0001549346-25-000045 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Narrative (Details)	Sep. 30, 2025 USD ($)
Other Commitments [Line Items]
Other obligations	$ 20,400,000
Maturity of unconditional purchase obligations
Remainder of 2025	6,400,000
2026	11,600,000
2027	2,400,000
Indemnification Agreement
Indemnifications
Maximum possible loss per customer	10,000
Liabilities related to indemnification	$ 0

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	As of September 30, 2025		As of December 31, 2024
Computer equipment and software	$	383,677	$	351,062
Furniture and fixtures	11,120		11,016
Leasehold improvements	20,823		20,451
Property and equipment	415,620		382,529
Less accumulated depreciation	(352,897)		(316,129)
Property and equipment, net	$	62,723	$	66,400

Fair Value Measurements and Long-term Investments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Long-term Investments

Fair Value Measurements

The Company had no assets or liabilities requiring fair value hierarchy disclosures as of September 30, 2025 or December 31, 2024, except as noted below.

Other Fair Value Measurements

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses 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 the Company is required to evaluate a non-financial asset for impairment, whether due to certain triggering events or because annual impairment testing is required, a resulting asset impairment would require that the non-financial asset be recorded at fair value.

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.

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, 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, net in the Consolidated Statement of Operations. The investment is subject to a contractual sale restriction that limits the sale or transfer of the investment for a period of 3 years, ending March 2027. Its fair value level hierarchy and amount at September 30, 2025 are as follows (in thousands):


	As of September 30, 2025		As of December 31, 2024

Level 1	$	53,354	$	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 September 30, 2025 and December 31, 2024, the Company had $30.5 million and $24.0 million, respectively, recorded in Other Assets in the Consolidated Balance Sheet from equity instruments received. The Company estimated the value of these equity instruments based on issuers’ recent market transactions at the time the instruments were received from the customers. 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, the Company also had a long-term investment in an equity security with no readily determinable fair value totaling $5.0 million. The Company used the measurement alternative for fair value and the investment’s carrying value was reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments. In the second quarter of 2025, the issuer of this security raised additional capital at a valuation that would result in the Company not recovering its investment in a liquidation event. Accordingly, as of June 30, 2025, the Company concluded this investment was fully impaired and recorded a $5.0 million impairment charge in the three-month period ended June 30, 2025.

- 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

Segment and Geographic Information - Narrative (Details) - segment	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of operating segments	1
United States \| Revenue benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	44.00%	48.00%
United States \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	51.00%		64.00%
Ireland \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	23.00%		20.00%
AUSTRALIA \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	17.00%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,513,216
Entity Central Index Key	0001549346
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Acquisitions - Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Jul. 22, 2024	Feb. 01, 2024
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill		$ 574,594	$ 569,668
Envato measurement period adjustment		1,588
Envato
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [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				169,161
Deferred tax asset				36,956
Total assets acquired				416,298
Accounts payable				(4,173)
Contributor royalties payable				(11,917)
Accrued expenses				(30,233)
Deferred revenue				(46,888)
Deferred tax liability				0
Other liabilities				(72,682)
Lease liability				(190)
Total liabilities assumed				(166,083)
Net assets acquired				250,215
Assumed liabilities in other liabilities		63,400
Envato measurement period adjustment	$ 1,600
Deferred income taxes	400
Noncurrent liabilities, other	$ 1,200
Envato \| Trade name
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:				31,000
Envato \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:				61,000
Envato \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:				$ 14,200
Backgrid USA, Inc. and Backgrid London LTD
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [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 \| Trade name
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:					300
Backgrid USA, Inc. and Backgrid London LTD \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:					900
Backgrid USA, Inc. and Backgrid London LTD \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:					$ 0
Envato and Backgird
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [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		189,004
Deferred tax asset		36,956
Total assets acquired		439,868
Accounts payable		(4,173)
Contributor royalties payable		(12,766)
Accrued expenses		(30,461)
Deferred revenue		(46,888)
Deferred tax liability		(271)
Other liabilities		(73,756)
Lease liability		(190)
Total liabilities assumed		(168,505)
Net assets acquired		271,363
Envato and Backgird \| Trade name
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:		31,300
Envato and Backgird \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:		61,900
Envato and Backgird \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets:		$ 14,200

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net income	$ 13,387	$ 17,615	$ 61,515	$ 37,361
Shares used to compute basic net income per share (in shares)	35,484	35,174	35,213	35,486
Dilutive potential common shares
Stock options (in shares)	0	27	0	53
Unvested restricted stock awards (in shares)	1,158	271	766	299
Shares used to compute diluted net income per share (in shares)	36,642	35,472	35,979	35,838
Basic net income per share (in dollars per share)	$ 0.38	$ 0.50	$ 1.75	$ 1.05
Diluted net income per share (in dollars per share)	$ 0.37	$ 0.50	$ 1.71	$ 1.04
Dilutive securities included in the calculation (in shares)	3,663	1,304	2,683	1,238
Anti-dilutive securities excluded from the calculation (in shares)	1,164	1,679	1,689	1,446

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jul. 22, 2024	Feb. 01, 2024
Envato
Business Combination [Line Items]
Purchase price	$ 250.2
Transaction costs	$ 7.0
Envato \| Trademarks
Business Combination [Line Items]
Estimated useful life	10 years
Envato \| Developed technology
Business Combination [Line Items]
Estimated useful life	5 years
Envato \| Customer relationships
Business Combination [Line Items]
Estimated useful life	6 years
Backgrid USA, Inc. and Backgrid London LTD
Business Combination [Line Items]
Transaction costs		$ 1.5
Cash paid on closing		$ 20.0
Backgrid USA, Inc. and Backgrid London LTD \| Trademarks
Business Combination [Line Items]
Estimated useful life		10 years
Backgrid USA, Inc. and Backgrid London LTD \| Developed technology
Business Combination [Line Items]
Estimated useful life		5 years

Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	As of September 30, 2025		As of December 31, 2024
Computer equipment and software	$	383,677	$	351,062
Furniture and fixtures	11,120		11,016
Leasehold improvements	20,823		20,451
Property and equipment	415,620		382,529
Less accumulated depreciation	(352,897)		(316,129)
Property and equipment, net	$	62,723	$	66,400

Depreciation and amortization expense related to property and equipment was $11.0 million and $10.7 million for the three months ended September 30, 2025 and 2024, respectively, and $32.5 million and $31.4 million for the nine months ended September 30, 2025 and 2024, respectively. Cost of revenues included depreciation and amortization expense of $10.6 million and $10.3 million for the three months ended September 30, 2025 and 2024, respectively, and $31.5 million and $30.2 million for the nine months ended September 30, 2025 and 2024, respectively. General and administrative expense included depreciation and amortization expense of $0.4 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.0 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Depreciation and amortization expense is included in cost of revenue and general and administrative expense in the Consolidated Statements of Operations based on the nature of the asset being depreciated.

Capitalized Internal-Use Software

The Company capitalized costs related to the development of internal-use software of $10.4 million and $9.2 million for the three months ended September 30, 2025 and 2024, respectively, and $30.7 million and $27.8 million for the nine months ended September 30, 2025 and 2024, respectively. Capitalized amounts are included as a component of property and equipment under computer equipment and software on the Consolidated Balance Sheets.

