection with its Data, Distribution, and Services business, the Company may receive equity instruments in addition to cash for revenue contract consideration. As of December 31, 2024, the Company has $24.0 million recorded in Other Assets in the Consolidated Balance Sheet from equity instruments received. The Company held no customer equity instruments as of December 31, 2023. The Company estimated the value of these equity instruments based on issuers’ recent market transactions. The Company will use the measurement alternative for fair value since the equity instruments do not have a readily determinable fair value and will report the instruments at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

As of December 31, 2024 and December 31, 2023, the Company also had a long-term investment in an equity security with no readily determinable fair value totaling $5.0 million. The Company uses the measurement alternative for fair value and the investment’s carrying value is reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 111,251	$ 100,490
Accounts receivable, net of allowance of $3,101 and $6,335	95,225	91,139
Prepaid expenses and other current assets	49,482	100,944
Total current assets	255,958	292,573
Property and equipment, net	66,400	64,300
Right-of-use assets	13,956	15,395
Intangible assets, net	248,477	184,396
Goodwill	569,668	383,325
Deferred tax assets, net	70,982	24,874
Other assets	83,715	71,152
Total assets	1,309,156	1,036,015
Current liabilities:
Accounts payable	9,221	9,108
Accrued expenses	126,643	131,443
Contributor royalties payable	81,076	54,859
Deferred revenue	225,489	203,463
Debt	158,106	30,000
Other current liabilities	24,751	23,513
Total current liabilities	625,286	452,386
Deferred tax liability, net	2,174	4,182
Long-term debt	119,598	0
Lease liabilities	23,365	29,404
Other non-current liabilities	20,383	22,949
Total liabilities	790,806	508,921
Commitments and contingencies (Note 18)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 40,395 and 39,982 shares issued and 34,874 and 35,572 shares outstanding as of December 31, 2024 and December 31, 2023, respectively	403	399
Treasury stock, at cost; 5,521 and 4,410 shares as of December 31, 2024 and December 31, 2023, respectively	(269,804)	(228,213)
Additional paid-in capital	468,390	424,229
Accumulated other comprehensive loss	(16,841)	(11,974)
Retained earnings	336,202	342,653
Total stockholders’ equity	518,350	527,094
Total liabilities and stockholders’ equity	$ 1,309,156	$ 1,036,015

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) / Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2021		39,209
Beginning balance at Dec. 31, 2021	$ 468,482	$ 392	$ (127,196)	$ 376,537	$ (10,788)	$ 229,537
Beginning balance (in shares) at Dec. 31, 2021			2,792
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	35,740			35,740
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		654
Issuance of common stock in connection with employee stock option exercises and RSU vesting	1,810	$ 7		1,803
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(258)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(22,601)	$ (3)		(22,598)
Repurchase of Treasury Shares (in shares)			984
Repurchase of treasury shares	(72,812)		$ (72,812)
Cash dividends paid	(34,589)					(34,589)
Other comprehensive (loss) / income	(4,651)				(4,651)
Net income	76,103					76,103
Ending balance (in shares) at Dec. 31, 2022		39,605
Ending balance at Dec. 31, 2022	447,482	$ 396	$ (200,008)	391,482	(15,439)	271,051
Ending balance (in shares) at Dec. 31, 2022			3,776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	48,577			48,577
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		634
Issuance of common stock in connection with employee stock option exercises and RSU vesting	2	$ 5		(3)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(257)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(15,829)	$ (2)		(15,827)
Repurchase of Treasury Shares (in shares)			634
Repurchase of treasury shares	(28,205)		$ (28,205)
Cash dividends paid	(38,667)					(38,667)
Other comprehensive (loss) / income	3,465				3,465
Net income	$ 110,269					110,269
Ending balance (in shares) at Dec. 31, 2023	39,982	39,982
Ending balance at Dec. 31, 2023	$ 527,094	$ 399	$ (228,213)	424,229	(11,974)	342,653
Ending balance (in shares) at Dec. 31, 2023	4,410		4,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 56,330			56,330
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		702
Issuance of common stock in connection with employee stock option exercises and RSU vesting	0	$ 6		(6)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(289)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(12,165)	$ (2)		(12,163)
Repurchase of Treasury Shares (in shares)			1,111
Repurchase of treasury shares	(41,591)		$ (41,591)
Cash dividends paid	(42,383)					(42,383)
Other comprehensive (loss) / income	(4,867)				(4,867)
Net income	$ 35,932					35,932
Ending balance (in shares) at Dec. 31, 2024	40,395	40,395
Ending balance at Dec. 31, 2024	$ 518,350	$ 403	$ (269,804)	$ 468,390	$ (16,841)	$ 336,202
Ending balance (in shares) at Dec. 31, 2024	5,521		5,521

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability.
Concentration of Risk	Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable balances. Cash and cash equivalents are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. A significant portion of the Company’s revenues are derived from customers who license content using electronic payments at the time of a transaction. The Company’s accounts receivable are primarily from enterprise customers who require invoicing. The Company performs initial and ongoing credit reviews on these customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay. The Company also performs ongoing financial condition evaluations for its existing customers.
Cash, Cash Equivalents	As of December 31, 2024 and 2023, the Company’s cash and cash equivalents were $111.3 million and $100.5 million, respectively. The Company’s cash balance consist primarily of bank deposits. Cash equivalents consists primarily of money market accounts and are stated at cost, which approximates fair value. Restricted cash is not material in any period presented.
Fair Value Measurements	The Company records its financial assets and liabilities at fair value. Fair value is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair value is estimated by applying inputs which are classified into the following levels of a three-tier hierarchy as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2- inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 - unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions regarding what market participants would use in pricing.
Accounts Receivable and Allowance for Doubtful Accounts	The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates.
Property and Equipment	Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the related assets.
Capitalized Internal Use Software	The Company capitalizes the qualifying costs of computer software developed for internal use, which are incurred during the application development stage, and amortizes them over the software’s estimated useful life. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred. The amounts capitalized include employee’s payroll and payroll-related costs directly associated with the development activities as well as external direct costs of services used in developing internal-use software. The Company’s policy is to amortize capitalized costs using the straight-line method over the estimated useful life, which is currently three years, beginning when the software is substantially complete and ready for its intended use.
Impairment of Long-Lived Assets	Long-lived assets, inclusive of definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying value or the fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. In 2022, the Company recorded an impairment charge related to a portion of its right-of-use assets and property and equipment triggered by the Company’s decision to cease using certain office spaces. See Note 6, Property and Equipment and Note 17, Leasing for further discussion.
Goodwill and Intangible Assets	Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually on October 1 of each fiscal year or more frequently if events occur or circumstances exist that indicate that the fair value of a reporting unit may be below its carrying value. The Company’s goodwill balance was allocated to a single reporting unit.
Revenue Recognition and Cost of Revenue	A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products. The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less. For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers. The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers. The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available. The Company’s cost of revenue includes royalties paid to contributors, credit card processing fees, content reviewer costs, customer service expenses, infrastructure and hosting costs related to maintaining our creative platform and cloud-based software platform, depreciation and amortization of capitalized internal-use software, purchased content and acquisition-related intangible assets, allocated facility costs and other supporting overhead costs. Costs of revenue also includes employee compensation, including non-cash equity-based compensation, bonuses and benefits associated with the maintenance of the Company’s creative platform and cloud-based software platform.
Contributor Royalties and Internal Sales Commissions	The Company expenses contributor royalties in the period revenue is recognized, which is generally when the customer download occurs, and includes the corresponding contributor royalties in cost of revenue. Contributor royalties are generally paid monthly. The Company advances certain contributor royalties which are initially deferred and expensed based on the contractual royalty rate at the time of customer download or when the Company determines future recovery is not probable. For the years ended December 31, 2024, 2023 and 2022, the Company deferred $3.4 million, $3.9 million and $6.3 million, respectively, in royalty advances and amortized $3.7 million, $4.0 million and $7.1 million, respectively, in royalty advance expense which is included in cost of revenue. As of December 31, 2024 and 2023, the Company has deferred contributor royalties of $0.3 million and $0.6 million, respectively, which is included in prepaid expenses and other current assets in the Consolidated Balance Sheets. Internal sales commissions are generally paid in the month following collection or invoicing of the commissioned receivable and is reported in sales and marketing expense on the Consolidated Statements of Operations. The Company expenses contract acquisition costs, including internal sales commissions, as incurred, to the extent that the amortization period would otherwise be one year or less.
Product Development	The Company expenses product development costs as incurred, except for costs that are capitalized for certain internal software development projects. Product development costs are primarily comprised of development personnel salaries, non-cash equity-based compensation, software and other IT equipment costs as well as allocated facility costs and related overhead.
Advertising Costs	The Company expenses the cost of advertising and promoting its products as incurred.
Leasing	The Company records rent expense on a straight-line basis over the term of the related lease. At inception, the Company first determines if an arrangement contains a lease and the classification of that lease, if applicable. The Company recognizes right-of-use (“ROU”) assets and lease liabilities for its operating leases. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. The Company has also elected not to recognize a lease liability or ROU asset for leases with a term of 12 months or less, and recognize lease payments for those short-term leases on a straight-line basis over the lease term in the Consolidated Statements of Operations. Operating leases are included in ROU assets, other current liabilities and lease liabilities (net of current portion) on the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s leases is generally not determinable and therefore the incremental borrowing rate at the lease commencement date is utilized to determine the present value of lease payments. The determination of the incremental borrowing rate requires judgment. Management determines the incremental borrowing rate for each lease using the Company’s estimated borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when the Company is reasonably certain that the option will be exercised. An option to terminate is considered unless the Company is reasonably certain the option will not be exercised.
Equity-Based Compensation	The Company grants Restricted Stock Units, Performance-based Restricted Stock Units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and Stock Options to directors and officers and certain other employees of the Company. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan. The Company measures and recognizes non-cash equity-based compensation expense for all stock-based awards granted to employees based on estimated fair values. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. Forfeitures are accounted for as they occur. For awards with a change of control condition, an evaluation is made at the grant date and future periods as to the likelihood of the condition being met. Compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the change of control conditions until the vesting date. Compensation expense related to awards with a market condition is recognized over the requisite service period regardless of the achievement of the market condition. Compensation expense related to awards with a performance condition is recognized over the requisite service period based on the expected levels of achievement. To the extent that the expected levels of achievement change, stock-based compensation expense is adjusted and recorded in the Consolidated Statements of Operations and the remaining unrecognized stock-based compensation is recognized over the remaining requisite service period. The Company uses the closing price of the Company’s common stock on the date of grant to determine the fair value of RSUs. The Company uses the Black Scholes option pricing model, to determine the fair value of stock options on the date of grant. The Monte Carlo simulation model is used if the award has a market condition. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include the Company’s closing market price at the grant date, the expected stock price volatility over the expected term of the awards, awards’ exercise and cancellation behaviors, risk-free interest rates and expected dividends. The awards granted pursuant to the 2012 Plan and the 2022 Plan are subject to a time-based vesting requirement and certain award grants may also include market based or performance based vesting conditions. While each PRSU corresponds to one target share of the Company’s stock, the number of shares that may eventually vest will be between 0% and 150% of a recipient’s target shares, depending on both the recipient’s continued service with the Company and the extent to which performance goals will have been achieved. Awards generally vest over three or four years. Upon the vesting of RSUs, the Company has a practice of net share settlement, to cover any required withholding taxes by retaining the number of shares with a value equal to the amount of the tax and remitting an equal amount of cash to the appropriate taxing authorities.
Employee Benefit Plans	The Company offers a 401(k) defined contribution plan and provides for discretionary employer matching contributions. All matching contributions are recognized as an expense in the Statement of Operations, as incurred.
Income Taxes and Other Non-income Taxes	The Company’s income tax expense includes U.S. (federal and state) and foreign income taxes. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. The Company records an income tax liability for the difference, if any, between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The reserves are adjusted in light of changing facts and circumstances, such as the outcomes of tax audits or lapses in statutes of limitations. Any reserve for uncertain tax provisions and related penalties and interest is included in the income tax provision. On a quarterly basis, the Company assesses the realizability of deferred tax assets, based on the available evidence including a history of taxable income, estimates of future taxable income and planning strategies and a valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized. Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities. In the event that actual results differ from these estimates, the Company will adjust these estimates in future periods which may result in a change in the effective tax rate in a future period. The global intangible low-taxed income (“GILTI”) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat any potential GILTI inclusions as a period cost. The Company is subject to certain non-income taxes, including value added taxes, sales taxes and royalty withholding taxes. Where appropriate, the Company has made accruals for these taxes, which are reflected in the Company’s consolidated financial statements. These accruals are subject to statute of limitations requirements and review by governmental authorities.
Treasury Stock	The Company accounts for treasury stock under the cost method and is included as a component of stockholders’ equity. Treasury stock held by the Company may be reissued in the future. The Company’s policy is to account for reissued shares as a reduction of Treasury stock on a first-in, first-out basis.
Net Income Per Share	Basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, is excluded from basic weighted average number of common shares outstanding. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average common shares outstanding and all potential common shares, if they are dilutive.
Reportable Segments	For the year ended December 31, 2024, the Company has identified one operating segment, which has also been determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing financial performance.
Contingent Consideration	The Company records an asset or liability for contingent consideration at the date of a business combination and reassesses the fair value of the asset or liability each period until it is settled. Upon settlement of these assets or liabilities, the portion of the contingent consideration payment that is attributable to the initial amount recorded as part of the business combination is classified as a cash flow from financing activities if the contingent consideration is a liability, or a cash flow from investing activities if the contingent consideration is an asset, and the portion of the settlement that is attributable to subsequent changes in the fair value of the contingent consideration is classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows.
Foreign Currency	The functional currency of the Company’s foreign subsidiaries is generally the respective local currency. Monetary assets and liabilities that are denominated in currencies other than each entity’s functional currency are remeasured into the functional currency at the period-end exchange rates and result in transactional gains and losses.
Recently Adopted Accounting Standard Updates and Recent Accounting Pronouncements Not Yet Adopted	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances incremental disclosures on an annual and interim basis, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. This ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2024 consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08 (“ASU 2023-08”), Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):Accounting for and Disclosure of Crypto Assets to enhance the valuation and disclosure of crypto assets held by an entity. ASU 2023-08 is effective for annual periods beginning after December 15, 2024 and the interim periods therein. Upon adoption, a cumulative-effect adjustment to the opening balance of retained earnings is to be made as of the beginning of the annual period in which the entity adopts the amendments. Early adoption is permitted. The adoption of this accounting standard is not expected to impact the Company’s operations, financial position or cash flows. The Company does not hold any Crypto Assets as of December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

Debt - Narrative (Details) - USD ($)			12 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 22, 2024	May 06, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Payment debt issuance costs			$ 2,200,000	$ 0	$ 619,000
Repayment of credit facility			(31,563,000)	$ (50,000,000)	$ 0
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term	5 years
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term		5 years
Maximum borrowing capacity	$ 250,000,000	$ 100,000,000
Available additional revolving loan commitments	$ 125,000,000	100,000,000
Payment debt issuance costs		$ 2,200,000
Remaining borrowing capacity			94,000,000
Interest expense			10,600,000
Revolving Credit Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.175%
Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread		0.375%
Revolving Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread		1.375%
Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.25%
Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread		0.75%
Revolving Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread		1.75%
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, unamortized discount (premium) and debt issuance costs, net			$ 700,000

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The Company distributes its products through two primary offerings:

Content: The majority of the Company’s customers license image, video, music and 3D content for commercial purposes either directly through the Company’s self-service web properties or through the Company’s dedicated sales teams. Content customers have the flexibility to purchase subscription-based plans that are paid on a monthly or annual basis. Customers are also able to license content on a transactional basis. These customers generally license content under the Company’s standard or enhanced licenses, with additional licensing options available to meet customers’ individual needs. Certain content customers also have unique content, licensing and workflow needs. These customers communication with dedicated sales professionals, service and research teams which provide a number of tailored enhancements to their creative workflows including non-standard licensing rights, multi-seat access, ability to pay on credit terms, multi-brand licensing packages, increased indemnification protection and content licensed for use-cases outside of those available on the e-commerce platform.

