Shutterstock Inc (SSTK) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fourth Quarter 2021 Shutterstock Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Shutterstock 2021 年第四季財報電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Chris Suh, Vice President, Investor Relations and Corporate Development. Please go ahead.

我現在想把會議交給今天的發言人克里斯·蘇（Chris Suh），他是投資者關係和企業發展副總裁。請繼續。

Thanks, Victor. Good morning, everyone, and thank you for joining us for Shutterstock's Fourth Quarter 2021 Earnings Call. Joining us today is Stan Pavlovsky, Shutterstock's Chief Executive Officer; and Jarrod Yahes, Shutterstock's Chief Financial Officer.

謝謝，維克多。大家早安，謝謝您參加 Shutterstock 的 2021 年第四季財報電話會議。今天加入我們的是 Shutterstock 執行長 Stan Pavlovsky；和 Shutterstock 財務長 Jarrod Yahes。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, the impact of COVID-19 on our business, the long-term effects of investments in our business; the future success and financial impact of new and existing product offerings; our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations; our future growth; margins and profitability; our long-term strategy; and our performance targets, including 2022 guidance. Actual results or trends could differ materially from our forecast.

請注意，您在今天的討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於 COVID-19 對我們業務的影響、投資對我們業務的長期影響；新產品和現有產品的未來成功和財務影響；我們完成收購並將我們已收購或可能收購的業務整合到我們現有業務中的能力；我們未來的成長；利潤率和獲利能力；我們的長期策略；以及我們的績效目標，包括 2022 年指引。實際結果或趨勢可能與我們的預測有重大差異。

For more information, please refer to today's press release and the reports we file with the SEC from time to time, including the risk factors discussed in our most recently filed 10-K for discussions of important risk factors that could cause actual results to differ materially from any forward-looking statements we may make on this call.

欲了解更多信息，請參閱今天的新聞稿和我們不時向 SEC 提交的報告，包括我們最近提交的 10-K 中討論的風險因素，以討論可能導致實際結果出現重大差異的重要風險因素我們可能就此電話會議所做的任何前瞻性陳述。

We'll be discussing certain non-GAAP financial measures today, including adjusted EBITDA and adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth, including by distribution channel on a constant currency basis, billings and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the financial tables included with today's press release and in our 10-K. With that, I'll turn the call over to Stan.

今天我們將討論某些非公認會計準則財務指標，包括調整後的EBITDA 和調整後的EBITDA 利潤率、調整後淨利潤、調整後每股攤薄淨利潤、收入增長（包括按固定匯率計算的分銷渠道）、帳單和自由現金流。這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的調整可以在今天的新聞稿和我們的 10-K 中包含的財務表格中找到。這樣，我就把電話轉給史丹。

Thanks, Chris, and good morning, everyone, and thank you for joining us for the Shutterstock's Fourth Quarter 2021 Earnings Call.

謝謝克里斯，大家早上好，謝謝您參加我們的 Shutterstock 2021 年第四季財報電話會議。

Today, we'll be discussing Shutterstock's results for 2021. We'll also talk about how the acquisitions we completed in 2021, coupled with the organic investments into our business, have positioned us extremely well for 2022.

今天，我們將討論 Shutterstock 2021 年的業績。我們還將討論我們在 2021 年完成的收購，再加上對我們業務的有機投資，如何為我們在 2022 年的發展奠定了良好的基礎。

Shutterstock saw 16% revenue growth in the full year 2021, our highest annual growth rate since 2016. Our e-commerce channel grew 19% in 2021 and over 10% on an organic basis. Meanwhile, our enterprise channel grew 11% year-over-year, a return to growth after declining in 2020.

Shutterstock 2021 年全年營收成長了 16%，這是我們自 2016 年以來的最高年度成長率。我們的電子商務通路在 2021 年成長了 19%，有機成長超過 10%。同時，我們的企業通路年增 11%，在 2020 年下滑後恢復成長。

In 2021, we experienced growth across image, video and music in our e-commerce channel, driven by outsized growth in our subscription products, resulting in 22% subscriber growth and 20% subscription revenue growth.

2021 年，在訂閱產品大幅成長的推動下，我們的電子商務管道中的圖像、影片和音樂都實現了成長，訂閱用戶成長了 22%，訂閱收入成長了 20%。

In the fourth quarter, e-commerce revenue grew 16%. As discussed last quarter, e-commerce organic growth was low single digits in the quarter and the slowdown partially reflected the lapping of new e-commerce subscription products launched in 2020. Further, as we increasingly transition to a subscription-led model, we have seen softness within our transaction customer segment. We use our products on an ad hoc project-by-project basis.

第四季度，電子商務營收成長16%。如上季所討論的，本季電子商務有機成長為低個位數，成長放緩部分反映了2020 年推出的新電子商務訂閱產品的滯後。此外，隨著我們越來越多地轉向訂閱主導的模式，我們已經我們的交易客戶群出現疲軟。我們根據具體項目使用我們的產品。

In addition, we dedicated greater focus on new product launches for our enterprise channel last year, which was reflected in a relative slowdown in new e-commerce product launches over the course of 2021. That said, on the e-commerce subscription front, we are seeing strong traction with our mixed asset FLEX 25 subscription, which was launched in October 21, with the aim of providing access to Shutterstock's image, video and music content library in one plan that offers great value, flexibility and customization.