The portion of total depreciation expense related to capitalized internal-use software was $10.4 million and $10.0 million for the three months ended September 30, 2025 and 2024, respectively, and $30.8 million and $29.3 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense related to capitalized internal-use software is included in cost of revenue in the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, the Company had capitalized internal-use software of $57.7 million and $57.8 million, respectively, net of accumulated depreciation, which was included in property and equipment, net.

Debt

9 Months Ended

Sep. 30, 2025

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 million of existing outstanding borrowings and accrued interest.

As of September 30, 2025, 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 September 30, 2025, 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 September 30, 2025	As of December 31, 2024
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,109	3,106
Non-Current Debt:
Term Loan - A&R Credit Agreement	117,379	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 three and nine months ended September 30, 2025, the Company recognized interest expense of $4.2 million and $12.7 million, respectively. As of September 30, 2025, unamortized debt issuance cost related to the Term Loan - A&R Credit Agreement is $0.6 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

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Operations Summary of Operations Shutterstock, Inc. (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. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim Consolidated Balance Sheet as of September 30, 2025, and the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024, and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 are unaudited. The Consolidated Balance Sheet as of December 31, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state the Company’s financial position as of September 30, 2025, and its consolidated results of operations, comprehensive income, stockholders’ equity and cash flows for the three and nine months ended September 30, 2025 and 2024. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 25, 2025. The unaudited consolidated financial statements 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. Cash and Cash Equivalents The Company’s cash and cash equivalents consist primarily of bank deposits. 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 and credit losses 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. For certain Data, Distribution, and Services transactions, the Company has $76.3 million of unbilled receivables of which $53.7 million are recorded in Accounts Receivable and $22.6 million are recorded in Other Assets, as of September 30, 2025. During the nine months ended September 30, 2025, the Company recorded bad debt expense of $1.0 million. As of September 30, 2025 and December 31, 2024, the Company’s allowance for doubtful accounts was approximately $3.7 million and $3.1 million, respectively. The allowance for doubtful accounts is included as a reduction of accounts receivable on the Consolidated Balance Sheets. The Company has certain customer arrangements that contain financing elements. Interest income earned from these financing receivables is recorded on the effective interest method and is included within interest income on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, approximately $9.5 million and $13.3 million of financing receivables, respectively, were included in accounts receivable and other assets on the Consolidated Balance Sheets. In addition, as of September 30, 2025 two customers accounted for approximately 29% of the accounts receivable balance. As of December 31, 2024, one customer accounted for approximately 17% of the accounts receivable balance. Chargeback and Sales Refund Allowance The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other information. As of September 30, 2025 and December 31, 2024, the Company’s combined allowance for chargebacks and sales refunds was $0.2 million and $0.3 million, respectively, which was included as a component of other current liabilities on the Consolidated Balance Sheets. 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.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unconditional purchase obligations and other obligations As of September 30, 2025, the Company had total non-lease obligations in the amount of approximately $20.4 million, which consisted primarily of minimum royalty guarantees and unconditional purchase obligations related to contracts for infrastructure and other business services. As of September 30, 2025, the Company’s non-lease obligations for the remainder of 2025 and for the years ending December 31, 2026, and 2027 were approximately $6.4 million, $11.6 million, and $2.4 million, respectively. 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. Except as described below, the Company currently has no material active litigation matters and, accordingly, no material reserves related to litigation. Since the definitive proxy statement filed with the SEC on April 30, 2025 (the “Proxy Statement”), two complaints have been filed against Shutterstock and each member of Shutterstock’s board of directors (the “Individual Defendants”). The two complaints are captioned as follows: Johnson v. Shutterstock, Inc., et al., 682860/2025 (filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Johnson Action”) and Weiss v. Shutterstock, Inc., et al., 652853/2025 at ECF No. 1, filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Weiss Action”, and together with the Johnson Action, the “Stockholder Actions”). The Stockholder Actions allege that, among other things, the Proxy Statement contains false and misleading and/or incomplete information regarding the Merger. The Stockholder Actions assert claims for (i) negligent misrepresentation and concealment, and (ii) negligence in connection with the filing of the allegedly false and misleading Proxy Statement. The Stockholder Actions seek an injunction enjoining the consummation of the Merger unless and until the Individual Defendants disclose the allegedly omitted material information, in the event that the Merger are consummated, rescission of the Merger and awarding actual and punitive damages to plaintiff, and an award of attorneys’ and experts’ fees. In addition to the Stockholder Actions, beginning on April 25, 2025, certain purported stockholders of Shutterstock and Getty Images sent demand letters (the “Demand Letters”, and together with the Stockholder Actions, the “Matters”) alleging similar deficiencies regarding the disclosures made in the Proxy Statement and seeking additional disclosures to address those alleged deficiencies. Shutterstock believes it has substantial defenses in connection with the Matters and no supplemental disclosure is required under applicable law. However, in order to avoid the risk that the Matters may delay or otherwise adversely affect the implementation of the Merger, to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Shutterstock has determined to voluntarily supplement the Proxy Statement as described in the Current Report on Form 8-K filed with the SEC on May 30, 2025, to provide additional information to Shutterstock stockholders. Nothing in said Current Report on Form 8-K shall be deemed an admission of the legal necessity or materiality under applicable law of any of the disclosures set forth therein or in the Proxy Statement. To the contrary, Shutterstock denies all allegations in the Matters that any additional disclosure was or is required. Indemnification 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 nine months ended September 30, 2025, 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.

Revenue - Narrative (Details) $ in Millions	9 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) channel	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of primary channels for content offerings \| channel	2
Disposal group deferred revenue	$ 201.5
Revenue, remaining performance obligation, amount	30.1
Revenue, reversal of refund reserves, amount	$ 4.9
Other Current Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount		$ 7.3
Other Noncurrent Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount		$ 5.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Segment Reporting Information [Line Items]
Period of performance obligation recognition	5 years

Fair Value Measurements and Long-term Investments - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 27, 2024	Jun. 30, 2025	Dec. 31, 2018	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments					$ 5.0
Fair value impairment charge		$ 5.0
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments				$ 30.5	$ 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, realized gain	$ 3.4
Investment transfer period	3 years
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]
Investment value			$ 15.0

Segment and Geographic Information - Schedule of Long-lived Tangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 62,723	$ 66,400
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	34,458	45,354
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	17,859	17,175
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 10,406	$ 3,871

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 13,387	$ 17,615	$ 61,515	$ 37,361
Foreign currency translation (loss) / gain	(2,360)	4,260	11,952	2,480
Other comprehensive (loss) / income	(2,360)	4,260	11,952	2,480
Comprehensive income	$ 11,027	$ 21,875	$ 73,467	$ 39,841

- 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.

