Shutterstock Inc (SSTK) 2022 Q2 法說會逐字稿

Good day, and welcome to the Q2 2022 Shutterstock Inc. Earnings Conference Call. (Operator Instructions).

美好的一天，歡迎參加 2022 年第二季度 Shutterstock Inc. 收益電話會議。 （操作員說明）。

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

我現在想將會議交給您的演講者，投資者關係和企業發展副總裁 Chris Suh 先生。請繼續。

Thanks, Mary. Good morning, everyone, and thank you for joining us for Shutterstock's Second Quarter 2022 Earnings Call. Joining us today is Paul Hennessy, Shutterstock's Chief Executive Officer; and Jarrod Yahes, Shutterstock's Chief Financial Officer.

謝謝，瑪麗。大家早上好，感謝您參加 Shutterstock 2022 年第二季度財報電話會議。今天加入我們的是 Shutterstock 的首席執行官 Paul Hennessy；以及 Shutterstock 的首席財務官 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 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. 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 Form 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.

請注意，您在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於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產品、我們完成收購併將我們已經收購或可能收購的業務整合到我們現有業務中的能力、我們的未來增長、利潤率和盈利能力、我們的長期戰略和我們的業績目標，包括 2022 年指導。實際結果或趨勢可能與我們的預測大相徑庭。有關更多信息，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 表中討論的風險因素，以討論可能導致實際結果不同的重要風險因素實質上來自我們在本次電話會議上可能做出的任何前瞻性陳述。

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-Q.

我們今天將討論某些非公認會計原則的財務指標，包括調整後的 EBITDA 和調整後的 EBITDA 利潤率、調整後的淨收入、調整後的每股攤薄淨收入、收入增長，包括按固定貨幣計算的分銷渠道、賬單和自由現金流.這些非公認會計原則措施與最直接可比的公認會計原則措施的對賬可以在今天的新聞稿和我們的 10-Q 中包含的財務表中找到。

I'd now like to turn the call over to Paul Hennessy, Chief Executive Officer.

我現在想把電話轉給首席執行官 Paul Hennessy。

Thanks, Chris. Good morning, everyone, and welcome to our second quarter earnings call. I'd first like to start by conveying my gratitude to my fellow colleagues at Shutterstock for helping me get immersed in the business so quickly and seamlessly. As many of you are aware, I'm now approaching the end of my first month as Shutterstock's CEO. I find myself energized by the passion and bias for action permeating throughout the organization and the opportunity to serve our customers.

謝謝，克里斯。大家早上好，歡迎來到我們的第二季度財報電話會議。首先，我想向 Shutterstock 的同事表達我的謝意，感謝他們幫助我如此快速、無縫地沉浸在業務中。你們中的許多人都知道，我作為 Shutterstock 首席執行官的第一個月即將結束。我發現自己被貫穿整個組織的熱情和對行動的偏見以及為客戶服務的機會而充滿活力。

I also look forward to engaging with those of you in the investor community in the weeks and months ahead. I spent the past several weeks exploring in-depth many of the key assets and capabilities unique to Shutterstock that allow us to maintain our leadership position in the industry and best serve our customers, contributors, employees and shareholders. I would like to speak to each of these key assets and capabilities and finally provide an early indication of some of the strategic priorities I feel may be untapped opportunities for Shutterstock in the years ahead.

我也期待在未來幾周和幾個月內與投資者社區中的你們進行交流。在過去的幾周里，我深入探索了 Shutterstock 獨有的許多關鍵資產和功能，這些資產和功能使我們能夠保持我們在行業中的領先地位，並為我們的客戶、貢獻者、員工和股東提供最佳服務。我想談談這些關鍵資產和能力中的每一個，並最終提供一些我認為可能是未來幾年 Shutterstock 尚未開發的機會的戰略優先事項的早期跡象。

The key assets and capabilities that make Shutterstock so unique include the leading content marketplace with superior depth and breadth across all categories. Our recently introduced Creative Flow platform, a unique offering of content, data and production solutions to large enterprises and small and medium-sized businesses. And an extremely talented team able to execute on the range of exciting opportunities that lie ahead. The bedrock of Shutterstock has always been our content marketplace with industry-leading depth and breadth across content types.