此外，去年我們更加關注企業通路的新產品發布，這反映在 2021 年新電子商務產品發布相對放緩。也就是說，在電子商務訂閱方面，我們我們在10 月21 日推出的混合資產FLEX 25訂閱受到了強烈關注，該訂閱旨在透過一項計劃提供對Shutterstock 圖像、影片和音樂內容庫的訪問，提供巨大的價值、靈活性和客製化。

Within the first several months of 2022, we'll be introducing new products in our e-commerce channel, which we expect to result in organic growth returning to more normalized levels over the course of the year.

在 2022 年的前幾個月內，我們將在電子商務通路中推出新產品，我們預計這將導致有機成長在一年內恢復到更正常的水平。

I'll now switch gears to our enterprise channel. Our enterprise channel grew 11% in 2021, which reflected a powerful return to growth after declining 2% the prior year. Growth in our enterprise channel was driven by strength in our core image and footage business and further bolstered by growth in our FLEX products for SMBs, Shutterstock Studios and our computer vision offering. We are very pleased with the momentum and progress we've seen in the enterprise channel.

我現在將切換到我們的企業頻道。我們的企業通路在 2021 年成長了 11%，反映出在上一年下降 2% 後強勁的成長勢頭。我們企業通路的成長是由我們核心圖像和素材業務的實力推動的，並進一步受到我們面向中小型企業的 FLEX 產品、Shutterstock Studios 和我們的電腦視覺產品的成長的推動。我們對企業通路的勢頭和進步感到非常滿意。

To put things in context, we have been on a journey over the past 2 years to reinvigorate our enterprise business, which included redefining our go-to-market approach with a greater focus on our largest accounts, expanding our presence with SMB customers and scaling Shutterstock Studios.

結合實際情況來看，過去兩年我們一直在重振我們的企業業務，其中包括重新定義我們的市場進入方法，更加關注我們最大的客戶，擴大我們在中小型企業客戶中的影響力，並擴大規模Shutterstock 工作室。

We also made several organizational changes, including a customer-centric and channel-centric go-to-market strategy rather than a region-based approach, adjusting our incentive plans to better align with our commercial strategy and invested in our systems to enable us to scale.

我們也進行了多項組織變革，包括以客戶為中心和以通路為中心的進入市場策略，而不是基於區域的方法，調整我們的激勵計劃以更好地符合我們的商業策略，並投資於我們的系統，使我們能夠規模。

Our sharper commercial focus on growing our strategic solutions, revenue streams and subscription-based revenue streams have yielded tangible results in terms of our product offering. Our strategic solutions product suite includes new offerings such as FLEX premium, studios and 3D content. We're happy to report that we're seeing several indicators that point to the success of this plan, and we expect to see strong and sustainable growth in our enterprise channel going forward in 2022.

我們更專注於發展我們的策略解決方案、收入流和基於訂閱的收入流，這在我們的產品供應方面產生了實際的成果。我們的策略解決方案產品套件包括 FLEX premium、工作室和 3D 內容等新產品。我們很高興地報告，我們看到多項指標表明該計劃取得了成功，我們預計 2022 年我們的企業管道將實現強勁且可持續的成長。

Besides our revenue and bookings momentum, I would like to provide some additional proof points that lay out our progress. First, enterprise bookings, retention rates improved from the low 80s in 2020 to the mid-90s in 2021, reflecting stickier customer relationships as we upsell and cross-sell strategic solutions to customers. These solutions include multi-asset subscription products, including FLEX products for SMBs and studio services.

除了我們的收入和預訂勢頭之外，我想提供一些額外的證據來展示我們的進展。首先，企業預訂、留任率從 2020 年的 80 多歲以下提高到 2021 年的 90 多歲左右，這反映出我們向客戶追加銷售和交叉銷售策略解決方案時客戶關係更加緊密。這些解決方案包括多元資產訂閱產品，包括中小型企業的 FLEX 產品和工作室服務。

Enterprise subscription bookings as a percent of total enterprise bookings increased from 24% in 2019 to 29% in 2021. These subscription bookings include our new FLEX subscription product, which approached $15 million of revenues on a run rate basis, a steep ramp-up following the initial launch in Q2 2021. The number of enterprise deals with greater than $100,000 in AOV grew almost 80% in 2021 with an average annual value of $175,000.

企業訂閱預訂佔企業預訂總額的百分比從2019 年的24% 增加到2021 年的29%。這些訂閱預訂包括我們新的FLEX 訂閱產品，按運行率計算，該產品的收入接近1500 萬美元，隨後出現急劇增長首次推出於 2021 年第二季度。AOV 超過 100,000 美元的企業交易數量在 2021 年增長了近 80%，年均價值 175,000 美元。

Looking ahead, we're very excited about our product road map in 2022, which will leverage the various acquisitions we consummated last year. We continue to see strong growth in 3D revenues stemming from our acquisition of TurboSquid. 3D is an exciting and dynamic content type that has seen increasing adoption across many use cases, ranging from visual effects for the film and TV industry to video games and architecture and design.

