Technology
Shutterstock Reports Second Quarter 2024 Financial Results
Published
2 years agoon
By
NEW YORK, Aug. 6, 2024 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) (the “Company”), a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies, today announced financial results for the second quarter ended June 30, 2024.
Commenting on the Company’s performance, Paul Hennessy, the Company’s Chief Executive Officer, said, “Shutterstock’s second quarter results exceeded our expectations for revenue and adjusted EBITDA driven by exceptional growth in Data, Distribution and Services. We are thrilled to have closed the Envato acquisition and added a value-packed unlimited subscription to enhance our Content business. And our innovation around GenAI continues with our launches of Gen3D and ImageAI models trained exclusively on Shutterstock data.”
Second Quarter 2024 measures as compared to Second Quarter 2023:
Financial Measures
Revenues were $220.1 million compared to $208.8 million.Net income was $3.6 million compared to $50.0 million.Net income per diluted common share was $0.10 compared to $1.37.Adjusted net income was $35.9 million compared to $39.1 million.Adjusted net income per diluted common share was $1.00 compared to $1.07.Adjusted EBITDA was $62.1 million compared to $60.1 million.
Acquisition of Envato Pty Ltd.
On July 22, 2024, the Company completed its previously announced acquisition of Envato Pty Ltd. (“Envato”) pursuant to a Share Purchase Agreement entered into May 1, 2024, and the Company purchased all of the issued and outstanding capital stock of Envato. The aggregate consideration paid by the Company, after customary working capital and other adjustments, was $250 million.
SECOND QUARTER RESULTS
Revenue
Second quarter revenue of $220.1 million increased $11.2 million or 5% as compared to the second quarter of 2023.
Revenue from our Content product offering decreased $17.0 million, or 9%, as compared to the second quarter of 2023, to $170.0 million. The decline in our Content revenues was driven by weakness in new customer acquisition. Content revenue represented 77% of our total revenue in the second quarter of 2024. Revenue generated from our Data, Distribution, and Services product offering increased $28.2 million, or 129%, as compared to the second quarter of 2023, to $50.1 million, and represented 23% of second quarter revenue in 2024.
On a constant currency basis, revenue increased approximately 6% in the second quarter of 2024 as compared to the second quarter of 2023.
Net income and net income per diluted common share
Net income in the second quarter of 2024 of $3.6 million decreased $46.4 million as compared to net income of $50.0 million for the second quarter in 2023. Net income per diluted common share was $0.10, as compared to $1.37 for the same period in 2023. The decline in net income was driven by a bargain purchase gain of $41.9 million related to the acquisition of Giphy recognized in the second quarter of 2023 and expenses associated with reimbursable costs paid to the Giphy workforce.
Adjusted net income and adjusted net income per diluted common share
Adjusted net income in the second quarter of 2024 of $35.9 million decreased $3.2 million as compared to adjusted net income of $39.1 million for the second quarter in 2023. Second quarter 2024 adjusted net income was unfavorably impacted by expenses associated with reimbursable costs paid to the Giphy workforce.
Adjusted net income per diluted common share was $1.00 as compared to $1.07 for the second quarter of 2023, a decrease of $0.07 per diluted share.
Adjusted EBITDA
Adjusted EBITDA of $62.1 million for the second quarter of 2024 increased by $2.0 million, or 3%, as compared to the second quarter of 2023, primarily due to higher revenue partially offset by the increase in expenses associated with reimbursable costs paid to the Giphy workforce.
Net income margin of 1.6% for the second quarter of 2024 decreased by 22.3%, as compared to 23.9% in the second quarter of 2023. The adjusted EBITDA margin of 28.2% for the second quarter of 2024 decreased by 0.6%, as compared to 28.8% in the second quarter of 2023.
SECOND QUARTER LIQUIDITY
Our cash and cash equivalents increased by $3.1 million to $74.9 million at June 30, 2024, as compared with $71.8 million as of March 31, 2024. This increase was driven by $28.0 million of net cash provided by our operating activities and $8.3 million of net cash provided by investing activities, partially offset by $32.1 million of net cash used in financing activities.
Net cash provided by our operating activities was driven by our operating income, in addition to changes in the timing of cash collections from our customers and payments pertaining to operating expenses. Operating cash flows were unfavorably impacted by payments made to the Giphy workforce, the reimbursement of which is reflected in Investing Activities.
Cash provided by investing activities for the three months ended June 30, 2024 consisted of $18.1 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller, partially offset by $9.9 million related to capital expenditures and content acquisition.
Cash used in financing activities for the three months ended June 30, 2024 consisted of $20.6 million paid for the repurchase of common stock under our share repurchase program, $10.7 million related to the payment of the quarterly cash dividend and $0.9 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards.
Adjusted free cash flow was $36.2 million for the second quarter of 2024, an increase of $2.8 million from the second quarter of 2023.
QUARTERLY CASH DIVIDEND
During the three months ended June 30, 2024, the Company declared and paid a cash dividend of $0.30 per common share or $10.7 million.
On July 22, 2024, the Board of Directors declared a dividend of $0.30 per share of outstanding common stock, payable on September 12, 2024 to stockholders of record at the close of business on August 29, 2024.
