SSTK - Earnings call transcript Q3 2024

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Operator

Good day, and thank you for standing by. Welcome to the Q3 2024 Shutterstock Incorporated Earnings Conference Call. [Operator Instructions] Please be advised that, today's conference is being recorded. I would now like to hand the call over to Rik Powell, SVP, Finance and Investor Relations. Please go ahead.

Rik Powell

Thank you, Latonia. thank Earnings joining Call. and Third for everyone, XXXX Quarter morning, you us for Shutterstock's Good

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

we to reports For to we refer the time-to-time, more the Relations' information, file to our including please release, with results today's SEC make have Please factors refer differ risk Investor forward-looking filed our from most posted actual for website. from also the which XX-K of materially risk on may this in factors call. could statements cause Form we important any that discussed discussions recently to press

by income including be We Hennessy, flow. Executive Reconciliations financial will growth call to cash share, included diluted XX-Q. I'd per found adjusted to over basis, and now the the most like the net channel Officer. adjusted with of to be margin, in comparable billings tables EBITDA release constant adjusted directly revenue measures measures currency discussing Paul Chief certain adjusted these free can income, our GAAP non-GAAP including financial our non-GAAP today's on measures turn net press in and and EBITDA a today, distribution

Paul Hennessy

and morning, thank joining for Good Rik. everyone, Thanks, you us today.

Envato revenues and reported that contributors customers, is This our record I'd to also like half, a warm quarter and and New to us. QX Zealand in to record Envato pleased of adjusted and elements, Shutterstock to The could these the including our tremendous that parts both fit results, in than first the with strong value, journey resounding and pleased. first entire thrilled third extend part of strong colleagues we're a a of our in helped quarter thank multi-asset low-cost, report subscription global generate accomplishment, played team market contributed EBITDA. our I'm suffice welcome Shutterstock not new we to our is Following to to team, is the them would we say, will out through the for business their incredible expected. I be and a better walk efforts market. moment, Mexico, product the it you more Envato quarter consolidated be that this but component the our have Australia, high like unlimited results. I

of Yahes the company understanding played to during in of pivotal our quarter's growth his of that the another turn share has key X I'd first business expansion to drivers be and years like tenure. we Before a leaving Jarrod's opportunity. pursue at Jarrod Shutterstock, to results, this the portfolio will after our deep role

Finance June the like Rik the Investor Jarrod for Shutterstock which future. I'd EBITDA driving started as EBITDA to and in EBITDA best the overall Rik constructive $XXX wish year, margins he and have Financial Officer. growth. million Relations. our and CFO, become As been that from has business in revenue $XX nearly announce led in to this all very Powell thank will to and taken contribution also want our in doubled million I XXXX incredible in his acquisitions, SVP, him Chief to XX

profitable drive under that certain continue to are shareholders. we experience, extensive our Rik's leadership, will growth Given for his Shutterstock

was let's third with of X.X% of $XXX Envato revenues Adjusted results. million Now, third million, Shutterstock representing XX% quarter, a EBITDA revenues the In XX% the in third Content of $XXX delivered year-over-year. representing growth third to million, turn achieved of year-over-year. growth in $XX revenues of contributed million our quarter. quarter $XX quarter, margin. Content the

working improving the the that revenues simplify the trial second improved declined part area, eliminate business. contribution, use resulting we made of the free this we X% to we experiencing to this hard promotion and saw the drive for have in predicted and the are performance Excluding line the in slowly of quarter, that Envato desired our across are decline our of product We streamline year-over-year, extremely and focused Content business. in we recovery with remain that are to compared pricing, X% offering the results. Changes the on performance in Content rate

that was sentiment. stated As my QX that believe the what material a suite. I underscoring in is The acquisition Envato in remarks, void we recent Envato performance of product fills our

launch recent improvements, paying an energetic compelling the enhancements seen in product has increase a of Envato sharp site series a of and Following rebrand, subscribers. and

is We we base believe in while multi-asset trends. And a and grow the believe that and also are our subscription there encouraged that an by sees subscription, market. customer extremely unlimited tremendous products to succeed growing we continue traditional these can pack value in

our but combination offerings our contributors customers, opportunity Envato We bring, that our our overall. are of product and to the not also excited and business only about to existing the

of AI-generated these last Our licensed. site this and millions by year, AI with driven since hundreds low-cost have for directly recent the content offerings year. are improving medium on and of beginning to to a been we focused been fast experiencing specific to at of improved month-to-month material believe factor demand a customers content this in Generative our a April on AI-generated trends. A pace. We of the download content, being be AI-generated embrace Subscribers images in has grown our to license with further since Plus licensing technology quality subscription is Generative have with launching this this month content. contributing solid, Plus generated, and being and could thousands performance by is of each of launch, opportunity product available line steady Shutterstock. large-sized a

