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Author Topic: Shutterstock CFO dumps 13% of his stock, Friday June 20, 2014  (Read 8434 times)

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ethan

« on: June 21, 2014, 07:44 »
+1
Is it ever a good sign when the Chief Financial Officer of a publicly traded company dumps (or as the article more delicately puts it 'unloads') more than 10% of his shares on the open market just a few days before the company issues their quarterly financials to Wall Street?

Will be interesting to see if other 'officers' of the company do similar in the next few days.

http://www.mideasttime.com/shutterstock-cfo-unloads-207060-in-stock-sstk/161979/

One to watch :)



« Reply #1 on: June 21, 2014, 08:03 »
+3
Probably too soon to blame DPC if indeed the news is not positive. Would love to see SS make a few "strategic adjustments".....image exclusivity, full exclusivity.

ethan

« Reply #2 on: June 21, 2014, 08:19 »
+1
I noticed I made an error in my original post it should be weeks not days.

Any employee (worldwide) in a publicly traded US company that has shares (or share options) is forbidden to either buy or sell at certain times of the financial calendar (the Dept. Investor Relations make it quite clear when you can and can't exercise your options etc) - you get loads of memos with bar charts telling you when and how you can :)

Selling stock now is probably in 'the exercise your options window' well in advance (by some weeks) of the next financial filing (August) and black-out period.

I just think it's always interesting to note when a CFO (or President) or other senior officer dumps their stock.

It could be legit (I'm not accusing him of having insider knowledge) but we'll all know in August if he just 'got lucky" :)

« Reply #3 on: June 21, 2014, 08:55 »
0
It is a relatively small portion of stock that he sold at the same time he exercised his option to buy said shares.

I find INSIGHT VENTURE MANAGEMENT's sales more interesting. http://www.marketwatch.com/investing/Stock/SSTK/insideractions

Shares Sold

Date                 Name                                                 Shares
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    127,285         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    750,000         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    333,331         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    92,654         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    17,993         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC    306,022         
     
Buy
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC 127,285    
06/12/2014    Jeff Lieberman Director    6,993         
06/12/2014    Jeff Lieberman Director    407         

« Reply #4 on: June 21, 2014, 09:34 »
+4
Well no wonder, with this outrageous P/E ratio.
It can be a very profitable company, but it's simply not worth the current price.

« Reply #5 on: June 21, 2014, 11:43 »
0
Well no wonder, with this outrageous P/E ratio.
It can be a very profitable company, but it's simply not worth the current price.

by same thinking, Xerox, Microsoft, amazon, apple, and most other tech stocks were equally outrageous  -- a high PE by itself isn't a valid way to decide on a stock

« Reply #6 on: June 22, 2014, 10:36 »
-3
On 06/12/2014 INSIGHT VENTURE MANAGEMENT LLC cashed out of 1,627,285 shares for $138,319,225

A little background on their investment and role regarding key decisions and devolpments at shutterstock.

http://www.insightpartners.com/stories/#!creating-a-successful-ipo

Summary Insight invested in Shutterstock in 2007. Jon Oringer, Shutterstocks founder was seeking a partner that could help scale his original subscription-based royalty-free stock photography site to become a global marketplace for digital imagery, including video, illustrations and vectors. As the company grew its number of imagery contributors and paying customers, Shutterstock began to put in place the infrastructure foundations required for an IPO. In October 2012, the company listed on NYSE and began trading as SSTK.

The successful IPO was the culmination of strong collaboration between Insight and Shutterstock as the company expanded its product and geographical footprint.

