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shutterstock Shutterstock Reports First Quarter 2021 Financial Results April 27 , 2021 Raises 2021 Full Year Guidance NEW YORK , April 27 , 2021 / PRNewswire / -- Shutterstock , Inc. ( NYSE : SSTK ) ( the " Company " ) , a leading global creative platform offering full - service solutions , high - quality content , and tools for brands , businesses and media companies , today announced financial results for the first quarter ended March 31 , 2021 . shutterstock Commenting on the Company's performance , Stan Pavlovsky , the Company's Chief Executive Officer , said , " Shutterstock's strong first quarter results demonstrate that our subscription products are resonating in the market . We believe that by continually investing in product innovation , fresh content , and data & insights , we are well positioned to take advantage of the current rebound in industry demand for digital content and creative tools . Our newest content type , 3D , is performing above our expectations and offers tremendous untapped future growth opportunities . With three consecutive quarters of accelerating revenue growth , Shutterstock is building momentum and I am pleased that we have the confidence to increase our full year 2021 revenue and EBITDA guidance . " First Quarter 2021 highlights compared to First Quarter 2020 : Shutterstock completed the acquisition of TurboSquid , Inc. ( " TurboSquid " ) on February 1 , 2021 , and as a result , TurboSquid's financial results have been included in the Company's consolidated financial statements subsequent to the acquisition date . Key Operating Metrics • Subscribers increased 46 % to 306,000 . • Subscriber revenue increased 20 % to $ 76.5 million . • Average revenue per customer , increased 4.0 % to $ 342 . • Paid downloads decreased 2 % to 45.8 million . • Revenue per download increased 16 % to $ 3.96 . • Image collection expanded 12 % to approximately 370 million images . • Footage collection expanded 17 % to approximately 21 million clips . Financial Highlights • Revenue increased 14 % to $ 183.3 million . On a constant currency basis , revenue increased 11 % . • Income from operations increased 559 % to $ 38.1 million . • Net income increased 584 % to $ 29.5 million . • Adjusted EBITDA increased 156 % to $ 56.4 million . • Diluted EPS increased by $ 0.67 to $ 0.79 per share . • Adjusted net income per diluted share increased by $ 0.72 to $ 0.98 per share . SHUTTERSTOCK INVESTOR RELATIONS MICRO SITE Accessible at content.shutterstock.com/investor-report/index.html FIRST QUARTER RESULTS Revenue First quarter revenue of $ 183.3 million increased $ 22.0 million or 14 % as compared to the first quarter of 2020. Revenue generated through our E - commerce sales channel increased 19 % as compared to the first quarter of 2020 , to $ 118.4 million , and represented 65 % of total revenue in the first quarter of 2021. Revenue from our Enterprise sales channel increased 5 % as compared to the first quarter of 2020 , to $ 64.9 million , and represented 35 % of first quarter revenue in 2021 . On a constant currency basis , revenue increased 11 % in the first quarter of 2021 as compared to the first quarter of 2020. On a constant currency basis , E - commerce revenue increased by 16 % in the first quarter of 2021 , as compared to the first quarter of 2020. On a constant currency basis , Enterprise revenue increased by 3 % in the first quarter of 2021 , as compared to the first quarter of 2020 . Net income and Income per diluted share Net income of $ 29.5 million , increased $ 25.2 million as compared to $ 4.3 million for the first quarter in 2020. Net income per diluted share was $ 0.79 , as compared to $ 0.12 for the same period in 2020. This increase is due primarily to increased revenue in the first quarter of 2021 , as compared to the first quarter of 2020 and to margin expansion initiatives , which have resulted in lower operating expenses . Adjusted net income per diluted share was $ 0.98 as compared to $ 0.26 for the first quarter of 2020 , an increase of $ 0.72 per diluted share . Adjusted EBITDA Adjusted EBITDA of $ 56.4 million for the first quarter of 2021 increased by $ 34.4 million , or 156 % , as compared to the first quarter of 2020 , due primarily to increased revenue , and to our margin expansion initiatives . The adjusted EBITDA margin increased to 30.8 % from 13.7 % in the first quarter of 2020 . FIRST QUARTER LIQUIDITY Our cash and cash equivalents decreased by $ 64.6 million to $ 363.9 million at March 31 , 2021 , as compared with $ 428.6 million as of December 31 , 2020. This decrease was driven by $ 81.2 million used in investing activities and $ 19.4 million used in financing activities , partially offset by $ 35.8 million of net cash provided by our operating activities .