As we subscribe under a displaced. to of continue are traditional stock at to material subscribers is expected, AI-generated were to that traditional in rate, just see to download content buy many Shutterstock, no and our increasing license with half customers, to Plus. this their stock, onto content, product September, and the cases, usage. Also addition who similar traditional going in choose We stock licensing signs new stock being many in customers traditional Generative existing

we across In here seeing fact, are customers. and new incrementality both the existing contrary, to

heavily business, seeing are to and in success invest performance Data we we While continue behind we the are happy Content with improving in Distribution our Services.

Distribution Services Our of at our $XX contract achieved more are value of and targeted smaller the growth see revenues deals. large and product in million a offering third TAMs than to In number Content faster business. Data Data, quarter. continue traditional that we nascent

We landscape. generative footprint the sales VC-backed high-growth force large revolutionizing high-quality from are customers data building for as AI are out global licensed These as companies in our customers training. address globally model to order as recognize application companies and AI demand, growing the well that value new global technology include

X growth opportunities expanding to we new in primary multiple with existing ways. seeing customers, addition customers customers. Existing also In land-and-expand are are

and asking us data Firstly, refresh data or categories. for they in more content are incremental specific

data we to saw customers existing customers, data of newer incremental have call, seen our last expansions since example, through Envato. with interest from in multiple and formats us and we For brought

Secondly, they to diversify data continuing us. the they of are type from seek

returned and of model example, subsequently video -- training. including initially to also their purchased augment AI to inclusive several a and images, data For customer XD, asset purchase audio types, for

to us to existing Recent source commissioned satisfy content the this video source AI bespoke a asking are both needs and of a customer include fine content to further large content. set us their model for training they Lastly, tuning. metadata new enhance that of of examples

not that a day. customer the with world's number Another impressive to to be yet, This you needs continue our customer up Understandably, of over engagement preeminent by reached asset to these new staggering opportunity the enhanced for to advertising services are our share, metadata our and is Audience skip. message-based order XX views order serve you excited be massive and detailed additional continues number purveyor billion globally. QX in is Distribution, growth different approximately show GIFs versus GIPHY per XX% in and create within datasets, growth. In format new of of to metadata we and year. something opportunity GIFs purchased business descriptions. Each is way purchased customers existing a Shutterstock, nimble we last are in the the here is quarter responsive we market the same aggressively. and investing being something a

this path business. even third confidence more The a monetization gave that us to of strong there quarter is

new the These quarter. fortify During the base XX the our with winning increased being result team hires with already customer strong second hires. to the deals, continued that when clients GIPHY are quarter, compared to paying by sales we

Our deal look this pipeline as to the our towards scale, beyond. on we XXXX back ability investment, giving and us is confidence increasing of in

in users have earlier a an share recommendation TikTok in We gaming this partnership partner being new a TikTok. are exciting expanded today direct you recently may engine closed GIPHY, is is This messaging. specialized relationship users the this detailing multiple build selecting GIF seen that TikTok content exciting high-growth with for direct vertical. areas, delivers from sustainable, and both press content TikTok. and as within valued scalable, deals deal having foundation right the the release opportunity these seeing right its entertainment, first closed at in GIF time a business. In month, in messaging regard, and with our longstanding Earlier strength power us laid to new, on to our our CPG The to

to across We experience. the explore offering continue to work TikTok this further TikTok to ways enhance with

award-winning our way more that Finally, than for in business is truly achieving whose is These end-to-end Shutterstock double its revenues on in product the business third extremely year. proud. year. had well business, services, last with revenues a which great we quarter one are and results put production this This quarter of record differentiated, Studios, to a

we the lay Data strategy, third XX% businesses. our strong and in this and than remain to proving our at that laid results these the plus billion attention directed that remains Our is emerging of a focus we XXXX achieve and to we that growth terms exists in capital seeing results foundation the greater and for achieve returns year, resources of are Distribution sound, reflects we The Shutterstock million Services, in our targets across quarter start of are $XXX as closing, out EBITDA. even of opportunity $X.X resulting confident anticipated. In believe for revenue the focus

more Jarrod. hand the to details on with Now, financials, over call the I'll

Jarrod Yahes

the of increase for everyone. expectations. Content prior Thank was quarter expectations and acquisition. the revenue content brand both the X.X% close of are after total million, year-over-year, expectations up to the million, good since site XX% because quarter $XXX.X The meaningfully business exceeding a Envato additions refresh revenue of revenue the third Paul, outperforming record back $XX.X million. contribution outperforming XX versus morning, on acquisition. Envato is subscriber reflects the you, was has outperformed Envato in improvements. the Shutterstock's from $XXX a and strong an our with nicely July revenue was lines This year.