KEY OPERATING METRICS
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Subscribers (end of period)(1)
490,000
556,000
490,000
556,000
Subscriber revenue (in millions)(2)
$ 80.3
$ 87.4
$ 164.2
$ 178.0
Average revenue per customer (last twelve months)(3)
$ 434
$ 374
$ 434
$ 374
Paid downloads (in millions)(4)
33.4
38.5
68.4
81.2
Revenue per download(5)
$ 5.09
$ 4.71
$ 5.03
$ 4.56
Content in our collection (end of period, in millions)(6):
Images
837
734
837
734
Footage clips
58
50
58
50
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 Pond5 and Splash News beginning May 2023. These metrics exclude the respective counts and revenues from Giphy and Backgrid.
(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) Revenue per download is the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from our Studios business, revenue that is not derived from or associated with content licenses and revenue associated with our data deal offering.
(6) Content in our collection represents approved images (photographs, vectors and illustrations) and footage (in number of clips) in our library at the end of the period. This metric excludes content that is not uploaded directly to our site but is available for license by our customers through an application program interface, content from our Studios business and AI generated content.
SHUTTERSTOCK DATA BUSINESS UPDATE
Details of our Data Business Update as of June 30, 2024 may be found in our investor presentation titled “Shutterstock Data Business Update,” available at https://investor.shutterstock.com/.
2024 GUIDANCE
The Company is updating its guidance as follows:
Revenue guidance of $927 million to $936 million, representing growth of 6% to 7% year-over-year.Adjusted net income per diluted share of between $4.18 to $4.32.Adjusted EBITDA of $245 million to $248 million.
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, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense – non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, unrealized losses / gains on investments, interest income and expense and income taxes; 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, bargain purchase gain related to the acquisition of Giphy, Giphy Retention Compensation Expense – non-recurring, severance costs associated with strategic workforce optimizations, unrealized losses / gains on investments 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 and cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy.
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 June 30, 2024, the Company also incurred $5.1 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 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.
We do not provide a reconciliation of adjusted EBITDA guidance to net income guidance or a reconciliation of adjusted net income per diluted share guidance to net income per diluted share guidance, because this cannot be done without unreasonable effort due to the impact of potential future transactions, including, but not limited to, capital structure transactions, restructuring, acquisitions, divestitures or other events and asset impairments. These amounts which lack predictability depend on various factors and could have a material impact on net income and net income per diluted share, but may be excluded from adjusted EBITDA and adjusted net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
EARNINGS TELECONFERENCE INFORMATION
The Company will discuss its second quarter and financial results during a teleconference today, August 6, 2024, at 8:30 AM Eastern Time. The conference call is being webcast live and can be accessed by either visiting the Company’s website at http://investor.shutterstock.com/ or clicking here (https://edge.media-server.com/mmc/p/fffgc3rf/) for direct access. The webcast is listen-only.
A webcast replay of the call will be available on the Company’s website beginning on August 6, 2024 at approximately 10:30 AM Eastern Time.
ABOUT SHUTTERSTOCK
Shutterstock, Inc. (NYSE: SSTK) is a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies. Fueled by millions of creators around the world, a growing data engine and a dedication to product innovation, Shutterstock is the leading global platform for licensing from the most extensive and diverse collection of high-quality 3D models, videos, music, photographs, vectors and illustrations. From the world’s largest content marketplace, to breaking news and A-list entertainment editorial access, to all-in-one content editing platform and studio production services—all using the latest in innovative technology—Shutterstock offers the most comprehensive selection of resources to bring storytelling to life.
Learn more at www.shutterstock.com and follow us on LinkedIn, Instagram, X, Facebook and YouTube.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly in the discussion under the caption “2024 Guidance.” All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding guidance, industry prospects, future business, future results of operations or financial condition, new or planned features, products or services, management strategies and our competitive position. You can identify forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “aim,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “predict,” “project,” “seek,” “potential,” “opportunities,” “targets,” “guidance” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements contained herein. Such risks and uncertainties include, among others, those risks discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, as well as in other documents that the Company may file from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Shutterstock’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The forward-looking statements contained in this press release are made only as of this date and Shutterstock assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
Shutterstock, Inc.
Consolidated Statements of Operations
(In thousands, except for per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenue
$ 220,053
$ 208,840
$ 434,368
$ 424,120
Operating expenses:
Cost of revenue
91,254
84,416
179,458
162,579
Sales and marketing
51,881
48,392
108,117
95,919
Product development
19,859
29,218
40,910
44,624
General and administrative
36,393
38,099
68,471
71,914
Total operating expenses
199,387
200,125
396,956
375,036
Income from operations
20,666
8,715
37,412
49,084
Bargain purchase gain
—
41,940
—
41,940
Other (expense) / income, net
(4,106)
726
(462)
1,771
Income before income taxes
16,560
51,381
36,950
92,795
Provision for income taxes
12,935
1,368
17,204
9,939
Net income
$ 3,625
$ 50,013
$ 19,746
$ 82,856
Earnings per share:
Basic
$ 0.10
$ 1.39
$ 0.55
$ 2.31
Diluted
$ 0.10
$ 1.37
$ 0.55
$ 2.27
Weighted average common shares outstanding:
Basic
35,697
36,047
35,644
35,952
Diluted
35,982
36,406
36,023
36,490
Shutterstock, Inc.
