SSTK - Earnings call transcript Q1 2024

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Operator

Thank you for standing by. My name is Alex, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2024 Shutterstock Earnings Conference Call. [Operator Instructions]I would now like to turn the call over to Chris Suh, Investor Relations and Corporate Development. Please go ahead.

Chris Suh

Alex. Thanks, and Earnings joining Call. everyone, First for you XXXX Quarter thank morning, us for Shutterstock's Good

of businesses to hear Joining future success guidance consummate our the CEO; acquired acquisitions consist forecast. profitability, product long-term Shutterstock's we offerings, or new some the effects and our our have including of and today may of integrate and operations, our Jarrod information us our is without existing results our targets.Actual in and growth, Yahes, trends financial CFO.Please into Paul forward-looking acquire statements, XXXX ability of note impact financial performance targets, and limitation, or differ and today could investments our future from and long-range discussion during Hennessy, including long-term Shutterstock's the will existing you'll the strategy that margins business, materially our

today's referencing revenue cash EBITDA like discussing turn today, flow. Officer. Chief today's our in share, Paul adjusted by to net including adjusted most to margin, be targets, adjusted and press please billings we For the release adjusted the SEC the press file channel certain with call and information, income, directly website. with currency IR our we material presentation to which also the included measures Please refer the more time Executive income of refer reports comparable financial on long-range have to from our posted to these factors any to could over to now make GAAP discussed found the risk the risk and most actual be Reconciliations our filed cause in basis, non-GAAP release XX-Q.I'd free on financial XX-K forward-looking and from can dividend measures statements growth, including call.We'll for we of tables non-GAAP differ this important in materially EBITDA Form to a results discussions time, Hennessy, measures distribution recently factors net that may for including constant

Paul Hennessy

quarter our Chris. reaching of acquisition, accelerate goal.Our call, Shutterstock morning, laid you that report signed reaching million expectations after business we the thank And successful definitive On great revenue Envato, to out $X.X a last path earnings everyone, XXXX. of us pleased today. digital the this a in another and and for of EBITDA assets to billion you, Thank $XXX I and to commitment ahead and targets our Good acquire templates. creative of expect leading agreement performed provider I'm and now XXXX that a to with for quarter, joining of we long-term

line business, our works back of growth. let's services global includes take to business. sight As I'll a million explain types our revenue business $XXX to types.But let's excited in and to with first, a business content critical in fills range in later, and quarter's quarter different But a this this reminder, a product what we're greater our of first new a talk asset Shutterstock acquisition expectations. get our further exciting exceeding our to distribution content and trifecta, to first audiences of and and million, rapid strong Shutterstock I'm services to provide with new faster-growing data growth that distribution of to into meaningfully detail gap, delivered EBITDA content seeing turn channels. delivers business business.As our continues evolve a of moment composition about $XX distribution The data while results. our content an

that and year. demand customers quarter This thus year from in strength of of to removing earlier top customer purchase year-on-year, off. and paying experienced the strong product far, back extremely with up to eliminated activity are low and Envato's year, proof funnel not and our recovery have trial encouraging content continued indicators aligned that the funnel is our in as into the growth no resilient, return in in offering as characterized is adding Demand shoppers products. total leading larger for end-to-end half an from indicators well to additional translated in from were traffic even acquisition the while paid and include to this we of who QX.In muted.While SEO in These on our been before growing free a by first experiencing indicate expectations efforts investments seeing we top results better business. past experimentation us marketing same we've intent online our Our drive are trends the customers we from medium-sized small- are growth XX% exciting

new serving win-back has result, metrics year-on-year. orders As other of show already and grew And to begun X% customers business. higher-intent customer in health a the

full ability key including example, XD OpenAI's X engagement.One types, model their specific generations we of and quarters, Titan, more DALL-E now best our generative In For Amazon's the seeing market, customers audio plan is a and directly we're generative capabilities. new Google's image, based our on download the asset the to the a images download to and to coming credits this in active an Customers purchase recent showcasing and direct to including generate have offer video, customers' models use generative AI available suite ecosystem. Imagen, within API, Through we launch can leverages AI the case. subscription. who product product

bringing data market progress to capabilities in strong with Lastly, partnership we're generative making NVIDIA.Moving XD and to services. distribution our in