point back declined in-quarter the to content to year-over-year, represents that basis consecutive quarter growth. point compared improvement as second contribution, data another the we're Excluding which great improvement. getting This X% the second quarter of is Envato organic a and XXX

in packs additions, us making months net optimistic experienced popular have about customer product subscriptions of categories several the here. most resiliency Our and

data services in described. Growth accelerating growth properties pricing, in the through great was out are customer the than aggressively to packaging various we've businesses. with is year, existing businesses services grown In customers and and in about The we promotion In here. expansions made with addition, showing land-and-expand build the data, those our the back quarter. positive sales to in and million and opportunities, across of revenue and demand results. Data new seen the in support combined more have $XX Studios and we've to GIPHY momentum Paul distribution XX% as continue year-to-date, team half feel the hire improvements we rapid distribution

these balance expenses with quarter, the we positive X.X% the R&D margins. the prudent and momentum saw the Envato repurchase shares adjusted the legal next cash approximately the acquisitions. spend revenue of we also in quarter, our attractiveness our record $X.X development not of expect Envato, authorization year, reflecting was and transaction of costs, with totaled ongoing that, the the was to on note quarter to EBITDA. XX% prior M&A the for includes some capitalized $XX excess quarter increase expect on improving third integration with executing management we As exclude development million quarters, revenue third is XX.X% offsetting and flow of third Based of back in long-term, invest reconcile buy items quarter. capitalized, strong $XX the prior quarter we results expect the quarter for our we cost share from second third compared came $XX.X sales fourth EBITDA increase in the renew in XX.X% spend dividend over million million to In $X.X I review as of behind year-to-date in quarterly of quarter, and compared necessary. After the our expect to the was the to million Note are in product million. Consistent cash marketing extremely positive we purposes million. Cash along expenses Because Based on the please and also marketing sheet continue we will XX% net income to the balance EBITDA. Adjusted a repurchases include of Free year. we EBITDA that coming our at cash line G&A P&L, in quarter of back cash of relative $XXX decline adjusted are compared we conversion. G&A added revenue as fees. was to to seeing. Product prior repurchased associated These make the sales content, in shares, with and $XX X.X% to payments free year. in expenses million, and of that, in payment of flow the shares. that to expenses XX% to the on were quarter third calculating our

repurchases balance cash, from acquired into million cash increased $XX share excess still taken are in account. and even in substantially after quarter, $XXX dividends any third Excluding the QX million our to

a quarter the million, at was Our balance net $XXX debt-to-LTM debt ratio third X.Xx. EBITDA representing net of

and rates of on the plan on this have we do lines capital, our attractive Given at that debt not down the we low cost paying time.

cash to pay flows As repurchase dividends value discussed redeploy that we'll companies Shutterstock. aggressively strategic acquire stock, previously, add to and

guidance. to turning Now,

growth we're X.X% revenue third business year, to Given remainder million between EBITDA. Revenue our of $XXX X% to performance through the for Shutterstock's raising and the is both million, improvement of adjusted guidance be record expectations continued and expected our to year-over-year. quarter for representing $XXX

that This We're and costs includes share of fourth previously returning growth Content outperforming quarter EBITDA to in We outperforming. net steadily are XX% and Shutterstock to M&A a to is per adjusted off Distribution acquisition be an EBITDA record the $XXX And summary, strong start. each content to increases adjusted fourth and $X.XX million million EBITDA strong, trend year. per Services to the seeing terms guidance that, quarter new Envato expectations improve note increases organic XX% for adjusted outlined. Adjusted expect and profits. guidance quarter. In is continue had million. Data Please quarter. Envato to $X.XX range diluted in remains $XXX in guidance to the to and in share, and of expected expected I as is our revenues of a the full $X in income to

grow free using investments services smartly our to sheet are dividends, strong data a we're return we're our behind success. in shareholders. solid flow, and and sales Our With and to aggressively balance and hiring capital distribution capital cash paying that in business