Key milestones included:
#Acquisition of BigStock in 2010
#Recruiting of experienced executive team, in particular the President, CFO and CTO
#Expansion into Western Europe, Brazil and China with plans to open offices in Turkey, Russia and other parts of Asia
#Analyzing and subsequently changing product pricing options
to appeal to a broader range of buyers
#Upgrading technology and search capability to ensure that buyers are able to find the right image quickly and efficiently

Insight is an extremely valuable partner. They provide us with meaningful technology advice and access to a variety of resources. Whenever we tackle a growth challenge, we look to Insight for help.
Jim Chou CTO, Shutterstock

Background on Company Pre-IPO
# LLC structure: the Founder and Insight were the only shareholders; this needed to be converted into a C-corp prior to IPO filing
# Company needed a CFO, audited financials and underwriting relationships
# Founder wanted to be under the radar at the time of Insights investment, but gradually became the Ambassador for Shutterstock as the company became more prominent Market and Customer Analysis
# Undertook customer survey to determine customer segmentation, buying behaviors and customer lifetime value (LTV)
# Sponsored a pricing analysis that led to all-you-can-eat subscription and by-the-drink pricing options (5 pack or single photo)
# Assisted with roll-out of growth strategy in Turkey and China

Recruiting
# Helped build executive team, working closely with founder, to recruit a President, CFO and other mid-level managers
# Introduced CTO from Insights network
# Introduced Vice President of business development (previously an Insight employee) Tech Support
# Mentored and worked closely with existing dev team prior to CTO joining
# Provided guidance for architecture migration planning
# Assisted with technology diligence for BigStock acquisition
# Provided oversight for project planning/review
# Served as a sounding board for re-engineering of tech organization


M&A Support
Insight assisted Shutterstock in the evaluation of new acquisitions that would provide additional design and image capabilities. In 2009 Shutterstock acquired BigStock, a royalty-free stock image community website. BigStock also provides editorial images for use in newspapers, magazines, online media, trade publications, and broadcast media.

IPO Assistance
# Introduced company to leading underwriters, ran process to select underwriters, negotiated economics and underwriter agreement
# Partnered with management throughout the IPO process and assisted in financial audits, S1 drafting, corporate structure, legal assistance, financial forecast and positioning, road show presentation, filing and pricing analysis and negotiation

# After its Oct 2012 IPO debut at $17 per share, SSTK traded to a 52 week high of $60.95 (a 3.58 increase for shareholders)

« Reply #7 on: June 26, 2014, 09:10 »
-2
What Falling Estimates & Price Mean for Shutterstock (SSTK)
http://www.zacks.com/stock/news/135695/it-may-be-time-to-drop-shutterstock
Snip
One such stock that you may want to consider dropping is Shutterstock, Inc. (SSTK - Snapshot Report), which has witnessed a significant price decline in the past four weeks, and it has seen negative earnings estimate revisions for the current quarter and the current year. A Zacks Rank #4 (Sell) further confirms weakness in SSTK.

A key reason for this move has been the negative trend in earnings estimate revisions. For the full year, we have seen 5 estimates moving down in the past 30 days, compared with no upward revisions. This trend has caused the consensus estimate to trend lower, going from 78 cents a share a month ago to its current level of 65 cents.

Also, for the current quarter, Shutterstock has seen 5 downward estimate revisions versus no revision in the opposite direction, dragging the consensus estimate down to 13 cents a share from 19 cents over the past 30 days.   

The stock also has seen some pretty dismal trading lately, as the share price has dropped 10.8% in the past month.

So it may not be a good decision to keep this stock in your portfolio anymore, at least if you dont have a long time horizon to wait.


Shutterstock (SSTK) is in Overbought Territory: What's Next? - Tale of the Tape
http://www.zacks.com/stock/news/137410/shutterstock-sstk-is-in-overbought-territory-what%92s-next
Snip

SSTK is now in overbought territory with an RSI value of 73.84.

What is RSI?

RSI stands for Relative Strength Index and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.

Other Factors

Yet SSTKs high RSI value isnt the only reason for investors to be concerned, as there has been some decidedly negative earnings estimate revisions in Shutterstocks stock as of late. This is especially true when investors dive into some of these revisions in order to get a better picture of SSTKs prospects for the near term.

Over the past two months, investors have witnessed 4 earnings estimate revisions lower compared to none higher for the current year. The consensus estimate for SSTK has also been on a downward trend over the same time period too, as the estimate has fallen from $0.78/share two months ago to just $0.65/share today.

