Shutterstock (Shutterstock) Operating Income : $68.4 Mil (TTM As of Dec. 2023)

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What is Shutterstock Operating Income?

Shutterstock's Operating Income for the three months ended in Dec. 2023 was $2.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $68.4 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Shutterstock's Operating Income for the three months ended in Dec. 2023 was $2.1 Mil. Shutterstock's Revenue for the three months ended in Dec. 2023 was $217.2 Mil. Therefore, Shutterstock's Operating Margin % for the quarter that ended in Dec. 2023 was 0.98%.

Good Sign:

Shutterstock Inc operating margin is expanding. Margin expansion is usually a good sign.

Shutterstock's 5-Year average Growth Rate for Operating Margin % was 20.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Shutterstock's annualized ROC % for the quarter that ended in Dec. 2023 was -0.39%. Shutterstock's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 13.33%.

Shutterstock Operating Income Historical Data

The historical data trend for Shutterstock's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Shutterstock Operating Income Chart

Shutterstock Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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20.16

85.27

108.11

112.29

68.40

Shutterstock Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															26.31	40.37	8.72	17.19	2.12

Shutterstock Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $68.4 Mil.

Shutterstock (NYSE:SSTK) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Shutterstock's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	8.496 * ( 1 - 148.83% )	/	( (1062.921	+	1076.17)	/ 2 )
=	-4.1485968	/	1069.5455
=	-0.39 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1015.92	-	107.798	-	( 75.228	-	max(0, 424.264	-	269.465	+	75.228	))
=	1062.921

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1036.015	-	119.658	-	( 100.49	-	max(0, 452.386	-	292.573	+	100.49	))
=	1076.17

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Shutterstock's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	10.52	/	( ( (78.158 + max(-200.027, 0))	+	(79.695 + max(-230.303, 0)) )	/	2 )
=	10.52	/	( ( 78.158	+	79.695 )	/	2 )
=	10.52	/	78.9265
=	13.33 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(85.406	+	0	+	108.831)	-	(107.798	+	203.1	+	83.366)
=	-200.027

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(91.139	+	0	+	100.944)	-	(119.658	+	203.463	+	99.265)
=	-230.303

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Shutterstock's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	2.124	/	217.219
	=	0.98 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Shutterstock Operating Income Related Terms

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Shutterstock (Shutterstock) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » Shutterstock Inc (NYSE:SSTK) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

S3T:Germany S3T:Germany

Address

350 Fifth Avenue, 20th Floor, New York, NY, USA, 10118

Website

https://www.shutterstock.com

Shutterstock Inc is a U.S.-based company that is engaged in the provision of digital content. The content segment, whose offerings include photographs, illustrations, vector art, video clips, and music tracks, generates almost all of the company's revenue. Shutterstock's digital content products are marketed under brands including Shutterstock, Bigstock, Offset, Shutterstock Music, and Shutterstock Editorial. Shutterstock is the company's flagship brand, and the majority of the company's sales are derived from the company's shutterstock.com website. The firm's customers include traditional enterprises, marketing agencies, and media organizations. Geographically, North America and Europe jointly account for the majority of the company's revenue.

Executives

Jonathan Oringer	director, 10 percent owner, officer: Chief Executive Officer	C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Steven Ciardiello	officer: Chief Accounting Officer	269 HANCE ROAD, FAIR HAVEN NJ 07704
John Caine	officer: Global Head of eCommerce	350 FIFTH AVE, 20TH FLOOR, NEW YORK NY 10118
Paul J. Hennessy	director	C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Deirdre Mary Bigley	director	109 INWOOD AVENUE, MONTCLAIR NJ 07043
Jarrod Yahes	officer: Chief Financial Officer	425 W. 53RD STREET, PH1, NEW YORK NY 10119
Peter Silvio	officer: Chief Technology Officer	C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Stan Pavlovsky	director, officer: Chief Executive Officer	3316 LINCOLN AVE NE, RENTON WA 98056
Thomas R Evans	director	11760 US HIGHWAY ONE, SUITE 200, NORTH PALM BEACH FL 33408
Alfonse L Upshaw	director	350 FIFTH AVENUE, 21ST FL, NEW YORK NY 10118
Abraham Moshe Muchnick	officer: Chief Product Officer	C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Rachna Bhasin	director	1855 GRIFFIN ROAD, B454, DANIA BEACH FL 33004
Martin Brodbeck	officer: Chief Technology Officer	26 BLAIR ROAD, ARMONK NY 10504
Louis Weiss	officer: Chief Marketing Officer	C/O VITAMIN SHOPPE, 2101 91ST STREET, NORTH BERGEN NJ 07047
Jeffrey Kane Weiser	officer: Chief Marketing Officer	314 S. GLENROY AVENUE, LOS ANGELES CA 90049