使 Shutterstock 如此獨特的關鍵資產和功能包括在所有類別中具有卓越深度和廣度的領先內容市場。我們最近推出的 Creative Flow 平台，為大型企業和中小型企業提供獨特的內容、數據和生產解決方案。還有一支才華橫溢的團隊，能夠執行一系列令人興奮的機會。 Shutterstock 的基石一直是我們的內容市場，在內容類型方面具有行業領先的深度和廣度。

We have invested heavily in our content and technology stack, both organically and via acquisitions and will continue to do so. For example, over the past several years, we've acquired the world's largest 3D model marketplace in TurboSquid, the world's largest video first marketplace in Pond5, and we've been adding to our editorial and exclusive content most recently with the acquisition of Splash News. As a result of these investments, we have massive industry-leading scale and have become the de facto primary destination for marketers, creatives and professionals to come for their content needs for a range of use cases.

我們在內容和技術堆棧上進行了大量投資，無論是有機的還是通過收購，並將繼續這樣做。例如，在過去的幾年裡，我們收購了全球最大的 3D 模型市場 TurboSquid，世界上最大的視頻第一市場 Pond5，我們最近通過收購 Splash 增加了我們的編輯和獨家內容消息。由於這些投資，我們擁有行業領先的巨大規模，並已成為營銷人員、創意人員和專業人士滿足其對一系列用例的內容需求的事實上的主要目的地。

Our marketplace is particularly well positioned to thrive in a rapidly evolving environments such as the Metaverse with our 3D model and recently added Metaverse-ready sound effects content. To put things in perspective, on our marketplace, 2.1 million customers purchase content from a community of 2.2 million contributors, that's a contributor base that is larger than our nearest competitor by 4x. What this means in real terms is that we have the freshest content from around the world with 5 million to 10 million assets being added every single quarter.

我們的市場特別適合在快速發展的環境中蓬勃發展，例如使用我們的 3D 模型的 Metaverse 和最近添加的 Metaverse 就緒音效內容。客觀地說，在我們的市場上，210 萬客戶從 220 萬貢獻者的社區購買內容，這個貢獻者群體比我們最接近的競爭對手大 4 倍。這實際上意味著我們擁有來自世界各地的最新內容，每個季度都會增加 500 萬到 1000 萬個資產。

Our content library is by far the largest and deepest by a significant margin with 484 million creative and editorial images. In video, we are larger than the next player by a factor of 2x, including Pond5, and we have more 3D models on our marketplace than any other competitor. In addition to scale, ease of content discoverability and a robust ingestion process further differentiated our marketplace from the competition. In short, from a customer perspective, as a result of Shutterstock's extensive growing library and ability to surface the right content, it means that Shutterstock is the go-to destination for your content needs, whether, for example, you're a creative professional, a small business owner or a marketing professional.

我們的內容庫是迄今為止最大和最深的，擁有 4.84 億張創意和編輯圖像。在視頻方面，我們比下一個玩家（包括 Pond5）大 2 倍，而且我們在市場上擁有的 3D 模型比任何其他競爭對手都多。除了規模之外，易於發現的內容和強大的攝取過程進一步使我們的市場在競爭中脫穎而出。簡而言之，從客戶的角度來看，由於 Shutterstock 不斷擴大的圖書館和展示正確內容的能力，這意味著 Shutterstock 是滿足您內容需求的首選目的地，例如，無論您是創意專業人士，小企業主或營銷專業人士。

In order to allow our customers to more fully leverage our content, Shutterstock has gradually transformed our content marketplace into an end-to-end full-service creative platform. We commenced that journey with significant organic and inorganic investment in our workflow applications and data, culminating in the initial rollout of the Creative Flow platform released to our customers in the second quarter. We believe that customers will further benefit from the enhancements planned to the Creative Flow over the next several quarters.

為了讓我們的客戶更充分地利用我們的內容，Shutterstock 逐漸將我們的內容市場轉變為一個端到端的全方位服務創意平台。我們開始了這一旅程，對我們的工作流應用程序和數據進行了大量的有機和無機投資，最終在第二季度向我們的客戶發布了 Creative Flow 平台的初步推出。我們相信，客戶將進一步受益於未來幾個季度計劃對 Creative Flow 進行的改進。

We are truly just at the beginning stages of leveraging Creative Flow to enhance the way our customers do their creative work. We believe Creative Flow will ultimately result in stronger engagement with our platform and lead to customer satisfaction and retention across all channels. We are already seeing strong customer engagement with the platform with existing Shutterstock subscribers using the platform to create and customize their downloaded content. As we get more data about Creative Flow engagement and the downstream impacts on our business, we expect to provide additional insights and metrics to investors.