+ References

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+ Details

Stockholders’ Equity and Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Non-cash Equity-based Compensation Expense Included in the Company's Statement of Operations

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by financial statement line item included in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	528	$	443	$	1,456	$	967
Sales and marketing	2,098		3,226		6,912		8,404
Product development	3,370		2,745		9,811		9,201
General and administrative	6,966		8,680		28,292		22,648
Total	$	12,962	$	15,094	$	46,471	$	41,220

Fair Value Measurements and Long-term Investments - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 53,354	$ 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

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Amortizing intangible assets
Amortization expense	$ 11.9	$ 10.9	$ 35.6	$ 32.9
Remainder of 2025	11.8		11.8
2026	45.2		45.2
2027	38.8		38.8
2028	36.0		36.0
2029	29.3		29.3
2030	17.9		17.9
Thereafter	48.1		48.1
Cost of revenue
Amortizing intangible assets
Amortization expense	10.4	9.4	31.1	29.4
Selling, General and Administrative Expenses
Amortizing intangible assets
Amortization expense	$ 1.5	$ 1.5	$ 4.6	$ 3.5

Summary of Operations	9 Months Ended
Summary of Operations	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Operations	Summary of Operations Summary of Operations Shutterstock, Inc. (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. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim Consolidated Balance Sheet as of September 30, 2025, and the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024, and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 are unaudited. The Consolidated Balance Sheet as of December 31, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state the Company’s financial position as of September 30, 2025, and its consolidated results of operations, comprehensive income, stockholders’ equity and cash flows for the three and nine months ended September 30, 2025 and 2024. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 25, 2025. The unaudited consolidated financial statements 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. Cash and Cash Equivalents The Company’s cash and cash equivalents consist primarily of bank deposits. 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 and credit losses 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. For certain Data, Distribution, and Services transactions, the Company has $76.3 million of unbilled receivables of which $53.7 million are recorded in Accounts Receivable and $22.6 million are recorded in Other Assets, as of September 30, 2025. During the nine months ended September 30, 2025, the Company recorded bad debt expense of $1.0 million. As of September 30, 2025 and December 31, 2024, the Company’s allowance for doubtful accounts was approximately $3.7 million and $3.1 million, respectively. The allowance for doubtful accounts is included as a reduction of accounts receivable on the Consolidated Balance Sheets. The Company has certain customer arrangements that contain financing elements. Interest income earned from these financing receivables is recorded on the effective interest method and is included within interest income on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, approximately $9.5 million and $13.3 million of financing receivables, respectively, were included in accounts receivable and other assets on the Consolidated Balance Sheets. In addition, as of September 30, 2025 two customers accounted for approximately 29% of the accounts receivable balance. As of December 31, 2024, one customer accounted for approximately 17% of the accounts receivable balance. Chargeback and Sales Refund Allowance The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other information. As of September 30, 2025 and December 31, 2024, the Company’s combined allowance for chargebacks and sales refunds was $0.2 million and $0.3 million, respectively, which was included as a component of other current liabilities on the Consolidated Balance Sheets. 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.

Stockholders’ Equity and Equity-Based Compensation - Summary of Non-cash Equity-based Compensation Expense Included in the Company's Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Non-cash equity-based compensation expense
Non-cash equity-based compensation	$ 12,962	$ 15,094	$ 46,471	$ 41,220
Cost of revenue
Non-cash equity-based compensation expense
Non-cash equity-based compensation	528	443	1,456	967
Sales and marketing
Non-cash equity-based compensation expense
Non-cash equity-based compensation	2,098	3,226	6,912	8,404
Product development
Non-cash equity-based compensation expense
Non-cash equity-based compensation	3,370	2,745	9,811	9,201
General and administrative
Non-cash equity-based compensation expense
Non-cash equity-based compensation	$ 6,966	$ 8,680	$ 28,292	$ 22,648

Revenue

9 Months Ended

Sep. 30, 2025

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 communicate 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 revenues by product offering for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Content	$	194,426	$	203,713	$	597,110	$	547,494
Data, Distribution, and Services	65,668		46,875		172,594		137,462
Total Revenue	$	260,094	$	250,588	$	769,704	$	684,956

Deferred revenue reported on the balance sheet represents unfulfilled performance obligations for which the Company has either received payment or has outstanding receivables. The September 30, 2025 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. $201.5 million of total revenue recognized for the nine months ended September 30, 2025 was reflected in deferred revenue as of December 31, 2024. In addition, as of September 30, 2025, the Company has approximately $30.1 million of contracted but unsatisfied performance obligations relating primarily to our data deal 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 and has estimated a refund reserve. Should these cancellation rights not be exercised, this refund reserve would convert to revenue. For the nine months ended September 30, 2025, the Company recognized $4.9 million of revenue from the reversal of refund reserves. As of September 30, 2025, the Company does not have a refund reserve liability. 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.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 260,094	$ 250,588	$ 769,704	$ 684,956
Operating expenses:
Cost of revenue	102,558	104,405	309,440	283,863
Sales and marketing	59,358	55,403	169,794	163,520
Product development	22,374	28,610	62,993	69,520
General and administrative	43,313	44,021	150,054	112,492
Total operating expenses	227,603	232,439	692,281	629,395
Income from operations	32,491	18,149	77,423	55,561
Interest expense	(4,226)	(4,451)	(12,748)	(5,574)
Other income, net	3,138	3,829	30,277	4,490
Income before income taxes	31,403	17,527	94,952	54,477
Provision / (benefit) for income taxes	18,016	(88)	33,437	17,116
Net income	$ 13,387	$ 17,615	$ 61,515	$ 37,361
Earnings per share:
Basic (in dollars per share)	$ 0.38	$ 0.50	$ 1.75	$ 1.05
Diluted (in dollars per share)	$ 0.37	$ 0.50	$ 1.71	$ 1.04
Weighted average common shares outstanding:
Basic (in shares)	35,484	35,174	35,213	35,486
Diluted (in shares)	36,642	35,472	35,979	35,838

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table sets forth the computation of basic and diluted net income per share for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	13,387	$	17,615	$	61,515	$	37,361
Shares used to compute basic net income per share	35,484		35,174		35,213		35,486
Dilutive potential common shares
Stock options	—		27		—		53
Unvested restricted stock awards	1,158		271		766		299

Shares used to compute diluted net income per share	36,642		35,472		35,979		35,838
Basic net income per share	$	0.38	$	0.50	$	1.75	$	1.05
Diluted net income per share	$	0.37	$	0.50	$	1.71	$	1.04

Dilutive shares included in the calculation	3,663		1,304		2,683		1,238
Anti-dilutive shares excluded from the calculation	1,164		1,679		1,689		1,446

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The Company’s goodwill balance is attributable to its Content reporting unit and is tested for impairment annually on October 1 or upon a triggering event. No triggering events were identified during the nine months ended September 30, 2025.

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the nine months ended September 30, 2025 (in thousands):


	Goodwill
Balance as of December 31, 2024	$	569,668

Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,338

Balance as of September 30, 2025	$	574,594

Intangible Assets

Intangible assets, all of which are subject to amortization, consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):


	As of September 30, 2025							As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Customer relationships	$	106,512	$	(42,880)	$	63,632	11	$	103,130	$	(34,847)	$	68,283
Trade name	69,695		(17,667)		52,028		11	68,980		(12,941)		56,039
Developed technology	179,884		(107,141)		72,743		5	176,560		(86,140)		90,420
Acquired content	81,101		(42,463)		38,638		8	69,574		(35,917)		33,657

Patents	259		(193)		66		18	259		(181)		78

Total	$	437,451	$	(210,344)	$	227,107		$	418,503	$	(170,026)	$	248,477

Amortization expense was $11.9 million and $10.9 million for the three months ended September 30, 2025 and 2024, respectively, and $35.6 million and $32.9 million for the nine months ended September 30, 2025 and 2024, respectively. Cost of revenue included amortization expense of $10.4 million and $9.4 million for the three months ended September 30, 2025 and 2024, respectively, and $31.1 million and $29.4 million for the nine months ended September 30, 2025 and 2024, respectively. General and administrative expense included amortization expense of $1.5 million for the three months ended September 30, 2025 and 2024, respectively, and $4.6 million and $3.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company determined that there was no indication of impairment of the intangible assets for any period presented. Estimated amortization expense is: $11.8 million for the remaining three months of 2025, $45.2 million in 2026, $38.8 million in 2027, $36.0 million in 2028, $29.3 million in 2029, $17.9 million in 2030 and $48.1 million thereafter.

Stockholders’ Equity and Equity-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity and Equity-Based Compensation

Stockholders’ Equity

Common Stock

The Company issued approximately 216,000 and 85,000 shares of common stock during the three months ended September 30, 2025 and 2024, respectively, related to the exercise of stock options and the vesting of restricted stock units.

Treasury Stock

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.

The Company expects to fund future repurchases, if any, through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the 2023 Share Repurchase Program is subject to the Company having available cash to fund repurchases. Under the 2023 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 September 30, 2025, the Company has repurchased approximately 5.5 million shares of common stock in total since 2015 under the share 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. During the three and nine months ended September 30, 2025, the Company did not repurchase any shares of common stock. During the three and nine months ended September 30, 2024, the Company repurchased approximately 594,400 and 1,111,500 shares of its common stock at an average cost of $35.33 and $37.42, respectively, under the 2023 Share Repurchase Program. As of September 30, 2025, the Company had $30.2 million of remaining authorization for purchases under the 2023 Share Repurchase Program.

Dividends

The Company declared and paid cash dividends of $0.33 and $0.99 per share of common stock, or $11.7 million and $34.8 million during the three and nine months ended September 30, 2025, respectively, and $0.30 and $0.90 per share of common stock, or $10.6 million and $31.9 million, during the three and nine months ended September 30, 2024, respectively. Future declarations 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.

Equity-Based Compensation

The Company recognizes stock-based compensation expense for all equity-based compensation awards, including employee restricted stock units and performance-based restricted stock units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and stock options, based on the fair value of each award on the grant date. 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. At the Annual Meeting held on June 6, 2024, the Company’s stockholders approved the Amended and Restated 2022 Omnibus Equity Incentive Plan (the “2022 Amended and Restated Plan”). Awards granted subsequent to June 6, 2024 were granted under the 2022 Amended and Restated Plan.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	528	$	443	$	1,456	$	967
Sales and marketing	2,098		3,226		6,912		8,404
Product development	3,370		2,745		9,811		9,201
General and administrative	6,966		8,680		28,292		22,648
Total	$	12,962	$	15,094	$	46,471	$	41,220

For the three and nine months ended September 30, 2025 and 2024, substantially all of the Company’s non-cash equity-based compensation expense related to RSUs.

Stock Option Awards

During the nine months ended September 30, 2025, no options to purchase shares of its common stock were granted. As of September 30, 2025, there were approximately 264,000 options vested and exercisable with a weighted average exercise price of $32.95.

Restricted Stock Unit Awards

During the nine months ended September 30, 2025, the Company had RSU grants, net of forfeitures, of approximately 2,651,000. As of September 30, 2025, there are approximately 4,453,000 non-vested RSUs outstanding with a weighted average grant-date fair value of $25.36. As of September 30, 2025, the total unrecognized non-cash equity-based compensation expense related to the non-vested RSUs was approximately $74.9 million, which is expected to be recognized through 2029.

During the nine months ended September 30, 2025 and 2024, shares of common stock with an aggregate value of $9.1 million and $11.7 million were withheld upon vesting of RSUs and paid in connection with related remittance of employee withholding taxes to taxing authorities.

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of September 30, 2025		As of December 31, 2024
Compensation	$	40,016	$	46,753
Non-income taxes	41,683		43,171

Website hosting and marketing fees	8,157		9,568



Other expenses	32,882		27,151
Total accrued expenses	$	122,738	$	126,643

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements.
Unaudited Interim Financial Statements	The interim Consolidated Balance Sheet as of September 30, 2025, and the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024, and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 are unaudited. The Consolidated Balance Sheet as of December 31, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state the Company’s financial position as of September 30, 2025, and its consolidated results of operations, comprehensive income, stockholders’ equity and cash flows for the three and nine months ended September 30, 2025 and 2024. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 25, 2025. The unaudited consolidated financial statements 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.
Cash and Cash Equivalents	The Company’s cash and cash equivalents consist primarily of bank deposits.
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 and credit losses 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.
Chargeback and Sales Refund Allowance and Revenue Recognition	The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other information. As of September 30, 2025 and December 31, 2024, the Company’s combined allowance for chargebacks and sales refunds was $0.2 million and $0.3 million, respectively, which was included as a component of other current liabilities on the Consolidated Balance Sheets. 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.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
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Non-Current Debt:	117,379	119,598
Revolving Credit Facility \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	155,000	155,000
Secured Debt \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	3,109	3,106
Non-Current Debt:	$ 117,379	$ 119,598

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Acquisitions - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue
As Reported	$ 260,094	$ 250,588	$ 769,704	$ 684,956
Pro Forma	260,094	261,610	769,704	795,085
Income before income taxes
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+ Details

Merger Agreement with Getty Images (Details) - Getty Images	Jan. 06, 2025 $ / shares shares
Business Combination [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

- 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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+ Details

Debt - Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 22, 2024	May 06, 2022	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024
Line of Credit Facility [Line Items]
Payment of debt issuance costs				$ 0	$ 2,200,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term	5 years
Variable rate, basis spread	0.10%
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		$ 100,000,000
Payment of debt issuance costs	$ 2,200,000
Repayments of debt				30,000,000
Remaining borrowing capacity			$ 94,000,000	94,000,000
Interest expense			4,200,000	12,700,000
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]
Unamortized debt issuance costs			$ 600,000	$ 600,000
Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 125,000,000

Fair Value Measurement and Long-term Investments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

Its fair value level hierarchy and amount at September 30, 2025 are as follows (in thousands):


	As of September 30, 2025		As of December 31, 2024

Level 1	$	53,354	$	17,290

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Compensation	$ 40,016	$ 46,753
Non-income taxes	41,683	43,171
Website hosting and marketing fees	8,157	9,568
Other expenses	32,882	27,151
Total accrued expenses	$ 122,738	$ 126,643

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the nine months ended September 30, 2025 (in thousands):