Consolidated Balance Sheets
(In thousands, except par value amount)
(unaudited)
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 74,871
$ 100,490
Accounts receivable, net of allowance of $4,616 and $6,335
97,442
91,139
Prepaid expenses and other current assets
68,534
100,944
Total current assets
240,847
292,573
Property and equipment, net
63,069
64,300
Right-of-use assets
15,392
15,395
Intangible assets, net
164,508
184,396
Goodwill
402,774
383,325
Deferred tax assets, net
23,779
24,874
Other assets
93,497
71,152
Total assets
$ 1,003,866
$ 1,036,015
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 10,545
$ 9,108
Accrued expenses
96,910
131,443
Contributor royalties payable
65,705
54,859
Deferred revenue
186,522
203,463
Debt
30,000
30,000
Other current liabilities
42,649
23,513
Total current liabilities
432,331
452,386
Deferred tax liability, net
3,744
4,182
Lease liabilities
26,433
29,404
Other non-current liabilities
20,946
22,949
Total liabilities
483,454
508,921
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 40,286 and 39,982 shares
issued and 35,359 and 35,572 shares outstanding as of June 30, 2024 and December 31,
2023, respectively
402
399
Treasury stock, at cost; 4,927 and 4,410 shares as of June 30, 2024 and December 31, 2023
(248,805)
(228,213)
Additional paid-in capital
441,497
424,229
Accumulated other comprehensive loss
(13,754)
(11,974)
Retained earnings
341,072
342,653
Total stockholders’ equity
520,412
527,094
Total liabilities and stockholders’ equity
$ 1,003,866
$ 1,036,015
Shutterstock, Inc.
Consolidated Statements of Cash Flows
(In thousands, except par value amount) (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 3,625
$ 50,013
$ 19,746
$ 82,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
21,433
19,206
42,696
38,102
Deferred taxes
4,357
831
503
(146)
Non-cash equity-based compensation
14,976
14,943
26,126
23,586
Bad debt expense
(262)
235
(1,772)
1,025
Bargain purchase gain
—
(41,940)
—
(41,940)
Unrealized gain on investments
3,624
—
(131)
—
Changes in operating assets and liabilities:
Accounts receivable
(3,143)
(13,459)
(3,879)
5,709
Prepaid expenses and other current and non-current assets
(13,300)
(35,023)
(25,299)
(29,834)
Accounts payable and other current and non-current liabilities
3,283
8,572
(16,899)
(4,144)
Contributor royalties payable
4,561
(424)
10,688
1,822
Deferred revenue
(11,189)
26,860
(15,514)
19,553
Net cash provided by operating activities
$ 27,965
$ 29,814
$ 36,265
$ 96,589
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
(9,075)
(10,490)
(23,536)
(22,870)
Business combination, net of cash acquired
—
(53,721)
(19,474)
(53,721)
Cash received related to Giphy Retention Compensation
18,121
15,752
36,522
15,752
Acquisition of content
(827)
(1,725)
(1,821)
(5,252)
Security deposit payment
82
(7)
82
(37)
Net cash provided by / (used) in investing activities
$ 8,301
$ (50,191)
$ (8,227)
$ (66,128)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of treasury shares
(20,592)
(4,000)
(20,592)
(4,000)
Proceeds from exercise of stock options
—
—
—
3
Cash paid related to settlement of employee taxes related to RSU vesting
(893)
(3,537)
(8,859)
(14,545)
Payment of cash dividends
(10,664)
(9,725)
(21,327)
(19,387)
Proceeds from credit facility
—
30,000
—
30,000
Repayment of credit facility
—
—
—
(50,000)
Net cash (used in) / provided by financing activities
$ (32,149)
$ 12,738
$ (50,778)
$ (57,929)
Effect of foreign exchange rate changes on cash
(1,057)
(1,047)
(2,879)
(540)
Net increase / (decrease) in cash and cash equivalents
3,060
(8,686)
(25,619)
(28,008)
Cash and cash equivalents, beginning of period
71,811
95,832
100,490
115,154
Cash and cash equivalents, end of period
$ 74,871
$ 87,146
$ 74,871
$ 87,146
Supplemental Disclosure of Cash Information:
Cash paid for income taxes
$ 9,659
$ 11,945
$ 12,560
$ 6,795
Cash paid for interest
496
1
1,005
429
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 June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net income
$ 3,625
$ 50,013
$ 19,746
$ 82,856
Add / (less) Non-GAAP adjustments:
Non-cash equity-based compensation
14,976
14,943
26,126
23,586
Tax effect of non-cash equity-based compensation (1)(2)
2,835
(3,512)
215
(5,543)
Acquisition-related amortization expense (3)
9,163
8,370
18,326
16,528
Tax effect of acquisition-related amortization expense (1)
(2,153)
(1,967)
(4,306)
(3,884)
Bargain purchase gain
—
(41,940)
—
(41,940)
Giphy Retention Compensation Expense – non-recurring
4,715
17,191
11,544
17,191
Tax effect of Giphy Retention Compensation Expense – non-
recurring(1)
(1,108)
(4,040)
(2,713)
(4,040)
Other(4)
3,907
—
141
1,856
Tax effect of other(1)
(63)
—
(61)
(418)
Adjusted net income(4)
$ 35,897
$ 39,058
$ 69,018
$ 86,192
Net income per diluted common share
$ 0.10
$ 1.37
$ 0.55
$ 2.27
Adjusted net income per diluted common share
$ 1.00
$ 1.07
$ 1.92
$ 2.36
Weighted average diluted shares
35,982
36,406
36,023
36,490
(1)
Statutory tax rates are used to calculate the tax effect of the adjustments.
