secwatch.observer — SEC 8-K summary
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Issuer:     Shutterstock, Inc. (SSTK)
CIK:        0001549346
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001140361-24-023881
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shutterstock beats Q1 expectations, acquires Envato for $245M cash
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- Q1 revenue $214.3M flat YoY; net income $16.1M ($0.45 diluted EPS); adj. EPS $1.13.
- Acquires Envato (Elements) for ~$245M cash; adds 650k subscribers; close expected Q3 2024.
- FY2024 guidance raised: revenue $923-936M, adj. EBITDA $245-248M, adj. EPS $4.18-4.32.
- Financing via new $375M credit facility (Bank of America, Citi, Wells Fargo, Citizens); pro forma net leverage 0.7x.
- Quarterly dividend of $0.30/share declared, payable June 13 to holders of record May 30.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1549346/000114036124023881/0001140361-24-023881-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1549346/000114036124023881/ny20028287x1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-023881

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