Share Repurchase Program Reflects Company's
Strong Free Cash Flow Generation, Healthy Balance Sheet and
Commitment to Delivering Shareholder Value
NEW
YORK, June 7, 2023 /PRNewswire/ -- Shutterstock,
Inc. (NYSE: SSTK), a premier partner for transformative brands,
digital media and marketing companies, today announced that its
Board of Directors has approved a stock repurchase program,
pursuant to which the Company is authorized to purchase up to
$100 million of its common stock. The
Company expects to fund repurchases through a combination of cash
on hand, cash generated by operations and future financing
transactions. Accordingly, the Company's stock repurchase program
is subject to the Company having available cash to fund
repurchases.
"Given our strong free cash flow generation and healthy balance
sheet, Shutterstock is uniquely positioned as a technology company
to be able to invest for organic and inorganic growth while also
consistently returning value to shareholders through a mix of
dividends and share buybacks," remarked Paul Hennessy, CEO of Shutterstock. "I'm
delighted to announce this program, which we believe reflects our
ongoing commitment to delivering shareholder value through our
thoughtful approach to capital allocation."
Under the program, management is authorized to purchase shares
from time to time through open market purchases or privately
negotiated transactions at prevailing prices as permitted by
securities laws and other legal requirements. The timing and amount
of any shares repurchased will be determined by the Company's
management based on its evaluation of market conditions and other
factors. The repurchase program may be suspended or discontinued at
any time.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking. Examples of
forward-looking statements include, but are not limited to,
statements regarding future results of operations or financial
condition, management strategies and our competitive position. You
can identify forward-looking statements by words such as "may,"
"will," "would," "should," "could," "expect," "aim," "anticipate,"
"believe," "estimate," "intend," "plan," "predict," "project,"
"seek," "potential," "opportunities" and other similar expressions
and the negatives of such expressions. However, not all
forward-looking statements contain these words. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements contained herein. Such risks and uncertainties include,
among others, those discussed under the caption "Risk Factors" in
our most recent Annual Report on Form 10-K, as well as in other
documents that the Company may file from time to time with the
Securities and Exchange Commission. As a result of such risks,
uncertainties and factors, Shutterstock's actual results may differ
materially from any future results, performance or achievements
discussed in or implied by the forward-looking statements contained
herein. The forward-looking statements contained in this press
release are made only as of this date and Shutterstock assumes no
obligation to update the information included in this press release
or revise any forward-looking statements, whether as a result of
new information, future developments or otherwise, except as
required by law.
About Shutterstock
Shutterstock, Inc. (NYSE: SSTK) is
a premier partner for transformative brands, digital media and
marketing companies, empowering the world to create with
confidence. Fueled by millions of creators around the world and a
fearless approach to product innovation, Shutterstock is the
leading global platform for licensing from the most extensive and
diverse collection of high-quality 3D models, videos, music,
photographs, vectors and illustrations. From the world's largest
content marketplace, to breaking news and A-list entertainment
editorial access, to all-in-one content editing platform and studio
production service—all using the latest in innovative
technology—Shutterstock offers the most comprehensive selection of
resources to bring storytelling to life.
Learn more at www.shutterstock.com and follow us
on LinkedIn, Instagram, Twitter,
Facebook and Youtube.
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SOURCE Shutterstock, Inc.