Chris. Good us thanks morning joining Thanks for today. and everyone
I’m year-on-year, quarter. report expectations. million revenue, $XXX in above exceptional Shutterstock to well growing delivered an X% that generated first our pleased Shutterstock
combined and levels a revenue in margin. margin, cash XX% full representing balance. our Our allowing to terms quarter, a and million cost revolver Free the us discipline. dollars was EBITDA both $XX maintaining grew record flow still of quarter, cash for growth strong reflecting with EBITDA while XX% this to pay operating in quarter down strong year-on-year in million was the leverage $XX at
the models, our which led and to in was XX% Growth subscription for Editorial. by train sales content, growth by and our channel, strength Shutterstock at quarter driven help saw companies momentum Studios enterprise generative local bookings AI partnerships their data technology revenue in
what momentum. our ongoing spend I’d channel like and of driving detailing enterprise strength to is success our a the core few and minutes
Subscription from bookings grew XX% this total ago. up of quarter XX% year a and now represent XX% bookings,
X% is by up subscription is Our transition declining model XX% higher business on retention year-over-year. new as having with to rapid churn bookings, year-on-year, positive effect a well as which a
existing with We in have large travel specifically expanded strength also capabilities seen relationship Editorial and our accounts, retail, and leveraging and leisure. we’ve Studio our where banking,
year. data expected this our Our which fastest in and and creative are Studios, of the includes parts growing grow of excess our partnerships enterprise to engine, are Shutterstock channel XX%
weak similar by Europe. experienced quarter, trends channel from sales fourth by X% driven ecommerce demand Our continued the declining in
our on the We top-of-funnel as hopeful the to will are see potential. driven begin under-performing we generative business relative positively to and channel, this are offerings improve quarters remain which We some of testing the impact that AI performance multiple the of strategies cautious to channel in tactics enthusiasm ahead. the by yet
our main creative and million and investor how by about XD today Shutterstock’s back largest data engine images, our libraries, content business. To in sound everyone’s million refresh we content including our and engine core revenue X.X videos, At one of X our effects, most February, content drives briefly XXX engine XX the of and engine models. million tracks accelerated. industry’s It talked is the memories, million of powered the and day represents music
Creative Flow and embedded content, rich us capabilities our data for library us and engine, allows engine, editing by in unlock which and production Our and to been basis our creative creative data Studios, the verticals, offering includes tools our meta which our has powerful the for services, expand the customer to content has customers. combination products of relationships allowed new
our and evolving yielding partnerships, from generative a with in training our multiple AI tangible metrics engine the value data example variety content of points, customers more creative engagement data signals our case expanding the a across pipeline our provider scaled our investments that and offering proposition where data engines we’re we’re dividends. for Across are comprise content for sets, and is to enterprise customer This tools, pipes services. seeing data being AI-enabled making enterprise sales of and work channel, rapidly especially flow is across our
interconnected growth how Today, accelerates recently engine that I these top-of-funnel growth some three Nvidia; of others. out and want are our partnerships in interest various announced strong to examples one and generative some AI with we’re take three, to the in be these the partnerships. in and one, our engines of momentum engines opportunity recent relate seeing; initiatives of end, continued the to: data To I’ll how how mapping provide the two, our
January, the in users To to platform investing context, pace thus OpenAI assets partnership we’ve our the our seen image quarter weeks AI every put million have images following XX created customers. exceeds far million From and are launch. averaged growth last created had in XX our months the more in engine. We inception, since million the new had million generation XXXX, so AI two X content users the in After reported immediately in since X our far than bringing images in aggressively generative created we three in historically with Shutterstock almost generative launching on assets that platform. that
potential to this report potential, technology new early some that and high entire the excited across early Although speak it’s I’m user the on any AI’s statements provide generative to to too definitive indicators journey. of exciting revenue engagement
tool our generative creation driving at AI has the new generating approximately every image First, XX,XXX the day. our of traffic offering of single generator funnel top been accounts with
Now, with the have many time with tools for experimenting to are what and little we offer trying of to are new purchase intent understand and technology the first accounts monetization in these better engaging or potential.