	Goodwill
Balance as of December 31, 2024	$	569,668

Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,338

Balance as of September 30, 2025	$	574,594

Schedule of Intangible Assets

Intangible assets, all of which are subject to amortization, consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):


	As of September 30, 2025							As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Customer relationships	$	106,512	$	(42,880)	$	63,632	11	$	103,130	$	(34,847)	$	68,283
Trade name	69,695		(17,667)		52,028		11	68,980		(12,941)		56,039
Developed technology	179,884		(107,141)		72,743		5	176,560		(86,140)		90,420
Acquired content	81,101		(42,463)		38,638		8	69,574		(35,917)		33,657

Patents	259		(193)		66		18	259		(181)		78

Total	$	437,451	$	(210,344)	$	227,107		$	418,503	$	(170,026)	$	248,477

- Definition

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

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+ Details

Segment and Geographic Information - Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenue	$ 260,094	$ 250,588	$ 769,704	$ 684,956
North America
Segment Reporting Information [Line Items]
Total revenue	142,808	120,541	410,900	351,088
Europe
Segment Reporting Information [Line Items]
Total revenue	63,606	69,456	194,174	178,229
Rest of the world
Segment Reporting Information [Line Items]
Total revenue	$ 53,680	$ 60,591	$ 164,630	$ 155,639

- Definition

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s revenues by product offering for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Content	$	194,426	$	203,713	$	597,110	$	547,494
Data, Distribution, and Services	65,668		46,875		172,594		137,462
Total Revenue	$	260,094	$	250,588	$	769,704	$	684,956

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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:
Trade name	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
Goodwill2	169,161		19,843		189,004
Deferred tax asset	36,956		—		36,956
Total assets acquired	$	416,298	$	23,570	$	439,868

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	(72,682)		(1,074)		(73,756)
Lease liability	(190)		—		(190)
Total liabilities assumed	(166,083)		(2,422)		(168,505)
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.

2 In the first quarter of 2025, the Company updated its preliminary allocation of the Envato purchase price to the assets acquired and liabilities assumed. This resulted in (i) a $1.6 million increase to goodwill, (ii) a $0.4 million decrease to Deferred tax assets, and (iii) a $1.2 million increase to Other liabilities.

Schedule of Business Combination, 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue
As Reported	$	260,094	$	250,588	$	769,704	$	684,956
Pro Forma	260,094		261,610		769,704		795,085
Income before income taxes
As Reported	$	31,403	$	17,527	$	94,952	$	54,477
Pro Forma	31,403		21,245		94,952		69,812

Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Revenue	$	260,094	$	250,588	$	769,704	$	684,956
Less:
Technology costs	22,892		18,170		63,584		50,191
Advertising costs	23,892		19,669		67,320		65,066
Adjusted cost of revenue1	91,181		93,964		275,474		254,180
Adjusted sales and marketing1	33,929		34,276		98,470		94,549
Adjusted product and development1	16,319		26,590		49,350		64,360
Adjusted general and administrative1	39,390		39,770		138,083		101,049
Total operating expenses	227,603		232,439		692,281		629,395
Income from operations	32,491		18,149		77,423		55,561

Interest expense	(4,226)		(4,451)		(12,748)		(5,574)
Other income, net	3,138		3,829		30,277		4,490
Income before income taxes	31,403		17,527		94,952		54,477

Provision for income taxes	18,016		(88)		33,437		17,116
Net income	$	13,387	$	17,615	$	61,515	$	37,361

1Excludes technology and advertising costs

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Cost of revenue	$	21,028	$	19,652	$	62,574	$	59,613
General and administrative	1,849		1,991		5,585		4,726
Total depreciation and amortization	$	22,877	$	21,643	$	68,159	$	64,339

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
North America	$	142,808	$	120,541	$	410,900	$	351,088
Europe	63,606		69,456		194,174		178,229
Rest of the world	53,680		60,591		164,630		155,639
Total revenue	$	260,094	$	250,588	$	769,704	$	684,956

The United States, included in North America in the above table, accounted for 44% and 48% of consolidated revenue for the nine months ended September 30, 2025 and 2024, 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):


	As of September 30,		As of December 31,
	2025		2024
North America	$	34,458	$	45,354
Europe	17,859		17,175
Rest of the world	10,406		3,871
Total long-lived tangible assets	$	62,723	$	66,400

The United States, included in North America in the above table, accounted for 51% and 64% of total long-lived tangible assets as of September 30, 2025 and December 31, 2024, respectively. Ireland, included in Europe in the above table, accounted for 23% and 20% of total long-lived tangible assets as of September 30, 2025 and December 31, 2024, respectively. Australia, included in Rest of the world in the above table, accounted for 17% of the total long-lived tangible assets as of September 30, 2025. 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.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

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, 2023		39,982
Beginning balance at Dec. 31, 2023	$ 527,094	$ 399	$ (228,213)	$ 424,229	$ (11,974)	$ 342,653
Beginning balance (in shares) at Dec. 31, 2023			4,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	41,220			41,220
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		664
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)		(275)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(11,711)	$ (2)		(11,709)
Repurchase of treasury shares (in shares)			1,111
Repurchase of treasury shares	(41,591)		$ (41,591)
Cash dividends paid	(31,938)					(31,938)
Other comprehensive (loss) income	2,480				2,480
Net income	37,361					37,361
Ending balance (in shares) at Sep. 30, 2024		40,371
Ending balance at Sep. 30, 2024	522,915	$ 403	$ (269,804)	453,734	(9,494)	348,076
Ending balance (in shares) at Sep. 30, 2024			5,521
Beginning balance (in shares) at Jun. 30, 2024		40,286
Beginning balance at Jun. 30, 2024	520,412	$ 402	$ (248,805)	441,497	(13,754)	341,072
Beginning balance (in shares) at Jun. 30, 2024			4,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	15,094			15,094
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		163
Issuance of common stock in connection with employee stock option exercises and RSU vesting	0	$ 1		(1)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(78)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(2,856)			(2,856)
Repurchase of treasury shares (in shares)			594
Repurchase of treasury shares	(20,999)		$ (20,999)
Cash dividends paid	(10,611)					(10,611)
Other comprehensive (loss) income	4,260				4,260
Net income	17,615					17,615
Ending balance (in shares) at Sep. 30, 2024		40,371
Ending balance at Sep. 30, 2024	$ 522,915	$ 403	$ (269,804)	453,734	(9,494)	348,076
Ending balance (in shares) at Sep. 30, 2024			5,521
Beginning balance (in shares) at Dec. 31, 2024	34,874	40,395
Beginning balance at Dec. 31, 2024	$ 518,350	$ 403	$ (269,804)	468,390	(16,841)	336,202
Beginning balance (in shares) at Dec. 31, 2024	5,521		5,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 46,471			46,471
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		1,093
Issuance of common stock in connection with employee stock option exercises and RSU vesting	0	$ 11		(11)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(464)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(9,104)	$ (4)		(9,100)
Cash dividends paid	(34,823)					(34,823)
Other comprehensive (loss) income	11,952				11,952
Net income	$ 61,515					61,515
Ending balance (in shares) at Sep. 30, 2025	35,503	41,024
Ending balance at Sep. 30, 2025	$ 594,361	$ 410	$ (269,804)	505,750	(4,889)	362,894
Ending balance (in shares) at Sep. 30, 2025	5,521		5,521
Beginning balance (in shares) at Jun. 30, 2025		40,808
Beginning balance at Jun. 30, 2025	$ 586,163	$ 407	$ (269,804)	496,883	(2,529)	361,206
Beginning balance (in shares) at Jun. 30, 2025			5,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	12,962			12,962
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		420
Issuance of common stock in connection with employee stock option exercises and RSU vesting	0	$ 5		(5)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(204)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(4,092)	$ (2)		(4,090)
Cash dividends paid	(11,699)					(11,699)
Other comprehensive (loss) income	(2,360)				(2,360)
Net income	$ 13,387					13,387
Ending balance (in shares) at Sep. 30, 2025	35,503	41,024
Ending balance at Sep. 30, 2025	$ 594,361	$ 410	$ (269,804)	$ 505,750	$ (4,889)	$ 362,894
Ending balance (in shares) at Sep. 30, 2025	5,521		5,521