If this wasnt enough, Shutterstock also has a Zacks Rank #4 (Sell) which puts it into unfortunate company among its peers. So, given all of these factors, investors may want to consider exiting this stock now before it falls back to Earth.
« Last Edit: June 26, 2014, 09:12 by gbalex »

OM

« Reply #8 on: June 26, 2014, 18:03 »
0
Possibly...RSI @70+ is quite high but the market can remain irrational longer than you can remain solvent. ;D

And yes, Insight sold their 1.6 million shares @ nearly $80/share...no doubt someone in wall Street had to buy them in....and WS rarely loses so the stock may still be being distributed to 'suckers' at the present level of $84 before the plug is pulled. Might even go back toward $100 before then. WS loves to make profits and they have to come from someone.

Did I mention that I know nuffin!  ;D

« Reply #9 on: June 26, 2014, 18:44 »
+1
The stock market has been hitting record highs for a long time. There is no real economic basis for this kind of optimism - it's just that the Fed has kept interest rates so ridiculously low that you can't make any interest so people have to buy stocks to have a hope of beating inflation. Anyone buying stocks at these highs will probably have to wait years to make a profit.

In the current situation, I can see why someone would sell. It may have more to do with the overall market than the company.

« Reply #10 on: June 26, 2014, 18:56 »
0
Possibly...RSI @70+ is quite high but the market can remain irrational longer than you can remain solvent. ;D

And yes, Insight sold their 1.6 million shares @ nearly $80/share...no doubt someone in wall Street had to buy them in....and WS rarely loses so the stock may still be being distributed to 'suckers' at the present level of $84 before the plug is pulled. Might even go back toward $100 before then. WS loves to make profits and they have to come from someone.

Did I mention that I know nuffin!  ;D


A bit more than 1.6 million shares it is over 7,148,991 shares sold and that is excluding sales by Jon and all other insider executives.

For Insight Venture Partners alone in its various renditions, the total shares sold totals over 7,148,991 shares. There could also be more out there that I've overlooked.

Date    SSTK Sold
6/12/2014   1,754,570
2/27/2014   2,174,421
9/25/2013   3,220,000
5/21/2013   2,170,074
Total Sold   7,148,991

http://www.secform4.com/filings/1549346/000114036114025822.htm
http://www.secform4.com/filings/1549346/000114036113022555.htm
http://www.secform4.com/filings/1549346/000114036114010620.htm
http://www.secform4.com/insider-trading/1549346.htm

« Last Edit: June 27, 2014, 00:33 by gbalex »

« Reply #11 on: June 27, 2014, 00:05 »
+7
The stock market has been hitting record highs for a long time. There is no real economic basis for this kind of optimism - it's just that the Fed has kept interest rates so ridiculously low that you can't make any interest so people have to buy stocks to have a hope of beating inflation. Anyone buying stocks at these highs will probably have to wait years to make a profit.

In the current situation, I can see why someone would sell. It may have more to do with the overall market than the company.

Agree. We're living in a giant game of Monopoly where the bankers are helping themselves to the till, the politicians are the gate keepers and the real economy is taxed to within an inch of its life to keep the game going just a little longer.

OM

« Reply #12 on: June 27, 2014, 03:39 »
0
Possibly...RSI @70+ is quite high but the market can remain irrational longer than you can remain solvent. ;D

And yes, Insight sold their 1.6 million shares @ nearly $80/share...no doubt someone in wall Street had to buy them in....and WS rarely loses so the stock may still be being distributed to 'suckers' at the present level of $84 before the plug is pulled. Might even go back toward $100 before then. WS loves to make profits and they have to come from someone.

Did I mention that I know nuffin!  ;D


A bit more than 1.6 million shares it is over 7,148,991 shares sold and that is excluding sales by Jon and all other insider executives.

For Insight Venture Partners alone in its various renditions, the total shares sold totals over 7,148,991 shares. There could also be more out there that I've overlooked.

Date    SSTK Sold
6/12/2014   1,754,570
2/27/2014   2,174,421
9/25/2013   3,220,000
5/21/2013   2,170,074
Total Sold   7,148,991

http://www.secform4.com/filings/1549346/000114036114025822.htm
http://www.secform4.com/filings/1549346/000114036113022555.htm
http://www.secform4.com/filings/1549346/000114036114010620.htm
http://www.secform4.com/insider-trading/1549346.htm


WS has even more to distribute then. Could stay higher longer!  8)

OM

« Reply #13 on: June 27, 2014, 03:46 »
+5
The stock market has been hitting record highs for a long time. There is no real economic basis for this kind of optimism - it's just that the Fed has kept interest rates so ridiculously low that you can't make any interest so people have to buy stocks to have a hope of beating inflation. Anyone buying stocks at these highs will probably have to wait years to make a profit.