展望未來，我們對 2022 年的產品路線圖感到非常興奮，該路線圖將利用我們去年完成的各種收購。我們持續看到因收購 TurboSquid 而帶來的 3D 收入強勁成長。 3D 是一種令人興奮的動態內容類型，在許多用例中得到越來越多的採用，從電影和電視行業的視覺效果到視頻遊戲以及建築和設計。

More recently, TurboSquid's 3D assets have been used by customers in the metaverse and in creating beautiful works of art captured in NFTs, where our characters and objects can be downloaded from our leading 3D marketplace and deployed into these environments.

最近，TurboSquid 的 3D 資產已被虛擬宇宙中的客戶使用，並用於創建以 NFT 捕獲的精美藝術作品，其中我們的角色和物件可以從我們領先的 3D 市場下載並部署到這些環境中。

PicMonkey's intuitive platform will be a foundational element in our strategy for more deeply embedding ourselves in our customers' workflow. We will be introducing a reimagined, easier-to-use application as a part of creative flow that will allow our customers to create beautiful, professional designs in an easy-to-use experience.

PicMonkey 的直覺式平台將成為我們更深入融入客戶工作流程的策略的基礎要素。我們將推出一款經過重新設計、更易於使用的應用程序，作為創意流程的一部分，讓我們的客戶能夠在易於使用的體驗中創建美觀、專業的設計。

And finally, the 3 AI assets that Shutterstock acquired will further manifest itself in our e-commerce and enterprise offerings this year. Shutterstock's AI-powered search will transform content discovery, allowing customers to generate ranked results, which include insights based on specific marketing goals, industry and target audience. We believe that the introduction of predictive insights fueled by AI-driven content analytics will allow our creators and marketers to back their creative intuition with insights, giving their ideas the best chance to succeed.

最後，Shutterstock 收購的 3 項人工智慧資產將在今年我們的電子商務和企業產品中進一步體現。 Shutterstock 的人工智慧搜尋將改變內容發現方式，使客戶能夠產生排名結果，其中包括基於特定行銷目標、行業和目標受眾的見解。我們相信，人工智慧驅動的內容分析所推動的預測性見解的引入將使我們的創作者和行銷人員能夠用見解支持他們的創意直覺，為他們的想法提供成功的最佳機會。

As we've communicated in previous quarters, we're on a journey to transform Shutterstock into a creative platform, leveraging content, data and workflow applications. We believe that introducing these innovations in the form of workflow enhancements and predictive insights for our customers will also have a direct measurable impact on our business metrics.

正如我們在前幾季所傳達的那樣，我們正在利用內容、數據和工作流程應用程式將 Shutterstock 轉變為創意平台。我們相信，以工作流程增強和為客戶提供預測洞察的形式引入這些創新也將對我們的業務指標產生直接可衡量的影響。

For example, we expect that more deeply embedding ourselves into our customers' workflow make our offering inherently stickier, which we believe will result in greater customer engagement and ultimately, higher revenue retention rates. In addition, we believe that our new creative power tools powered by PicMonkey will drive an increase in high-margin recurring subscription revenue, adding further stability and visibility into our revenue base. And finally, we believe that we will be well positioned to attract new types of customers, such as the nonprofessional creative enthusiast segment.

例如，我們希望更深入地融入客戶的工作流程，使我們的產品本質上更具黏性，我們相信這將提高客戶參與度，並最終提高收入保留率。此外，我們相信，由 PicMonkey 提供支援的新創意強大工具將推動高利潤經常性訂閱收入的成長，進一步增強我們收入基礎的穩定性和可見性。最後，我們相信我們將處於有利位置來吸引新型客戶，例如非專業創意愛好者群。

We believe to have an -- we expect to have an Investor Day later this year in order to help investors better track and understand the progress we are making in the strategic initiatives we've embarked on.

我們相信，我們預計將在今年稍後舉辦投資者日，以幫助投資者更好地追蹤和了解我們在已啟動的策略舉措中所取得的進展。

Before I turn over the call to Jarrod, I'd like to leave you with a few takeaways. First, we feel encouraged by our business and financial results in 2021. We accelerated revenue growth, enhanced profitability, continued to pivot towards a subscription business and furthered our journey to transform Shutterstock into a leading creative platform, leveraging content, data and workflow applications.

在將電話轉給賈羅德之前，我想先給您講幾點要點。首先，我們對2021 年的業務和財務業績感到鼓舞。我們加快了收入增長，提高了盈利能力，繼續轉向訂閱業務，並利用內容、數據和工作流程應用程序，進一步推動將Shutterstock 轉變為領先的創意平台。

Secondly, we are now firing on all cylinders with respect to our enterprise channel and feel great about our momentum, solution offering and team going into 2022. And lastly, we have the capital and strategic intent to progress our acquisition strategy into 2022.