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,726	$ 3,101
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)	41,024,000	40,395,000
Common stock, shares outstanding (in shares)	35,503,000	34,874,000
Treasury stock, shares held in treasury (in shares)	5,521,000	5,521,000

Other Income, net

9 Months Ended

Sep. 30, 2025

Other Nonoperating Income (Expense) [Abstract]

Other Income, net

The following table presents a summary of the Company’s other income and expense activity included in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Foreign currency (loss) / gain	$	(571)	$	1,185	$	(1,733)	$	(675)
Impairment of long-term investment	—		—		(5,000)		—



Interest income, unrealized gain on investments, and other	3,709		2,644		37,010		5,165
Total other income, net	$	3,138	$	3,829	$	30,277	$	4,490

Accrued Expenses

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of September 30, 2025		As of December 31, 2024
Compensation	$	40,016	$	46,753
Non-income taxes	41,683		43,171

Website hosting and marketing fees	8,157		9,568



Other expenses	32,882		27,151
Total accrued expenses	$	122,738	$	126,643

As of September 30, 2025 and December 31, 2024, compensation-related accrued expenses included amounts due to Giphy employees for compensation earned pre-acquisition and severance costs associated with workforce optimizations. Approximately $2.6 million and $5.8 million of severance costs associated with workforce optimization is included within accrued expenses as of September 30, 2025 and December 31, 2024, respectively.

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 165,536	$ 111,251
Accounts receivable, net of allowance of $3,726 and $3,101	125,189	95,225
Prepaid expenses and other current assets	46,040	49,482
Total current assets	336,765	255,958
Property and equipment, net	62,723	66,400
Right-of-use assets	11,763	13,956
Intangible assets, net	227,107	248,477
Goodwill	574,594	569,668
Deferred tax assets, net	51,867	70,982
Other assets	110,780	83,715
Total assets	1,375,599	1,309,156
Current liabilities:
Accounts payable	13,944	9,221
Accrued expenses	122,738	126,643
Contributor royalties payable	105,038	81,076
Deferred revenue	211,565	225,489
Debt	158,109	158,106
Other current liabilities	19,592	24,751
Total current liabilities	630,986	625,286
Deferred tax liability, net	1,625	2,174
Long-term debt	117,379	119,598
Lease liabilities	19,125	23,365
Other non-current liabilities	12,123	20,383
Total liabilities	781,238	790,806
Commitments and contingencies (Note 16)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 41,024 and 40,395 shares issued and 35,503 and 34,874 shares outstanding as of September 30, 2025 and December 31, 2024, respectively	410	403
Treasury stock, at cost; 5,521 shares as of September 30, 2025 and December 31, 2024	(269,804)	(269,804)
Additional paid-in capital	505,750	468,390
Accumulated other comprehensive loss	(4,889)	(16,841)
Retained earnings	362,894	336,202
Total stockholders’ equity	594,361	518,350
Total liabilities and stockholders’ equity	$ 1,375,599	$ 1,309,156

Accrued Expenses - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued severance costs	$ 2.6	$ 5.8

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Deferred Revenue Arrangement [Line Items]
Total revenue	$ 260,094	$ 250,588	$ 769,704	$ 684,956
Content
Deferred Revenue Arrangement [Line Items]
Total revenue	194,426	203,713	597,110	547,494
Data, Distribution, and Services
Deferred Revenue Arrangement [Line Items]
Total revenue	$ 65,668	$ 46,875	$ 172,594	$ 137,462

- Definition

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+ Details

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Changes in goodwill
Balance at the beginning of the period	$ 569,668
Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,338
Balance at the end of the period	$ 574,594

- 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

Acquisitions

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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. The 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. 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. The 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.

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:
Trade name	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
Goodwill2	169,161		19,843		189,004
Deferred tax asset	36,956		—		36,956
Total assets acquired	$	416,298	$	23,570	$	439,868

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	(72,682)		(1,074)		(73,756)
Lease liability	(190)		—		(190)
Total liabilities assumed	(166,083)		(2,422)		(168,505)
Net assets acquired	$	250,215	$	21,148	$	271,363

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 three and nine months ended September 30, 2025 and 2024, respectively, as if the Envato and Backgrid acquisitions had been completed on January 1, 2023. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue
As Reported	$	260,094	$	250,588	$	769,704	$	684,956
Pro Forma	260,094		261,610		769,704		795,085
Income before income taxes
As Reported	$	31,403	$	17,527	$	94,952	$	54,477
Pro Forma	31,403		21,245		94,952		69,812

- Definition

The entire disclosure for business combination.

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Merger Agreement with Getty Images	9 Months Ended
Merger Agreement with Getty Images	Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 shares 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 (a “Mixed Election”); (b)Cash consideration of $28.8487; or (c)13.67237 shares of Getty Images common stock. If no election is made by a holder, each of such holder’s shares of Shutterstock common stock shall be treated as having made a Mixed Election. A majority of Shutterstock stockholders approved the adoption of the Merger Agreement at a special meeting of stockholders held on June 10, 2025 (the “Shutterstock Stockholder Approval”). The Merger is subject to the satisfaction of customary closing conditions, further described below, including receipt of required regulatory approvals. 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: •the Shutterstock Stockholder Approval, which condition was subsequently satisfied as described above, 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, which condition was subsequently satisfied on April 30, 2025; •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 including but not limited to the U.K. Competition and Markets Authority (the “CMA”). On April 2, 2025, the Company and Getty Images each received a Request for Additional Information and Documentary Material from the U.S. Department of Justice (“DOJ”) in connection with the Merger and on November 3, 2025, the Company announced that the CMA has referred the Merger to a Phase 2 review process. The Company remains committed to the proposed Merger and will continue to engage with the DOJ and the CMA and work with Getty Images to expeditiously secure the necessary clearances; •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 definitions 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. On September 18, 2025, the Company and Getty Images agreed to waive this condition such that it is no longer a condition to the Merger.