a place, of with data way the XXXX. EU better Shutterstock set be brand for model additional scrape and with leveraging it our up revenue benefit data quarter business U.S. With emerging that that can and sourced licensed sourced on There copyrighted we accepting and data our continue ethically and towards from carries regulation the demand drive data towards that match. destination and legal scale revenues, framework have built in potential trend momentum are multimodal is training video, abundantly and contains in AI legislation overall Shutterstock's costs part XX% and ML We XD in real be clear training costly is well almost CPU AI. solidly and this and a ethically is for retraining and model our achieving size audio targets will metadata to sets. issues.Shutterstock licensable trust for nobody reality now Our data, it up uniquely for can in the on to a to scale positioned uniquely XX% massive was ultimately and very data. go-to else Within the our constituting that now made total of larger

to largest platforms have the from benefiting following course diligence the and our demand focused data, we from side, are world's supply and leaders size on AI.On Now library. base Shutterstock, we and of our depth done the the are demand selected for the we of the by seeing of growing breadth contributors in technology that these many match that are are companies and charted

to million Our last contributor base in the accelerating, alone. increased year growth by million ] past [ XX% XX almost is library And X.X has assets growing over our the [ XXX in months. to ] XX%

and have test seen the flywheel and this contributors We that us, we is that fast, spinning our poised we proven Giphy now believe behind have distribution, the is use faster.Within grow flight. in cases platform are and data never for

API test both our at and to to early Sony, growing $XXX,XXX increase $XXX,XXX at positioned are most demand AOV to to production Studios, parties. from inventory for in marketers The and from quarter.Lastly, for to creative its been strategy solutions. creative believe grow also meaningfully full Anheuser-Busch, has suite Giphy's services beyond. served are advertising winning of with continues deals, this and services, with well sales we we within of post insertion coming professionals, We sale Giphy media our are we recently and cutting-edge growing seeing to see and studio Universal newer largest world's Many with business monetize orders. hiring grow scale averaging third and the to $XX,XXX connections business production to aggressively PepsiCo customers Available insertion continue on global XX% leveraging we orders are

recently selected our solution, our commercial Much our by leading the As products all production demand quality, we've production. is which company by consumer of proof U.S.-based a as recent been preferred for immersive vendor driven global and TurboSquid XD our flexible, it's environmentally possible and cost-effective approach let's made around. enable studios sustainable gears, of and XD all And to creative, and XR combination assets.Switching the Envato. most through leverages of turn the powerful

top faster growth one I of product gap the of call, and As a at I'll content mentioned into further that each these into types. delivers expands acquisition in new a diversifies Envato turn. fills new address audiences the critical the

and Elements portfolio. unlimited packs graphics, a curated the Envato gap have templates themes, types compelling high offering Elements of subscribers between entire product Elements such one-stop priced fonts, as for acquisition that fresh, code fits shop and consumption, video, perfectly today library. diverse with value our and audio, proposition the serves across offers offer that critical premium needs fills Shutterstock's cuts we for catering episodic to the $XX.XX First, for as web creatives Shutterstock a the and in we the the a mockups.At content of per users month highly content addition Envato to

range diversified acquisition consumption in and Envato expands types content of and all influencers, XX% into hobbyists, freelancers, faster with Elements' Shutterstock's to than whom audio, value as a depth this agencies attributable such content, revenue find Shutterstock's and unlimited video, content lastly, audiences of broader small graphics Second, great within downloads reach and further attractive mockups. of more growing breadth Elements offering.And

annual an us on our growth to subscribers built are Shutterstock's content potential. our revenue. offerings customers.Envato a graphics product extremely subscriber audio customers video, highly audio, as base with We library subscribers. Shutterstock's a for Shutterstock's subscriber business X.XX meaningful X million monthly revenue will that and from percent fonts increase acquisition will potential contributor subscribers who from than content than need total XXX,XXX more our increase videos, With consumption, has million tremendous models, which and XXX,XXX images, pay a of immediately who base. Elements The all both XX% successfully will of rates composition XD this brought have value clips, X as Envato more and double XX% meet of percent XX other creative are of had subscription to will XX% to and XD from appeals content which diverse durable million helps content XXX,XXX have Envato, count a have higher design total adds base. of user to upfront to a retentive data retention XX% for revenue of impact templates, XX%. the revenue types million a faster content multi-asset community revenue and expanding a and sustain talented

welcome to officially the about are Envato Shutterstock.In We the to tell empower between close we remains excited ever same beyond their team this stories transaction, to QX talented as and and connect mission by will the execution content to expect and when they the XXXX our need. idea to bridging pending world customers in conclusion, to gap the we

extremely against long-term our and who on through deliver Shutterstock execution updated of targets.I'll now walk to call Our is schedule, well results full-year will over we guidance Jarrod, to positioned and our the XXXX XXXX. ahead QX feel turn for