However, we represent past. that new potential these accounts been customers never of have in also believe Shutterstock many paying of who the customers new
supplemented that finding by media in we’re is media. levels addition, In robust being investment earned of our paid
from top-of-funnel So XXX over of and have news that media far, we’ve traffic. additional benefited impressions driven millions articles
as user, as create tools rates our the features, out of times. increase really we’ve Furthermore, seen and such conversion the of by features users increasing out new improved an we’ve from additional those new variations, they’re with in value the door, the images rolled generated average ability and one Secondly, them. to when number X.X get conversion in as as well deriving per with engaging the zoom rates
Lastly, that of I’m customers are library AI-generated our which for happy to report purchase. search images can available now growing
We’re our a the the jumping offers. library, what this users small seeing beyond visuals of of can bounds growing cohort but where core find library already go into they that part of
data the We NVIDIA AI In to a partnership recently monetization, to customization. assets lower images, to capabilities. is partner last across the believe for their the NVIDIA XD and of NVIDIA’s we XD’s generative this addition our XD in XD model our model, it as allow particularly from of products omniverse XD found the many which to text full bring creation will ideally production positioned cases, cycle, Shutterstock mile including cost cost engine production, life for use other with use environments. world. XD well bring consisting meta our as generative marketplace of will our unique that digital will NVIDIA’s because bear, data exciting physical model and to use cases, market we which to investments will and announced as and model low models train replicate to model the metaverse in creators partnership twins expand monetize This generative TurboSquid including is XD spans including
AI generative help their for to major in customers, by pipeline tech addition to continue partnerships train making and large encouraged products training be is data invest products and seeing our their within generative we expanding, models to delivering our we AI develop data new area model of build we’re are meta to the core use AI The companies generative focus. for to highly of solutions. companies In own developing investments their need commercializable with and urgency to
are started and for also model commercial for images with and seeing expanding and opportunities training. seeing are data who We products. at looking multiple training and for existing asset types: The our video, at customers customers that for specific industry-specific use music content also cases are are XD increasingly customers looking pipeline we across expand
data term multiple asset beyond two signed we for that report needs significantly when partnership to and expanded and their six-year other such partnerships. excited we’re XD existing renewed into and a expanded quarter, video, music. This data as We an types, image
We’re also leading a new platform. relationship establishing a social media with five-year
our figure future multi-faceted figure along quarterly the multi-year, as As typically to of recurring seven and map. licensing we’re road refreshes partnerships also becoming co-investment pipeline Strategically, with eight seeing would part technology convert and total incentives. align strategic feature in more creative into we consistently high These contract opportunities, value we meta overall content targeting are deals. include that services data
wanted how that of engines We in our the are interconnected, land-and-expand are I examples. speaks starting pattern to provide some to to see consistency deals and growth across
The evolved, into new and led where our time, training grew around partner we to our to integrated first That an with revenues our partner creatives and a tools our offering content. image provide data partnership where largely model needs customers. we grow Over data. core is expanded other of the example of data the into
for example relationship a platform. is a longstanding technology a with we large content have partner where Another
We data provide recently end expanded to we into We which them on their for for sets this years. AI have the expanded to partnership focused studio content training leveraged API include a relationship then applications. further providing data work, our higher
where the of clients deliver a with mentioned, business across much For can has end-to-end relationship strategic enabled lines. creative we value clients, both our more platform
our re-thought in to to market, To aggressively fulfill I creative and content, this way XXX vision, content small our power business. engines the creative exciting data an our a your we Shutterstock have tools landscape. and As has completely the leveraging whether individual at or Fortune data Shutterstock you’re noted to this the company, and dynamic creator, transform goes investor day, the business business
Our is ahead. journey platform steam creative full as an end-to-end
Jarrod financial performance With Jarrod? that, call the our now discuss guidance. our over hand I’ll to and to