我們真正處於利用 Creative Flow 改善客戶進行創意工作的方式的開始階段。我們相信 Creative Flow 最終將增強我們平台的參與度，並在所有渠道中提高客戶滿意度和保留率。我們已經看到該平台的客戶參與度很高，現有 Shutterstock 訂閱者使用該平台創建和定制他們下載的內容。隨著我們獲得更多關於 Creative Flow 參與和對我們業務的下游影響的數據，我們希望為投資者提供更多的見解和指標。

Creative Flow also opens up the potential for a larger total addressable market for template-driven creative design tools, thereby allowing for audience expansion into the long-tailed solopreneurs and casual creatives creating a long runway for growth. In summary, Shutterstock is well positioned to meet the various needs of customers in a more complete way by providing the connective tissue that helps our customers transform a piece of content into performance creative.

Creative Flow 還為模板驅動的創意設計工具開闢了更大的潛在市場，從而允許將受眾擴展到長尾個體創業者和休閒創意者，從而為增長創造一條長長的跑道。總之，Shutterstock 通過提供幫助我們的客戶將一段內容轉化為表演創意的結締組織，能夠以更完整的方式滿足客戶的各種需求。

Shutterstock's Enterprise sales channel is another unique asset that has performed strongly and will be key to our success going forward. We are seeing exceptional traction across a range of strategic solutions that we're bringing to our customer base, both large enterprise corporations as well as SMBs. Our sales force is truly global, and we are able to deliver end-to-end creative solutions to customers on a scale that is unmatched by our competitors. We're seeing strong traction at Shutterstock Studios in creating short-form and long-form video for our customers as well as high interest in 3D engagements for brands.

Shutterstock 的企業銷售渠道是另一項表現強勁的獨特資產，將成為我們未來成功的關鍵。我們正在為我們的客戶群（包括大型企業公司和中小型企業）帶來一系列戰略解決方案，我們看到這些解決方案具有非凡的吸引力。我們的銷售團隊是真正全球化的，我們能夠以競爭對手無法比擬的規模向客戶提供端到端的創意解決方案。我們看到 Shutterstock 工作室在為我們的客戶製作短片和長片視頻方面有著強大的吸引力，並且對品牌的 3D 互動表現出濃厚的興趣。

Our API Platform Solutions channel is seeing strong demand across content types for predictive data for scoring creative content and for computer vision applications used by large technology companies. And last but not least, we have developed a strong muscle in our sales channel for end-to-end solution selling, starting from our high-end differentiated creative content to our editorial offerings in sports and entertainment and news, including the Shutterstock archive, real-time/newsroom subscriptions to highly sophisticated global production services.

我們的 API 平台解決方案渠道看到各種內容類型對用於對創意內容進行評分的預測數據和大型技術公司使用的計算機視覺應用程序的需求強勁。最後但並非最不重要的一點是，我們在端到端解決方案銷售的銷售渠道中發展了強大的實力，從我們的高端差異化創意內容到我們在體育、娛樂和新聞領域的編輯產品，包括 Shutterstock 檔案，實時/新聞編輯室訂閱高度複雜的全球製作服務。

I'd like to provide a few highlights that show how all of the above is manifesting in our enterprise business. Our Studios business is increasingly winning large global deals with customers across industries like pharmaceutical and CPG with AOV that are 3x greater than last year. We're also proud of our studios work with Allergan Aesthetics, which commenced in Q1. Through this partnership, Shutterstock is continuing its commitment to improve diversity. The partnership will cast hundreds of real people in an effort to produce thousands of powerful and inclusive royalty-free images, which will be hosted in a curated collection on the Shutterstock website later this year, making our marketplace increasingly reflective of the diverse world in which we live.