those achieve of update to quarter. Shutterstock and targets And our of an forward look $X.X up revenues providing set investors well we we're Lastly, to next of $XXX targets EBITDA. XXXX billion million against

capable, strong the questions. shareholders. And growth I amazing entire the of opportunity Oringer for operator, I with the Directors fulfilling Hennessy, to firm the the prospects. extremely me, the and company X-year Shutterstock will afforded leave I this journey. I that utmost position finance line depart competitive extremely Shutterstock with Paul that, in and to an for open Rik The and any the Shutterstock, company's from take Shutterstock is to profitable drive have opportunity for has and as growth team Jon Board we and Lastly, wanted thank confidence conviction team a continue

Operator

will Nagle coming Bank from America. first of [Operator be Instructions] question Curt Our of

Curtis Nagle

was TikTok, potential what contemplated Maybe monetization Paul, revenue commented you just run kind just thinking in couple contribution think or Curious And XQ? that what previously, business year a in don't from figure? on in the like a Was that know, is could GIPHY deal that? of had GIPHY. then be, like the I about a million $XX I rate a X.

Jarrod Yahes

revenues about the into GIPHY XX% were Curtis, business, GIPHY, Vis-a-vis acquired part, that take segment. very a growing I'll and then it business opportunity the to pass TikTok. Distribution see we Data nice and strength. Services continuing the basis. our growth over I'll about We're rate run the first on as that $XX So of to and to business segment. seeing GIPHY Paul strength million. talk We're expand We've consolidated year-to-date It's in the on

We're pleased a So each in year, really the of terms We're it's breaking the grow investing heavily what the and it to perspective. quarter expect we're sequential but this as behind obviously and we that ongoing sales over seeing out and with we and not of year-over-year scale with growing subcomponents GIPHY segment, revenue going to sequentially from growth continue. every DDS course be of individual it.

Paul Hennessy

talk And Curt, across did seeing GIPHY business. that usage. I regarding the now monetization about nature reference of the in the deal, And TikTok is specifics in we're growth can't clearly, the deal, GIPHY I the but or GIF

we're of at So we with levels believe more to GIFs we certainly, engagement, monetize look when more that. higher users going sending

I've a with very lot enthusiastic We And for very in in of the GIPHY. very, the bullish continue be to about on opportunity very, past. that line the comments so given GIPHY we remain revenue

Operator

of Truist Youssef question will next Squali be Securities. Our coming from

Youssef Squali

Rik, endeavor. luck forward you. to look of your And we new best for working with Jarrod,

So on maybe questions. some improvement. couple can Maybe Envato, sequential and a the bit? little did You of peel Content that side starting show you a onion excluding

went in the of negative XXXX? type think the the type today? And then you data in side, of recovery? you I do we QX, How it going X%, think pace the should of where sometime XXXX, Do from to for the on forward, that trajectory will, for to growth and sit you what but from X% have about kind maybe kind negative to if negative we see growth pipeline money quantified in into there, for you XXXX so of do red XX% trajectory. you've visibility get positive i.e., expect not bank, progressing visibility that the data. I from think How you of only historically that line? the the

Paul Hennessy

Youssef. Jarrod Thanks, Content. take take I'll Great. Data. can

On subscription core reintroducing don't growth I traction. We're smaller we've is the I making and we from progress. our our the that Content over, the trial good mentioned, you to start coming as The is getting think, the changes business, the day cross product to decline what packs, know see business, really seeing I and made, of look, but we're off free in shrinking. level

we're minus and minus minus that QX to mentioned XX% than predicting X%, You X%, is that. better

the customers maintaining and and and seeing. of using start that. We're for level in come only seeing franchise So in sub the to instances, we're use stock customers also AI we stock not AI of see some the product content. like new the in what AI combination starting really our Content you on to many commentary existing then business, of if we're add And my now their use into growing

AI this customer stock growth So for to not -- ecosystem of starting like we happen in sets. and of both really that's

-- So I over, you we've the ex-Envato that got the we exactly is like can't the hand and improving. when core I business tell cross but businesses again, really

Jarrod Yahes

$XXX to going came for And is communicated our a we our in by this finish the $XX We're just a business the this effectively And note is limited worth us makes a in onset year of million it quite that's year. visibility on frankly, a add Data, that's of tough it This and situation characterized business, into about with year This million with we Youssef, well what business meaningfully at over and the to forecast. year of visibility. expectations. We're looking outperform forward. very revenue that's lumpy. to similar

it that because more from the pleased extremely a lot whenever new much clients, of and bookings. are seeing, much to We customer certain opportunities you're existing makes it land-and-expand we're winning more as business with visible compared