Net Income Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding unvested RSUs and stock options. Diluted net income per share is based upon the weighted average shares of common stock outstanding for the period plus dilutive potential shares of common stock, 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 the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	13,387	$	17,615	$	61,515	$	37,361
Shares used to compute basic net income per share	35,484		35,174		35,213		35,486
Dilutive potential common shares
Stock options	—		27		—		53
Unvested restricted stock awards	1,158		271		766		299

Shares used to compute diluted net income per share	36,642		35,472		35,979		35,838
Basic net income per share	$	0.38	$	0.50	$	1.75	$	1.05
Diluted net income per share	$	0.37	$	0.50	$	1.71	$	1.04

Dilutive shares included in the calculation	3,663		1,304		2,683		1,238
Anti-dilutive shares excluded from the calculation	1,164		1,679		1,689		1,446

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property and Equipment
Property and equipment	$ 415,620	$ 382,529
Less accumulated depreciation	(352,897)	(316,129)
Property and equipment, net	62,723	66,400
Computer equipment and software
Property and Equipment
Property and equipment	383,677	351,062
Furniture and fixtures
Property and Equipment
Property and equipment	11,120	11,016
Leasehold improvements
Property and Equipment
Property and equipment	$ 20,823	$ 20,451

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Amortizing intangible assets
Gross Carrying Amount	$ 437,451	$ 418,503
Accumulated Amortization	(210,344)	(170,026)
Net Carrying Amount	227,107	248,477
Customer relationships
Amortizing intangible assets
Gross Carrying Amount	106,512	103,130
Accumulated Amortization	(42,880)	(34,847)
Net Carrying Amount	$ 63,632	68,283
Weighted Average Life (Years)	11 years
Trade name
Amortizing intangible assets
Gross Carrying Amount	$ 69,695	68,980
Accumulated Amortization	(17,667)	(12,941)
Net Carrying Amount	$ 52,028	56,039
Weighted Average Life (Years)	11 years
Developed technology
Amortizing intangible assets
Gross Carrying Amount	$ 179,884	176,560
Accumulated Amortization	(107,141)	(86,140)
Net Carrying Amount	$ 72,743	90,420
Weighted Average Life (Years)	5 years
Acquired content
Amortizing intangible assets
Gross Carrying Amount	$ 81,101	69,574
Accumulated Amortization	(42,463)	(35,917)
Net Carrying Amount	$ 38,638	33,657
Weighted Average Life (Years)	8 years
Patents
Amortizing intangible assets
Gross Carrying Amount	$ 259	259
Accumulated Amortization	(193)	(181)
Net Carrying Amount	$ 66	$ 78
Weighted Average Life (Years)	18 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 61,515	$ 37,361
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68,159	64,339
Deferred taxes	17,696	(8,766)
Non-cash equity-based compensation	46,471	41,220
Loss on impairment of long-term investment	5,000	0
Bad debt expense	1,020	(1,790)
Unrealized gain on investments, net	(34,128)	(1,688)
Changes in operating assets and liabilities:
Accounts receivable	(29,429)	8,595
Prepaid expenses and other current and non-current assets	10,114	(19,907)
Accounts payable and other current and non-current liabilities	(18,397)	(47,433)
Envato Seller Obligations	0	(45,748)
Contributor royalties payable	22,109	22,626
Deferred revenue	(19,657)	(24,129)
Net cash provided by operating activities	130,473	24,680
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(32,542)	(38,297)
Business combination, net of cash acquired	0	(179,071)
Cash received related to Giphy Retention Compensation	1,234	63,444
Acquisition of content	(6,127)	(2,473)
Security deposit payment	(3)	277
Net cash used in investing activities	(37,438)	(156,120)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of treasury shares	0	(41,591)
Cash paid related to settlement of employee taxes related to RSU vesting	(9,104)	(11,715)
Payment of cash dividends	(34,823)	(31,938)
Proceeds from credit facility	0	280,000
Repayment of credit facility	(2,344)	(30,000)
Payment of debt issuance costs	0	(2,200)
Net cash (used in) / provided by financing activities	(46,271)	162,556
Effect of foreign exchange rate changes on cash	7,521	(213)
Net increase in cash and cash equivalents	54,285	30,903
Cash and cash equivalents, beginning of period	111,251	100,490
Cash and cash equivalents, end of period	165,536	131,393
Supplemental Disclosure of Cash Information:
Cash paid for income taxes	16,396	22,295
Cash paid for interest	$ 12,470	$ 2,955

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


	As of September 30, 2025	As of December 31, 2024
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,109	3,106
Non-Current Debt:
Term Loan - A&R Credit Agreement	117,379	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.

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+ 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		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 260,094	$ 250,588	$ 769,704	$ 684,956
Less:
Income from operations	32,491	18,149	77,423	55,561
Interest expense	(4,226)	(4,451)	(12,748)	(5,574)
Other income, net	3,138	3,829	30,277	4,490
Income before income taxes	31,403	17,527	94,952	54,477
Provision for income taxes	18,016	(88)	33,437	17,116
Net income	13,387	17,615	61,515	37,361
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	260,094	250,588	769,704	684,956
Less:
Technology costs	22,892	18,170	63,584	50,191
Advertising costs	23,892	19,669	67,320	65,066
Adjusted cost of revenue	91,181	93,964	275,474	254,180
Adjusted sales and marketing	33,929	34,276	98,470	94,549
Adjusted product and development	16,319	26,590	49,350	64,360
Adjusted general and administrative	39,390	39,770	138,083	101,049
Total operating expenses	227,603	232,439	692,281	629,395
Income from operations	32,491	18,149	77,423	55,561
Interest expense	(4,226)	(4,451)	(12,748)	(5,574)
Other income, net	3,138	3,829	30,277	4,490
Income before income taxes	31,403	17,527	94,952	54,477
Provision for income taxes	18,016	(88)	33,437	17,116
Net income	$ 13,387	$ 17,615	$ 61,515	$ 37,361

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	57.40%	(0.50%)	35.20%	31.40%
Effective income tax rate reconciliation, tax expense (benefit)	(19.50%)	(32.90%)	(9.60%)	8.20%
Effective tax rate, excluding discrete items	76.90%	32.40%	44.80%	23.20%
Reversal of unrecognized tax benefits		$ 7,300,000
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount				$ 6,300,000
Additional unrecognized tax benefits	$ 0	$ 4,400,000	$ 0	5,000,000
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	$ 2,800,000		2,800,000
Cash paid for income taxes			$ 16,396,000	$ 22,295,000