(2)
The tax effect of non-cash equity-based compensation 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.
(3)
Of these amounts, $8.2 million and $7.7 million are included in cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and $16.4 million and $15.3 million are included in cost of revenue for the six months ended June 30, 2024 and 2023, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.
(4)
The amount for the six months ended June 30, 2024 is updated to correct an error in the calculation of adjusted net income previously presented for the three months ended March 31, 2024.Other consists of unrealized gains and losses on investments and severance costs associated with strategic workforce optimizations.
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net income
$ 3,625
$ 50,013
$ 19,746
$ 82,856
Add / (less) Non-GAAP adjustments:
Interest (income) / expense, net
(787)
(175)
(1,268)
(109)
Provision for income taxes
12,935
1,368
17,204
9,939
Depreciation and amortization
21,433
19,206
42,696
38,102
EBITDA
$ 37,206
$ 70,412
$ 78,378
$ 130,788
Non-cash equity-based compensation
14,976
14,943
26,126
23,586
Bargain purchase gain
—
(41,940)
—
(41,940)
Giphy Retention Compensation Expense – non-recurring
4,715
17,191
11,544
17,191
Foreign currency loss / (gain)
1,268
(551)
1,860
(1,662)
Unrealized loss / (gain) on investment
3,625
—
(130)
—
Workforce optimization – severance
282
—
271
1,856
Adjusted EBITDA
$ 62,072
$ 60,055
$ 118,049
$ 129,819
Revenue
$ 220,053
$ 208,840
$ 434,368
$ 424,120
Net income margin
1.6 %
23.9 %
4.5 %
19.5 %
Adjusted EBITDA margin
28.2 %
28.8 %
27.2 %
30.6 %
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Reported Revenue (in thousands)
$ 220,053
$ 208,840
$ 434,368
$ 424,120
Revenue growth
5 %
1 %
2 %
4 %
Revenue growth on a constant currency basis
6 %
1 %
3 %
5 %
Content reported revenue (in thousands)
$ 169,951
$ 186,963
$ 343,781
$ 380,947
Content revenue growth
(9) %
(7) %
(10) %
(4) %
Content revenue growth on a constant currency basis
(9) %
(7) %
(9) %
(3) %
Data, Distribution, and Services reported revenue (in thousands)
$ 50,102
$ 21,877
$ 90,587
$ 43,173
Data, Distribution, and Services revenue growth
129 %
228 %
110 %
306 %
Data, Distribution, and Services revenue growth on a constant currency
basis
129 %
228 %
110 %
306 %
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Cash flow information:
Net cash provided by operating activities
$ 27,965
$ 29,814
$ 36,265
$ 96,589
Net cash provided by / (used in) investing activities
$ 8,301
$ (50,191)
$ (8,227)
$ (66,128)
Net cash (used in) / provided by financing activities
$ (32,149)
$ 12,738
$ (50,778)
$ (57,929)
Adjusted free cash flow:
Net cash provided by operating activities
$ 27,965
$ 29,814
$ 36,265
$ 96,589
Capital expenditures
(9,075)
(10,490)
(23,536)
(22,870)
Content acquisitions
(827)
(1,725)
(1,821)
(5,252)
Cash received related to Giphy Retention Compensation
18,121
15,752
36,522
15,752
Adjusted Free Cash Flow
$ 36,184
$ 33,351
$ 47,430
$ 84,219
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Content
$ 169,951
$ 186,963
$ 343,781
$ 380,947
Data, Distribution, and Services
$ 50,102
$ 21,877
$ 90,587
$ 43,173
Total revenue
$ 220,053
$ 208,840
$ 434,368
$ 424,120
Change in total deferred revenue
$ (11,519)
$ 26,785
$ (16,941)
$ 20,413
Total billings
$ 208,534
$ 235,625
$ 417,427
$ 444,533
Shutterstock, Inc.
Supplemental Financial Data
(unaudited)
Historical Operating Metrics
Three Months Ended
6/30/24
3/31/24
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Subscribers (end of period, in thousands) (1)
490
499
523
551
556
559
586
607
Subscriber revenue (in millions) (2)
$ 80.3
$ 83.9
$ 85.2
$ 88.3
$ 87.4
$ 90.6
$ 88.8
$ 87.7
Average revenue per customer (last twelve months) (3)
$ 434
$ 418
$ 412
$ 401
$ 374
$ 356
$ 341
$ 329
Paid downloads (in millions) (4)
33.4
35.0
35.4
36.4
38.5
42.7
42.5
42.8
Revenue per download (5)
$ 5.09
$ 4.97
$ 5.02
$ 4.76
$ 4.71
$ 4.41
$ 4.49
$ 4.43
Content in our collection (end of period, in millions): (6)
Images
837
832
771
757
734
731
719
527
Footage clips
58
56
54
52
50
48
47
28
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 Pond5 and Splash News beginning May 2023. These metrics exclude the respective counts and revenues from Giphy and Backgrid.