其次，我們現在在企業通路方面全速前進，並對我們進入 2022 年的勢頭、解決方案提供和團隊感到非常滿意。最後，我們有資本和戰略意圖將我們的收購戰略推進到 2022 年。

It's an exciting and dynamic time for Shutterstock, I'm thrilled about what we achieved in 2021, and I'm even more thrilled about what's ahead for us in 2022. And with that, I'll turn the call over to Jarrod.

對於 Shutterstock 來說，這是一個激動人心且充滿活力的時刻，我對我們在 2021 年的成就感到非常興奮，對我們 2022 年的前景更加感到興奮。接下來，我會將電話轉給 Jarrod。

Thank you, Stan, and good morning, everyone. For the full year 2021, Shutterstock's revenue growth was 16% or 15% on a constant currency basis with e-commerce growth of 19% and enterprise growth of 11%. Revenues grew 14% in the fourth quarter or 15% on a constant currency basis.

謝謝你，斯坦，大家早安。 2021 年全年，Shutterstock 的營收成長為 16% 或 15%（以固定匯率計算），其中電子商務成長 19%，企業成長 11%。第四季營收成長 14%，以固定匯率計算成長 15%。

Foreign exchange was a slight headwind in the fourth quarter as compared to earlier in the year as the euro and pound continued to soften versus the U.S. dollar.

與今年稍早相比，第四季外匯市場出現輕微阻力，因為歐元和英鎊兌美元繼續走軟。

E-commerce revenue grew 16% this quarter, and our enterprise channel continued to have great results with 10% revenue growth, driven by strong bookings momentum and accelerated growth at Shutterstock Studios.

本季電子商務營收成長了 16%，在強勁的預訂動能和 Shutterstock Studios 加速成長的推動下，我們的企業通路繼續取得了出色的業績，營收成長了 10%。

For the full year, gross margins were 64.1%, up 300 basis points from 61.1% in 2020. For the fourth quarter, gross margin declined by approximately 150 basis points to 61.9% year-over-year largely driven by higher noncash amortization expense of $5.2 million associated with our recent acquisitions. Backing out M&A amortization, Q4 gross margin actually improved by over 100 basis points year-over-year.

全年毛利率為 64.1%，較 2020 年的 61.1% 上升 300 個基點。第四季毛利率年減約 150 個基點至 61.9%，主要是由於非現金攤銷費用增加520 萬美元與我們最近的收購相關。剔除併購攤銷後，第四季毛利率實際上比去年同期增加了 100 個基點以上。

Sales and marketing expense was 30% of revenue as compared to 25% in the fourth quarter of 2020 and up from 28% in the third quarter. This increase was driven by increased investment in marketing, largely around our previously discussed brand campaign. For the full year, sales and marketing expense was 26% of revenue as compared to 24% in 2020 with the increase largely related to our recent brand campaign.

銷售和行銷費用佔收入的 30%，而 2020 年第四季為 25%，第三季為 28%。這一增長是由行銷投資增加所推動的，主要圍繞著我們之前討論的品牌活動。全年銷售和行銷費用佔收入的 26%，而 2020 年為 24%，這一增長很大程度上與我們最近的品牌活動有關。

Product development as a percentage of revenue increased approximately 220 basis points in the fourth quarter due to costs associated with our recent acquisitions, higher compensation costs due to additional hiring of engineers as well as additional stock compensation expense. On a full year basis, product development as a percentage of revenue remained constant at 7%.

由於我們最近的收購相關成本、額外僱用工程師導致的補償成本增加以及額外的股票補償費用，第四季度產品開發佔收入的百分比增加了約 220 個基點。全年來看，產品開發佔營收的比例穩定在7%。

G&A expenses were 17% of revenue, down 1% from the fourth quarter of 2020. G&A expenses benefited from lower bad debt expense as compared to the fourth quarter of 2020. On a full year basis, G&A as a percentage of revenue remained consistent at 17%.

G&A 費用佔營收的 17%，較 2020 年第四季下降 1%。與 2020 年第四季相比，G&A 費用受益於壞帳費用較低。全年來看，G&A 佔收入的百分比維持在17%。

Adjusted EBITDA margins of 19% in the fourth quarter were in line with our expectations and prior guidance and resulted from deployment of the remaining incremental marketing spend we first previewed in the second quarter of last year. Absent our $7 million sequential increase in marketing spend, our EBITDA margins in Q4 would have been flat with the third quarter.

第四季調整後 EBITDA 利潤率為 19%，符合我們的預期和先前的指引，這是我們部署去年第二季首次預測的剩餘增量行銷支出的結果。如果沒有連續增加 700 萬美元的行銷支出，我們第四季的 EBITDA 利潤率將與第三季持平。

For the full year 2021, we meaningfully exceeded our margin guidance and EBITDA margins increased 172 basis points to 25% from 23.2% in 2020. Shutterstock grew EBITDA by 25% year-over-year from $155 million to $193 million.

