Shutterstock, Inc.SSTK

Shutterstock, Inc. Segments Disclosure

10-KFiled Feb 17, 20263 min read
Segment and Geographic Information
The Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s revenues are supported by its searchable creative platform and driven by its large contributor network. The Company’s chief executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating segment based on net income. The CODM considers budget-to-actual variances when making decisions about capital allocation to the segment. Asset information is not provided to the Company’s CODM as that information is not used in the determination of resource allocation or in assessing the performance of the Company’s segment.
The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:
 Year Ended December 31,
  (in thousands)202520242023
Revenue$989,925 $935,262 $874,587 
Less:   
Technology costs91,039 69,883 58,853 
Advertising costs86,969 91,845 93,109 
Adjusted cost of revenue1
360,963 355,074 318,281 
Adjusted sales and marketing1
128,647 125,802 116,821 
Adjusted product and development1
64,824 80,876 90,255 
Adjusted general and administrative1
182,424 143,074 128,868 
Total operating expenses914,866 866,554 806,187 
Income from operations75,059 68,708 68,400 
Bargain purchase gain— — 50,261 
Interest expense(16,826)(10,561)(1,857)
Other income, net17,098 4,401 5,664 
Income before income taxes75,331 62,548 122,468 
Provision for income taxes29,835 26,616 12,199 
Net income45,496 35,932 110,269 
1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:
Year Ended December 31,
($ in thousands)202520242023
Cost of revenue$83,584 $80,805 $74,824 
General and administrative7,310 6,821 4,905 
Total depreciation and amortization$90,894 $87,626 $79,729 
The following represents the Company’s geographic revenue based on customer location (in thousands):
 Year Ended December 31,
 202520242023
North America$509,116 $474,683 $427,746 
Europe264,659 245,678 231,048 
Rest of the world216,150 214,901 215,793 
Total revenue$989,925 $935,262 $874,587 
Included in North America is the United States which comprises approximately 41%, 45% and 46% of total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. No other country accounts for more than 10% of the Company’s revenue in any period presented.
The Company’s long-lived tangible assets were located as follows (in thousands):
 December 31,
 20252024
North America$32,553 $45,354 
Europe17,382 17,175 
Rest of the world12,618 3,871 
Total long-lived tangible assets$62,553 $66,400 
Included in North America is the United States, which comprises 48% and 64% of total long-lived tangible assets as of December 31, 2025 and 2024, respectively. Included in Europe is Ireland, which comprised 23% and 20% of total long-lived tangible assets as of December 31, 2025 and 2024, respectively. Included in Rest of the world is Australia, which comprised 20% of total long-lived tangible assets as of December 31, 2025. No other country accounts for more than 10% of the Company’s long-lived tangible assets in any period presented.

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 25, 2025
2020Feb 11, 2021
2019Feb 13, 2020
2018Feb 26, 2019
2017Feb 22, 2018
2016Feb 27, 2017

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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