Data, Distribution, and Services: The Company’s Data, Distribution, and Services offerings address customer demand for products and services that are beyond the stock image, footage music and 3D model licenses. These offerings include access to the Company’s metadata for machine learning and generative artificial intelligence model training and high-quality production and custom content at scale provided by Shutterstock Studios.

The Company’s Content and Data, Distribution, and Services revenues for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Content	$	760,011	$	737,264	$	789,306
Data, Distribution, and Services	175,251		137,323		38,520

Total Revenues	$	935,262	$	874,587	$	827,826

Deferred revenue reported on the balance sheet represents unfulfilled performance obligations for which the Company has either received payment or has outstanding receivables. The December 31, 2024 deferred revenue balance will be earned as content is downloaded or upon the expiration of subscription-based products, and nearly all is expected to be earned within the next twelve months. $192.8 million of total revenue recognized for the year ended December 31, 2024 was reflected in deferred revenue as of December 31, 2023. In addition, as of December 31, 2024, the Company has approximately $36.4 million of contracted but unsatisfied performance obligations relating primarily to our data offerings, which are not included as a component of deferred revenue and that the Company expects to recognize over a five year period. In certain of the Company’s data deal contracts, the Company has provided customers with the right to cancel. As of December 31, 2024, the total refund reserve related to these contracts is $7.3 million and $5.7 million and is recorded in Other current liabilities and Other non-current liabilities, respectively. Should these cancellation rights not be exercised, this refund reserve would convert to revenue. For the twelve months ended December 31, 2024, the Company recognized $32.8 million of revenue from the reversal of refund reserves.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Summary of Significant Accounting Policies - Equity-Based Compensation (Details) - 2012 Plan	12 Months Ended
	Dec. 31, 2024
Minimum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting as percent of recipient's target shares	0.00%
Minimum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting as percent of recipient's target shares	150.00%
Maximum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Segment and Geographic Information - Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 935,262	$ 874,587	$ 827,826
North America
Segment Reporting Information [Line Items]
Revenue	474,683	427,746	353,197
Europe
Segment Reporting Information [Line Items]
Revenue	245,678	231,048	243,025
Rest of the world
Segment Reporting Information [Line Items]
Revenue	$ 214,901	$ 215,793	$ 231,604

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 49,827	$ 108,013	$ 86,207
Foreign	12,721	14,455	4,830
Income before income taxes	$ 62,548	$ 122,468	$ 91,037

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2021	Oct. 10, 2012	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 06, 2024	Jun. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of total stock options exercised			$ 0	$ 33	$ 1,100
Options granted (in shares)			0	0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation charge			$ 78,900
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares/notional units available for issuance (in shares)		6,750,000				7,500,000	4,000,000
Annual increase in shares available for issuance (in shares)		1,500,000
Annual increase in the shares available for issuance as a percentage of common stock outstanding as of the last day of immediately preceding fiscal year		3.00%
2012 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase (in shares)	1,093,000

Leasing - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of future undiscounted lease payments to lease liabilities
2025	$ 10,174
2026	8,094
2027	8,409
2028	8,416
2029	2,662
Total undiscounted lease payments	37,755
Less: imputed interest	(4,673)
Total lease liabilities	$ 33,082	$ 38,480

Stockholders' Equity (Details)		12 Months Ended
Stockholders' Equity (Details)	Jan. 27, 2025 $ / shares	Dec. 31, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Feb. 28, 2017 USD ($)	Oct. 31, 2015 USD ($)
Common Stock
Number of votes for each share \| Vote		1
Common stock, shares authorized (in shares) \| shares		200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred Stock
Preferred stock, authorized shares (in shares) \| shares		5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Preferred stock, shares issued (in shares) \| shares		0
Treasury Stock
Remaining authorization for purchases under the share repurchase program \| $		$ 30,000,000
Number of shares acquired (in shares) \| shares		5,521,000	4,410,000
Dividends
Dividends, common stock, cash (in dollars per share) \| $		$ 42,383,000	$ 38,667,000	$ 34,589,000
Cash dividend declared (in dollars per share) \| $ / shares		$ 1.20	$ 1.08
Subsequent Event
Dividends
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.33
Common Stock
Treasury Stock
Authorized repurchase amount \| $					$ 100,000,000	$ 100,000,000	$ 100,000,000
Repurchase of Treasury Shares (in shares) \| shares		1,100,000	635,000
Average per-share cost (in dollars per share) \| $ / shares		$ 37.42	$ 44.45
Number of shares acquired (in shares) \| shares		5,500,000
Common Stock \| October 2015 Share Repurchase Program
Treasury Stock
Average per-share cost (in dollars per share) \| $ / shares		$ 48.86

Merger Agreement with Getty Images (Details) - Getty Images - Subsequent Event	Jan. 06, 2025 $ / shares shares
Business Acquisition [Line Items]
Business combination, consideration transferred, equity interests, issued and issuable, cash paid per acquiree share (in dollars per share) \| $ / shares	$ 9.50
Business combination, consideration transferred, equity interests, issued and issuable, entity shares issued per acquiree share (in shares) \| shares	9.17
Business acquisition, share price (in dollars per share) \| $ / shares	$ 28.8487
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	13.67237

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortizing intangible assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization expense	45,600,000	42,000,000	34,500,000
2023	46,000,000
2024	43,700,000
2025	37,500,000
2026	34,500,000
2027	27,200,000
Thereafter	59,500,000
Cost of Revenue
Amortizing intangible assets
Amortization expense	40,400,000	38,700,000	32,100,000
General and Administrative Expenses
Amortizing intangible assets
Amortization expense	$ 5,200,000	$ 3,300,000	$ 2,400,000

Fair Value Measurements and Other Long-term Investments - Fair Value, Assets Measured on Recurring Basis (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 17,290

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

Summary of Significant Accounting Policies - Contributor Royalties and Internal Sales Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred royalty advances	$ 3.4	$ 3.9	$ 6.3
Amortization of advance royalty	3.7	4.0	$ 7.1
Prepaid expenses and other current assets
Deferred Revenue Arrangement [Line Items]
Deferred contributor royalties	$ 0.3	$ 0.6

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency transactional gains (losses)	$ (3.2)	$ 0.7	$ (3.1)

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Merger Agreement with Getty Images	12 Months Ended
Merger Agreement with Getty Images	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Merger Agreement with Getty Images	Merger Agreement with Getty Images On January 6, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to combine in a merger-of-equals transaction with Getty Images Holdings, Inc. (NYSE:GETY) (“Getty Images”) (such transaction referred to herein as the “Merger”). Subject to terms and conditions in the Merger Agreement, the aggregate consideration to be paid by Getty Images in respect of the outstanding shares of common stock of Shutterstock will be: (a)An amount in cash equal to the product of $9.50 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units); and (b)A number of shares of Getty Images common stock equal to the product of 9.17 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units). Each holder of Shutterstock common stock immediately prior to the transaction close will have the option to receive, subject to proration, for each share of Shutterstock common stock held by such holder: (a)Cash consideration of $9.50 and 9.17 shares of Getty Images common stock; (b)Cash consideration of $28.8487; or (c)13.67237 shares of Getty Images common stock. The Merger is subject to the satisfaction of customary closing conditions, further described below, including receipt of required regulatory approvals, the approval of Getty Images and Shutterstock stockholders and the extension or refinancing of Getty Images’ existing debt obligations. Subject to the satisfaction of the closing conditions, upon closing of the Merger, Shutterstock’s common stock will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended. The closing of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: •adoption of the Merger Agreement by Shutterstock stockholders (the “Shutterstock Stockholder Approval”) and the Getty Images Stockholder Approval, which condition was subsequently satisfied by the Getty Images Stockholder Written Consent, •Getty Images’ registration statement on Form S-4 to be filed in connection with the Merger having become effective and the mailing of an information statement to Getty Images stockholders at least 20 business days prior to the closing, •absence of any order, injunction or other order or law in certain jurisdictions prohibiting the Merger or making the closing of the Merger illegal, •expiration of the applicable waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of other regulatory approvals deemed necessary or advisable, •shares of Getty Images Common Stock to be issued in connection with the Merger having been approved for listing on the NYSE, •accuracy of each party’s representations and warranties, subject to certain standards set forth in the Merger Agreement, •performance and compliance in all material respects of each party’s agreements and covenants under the Merger Agreement, •absence of any Getty Images material adverse effect or Shutterstock material adverse effect, as applicable and subject to the definition thereof in the Merger Agreement, •delivery of an opinion of tax counsel that the Second Merger and the Third Merger as defined in the Merger Agreement, taken together, will qualify as a “reorganization” within the meaning of section 368(a) of the Internal Revenue Code of 1986, as amended, and •Getty Images having amended or otherwise refinanced its existing term loans and senior notes to extend the maturity of each to no earlier than February 19, 2028 (the “Existing Debt Modifications”).

Acquisitions - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 22, 2024	Feb. 01, 2024	Jun. 23, 2023	May 28, 2022	May 11, 2022	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net cash to acquire business							$ 179,071	$ 53,721	$ 211,843
Revenue							935,262	874,587	827,826
Bargain purchase gain							0	50,261	0
Envato
Business Acquisition [Line Items]
Purchase price	$ 250,200
Professional fees	$ 7,000
Revenue							90,500
Envato \| Trade name
Business Acquisition [Line Items]
Estimated useful life	10 years
Envato \| Developed technology
Business Acquisition [Line Items]
Estimated useful life	5 years
Envato \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life	6 years
Backgrid USA, Inc. and Backgrid London LTD
Business Acquisition [Line Items]
Professional fees		$ 1,500
Cash payment		$ 20,000
Revenue							15,900
Backgrid USA, Inc. and Backgrid London LTD \| Trade name
Business Acquisition [Line Items]
Estimated useful life		10 years
Backgrid USA, Inc. and Backgrid London LTD \| Developed technology
Business Acquisition [Line Items]
Estimated useful life		5 years
Giphy, Inc.
Business Acquisition [Line Items]
Purchase price			$ 6,001
Professional fees			3,000			$ 30,000
Cash payment			57,750
Net cash to acquire business			53,000
Nonrecurring benefits receivable			$ 123,500
Business combination, expenses payment in installments						1,250
Period of services provided			2 years
Revenue to be recognized			$ 30,000
Revenue								$ 10,500
Bargain purchase gain			$ 50,261
Contingent consideration, asset							9,700
Contingent consideration, asset, current							8,100
Contingent consideration, asset, noncurrent							$ 1,600
Giphy, Inc. \| Mandated Payments Consideration - Recurring
Business Acquisition [Line Items]
Nonrecurring benefits receivable						35,600
Giphy, Inc. \| Mandated Payments Consideration - Nonrecurring
Business Acquisition [Line Items]
Nonrecurring benefits receivable						$ 87,900
Giphy, Inc. \| Developed technology
Business Acquisition [Line Items]
Estimated useful life			7 years
Giphy, Inc. \| Trade name
Business Acquisition [Line Items]
Estimated useful life			15 years
Pond5, Inc.
Business Acquisition [Line Items]
Purchase price					$ 218,000
Professional fees					4,000
Debt incurred to pay for acquisition					$ 50,000
Pond5, Inc. \| Developed technology
Business Acquisition [Line Items]
Estimated useful life					5 years
Pond5, Inc. \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life					14 years 2 months 12 days
Pond5, Inc. \| Trade name
Business Acquisition [Line Items]
Estimated useful life					10 years
Splash News
Business Acquisition [Line Items]
Professional fees				$ 300
Cash payment				$ 6,300
Splash News \| Developed technology
Business Acquisition [Line Items]
Estimated useful life				4 years
Pond5, Inc. and Splash News
Business Acquisition [Line Items]
Revenue of acquiree									$ 36,700

Equity-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The Company recognizes stock-based compensation expense for all share-based payment awards including employee stock options and RSUs granted under either the 2012 Plan, the 2022 Plan or the 2022 Amended and Restated Plan based on the fair value of each award on the grant date.

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by line item included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of revenue	$	1,472	$	815	$	567
Sales and marketing	11,031		7,359		5,486
Product development	11,923		13,200		10,380
General and administrative	31,904		27,203		19,307
Total	$	56,330	$	48,577	$	35,740

For the year ended December 31, 2024, 2023 and 2022 substantially all of the Company’s non-cash equity-based compensation expense related to RSUs.

2012 Omnibus Equity Incentive Plan

On October 10, 2012, the Company’s 2012 Plan became effective. The 2012 Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to employees, directors and consultants. The maximum aggregate number of shares that may be issued under the 2012 Plan was initially 6,750,000 shares of common stock. The number of shares available for issuance under the 2012 Plan will be increased annually commencing January 1, 2013 by an amount equal to the lesser of 1,500,000 shares of common stock, 3% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year, or such other amount as determined by the Company’s Board of Directors. Any awards issued under the 2012 Plan that are forfeited by the participant will become available for future grant under the 2012 Plan. The number of shares of common stock available under the 2012 Plan was automatically increased by approximately 1,093,000 shares on January 1, 2022, pursuant to the automatic increase provisions of the 2012 Plan. This plan expired on June 2, 2022.

2022 Omnibus Equity Incentive Plan

On June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares (collectively, “Awards”) to employees, officers, directors, consultants and advisors of the Company. The maximum aggregate number of shares that may be issued under the 2022 Plan is 4,000,000 shares of our common stock and is subject to adjustment in connection with changes in capitalization, reorganization and change in control events. Shares subject to Awards granted

under the 2022 Plan that expire unexercised or are forfeited, will become available for future grant under 2022 Plan. However, shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant under the 2022 Plan. Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan.

