Shutterstock updates pro forma for Giphy acquisition; combined net income $34.6M

Shutterstock, Inc.

Pro forma combined revenue $664.5M for 9M ended Sep 30, 2023 vs standalone $657.4M.
Pro forma net income $34.6M vs standalone $111.3M; Giphy had $50.1M operating loss pre-acquisition.
Bargain purchase gain of $51.8M removed; net purchase price was negative $6.0M due to retention compensation.
Intangible assets $42.5M (trade name $21M, developed tech $21.5M); API deferred revenue $30M.
Giphy retention comp arrangements total up to $123.5M funded by Meta under transitional services agreement.

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