In the current situation, I can see why someone would sell. It may have more to do with the overall market than the company.

Agree. We're living in a giant game of Monopoly where the bankers are helping themselves to the till, the politicians are the gate keepers and the real economy is taxed to within an inch of its life to keep the game going just a little longer.

I like this 'quote' from a George Carlin performance:

Quote
You know how I define the economic and social classes in this country? The upper class keeps all of the money, pays none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there... just to scare the sh** out of the middle class. Keep 'em showing up at those jobs.
  ;D

« Reply #14 on: June 27, 2014, 08:52 »
0
Possibly...RSI @70+ is quite high but the market can remain irrational longer than you can remain solvent. ;D

And yes, Insight sold their 1.6 million shares @ nearly $80/share...no doubt someone in wall Street had to buy them in....and WS rarely loses so the stock may still be being distributed to 'suckers' at the present level of $84 before the plug is pulled. Might even go back toward $100 before then. WS loves to make profits and they have to come from someone.

Did I mention that I know nuffin!  ;D


A bit more than 1.6 million shares it is over 7,148,991 shares sold and that is excluding sales by Jon and all other insider executives.

For Insight Venture Partners alone in its various renditions, the total shares sold totals over 7,148,991 shares. There could also be more out there that I've overlooked.

Date    SSTK Sold
6/12/2014   1,754,570
2/27/2014   2,174,421
9/25/2013   3,220,000
5/21/2013   2,170,074
Total Sold   7,148,991

http://www.secform4.com/filings/1549346/000114036114025822.htm
http://www.secform4.com/filings/1549346/000114036113022555.htm
http://www.secform4.com/filings/1549346/000114036114010620.htm
http://www.secform4.com/insider-trading/1549346.htm


WS has even more to distribute then. Could stay higher longer!  8)


The stock option grants for Insight Venture Partners and Key Shutterstock Insiders at a cost of $0 will keep coming until the game is over. At that point they will leave us and those unfortunates who hold SSTK stock in ruins and move on to the next IPO.

« Reply #15 on: June 29, 2014, 11:19 »
0
Updated info

For Insight Venture Partners alone in its various renditions, as of June 2014 the total shares sold totals over 12,301,132 shares. This does not include key executive insider trades. There could also be more out there that I've overlooked they use multiple names & the holding company.

Shares Sold

Date                 Name                                                 Shares Sold @ $85
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     127,285         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     750,000         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     333,331         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     92,654         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     17,993         
06/12/2014    INSIGHT VENTURE MANAGEMENT LLC     306,022
                                                          Total Shares   1,627,285
Value $138,319,225

Date    SSTK Sold
6/12/2014   1,627,285
2/27/2014   2,174,421
1/21/2014      405,568
1/16/2014   2,703,784
9/25/2013   3,220,000
5/21/2013   2,170,074

Total Shares Sold   12,301,132

http://www.secform4.com/filings/1549346/000114036114025822.htm
http://www.secform4.com/filings/1549346/000114036113022555.htm
http://www.secform4.com/filings/1549346/000114036114010620.htm
http://www.secform4.com/insider-trading/1549346.htm

http://www.secform4.com/insider-trading/1549346.htm
Date                 Name               Shares            Value
2013-09-25 INSIGHT VENTURE    3,220,000    $193,200,000

2014-06-12 Insight Holdings Group, LLC
1,500,000    $25.25    $37,875,000

2014-01-21 Insight Holdings Group, LLC
405,568    $35.5    $14,397,664

2014-01-16 Insight Holdings Group, LLC
2,703,784    $35.5    $95,984,332

« Reply #16 on: June 29, 2014, 18:54 »
+2
ss stock seems to be at the high end - so cashing in for profit would not be unusual
directors and officers of a company can sell shares for any number of reasons - buying a cottage, boat, etc. so selling is not always a good indicater of where the company might be eading.

a better measure would be when insiders start BUYING shares - that is a much better indicator of something positive.

people sell for many different reasons - but there is only one reason to buy


« Reply #17 on: July 15, 2014, 04:40 »
0
Is it ever a good sign when the Chief Financial Officer of a publicly traded company dumps (or as the article more delicately puts it 'unloads') more than 10% of his shares on the open market just a few days before the company issues their quarterly financials to Wall Street?