Jarrod Yahes

morning, Revenue good exceeding for and expectations. line with the XX%, $XXX.X Paul, everyone. our you, down first was quarter, our Content million expectations. in was revenue Thank

on the indicators good backdrop is XX% the distribution acceleration. We of of get year, to quarter.Data We depreciation cash of the and operating first in demand of end of scales.Adjusted stepped our and review The revenue and respect EBITDA. gas quarter in a credibility cash. regulatory G&A and for is terms closed our of quarter.As we P&L, expenses. and consecutive XXXX. the G&A quarter, pace This services third the leverage on the $XX adjusted Shutterstock quarter. in note sheet. stock XX% XX% remains saw of generation the sales million we January of to XX% the acquisition with are please spend XX% with well discussed, services at of had EBITDA strong of $XX distribution investment and back resulting businesses associated in in annual compared made the amortization, the the the offering million and the seeing and additional revenue in was compensation with to were In with the first quarter of quarter of compared the Envato.Turning branding first margins planned this X% of impacted million first revenue to data adjusted in of business to integration and compared X% solid scale as was line the anticipate paid and million, have Paul As rapidly growth performance now first quarter drive in out G&A At the in $XX up to progress marketing to double-digit time in compared strong million share. items particularly related first first expenses consecutive the is continued in offering. investments necessary in capital net in leverage second we last our to another back In well consistent to driven across reflecting was This quarter, and of cash with data expect in the reconcile AI, to to at of report, our throughout fourth first our were in We quarter. addition balances of and per Backgrid quarter providing pace million other dividend EBITDA million dividends items to We forward-looking flow growth at to up acquisitions that the commentary were customer we to quarter of spend this We the clear and quarter, expect year Margins product acquisitions. marketing in the feel balance XXXX, exceptionally our with XXXX. we Backgrid spend the our our increased the by as our changing the combined prior marketing up of growth $XX Backgrid dividends $X.XX costs this onetime by year.Product just and of our by as quarter strong.In to is heightened ongoing are marketing I increases. continue return, we and XX.X%. the expense around Giphy of paid bonus development in $XX year, $X quarter, growth $XX XX% cash about as set we

consistent the to As an positive stock employees acquisition we count.I'd equity buy back the strategic their M&A is share vesting a $X and further speak is Shutterstock, exposure guidance. taxes merits into that strategic faster-growing expansion world-class few minutes in respect a like quarter, content subs, strategic into of track strategy for Paul acquired historical types Envato believe multi-asset turning million content profitable.As audience discussed, extension details audio. with record. on typical to in first highly like including We from attractive at and paid and We've an the providing also additional on before to of for is audiences to business our product the awards, price spend purchase both video increased incredibly line reducing growing themselves, the Envato unlimited and move

to invest for received million post X.X%. an accretive $X.X EBITDA. of that the capital a Citizens return long-range we or the adding ahead connection have is improve net priced for content prior our our year-on-year the where business, be key onetime of million also the to million a pacing additional in $XXX line acquire points EBITDA is us and well we have on with and to revolver for $XXX including rate where revolver. of are $XXX our line average acquisition Adjusted the costs revenues debt cost time. talented over increases industry business we course content the of scale are year, meaningful have with EBITDA profitability expect close, is provided XX% of and expect low to X.Xx. cash the expected, flow the Envato.In on well XXXX extremely and to XXXX we current drawn in with revenue XX% and We powerful term to in closed commitment updated on growth to and XXXX Consistent on just X.X% environment, growth we transaction revenue based million capacity our and X% of of distribution Post acquisition, and the of guidance revenue credit strong first with to as we is Envato revenue cash revenue robust expect adjusted is purchase of adds focus Wells Envato flexible million incur.With $X shareholders. the the against a turnaround. growth we to facility to in million to the Envato Access earn-outs the raising consisting year In other by X%. combined management EBITDA acquisition integrate go higher to facility a Citi, our full million to valuable close revenue is XX% with leverage a low, deals, Data strong as to is and targets year QX. deal data perspective, our prospects.We performance testament Shutterstock, quarter, unsecured to capital in we momentum, ahead forma our poised we which extremely adjusted Fargo adjusted to paired raise a an business, throughout on contingencies, are Envato can and expected EBITDA approximately XXX% million adding straightforward the based acquisition, a The of which are to $XXX and to and generating our growth.From billion and our in loan and experiencing this low-cost guidance BofA, basis.For consistently will growth is business expected future team to of services with financial allowing business X% of growing and structured built of full quickly guidance companies the with $XXX revenues $XXX no believe capital integration in combined pacing plans third $XXX we unused $XXX and Shutterstock profitability quarter. at expected pro to the million indicating with scales margins, of growth Expected

