secwatch.observer — SEC 8-K summary
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Issuer:     Shutterstock, Inc. (SSTK)
CIK:        0001549346
Form:       8-K
Filed at:   2023-12-21T23:59:59+00:00
Accession:  0001140361-23-058932
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1549346/000114036123058932/0001140361-23-058932-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1549346/000114036123058932/ny20016129x2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-058932

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer