# EDGAR Filing Document

**Accession Number:** 0001549346
**File Stem:** 0001549346-25-000043
**Filing Date:** 2025-11
**Character Count:** 49261
**Document Hash:** f13c73cc1b7d62c6f408e1697f985b9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001549346-25-000043.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001549346-25-000043

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shutterstock, Inc.
- **CENTRAL INDEX KEY:** 0001549346
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 800812659
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35669
- **FILM NUMBER:** 251451789

**BUSINESS ADDRESS:**
- **STREET 1:** 350 FIFTH AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10118
- **BUSINESS PHONE:** 646-419-4452

**MAIL ADDRESS:**
- **STREET 1:** 350 FIFTH AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10118

?xml version='1.0' encoding='ASCII'? sstk-20251105

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| | |
|:---|:---|
| **FORM** | **8-K** |
| **CURRENT REPORT<br>Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934** | **CURRENT REPORT<br>Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934** |
| Date of Report (Date of earliest event reported): | **November 5, 2025** |
| **Shutterstock, Inc.** | **Shutterstock, Inc.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **001-35669** | **80-0812659** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**350 Fifth Avenue, 20th Floor** 

**New York, NY 10118** 

(Address of principal executive offices, including zip code)

(646) 710-3417

(Registrant's telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| **Common Stock, $0.01 par value per share** | **SSTK** | **New York Stock Exchange** |

---

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| | |
|:---|:---|
| | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| ☐ | Emerging growth company |
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |

---

    

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On November 5, 2025, Shutterstock, Inc. (the "Company") issued a press release announcing its financial results for the fiscal period ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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The information provided above in "Item 2.02 Results of Operations and Financial Condition" is incorporated by reference in this Item 7.01.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits*.

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| 99.1 | <u>[Press release entitled "Shutterstock Reports Third Quarter 2025 Financial Results" dated November 4, 2025](a2025-q3_exx991xpressrelea.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SHUTTERSTOCK, INC.** | **SHUTTERSTOCK, INC.** |
| Dated: November 5, 2025 | By: | /s/ Rik Powell |
|  |  | Rik Powell |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT 99.1**

![primary-black.jpg](primary-black.jpg)

**Shutterstock Reports Third Quarter 2025 Financial Results** 

**New York, NY - November 5, 2025 -** Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the third quarter ended September 30, 2025.

Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "Shutterstock achieved another strong quarter of financial results. Revenue grew 4% on the back of the fast-growing Data, Distribution, and Services business, while Adjusted EBITDA margins remained over 30% for the second consecutive quarter, and Free Cash Flow significantly increased. Despite the evolving competitive landscape, we continue to improve the value proposition of our unlimited content products by including AI image, video, and audio generative models as part of our offering. Additionally, we are attracting new logos and expanding relationships with existing customers within our Data, Distribution, and Services business."

With regards to the pending merger with Getty Images, Mr. Hennessy said "we remain committed to the merger and will continue to engage with the UK's Competition and Markets Authority and will work with Getty Images to expeditiously secure the necessary clearances."

**Third Quarter 2025 highlights as compared to Third Quarter 2024:**

&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues were $260.1 million compared to $250.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $13.4 million compared to $17.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income per diluted common share was $0.37 compared to $0.50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income was $36.4 million compared to $46.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income per diluted common share was $0.99 compared to $1.31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $79.4 million compared to $70.0 million.

**THIRD QUARTER RESULTS**

**Revenue** 

Third quarter revenue of $260.1 million increased by $9.5 million or 4% as compared to the third quarter of 2024.

Revenue from our Content product offering decreased by $9.3 million, or 5%, as compared to the third quarter of 2024, to $194.4 million. The reduction in our Content revenue was driven by weakness in new customer acquisition, partially offset by the contribution of Envato, which was acquired on July 22, 2024. Content revenue represented 75% of our total revenue in the third quarter of 2025.

Revenue generated from our Data, Distribution, and Services product offering increased by $18.8 million, or 40%, as compared to the third quarter of 2024, to $65.7 million, and represented 25% of third quarter revenue in 2025. Third quarter revenue benefited from the timing of data deal revenue recognition, which fluctuates quarter-to-quarter based on the delivery of metadata to our customers.

------

**Net income and net income per diluted common share**

Net income in the third quarter of 2025 of $13.4 million decreased $4.2 million as compared to net income of $17.6 million for the third quarter in 2024. Net income per diluted common share was $0.37, as compared to $0.50 for the same period in 2024. These decreases were attributable to $7.1 million of professional fee expenses in the quarter associated with the proposed merger with Getty Images Holdings, Inc. ("Getty Images") and an increase in the tax provision, partially offset by profitability associated with the increase in revenue and the Envato business acquired in July of 2024.

**Adjusted net income and adjusted net income per diluted common share**

Adjusted net income in the third quarter of 2025 of $36.4 million decreased $9.9 million as compared to adjusted net income of $46.4 million for the third quarter in 2024. Third quarter 2025 adjusted net income was unfavorably impacted by increases in income taxes partially offset by profitability associated with the increase in revenues and having Envato's results for a full quarter in 2025.

Adjusted net income per diluted common share was $0.99 as compared to $1.31 for the third quarter of 2024, a decrease of $0.32 per diluted share.

**Adjusted EBITDA**

Adjusted EBITDA of $79.4 million for the third quarter of 2025 increased by $9.4 million, or 13%, as compared to the third quarter of 2024, primarily due to the contribution from Envato and data deal revenue. Net income margin of 5.1% for the third quarter of 2025 decreased by 1.9%, as compared to 7.0% in the third quarter of 2024. The adjusted EBITDA margin of 30.5% for the third quarter of 2025 increased by 2.6%, as compared to 27.9% in the third quarter of 2024.

**THIRD QUARTER LIQUIDITY** 

Our cash and cash equivalents increased by $49.1 million to $165.5 million at September 30, 2025, as compared with $116.4 million as of June 30, 2025. This increase was driven by $78.4 million of net cash provided by our operating activities, partially offset by $16.6 million of net cash used in financing activities and $11.2 million of net cash used in investing activities.

Net cash provided by our operating activities was driven by our operating income and changes in the timing of cash collections from our customers and payments pertaining to operating expenses. In addition, cash flows for the three months ended September 30, 2025 were unfavorably impacted by $8.0 million of expenses related to the Getty Images proposed merger.

Cash used in investing activities for the three months ended September 30, 2025 consisted of $11.6 million related to capital expenditures and content acquisition, partially offset by $0.4 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller.

Cash used in financing activities for the three months ended September 30, 2025 consisted of $11.7 million related to the payment of the quarterly cash dividend, $4.1 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and $0.8 million used for the repayment of our credit facility.

Adjusted free cash flow was $75.2 million for the third quarter of 2025, an increase of $29.6 million from the third quarter of 2024.

------

**KEY OPERATING METRICS**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024**<sup>5</sup> | **2025** | **2024**<sup>5</sup> |
| Subscribers (end of period)<sup>(1)</sup>  | 1060000 | 1105000 | 1060000 | 1105000 |
| Subscriber revenue (in millions)<sup>(2)</sup> | $107.2 | $113.1 | $325.0 | $344.9 |
| Average revenue per customer (last twelve months)<sup>(3)</sup> | $279 | $254 | $279 | $254 |
| Paid downloads (in millions)<sup>(4)</sup> | 111.7 | 112.3 | 345.2 | 330.9 |

---

_______________________________________________________________________________________________________________________

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato for the three and nine months ended September 30, 2025, which was acquired in July 22, 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period.

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering

(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period.

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**NON-GAAP FINANCIAL MEASURES**

To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, impairment loss on long-term investment, unrealized losses / gains on investments, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), impairment loss on long-term investment, Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy, and cash paid for costs related to the Getty Images merger.

The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the "CMA") and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense - non-recurring is not considered an ongoing expense necessary to operate the Company's business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share. For the three months ended September 30, 2025, the Company also incurred $3.7 million of Giphy Retention Compensation expense related to recurring employee costs, which is included in operating expenses, and are not included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.

These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development

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costs to support the Company's ongoing business operations and provides them with the same measures that management uses as the basis for making resource allocation decisions.

Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings, adjusted free cash flow), and each measure's most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.

**Previously Announced Merger Agreement with Getty Images**

On January 7, 2025, Shutterstock announced that it entered into a merger agreement with Getty Images to combine in a merger of equals transaction, creating a premier visual content company. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the extension or refinancing of Getty Images' existing debt obligations. As previously announced, a majority of Shutterstock stockholders approved the adoption of the merger agreement at a special meeting of stockholders held on June 10, 2025.

As previously communicated, in light of the pending transaction with Getty Images, Shutterstock will not be hosting a conference call or providing financial guidance in conjunction with its third quarter 2025 results.

For additional information associated with the transaction, please see the Company's filings from time to time with the Securities and Exchange Commission.

**ABOUT SHUTTERSTOCK** 

Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.

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**FORWARD-LOOKING STATEMENTS**

The statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our competitive position and the expected timing and completion of the proposed transaction with Getty Images. Important factors that could cause actual results to differ materially from the forward-looking statements include, among other things: risks and uncertainties associated with our proposed transaction with Getty Images and those risks discussed under the section captioned "Risk Factors" in Shutterstock's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

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| | |
|:---|:---|
| **Investor Relations Contact** | **Press Contact** |
| **Scott Grossman** | **Lori Rodney** |
| ir@shutterstock.com | press@shutterstock.com |
| | 917-563-4991 |

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**Shutterstock, Inc.**

**Consolidated Statements of Operations**

**(In thousands, except for per share data)**

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $260094 | $250588 | $769704 | $684956 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 102558 | 104405 | 309440 | 283863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 59358 | 55403 | 169794 | 163520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product development | 22374 | 28610 | 62993 | 69520 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 43313 | 44021 | 150054 | 112492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 227603 | 232439 | 692281 | 629395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 32491 | 18149 | 77423 | 55561 |
| Interest expense | (4226) | (4451) | (12748) | (5574) |
| Other income, net | 3138 | 3829 | 30277 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 31403 | 17527 | 94952 | 54477 |
| Provision / (benefit) for income taxes | 18016 | (88) | 33437 | 17116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $13387 | $17615 | $61515 | $37361 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.38 | $0.50 | $1.75 | $1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.37 | $0.50 | $1.71 | $1.04 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 35484 | 35174 | 35213 | 35486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 36642 | 35472 | 35979 | 35838 |

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**Shutterstock, Inc.**

**Consolidated Balance Sheets**

**(In thousands, except par value amount)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $165536 | $111251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $3,726 and $3,101 | 125189 | 95225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 46040 | 49482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 336765 | 255958 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 62723 | 66400 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 11763 | 13956 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 227107 | 248477 |
| &nbsp;&nbsp;&nbsp;Goodwill | 574594 | 569668 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 51867 | 70982 |
| &nbsp;&nbsp;&nbsp;Other assets | 110780 | 83715 |
| &nbsp;&nbsp;&nbsp;Total assets | $1375599 | $1309156 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $13944 | $9221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 122738 | 126643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributor royalties payable | 105038 | 81076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 211565 | 225489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | 158109 | 158106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 19592 | 24751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 630986 | 625286 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability, net | 1625 | 2174 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 117379 | 119598 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 19125 | 23365 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 12123 | 20383 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 781238 | 790806 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 200,000 shares authorized; 41,024 and 40,395 shares issued and 35,503 and 34,874 shares outstanding as of September 30, 2025 and December 31, 2024, respectively | 410 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 5,521 shares as of September 30, 2025 and December 31, 2024 | (269804) | (269804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 505750 | 468390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4889) | (16841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 362894 | 336202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 594361 | 518350 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1375599 | $1309156 |

---

------

**Shutterstock, Inc.**

**Consolidated Statements of Cash Flows**

**(In thousands, except par value amount)** 

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |  |
| Net income | $13387 | $17615 | $61515 | $37361 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| Depreciation and amortization | 22877 | 21643 | 68159 | 64339 |
| Deferred taxes | 24494 | (9269) | 17696 | (8766) |
| Non-cash equity-based compensation | 12962 | 15094 | 46471 | 41220 |
| Loss on impairment of long-term investment |  |  | 5000 |  |
| Bad debt expense | 60 | (18) | 1020 | (1790) |
| Unrealized gain on investments, net | (2840) | (1557) | (34128) | (1688) |
| Changes in operating assets and liabilities: |  |  |  |  |
| Accounts receivable | 26245 | 12474 | (29429) | 8595 |
| Prepaid expenses and other current and non-current assets | (12643) | 5392 | 10114 | (19907) |
| Accounts payable and other current and non-current liabilities | (3810) | (30534) | (18397) | (47433) |
| Envato Seller Obligations |  | (45748) |  | (45748) |
| Contributor royalties payable | 12329 | 11938 | 22109 | 22626 |
| Deferred revenue | (14671) | (8615) | (19657) | (24129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by / (used in) operating activities | $78390 | $(11585) | $130473 | $24680 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |  |
| Capital expenditures | (10422) | (14761) | (32542) | (38297) |
| Business combination, net of cash acquired |  | (159597) |  | (179071) |
| Cash received related to Giphy Retention Compensation | 373 | 26922 | 1234 | 63444 |
| Acquisition of content | (1149) | (652) | (6127) | (2473) |
| Security deposit payment | (41) | 195 | (3) | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(11239) | $(147893) | $(37438) | $(156120) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |  |
| Repurchase of treasury shares |  | (20999) |  | (41591) |
| Cash paid related to settlement of employee taxes related to RSU vesting | (4092) | (2856) | (9104) | (11715) |
| Payment of cash dividends | (11699) | (10611) | (34823) | (31938) |
| Proceeds from credit facility |  | 280000 |  | 280000 |
| Repayment of credit facility | (781) | (30000) | (2344) | (30000) |
| Payment of debt issuance costs |  | (2200) |  | (2200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) / provided by financing activities | $(16572) | $213334 | $(46271) | $162556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on cash | (1453) | 2666 | 7521 | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 49126 | 56522 | 54285 | 30903 |
| Cash and cash equivalents, beginning of period | 116410 | 74871 | 111251 | 100490 |
| Cash and cash equivalents, end of period | $165536 | $131393 | $165536 | $131393 |
| **Supplemental Disclosure of Cash Information:** |  |  |  |  |
| Cash paid for income taxes | $1707 | $9735 | $16396 | $22295 |
| Cash paid for interest | 4005 | 1950 | 12470 | 2955 |