(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) Revenue per download is the amount of revenue recognized in a given period divided by the number of paid downloads in that period excluding revenue from our Studios business, revenue that is not derived from or associated with content licenses and revenue associated with our data deal offering.
(6) Content in our collection represents approved images (photographs, vectors and illustrations) and footage (in number of clips) in our library at the end of the period. This metric excludes content that is not uploaded directly to our site but is available for license by our customers through an application program interface, content from our Studios business and AI generated content.
Equity-Based Compensation by expense category
Three Months Ended
($ in thousands)
6/30/24
3/31/24
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Cost of revenue
$ 300
$ 224
$ 145
$ 180
$ 306
$ 184
$ 160
$ 173
Sales and marketing
3,167
2,011
2,201
2,067
2,487
604
1,426
1,503
Product development
4,171
2,285
3,022
3,509
4,221
2,448
3,085
2,957
General and administrative
7,338
6,630
6,620
7,247
7,929
5,407
7,111
4,455
Total non-cash equity-based compensation
$ 14,976
$ 11,150
$ 11,988
$ 13,003
$ 14,943
$ 8,643
$ 11,782
$ 9,088
Depreciation and Amortization by expense category
Three Months Ended
($ in thousands)
6/30/24
3/31/24
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Cost of revenue
$ 20,087
$ 19,874
$ 18,952
$ 19,872
$ 18,134
$ 17,866
$ 17,341
$ 16,856
General and administrative
1,346
1,389
1,404
1,400
1,070
1,031
1,295
1,404
Total depreciation and amortization
$ 21,433
$ 21,263
$ 20,356
$ 21,272
$ 19,204
$ 18,897
$ 18,636
$ 18,260
View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-second-quarter-2024-financial-results-302214874.html
SOURCE Shutterstock, Inc.
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Technology
Electra to Usher in the Next Era of Aviation with Advanced Production Facility in Springfield, Ohio
Published
51 minutes agoon
July 21, 2026By
$850 million investment in Springfield and Clark County will move Direct Aviation from concept to reality, creating nearly 2,000 jobs and supporting production of up to 800 EL9 Ultra Short aircraft per year
SPRINGFIELD, Ohio, July 21, 2026 /PRNewswire/ — Electra today announced plans to establish its first production facility for the EL9 Ultra Short in the City of Springfield, within Clark County, a major milestone that will bring its nine-passenger hybrid-electric aircraft from development into scaled commercial production.
The $850 million investment will create 1,975 new jobs, anchor production of the EL9 Ultra Short, and help meet demand for Direct Aviation, a new category of accessible, point-to-point air mobility. The EL9 Ultra Short is a nine-passenger fixed-wing aircraft that uses hybrid-electric propulsion and blown-lift technology to take off and land in as little as 150 feet. The new facility will be located at AirPark Ohio, adjacent to Springfield-Beckley Municipal Airport.
“Electra is opening a new era of aviation, one where flight is direct, accessible, and closer to the communities it serves,” said Marc Allen, CEO of Electra. “This agreement is the moment that our vision moves from demonstration into reality. In Springfield and Clark County, we found the rare combination this next era requires: a ready site, a skilled workforce, a deep aerospace and defense ecosystem, and state and local leaders with the commitment and vision to build it with us. We are grateful to the City of Springfield, Clark County, and the State of Ohio for welcoming Electra into this community as we prepare to bring the EL9 Ultra Short into production, through certification, and ultimately into service.”
The production facility will ensure Electra remains at the forefront of American global leadership in hybrid-electric aviation, with the EL9 Ultra Short unlocking new markets for commercial advanced air mobility, military logistics, and humanitarian applications. The decision to build in Springfield is a bet on reindustrializing America’s capacity to manufacture next-generation aircraft at scale in the Birthplace of Aviation.
“Ohio is where flight began, and the Dayton-Springfield area has become the national epicenter for advanced air mobility – the place where the next generation of aircraft is being designed, tested, and now built at scale,” said Ohio Governor Mike DeWine. “Electra’s decision to bring nearly 2,000 new jobs to Springfield will be transformative for Clark County, demonstrating Ohio’s unique ability to lead America into aviation’s next era.”
Electra selected the site following a year-long competitive national site-selection process that evaluated more than 140 potential locations. Criteria included workforce availability, infrastructure readiness, long-term expansion capacity, state and local partnership, incentives, and proximity to the aerospace, defense, and advanced manufacturing talent needed to support EL9 Ultra Short production.
The new 96-acre facility will house production of the EL9 Ultra Short. The initial phase of development will start immediately with design, while construction of the facility will begin next year. The initial phase will support capacity for up to 400 aircraft per year. A second phase of development will expand capacity to up to 800 aircraft per year.