我想提供一些亮點來展示以上所有內容如何在我們的企業業務中體現出來。我們的工作室業務越來越多地與製藥和 CPG 等行業的客戶贏得大型全球交易，其 AOV 是去年的 3 倍。我們也為我們的工作室與 Allergan Aesthetics 的合作感到自豪，該合作於第一季度開始。通過此次合作，Shutterstock 將繼續致力於改善多樣性。此次合作將吸引數百名真實人物，努力製作數千張功能強大且具有包容性的免版稅圖片，這些圖片將於今年晚些時候在 Shutterstock 網站的精選收藏中託管，使我們的市場越來越多地反映多元化的世界，其中我們住在。

Leading auto tech brand Carvana and listed Shutterstock Studios to produce an original docuseries capturing the life and career of Jimmie Johnson, one of the greatest race car drivers of all time, which is currently airing on NBC Sports. Having launched a virtual production offering, we're seeing continued growth and appetite for AR, VR and Metaverse activations for brands and agencies. We're experiencing healthy growth in the SMB segment, driven by new customer acquisition, upsell and continued sales momentum with our Flex product franchise. Overall, our average revenue per customer in our enterprise channel is 20x greater than that of our e-commerce channel, as we increase wallet size and increase customers and tap into new relationships that are more strategic in nature.

領先的汽車科技品牌 Carvana 和 Shutterstock Studios 製作了一部原創紀錄片，記錄了有史以來最偉大的賽車手之一吉米·約翰遜的生活和職業生涯，目前正在 NBC 體育頻道播出。推出虛擬製作產品後，我們看到品牌和代理商對 AR、VR 和 Metaverse 激活的持續增長和需求。在我們的 Flex 產品專營權的新客戶獲取、追加銷售和持續銷售勢頭的推動下，我們在 SMB 領域正經歷著健康的增長。總體而言，我們的企業渠道中每位客戶的平均收入比我們的電子商務渠道高出 20 倍，因為我們增加了錢包大小並增加了客戶，並利用了更具戰略性的新關係。

In summary, we see a path to sustained growth with our enterprise customers with the right investments in products and services and innovation, strategic account focus and execution strength. Lastly, as I referenced earlier, I'm impressed by the passion of my fellow Shutterstock colleagues across the company by ensuring that we, as a team, are aligned on our mission, encouraging high levels of engagement and collaboration and continuing our investments in world-class talent. I believe that we will be well positioned to grow the business across our e-commerce and enterprise sales channel.

總之，通過對產品和服務以及創新、戰略客戶重點和執行力的正確投資，我們看到了與企業客戶持續增長的途徑。最後，正如我之前提到的，我對整個公司的 Shutterstock 同事的熱情印象深刻，他們確保我們作為一個團隊在我們的使命上保持一致，鼓勵高水平的參與和協作，並繼續我們在世界上的投資——一流的人才。我相信我們將有能力在我們的電子商務和企業銷售渠道中發展業務。

Beyond the unique assets and capabilities at Shutterstock, I'd also like to share an early look into some high potential growth and investment opportunities based on my observations so far. Looking forward, I see a range of exciting opportunities to improve our business performance and ultimately accelerate growth. While I'll touch on these opportunities on today's call, investors should expect to hear more detail in the quarters to come as we turn our strategies into initiatives and outcomes.

除了 Shutterstock 的獨特資產和能力之外，我還想根據我迄今為止的觀察，對一些高潛力增長和投資機會進行早期研究。展望未來，我看到了一系列令人興奮的機會來提高我們的業務績效並最終加速增長。雖然我將在今天的電話會議上談到這些機會，但隨著我們將戰略轉變為舉措和成果，投資者應該期望在未來幾個季度聽到更多細節。

Firstly, my enthusiasm for the opportunity in front of us in the enterprise segment should have come across loud and clear. We have the right team and the right solution set and now is the time to extend our enviable position by investing for growth. In order to fuel that growth, we're going to need to ensure that our customers are finding the perfect content they're looking for at Shutterstock every single time. Ultimately, world-class content is a lifeblood of Shutterstock's business and the reason why we are the dominant player in the market. In the past quarter, we closed on 2 transactions to further content-led innovation and growth.

首先，我對擺在我們面前的企業領域機會的熱情應該是響亮而清晰的。我們擁有合適的團隊和合適的解決方案，現在是時候通過投資增長來擴大我們令人羨慕的地位了。為了推動這種增長，我們需要確保我們的客戶每次都能在 Shutterstock 上找到他們正在尋找的完美內容。歸根結底，世界級的內容是 Shutterstock 業務的命脈，也是我們成為市場主導者的原因。在上個季度，我們完成了 2 筆交易，以進一步推動以內容為導向的創新和增長。

Pond5 is the world's largest video first content marketplace with a diverse customer base, strong brand affinity with filmmakers and media companies and differentiated royalty-free creative editorial and exclusive content. The acquisition adds further scale to Shutterstock's video business, which now represents approximately 20% of total revenue on a combined basis and offers a differentiated video collection and premium editorial partners such as Reuters, British Movietone and British Film Institute.