Amended and Restated 2022 Omnibus Equity Incentive Plan

On June 6, 2024, the Company’s stockholders approved the Amended and Restated 2022 Omnibus Equity Incentive Plan (the “2022 Amended and Restated Plan”). The 2022 Amended and Restated Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares (collectively, “Awards”) to employees, officers, directors, consultants and advisors of the Company. The maximum aggregate number of shares that may be issued under the 2022 Amended and Restated Plan is 7,500,000 shares of our common stock and is subject to adjustment in connection with changes in capitalization, reorganization and change in control events. Shares subject to Awards granted under the 2022 Amended and Restated Plan that expire unexercised or are forfeited, will become available for future grant under 2022 Amended and Restated Plan. However, shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant under the 2022 Amended and Restated Plan. Awards granted subsequent to June 6, 2024 were granted under the 2022 Amended and Restated Plan.

Stock Option Awards

The following is a summary of stock option awards (in thousands) and weighted average exercise price per option:


	Plan Options	Weighted Average Exercise Price
Options outstanding at December 31, 2023	829	$	61.34


Options exercised	—	—
Options canceled or expired	(530)	76.71
Options outstanding at December 31, 2024	299	34.14

Options exercisable at December 31, 2024	299	34.14

Intrinsic value of stock options is calculated as the excess of market price of the Company’s common stock over the strike price of the stock options, multiplied by the number of stock options. The intrinsic value of the Company’s stock options is as follows (in thousands):


	As of December 31,
	2024		2023
Stock options outstanding	$	—	$	4,232
Stock options exercisable	$	—	$	4,232
Stock options vested and expected to vest	$	—	$	4,232

There were no stock options exercised for the year ended December 31, 2024, For the years ended December 31, 2023 and 2022, the intrinsic value of stock options exercised was approximately $33 thousand and $1.1 million, respectively.

No stock option awards were granted during the years ended December 31, 2024, 2023 and 2022.

Restricted Stock Units Awards (including PRSUs)

The following table presents a summary of the Company’s RSUs activity for the year ended December 31, 2024 (in thousands):


	Plan RSUs	Weighted Average Fair Value
Non-vested balance at December 31, 2023	1,938	$	68.03
Units granted	2,467	38.72

Units vested	(701)	71.07
Units canceled or forfeited	(804)	54.52
Non-vested balance at December 31, 2024	2,900	$	46.13

Non-vested and deferred balance at December 31, 2024	2,948	$	51.70

As of December 31, 2024, the total unrecognized compensation charge related to the restricted stock units is approximately $78.9 million, which is expected to be recognized through fiscal 2028.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 35,932	$ 110,269	$ 76,103
Foreign currency translation (loss) / gain	(4,867)	3,465	(4,651)
Other comprehensive (loss) / income	(4,867)	3,465	(4,651)
Comprehensive income	$ 31,065	$ 113,734	$ 71,452

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Equity-Based Compensation - Summary of Stock Option Awards and Weighted Average Exercise Price per Option (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Plan Options
Options outstanding at the beginning of the period (in shares) \| shares	829,000
Options exercised (in shares) \| shares	0
Options canceled or expired (in shares) \| shares	(530,000)
Options outstanding at the end of the period (in shares) \| shares	299,000
Options exercisable at the end of the period (in shares) \| shares	299,000
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 61.34
Options exercised (in dollars per share) \| $ / shares	0
Options cancelled or expired (in dollars per share) \| $ / shares	76.71
Options outstanding at the end of the period (in dollars per share) \| $ / shares	34.14
Options exercisable at the end of the period (in dollars per shares) \| $ / shares	$ 34.14

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

The Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s revenues are supported by its searchable creative platform and driven by its large contributor network. The Company’s chief executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating segment based on net income. The CODM considers budget-to-actual variances when making decisions about capital allocation to the segment. Asset information is not provided to the Company’s CODM as that information is not used in the determination of resource allocation or in assessing the performance of the Company’s segment.

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenue	$	935,262	$	874,587	$	827,826
Less:
Technology costs	69,883		58,853		48,777
Advertising costs	91,845		93,109		97,194
Adjusted cost of revenue1	355,074		318,281		288,303
Adjusted sales and marketing1	125,802		116,821		101,194
Adjusted product and development1	80,876		90,255		60,401
Adjusted general and administrative1	143,074		128,868		119,669
Impairment of lease and related assets	—		—		18,664
Total operating expenses	866,554		806,187		734,202
Income from operations	68,708		68,400		93,624
Bargain purchase gain	—		50,261		—
Interest expense	(10,561)		(1,857)		(1,336)
Other income / (expense), net	4,401		5,664		(1,251)
Income before income taxes	62,548		122,468		91,037

Provision for income taxes	26,616		12,199		14,934
Net income	35,932		110,269		76,103

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Year Ended December 31,
($ in thousands)	2024		2023		2022

Cost of revenue	$	80,805	$	74,824	$	63,128
General and administrative	6,821		4,905		5,342
Total depreciation and amortization	$	87,626	$	79,729	$	68,470

The following represents the Company’s geographic revenue based on customer location (in thousands):


	Year Ended December 31,
	2024		2023		2022
North America	$	474,683	$	427,746	$	353,197
Europe	245,678		231,048		243,025
Rest of the world	214,901		215,793		231,604
Total revenue	$	935,262	$	874,587	$	827,826

Included in North America is the United States which comprises approximately 45%, 46% and 40% of total revenue for the years ended December 31, 2024, 2023 and 2022, respectively. No other country accounts for more than 10% of the Company’s revenue in any period presented.

The Company’s long-lived tangible assets were located as follows (in thousands):


	December 31,
	2024		2023
North America	$	45,354	$	46,531
Europe	17,175		17,695
Rest of the world	3,871		74
Total long-lived tangible assets	$	66,400	$	64,300

Included in North America is the United States, which comprises 64% and 68% of total long-lived tangible assets as of December 31, 2024 and 2023, respectively. Included in Europe is Ireland, which comprised 20% and 21% of total long-lived tangible assets as of December 31, 2024 and 2023, respectively. No other country accounts for more than 10% of the Company’s long-lived tangible assets in any period presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 935,262	$ 874,587	$ 827,826
Operating expenses:
Cost of revenue	396,297	352,630	314,306
Sales and marketing	222,704	214,749	203,154
Product development	88,417	96,162	65,434
General and administrative	159,136	142,646	132,644
Impairment of lease and related assets	0	0	18,664
Total operating expenses	866,554	806,187	734,202
Income from operations	68,708	68,400	93,624
Bargain purchase gain	0	50,261	0
Interest expense	(10,561)	(1,857)	(1,336)
Other income / (expense), net	4,401	5,664	(1,251)
Income before income taxes	62,548	122,468	91,037
Provision for income taxes	26,616	12,199	14,934
Net income	$ 35,932	$ 110,269	$ 76,103
Earnings per share:
Basic (in dollars per share)	$ 1.02	$ 3.07	$ 2.11
Diluted (in dollars per share)	$ 1.01	$ 3.04	$ 2.08
Weighted average shares outstanding:
Basic (in shares)	35,330	35,878	36,042
Diluted (in shares)	35,658	36,242	36,546

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Compensation	$	46,753	$	75,752
Non-income taxes	43,171		23,702


Website hosting and marketing fees	9,568		11,804


Other expenses	27,151		20,185
Total accrued expenses	$	126,643	$	131,443

As of December 31, 2024 and December 31, 2023, compensation-related accrued expenses included amounts due to Giphy employees for compensation earned pre-acquisition and severance costs associated with workforce optimizations. For the year ended December 31, 2024, the Company recognized $9.5 million of severance costs associated with workforce optimizations, of which $1.1 million is reported in Cost of Revenues, $4.3 million in Sales and Marketing, $2.5 million in Product Development, and $1.6 million in General and Administrative expenses for the year ended December 31, 2024 . Of this amount, approximately $5.8 million is included within accrued expenses as of December 31, 2024 and is expected to be paid to employees over the next 12 months.

Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Employer matching contributions	$ 5.6	$ 5.4	$ 5.1

Acquisitions - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition, Contingent Consideration [Line Items]
Net cash to acquire business		$ 179,071	$ 53,721	$ 211,843
Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Net cash to acquire business	$ 53,000
Cash acquired and other working capital adjustments	4,750
Cash payment	57,750
Net purchase price	(6,001)
Nonrecurring benefits receivable	123,500
Income tax obligation	18,900
Time value of money	5,900
Fair value of Giphy Retention Compensation contingent consideration \| Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Fair value consideration	(98,723)
Fair value of consideration attributable to pre-combination service \| Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Fair value consideration	$ 34,972

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Net Income per Share

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Net income	$	35,932	$	110,269	$	76,103
Shares used to compute basic net income per share	35,330		35,878		36,042
Dilutive potential common shares:
Stock options and employee stock purchase plan shares	40		100		155
Unvested restricted stock awards	288		264		349
Shares used to compute diluted net income per share	35,658		36,242		36,546
Basic net income per share	$	1.02	$	3.07	$	2.11
Diluted net income per share	$	1.01	$	3.04	$	2.08

Potentially dilutive shares included in the calculation	1,157		1,034		1,127
Anti-dilutive shares excluded from the calculation	1,551		944		464

Leasing - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Leasing - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 29, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs, including insignificant costs related to short-term leases		$ 8,000	$ 6,400	$ 10,700
Cash paid for amounts included in lease liabilities		10,000	10,900	9,400
ROU assets obtained in exchange for lease obligations		$ 2,900	$ 1,900
Weighted average remaining lease term	4 years 1 month 6 days	4 years 1 month 6 days	4 years 9 months 18 days
Weighted average discount rate	6.50%	6.50%	6.30%
Total minimum lease payments	$ 37,755	$ 37,755
Letter of credit as a security deposit for the leased facilities					$ 1,300
Impairment of lease and related assets	18,700	0	$ 0	18,664
Impairment of leasehold		15,900
Impairment of lease and related assets				$ 2,800
ESB Lease
Lessee, Lease, Description [Line Items]
Total minimum lease payments	$ 32,700	$ 32,700

Segment and Geographic Information - Segment Reporting Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 87,626	$ 79,729	$ 68,470
Cost of revenue
Segment Reporting Information [Line Items]
Depreciation and amortization	80,805	74,824	63,128
General and administrative
Segment Reporting Information [Line Items]
Depreciation and amortization	6,821	4,905	5,342
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 87,626	$ 79,729	$ 68,470

Acquisitions - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
As Reported	$ 935,262	$ 874,587	$ 827,826
Income before income taxes
As Reported	62,548	122,468	$ 91,037
TurboSquid, Inc.
Revenue
As Reported	935,262	874,587
Pro Forma	1,045,391	1,097,543
Income before income taxes
As Reported	62,548	122,468
Pro Forma	$ 79,347	$ 63,071

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenue	$	935,262	$	874,587	$	827,826
Less:
Technology costs	69,883		58,853		48,777
Advertising costs	91,845		93,109		97,194
Adjusted cost of revenue1	355,074		318,281		288,303
Adjusted sales and marketing1	125,802		116,821		101,194
Adjusted product and development1	80,876		90,255		60,401
Adjusted general and administrative1	143,074		128,868		119,669
Impairment of lease and related assets	—		—		18,664
Total operating expenses	866,554		806,187		734,202
Income from operations	68,708		68,400		93,624
Bargain purchase gain	—		50,261		—
Interest expense	(10,561)		(1,857)		(1,336)
Other income / (expense), net	4,401		5,664		(1,251)
Income before income taxes	62,548		122,468		91,037

Provision for income taxes	26,616		12,199		14,934
Net income	35,932		110,269		76,103

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Year Ended December 31,
($ in thousands)	2024		2023		2022

Cost of revenue	$	80,805	$	74,824	$	63,128
General and administrative	6,821		4,905		5,342
Total depreciation and amortization	$	87,626	$	79,729	$	68,470

Schedule of Geographic Revenue

The following represents the Company’s geographic revenue based on customer location (in thousands):


	Year Ended December 31,
	2024		2023		2022
North America	$	474,683	$	427,746	$	353,197
Europe	245,678		231,048		243,025
Rest of the world	214,901		215,793		231,604
Total revenue	$	935,262	$	874,587	$	827,826

Schedule of Long-lived Tangible Assets

The Company’s long-lived tangible assets were located as follows (in thousands):


	December 31,
	2024		2023
North America	$	45,354	$	46,531
Europe	17,175		17,695
Rest of the world	3,871		74
Total long-lived tangible assets	$	66,400	$	64,300

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35669
Entity Registrant Name	Shutterstock, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0812659
Entity Address, Address Line One	350 Fifth Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10118
City Area Code	646
Local Phone Number	710-3417
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SSTK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 942,202,027
Entity Common Stock, Shares Outstanding		34,893,659
Entity Central Index Key	0001549346
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Net Income Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed using the weighted average number of common shares outstanding for the period, excluding unvested RSUs and stock options. Diluted net income per share is based upon the weighted average common shares outstanding for the period plus dilutive potential common shares, including unvested RSUs and stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Net income	$	35,932	$	110,269	$	76,103
Shares used to compute basic net income per share	35,330		35,878		36,042
Dilutive potential common shares:
Stock options and employee stock purchase plan shares	40		100		155
Unvested restricted stock awards	288		264		349
Shares used to compute diluted net income per share	35,658		36,242		36,546
Basic net income per share	$	1.02	$	3.07	$	2.11
Diluted net income per share	$	1.01	$	3.04	$	2.08

Potentially dilutive shares included in the calculation	1,157		1,034		1,127
Anti-dilutive shares excluded from the calculation	1,551		944		464

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company’s Content and Data, Distribution, and Services revenues for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Content	$	760,011	$	737,264	$	789,306
Data, Distribution, and Services	175,251		137,323		38,520

Total Revenues	$	935,262	$	874,587	$	827,826

Summary of Significant Accounting Policies - Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 111,251	$ 100,490

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Narrative (Details) - Customer Indemnifications	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Maximum indemnification liability per customer	$ 10,000
Liabilities related to indemnification	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment and Geographic Information - Significant Operating Expense Categories Used to Evaluate the Business and Allocate Resources to Net income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue		$ 935,262	$ 874,587	$ 827,826
Less:
Adjusted cost revenue		91,800	93,100	97,200
Impairment of lease and related assets	$ 18,700	0	0	18,664
Income from operations		68,708	68,400	93,624
Bargain purchase gain		0	50,261	0
Interest expense		(10,561)	(1,857)	(1,336)
Other income / (expense), net		4,401	5,664	(1,251)
Income before income taxes		62,548	122,468	91,037
Provision for income taxes		26,616	12,199	14,934
Net income		35,932	110,269	76,103
Reportable Segment
Segment Reporting Information [Line Items]
Revenue		935,262	874,587	827,826
Less:
Technology costs		69,883	58,853	48,777
Adjusted cost revenue		91,845	93,109	97,194
Adjusted cost of revenue		355,074	318,281	288,303
Adjusted sales and marketing		125,802	116,821	101,194
Adjusted product and development		80,876	90,255	60,401
Adjusted general and administrative		143,074	128,868	119,669
Impairment of lease and related assets		0	0	18,664
Total operating expenses		866,554	806,187	734,202
Income from operations		68,708	68,400	93,624
Bargain purchase gain		0	50,261	0
Interest expense		(10,561)	(1,857)	(1,336)
Other income / (expense), net		4,401	5,664	(1,251)
Income before income taxes		62,548	122,468	91,037
Provision for income taxes		26,616	12,199	14,934
Net income		$ 35,932	$ 110,269	$ 76,103