2021 年全年，我們顯著超出了利潤指引，EBITDA 利潤率從 2020 年的 23.2% 增長了 172 個基點，達到 25%。Shutterstock 的 EBITDA 同比增長 25%，從 1.55 億美元增長到 1.93 億美元。

For the fourth quarter, GAAP diluted earnings per share was $0.45 and adjusted diluted earnings per share was $0.77. For the full year, GAAP earnings per share was $2.46 and adjusted diluted earnings per share was $3.48, representing growth of 25% and 33%, respectively.

第四季度，GAAP 攤薄每股收益為 0.45 美元，調整後攤薄每股收益為 0.77 美元。全年 GAAP 每股收益為 2.46 美元，調整後稀釋每股收益為 3.48 美元，分別成長 25% 和 33%。

Turning to our balance sheet and cash flows. At the end of the quarter, we had $314 million of cash, up from $301 million at September 30, 2021. We generated $55 million of operating cash flows, partially offset by $8 million of CapEx, $8 million quarterly cash dividend paid in December and $22 million from share repurchases.

轉向我們的資產負債表和現金流。截至本季末，我們擁有3.14 億美元的現金，高於2021 年9 月30 日的3.01 億美元。我們產生了5,500 萬美元的營運現金流，部分被800 萬美元的資本支出、12 月支付的800 萬美元的季度現金股利和2,200 萬美元來自股票回購。

Our deferred revenue balance of $181 million increased almost $10 million from the third quarter and over $31 million from the fourth quarter of 2020, representing growth of 21%. Even when excluding the balance from PicMonkey, we grew deferred revenues 15% year-over-year in the fourth quarter. This growth in our deferred revenue is a strong leading indicator of the future growth in recognized revenue of our enterprise revenue channel, which represents more than half of the deferred revenue balance.

我們的遞延收入餘額為 1.81 億美元，較第三季增加近 1,000 萬美元，較 2020 年第四季增加超過 3,100 萬美元，成長 21%。即使排除 PicMonkey 的餘額，我們第四季的遞延收入也比去年同期成長了 15%。我們的遞延收入成長是我們企業收入管道確認收入未來成長的有力領先指標，佔遞延收入餘額的一半以上。

On January 25, we announced a 14% increase in our quarterly dividend to $0.24 per share, which will be paid on March 17. This increase was attributable to the positive cash flow results we had in 2021 as well as our confidence in the business for 2022. We will continue to periodically revisit the quarterly dividend and plan to grow it further over time.

1 月 25 日，我們宣布將季度股息增加 14% 至每股 0.24 美元，將於 3 月 17 日支付。這一增加歸因於我們 2021 年的正現金流結果以及我們對業務的信心。2022 年。我們將繼續定期重新審視季度股息，併計劃隨著時間的推移進一步增加股息。

With respect to our share buyback program, we repurchased 192,000 shares for $22 million during the quarter and continue to be in the market each day buying. On a full year basis, we repurchased 234,000 shares for $27 million. We expect to increase our annual share repurchase program from the $75 million per annum previously communicated to the full $100 million available under our current share repurchase authorization.

關於我們的股票回購計劃，我們在本季以 2,200 萬美元回購了 192,000 股股票，並繼續每天在市場上買入。以全年計算，我們以 2700 萬美元回購了 234,000 股股票。我們預計將我們的年度股票回購計畫從先前告知的每年 7,500 萬美元增加到我們目前股票回購授權下可用的全額 1 億美元。

At current share prices, this higher buyback will allow us to buy back approximately 3% of the shares outstanding each year, up from 2%. By growing our dividend over time, repurchasing shares on a consistent basis and remaining active in M&A, our goal is to provide investors compounding annual returns that exceed our growth in revenues and operating profit.

以目前的股價，更高的回購將使我們每年可以回購約 3% 的已發行股票，高於 2%。透過隨著時間的推移增加股息、持續回購股票以及保持併購活躍，我們的目標是為投資者提供超過我們收入和營業利潤成長的複合年回報。

Turning to our key operating metrics for the fourth quarter. Subscriber count increased by 22%. Subscriber revenue increased by 14%. Average revenue per customer increased by 11% to $368. Paid downloads were down 2% and revenue per download increased to $4.29 per download.

轉向我們第四季的關鍵營運指標。訂戶數量增加了 22%。訂戶收入成長了 14%。每位客戶的平均收入成長了 11%，達到 368 美元。付費下載量下降 2%，每次下載收入增加至 4.29 美元。

In 2021, our subscriber count and subscriber revenue increased by 22% and 20%, respectively, meaningfully faster than the overall organic growth rate of the company. One of the drivers of that, as Stan mentioned, is the strong market reception for our FLEX multi-asset subscriptions in our enterprise channel.

2021 年，我們的訂閱者數量和訂閱者收入分別成長了 22% 和 20%，明顯快於公司的整體有機成長率。正如 Stan 所提到的，推動這一趨勢的因素之一是我們的企業通路中 FLEX 多資產訂閱的強勁市場接受度。

On the back of our FLEX 25 launch last quarter in e-commerce, we also plan to introduce multiple new FLEX products in the early part of this year.