Will be interesting to see if other 'officers' of the company do similar in the next few days.

http://www.mideasttime.com/shutterstock-cfo-unloads-207060-in-stock-sstk/161979/

One to watch :)

Update

Shutterstock's CFO exercised and disposed of a much larger volume of stock, Bixby also sold 57,564 SSTK shares on 6/25/2014

The sale was worth close to 5 million dollars to Timothy Bixby Shutterstock's CFO.

INSIGHT VENTURE PARTNERS also sold another 127,285 shares of SSTK.

Insider    Relation    Last Date     Transaction Type    OwnerType    Shares Traded    Last Price    Shares Held
SEMMELBAUER THILO    Officer    07/01/2014    Automatic Sell    direct    5,000    84.5900    387,649
BIXBY TIMOTHY E    Officer    06/25/2014    Automatic Sell    direct    57,564    85.0000    16,484
BIXBY TIMOTHY E    Officer    06/25/2014    Option Execute    direct    57,564    15.0000    74,048

BIXBY TIMOTHY E    Officer    06/19/2014    Automatic Sell    direct    2,348    85.0000    16,484
BIXBY TIMOTHY E    Officer    06/19/2014    Option Execute    direct    2,348    15.0000    18,832
BIXBY TIMOTHY E    Officer    06/17/2014    Automatic Sell    direct    88    85.0000    16,484
BIXBY TIMOTHY E    Officer    06/17/2014    Option Execute    direct    88    15.0000    16,572
INSIGHT VENTURE PARTNERS V L P    Beneficial Owner (10%)    06/13/2014    Disposition (Non Open Market)    direct    127,285       
LIEBERMAN JEFFREY    Director    06/13/2014    Acquisition (Non Open Market)    direct    6,993       27,384
INSIGHT VENTURE PARTNERS V L P    Beneficial Owner (10%)    06/12/2014    Disposition (Non Open Market)    direct    750,000       62,132
INSIGHT VENTURE PARTNERS V L P    Beneficial Owner (10%)    06/12/2014    Disposition (Non Open Market)    indirect    750,000       2,589,748
INSIGHT VENTURE PARTNERS V L P    Beneficial Owner (10%)    06/12/2014    Acquisition (Non Open Market)    direct    127,285       127,285

Read more: http://www.nasdaq.com/symbol/sstk/insider-trades#ixzz37WkgubAx


« Reply #18 on: July 15, 2014, 09:24 »
+1
I guess Timothy Bixby is buying the pizza and beers tonight then  ::)

« Reply #19 on: July 15, 2014, 20:12 »
-1
Form 8-K for SHUTTERSTOCK, INC. 9-Jul-2014

Other Events Item 8.01 Other Events.

James Chou, the Chief Technology Officer of Shutterstock, Inc. (the "Company") has informed the Company that, as of June 12, 2014, he amended his previously-announced pre-arranged stock trading plan to sell shares of the Company's Common Stock. Mr. Chou's trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934.

Mr. Chou advised the Company that his amended stock trading plan provides for selling up to 39,750 shares (subject to, among other things, the volume limitations imposed by applicable securities regulations), which represents approximately 27% of his current holdings of the Company's Common Stock and options to purchase Common Stock.

The amended stock trading plan provides for sales of specified share amounts at specified market prices, subject to certain limitations. Sales pursuant to the amended stock trading plan are expected to begin as early as August 11, 2014 and will end no later than December 31, 2014. The amended stock trading plan may terminate sooner in accordance with its terms.

Mr. Chou has informed the Company that his sale of shares is being done for asset diversification, tax and estate planning, and charitable giving purposes.