---

------

**Shutterstock, Inc.**

**Reconciliation of Non-GAAP Financial Information to GAAP**

**(In thousands, except per share information)**

**(unaudited)**

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $13387 | $17615 | $61515 | $37361 |
| &nbsp;&nbsp;&nbsp;Add / (less) Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity-based compensation | 12962 | 15094 | 46471 | 41220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of non-cash equity-based compensation <sup>(1)(2)</sup> | (3046) | (3547) | (10921) | (3332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related amortization expense <sup>(3)</sup> | 9630 | 9332 | 28908 | 27658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of acquisition-related amortization expense <sup>(1)</sup> | (2263) | (2193) | (6794) | (6499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on long-term investment |  |  | 5000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Giphy Retention Compensation Expense - non-recurring | 215 | 10281 | 1219 | 21825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of Giphy Retention Compensation Expense - non-recurring<sup>(1)</sup> | (51) | (2416) | (287) | (5129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger related costs | 7083 |  | 27654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of Merger related costs<sup>(1)</sup> | (1594) |  | (6223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(4)</sup> | 961 | 3272 | (30027) | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of other<sup>(1)</sup> | (855) | (1087) | (923) | (1148) |
| Adjusted net income | $36429 | $46351 | $115592 | $115369 |
| Net income per diluted common share | $0.37 | $0.50 | $1.71 | $1.04 |
| Adjusted net income per diluted common share | $0.99 | $1.31 | $3.21 | $3.22 |
| Weighted average diluted shares | 36642 | 35472 | 35979 | 35838 |

---

____________________________________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Statutory tax rates are used to calculate the tax effect of the adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The tax effect of non-cash equity-based compensation in 2024 includes a $6.3 million add-back for the reduction of deferred tax assets associated with the expiration of performance-based stock options and restricted stock units granted the Company's Founder and Executive Chairman in 2014. The performance-based metrics were not met, the awards were not exercisable, and the Company recognized a non-cash tax expense for the change in deferred taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Of these amounts, $8.9 million and $7.8 million are included in cost of revenue for the three months ended September 30, 2025 and 2024, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Other consists of unrealized gains and losses on investments and severance costs associated with strategic workforce optimizations.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $13387 | $17615 | $61515 | $37361 |
| &nbsp;&nbsp;&nbsp;Add / (less) Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 4226 | 4451 | 12748 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (869) | (1086) | (2881) | (3477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision / (benefit) for income taxes | 18016 | (88) | 33437 | 17116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22877 | 21643 | 68159 | 64339 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $57637 | $42535 | $172978 | $120913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity-based compensation | 12962 | 15094 | 46471 | 41220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Giphy Retention Compensation Expense - non-recurring | 215 | 10281 | 1219 | 21825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger related costs | 7083 |  | 27654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency loss / (gain) | 571 | (1185) | 1733 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investment | (2840) | (1558) | (34129) | (1688) |
| &nbsp;&nbsp;&nbsp;&nbsp;Workforce optimization - severance | 3801 | 4830 | 4102 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on long-term investment |  |  | 5000 |  |
| Adjusted EBITDA | $79429 | $69997 | $225028 | $188046 |
| Revenue | $260094 | $250588 | $769704 | $684956 |
| Net income margin | 5.1% | 7.0% | 8.0% | 5.5% |
| Adjusted EBITDA margin | 30.5% | 27.9% | 29.2% | 27.5% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Reported revenue (in thousands) | $260094 | $250588 | $769704 | $684956 |
| *Revenue growth* | 4% | 7% | 12% | 4% |
| *Revenue growth on a constant currency basis* | 3% | 7% | 12% | 4% |
| Content reported revenue (in thousands) | $194426 | $203713 | $597110 | $547494 |
| *Content revenue growth* | (5)% | 14% | 9% | (2)% |
| *Content revenue growth on a constant currency basis* | (5)% | 13% | 9% | (2)% |
| Data, Distribution, and Services reported revenue (in thousands) | $65668 | $46875 | $172594 | $137462 |
| *Data, Distribution, and Services revenue growth* | 40% | (14)% | 26% | 41% |
| *Data, Distribution, and Services revenue growth on a constant currency basis* | 40% | (14)% | 26% | 41% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash flow information: |  |  |  |  |
| Net cash provided by / (used in) operating activities | $78390 | $(11585) | $130473 | $24680 |
| Net cash used in investing activities | $(11239) | $(147893) | $(37438) | $(156120) |
| Net cash (used in) / provided by financing activities | $(16572) | $213334 | $(46271) | $162556 |
| Adjusted free cash flow: |  |  |  |  |
| Net cash provided by / (used in) operating activities | $78390 | $(11585) | $130473 | $24680 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (10422) | (14761) | (32542) | (38297) |
| &nbsp;&nbsp;&nbsp;Content acquisitions | (1149) | (652) | (6127) | (2473) |
| &nbsp;&nbsp;&nbsp;Cash received related to Giphy Retention Compensation | 373 | 26922 | 1234 | 63444 |
| &nbsp;&nbsp;&nbsp;Cash paid for Envato Seller Obligations<sup>(1)</sup> |  | 45748 |  | 45748 |
| &nbsp;&nbsp;&nbsp;Merger related costs | 8032 |  | 23068 |  |
| Adjusted Free Cash Flow | $75224 | $45672 | $116106 | $93102 |