distribution we believe formally we are targets results.In fourth and We quarter the content our quarter and services. long-range demand to in We closing, strategic road update with deals the amazing we with the well in are pleased underway, data ahead lies extremely extremely thrilled exciting we'll our map expect Envato Shutterstock our execute turnaround line seeing signed. is to are that, to it.And the An positioned operator, get open and for questions. and is with on

Operator

[Operator & from Bernie Needham first And question Instructions] line comes of Company. your the with McTernan

Bernard McTernan

guidance? we'd to just we the of love to organic terms versus how the start, be for should Envato about guidance changes in get change addition Maybe insights to of the thinking just

Jarrod Yahes

our year, of about our full business performance effectively XX% revenues assuming Sure, the first the our those we're We're meaningfully the quarter that very the to and to the that into the Bernie. out XX% also our for quarter. contribute outperformed aggregate. And expectations in guidance transaction distribution the able gate business acquisition EBITDA the outperformed data guidance.We're in in out pleased business. Envato, closes third expectations. And significantly in we rolling to year. the for year first to quarter expectations for full had going be is meaningfully services of to We our outperformed We our that assuming raise internally particular, the rolling our the for and in

and the to be I in the as well the provide as the I quarter. first able outperformance for think you, meaningful that's in So contribution both can to roll thrilled deal we're detail

Bernard McTernan

the was ] number then DDS early for million some business, vision? on still That's in is computer signed great. the deal to [ the about think an There were that rumors And right $XX Apple quarter.

in but you I'm that of specifics you just for the million how can the $XX Apple So much on prior. terms frame not sure give maybe referred to deal,

Jarrod Yahes

say specific contribution and on is and talking What So track to a their that about services comment whole data quarter. as doing specific in or a customers, is we're don't the of not outperforming. distribution record that we able can we have

in that of each distribution good is we a data we And We data so your going services quarter XX% assumption that referenced If target up.And how services. growth we've think plan, $XX looking and that that the gate should start for the was be a million for the respect with to phenomenal baked of first and components really what these for about components is XX%-plus XXXX each as out whole of our first is the distribution performing. as growth is of growth the And that, data, conservative. Shutterstock. indication, really, is quarter feel about and

Bernard McTernan

Understood. portion and going a should you pace me. as a the guys how too. well. part throughout And then are at a force Giphy is portion know covering the like I just to for year? then expect On least those, lastly Meta out a of expenses, year, and hiring sounds of for expenses, we those It sales those of

we how throughout the profitability expect just trending Giphy So year? to be maybe just should

Jarrod Yahes

Sure, Bernie.

first our thing all the is is, the we hitting employee for getting typical the cash would bonus of salary expenses, EBITDA. associated population call are many with I expenses and So reimbursed although the of out

hiring professionals need, and that's We're feet there. be sales a seeing we clear aggressively out professionals. are the street on We're Giphy. to demand need that hiring to business satisfy development and demand for able and more We market

any exceed that growing is hiring to from we as tailwind quickly, So the revenue we're the quickly the force. our sales profitability. is business grows put the expect to such expenses that revenue The now.The to actually more thrilled the to year, good going is be of those on making right investments is making news of able cover that's a those going and revenue today. expenses the course to The growth over we be losses to

year. for to course Giphy and Shutterstock over going allow us sequentially overall so actually And to is improve profits business the profits of the growth the in

Operator

with JMP. of question Boone Andrew next the comes Your from line

Matthew Condon

sales data you Matt give back just pipeline as actually for on Can just just Maybe your the your your and it sales on as there? business this relates data on what does to on color us then any adding Envato, adds is to corpus? to it the data And diversifies This business. do Andrew.