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates yielded a net expense of 57.4% and a net benefit of 0.5% for the three months ended September 30, 2025 and 2024, respectively, and a net expense of 35.2% and 31.4% for the nine months ended September 30, 2025 and 2024, respectively. During the three and nine months ended September 30, 2025, the net effect of discrete items decreased the effective tax rate by 19.5% and 9.6%, respectively. The discrete items for the three months ended September 30, 2025, primarily relate to a decrease in the valuation allowance and a release of an uncertain tax position. The discrete items for the nine months ended September 30, 2025, primarily relate to a decrease in the valuation allowance and a release of an uncertain tax position, partially offset by shortfalls on equity award vestings. Excluding discrete items, the Company’s effective tax rate would have been 76.9% and 44.8% for the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, the net effect of discrete items decreased the effective tax rate by 32.9% and increased the effective tax rate by 8.2%, respectively. The discrete items for the three months ended September 30, 2024 relate to the reversal of unrecognized tax benefits of $7.3 million due to the settlement of an IRS audit. The discrete items for the nine months ended September 30, 2024, primarily relate to shortfalls on equity award vestings and a one time charge of $6.3 million related to the reversal of a deferred tax asset resulting from the expiration of equity awards granted to the Company’s Founder and Executive Chairman. Excluding discrete items, the Company’s effective tax rate would have been 32.4% and 23.2% for the three and nine months ended September 30, 2024, respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding a loss jurisdiction with no tax benefit and the application of discrete items, if any, in the applicable period. During the three and nine months ended September 30, 2025, additions to unrecognized tax benefits recorded were not significant. During the three and nine months ended September 30, 2025, the Company reversed $2.8 million of unrecognized tax benefits due to a lapse in statute. During the three and nine months ended 2024, the Company recorded additions to unrecognized tax benefits of $4.4 million and $5.0 million, respectively. To the extent the remaining unrecognized tax benefits are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company recognizes interest expense and tax penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. The Company’s accrual for interest and penalties related to unrecognized tax benefits was not significant for the three and nine months ended September 30, 2025 and 2024. During the nine months ended September 30, 2025 and 2024, the Company paid net cash taxes of $16.4 million and $22.3 million, respectively. On July 4, 2025, new tax legislation known as the “One Big Beautiful Bill Act”, or “OBBBA”, was signed into law. The effects of the new law are reflected in the consolidated financial statements as of and for the periods ended September 30, 2025

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other Income, net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (loss) / gain	$ (571)	$ 1,185	$ (1,733)	$ (675)
Impairment of long-term investment	0	0	(5,000)	0
Interest income, unrealized gain on investments, and other	3,709	2,644	37,010	5,165
Total other income, net	$ 3,138	$ 3,829	$ 30,277	$ 4,490

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Concentration Risk [Line Items]
Unbilled contracts receivable	$ 76,300
Bad debt expense	1,020	$ (1,790)
Allowance for doubtful accounts	3,726		$ 3,101
Allowance for credit loss	9,500		13,300
Chargeback and sales refund allowances	200		$ 300
Accounts Receivable
Concentration Risk [Line Items]
Unbilled contracts receivable	53,700
Other Assets
Concentration Risk [Line Items]
Unbilled contracts receivable	$ 22,600
Accounts Receivable \| Customer Concentration Risk \| Two Customers
Concentration Risk [Line Items]
Concentration risk percentage	29.00%
Accounts Receivable \| Customer Concentration Risk \| One Customer
Concentration Risk [Line Items]
Concentration risk percentage			17.00%

Segment and Geographic Information - Segment Reporting Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization			$ 68,159	$ 64,339
Cost of revenue
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 21,028	$ 19,652	62,574	59,613
General and administrative
Segment Reporting Information [Line Items]
Depreciation and amortization	1,849	1,991	5,585	4,726
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 22,877	$ 21,643	$ 68,159	$ 64,339

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Revenue	$	260,094	$	250,588	$	769,704	$	684,956
Less:
Technology costs	22,892		18,170		63,584		50,191
Advertising costs	23,892		19,669		67,320		65,066
Adjusted cost of revenue1	91,181		93,964		275,474		254,180
Adjusted sales and marketing1	33,929		34,276		98,470		94,549
Adjusted product and development1	16,319		26,590		49,350		64,360
Adjusted general and administrative1	39,390		39,770		138,083		101,049
Total operating expenses	227,603		232,439		692,281		629,395
Income from operations	32,491		18,149		77,423		55,561

Interest expense	(4,226)		(4,451)		(12,748)		(5,574)
Other income, net	3,138		3,829		30,277		4,490
Income before income taxes	31,403		17,527		94,952		54,477

Provision for income taxes	18,016		(88)		33,437		17,116
Net income	$	13,387	$	17,615	$	61,515	$	37,361

1Excludes technology and advertising costs

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Cost of revenue	$	21,028	$	19,652	$	62,574	$	59,613
General and administrative	1,849		1,991		5,585		4,726
Total depreciation and amortization	$	22,877	$	21,643	$	68,159	$	64,339

Schedule of Geographic Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
North America	$	142,808	$	120,541	$	410,900	$	351,088
Europe	63,606		69,456		194,174		178,229
Rest of the world	53,680		60,591		164,630		155,639
Total revenue	$	260,094	$	250,588	$	769,704	$	684,956

Schedule of Long-lived Tangible Assets

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


	As of September 30,		As of December 31,
	2025		2024
North America	$	34,458	$	45,354
Europe	17,859		17,175
Rest of the world	10,406		3,871
Total long-lived tangible assets	$	62,723	$	66,400

Stockholders’ Equity and Equity-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	216,000	85,000
Treasury stock, common, shares (in shares)	5,521,000		5,521,000		5,521,000
Value remaining for repurchase	$ 30,200,000		$ 30,200,000
Payment of cash dividend (in dollars per share)	$ 0.33	$ 0.30	$ 0.99	$ 0.90
Cash dividend paid	$ 11,700,000	$ 10,600,000	$ 34,800,000	$ 31,900,000
Value of shares withheld			$ 9,104,000	11,715,000
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			0
Options vested and exercisable (in shares)	264,000		264,000
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 32.95		$ 32.95
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			2,651,000
Nonvested shares outstanding (in shares)	4,453,000		4,453,000
Weighted average grant-date fair value (in dollars per share)	$ 25.36		$ 25.36
Unrecognized non-cash equity-based compensation charge	$ 74,900,000		$ 74,900,000
Value of shares withheld			$ 9,100,000	$ 11,700,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized purchase amount (up to)						$ 100,000,000
Treasury stock, common, shares (in shares)	5,500,000		5,500,000
Shares repurchased, average per share cost (in dollars per share)		$ 35.33	$ 48.86	$ 37.42
Repurchase of treasury shares (in shares)	0	594,400	0	1,111,500

Other Income, net (Tables)

9 Months Ended

Sep. 30, 2025

Other Nonoperating Income (Expense) [Abstract]

Schedule of the Company's Other (Expense) Income, Net Activity


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Foreign currency (loss) / gain	$	(571)	$	1,185	$	(1,733)	$	(675)
Impairment of long-term investment	—		—		(5,000)		—



Interest income, unrealized gain on investments, and other	3,709		2,644		37,010		5,165
Total other income, net	$	3,138	$	3,829	$	30,277	$	4,490

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property and Equipment
Capitalized amount	$ 10.4	$ 9.2	$ 30.7	$ 27.8
Amortization expense	10.4	10.0	30.8	29.3
Internal use software	57.7		57.7		$ 57.8
Cost of revenue
Property and Equipment
Depreciation and amortization expense	10.6	10.3	31.5	30.2
Selling, General and Administrative Expenses
Property and Equipment
Depreciation and amortization expense	0.4	0.5	1.0	1.2
Property And Equipment
Property and Equipment
Depreciation and amortization expense	$ 11.0	$ 10.7	$ 32.5	$ 31.4