---

(1) Envato Seller Obligations relate to payments made on behalf of the Envato sellers' after the closing of the acquisition. These liabilities were funded from the acquired cash on the Envato balance sheet and are not indicative of obligations and cash flows to be incurred prospectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Content | $194426 | $203713 | $597110 | $547494 |
| Data, Distribution, and Services | $65668 | $46875 | $172594 | $137462 |
| &nbsp;&nbsp;&nbsp;Total revenue | $260094 | $250588 | $769704 | $684956 |
| Change in total deferred revenue<sup>(1)</sup> | $(15154) | $(7043) | $(13924) | $(23984) |
| &nbsp;&nbsp;&nbsp;Total billings | $244940 | $243545 | $755780 | $660972 |

---

_______________________________________________________________________________________________________________________

(1) Change in total deferred revenue excludes deferred revenue acquired through business combinations.

------

**Shutterstock, Inc.**

**Supplemental Financial Data**

**(unaudited)**

 **Historical Operating Metrics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **9/30/25** | **6/30/25** | **3/31/25** | **12/31/24**<sup>5</sup> | **9/30/24**<sup>5</sup> | **6/30/24** | **3/31/24** | **12/31/23** |
| Subscribers (end of period, in thousands) <sup>(1)</sup> | 1060 | 1073 | 1079 | 1088 | 1105 | 490 | 499 | 523 |
| Subscriber revenue (in millions) <sup>(2)</sup> | $107.2 | $108.0 | $109.9 | $107.7 | $113.1 | $80.3 | $83.9 | $85.2 |
| Average revenue per customer (last twelve months) <sup>(3)</sup> | $279 | $266 | $244 | $255 | $254 | $434 | $418 | $412 |
| Paid downloads (in millions) <sup>(4)</sup> | 111.7 | 112.6 | 120.9 | 125.8 | 112.3 | 33.4 | 35.0 | 35.4 |

---

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato for the three and nine months ended September 30, 2025, which was acquired in July 22, 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period.

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering

(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period.

**Equity-Based Compensation by expense category**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **($ in thousands)** | **9/30/25** | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** | **12/31/23** |
| Cost of revenue | $528 | $532 | $396 | $505 | $443 | $300 | $224 | $145 |
| Sales and marketing | 2098 | 2559 | 2255 | 2627 | 3226 | 3167 | 2011 | 2201 |
| Product development | 3370 | 3529 | 2912 | 2722 | 2745 | 4171 | 2285 | 3022 |
| General and administrative | 6966 | 9005 | 12321 | 9256 | 8680 | 7338 | 6630 | 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-cash equity-based compensation | $12962 | $15625 | $17884 | $15110 | $15094 | $14976 | $11150 | $11988 |

---

**Depreciation and Amortization by expense category**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **($ in thousands)** | **9/30/25** | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** | **12/31/23** |
| Cost of revenue | $21028 | $20804 | $20742 | $21191 | $19652 | $20087 | $19874 | $18952 |
| General and administrative | 1849 | 1807 | 1929 | 2096 | 1991 | 1346 | 1389 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total depreciation and amortization | $22877 | $22611 | $22671 | $23287 | $21643 | $21433 | $21263 | $20356 |

---

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