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Property and equipment is summarized as follows (in thousands):


	December 31,
	2024		2023
Computer equipment and software	$	351,062	$	308,473
Furniture and fixtures	11,016		10,829
Leasehold improvements	20,451		19,153
Property and equipment	382,529		338,455
Less: accumulated depreciation	(316,129)		(274,155)
Property and equipment, net	$	66,400	$	64,300

Income Taxes - Tax Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Tax Rate Reconciliation (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. income tax at federal statutory rate	21.00%	21.00%	21.00%
Tax credits	(10.80%)	(4.20%)	(3.30%)
State and local taxes, net of federal benefit	2.90%	2.20%	1.60%
Equity-based compensation	11.60%	3.40%	1.40%
Foreign rate differential	11.50%	0.40%	0.80%
Foreign-derived intangible income deduction	(8.50%)	(6.40%)	(8.20%)
Uncertain tax positions	(0.70%)	0.90%	3.40%
Valuation allowance	2.10%	1.30%	1.20%
Capital loss	0.00%	0.00%	(1.70%)
Bargain purchase gain	0.00%	(8.60%)	0.00%
Capitalized transaction costs	2.20%	0.00%	0.00%
Equity-based compensation award expiration	10.20%	0.00%	0.00%
Non-deductible—other	1.10%	0.00%	0.20%
Total provision for income taxes	42.60%	10.00%	16.40%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 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	0	0	18,664
Bad debt expense	(2,033)	1,894	3,697
Bargain purchase gain	0	(50,261)	0
Unrealized gain on investments, net	(2,160)	0	0
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)	0	0
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	0	0	(3,417)
Cash received related to Giphy Retention Compensation	63,971	53,657	0
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	0	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)	0
Repurchase of treasury shares	(41,591)	(28,205)	(73,488)
Payment of debt issuance costs	(2,200)	0	(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 income taxes	34,033	33,067	23,444
Cash paid for interest	$ 7,830	$ 1,724	$ 1,045

Other Income/(Expense), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (loss) / gain	$ (1,831)	$ 879	$ (1,338)
Interest Income (Expense) and Other	6,232	4,785	87
Other income / (expense), net	$ 4,401	$ 5,664	$ (1,251)

Fair Value Measurements and Other Long-term Investments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Its fair value level hierarchy and amount at December 31, 2024 are as follows (in thousands):


	As of December 31, 2024
Hierarchy Level:	Fair Value
Level 1	$	17,290

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

On May 6, 2022, the Company entered into a five-year $100 million unsecured revolving loan facility (the “Credit Facility”) with Bank of America, N.A., as Administrative Agent and other lenders. The Credit Facility included a letter of credit sub-facility and a swingline facility and it also permitted, subject to the satisfaction of certain conditions, up to $100 million of additional revolving loan commitments with the consent of the Administrative Agent.

On July 22, 2024, the Company entered into an amended and restated credit agreement (the “A&R Credit Agreement”), which was entered into among the Company, as borrower, certain direct and indirect subsidiaries of the Company as guarantors, the lenders party thereto, and Bank of America, N.A., as Administrative Agent for the lenders. The A&R Credit Agreement provides for a five-year (i) senior unsecured term loan facility (the “Term Loan”) in an aggregate principal amount $125 million and (ii) senior unsecured revolving credit facility (the “Revolver”) in an aggregate principal amount of $250 million. The A&R Credit Agreement also provides for a letter of credit subfacility and a swingline facility.

At the Company’s option, loans under the A&R Credit Agreement accrue interest at a per annum rate based on either (i) the base rate plus a margin ranging from 0.375% to 0.750%, determined based on the Company’s consolidated net leverage ratio or (ii) the Term Secured Overnight Financing Rate (“SOFR”) (for interest periods of 1, 3 or 6 months) plus a margin ranging from 1.375% to 1.750%, determined based on the Company’s consolidated net leverage ratio, plus a credit spread of 0.100%. The Company is also required to pay an unused commitment fee ranging from 0.175% to 0.250%, determined based on the Company’s consolidated leverage ratio. In connection with the execution of this agreement, the Company paid debt issuance costs of approximately $2.2 million.

The A&R Credit Agreement replaces the Company’s existing Credit Facility, which was fully repaid and terminated upon the effectiveness of the A&R Credit Agreement. In connection with the closing of the Credit Facility, the Company repaid $30.0 million of existing outstanding borrowings and accrued interest.

As of December 31, 2024, the Company had a remaining borrowing capacity of $94 million, net of standby letters of credit.

The A&R Credit Agreement contains financial covenants and requirements restricting certain of the Company’s activities, which are customary for this type of credit facility. The Company is also required to maintain compliance with a consolidated leverage ratio and a consolidated interest coverage ratio, in each case, determined in accordance with the terms of the A&R Credit Agreement. As of December 31, 2024, the Company was in compliance with these covenants.

The Company’s outstanding debt (in thousands) is reflected in the table below. The Company classifies the Revolver as a current liability since the Company could draw upon and repay the outstanding amount as needed. The maturity of the Revolver is in 2029.


	As of December 31, 2024	As of December 31, 2023
Current Debt:
Revolver - Credit Facility	—	30,000
Revolver - A&R Credit Agreement	155,000	—
Term Loan - A&R Credit Agreement	3,106	—
Non-Current Debt:
Term Loan - A&R Credit Agreement	119,598	—

Based on Level 2 inputs, the carrying value of the Company’s debt approximates its fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

For the year ended December 31, 2024, the Company recognized interest expense of $10.6 million. As of December 31, 2024, the unamortized debt issuance cost related to the Term Loan - A&R Credit Agreement is $0.7 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to the prior distribution rights of any outstanding preferred stock. The common stock has no preemptive or conversion rights or other subscription rights. The outstanding shares of common stock are fully paid and non-assessable. Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company’s certificate of incorporation authorized 200,000,000 shares of $0.01 per share par value common stock. Preferred Stock Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 5,000,000 shares of preferred stock, $0.01 par value, in one or more series. The Board of Directors also has the authority to designate the rights, preferences, privileges and restrictions of each such series, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Shutterstock without further action by the stockholders. The issuance of preferred stock with voting and conversion rights may also adversely affect the voting power of the holders of common stock. In certain circumstances, an issuance of preferred stock could have the effect of decreasing the market price of the common stock. As of December 31, 2024, the Company has not issued and has no plans to issue any shares of preferred stock. Treasury Stock In October 2015, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to $100 million of its common stock and in February 2017, the Company’s Board of Directors approved an increase to the share repurchase program (collectively, the “2015 and 2017 Share Repurchase Programs”), authorizing the Company to repurchase up to an additional $100 million of its outstanding common stock. As of December 31, 2022, the Company had fully utilized its authorization for repurchases under the 2015 and 2017 Share Repurchase Programs. In June 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), providing authorization to repurchase up to $100 million of its common stock. During 2024 and 2023, the Company repurchased approximately 1.1 million and 635,000 shares of its common stock, respectively, at an average per share cost of $37.42 and $44.45, respectively. As of December 31, 2024, the Company had $30 million of remaining authorization for purchases under the 2023 Share Repurchase Program. The Company expects to fund repurchases through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the share repurchase program is subject to the Company having available cash to fund repurchases. Under the share repurchase program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors As of December 31, 2024, the Company has repurchased approximately 5.5 million shares of its common stock in total since 2015 under the repurchase programs (including the 2015 and 2017 Share Repurchase Programs and the 2023 Share Repurchase Program) at an average per-share cost of $48.86. Dividends On February 11, 2020, the Board of Directors approved the initiation of a quarterly cash dividend. The Company declared and paid cash dividends totaling $1.20 and $1.08 per share of common stock, or $42.4 million and $38.7 million, during the years ended December 31, 2024 and 2023, respectively. On January 27, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share of outstanding common stock payable on March 20, 2025 to stockholders of record at the close of business on March 6, 2025. Future declaration of dividends are subject to the final determination of the Board of Directors, and will depend on, among other things, the Company’s future financial condition, results of operations, capital requirements, capital expenditure requirements, contractual restrictions, anticipated cash needs, business prospects, provisions of applicable law and other factors the Board of Directors may deem relevant.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation	$ 46,753	$ 75,752
Non-income taxes	43,171	23,702
Website hosting and marketing fees	9,568	11,804
Other expenses	27,151	20,185
Total accrued expenses	$ 126,643	$ 131,443

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Changes in goodwill
Beginning Balance	$ 383,325
Goodwill related to acquisitions	187,415
Foreign currency translation adjustment	(1,072)
Ending Balance	$ 569,668

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortizing intangible assets:
Gross Carrying Amount	$ 418,503	$ 310,088
Accumulated Amortization	(170,026)	(125,692)
Net Carrying Amount	248,477	184,396
Customer relationships
Amortizing intangible assets:
Gross Carrying Amount	103,130	90,350
Accumulated Amortization	(34,847)	(26,982)
Net Carrying Amount	$ 68,283	63,368
Weighted Average Life (Years)	11 years
Trade name
Amortizing intangible assets:
Gross Carrying Amount	$ 68,980	37,937
Accumulated Amortization	(12,941)	(9,272)
Net Carrying Amount	$ 56,039	28,665
Weighted Average Life (Years)	11 years
Developed technology
Amortizing intangible assets:
Gross Carrying Amount	$ 176,560	115,914
Accumulated Amortization	(86,140)	(61,376)
Net Carrying Amount	$ 90,420	54,538
Weighted Average Life (Years)	5 years
Contributor content
Amortizing intangible assets:
Gross Carrying Amount	$ 69,574	65,628
Accumulated Amortization	(35,917)	(27,897)
Net Carrying Amount	$ 33,657	37,731
Weighted Average Life (Years)	8 years
Patents
Amortizing intangible assets:
Gross Carrying Amount	$ 259	259
Accumulated Amortization	(181)	(165)
Net Carrying Amount	$ 78	$ 94
Weighted Average Life (Years)	18 years

Other Income/(Expense), net

12 Months Ended

Dec. 31, 2024

Other Nonoperating Income (Expense) [Abstract]

Other Income/(Expense), net

Other Income / (Expense), net

The following table presents a summary of the Company’s other income / (expense) activity included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2024		2023		2022
Foreign currency (loss) / gain	$	(1,831)	$	879	$	(1,338)


Interest income and other	6,232		4,785		87

Other income / (expense), net	$	4,401	$	5,664	$	(1,251)

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is summarized as follows (in thousands):


	December 31,
	2024		2023
Computer equipment and software	$	351,062	$	308,473
Furniture and fixtures	11,016		10,829
Leasehold improvements	20,451		19,153
Property and equipment	382,529		338,455
Less: accumulated depreciation	(316,129)		(274,155)
Property and equipment, net	$	66,400	$	64,300

Depreciation and amortization expense related to property and equipment amounted to $42.0 million, $37.7 million and $34.0 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Of these amounts, $40.4 million, $36.1 million and $31.0 million are included in cost of revenue for the years ended December 31, 2024, 2023 and 2022, respectively, and $1.6 million, $1.7 million and $3.0 million are included in general and administrative expense for the years ended December 31, 2024, 2023 and 2022, respectively.

Depreciation and amortization expense is included in cost of revenue and general and administrative expense based on the nature of the asset. There was no loss on disposal for the years ended December 31, 2024, 2023 and 2022, respectively.

In 2022, the Company recorded an impairment charge of $2.8 million primarily related to certain of its leasehold improvements triggered by the Company’s decision to cease using certain office spaces. See Note 17, Leasing for further discussion.

Capitalized Internal-Use Software

The Company capitalized costs related to the development of internal-use software of $36.9 million, $45.1 million and $40.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Capitalized amounts are included as a component of property and equipment under computer equipment and software. During 2024, 2023 and 2022, the Company invested significantly in its product development and hosting infrastructure to enhance its customer experience and increase the efficiency with which management deploys new products and features.

The portion of total depreciation expense related to capitalized internal-use software was $39.3 million, $34.9 million and $29.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Depreciation expense related to capitalized internal-use software is included in cost of revenue in the Consolidated Statement of Operations.

As of December 31, 2024 and 2023, the Company had capitalized internal-use software of $57.8 million and $60.3 million, respectively, net of accumulated depreciation, which was included in property and equipment, net.

Equity-Based Compensation - Intrinsic Value of Stock Options (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock options outstanding	$ 0	$ 4,232
Stock options exercisable	0	4,232
Stock options vested and expected to vest	$ 0	$ 4,232

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts:
Balance, beginning of period	$ 6,335	$ 5,830	$ 1,910
(Less) / Add: bad debt (recovery) / expense	(2,033)	1,894	3,697
(Less) / Add: write-offs, net of recoveries and other adjustments	(1,201)	(1,389)	223
Balance, end of period	3,101	$ 6,335	$ 5,830
Unbilled receivables	57,800
Accounts Receivable
Allowance for doubtful accounts:
Unbilled receivables	28,900
Other Assets
Allowance for doubtful accounts:
Unbilled receivables	$ 28,900

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 935,262	$ 874,587	$ 827,826
Content
Disaggregation of Revenue [Line Items]
Total Revenues	760,011	737,264	789,306
Data, Distribution, and Services
Disaggregation of Revenue [Line Items]
Total Revenues	$ 175,251	$ 137,323	$ 38,520

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Impairment of lease and related assets	$ 0	$ 0

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

2024 Acquisitions

Envato

On July 22, 2024, the Company completed its acquisition of Envato Pty Ltd. (“Envato”) pursuant to a Share Purchase Agreement (the “Purchase Agreement”) entered into on May 1, 2024, to acquire all of the issued and outstanding capital stock of Envato. The aggregate amount paid by the Company, after customary working capital and other adjustments in accordance with the terms of the Purchase Agreement, was $250.2 million. The consideration was sourced with cash obtained through the A&R Credit Agreement. See Note 9 Debt for more information. In connection with the acquisition, the Company incurred approximately $7.0 million of transaction costs in total, which are included in general and administrative expenses on the Consolidated Statements of Operations.

Envato offers digital creative assets and templates, including Envato Elements, a creative subscription providing unlimited downloads of a diverse array of assets, templates, and more. The Company believes this acquisition complements Shutterstock’s existing offerings and expands its reach with faster growing audiences such as freelancers, hobbyists, small businesses and agencies.

The purchased assets included identifiable intangible assets, comprised of trademarks, developed technology and customer relationships, which have weighted average useful lives of approximately 10 years, 5 years and 6 years, respectively. Fair values of the trademark and developed technology were determined using the relief-from-royalty method, and the fair value of the customer relationships was determined using the excess of earnings method. Determining the fair value requires management to use significant judgement and estimates, including revenue growth rates, the royalty rate and the discount rate , and the economic life related to developed technology and revenue growth rates, the royalty rate, and the discount rate related to the trademark, among others. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

Backgrid

On February 1, 2024, the Company completed its acquisition of all of the outstanding shares of Backgrid USA, Inc. and Backgrid London LTD, (collectively, “Backgrid”), for approximately $20 million, subject to customary working capital adjustments. The total purchase price was paid with existing cash on hand. In connection with the acquisition, the Company incurred approximately $1.5 million of transaction costs in total, which are included in general and administrative expenses on the Consolidated Statements of Operations.