Shutterstock seeing the business, with -- this pipeline, durable should, we're but new this new long a really way the more visible that make those we're a existing service and much of out customers so we're and what we're with idea multitude lines. about to ways And customer excited have with customer building term, pleased existing over that expand

Youssef Squali

seem the quick you a one seen to kind than sustain? growth flesh growth just what on about today basis, excited it of you've this Envato, were can one. Can at you stand-alone And do be of On more kind business you you there and out acquisition. think maybe

Paul Hennessy

Yes. I'll acquisition. might opportunity of the on the that late that things were growth the done we're on acquisition did start. of post with subs driving Jarrod can the has But weigh work conservative seeing Envato work done experience, really in. Look, with the they've new customer new into is that the rebrand that And appropriately I they franchise. what the mentioned some we be.

Envato we and product more the the the of today growth acquired so than company. bullish were market fit And on we're we when

our obviously delivering we're very expectations. beyond excited so And they're and

Operator

question be And Company. will of coming our from Needham & Bernie next McTernan

Bernard McTernan

in years. to the appreciate you new Jarrod, all I see go. role. over best luck sad help The of the the

for going Just be background -- recurring to maybe going the Are those the be are talking about be Or are going think to the one-time? to Data ones the revenue? And more to deals, about potential here. from opportunities trying more sorry standard those those metadata?

Jarrod Yahes

demand that's made very know that from offer. what only as much investments And question. for as And demand both recurring Look, services really are the is seeing for to this sounds data, we They AI we're are top to because R&D of incremental are adorable. sound that, data additional be dog the so customers first-party exciting as expand well both for in think have I daughter. your these technology recurring the our going cute, on refresh leading The generative across effort on platforms. we layered thanks

are investors think data investing growth quite first-party as trusted durable exciting gradually, to for change when are really and opportunities. Today, generative will we're and and the look is really frankly, data are as you AI, source see you well. that's be is not that affording us the the business some really at as first-party at with GIPHY, realize of privileged We aggressively of And the that becomes opportunity going very a optimization not enhancement We market some look eventually opportunities there we surely that very only well We it that go-to behind a core people data. of think around what rest a growth stabilizing but clear terminal our Shutterstock to business really, multiple. exciting, and see. as and these

Bernard McTernan

Envato to Paul, follow-ups. whatever just more, quick mentioned your prepared X it's vision a types it types of new types the content that wasn't you -- that brings just seemingly dive into you remarks, be? in of Shutterstock content whether or that Can library. some then And computer in of great. That's may little data, bit wasn't

Paul Hennessy

use, in just of also but able and been it's the Envato of multiple the that a training. having that. leverage secret traditional to Without content and It in the strong being Yes. -- font, very data and getting into those specifics value data both for services templates has one things core is sauce,

with So we're that have content. excited on and to supply the access and them to board

Bernard McTernan

And Great. just then one me. for last

deal on the TikTok Just deal. morning? revenue this to contributing a GIPHY TikTok follow-up announced Was the prior

Paul Hennessy

revenue We partner even for give don't a new But and partner GIPHY make we any a time. seamless say long been source inventory And to a for of even I'll that, specifics around the will good what more want experience. total agreement don't they've their I GIPHY it believe this broadly. customers the any performance. give of is, and out

the plus it's So I think, business. a to

Operator

of coming is question next our Cost Matthew MS. And from

Matthew Cost

around and just is content one Envato between the products. first traditional The interaction the

for I now mentioned you've are the growing think Envato for you roof learnings how those ability products. the keep decent a that sales guess, with the aggressively in guess, confidence you your force go-to-market also sales remarks, under few in so I investing the far? prepared in seeing during X the ramping you about interact ramp? from both products traditional same pretty them then had to that are force side. I are force the there any behind the comments months? And data just on And side, on where sales those there

Paul Hennessy

start question. existed multiple marketplace the they entire exist on products subscriptions irons products an it Shutterstock Envato, having and is we're I'll with offering to unlimited fire, And provides for pack marketplace. in at Envato address product in both And Great. of suite Right now, really the and all kind customer needs. by way, the in prior. the the the the what X seeing by

than seeing we talk side, or and the it are on data investment rather an to the Jarrod, do force you the incremental other. And be about to on sales to dilutive where move we're So one that? want