Paul Hennessy

don't the around that take think around pipeline, the -- one. on business I the common, give the data lot what's And particulars not. a the I'll of around what's Yes. specifics the we

I to change of think ethically we've been the greater business. content, environment, But why of seeing. DDS trying in signs we referenced goodness content. that all is line tell a that uniquely I sight much that regulatory to the Shutterstock's what that's you some can coming we're sizes seeing entire And give I the broke and That's all out. demand. we're early lot of for sourced are positioned, for customers of

lot that business, You to is growth saw a the data. and of the in DDS related

in wide content, we have So don't our of as what business, all data [ in that them. are great opportunities more from partners talked there's the core content content, of business, interest we we DDS -- content content content, in not about can bullish growth very maybe more data say our ] I would as grow the I on is and much and Envato just varieties give is to diversified side the the house.On question, specific

content types with levels demanding that we're people specificity of sorts So level all of real we all diversity wondering of seeing we're would if were a actually product market seeing and be increasing. change insatiable types, desire for in of where a

we're So bullish.

Matthew Condon

one more, could. I maybe if then And

about acquisition, cross-sell? the you doubling just talk base, your Just Envato there just for subscriber opportunities are can what about as talk you

Paul Hennessy

Yes.

say, I the more that's suspect are think believe the that more that acquisition have it's customers you currently and Envato would not really great small and like kind employees, larger medium-sized customer of that I'd We've into talented acquisition. an and could in you this company clearly Shutterstock great becomes of great very, packs There's offering extent to about content retention. that And very subscribers combine team the fit this we normally Envato. in business retentive, of a that that levels by with the sitting just like we we've well that's with of a all talked lot we like got set nicely to for that's subscriptions. and a things between really in our run upside when offered to leadership a combination

Operator

question comes Agnieszka line the from next Your of Pustula.

Agnieszka Pustula

I've couple. got a

a is follow-up one new guidance. first your on The

assume added about start So do be business, the Is EBITDA Envato I trends month-on-month you the maybe secondly, your revenues so bit any to trend will quarter? if you And that improvement guidance of that just you a could in wanted there more from on far? QX?And within to and April the talk clarify, content seeing are your what little already? in

Jarrod Yahes

Sure.

bit first thank much so we'll for then in your the trends question. you So I'll little and a take talk about part, April.

it's is think I So July. probably unlikely the acquisition going to in close

respect really with your this acquisition. of is likely feel good to deal. the QX part point, We more to the I think back So about

and to our mentioned, to offer overall business. excited customers we and this include as to our be into think, really to able I we're this

Paul Hennessy

frame? starts was really on trends in prepared You I some what there's -- heard the heard the are -- if the regarding And time our positive that April my properly, it remarks content in in business and And we download question only content, in with seeing medium but idea pay, valuable amazingly, customers away back. do they the pay they rather it charge and and actually come of, than small they if business. our you give very not

is signs our the overall of And and that content the business. encouraged. won't to in to good growth in seeing of very half in return an call very And on back guidance. we reflected expect this of We're we're so our encouraged year. the we kind turnaround And while all business then complete, we're increase

Jarrod Yahes

terms also really that's to important And fully of in each good good. in on add would revenue improve quite We note. I year-over-year content quarter, point growth other sequential percentage, April One in year think is to over feel every is and that I of the And of that. the but expect course growth should the think you year-over-year terms contribution. looking about both I

point Paul's us. on strategic about for excited content we're going longer-term right durable, I ourselves business was free way the and Shutterstock trial what the So from more spot a is move This on. the extracted we've create we're for And think is to faster-growing seeing.

Operator

next the Your line Bansal Bank from comes question of of with Nitin America.

Nitin Bansal

go-to-market light demand this months of throw seeing evolved the where for LLMs? GenAI are has how pace accelerate across to monetize can applications, And you the last As the in data few you your opportunity? data building the your beyond on some verticals, strategy

Jarrod Yahes

Sure.

more, the I of what the of So bit both let a we're customers Existing well are demand types They're me little greater asking from as would us us a metadata customers. increases for of some scale perspective existing specific that for call new asking of demand types. specific out And content way, content. seeing in just seeing. existing types by is so as give well as customers we're as of

that language visual a the not that's is outputs. output a chat-based as And something well training incorrect. output to is large for being of It understood. needed those as that customers.There is training in for asked as is increasingly I case we're inputs or that So only for to input, data media generators speaking, a that not Visual is that common think well multimodal models. content generate media models specialized the as needed companies source is content require generators training models, chat-based, training outputs. that's misperception are video The if is broadly or visual types component perception create media media of image critical visual that order is

distribution things the any the various spectrum demand model Paul, thoughts? go types, way are defined.In So of for multimodal, we're seeing the more pipeline as particularly the and terms broadly trending, across