Backgrid supplies media organizations with real-time celebrity content. The Company believes this acquisition expands Shutterstock Editorial’s Newsroom offering of editorial images and footage across celebrity, red carpet and live-events.

The identifiable intangible assets, trademark and developed technology, have useful lives of approximately 10 years and 5 years, respectively. Fair values of the trademark and developed technology were determined using the excess earnings and relief-from-royalty methods, respectively. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

The Envato and Backgrid transactions were accounted for using the acquisition method and, accordingly, the results of the acquired businesses have been included in the Company’s results of operations from the respective acquisition dates. The fair value of consideration transferred in these business combinations have been allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill. The identifiable intangible assets of these acquisitions are being amortized on a straight-line basis.

For the year ended December 31, 2024, revenues of $90.5 million and $15.9 million were included in the Consolidated Statements of Operations related to Envato and Backgrid, respectively.

The aggregate purchase price for the Envato and Backgrid acquisitions have been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Envato		Backgrid		Total
Cash and cash equivalents1	$	90,591	$	1,718	$	92,309
Accounts receivable	6,818		732		7,550
Other assets	5,404		77		5,481
Right of use asset	273		—		273
Fixed assets	895		—		895
Intangible assets:
Trademark	31,000		300		31,300
Developed technology	61,000		900		61,900
Customer relationships	14,200		—		14,200
Intangible assets	106,200		1,200		107,400
Goodwill	167,572		19,843		187,415
Deferred tax asset	37,350		—		37,350
Total assets acquired	$	415,103	$	23,570	$	438,673

Accounts payable	(4,173)		—		(4,173)
Contributor royalties payable	(11,917)		(849)		(12,766)
Accrued expenses	(30,233)		(228)		(30,461)
Deferred revenue	(46,888)		—		(46,888)
Deferred tax liability	—		(271)		(271)
Other liabilities1	(71,487)		(1,074)		(72,561)
Lease liability	(190)		—		(190)
Total liabilities assumed	(164,888)		(2,422)		(167,310)
Net assets acquired	$	250,215	$	21,148	$	271,363

1 Envato’s cash includes $63.4 million for the funding of Envato obligations that were triggered upon the closing of the acquisition (the “Envato Seller Obligations”). These obligations are also reported as assumed liabilities within Other liabilities. The Envato Obligations would not have been incurred had the acquisition not closed, and are presented “on-the-line” because they are not reflected in either the acquirer’s or acquiree’s statement of operations.

2023 Acquisition

Giphy, Inc.

On May 22, 2023, the Company entered into a Stock Purchase Agreement with Meta Platforms, Inc. (“Meta”) dated May 22, 2023 (the “Purchase Agreement”). On June 23, 2023, the Company completed its acquisition of all of the outstanding shares of Giphy, Inc. (“Giphy”) from Meta. The consideration paid by the Company pursuant to the Purchase Agreement was $53 million in net cash, in addition to cash acquired, assumed debt and other working capital adjustments. The consideration was paid with existing cash on hand. Giphy is a New York-based company that operates a collection of GIFs and stickers that supplies casual conversational content. The Company believes its acquisition of Giphy extends Shutterstock’s audience touchpoints beyond primarily professional marketing and advertising use cases and expands into casual conversations.

In January 2023, the United Kingdom Competition and Markets Authority (the “CMA”) issued its final order requiring Meta to divest its ownership of Giphy, which Meta acquired in 2020. In connection with the closing of the acquisition, whose terms were preapproved by the CMA, the Company and Meta entered into a transitional services agreement (the “TSA”) pursuant to which Meta is responsible for certain costs related to retention of Giphy employees, including (i) recurring salary, bonus, and benefits through August 2024, which would be $35.6 million if all employees are retained through August 2024, and (ii) nonrecurring items, totaling $87.9 million, comprised of one-time employment inducement bonuses and the cash value of unvested Meta equity awards (collectively, the “Giphy Retention Compensation”) and certain costs related to technology and integration expenses, totaling $30 million to be paid in $1.25 million monthly installments through May 2025.

The Giphy Retention Compensation will be paid to the individuals for being employees of the Company subsequent to the completion of the acquisition. Accordingly, it was determined that the payments by the Company are for future service requirements and will be reflected as operating expenses, less any amounts earned by the employees prior to the acquisition, in the Company’s Statements of Operations as incurred. The Giphy Retention Compensation is reflected as a reduction of the purchase price and has been funded into an escrow account.

The Giphy purchase price was calculated as follows:


	Purchase Price
Purchase price	$	53,000
Cash acquired and other working capital adjustments	4,750
Cash paid on closing	$	57,750

Fair value of Giphy Retention Compensation contingent consideration1	(98,723)
Fair value of consideration attributable to pre-combination service2	34,972

Net purchase price	$	(6,001)

1 - This amount consists of $123.5 million of Giphy Retention Compensation, adjusted for $18.9 million of income tax obligations associated with the receipt of the Giphy Retention Compensation and $5.9 million for the time value of money.

2 - Relates to the cash value of replaced unvested Meta equity awards attributable to pre-combination services.

Upon closing of the acquisition, the Company also entered into an agreement with Meta whereby the Company will provide Meta with access to Giphy content that is displayed through an API for a period of two years. The Company determined that the API arrangement represents a transaction separate from the business combination and was priced below market. Therefore, the Company allocated $30 million of the purchase price to these services, which represents the step-up to fair market value. This amount has been recognized in deferred revenue and is recognized as revenue over-time as the API is provided.

The identifiable intangible assets, which include developed technology and the trade name have weighted average useful lives of approximately 7 years and 15 years, respectively. The fair value of the developed technology and the trade name was determined using the relief-from-royalty method. Determining the fair value requires management to use significant judgement and estimates, including revenue growth rates, the royalty rate and the discount rate related to the trade name and revenue growth rates, the royalty rate and the economic life related to developed technology, among others.

The Giphy transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business has been included in the Company’s results of operations from the acquisition date. For the year ended December 31, 2023, revenue of $10.5 million was included in the Consolidated Statements of Operations related to the Company’s acquisition of Giphy. The fair value of consideration transferred in this business combination has been allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the excess of the fair value of the net assets acquired over the net consideration received recorded as a bargain purchase gain. The identifiable intangible assets of these acquisitions are being amortized on a straight-line basis.

The aggregate purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Giphy
Cash and cash equivalents	$	4,030

Prepaid expenses and other current assets	1,416

Right of use assets	1,243
Intangible assets:

Trade name	21,000
Developed technology	19,500

Intangible assets	40,500

Deferred tax asset	1,463
Other assets	1,647
Total assets acquired	$	50,299

Accounts payable, accrued expenses and other liabilities	(4,949)



Lease liability	(1,090)
Total liabilities assumed	(6,039)
Net assets acquired	$	44,260
Net purchase price	(6,001)
Bargain purchase gain	$	50,261

The Company recognized a non-taxable bargain purchase gain of $50.3 million, representing the excess of the fair value of the net assets acquired in addition to the net consideration to be received from Meta. The bargain purchase gain is the result of the CMA’s regulatory order requiring Meta’s divestiture of Giphy and the Giphy Retention Compensation payments. In connection with the acquisition, the Company incurred approximately $3.0 million of transaction costs, which is included in general and administrative expenses on the Consolidated Statements of Operations.

As of December 31, 2024, Shutterstock’s receivable of $9.7 million is against an escrow fully funded by Meta. $8.1 million and $1.6 million are included within Prepaid expenses and other current assets and Other assets, respectively, on the Consolidated Balance Sheet.

2022 Acquisitions

Pond5, Inc.

On May 11, 2022, the Company completed its acquisition of all of the outstanding shares of Pond5, for approximately $218.0 million. The total purchase price was paid with existing cash on hand as well as a $50 million drawdown on a newly established revolving credit facility (See Note 9). In connection with the acquisition, the Company incurred approximately $4.0 million of transaction costs, which is included in general and administrative expenses on the Consolidated Statements of Operations.

Pond5 is a New York based company that operates a video-first content marketplace for royalty-free and editorial video. The Company believes its acquisition of this video-first content marketplace provides expanded offerings across footage, image and music.

The identifiable intangible assets, which include customer relationships, developed technology and trade names have weighted average useful lives of approximately 14.2 years, 5 years and 10 years, respectively. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

Splash News

On May 28, 2022, the Company completed its acquisition of all of the outstanding shares of Splash News, for approximately $6.3 million. The total purchase price was paid with existing cash on hand in the three months ended June 30, 2022. In connection with the acquisition, the Company incurred approximately $0.3 million of transaction costs, which is included in general and administrative expenses on the Consolidated Statements of Operations.

Splash News is a United Kingdom based entertainment news network and is a source for image and video content across celebrity, red carpet and live events. The Company believes this acquisition expands Shutterstock Editorial’s Newsroom offering for access to premium exclusive content.

The identifiable intangible asset, developed technology, has a useful life of approximately 4 years. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

The Pond5 and Splash News transactions were accounted for using the acquisition method and, accordingly, the results of the acquired businesses have been included in the Company’s results of operations from the respective acquisition dates. For the twelve months ended December 31, 2022, revenue of $36.7 million was included in the Consolidated Statements of Operations related to these acquired companies. The fair value of consideration transferred in these business combinations has been allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill. The identifiable intangible assets of these acquisitions are being amortized on a straight-line basis. The fair value of the customer relationships was determined using a variation of the income approach known as the multiple-period excess earnings method. The fair value of the trade name was determined using the relief-from-royalty method, and the fair value of the developed technology was determined using the relief-from-royalty and the cost to recreate methods. Determining the fair value of the customer relationships intangible assets requires management to use significant judgment and estimates, including estimates of future revenue growth rates for existing customers, the discount rate, earnings before interest, taxes and amortization (“EBITA”) margins and the customer attrition rate, among others.

The aggregate purchase price for these acquisitions has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed (in thousands):	Pond5		Splash News		Total
Cash and cash equivalents	$	11,675	$	180	$	11,855
Accounts receivable	1,273		500		$	1,773
Other assets	1,102		525		1,627

Right of use asset	1,674		—		1,674
Intangible assets:
Customer relationships	34,900		—		34,900
Trade name	5,300		—		5,300
Developed technology	27,600		1,263		28,863

Intangible assets	67,800		1,263		69,063
Goodwill	158,957		5,565		164,522

Total assets acquired	$	242,481	$	8,033	$	250,514

Accounts payable, accrued expenses and other liabilities	(9,304)		(1,528)		(10,832)
Contributor royalties payable	(3,039)				(3,039)

Deferred revenue	(3,705)		—		(3,705)
Deferred tax liability	(6,381)		(189)		(6,570)
Lease liability	(2,038)		—		(2,038)
Total liabilities assumed	(24,467)		(1,717)		(26,184)
Net assets acquired	$	218,014	$	6,316	$	224,330

Pro-Forma Financial Information (unaudited)

The following unaudited pro forma consolidated financial information (in thousands) reflects the results of operations of the Company for the twelve months ended December 31, 2024 and 2023, as if the Backgrid and Envato acquisitions had been completed on January 1, 2023, and as if the Giphy acquisition had been completed on January 1, 2022, after giving effect to certain purchase accounting adjustments, primarily related to bargain purchase gain, Giphy Retention Compensation - non-recurring, intangible assets and transaction costs. These pro forma results have been prepared for comparative purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma information and are not necessarily indicative of what the Company’s operating results would have been, had the acquisitions actually taken place at the beginning of the previous annual period.


	Year Ended December 31,
		2024		2023
Revenue
As Reported		$	935,262	$	874,587
Pro Forma		1,045,391		1,097,543
Income before income taxes
As Reported		$	62,548	$	122,468
Pro Forma		79,347		63,071

Acquisitions - Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands				12 Months Ended
	Jul. 22, 2024	Jun. 23, 2023	May 11, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 01, 2024	May 28, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill				$ 569,668	$ 383,325
Bargain purchase gain				0	$ 50,261	$ 0
Envato and Backgird
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents				92,309
Accounts receivable				7,550
Other assets				5,481
Right of use asset				273
Fixed assets				895
Intangible assets:				107,400
Goodwill				187,415
Deferred tax asset				37,350
Total assets acquired				438,673
Accounts payable				(4,173)
Contributor royalties payable				(12,766)
Accrued expenses				(30,461)
Deferred revenue				(46,888)
Deferred tax liability				(271)
Other liabilities				(72,561)
Lease liability				(190)
Total liabilities assumed				(167,310)
Net assets acquired				271,363
Envato and Backgird \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				14,200
Envato and Backgird \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				61,900
Envato and Backgird \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				31,300
Envato
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	$ 90,591
Accounts receivable	6,818
Other assets	5,404
Right of use asset	273
Fixed assets	895
Intangible assets:	106,200
Goodwill	167,572
Deferred tax asset	37,350
Total assets acquired	415,103
Accounts payable	(4,173)
Contributor royalties payable	(11,917)
Accrued expenses	(30,233)
Deferred revenue	(46,888)
Deferred tax liability	0
Other liabilities	(71,487)
Lease liability	(190)
Total liabilities assumed	(164,888)
Net assets acquired	250,215
Net purchase price	(250,200)
Other liabilities				63,400
Envato \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:	14,200
Envato \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:	61,000
Envato \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:	$ 31,000
Backgrid USA, Inc. and Backgrid London LTD
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents							$ 1,718
Accounts receivable							732
Other assets							77
Right of use asset							0
Fixed assets							0
Intangible assets:							1,200
Goodwill							19,843
Deferred tax asset							0
Total assets acquired							23,570
Accounts payable							0
Contributor royalties payable							(849)
Accrued expenses							(228)
Deferred revenue							0
Deferred tax liability							(271)
Other liabilities							(1,074)
Lease liability							0
Total liabilities assumed							(2,422)
Net assets acquired							21,148
Backgrid USA, Inc. and Backgrid London LTD \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:							0
Backgrid USA, Inc. and Backgrid London LTD \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:							900
Backgrid USA, Inc. and Backgrid London LTD \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:							$ 300
Giphy, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		$ 4,030
Prepaid expenses and other current assets		1,416
Right of use asset		1,243
Intangible assets:		40,500
Deferred tax asset		1,463
Other assets		1,647
Total assets acquired		50,299
Accounts payable, accrued expenses and other liabilities		(4,949)
Lease liability		(1,090)
Total liabilities assumed		(6,039)
Net assets acquired		44,260
Net purchase price		(6,001)
Bargain purchase gain		50,261
Giphy, Inc. \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:		21,000
Giphy, Inc. \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:		$ 19,500
Pond5, Inc. and Splash News
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents				11,855
Accounts receivable				1,773
Other assets				1,627
Right of use asset				1,674
Intangible assets:				69,063
Goodwill				164,522
Total assets acquired				250,514
Accounts payable, accrued expenses and other liabilities				(10,832)
Contributor royalties payable				(3,039)
Deferred revenue				(3,705)
Deferred tax liability				(6,570)
Lease liability				(2,038)
Total liabilities assumed				(26,184)
Net assets acquired				224,330
Pond5, Inc. and Splash News \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				34,900
Pond5, Inc. and Splash News \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				5,300
Pond5, Inc. and Splash News \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:				$ 28,863
Pond5, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents			$ 11,675
Accounts receivable			1,273
Other assets			1,102
Right of use asset			1,674
Intangible assets:			67,800
Goodwill			158,957
Total assets acquired			242,481
Accounts payable, accrued expenses and other liabilities			(9,304)
Contributor royalties payable			(3,039)
Deferred revenue			(3,705)
Deferred tax liability			(6,381)
Lease liability			(2,038)
Total liabilities assumed			(24,467)
Net assets acquired			218,014
Net purchase price			(218,000)
Pond5, Inc. \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:			34,900
Pond5, Inc. \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:			5,300
Pond5, Inc. \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:			$ 27,600
Splash News
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents								$ 180
Accounts receivable								500
Other assets								525
Right of use asset								0
Intangible assets:								1,263
Goodwill								5,565
Total assets acquired								8,033
Accounts payable, accrued expenses and other liabilities								(1,528)
Contributor royalties payable
Deferred revenue								0
Deferred tax liability								(189)
Lease liability								0
Total liabilities assumed								(1,717)
Net assets acquired								6,316
Splash News \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:								0
Splash News \| Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:								0
Splash News \| Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets:								$ 1,263