Pond5 是世界上最大的視頻優先內容市場，擁有多元化的客戶群、與電影製作人和媒體公司的強大品牌親和力以及差異化的免版稅創意編輯和獨家內容。此次收購進一步擴大了 Shutterstock 的視頻業務的規模，該業務目前佔總收入的約 20%，並提供差異化的視頻收藏和高級編輯合作夥伴，如路透社、British Movietone 和 British Film Institute。

Splash News further bolsters our editorial business with its archival entertainment and celebrity content library consisting of over 27 million images, its network of 4,000 photographers and its contributor and customer-facing technology platform. It is a highly complementary addition to our newsroom offering where we offer real-time news and entertainment content from our network. Beyond integrating these 2 valuable acquisitions into our offering and the strong revenue synergy potential they offer, I strongly believe there is an opportunity to extend our lead by leveraging content as a key differentiator of our marketplace, delivering to our customers and enabling us to drive faster growth.

Splash News 通過其包含超過 2700 萬張圖像的檔案娛樂和名人內容庫、由 4,000 名攝影師組成的網絡以及其投稿人和麵向客戶的技術平台，進一步支持了我們的編輯業務。這是對我們新聞編輯室產品的高度補充，我們提供來自我們網絡的實時新聞和娛樂內容。除了將這兩項有價值的收購整合到我們的產品中以及它們提供的強大的收入協同潛力之外，我堅信有機會通過利用內容作為我們市場的關鍵差異化因素來擴大我們的領先地位，為我們的客戶提供服務並使我們能夠更快地發展生長。

To give you a sense in more specific terms of what this means for Shutterstock in the years to come, we'll be focused on, one, making our content catalog smarter and more dynamic, allowing for greater discoverability and relevance for specific market segments, audiences and use cases. 2, enhancing the quality and unique nature of the metadata that supports our content discovery and predictive performance algorithms. 3, leveraging Shutterstock Studios to create bespoke on brand video or 3D content for our enterprise customers. 4, adding scale in new or emerging content types such as Metaverse-ready assets as well as content that represents a highly refined finished product for users such as industry or use case specific templates.

為了讓您更具體地了解這對未來幾年的 Shutterstock 意味著什麼，我們將專注於，一個，使我們的內容目錄更智能和更有活力，從而為特定細分市場提供更大的可發現性和相關性，受眾和用例。 2、增強支持我們的內容髮現和預測性能算法的元數據的質量和獨特性。 3，利用 Shutterstock Studios 為我們的企業客戶創建定制的品牌視頻或 3D 內容。 4，增加新的或新興的內容類型的規模，例如 Metaverse 就緒資產，以及代表用戶高度精煉的成品的內容，例如行業或用例特定模板。

And finally, garnering exclusive access to some of the most talented creators globally, further reinforcing the competitive moat around our business. Taken together, differentiated and compelling content is part of the flywheel that attracts more customers and more contributors to Shutterstock. As we invest for the future, we'll be mindful of the framework that we've communicated for shareholder value creation. With our strong cash flow generation profile, we believe we'll consistently return capital through execution of our M&A strategy, dividends and share repurchases. We will invest in avenues to accelerate revenue growth with an eye on cash generation and long-term margin improvement. We will continue with our M&A strategy, allowing us to acquire businesses that add to our capabilities strategically and match our returns criteria.