Paul Hennessy

And Well, covered, into to question, across seeing that, we're that of strong we're lots a mentioned of already haven't demand I the channels. Jarrod. prior lot you not giving insight

Nitin Bansal

more. One

what Giphy this challenges Giphy the up some on from are more the a you to countering you we line? impact can business, are start your top see On do in of like meaningful think when And that the scaling by business?

Paul Hennessy

them, very our in from when of hear any advertisers, front challenge you Yes. story. the The to getting is back in it's and things business of cold budgets. But all interested of getting telling a reaching restarting a story, expect compelling thousands their of of of they the would out story the tens front is start

believe revenue the an date ascending we So in. critical We're of interest again, Those what already a We're trends again, coming not market is exact model. of when AOV. advertising meaningful high way. -- our an are comes that and giving seeing,

so single about because investing we business bonafide hurdles feel the we're making start to goes the from -- we're we And cold more headway. that every salespeople a moving see good you by, very month But that demand. we're And of heard ad with business again, overcoming platform. a any in of

Nitin Bansal

partnership is it bigger do expedite a with asset? something business, monetization of interested advertising the to you think third-party a can Given this similar an potential platform that

Paul Hennessy

you the think. like I way Yes.

folks. of I we're a from and those folks platform interested about I opportunities much spot more talking you lot has can on. we're but that. high-use a you just about have expect, And think that large-scaled exploring are interest that's as that, -- can't might us imagine to say

Operator

Your next ] Stanley. Kenny question [ line Karen from with comes of Morgan the

Unknown Analyst

Paul, comment organically whether contribution? library. the you can any and provide related then, the the you base about that, are inorganic of data some about the in contributor trends can you to in recognized were some the Can grew the then that driving the the data Jarrod, that, ratably? color on year-on-year?And whether quarter deals growth all and not or And talk you signed First, on talked of revenue both

Jarrod Yahes

Karen. Thanks so much question, for your

deals the in lumpiness that for recognized There structures inherent we construct. of over data number this is I are business. increasingly have create that deals different that think under about time. think we such different as signed you deals, these that revenue an We a are our structuring deals

but growth but long expect with to really and becoming studios. in becoming business of more XX% mean, will runway year-over-year, the like this inherent we going an and excited for this business over this just we services high-growth in business, visible. And is we're any TAM revenue start. of that distribution be also the business are opportunity, to down, feel growing so as We more there base not total be have and we X is recurring Giphy thrilled in that.With expect business. this our I percentage revenues lumpiness higher in and And about these a this in But data large is time. the a data up segments the business go momentum, couldn't

Paul Hennessy

up can from include the market more for to contributors, And content regarding have traditional as what scale, of accepting our data, evolves our for growth, organic I content business otherwise, follows is, the as trend. our that aperture advertisers use the needs that content the you and we tell the purely serving would opened and folks

because relating used. our more very, actually data content to supply and nicely we're content spinning spins a have -- And we and think us demand in we've is opportunity have for that customers our are traditionally our more that seeing because that, now That content content across got rate we buyers. faster in helps so flywheel to broader types our offer theoretically cases.So giving conversion use and for favor across pouring that more as creates very

-- customers. to demand forward.I it critical go and to And actually business go say driving so have, again, meeting more gaps of those now I equation as our think supply identify and the gaps we fill any that and acquire for positioned well I think and in we become further the our side is is of we that could

So of company to content content the business. a see good. our sides is again, We're that love and scaling Helps both content.

Operator

to now Paul back Chief over will our Q&A Hennessy, concludes Officer, That I closing the the remarks. conference for Executive turn session.

Paul Hennessy

our a set today. ends you and to our path plan. all Thank employees want thank our QX Yes. XXXX call deliver our extraordinary just of us call, of on customers all all for I deliver for our to helping our and and for contributors, joining this an us

Operator

concludes Ladies for today's call. you Thank gentlemen, all and joining. that

now may You disconnect.

Shutterstock (SSTK) 2 May 242024 Q1 Earnings call transcript