Leasing

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leasing

The Company’s leases relate primarily to office facilities that expire on various dates from 2025 through 2029, some of which include one or more options to renew. All of the Company’s leases are classified as operating leases. Operating lease costs, including insignificant costs related to short-term leases, were $8.0 million, $6.4 million and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company made cash payments for operating leases of $10.0 million, $10.9 million and $9.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, which were included in cash flows from operating activities within the Consolidated Statements of Cash Flows. In addition, for the years ended December 31, 2024 and 2023, the Company recorded right-of-use assets of $2.9 million and $1.9 million, respectively, which were obtained in exchange for lease obligations. For the years ended December 31, 2024 and 2023, the Company’s operating leases have a weighted average remaining lease term of 4.1 years and 4.8 years, respectively, and a weighted average discount rate of 6.5% and 6.3%, respectively.

Balance sheet information for the Company’s leases as of December 31, 2024, is as follows:


	December 31,
(in thousands)	2024		2023

Right-of-use assets	$	13,956	$	15,395

Lease liabilities, current	$	9,717	$	9,076
Lease liabilities, non-current	23,365		29,404
Total lease liabilities	$	33,082	$	38,480

Lease Commitments

Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its lease liabilities at December 31, 2024 are as follows (in thousands):


Reconciliation of future undiscounted lease payments to lease liabilities	Lease Commitments
Year ending December 31,

2025	10,174
2026	8,094
2027	8,409
2028	8,416
2029	2,662

Total undiscounted lease payments	37,755
Less: imputed interest	(4,673)
Total lease liabilities	$	33,082

The Company’s most significant lease is for its headquarters in New York City, which was entered into in March 2013 and was amended in January 2016 (“ESB Lease”). As amended, the ESB Lease will expire in 2029, and the undiscounted remaining future minimum lease payments are approximately $32.7 million. The Company is also party to a letter of credit as a security deposit for this leased facility, in the amount of $1.3 million.

Impairment of Lease and Related Assets

In the fourth quarter of 2022, the Company completed an analysis of leased-office usage and (i) ceased using certain of its office space, including two floors of its headquarters in New York City as well as (ii) abandoned certain other smaller office spaces. This triggered the recognition of an $18.7 million impairment charge, of which $15.9 million and $2.8 million relates to right-of-use assets and property and equipment, respectively.

The Company calculated the fair value of the right-of-use asset and property and equipment for the impacted office spaces based on estimated future discounted cash flows using significant unobservable inputs. These inputs include (i) the length of time necessary to market the office space and commence receiving sub-lease income, (ii) the anticipated amount of sub-lease income and tenant improvement allowances, and (iii) a discount rate incorporating risks associated with these projected cash flows. This fair value measurement is classified as Level 3 in the fair value hierarchy. The Company fully impaired the Right-of-use assets and Property and equipment associated with the abandoned smaller office spaces.

Equity-Based Compensation - Summary of Non-cash Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	$ 56,330	$ 48,577	$ 35,740
Cost of revenue
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	1,472	815	567
Sales and marketing
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	11,031	7,359	5,486
Product development
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	11,923	13,200	10,380
General and administrative
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	$ 31,904	$ 27,203	$ 19,307

Segment and Geographic Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Depreciation	$ 42.0	$ 37.7	$ 34.0
Amortization expense	$ 45.6	$ 42.0	$ 34.5
United States \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	45.00%	46.00%	40.00%
United States \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	64.00%	68.00%
Ireland \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	20.00%	21.00%
Cost of revenue
Segment Reporting Information [Line Items]
Depreciation	$ 40.4	$ 36.1	$ 31.0
General and Administrative Expenses
Segment Reporting Information [Line Items]
Depreciation	1.6	1.7	3.0
Amortization expense	5.2	3.3	2.4
Cost of Revenue
Segment Reporting Information [Line Items]
Amortization expense	$ 40.4	$ 38.7	$ 32.1

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Property and equipment	$ 382,529	$ 338,455
Less: accumulated depreciation	(316,129)	(274,155)
Property and equipment, net	66,400	64,300
Computer equipment and software
Property and Equipment
Property and equipment	351,062	308,473
Furniture and fixtures
Property and Equipment
Property and equipment	11,016	10,829
Leasehold improvements
Property and Equipment
Property and equipment	$ 20,451	$ 19,153

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Other Non-Lease Obligations


Year Ending December 31,	Other Obligations
2025	$	44,300
2026	9,500
2027	1,900



Total non-lease unconditional obligations	$	55,700

Legal Matters

From time to time, the Company may become party to litigation in the ordinary course of business, including direct claims brought by or against the Company with respect to intellectual property, contracts, employment and other matters, as well as claims brought against the Company’s customers for whom the Company has a contractual indemnification obligation. The Company assesses the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, the Company considers other relevant factors that could impact its ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. The Company reviews reserves, if any, at least quarterly and may change the amount of any such reserve in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and threats of litigation, investigations and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company currently has no material active litigation matters and, accordingly, no material reserves related to litigation.

Customer Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers with respect to certain matters, including, but not limited to, losses arising out of the breach of the Company’s intellectual property warranties for damages to the customer directly attributable to the Company’s breach. The Company is not responsible for any damages, costs, or losses to the extent such damages, costs or losses arise as a result of the modifications made by the customer, or the context in which an image is used. The standard maximum aggregate obligation and liability to any one customer for all claims is generally limited to ten thousand dollars. The Company offers certain of its customers greater levels of indemnification, including unlimited indemnification and believes that it has appropriate insurance coverage in place to adequately cover indemnification claims, if necessary. As of and for the year ended December 31, 2024, the Company made no material payments for losses on customer indemnification claims and recorded no liabilities related to indemnification for loss contingencies, before considering any insurance recoveries.

Employment Agreements and Indemnification Agreements

The Company has entered into employment arrangements and indemnification agreements with certain executive officers and with certain employees. The agreements specify various employment-related matters, including annual compensation, performance incentive bonuses, and severance benefits in the event of termination with or without cause.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Geographical Income (Loss) Before Income Taxes

The Company’s geographical breakdown of its income before income taxes is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	49,827	$	108,013	$	86,207
Foreign	12,721		14,455		4,830
Income before income taxes	$	62,548	$	122,468	$	91,037

Summary of Consolidated Provision (Benefit) for Income Taxes

The following table summarizes the consolidated provision for income taxes (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current provision:
Federal	$	18,578	$	24,015	$	16,891
State and local	5,245		5,392		3,362
Foreign	13,756		8,967		5,268
Deferred provision (benefit):
Federal	(28,582)		(24,880)		(9,286)
State and local	(2,824)		(1,047)		(1,107)
Foreign	20,443		(248)		(194)
Provision for income taxes	$	26,616	$	12,199	$	14,934

Schedule of Tax Rate Reconciliation

The provision for income taxes differs from statutory income tax rate as follows:


	Year Ended December 31,
	2024		2023		2022
U.S. income tax at federal statutory rate	21.0	%	21.0	%	21.0	%
Tax credits	(10.8)		(4.2)		(3.3)
State and local taxes, net of federal benefit	2.9		2.2		1.6
Equity-based compensation	11.6		3.4		1.4
Foreign rate differential	11.5		0.4		0.8

Foreign-derived intangible income deduction	(8.5)		(6.4)		(8.2)
Uncertain tax positions	(0.7)		0.9		3.4
Valuation allowance	2.1		1.3		1.2



Capital loss	—		—		(1.7)
Bargain purchase gain	—		(8.6)		—

Capitalized transaction costs	2.2		—		—

Equity-based compensation award expiration	10.2		—		—
Non-deductible—other	1.1		—		0.2
Total provision for income taxes	42.6	%	10.0	%	16.4	%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of the Company’s temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):


	Year Ended December 31,
	2024		2023
Deferred tax assets:
Non-cash equity-based compensation	$	10,492	$	15,922
Intangible amortization	31,263		101
Accruals and reserves	15,106		6,881
Lease liabilities	7,050		8,410

Net operating losses	18,003		17,691
Other	1,496		1,850
Gross deferred tax assets	83,410		50,855
Valuation allowance	(8,761)		(6,841)
Net deferred tax assets	74,649		44,014
Deferred tax liabilities:
Right-of-use assets	(2,502)		(2,806)
Depreciation and amortization	(2,680)		(11,605)
Contingent consideration	(659)		(8,911)
Net deferred tax assets	$	68,808	$	20,692

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes to the Company’s unrecognized tax benefits as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance of unrecognized tax benefits at January 1	$	13,516	$	13,021	$	10,229
Gross additions for tax positions for prior years	2,408		399		139
Gross additions for tax positions for current year	3,355		1,054		2,844
Gross reductions for tax positions of prior years	(6,983)		(958)		(191)


Balance of unrecognized tax benefits at December 31	$	12,296	$	13,516	$	13,021

Other Income/(Expense), net (Tables)

12 Months Ended

Dec. 31, 2024

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Income / (Expense) Activity

The following table presents a summary of the Company’s other income / (expense) activity included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2024		2023		2022
Foreign currency (loss) / gain	$	(1,831)	$	879	$	(1,338)


Interest income and other	6,232		4,785		87

Other income / (expense), net	$	4,401	$	5,664	$	(1,251)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Advertising Costs
Adjusted cost revenue	$ 91.8	$ 93.1	$ 97.2

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of unrecognized tax benefits
Balance of unrecognized tax benefits at January 1	$ 13,516	$ 13,021	$ 10,229
Gross additions for tax positions for prior years	2,408	399	139
Gross additions for tax positions for current year	3,355	1,054	2,844
Gross reductions for tax positions of prior years	(6,983)	(958)	(191)
Balance of unrecognized tax benefits at December 31	$ 12,296	$ 13,516	$ 13,021

Accrued Expenses - Narrative (Details) $ in Millions	12 Months Ended
Accrued Expenses - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 9.5
Accrued severance costs	5.8
Cost of Revenue
Restructuring Cost and Reserve [Line Items]
Severance costs	1.1
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs	4.3
Product development
Restructuring Cost and Reserve [Line Items]
Severance costs	2.5
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 1.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 35,932	$ 110,269	$ 76,103

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes in the Company’s goodwill balance for the year ended December 31, 2024 (in thousands):


	Goodwill


Balance as of December 31, 2023	$	383,325
Goodwill related to acquisitions	187,415
Foreign currency translation adjustment	(1,072)

Balance as of December 31, 2024	$	569,668

The Company’s goodwill balance was allocated to a single reporting unit. The Company performed its annual goodwill assessment as of October 1, 2024 and concluded that the fair value of its reporting unit was greater than its carrying amount, and therefore, no adjustment to the carrying value of goodwill was necessary. The Company utilized a qualitative assessment of its content business reporting unit to determine whether a quantitative assessment was necessary and determined there were no indicators of potential impairment.

There were no impairments of goodwill in any of the periods presented in the consolidated financial statements.

Intangible Assets

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31, 2024							As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	103,130	$	(34,847)	$	68,283	11	$	90,350	$	(26,982)	$	63,368
Trade name	68,980		(12,941)		56,039		11	37,937		(9,272)		28,665
Developed technology	176,560		(86,140)		90,420		5	115,914		(61,376)		54,538
Contributor content	69,574		(35,917)		33,657		8	65,628		(27,897)		37,731
Patents	259		(181)		78		18	259		(165)		94

Total	$	418,503	$	(170,026)	$	248,477		$	310,088	$	(125,692)	$	184,396

Amortization expense related to the intangible assets was $45.6 million, $42.0 million and $34.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Of these amounts, $40.4 million, $38.7 million and $32.1 million are included in cost of revenue for the years ended December 31, 2024, 2023 and 2022, respectively, and $5.2 million, $3.3 million and $2.4 million are included in general and administrative expense for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company determined that there was no indication of impairment for the intangible assets for all periods presented. Estimated amortization expense for the next five years is: $46.0 million in 2025, $43.7 million in 2026, $37.5 million in 2027, $34.5 million in 2028, $27.2 million in 2029 and $59.5 million thereafter.

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Non-cash equity-based compensation	$ 10,492	$ 15,922
Intangible amortization	31,263	101
Accruals and reserves	15,106	6,881
Lease liabilities	7,050	8,410
Net operating losses	18,003	17,691
Other	1,496	1,850
Gross deferred tax assets	83,410	50,855
Valuation allowance	(8,761)	(6,841)
Net deferred tax assets	74,649	44,014
Deferred tax liabilities:
Right-of-use assets	(2,502)	(2,806)
Depreciation and amortization	(2,680)	(11,605)
Contingent consideration	(659)	(8,911)
Net deferred tax assets	$ 68,808	$ 20,692

Equity-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Plan RSUs
Non-vested balance at the beginning of the period (in shares) \| shares	1,938,000
Units granted (in shares) \| shares	2,467,000
Units vested (in shares) \| shares	(701,000)
Units cancelled or forfeited (in shares) \| shares	(804,000)
Non-vested balance at the end of the period (in shares) \| shares	2,900,000
Non-vested and deferred balance (in shares) \| shares	2,948,000
Weighted Average Fair Value
Non-vested balance at the beginning of the period (in dollars per share) \| $ / shares	$ 68.03
Units granted (in dollars per share) \| $ / shares	38.72
Units vested (in dollars per share) \| $ / shares	71.07
Units cancelled or forfeited (in dollars per share) \| $ / shares	54.52
Non-vested balance at the end of the period (in dollars per share) \| $ / shares	46.13
Non-vested and deferred balance (in dollars per share) \| $ / shares	$ 51.70

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability.