最後，獲得全球一些最有才華的創作者的獨家訪問權，進一步加強了圍繞我們業務的競爭護城河。總而言之，差異化和引人注目的內容是吸引更多客戶和更多 Shutterstock 貢獻者的飛輪的一部分。當我們為未來投資時，我們將注意我們為股東價值創造所傳達的框架。憑藉我們強大的現金流生成概況，我們相信我們將通過執行併購戰略、股息和股票回購來持續返還資本。我們將投資於加速收入增長的途徑，著眼於現金產生和長期利潤率的提高。我們將繼續我們的併購戰略，使我們能夠收購戰略性地增加我們能力並符合我們的回報標準的業務。

In conclusion, as I mentioned at the top of the call, we have the right combination of assets and capabilities to achieve our vision for Shutterstock. The broad strategy is in place, and I'll be spending the coming weeks and months ensuring that we're on the right path to improve growth in our business throughout world-class execution in areas such as customer acquisition and marketing in our e-commerce channel and further investing in our enterprise channel to power the next leg of innovation-led revenue growth. We will also be relying on data-driven tests and experiments to help learn, iterate and adjust our strategy where warranted. I look forward to updating you in the quarters ahead.

總之，正如我在電話會議開頭提到的，我們擁有正確的資產和能力組合來實現我們對 Shutterstock 的願景。廣泛的戰略已經到位，我將在接下來的幾周和幾個月內確保我們走在正確的道路上，通過世界級的執行，在我們的電子客戶獲取和營銷等領域提高我們的業務增長。商業渠道，並進一步投資於我們的企業渠道，以推動以創新為主導的收入增長的下一個階段。我們還將依靠數據驅動的測試和實驗來幫助學習、迭代和在必要時調整我們的策略。我期待在未來幾個季度為您提供更新。

And with that, I'll hand the call over to Jarrod to discuss our financial performance and guidance.

有了這個，我將把電話交給賈羅德，討論我們的財務業績和指導。

Thank you, Paul. Good morning, everyone. Revenues grew 9% in the second quarter or 13% on a constant currency basis. Revenues for both our e-commerce and enterprise channels benefited this quarter from the addition of Pond5, which we closed on May 11, which added 3.5% to our overall revenue growth based on 1.5 months contribution of the business. Therefore, our constant currency growth in the second quarter, excluding Pond5, was just above 9% for the quarter.

謝謝你，保羅。大家，早安。第二季度收入增長 9%，按固定匯率計算增長 13%。本季度我們的電子商務和企業渠道的收入都受益於 Pond5 的增加，我們於 5 月 11 日關閉了 Pond5，基於 1.5 個月的業務貢獻，這使我們的整體收入增長增加了 3.5%。因此，我們在第二季度的恆定貨幣增長率（不包括 Pond5）在該季度僅略高於 9%。

E-commerce revenues grew 6% on a reported basis, aided by our acquisition of Pond5 and grew 9% on a constant currency basis this quarter. Excluding the impact of Pond5, e-commerce revenue grew 2% and 6% on a constant currency basis. Based on our year-to-date results, the return to strong growth in our e-commerce channel is taking longer than we initially expected, and we attribute that to 3 drivers: notably, weakness in Europe, compounded by FX pressure and the roll-off of the Russia business, ongoing product mix shift towards subscription products with higher LTV but with lower AOVs and weakness in new customer acquisition.

在我們收購 Pond5 的幫助下，電子商務收入在報告的基礎上增長了 6%，本季度按固定匯率計算增長了 9%。剔除 Pond5 的影響，電子商務收入按固定匯率計算分別增長 2% 和 6%。根據我們年初至今的結果，我們的電子商務渠道恢復強勁增長所需的時間比我們最初預期的要長，我們將其歸因於 3 個驅動因素：尤其是歐洲疲軟，再加上外匯壓力和滾動- 在俄羅斯業務之外，持續的產品組合轉向具有較高 LTV 但 AOV 較低且新客戶獲取薄弱的訂閱產品。

We are focused on reaccelerating growth momentum in our e-commerce channel by refining our customer acquisition strategy and also by driving engagement with our creative flow platform that we believe will have a positive impact on retention over time. We made strong progress with our product rollouts in the second quarter in e-commerce. We've just recently rolled out the Creative Flow capabilities to our e-commerce subscription customers at the end of the second quarter. And just last week, we unveiled the stand-alone Creative Flow+ subscription for $12.99 per month. This is a new price point and the tools first operating for Shutterstock.