繼上季在電子商務領域推出 FLEX 25 後，我們也計劃在今年年初推出多種新的 FLEX 產品。

Finally, turning to our guidance. For 2022, our expectations for the full year are as follows: revenue of $835 million to $850 million, representing 8% to 10% annual revenue growth; adjusted EBITDA of $210 million to $217 million with margins ranging from flat to up 50 basis points; adjusted earnings per share of $3.65 to $3.80.

最後，轉向我們的指引。 2022年，我們對全年的預期如下：營收為8.35億美元至8.5億美元，相當於年營收成長8%至10%；調整後的 EBITDA 為 2.10 億美元至 2.17 億美元，利潤率從持平到上升 50 個基點；調整後每股收益為 3.65 美元至 3.80 美元。

In terms of the composition of revenue growth in 2022, we believe enterprise will exhibit high single-digit revenue growth throughout the year, and e-commerce will start the year with high single-digit revenue growth, accelerating to double-digit revenue growth by the fourth quarter.

從2022年營收成長組成來看，我們認為企業全年將呈現高個位數營收成長，電商將以高個位數營收成長開年，加速至兩位數營收成長第四季。

In terms of the acquisitions consummated last year, one extra month of TurboSquid and 8 additional months of PicMonkey at the run rates of acquisition contribute approximately $18 million of additional revenue or 2% of our total revenue growth.

就去年完成的收購而言，以收購運行率計算，TurboSquid 額外增加一個月，PicMonkey 額外增加 8 個月，貢獻了約 1,800 萬美元的額外收入，占我們總收入成長的 2%。

As revenue guidance is based on current spot rates for the euro and GBP, as compared to 2021, where currency had a positive impact on revenues of 1%, for 2022, currency is expected at current spot rates to have a negative impact of 2% on revenue growth in the upcoming year, which is factored into our guidance.

由於收入指引是基於歐元和英鎊的當前即期匯率，與2021 年相比，貨幣對收入產生的正面影響為1%，而到2022 年，以當前即期匯率計算，貨幣預計將對收入產生2%的負面影響來年的收入成長，這已納入我們的指導中。

Taken in totality, currency is a 2% headwind and M&A is a 2% tailwind to growth such that organic constant currency revenue growth is 8% to 10%, consistent with our guidance. I would note that this is above the rate of TAM growth at both the high and low end of the range.

總體而言，貨幣對成長有 2% 的逆風，而併購對成長有 2% 的順風，因此固定貨幣收入的有機成長為 8% 至 10%，這與我們的指導一致。我要指出的是，無論是在該範圍的高端還是低端，這都高於 TAM 成長率。

From a margin perspective, we're targeting up to 50 basis points of EBITDA margin expansion in 2022, consistent with how we commenced 2021. For the full year 2022, we expect to see decreases in sales and marketing as a percentage of revenue which will more than offset increases in product development costs as we invest in our product road map. Gross margins will be stable and consistent with last year on a quarterly basis.

從利潤率角度來看，我們的目標是2022 年EBITDA 利潤率擴大至多50 個基點，與我們2021 年年初的方式一致。對於2022 年全年，我們預計銷售和行銷佔收入的百分比將下降，這將導致當我們投資於產品路線圖時，這足以抵消產品開發成本的增加。按季度計算，毛利率將保持穩定並與去年一致。

Other modeling assumptions for 2022 of note include: stock-based compensation of $45 million; depreciation and amortization expense of $64 million; capital expenditures of $40 million; and an effective tax rate in the low 20s.

其他值得注意的 2022 年建模假設包括： 以股票為基礎的薪酬為 4,500 萬美元；折舊和攤提費用為 6,400 萬美元；資本支出4000萬美元；有效稅率在 20 多歲。

We are pleased as a management team with our 2021 results, which saw an acceleration of revenue growth to 16% year-over-year, success in driving operating leverage with EBITDA margins expanding almost 180 basis points and the tremendous progress we've made in our product road map in evolving into a subscription-based creative platform with our Creative Flow application suite. With our balance sheet capital, Shutterstock executed on 5 strategic acquisitions, raised our dividend by 14% and stepped up our share repurchase program.

作為管理團隊，我們對 2021 年的業績感到高興，營收年增率加速至 16%，成功推動營運槓桿，EBITDA 利潤率擴大近 180 個基點，以及我們在我們的產品路線圖是透過我們的Creative Flow 應用程式套件發展成為基於訂閱的創意平台。利用我們的資產負債表資本，Shutterstock 執行了 5 項策略性收購，將股息提高了 14%，並加強了股票回購計畫。

We're looking forward to 2022, and we very much thank you for joining us today. We do appreciate your time. Operator, we'd now like to open the line for any questions.

我們期待 2022 年，非常感謝您今天加入我們。我們非常感謝您的寶貴時間。接線員，如果有任何問題，我們現在願意接通。

(Operator Instructions) Our first question will come from the line of Andrew Boone from JMP Securities.

