Shutterstock, Inc (SSTK) has reported an 128.88 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $9.39 million, or $0.26 a share in the quarter, compared with $4.10 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $14.28 million, or $0.40 a share compared with $10.14 million or $0.28 a share, a year ago. Revenue during the quarter grew 14.74 percent to $123.07 million from $107.26 million in the previous year period. Gross margin for the quarter expanded 72 basis points over the previous year period to 59.22 percent. Total expenses were 90.83 percent of quarterly revenues, down from 92.46 percent for the same period last year. This has led to an improvement of 163 basis points in operating margin to 9.17 percent.
Operating income for the quarter was $11.29 million, compared with $8.09 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $22.97 million compared with $19.64 million in the prior year period. At the same time, adjusted EBITDA margin improved 35 basis points in the quarter to 18.66 percent from 18.31 percent in the last year period.
Founder and chief executive officer Jon Oringer said, "This was a solid quarter for Shutterstock as we continue to expand the market for high quality, digital content. Over 160,000 contributors added more than 10 million images and 500,000 video clips to our robust library in the third quarter. Our image library now offers more than 100 million images, giving us meaningful scale compared to our competition. At the same time, our editorial and music capabilities continue to accelerate, providing yet another leg of growth for our business. We also continue to dedicate considerable time and resources ensuring that our platform can handle an increasingly diverse array of content, enhancing our product offering and attracting new customers, including an expanding number of international and enterprise clients. We believe that these efforts will translate into sustained financial growth and shareholder value."
For financial year 2016, Shutterstock, Inc forecasts revenue to be in the range of $495 million to $510 million. The company forecasts operating income to be in the range of $43 million to $51 million.
Working capital declines
Shutterstock, Inc has witnessed a decline in the working capital over the last year. It stood at $149.08 million as at Sep. 30, 2016, down 15 percent or $26.31 million from $175.39 million on Sep. 30, 2015. Current ratio was at 1.74 as on Sep. 30, 2016, down from 2.13 on Sep. 30, 2015. Days sales outstanding were almost stable at 25 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went up to 23 days for the quarter from 19 for the same period last year.
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