我們專注於通過改進我們的客戶獲取策略以及推動與我們相信隨著時間的推移將對保留率產生積極影響的創意流程平台的參與來重新加速我們電子商務渠道的增長勢頭。我們在第二季度的電子商務產品推出方面取得了長足的進步。我們剛剛在第二季度末向我們的電子商務訂閱客戶推出了 Creative Flow 功能。就在上週，我們以每月 12.99 美元的價格推出了獨立的 Creative Flow+ 訂閱。這是一個新的價格點，也是 Shutterstock 首次使用的工具。

We look forward to marketing our Creative Flow capabilities to our customers and showcasing our enhanced value proposition. We expect the positive impact of Creative Flow to both customer engagement and customer retention to take place gradually over the coming quarters, and we look forward to measuring the results and reporting them out to investors. Meanwhile, we're seeing solid continued momentum within our enterprise channel. Enterprise grew 15% or 19% on a constant currency basis, driven by strength with small and medium-sized business and enterprise customers. We're also experiencing strong demand for Shutterstock Studios and editorial content and services.

我們期待著向我們的客戶推銷我們的 Creative Flow 功能，並展示我們增強的價值主張。我們預計 Creative Flow 對客戶參與和客戶保留的積極影響將在未來幾個季度逐漸產生，我們期待衡量結果並將其報告給投資者。與此同時，我們在企業渠道中看到了強勁的持續發展勢頭。在中小型企業和企業客戶的強勁推動下，企業按固定匯率計算增長了 15% 或 19%。我們也遇到了對 Shutterstock 工作室和編輯內容和服務的強烈需求。

Editorial was bolstered by both traction in our newsroom offering, supported by our recently announced acquisition of Splash News. We've seen momentum in both our Studios and Platform Solutions offerings, driven by new customer acquisition and higher AOVs. The Pond5 acquisition added 4% of growth in the quarter to the enterprise revenue channel. For the second quarter, reported gross margin declined by approximately 155 basis points year-over-year, largely driven by higher noncash M&A amortization expense of $5.9 million.

在我們最近宣布收購 Splash News 的支持下，我們的新聞編輯室產品的兩個牽引力都支持了社論。在新客戶獲取和更高 AOV 的推動下，我們的工作室和平台解決方案產品都出現了勢頭。收購 Pond5 為企業收入渠道增加了本季度 4% 的增長。第二季度，報告的毛利率同比下降約 155 個基點，主要是由於非現金併購攤銷費用增加 590 萬美元。

Excluding M&A amortization, Q2 gross margin improved by 130 basis points year-over-year to 65.6% driven by the ongoing mix shift towards higher-margin subscription offerings. Sales and marketing expense was 26% of revenue as compared to 24% in the second quarter of 2021. The year-over-year increase was driven by our marketing presence at the Cannes Lions event, where we showcased our 3D content and capabilities, along with additional sales headcount to support the future growth of our enterprise channel.

剔除併購攤銷，第二季度毛利率同比增長 130 個基點至 65.6%，這是由於持續向更高利潤的訂閱產品轉變。銷售和營銷費用佔收入的 26%，而 2021 年第二季度為 24%。同比增長是由我們在戛納國際電影節活動中的營銷活動推動的，我們展示了我們的 3D 內容和功能，以及增加銷售人員以支持我們企業渠道的未來增長。

Product development as a percentage of revenue increased to 8% in the second quarter compared to 6% in the second quarter of 2021, driven by further investment in our product road map. G&A expenses were 16% of revenue, consistent with the second quarter of 2021. However, they included $3.9 million of transaction expenses associated with the Pond5 and Splash acquisitions, offset by lower noncash compensation expense. Excluding transaction expenses associated with mergers and acquisitions and noncash compensation expense, G&A was 13% of revenues, evidenced in the operating leverage we are experiencing.

在我們對產品路線圖的進一步投資的推動下，產品開發佔收入的百分比在第二季度從 2021 年第二季度的 6% 增加到 8%。 G&A 費用佔收入的 16%，與 2021 年第二季度一致。但是，其中包括與 Pond5 和 Splash 收購相關的 390 萬美元交易費用，被較低的非現金補償費用所抵消。不包括與併購相關的交易費用和非現金補償費用，G&A 佔收入的 13%，我們正在經歷的經營槓桿證明了這一點。

Adjusted EBITDA margins were 23.7%, down 400 basis points from last year, driven by additional spend in sales and marketing and the $3.9 million of M&A transaction expenses previously mentioned. Adjusted for the transaction expenses, adjusted EBITDA margins were 25.5% for the second quarter. Year-to-date, our adjusted EBITDA margins are 25.6% and above the high end of our margin guidance, even inclusive of the transaction expenses we included in the EBITDA associated with M&A. In the second quarter, GAAP diluted earnings per share was $0.53 and adjusted diluted earnings per share was $0.83.