（操作員指令）我們的第一個問題將來自 JMP 證券的 Andrew Boone。

So Shutterstock has launched a number of new subscription products over the last year or 2 years. And we've seen this be a key driver of growth. Where are you in terms of better addressing kind of the customer need versus these packages? In other words, can better merchandising continue to be a growth driver for '22 and 2023? And then I've got a follow-up.

因此，Shutterstock 在過去的一年或兩年內推出了許多新的訂閱產品。我們已經看到這是成長的關鍵驅動力。與這些套餐相比，您在更好地滿足客戶需求方面處於什麼位置？換句話說，更好的商品銷售能否繼續成為 22 年和 2023 年的成長動力？然後我有一個後續行動。

Andrew, great question, and great to hear from you.

安德魯，好問題，很高興收到你的來信。

Pricing and packaging of content and different type of assets is definitely -- will continue to help our business going forward, particularly as we have new content types, particularly as we continue to onboard new contributors with new experiences.

內容和不同類型資產的定價和包裝肯定會繼續幫助我們的業務向前發展，特別是當我們擁有新的內容類型時，特別是當我們繼續為新的貢獻者提供新的體驗時。

With that said, our Creative Flow applications will start to enhance the subscriptions even further by getting into the workflow of our customers, which is really a big part of the strategy going forward. So when we think about packaging and having great content and getting into new content types, such as 3D, et cetera, that's a big part of continued growth within our current TAM.

話雖如此，我們的 Creative Flow 應用程式將開始透過進入客戶的工作流程來進一步增強訂閱，這確實是未來策略的重要組成部分。因此，當我們考慮打包、擁有精彩內容並進入新的內容類型（例如 3D 等）時，這是我們目前 TAM 持續成長的重要組成部分。

When we talk about sort of getting into new workflow products, we're talking about expanding that TAM, driving new customer growth as well as driving higher retention on existing customers.

當我們談論進入新的工作流程產品時，我們談論的是擴展 TAM、推動新客戶成長以及提高現有客戶的保留率。

So this year, you'll start to see new subscriptions that are not just sort of content or marketplace subscriptions but also subs that are focused on tools and applications.

因此，今年，您將開始看到新的訂閱，這些訂閱不僅是內容或市場訂閱，而且還包括專注於工具和應用程式的訂閱。

Great. And then this may be more modeling. But what I'm doing here is I'm taking the number of paid downloads times the revenue per download to get kind of a download revenue number and then just looking at the plug versus total revenue. And so we've seen that kind of diverge as we got through 2021 and understood that kind of PicMonkey helps there. Can you help us think about how customer content and computer vision revenue should trend as we think about 2022 as we kind of add a new line to the model?

偉大的。然後這可能更多的是建模。但我在這裡所做的是，用付費下載次數乘以每次下載的收入來得到下載收入數字，然後只查看插件與總收入的比較。因此，隨著 2021 年的到來，我們已經看到了這種分歧，並了解到 PicMonkey 可以在這方面提供幫助。當我們在模型中新增一條新線時，您能否幫助我們思考 2022 年客戶內容和電腦視覺收入的趨勢如何？

Sure, Andrew. Let me add a little bit of color to that. So there are multiple businesses that don't conform neatly to the P times Q that you're describing, which is the revenue per download and the number of downloads. There is our computer vision offering. There's our studios business. There's the PicMonkey offering that we recently acquired, and then there are other parts of the way that we engage in enterprise with offerings like asset assurance that also are not included in that model.

當然，安德魯。讓我為此添加一點色彩。因此，有多種業務並不完全符合您所描述的 P 乘 Q，即每次下載的收入和下載次數。這是我們的電腦視覺產品。這是我們的工作室業務。我們最近收購了 PicMonkey 產品，還有我們與企業合作的其他部分，例如資產保證等產品，這些產品也不包含在這個模型中。

So you do see this divergence, which is basically resulting in the price per download increasing despite the fact that we are not necessarily increasing our headline prices to our customers. So that's one thing that I would like to make clear is as you think about -- and back to your question on merchandising and pricing and packaging, we are seeking to improve the value proposition to our customers. We are not improving unit pricing. We are actually looking at maintaining unit pricing, keeping it consistent and then adding a lot of value add to the bundle and to the subscription offering.

因此，您確實看到了這種差異，這基本上導致每次下載的價格上漲，儘管我們不一定會提高向客戶提供的整體價格。因此，我想澄清的一件事是，正如您所想的那樣，回到您關於銷售、定價和包裝的問題，我們正在尋求改善對客戶的價值主張。我們沒有提高單位定價。我們實際上正在考慮維持單位定價，保持一致，然後為捆綁包和訂閱產品添加大量附加價值。

So that's generally the approach that we're taking, and those ancillary services are why you're seeing that breakdown of just multiplying the P times Q to add up to the overall revenue stream.

這就是我們通常採用的方法，而這些輔助服務就是為什麼您會看到將 P 乘以 Q 即可得出總收入流的細目。

(Operator Instructions) Our next question will come from the line Bernie McTernan from Needham.

