Delivers top-line growth, strong cash flow and deleveraging
Provides update on Riviana acquisition and value creation initiatives
HIGHLIGHTS
- Generated reported net sales growth of 3.3% and organic net sales growth of 4.0% compared to the fourth quarter of 2019.
- Fourth quarter 2020 earnings per diluted share from continuing operations was $1.29 compared to $0.27 for the same period in 2019.
- Fourth quarter 2020 adjusted earnings per diluted share from continuing operations was $1.07, within the Company s guidance range of $1.00 to $1.10.
- Completed the acquisition of Ebro s Riviana Foods U.S. branded pasta business in December which is on-track to deliver $25 to $30 million in adjusted EBITDA from continuing operations and $0.20 to $0.30 in adjusted earnings per diluted share from continuing operations in 2021.
Shutterstock Reports Fourth Quarter and Full Year 2020 Financial Results
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NEW YORK, Feb. 11, 2021 /PRNewswire/ Shutterstock, Inc. (NYSE: SSTK) (the Company ), a leading global creative platform offering full-service solutions, high quality content, and tools for brands, businesses and media companies, today announced financial results for the fourth quarter and full year ended December 31, 2020.
Commenting on the Company s performance, Stan Pavlovsky, the Company s Chief Executive Officer, said, Shutterstock had an exceptionally strong finish to 2020, with revenue growth acceleration across all geographies and channels, including a return to growth in our Enterprise channel. The momentum we have exhibited in evolving our business towards a subscription model is encouraging and I believe we are well positioned heading into 2021.
1.
Under GAAP, companies must adjust, as necessary, beginning balances of acquired deferred revenue to fair value as part of acquisition accounting as defined by GAAP. For the revised 2021 outlook, the Company has removed the effect of these adjustments to acquisition date fair value from acquisitions that have closed as of the earnings release date.
2.
Assumes an effective pro forma tax rate of 25.0% (non-GAAP).
With respect to the “2021 Outlook” above, reconciliation of adjusted net revenue, adjusted EBITDA and adjusted diluted earnings per share guidance to the closest corresponding GAAP measure on a forward-looking basis is not available without unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including changes in th
(1) Excludes discontinued operations; see “Results of Discontinued Operations” for additional details.
(2) These are non-GAAP metrics. For a reconciliation of each non-GAAP metric to the nearest GAAP metric, see the applicable reconciliations contained under “Results of Operations.” For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”
Fourth quarter 2020 and recent developments include:
Sequential increase (described within this release as the change from the third quarter to the fourth quarter) in Company Owned gross loans receivable and Gross combined loans receivable of $56.3 million, or 11.3%, and $60.6 million, or 11.3%, respectively, compared to $8.2 million, or 1.2%, and $11.8 million, or 1.6%, of sequential growth for the quarter ended December 31, 2019.
Consolidation: 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All applicable subsidiaries are consolidated. All intercompany transactions are eliminated. As used herein, the term 3M or Company refers to 3M Company and subsidiaries unless the context indicates otherwise. Basis of presentation: Certain amounts in the prior years consolidated financial statements have been reclassified to conform to the current year presentation. As described in Note 19, effective in the first quarter of 2020, the Company changed its business segment reporting in its continuing effort to improve the alignment of businesses around markets and customers. Additionally, the Company consolidated the way it presents geographic area net sales by providing an aggregate Americas geographic region (combining former United States and Latin America and Canada areas). Also,