Concentration of Risk

Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable balances. Cash and cash equivalents are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits.

A significant portion of the Company’s revenues are derived from customers who license content using electronic payments at the time of a transaction. The Company’s accounts receivable are primarily from enterprise customers who require invoicing. The Company performs initial and ongoing credit reviews on these customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay. The Company also performs ongoing financial condition evaluations for its existing customers. As of December 31, 2024, one customer accounted for approximately 17% of the accounts receivable balance. No other customer accounted for or exceeded 10% of the accounts receivable balance. As of December 31, 2023, two customers accounted for 29% of the accounts receivable balance.

Cash, Cash Equivalents

As of December 31, 2024 and 2023, the Company’s cash and cash equivalents were $111.3 million and $100.5 million, respectively. The Company’s cash balance consist primarily of bank deposits. Cash equivalents consists primarily of money market accounts and are stated at cost, which approximates fair value. Restricted cash is not material in any period presented.

Fair Value Measurements

The Company records its financial assets and liabilities at fair value. Fair value is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair value is estimated by applying inputs which are classified into the following levels of a three-tier hierarchy as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2- inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 - unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions regarding what market participants would use in pricing.

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates.

The following table presents the changes in the Company’s allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance, beginning of period	$	6,335	$	5,830	$	1,910
(Less) / Add: bad debt (recovery) / expense	(2,033)		1,894		3,697
(Less) / Add: write-offs, net of recoveries and other adjustments	(1,201)		(1,389)		223
Balance, end of period	$	3,101	$	6,335	$	5,830

For certain Data, Distribution, and Services transactions, the Company has $57.8 million of unbilled receivables of which $28.9 million are recorded in Accounts Receivable and $28.9 million are recorded in Other Assets.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the related assets. Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Capitalized Internal Use Software

The Company capitalizes the qualifying costs of computer software developed for internal use, which are incurred during the application development stage, and amortizes them over the software’s estimated useful life. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred. The amounts capitalized include employee’s payroll and payroll-related costs directly associated with the development activities as well as external direct costs of services used in developing internal-use software. The Company’s policy is to amortize capitalized costs using the straight-line method over the estimated useful life, which is currently three years, beginning when the software is substantially complete and ready for its intended use.

Impairment of Long-Lived Assets

Long-lived assets, inclusive of definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying value or the fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. In 2022, the Company recorded an impairment charge related to a portion of its right-of-use assets and property and equipment triggered by the Company’s decision to cease using certain office spaces. See Note 6, Property and Equipment and Note 17, Leasing for further discussion. There were no long-lived asset impairment charges in 2024 or 2023.

Goodwill and Intangible Assets

Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually on October 1 of each fiscal year or more frequently if events occur or circumstances exist that indicate that the fair value of a reporting unit may be below its carrying value.

The Company’s goodwill balance was allocated to a single reporting unit. Since inception through December 31, 2024, the Company has not had any impairment of goodwill.

Revenue Recognition

A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform.

For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products.

The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less.

For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers.

The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers.

The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available.

Cost of Revenue

The Company’s cost of revenue includes royalties paid to contributors, credit card processing fees, content reviewer costs, customer service expenses, infrastructure and hosting costs related to maintaining our creative platform and cloud-based software platform, depreciation and amortization of capitalized internal-use software, purchased content and acquisition-related intangible assets, allocated facility costs and other supporting overhead costs. Costs of revenue also includes employee compensation, including non-cash equity-based compensation, bonuses and benefits associated with the maintenance of the Company’s creative platform and cloud-based software platform.

Contributor Royalties and Internal Sales Commissions

The Company expenses contributor royalties in the period revenue is recognized, which is generally when the customer download occurs, and includes the corresponding contributor royalties in cost of revenue. Contributor royalties are generally paid monthly. The Company advances certain contributor royalties which are initially deferred and expensed based on the contractual royalty rate at the time of customer download or when the Company determines future recovery is not probable. For the years ended December 31, 2024, 2023 and 2022, the Company deferred $3.4 million, $3.9 million and $6.3 million, respectively, in royalty advances and amortized $3.7 million, $4.0 million and $7.1 million, respectively, in royalty advance expense which is included in cost of revenue. As of December 31, 2024 and 2023, the Company has deferred contributor royalties of $0.3 million and $0.6 million, respectively, which is included in prepaid expenses and other current assets in the Consolidated Balance Sheets.

Internal sales commissions are generally paid in the month following collection or invoicing of the commissioned receivable and is reported in sales and marketing expense on the Consolidated Statements of Operations. The Company expenses contract acquisition costs, including internal sales commissions, as incurred, to the extent that the amortization period would otherwise be one year or less.

Product Development

The Company expenses product development costs as incurred, except for costs that are capitalized for certain internal software development projects. Product development costs are primarily comprised of development personnel salaries, non-cash equity-based compensation, software and other IT equipment costs as well as allocated facility costs and related overhead.

Advertising Costs

The Company expenses the cost of advertising and promoting its products as incurred. Such costs totaled $91.8 million, $93.1 million and $97.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in sales and marketing expense in the Consolidated Statements of Operations.

Leasing

The Company records rent expense on a straight-line basis over the term of the related lease. At inception, the Company first determines if an arrangement contains a lease and the classification of that lease, if applicable. The Company recognizes right-of-use (“ROU”) assets and lease liabilities for its operating leases. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. The Company has also elected not to recognize a lease liability or ROU asset for leases with a term of 12 months or less, and recognize lease payments for those short-term leases on a straight-line basis over the lease term in the Consolidated Statements of Operations. Operating leases are included in ROU assets, other current liabilities and lease liabilities (net of current portion) on the Consolidated Balance Sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s leases is generally not determinable and therefore the incremental borrowing rate at the lease commencement date is utilized to determine the present value of lease payments. The determination of the incremental borrowing rate requires judgment. Management determines the incremental borrowing rate for each lease using the Company’s estimated borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when the Company is reasonably certain that the option will be exercised. An option to terminate is considered unless the Company is reasonably certain the option will not be exercised.

Equity-Based Compensation

The Company grants Restricted Stock Units, Performance-based Restricted Stock Units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and Stock Options to directors and officers and certain other employees of the Company. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan.

The Company measures and recognizes non-cash equity-based compensation expense for all stock-based awards granted to employees based on estimated fair values. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. Forfeitures are accounted for as they occur. For awards with a change of control condition, an evaluation is made at the grant date and future periods as to the likelihood of the condition being met. Compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the change of control conditions until the vesting date. Compensation expense related to awards with a market condition is recognized over the requisite service period regardless of the achievement of the market condition. Compensation expense related to awards with a performance condition is recognized over the requisite service period based on the expected levels of achievement. To the extent that the expected levels of achievement change, stock-based compensation expense is adjusted and recorded in the Consolidated Statements of Operations and the remaining unrecognized stock-based compensation is recognized over the remaining requisite service period.

The Company uses the closing price of the Company’s common stock on the date of grant to determine the fair value of RSUs. The Company uses the Black Scholes option pricing model, to determine the fair value of stock options on the date of grant. The Monte Carlo simulation model is used if the award has a market condition.

The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include the Company’s closing market price at the grant date, the expected stock price volatility over the expected term of the awards, awards’ exercise and cancellation behaviors, risk-free interest rates and expected dividends.

The awards granted pursuant to the 2012 Plan and the 2022 Plan are subject to a time-based vesting requirement and certain award grants may also include market based or performance based vesting conditions. While each PRSU corresponds to one target share of the Company’s stock, the number of shares that may eventually vest will be between 0% and 150% of a recipient’s target shares, depending on both the recipient’s continued service with the Company and the extent to which performance goals will have been achieved. Awards generally vest over three or four years.

Upon the vesting of RSUs, the Company has a practice of net share settlement, to cover any required withholding taxes by retaining the number of shares with a value equal to the amount of the tax and remitting an equal amount of cash to the appropriate taxing authorities.

Employee Benefit Plans

The Company offers a 401(k) defined contribution plan and provides for discretionary employer matching contributions. All matching contributions are recognized as an expense in the Statement of Operations, as incurred. The Company recorded employer matching contributions of $5.6 million, $5.4 million and $5.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Interest expense

Interest expense is comprised of borrowing costs on debt, amortization of debt issuance costs and unused commitment fees associated with the Company’s credit facility.

Debt issuance costs are recorded in prepaid expenses and other current assets and other assets in the Consolidated Balance Sheets and are amortized over the term of the credit facility.

Income Taxes

The Company’s income tax expense includes U.S. (federal and state) and foreign income taxes. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. The Company records an income tax liability for the difference, if any, between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The reserves are adjusted in light of changing facts and circumstances, such as the outcomes of tax audits or lapses in statutes of limitations. Any reserve for uncertain tax provisions and related penalties and interest is included in the income tax provision.

On a quarterly basis, the Company assesses the realizability of deferred tax assets, based on the available evidence including a history of taxable income, estimates of future taxable income and planning strategies and a valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized. Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities. In the event that actual results differ from these estimates, the Company will adjust these estimates in future periods which may result in a change in the effective tax rate in a future period.

The global intangible low-taxed income (“GILTI”) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat any potential GILTI inclusions as a period cost.

Other Non-income Taxes

The Company is subject to certain non-income taxes, including value added taxes, sales taxes and royalty withholding taxes. Where appropriate, the Company has made accruals for these taxes, which are reflected in the Company’s consolidated financial statements. These accruals are subject to statute of limitations requirements and review by governmental authorities.

Treasury Stock

The Company accounts for treasury stock under the cost method and is included as a component of stockholders’ equity. Treasury stock held by the Company may be reissued in the future. The Company’s policy is to account for reissued shares as a reduction of Treasury stock on a first-in, first-out basis.

Net Income Per Share

Basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, is excluded from basic weighted average number of common shares outstanding.

Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average common shares outstanding and all potential common shares, if they are dilutive.

Reportable Segments

For the year ended December 31, 2024, the Company has identified one operating segment, which has also been determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing financial performance.

Contingent Consideration

The Company records an asset or liability for contingent consideration at the date of a business combination and reassesses the fair value of the asset or liability each period until it is settled. Upon settlement of these assets or liabilities,

the portion of the contingent consideration payment that is attributable to the initial amount recorded as part of the business combination is classified as a cash flow from financing activities if the contingent consideration is a liability, or a cash flow from investing activities if the contingent consideration is an asset, and the portion of the settlement that is attributable to subsequent changes in the fair value of the contingent consideration is classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is generally the respective local currency. Monetary assets and liabilities that are denominated in currencies other than each entity’s functional currency are remeasured into the functional currency at the period-end exchange rates and result in transactional gains and losses. The net impact of foreign currency transactional gains and losses on the Company’s results of operations were losses of $3.2 million and $3.1 million in 2024 and 2022, respectively, and a gain of $0.7 million in 2023. Translation adjustments resulting from converting the foreign subsidiaries financial statements into U.S. dollars using the period-end exchange rates for balance sheet accounts and the period average exchange rate for the Statements of Operations are recorded as a component of accumulated other comprehensive income / (loss) within stockholders’ equity.

Recently Adopted Accounting Standard Updates

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances incremental disclosures on an annual and interim basis, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. This ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2024 consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-08 (“ASU 2023-08”), Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):Accounting for and Disclosure of Crypto Assets to enhance the valuation and disclosure of crypto assets held by an entity. ASU 2023-08 is effective for annual periods beginning after December 15, 2024 and the interim periods therein. Upon adoption, a cumulative-effect adjustment to the opening balance of retained earnings is to be made as of the beginning of the annual period in which the entity adopts the amendments. Early adoption is permitted. The adoption of this accounting standard is not expected to impact the Company’s operations, financial position or cash flows. The Company does not hold any Crypto Assets as of December 31, 2024.

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s geographical breakdown of its income before income taxes is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	49,827	$	108,013	$	86,207
Foreign	12,721		14,455		4,830
Income before income taxes	$	62,548	$	122,468	$	91,037

The following table summarizes the consolidated provision for income taxes (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current provision:
Federal	$	18,578	$	24,015	$	16,891
State and local	5,245		5,392		3,362
Foreign	13,756		8,967		5,268
Deferred provision (benefit):
Federal	(28,582)		(24,880)		(9,286)
State and local	(2,824)		(1,047)		(1,107)
Foreign	20,443		(248)		(194)
Provision for income taxes	$	26,616	$	12,199	$	14,934

The provision for income taxes differs from statutory income tax rate as follows:


	Year Ended December 31,
	2024		2023		2022
U.S. income tax at federal statutory rate	21.0	%	21.0	%	21.0	%
Tax credits	(10.8)		(4.2)		(3.3)
State and local taxes, net of federal benefit	2.9		2.2		1.6
Equity-based compensation	11.6		3.4		1.4
Foreign rate differential	11.5		0.4		0.8

Foreign-derived intangible income deduction	(8.5)		(6.4)		(8.2)
Uncertain tax positions	(0.7)		0.9		3.4
Valuation allowance	2.1		1.3		1.2



Capital loss	—		—		(1.7)
Bargain purchase gain	—		(8.6)		—

Capitalized transaction costs	2.2		—		—

Equity-based compensation award expiration	10.2		—		—
Non-deductible—other	1.1		—		0.2
Total provision for income taxes	42.6	%	10.0	%	16.4	%

The tax effect of the Company’s temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):


	Year Ended December 31,
	2024		2023
Deferred tax assets:
Non-cash equity-based compensation	$	10,492	$	15,922
Intangible amortization	31,263		101
Accruals and reserves	15,106		6,881
Lease liabilities	7,050		8,410

Net operating losses	18,003		17,691
Other	1,496		1,850
Gross deferred tax assets	83,410		50,855
Valuation allowance	(8,761)		(6,841)
Net deferred tax assets	74,649		44,014
Deferred tax liabilities:
Right-of-use assets	(2,502)		(2,806)
Depreciation and amortization	(2,680)		(11,605)
Contingent consideration	(659)		(8,911)
Net deferred tax assets	$	68,808	$	20,692

The non-cash equity-based compensation for the Company included a deferred tax asset of $6.2 million in 2023 associated with the performance-based grant of stock options and restricted stock units to the Company’s Founder and Executive Chairman. The performance targets were not met in the second quarter of 2024, and the deferred tax asset was reversed.

In addition, the $8.8 million valuation allowance relates to certain foreign net operating loss carryforwards, where the Company has determined that there is sufficient uncertainty regarding the future realization of these net operating losses.

The following table summarizes changes to the Company’s unrecognized tax benefits as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance of unrecognized tax benefits at January 1	$	13,516	$	13,021	$	10,229
Gross additions for tax positions for prior years	2,408		399		139
Gross additions for tax positions for current year	3,355		1,054		2,844
Gross reductions for tax positions of prior years	(6,983)		(958)		(191)


Balance of unrecognized tax benefits at December 31	$	12,296	$	13,516	$	13,021

The total amount of unrecognized tax benefits as of December 31, 2024 was $11.4 million, which, if recognized, would impact the Company’s effective tax rate in future periods. Unrecognized tax benefits is included within prepaid expenses and other current assets and other non-current liabilities on the Consolidated Balance Sheets. The Company has determined that it is reasonably possible that there will be a reversal of unrecognized tax benefits by as much as $0.7 million in the next fiscal year due to the expected resolution of prior year tax matters.