（操作員說明）我們的下一個問題將來自來自 Needham 的 Bernie McTernan。

It's Chris on for Bernie. Can you talk about -- you kind of touched on TurboSquid and the new kind of customer types that are coming to you the new verticals. Is that -- is there a sales force integration happening here? Are these customers coming to the platform on their own? And then also, like you talked about the metaverse and NFTs, kind of how -- can you talk to how it's all kind of coming together there?

克里斯替補伯尼。您能談談嗎？您對 TurboSquid 以及新垂直領域即將出現的新型客戶類型有所了解。這裡是否正在進行銷售隊伍整合？這些客戶是自己來到該平台的嗎？然後，就像您談到元宇宙和 NFT 一樣，您能談談它們是如何結合在一起的嗎？

Yes, absolutely, Chris. So a couple of ways. One, obviously, we have a marketplace where there's -- historically, a majority of the revenues have been from consumers that are coming directly to our site experience, licensing models for use in different -- as you mentioned, different vertical scenarios, whether that's from in video, gaming, et cetera.

是的，絕對是，克里斯。有幾種方法。一，顯然，我們有一個市場，從歷史上看，大部分收入來自直接訪問我們網站體驗的消費者，以及用於不同垂直場景的許可模式，正如您提到的，無論是來自視頻、遊戲等。

Where we're going is we're going to be enabling services within the enterprise. You're going to start to see that quarter where we have a lot of demand. Agency, for example. Agencies are looking at 3D services on behalf of their clients. So we're going to start to enable our 3D sort of experiences within enterprise in Q1, which will allow our customers to do all sorts of things, whether that's the metaverse, whether that's spatial-enabling products within retail environments, whatever the case may be.

我們的目標是在企業內部提供服務。您將開始看到我們有大量需求的季度。例如，代理商。各機構正在代表其客戶考慮 3D 服務。因此，我們將在第一季開始在企業內部啟用 3D 體驗，這將允許我們的客戶做各種各樣的事情，無論是虛擬宇宙，還是零售環境中的空間支援產品，無論什麼情況。是。

So we're going to be launching services similar to what we do on the 2D content side, except obviously with 3D, a little bit more hands on-leveraging the technology that we acquired with TurboSquid.

因此，我們將推出與 2D 內容方麵類似的服務，但顯然 3D 除外，更多地利用我們透過 TurboSquid 獲得的技術。

Got it. And then if I could just slip one more in. I know it's only been a couple of quarters, but how do you think of the brand campaign? Kind of what have you kind of learned about -- or I guess another way to ask is you've got a lot of levers to pull here in the coming quarters, coming months. So is this something where you're kind of -- I think we might -- I know you spoke to the margins and the cost line item specifically, but what did you learn? And is it something we might see in the future because of the kind of the new products and new leverage you have to pull?

知道了。然後我是否可以再插入一個。我知道這只是幾個季度的事情，但您如何看待品牌活動？你學到了什麼——或者我想另一種提問方式是，在接下來的幾季、幾個月裡，你有很多槓桿可以利用。那麼這就是你的情況——我想我們可能——我知道你具體談到了利潤和成本項目，但你學到了什麼？由於您必須推出新產品和新槓桿，我們將來可能會看到這種情況嗎？

Yes. It's a great point. So we definitely learned a lot in terms of the creative, in terms of the channels within our brand campaign that have a higher ROI versus lower ROI.

是的。這是一個很好的觀點。因此，我們確實在創意方面學到了很多東西，在我們的品牌活動中具有較高投資回報率和較低投資回報率的管道方面。

The net of it is we're going to continue to test different creative, and we're going to focus on channels that have the highest as part of what we've learned with our brand campaign that we ran this past year. And so that nets us to having a more targeted view in 2022, which means we will not be -- we do not expect to spend at the same level. But you're right, we're launching new products that require customer education with Creative Flow with 3D. And so we do continue to plan to test in the highest ROI channels.

最終結果是，我們將繼續測試不同的創意，並且我們將重點放在具有最高創意的管道，這是我們從去年開展的品牌活動中學到的知識的一部分。因此，這使我們對 2022 年有更有針對性的看法，這意味著我們不會——我們預計不會達到同樣的支出水平。但您是對的，我們正在推出需要透過 3D Creative Flow 進行客戶教育的新產品。因此，我們確實繼續計劃在投資回報率最高的管道進行測試。

(Operator Instructions) And I'm not showing any further questions in the queue. I'd like to turn the call over to Stan for any closing remarks.

（操作員說明）我不會在隊列中顯示任何其他問題。我想將電話轉接給史丹，讓他發表結束語。

Well, thank you for joining us today, and thank you for the questions. And as always, we want to express our gratitude to our customers, contributors and employees. We're looking forward to an exciting and impactful 2022. And that ends our call for today.

好的，謝謝您今天加入我們，也謝謝您提出的問題。一如既往，我們要向我們的客戶、貢獻者和員工表示感謝。我們期待著激動人心且具有影響力的 2022 年。今天的電話會議到此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。