Shutterstock, Inc. reported first quarter 2025 revenue of $242.6 million, an increase of 13% year-over-year, but fell short of market expectations. Content product offering revenue grew 17% to $202.9 million, representing 84% of total revenue.
The Data, Distribution, and Services (DDS) segment revenue decreased by 2% year-over-year to $39.7 million, accounting for 16% of total revenue. Net income for the quarter was $18.7 million, or $0.53 per diluted common share, an increase from $16.1 million, or $0.45 per diluted share, in Q1 2024.
Adjusted net income for the first quarter was $36.3 million, or $1.03 per diluted share, which missed analyst consensus estimates. Adjusted EBITDA increased by 13% to $63.4 million, with an Adjusted EBITDA margin of 26.1%, consistent with the prior year.
The company incurred $11.9 million in professional fee expenses during the quarter related to the proposed merger with Getty Images Holdings, Inc., which impacted net income. Shutterstock's cash and cash equivalents stood at $112.2 million as of March 31, 2025.
The Board of Directors declared a quarterly cash dividend of $0.33 per common share, payable on June 19, 2025. Adjusted free cash flow for the quarter was $23.4 million, an increase of $12.1 million from the first quarter of 2024.
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