The company chose the Dayton-Springfield region because it offers advanced air mobility (AAM) companies a combination of assets found nowhere else in the country. Springfield-Beckley Municipal Airport is home to the National Advanced Air Mobility Center of Excellence (NAAMCE) and SkyVision, the FAA-approved ground-based detect-and-avoid system that enables beyond visual line of sight (BVLOS) flight testing in unrestricted airspace, which allows companies to move from concept to flight test faster than anywhere else in the nation. That infrastructure is complemented by growing AAM production near Dayton International Airport and the region’s proximity to Wright-Patterson Air Force Base and the Air Force Research Laboratory (AFRL), which together form one of the deepest concentrations of aerospace R&D talent in the world.
“JobsOhio and our partners at the Dayton Development Coalition are proud to welcome Electra’s first point-to-point hybrid-electric aircraft production facility to Ohio,” said JobsOhio President and CEO J.P. Nauseef. “This investment builds on years of collaboration to establish Springfield-Beckley Municipal Airport as a national hub for advanced air mobility. Here, Electra will have direct access to the nation’s premier AAM testing infrastructure, a proven aerospace workforce, a deep manufacturing supply chain and the unmatched research capabilities of Wright-Patterson Air Force Base—an ideal environment to innovate, scale and grow for decades to come.”
Electra’s investment will be supported by state and local incentives tied to job creation, workforce development, infrastructure readiness, and long-term manufacturing growth. An incentive package is being designed to support hundreds of new Ohio jobs over the coming years as Electra scales production in the region. The project will pursue a Job Creation Tax Credit from the Ohio Department of Development at a future Tax Credit Authority meeting. JobsOhio also plans to provide assistance with the project, which will be made public after a final agreement is executed.
The EL9 Ultra Short is designed to unlock Direct Aviation, a new category of air travel that connects people and places directly through point-to-point mobility using novel access points such as parking lots, barges, and sports fields. The aircraft is designed around Electra’s Rule of Six: access, quiet operations, payload, range, safety, and affordability. In 2025, the company secured $115 million in Series B funding to support pre-production and certification of the EL9 Ultra Short, led by Prysm Capital.
“This is a landmark moment for Electra and for aviation,” said Jay Park, Co-Founder and Managing Partner at Prysm Capital. “Building a new category of aircraft takes conviction at every step, and the Electra team has delivered on each one. We’re proud to be their partner as the EL9 goes from proving what’s possible to producing it.”
In May, Electra released the Direct Aviation Market Outlook, a nationwide analysis of U.S.-based travel. At the heart of this market are trips between 50 and 250 flying miles, where demand is both concentrated and largely unserved by existing aviation. Electra’s analysis found that meeting this demand will require between 12,000 and 16,000 aircraft between 2030 and 2040.
This announcement follows Electra and Safran Helicopter Engines’ life-of-program agreement to develop and produce the TG600 turbogenerator that will power the EL9 Ultra Short. The agreement includes an initial order for 250 units and establishes Safran’s TG600 as the core of the EL9’s hybrid-electric propulsion system.
Earlier this year, Electra and Bristow Group Inc. announced a Pre-Delivery Payment agreement with non-refundable deposits and binding terms and conditions aligned to commercial aviation industry standards, subject to aircraft certification, securing the first delivery slot for the EL9 Ultra Short hybrid-electric aircraft with the TG600.
Electra has also submitted the EL9 Ultra Short aircraft to the Federal Aviation Administration (FAA) for Part 23 type certification and anticipates a first flight scheduled for late 2027 or early 2028. The FAA recently closed the G-1 Issue Paper, formally establishing the certification basis for Electra’s EL9 Ultra Short aircraft and advancing the company toward the next phase of type certification.
“The first era of aviation began right here in the greater Dayton region,” Allen said. “It is fitting that aviation’s next era will be built here too — in Springfield and Clark County — where Electra will produce groundbreaking aircraft designed to transform the way people travel.”
Electra will also continue to operate parts of its business from its Manassas, Virginia facilities. Together, the two campuses will give Electra the structure, talent, and operating model needed to fuel its next chapter of growth. To learn more, visit electra.aero/ohiojobs.
About Electra
Electra.aero, Inc. (Electra) is an advanced air mobility (AAM) company building hybrid-electric Ultra Short airplanes that deliver unprecedented performance advantages to fly people and cargo seamlessly without airports, emissions, or noise. With the EL9 Ultra Short, Electra is pioneering Direct Aviation, the next level of connectivity that brings air travel closer to where we live, work, and play. Electra’s Ultra Short technology delivers 2.5x the payload and 10x longer range with 70% lower operating costs than helicopters and eVTOLs with significantly greater safety and far less certification risk.
Electra’s team includes some of the most respected and successful entrepreneurs and engineers in novel aircraft design, with over 40 prior aircraft successfully developed and/or certified. Lockheed Martin Ventures, Honeywell, and Safran are among Electra’s strategic investors along with Prysm Capital, the Virginia Innovation Partnership Corporation (VIPC), and other private investors. Electra’s contracted customers include the U.S. Air Force, the U.S. Army, the U.S. Navy, and NASA along with over 2,200 letters of intent from 60+ commercial customers, including both airlines and helicopter operators.
About JobsOhio
JobsOhio, Ohio’s private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across 10 competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO. JobsOhio delivers world-class customer service to provide companies with a competitive advantage. In 2026 Ohio was named CNBC’s Top State for Business. Learn more at www.jobsohio.com. Follow us on LinkedIn, X , Instagram, and Facebook.
