NEW
YORK, Jan. 31, 2023 /PRNewswire/ --
Shutterstock, Inc. (NYSE: SSTK) (the "Company"), the end-to-end
creative partner that supercharges storytelling with creative and
technological innovation, today announced that its Board of
Directors has declared a cash dividend of $0.27 per share of outstanding common stock on
January 30, 2023, payable on
March 16, 2023, to stockholders of
record at the close of business on March 2,
2023. This represents an increase of approximately 13% over
the previous quarterly dividend of $0.24 per share of outstanding common
stock.
Commenting on the announcement, Paul
Hennessy, the Company's Chief Executive Officer, said, "The
Board's decision to increase the quarterly dividend for the third
consecutive year demonstrates the success we have had in driving
margin expansion and the confidence we have in our future cash
flows, and I am pleased that we are able to continue fulfilling our
commitment to return value to stockholders."
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK) is the end-to-end
creative partner that supercharges storytelling with creative and
technological innovation. Directly and through its group
subsidiaries, Shutterstock's comprehensive collection includes
high-quality licensed photographs, vectors, illustrations, 3D
models, videos and music. Working with its growing community of
over 2 million contributors, Shutterstock adds hundreds of
thousands of images and video clips to its library each week.
Headquartered in New York City,
Shutterstock has offices around the world and customers in more
than 150 countries. The Company also owns Splash News, the world's
leading entertainment news agency for newsrooms and media companies
worldwide; Pond5, the world's largest video-first content
marketplace; TurboSquid, the world's largest 3D content
marketplace; PicMonkey, a leading online graphic design and image
editing platform; Offset, a high-end image collection; Shutterstock
Studios, an end-to-end custom creative shop; PremiumBeat, a curated
royalty-free music library; Shutterstock Editorial, a premier
source of editorial images and videos for the world's media; and
Bigstock, a value-oriented stock media offering.
For more information, please visit www.shutterstock.com and
follow Shutterstock on Twitter and on Facebook.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Examples of forward-looking statements include, but are not
limited to, statements regarding the Company's expected payment of
a cash dividend on March 16, 2023 and
the future of the Company's business. You can identify
forward-looking statements by words such as "may," "will," "would,"
"should," "could," "expect," "anticipate," "believe," "estimate,"
"intend," "plan" and other similar expressions. However, not all
forward-looking statements contain these words. Such
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors including risks related to any
changes to or the effects on liabilities, financial condition,
future capital expenditures, revenue, expenses, net income or loss,
synergies and future prospects; our inability to continue to
attract and retain customers and contributors to our online
marketplace for creative content; competitive factors; our
inability to innovate technologically or develop, market and offer
new products and services; costs related to litigation or
infringement claims, indemnification claims and the inability to
prevent misuse of our content; our inability to increase market
awareness of Shutterstock and our products and services; our
inability to effectively manage our growth; our inability to grow
at historic growth rates or at all; technological interruptions
that impair access to our websites; assertions by third parties of
infringement of intellectual property rights by Shutterstock, our
inability to effectively manage risks associated with operating
internationally; our exposure to foreign exchange rate risk; our
inability to address risks associated with sales to large corporate
customers; government regulation of the internet; increasing
regulation related to the handling of personal data; actions by
governments to restrict access to our products and services; our
inability to effectively expand our operations into new products,
services and technologies; our inability to protect the
confidential information of customers; increased tax liabilities
associated with our worldwide operations, including our exposure to
withholding, sales and transaction tax liabilities; the effect of
the Tax Cuts and Jobs Act of 2017; public health crises including
the COVID-19 pandemic; general economic and political conditions
worldwide, including disruption and volatility caused by COVID-19
and any resulting economic recession; our inability to successfully
integrate acquisitions and the associated technology and achieve
operational efficiencies; and other factors and risks discussed
under the caption "Risk Factors" in our most recent Annual Report
on Form 10-K and Quarterly Report on Form 10-Q, 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. In addition, any future declaration of dividends will be
subject to the final determination of our Board of Directors. 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.
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SOURCE Shutterstock, Inc.