In accordance with Rule 10b5-1, officers and directors of a public company may adopt a plan for selling stock of the public company. The plan may be entered into only when the officer or director is not in possession of material, non-public information about the company. The stock transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 pre-arranged stock trading plans of Company officers, nor to report modifications or terminations of the aforementioned 10b5-1 Plan or the plan of any other individual.

http://biz.yahoo.com/e/140709/sstk8-k.html

« Reply #20 on: July 15, 2014, 20:14 »
+3
You seem so excited?

Form 8-K for SHUTTERSTOCK, INC. 9-Jul-2014

Other Events Item 8.01 Other Events.

James Chou, the Chief Technology Officer of Shutterstock, Inc. (the "Company") has informed the Company that, as of June 12, 2014, he amended his previously-announced pre-arranged stock trading plan to sell shares of the Company's Common Stock. Mr. Chou's trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934.

Mr. Chou advised the Company that his amended stock trading plan provides for selling up to 39,750 shares (subject to, among other things, the volume limitations imposed by applicable securities regulations), which represents approximately 27% of his current holdings of the Company's Common Stock and options to purchase Common Stock.

The amended stock trading plan provides for sales of specified share amounts at specified market prices, subject to certain limitations. Sales pursuant to the amended stock trading plan are expected to begin as early as August 11, 2014 and will end no later than December 31, 2014. The amended stock trading plan may terminate sooner in accordance with its terms.

Mr. Chou has informed the Company that his sale of shares is being done for asset diversification, tax and estate planning, and charitable giving purposes.

In accordance with Rule 10b5-1, officers and directors of a public company may adopt a plan for selling stock of the public company. The plan may be entered into only when the officer or director is not in possession of material, non-public information about the company. The stock transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 pre-arranged stock trading plans of Company officers, nor to report modifications or terminations of the aforementioned 10b5-1 Plan or the plan of any other individual.

http://biz.yahoo.com/e/140709/sstk8-k.html

« Reply #21 on: July 15, 2014, 20:23 »
-5
You seem so excited?

That seems like a childish response to simple SSTK Form 8-K filing information.

Most stock holders track this type of information. You will find very few investors who act like ostriches and therefor avoid basic market research.

« Reply #22 on: July 15, 2014, 20:26 »
+2
Most of us read this information on the wsj. We don't copy the info and spread it all over photography forums.

« Reply #23 on: July 15, 2014, 20:47 »
-1
Most of us read this information on the wsj. We don't copy the info and spread it all over photography forums.

Please feel free to provide a link on the wsj, that discloses Form 8-K - amended stock trading plans.

« Reply #24 on: July 15, 2014, 21:00 »
+1
.
« Last Edit: July 16, 2014, 00:04 by Reckless »

« Reply #25 on: July 16, 2014, 01:44 »
-4
.

Wasted enough time with you already.

I saw your first post and will leave you to your unsubstantiated   .
« Last Edit: July 16, 2014, 01:46 by gbalex »

« Reply #26 on: July 16, 2014, 08:37 »
+2
.

Wasted enough time with you already.

I saw your first post and will leave you to your unsubstantiated   .

What would be a great leap of faith and a real message to contributors might be if SS were to look at their sg&a and commit to shareholders that we are going to reduce that by 10 percent and redirect that savings to our contributors. At least they are not merely shaving profits to make this happen, rather using pragmatic waste reduction mentality to cut costs that amount to nothing but muda.


« Reply #27 on: July 16, 2014, 12:56 »
0
.

Wasted enough time with you already.

I saw your first post and will leave you to your unsubstantiated   .

What would be a great leap of faith and a real message to contributors might be if SS were to look at their sg&a and commit to shareholders that we are going to reduce that by 10 percent and redirect that savings to our contributors. At least they are not merely shaving profits to make this happen, rather using pragmatic waste reduction mentality to cut costs that amount to nothing but muda.

In a perfect world SGA and a commitment to bring fair returns to contributors would be a priority.

Does anyone have a dollar value for total royalty payout to contributors this year?

I wonder if it will come any where near what the few key shutterstock insiders and Insight Venture capitol will be bringing in on option grants & stock sales alone this year?

It would be an interesting ratio


 

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