Media Contacts:
Matthew Bowen
Vrge Strategies
matthew@vrge.us
Matt Englehart
Englehart@jobsOhio.com
614-300-1152
View original content to download multimedia:https://www.prnewswire.com/news-releases/electra-to-usher-in-the-next-era-of-aviation-with-advanced-production-facility-in-springfield-ohio-302830956.html
SOURCE Electra.aero
Technology
Introducing Harness Agent DLC: New Capabilities for the AI Agent Development Lifecycle
Published
51 minutes agoon
July 21, 2026By
Enterprises can now ship AI agents with the same governance, testing, and security they already trust for application code
SAN FRANCISCO, July 21, 2026 /PRNewswire/ — Harness, the AI Software Delivery Platform™ company, today announced it is extending its platform to cover the full AI Agent Development Lifecycle (DLC), giving enterprises a single set of pipelines and controls to build, test, deploy, and run agents the same way they already ship everything else.
Every enterprise is building AI agents, but most can’t get them past internal pilots or proofs of concept. According to Gartner®, “Only 8% of organizations have agentic AI in production.” The software delivery lifecycle enterprises trust for shipping application code hasn’t extended to agents yet, trapping the ROI of internal AI investments. Real innovation arrives once a company can run an agent live with the same trust and confidence it has in the rest of its software.
“When we started Harness, the vision was a safety harness for code,” said Jyoti Bansal, co-founder and CEO of Harness. “Until recently, that meant application code. Today it also means agentic code, written across engineering, product, sales, and support teams alike, each building agents for their own workflows. Everything you’ve done for software delivery over the last decade — governance, orchestration, security, testing — you can now do for agents in the same platform.”
Why AI agents break the traditional software delivery lifecycle
Traditional software works because it’s predictable. Application code is deterministic. Run the same test against the same code twice, and it produces the same result both times.
Agents don’t work that way: an agent’s underlying language model decides how to complete a task, and the same agent, given the same input, can choose a different tool or take a different action from one run to the next. A test that passes once offers no guarantee it will pass the next time. Incidents stop being reproducible on demand, which means the standard playbook for catching and fixing bugs doesn’t transfer either.
The stakes rise with the size of the business. A rogue agent can expose customer data, violate a compliance policy, or take an action nobody approved. Enterprises need a way to answer for what their agents are doing, and the traditional software delivery lifecycle was never built to give them one.
New Harness Agent DLC products and capabilities
Agent DLC closes the gap between building an agent and delivering it safely to production. Today’s launch includes five new products and capabilities spanning testing, deployment, operations, and governance:
Harness AI Evals make agent quality measurable, letting teams define eval datasets, wire up scoring functions, and set quality gates that automatically catch regressions whenever an agent or model changes.Agent Deployments extend the canary releases, approvals, and OPA guardrails that Harness already applies to Kubernetes deployments to managed agent runtimes like Amazon Bedrock AgentCore and Google’s Agent Runtime. Agents now ship through existing pipelines instead of a separate cloud-specific workflow.AI Configs support the release and management of prompts and model changes at runtime, backed by the same feature flagging infrastructure that already manages code releases. Teams can test what performs best and roll back instantly, without redeploying.AI Asset Catalog automatically discovers every agent, skill, and plugin built across an organization’s repositories and links each to an owner, so nothing ships or runs unaccounted for.Harness AgentTrace records what happens during a single agent run and across a full multi-step session, showing which path an agent took, where it slowed down, and how different models or prompts affect the outcome. Harness is also open-sourcing the foundational components behind AgentTrace, including harness-sdk and harness-evals, so developers can bring the same tracing primitives into their own AI applications.
In addition, existing Harness products already extend to agents without requiring any changes: Continuous Integration builds them like any other service, Artifact Registry tracks their versions and dependencies, AI Test Automation validates their responses in plain English criteria, and AI Cost Management extends spend visibility to every agent and model.
Securing the Agent DLC
Agents choose their own approach and path to get there, so their behavior is hard to predict and just as hard to secure. They expand their own attack surface by connecting to tools and APIs, spawning sub-agents, and inheriting trust from every model they touch. Static scans were never designed for this kind of risk. Harness is launching new security capabilities to close that gap.
Shift-left: constrain what agents can do before they ship.
Primitive Scanning flags misconfigurations in agent skills, prompts, and models.AIBOM captures every model, tool, and dependency an agent was built with.AI Testing runs agents against adversarial inputs and the OWASP Top 10 for LLMs.
Shield-right: enforce policy and maintain visibility once they’re live.
Agent Discovery and Posture Management continuously surfaces agents as they’re invoked, maps how they connect and orchestrate work, and assesses their posture across the organization.AI Firewall enforces policy in real time against prompt injection, tool misuse, and data exfiltration.
Together, these capabilities give Agent DLC a single audit trail from development to production.
Built on the Harness platform
Harness built context and intelligence directly into the platform with the Software Delivery Knowledge Graph, which captures and connects data from every stage of the delivery lifecycle, now spanning both applications and agents. Organizations relying on siloed tools don’t have that same connected view.