Jarrod Yahes

a steadily, of hiring need the who sophisticated sales some slowly to diversity with but that technology been globally. the deeply organizations. have Yes. our sellers strategic We've are These really of force. most surely We've partner sales data force expanding world's been for

So we've Europe recently Asia. made some hires into and

So I distribution also a think for step starting additional us. partners. And we're about great to think that's

our firms actually technology some recommend as data clients. data venture our service capital provider's which to example, is their first-party start of us for portfolio to very to traditional as we're well recommend exciting companies, seeing first-party For their

about with venture we're firms as really as thrilled the having additional build-out So capital and force traditional can service sales well from providers. partnerships the distribution come that

Operator

JMP of be from Boone Andrew [Operator Instructions] coming question And our next will Securities.

Andrew Boone

on terms question. I wanted to AI, just ask in Bernie's X up of following follow-ups

quarters data you As more back resell are that, past hey, progress early are in with the go models? smaller customers? And you deals guys just about are guys building models? seeing frontier theory would of terms vertically making update as talk you data the to hyperscalers just purchases going I an in was of and people what revisiting of, sustainability on of then you talked love for on more forms incremental next Or past guys bespoke, sales, in would any existing there you to that they from distribution you maybe part you terms buy and Are guys of past are specific a kind about are guys of that data? guys. Or continue companies building customers that smaller companies, can

Jarrod Yahes

so the much Thanks Andrew. Sure, for question.

that seeing existing us refresh data way from actually to data continue are the we customers We in expected. purchase

data. So the and is of re-licensure that's the that some around. there data is first we've of things see we But initial our surprising of a moreover, one need of the resold started for instances we've sort time of growth of seen corpus actually incremental first to

as we've term there's for companies that them which data, that And to very X-year that us. for a seen licensed, they value that of relicense to is significant data purposes they've again, end of an our of that the corpus a need exciting re-sign determine agreements those majority R&D agreements, and need data the data. are for we've term that come initial So to seen and they

Runway opportunities I be customer up coming layer around incredible point new significant customers or would opportunity describe lot most examples the cohort. of opportunity forward, There that a a As what those is clearly a where some that they are lot applications, that's Shutterstock. some existing going data. developing building you that generative think from. But vertical-specific vertical-specific industry our application as of companies for incredible for solutions, are big the the applications is potentially of would customer hyperscalers industry as can an and demand raising about exciting and funding, of around put are new AI coming are application Reka you layer and the around the And LLMs, companies of with

Andrew Boone

be And could into about us transition I you as on And process? are that? just AI the Can business? talk helpful. where just some today of to AI business? uptake That's to a you understand larger then tailwind you potentially touch of portion content wanted maybe that that generative What's in for become that Help the comments content. in the the as we terms great the of you content earlier potential for business. generative of Paul, core about think had the within a are portion where what

Paul Hennessy

remind the product. generative can time. We subscription, year AI subscription, us by engage everyone, out and cases, exciting is moved to tool we've like XXXX. stock product. this been been in, think, customers January earlier a of they continues. having low-price this our content the available using customers fascinating time. were the using for Andrew. a their And content are and AI at just many use back our package stock launch I'll game experimenting as they're where use Sure, in first I we've door entire We the generative for long in generative watching a content and learning, And stock AI come and use more what's And

content. it to In Shutterstock, the addition, are AI in customers finding that on stock new looking are and coming buy going for engaging generative at product then

be AI create a we're seeing to could and being that use more, together actually new that come said now. that would products this these advertisers and a ingredient always X we generative X -- creatives to and can plus life so So

keep out just in the seeing time, over every And stock grow that's content it's by we're single month. It's So image business. on way, the now, reporting on additive. And doing right growing and that's the it's effect having side. But what subscriptions on we'll our how that product.

could that your more equaling let wander plus do business. what our you think product, generative stock can a lot If AI mind generative be with aggregate we bigger XD video, there's on we a a

Operator

I turn Hennessy, Paul to now like the for closing conference remarks. And would CEO, back to

Paul Hennessy

continued continuing trust As team choice. their of provider also customers to for Shutterstock and as our thank always, for their efforts our like I'd contributors and to

for this today. As drove record you. and This could was we've call optimally I outlined, results and ability of these proud just each a Thank what be team's quarter Shutterstock. execute every against importantly, desire our to being for more the them and ends not the strategy day.

Operator

today's Thank you conference call. for this And participating. concludes

may You now disconnect.

Shutterstock (SSTK) 29 Oct 242024 Q3 Earnings call transcript