The Company recognizes interest expense and tax penalties related to unrecognized tax benefits as a component of income tax expense in the Consolidated Statements of Operations. Interest and penalties included in the Company’s provision for income taxes were not material in all the periods presented.

The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. During the tax year ending December 31, 2024 the U.S. Internal Revenue Service closed the audit for tax years 2017 through 2021 with $0.9 million of additional tax and interest assessed. The Company is currently under examination by the state of California for

the tax years 2021 through 2022. The Company is no longer subject to U.S. federal, state, local and foreign tax examinations by tax authorities for years before 2017.

As of December 31, 2024, the Company has $77.4 million in tax net operating loss carryforwards in U.S. and foreign tax jurisdictions which are available to reduce future income taxes and the majority of this amount relates to jurisdictions with an indefinite carryforward period.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed

The aggregate purchase price for the Envato and Backgrid acquisitions have been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Envato		Backgrid		Total
Cash and cash equivalents1	$	90,591	$	1,718	$	92,309
Accounts receivable	6,818		732		7,550
Other assets	5,404		77		5,481
Right of use asset	273		—		273
Fixed assets	895		—		895
Intangible assets:
Trademark	31,000		300		31,300
Developed technology	61,000		900		61,900
Customer relationships	14,200		—		14,200
Intangible assets	106,200		1,200		107,400
Goodwill	167,572		19,843		187,415
Deferred tax asset	37,350		—		37,350
Total assets acquired	$	415,103	$	23,570	$	438,673

Accounts payable	(4,173)		—		(4,173)
Contributor royalties payable	(11,917)		(849)		(12,766)
Accrued expenses	(30,233)		(228)		(30,461)
Deferred revenue	(46,888)		—		(46,888)
Deferred tax liability	—		(271)		(271)
Other liabilities1	(71,487)		(1,074)		(72,561)
Lease liability	(190)		—		(190)
Total liabilities assumed	(164,888)		(2,422)		(167,310)
Net assets acquired	$	250,215	$	21,148	$	271,363

The aggregate purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Giphy
Cash and cash equivalents	$	4,030

Prepaid expenses and other current assets	1,416

Right of use assets	1,243
Intangible assets:

Trade name	21,000
Developed technology	19,500

Intangible assets	40,500

Deferred tax asset	1,463
Other assets	1,647
Total assets acquired	$	50,299

Accounts payable, accrued expenses and other liabilities	(4,949)



Lease liability	(1,090)
Total liabilities assumed	(6,039)
Net assets acquired	$	44,260
Net purchase price	(6,001)
Bargain purchase gain	$	50,261

The aggregate purchase price for these acquisitions has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed (in thousands):	Pond5		Splash News		Total
Cash and cash equivalents	$	11,675	$	180	$	11,855
Accounts receivable	1,273		500		$	1,773
Other assets	1,102		525		1,627

Right of use asset	1,674		—		1,674
Intangible assets:
Customer relationships	34,900		—		34,900
Trade name	5,300		—		5,300
Developed technology	27,600		1,263		28,863

Intangible assets	67,800		1,263		69,063
Goodwill	158,957		5,565		164,522

Total assets acquired	$	242,481	$	8,033	$	250,514

Accounts payable, accrued expenses and other liabilities	(9,304)		(1,528)		(10,832)
Contributor royalties payable	(3,039)				(3,039)

Deferred revenue	(3,705)		—		(3,705)
Deferred tax liability	(6,381)		(189)		(6,570)
Lease liability	(2,038)		—		(2,038)
Total liabilities assumed	(24,467)		(1,717)		(26,184)
Net assets acquired	$	218,014	$	6,316	$	224,330

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The Giphy purchase price was calculated as follows:


	Purchase Price
Purchase price	$	53,000
Cash acquired and other working capital adjustments	4,750
Cash paid on closing	$	57,750

Fair value of Giphy Retention Compensation contingent consideration1	(98,723)
Fair value of consideration attributable to pre-combination service2	34,972

Net purchase price	$	(6,001)

2 - Relates to the cash value of replaced unvested Meta equity awards attributable to pre-combination services.

Business Acquisition, Pro Forma Information

These pro forma results have been prepared for comparative purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma information and are not necessarily indicative of what the Company’s operating results would have been, had the acquisitions actually taken place at the beginning of the previous annual period.


	Year Ended December 31,
		2024		2023
Revenue
As Reported		$	935,262	$	874,587
Pro Forma		1,045,391		1,097,543
Income before income taxes
As Reported		$	62,548	$	122,468
Pro Forma		79,347		63,071

Leasing - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 13,956	$ 15,395
Lease liabilities, current	9,717	9,076
Lease liabilities, non-current	23,365	29,404
Total lease liabilities	$ 33,082	$ 38,480
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

Fair Value Measurements and Other Long-term Investments - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 27, 2024	Dec. 31, 2019	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts			$ 0.0
Variable interest investment			5.0	$ 5.0
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest investment			$ 24.0
Meitu, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 18.4
Equity securities, FV-NI, realized gain	$ 3.4
Variable Interest Entity, Not Primary Beneficiary \| Zcool Network Technology Limited \| Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment to acquire interest in subsidiaries and affiliates		$ 15.0

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Equipment
Property and Equipment
Useful lives	3 years
Furniture and fixtures
Property and Equipment
Useful lives	7 years
Software
Property and Equipment
Useful lives	3 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table presents the changes in the Company’s allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance, beginning of period	$	6,335	$	5,830	$	1,910
(Less) / Add: bad debt (recovery) / expense	(2,033)		1,894		3,697
(Less) / Add: write-offs, net of recoveries and other adjustments	(1,201)		(1,389)		223
Balance, end of period	$	3,101	$	6,335	$	5,830

Summary of Property and Equipment

Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Property and equipment is summarized as follows (in thousands):


	December 31,
	2024		2023
Computer equipment and software	$	351,062	$	308,473
Furniture and fixtures	11,016		10,829
Leasehold improvements	20,451		19,153
Property and equipment	382,529		338,455
Less: accumulated depreciation	(316,129)		(274,155)
Property and equipment, net	$	66,400	$	64,300

Revenue - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) channel	Dec. 31, 2024 USD ($) channel
Segment Reporting Information [Line Items]
Number of primary channels \| channel	2	2
Disposal group deferred revenue		$ 192.8
Revenue, remaining performance obligation	$ 36.4	36.4
Revenue, reversal of refund reserves, amount	32.8
Other Current Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount	7.3	7.3
Other Noncurrent Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount	$ 5.7	$ 5.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Segment Reporting Information [Line Items]
Period of performance obligation recognition	5 years	5 years

Segment and Geographic Information - Schedule of Long-lived Tangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 66,400	$ 64,300
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	45,354	46,531
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	17,175	17,695
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 3,871	$ 74

Summary of Operations	12 Months Ended
Summary of Operations	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Operations	Summary of Operations Description of Business Shutterstock (the “Company” or “Shutterstock”) is a leading global creative platform connecting brands and businesses to high quality content. The Company’s platform brings together users and contributors of content by providing readily-searchable content that customers pay to license and by compensating contributors as their content is licensed. Contributors upload their content to the Company’s web properties in exchange for royalty payments based on customer download activity. Beyond content, customers also leverage the Company’s platform to assist with the entire creative process from ideation through creative execution. Digital content licensed to customers for their creative needs includes images, footage, music, and 3D models (the Company’s “Content” offering). Content revenues represent the majority of the Company’s business and are supported by the Company’s searchable creative platform and driven by the Company’s large contributor network. In addition, customers have needs that are beyond traditional content license products and services. These include (i) licenses to metadata associated with the Company’s images, footage, music tracks and 3D models through the Company’s data offering, (ii) distribution and advertising services from the Company’s Giphy business, which consists of GIFs (graphics interchange format visuals) that serve as a critical ingredient in text- and message- based conversations and in contextual advertising settings, (iii) specialized solutions for high-quality content matched with production tools and services through Shutterstock Studios and (iv) other tailored white-glove services (collectively, the Company’s “Data, Distribution, and Services” offerings) The Company’s Content offering includes: •Images - consisting of photographs, vectors and illustrations. Images are typically used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and other similar uses. •Footage - consisting of video clips, premium footage filmed by industry experts and cinema grade video effects, available in HD and 4K formats. Footage is often integrated into websites, social media, marketing campaigns and cinematic productions. •Music - consisting of high-quality music tracks and sound effects, which are often used to complement images and footage. •3 Dimensional (“3D”) Models - consisting of 3D models, used in a variety of industries such as advertising, media and video production, gaming, retail, education, design and architecture. •Generative AI Content - consisting of images generated from algorithms trained with high-quality, ethically sourced content. Customers can generate images by entering a description of their desired content into model prompts. On February 1, 2024, the Company acquired Backgrid USA, Inc. and Backgrid London, Ltd. (collectively “Backgrid”). Backgrid supplies media organizations with real-time celebrity content. On July 22, 2024, the Company acquired Envato Pty Ltd. (“Envato). Envato offers digital creative assets and templates. See Note 5 Acquisitions.

Income Taxes - Consolidated Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision:
Federal	$ 18,578	$ 24,015	$ 16,891
State and local	5,245	5,392	3,362
Foreign	13,756	8,967	5,268
Deferred provision (benefit):
Federal	(28,582)	(24,880)	(9,286)
State and local	(2,824)	(1,047)	(1,107)
Foreign	20,443	(248)	(194)
Provision for income taxes	$ 26,616	$ 12,199	$ 14,934

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,101	$ 6,335
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	40,395,000	39,982,000
Common stock, shares outstanding (in shares)	34,874,000	35,572,000
Treasury stock, shares (in shares)	5,521,000	4,410,000

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Non-cash Equity-based Compensation Expense


	Year Ended December 31,
	2024		2023		2022
Cost of revenue	$	1,472	$	815	$	567
Sales and marketing	11,031		7,359		5,486
Product development	11,923		13,200		10,380
General and administrative	31,904		27,203		19,307
Total	$	56,330	$	48,577	$	35,740


	As of December 31,
	2024		2023
Stock options outstanding	$	—	$	4,232
Stock options exercisable	$	—	$	4,232
Stock options vested and expected to vest	$	—	$	4,232

Schedule of Stock Option Awards Activity and Weighted Average Exercise Price per Share

The following is a summary of stock option awards (in thousands) and weighted average exercise price per option:


	Plan Options	Weighted Average Exercise Price
Options outstanding at December 31, 2023	829	$	61.34


Options exercised	—	—
Options canceled or expired	(530)	76.71
Options outstanding at December 31, 2024	299	34.14

Options exercisable at December 31, 2024	299	34.14

Schedule of Restricted Stock Units (RSUs) Activity

The following table presents a summary of the Company’s RSUs activity for the year ended December 31, 2024 (in thousands):


	Plan RSUs	Weighted Average Fair Value
Non-vested balance at December 31, 2023	1,938	$	68.03
Units granted	2,467	38.72

Units vested	(701)	71.07
Units canceled or forfeited	(804)	54.52
Non-vested balance at December 31, 2024	2,900	$	46.13

Non-vested and deferred balance at December 31, 2024	2,948	$	51.70

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The maturity of the Revolver is in 2029.


	As of December 31, 2024	As of December 31, 2023
Current Debt:
Revolver - Credit Facility	—	30,000
Revolver - A&R Credit Agreement	155,000	—
Term Loan - A&R Credit Agreement	3,106	—
Non-Current Debt:
Term Loan - A&R Credit Agreement	119,598	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Commitments and Contingencies - Schedule of Other Non-Lease Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Other Obligations
2025	$ 44,300
2026	9,500
2027	1,900
Total non-lease unconditional obligations	$ 55,700

Summary of Significant Accounting Policies - Concentration of Risk (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
One Customer
Concentration Risk [Line Items]
Concentration risk percentage	17.00%
Two Customers
Concentration Risk [Line Items]
Concentration risk percentage		29.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred tax assets	$ 10,492	$ 15,922
Valuation allowance, foreign net operating loss carryforwards	8,800
Impact on effective tax rate on recognition of unrecognized tax benefits	11,400
Reasonably possible reversal of unrecognized tax benefits in the next fiscal year	700
Income tax examination, penalties and interest expense	900
Operating loss carryforwards	$ 77,400
Performance Shares And Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred tax assets		$ 6,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table summarizes the changes in the Company’s goodwill balance for the year ended December 31, 2024 (in thousands):


	Goodwill


Balance as of December 31, 2023	$	383,325
Goodwill related to acquisitions	187,415
Foreign currency translation adjustment	(1,072)

Balance as of December 31, 2024	$	569,668

Schedule of Intangible Assets

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31, 2024							As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	103,130	$	(34,847)	$	68,283	11	$	90,350	$	(26,982)	$	63,368
Trade name	68,980		(12,941)		56,039		11	37,937		(9,272)		28,665
Developed technology	176,560		(86,140)		90,420		5	115,914		(61,376)		54,538
Contributor content	69,574		(35,917)		33,657		8	65,628		(27,897)		37,731
Patents	259		(181)		78		18	259		(165)		94

Total	$	418,503	$	(170,026)	$	248,477		$	310,088	$	(125,692)	$	184,396

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current Debt:	$ 158,106	$ 30,000
Non-Current Debt:	119,598	0
Revolving Credit Facility \| Line of Credit \| The Credit Facility
Debt Instrument [Line Items]
Current Debt:	0	30,000
Revolving Credit Facility \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	155,000	0
Secured Debt \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	3,106	0
Non-Current Debt:	$ 119,598	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 35,932	$ 110,269	$ 76,103
Shares used to compute basic net income per share (in shares)	35,330	35,878	36,042
Dilutive potential common shares:
Stock options and employee stock purchase plan shares (in shares)	40	100	155
Unvested restricted stock awards (in shares)	288	264	349
Shares used to compute diluted net income per share (in shares)	35,658	36,242	36,546
Basic net income per share (in dollars per share)	$ 1.02	$ 3.07	$ 2.11
Diluted net income per share (in dollars per share)	$ 1.01	$ 3.04	$ 2.08
Potentially dilutive shares included in the calculation (in shares)	1,157	1,034	1,127
Anti-dilutive shares excluded from the calculation (in shares)	1,551	944	464

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Compensation	$	46,753	$	75,752
Non-income taxes	43,171		23,702


Website hosting and marketing fees	9,568		11,804


Other expenses	27,151		20,185
Total accrued expenses	$	126,643	$	131,443

Summary of Significant Accounting Policies - Capitalized Internal Use Software and Impairment of Long-Lived Assets (Details)	Dec. 31, 2024
Software
Property, Plant and Equipment [Line Items]
Useful lives	3 years