In June 2026, Harness introduced Autonomous Worker Agents, a platform for building and safely running AI agents inside software delivery pipelines. Worker Agents run as governed steps within those pipelines, covered by the same controls Harness already applies to every deployment.
Agent DLC extends that same context and governance across the full agent lifecycle. The pipelines, policies, approvals, and evidence that already apply to an organization’s code now apply to its agents too, so eval gates, deployment approvals, and security checks run as stages within a single pipeline, from the moment an agent is created through everything it does afterward.
Availability
Harness Agent DLC capabilities are rolling out now to Harness customers. For a full breakdown of what’s included at each stage of the lifecycle, visit https://www.harness.io/blog/introducing-harness-agent-dlc.
Gartner, Emerging Market Quadrant for AI Agent Development Platforms — Established Vendors, 8 June 2026. GARTNER is a trademark of Gartner, Inc. and/or its affiliates
About Harness
Harness is the AI Software Delivery Platform™ company, enabling engineering teams to build, test, and deliver software faster and more securely. Powered by Harness AI and the Software Delivery Knowledge Graph, the platform brings intelligent automation to every stage of the software delivery lifecycle after code — removing toil and freeing developers from manual, repetitive work. Companies like United Airlines, Morningstar, and Choice Hotels use Harness to accelerate releases by up to 75%, cut cloud costs by 60%, and achieve 10x efficiency across DevOps. Based in San Francisco, Harness is backed by Goldman Sachs, Menlo Ventures, IVP, Unusual Ventures, and Citi Ventures.
View original content to download multimedia:https://www.prnewswire.com/news-releases/introducing-harness-agent-dlc-new-capabilities-for-the-ai-agent-development-lifecycle-302830967.html
SOURCE Harness
Technology
VIVIFY Technology Hosts Governor Candidate Byron Donalds at South Florida Headquarters
Published
51 minutes agoon
July 21, 2026By
Delray Beach company demonstrates hydrogen energy platforms built to address Florida’s hurricane recovery, infrastructure growth, and data center demand
DELRAY BEACH, Fla., July 21, 2026 /PRNewswire/ — VIVIFY Technology today welcomed Florida Governor Candidate Byron Donalds to the company’s South Florida headquarters for a firsthand demonstration of its deployed hydrogen energy platforms: the HOG™ (Hydrogen Oxygen Generator), the CAT™ (Clean Air Technology) emissions control system, and the Flying Pig™, VIVIFY’s 1MW containerized hydrogen power unit.
The visit focused on the direct applications of VIVIFY’s technology to Florida’s most pressing infrastructure challenges: disaster recovery and hurricane resilience, power capacity for the state’s rapidly growing communities, and dedicated behind-the-meter energy for the data center build-out accelerating across the state.
The Flying Pig™ — a self-contained, 1MW hydrogen power system engineered for rapid deployment — is designed to be transported and operational within hours of arriving on site. In a post-storm environment, that means restoring critical power to Florida communities without waiting on grid repair timelines that can stretch for days or weeks.
“We didn’t build VIVIFY in Florida by accident,” said Jason Herring, Founder and CEO of VIVIFY Technology. “Hurricane season, the data center boom, communities being built faster than the grid can reach them: these are Florida realities. We built the answer here because the problem is here.”
Florida’s population growth has created compounding pressure on transmission infrastructure. New master-planned communities, industrial corridors, and data center campuses across the state are running into the same constraint: available grid capacity cannot keep pace with announced development. VIVIFY’s on-site hydrogen energy systems are engineered to close that gap, delivering dedicated power on the developer’s schedule rather than the utility’s.
“Every new community, every new data center, every growth corridor in this state runs into the same wall,” Herring said. “The grid can’t keep up. We built the technology that lets Florida build without waiting.”
Candidate Donalds toured the facility and engaged directly with VIVIFY’s engineering team and deployed systems.
“Hurricane recovery, new community development, the data center wave: these are the issues that define Florida’s future,” Candidate Donalds said. “The technology I saw today addresses every one of them.”
About VIVIFY Technology
VIVIFY Technology is a hydrogen energy company headquartered in South Florida. The company designs and develops hydrogen-based energy platforms — including its flagship Hydrogen Oxygen Generator™ (HOG™), the Clean Air Technology™ (CAT™) emissions control system, and the Flying Pig™ containerized power unit — engineered to deliver dependable, dedicated power for the most demanding infrastructure environments in operation today. Learn more at vivify-technology.com.
Forward-Looking Statements: This release contains forward-looking statements regarding VIVIFY Technology’s products, platforms, and intended performance. Forward-looking statements are subject to inherent uncertainty and reflect the company’s current expectations. Actual results may differ materially. The company undertakes no obligation to update any forward-looking statement except as required by law.
Media Contact
Ashley Stevenson, Chief Marketing Officer
ashley@vivify-technology.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/vivify-technology-hosts-governor-candidate-byron-donalds-at-south-florida-headquarters-302830872.html
SOURCE VIVIFY
Electra to Usher in the Next Era of Aviation with Advanced Production Facility in Springfield, Ohio
Introducing Harness Agent DLC: New Capabilities for the AI Agent Development Lifecycle
VIVIFY Technology Hosts Governor Candidate Byron Donalds at South Florida Headquarters
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