調整後的 EBITDA 利潤率為 23.7%，比去年下降 400 個基點，這主要受銷售和營銷方面的額外支出以及前面提到的 390 萬美元併購交易費用的推動。調整交易費用後，第二季度調整後的 EBITDA 利潤率為 25.5%。年初至今，我們調整後的 EBITDA 利潤率為 25.6%，高於我們利潤率指導的高端，甚至包括我們包含在與併購相關的 EBITDA 中的交易費用。第二季度，美國通用會計準則攤薄每股收益為 0.53 美元，調整後的攤薄每股收益為 0.83 美元。

Turning to our balance sheet and cash flows. At the end of the quarter, we had $84 million of cash as a result of our acquisitions of Pond5 for $210 million and Splash News for $6 million in the quarter. In connection with the Pond5 acquisition, we also drew down $50 million on our revolver. Depending on further acquisitions this year, we may elect to pay down the revolver in the quarters to come. We sustained our share buyback program in the second quarter, taking advantage of the weak market conditions and repurchased 286,700 shares for $18 million. As a result, our total shares outstanding decreased by 157,000 shares from the first quarter to 36 million shares at the end of the quarter, and we've repurchased 57 million of shares year-to-date.

轉向我們的資產負債表和現金流。在本季度末，由於我們在本季度以 2.1 億美元收購 Pond5 和以 600 萬美元收購 Splash News，我們擁有 8400 萬美元的現金。在收購 Pond5 時，我們還從左輪手槍上提取了 5000 萬美元。根據今年的進一步收購，我們可能會選擇在未來幾個季度償還左輪手槍。我們在第二季度繼續實施股票回購計劃，利用疲軟的市場條件，以 1800 萬美元回購了 286,700 股股票。結果，我們的已發行總股本比第一季度減少了 157,000 股，至本季度末的 3600 萬股，今年迄今我們已經回購了 5700 萬股。

Our deferred revenue balance was $178 million and increased $16 million from the second quarter of 2021, representing year-over-year growth of 10%. Adjusting for the acquired deferred revenue from PicMonkey and Pond5, deferred revenue grew 2% year-over-year. Our deferred revenue balance was unfavorably impacted by FX as current bookings are converted to dollars at the lower foreign exchange conversion rates. On our key operating metrics for the quarter, subscriber count increased by 15%, subscriber revenue increased by 8%, and subscriber revenue represented 41% of revenues, down from 43% in the previous quarter.

我們的遞延收入餘額為 1.78 億美元，比 2021 年第二季度增加了 1600 萬美元，同比增長 10%。調整從 PicMonkey 和 Pond5 獲得的遞延收入後，遞延收入同比增長 2%。我們的遞延收入餘額受到外彙的不利影響，因為當前預訂以較低的外匯兌換率兌換成美元。在我們本季度的關鍵運營指標中，用戶數量增長了 15%，用戶收入增長了 8%，用戶收入佔收入的 41%，低於上一季度的 43%。

The addition of Pond5's revenue, which is a nonsubscription business accounted for the entirety of the decline in subscription revenue as a percentage of total revenues. Average revenue per customer increased by 1% on both a year-over-year and sequential basis. Paid downloads were down 3.3% and revenue per download increased to $4.46 per download.

Pond5 的非訂閱業務收入的增加佔訂閱收入佔總收入百分比的全部下降。每位客戶的平均收入同比和環比均增長 1%。付費下載量下降 3.3%，每次下載收入增加到 4.46 美元。

Turning to our guidance for the full year. We are maintaining our 2022 guidance of 8% to 10% revenue growth with margins flat to up 50 basis points compared to last year. There are multiple factors that taken together have us maintaining our guidance forecast for the full year. For example, with respect to currency, the euro and pound represent approximately 27% of Shutterstock's revenues and both currencies have depreciated by 10% to 12% year-to-date. At current spot rates, this depreciation represents a 4% headwind to our full year revenues and a substantial increase compared to the 2% headwind we forecast based on spot rates at the beginning of the year.

轉向我們全年的指導。我們維持 2022 年收入增長 8% 至 10% 的指引，利潤率與去年相比持平至 50 個基點。有多個因素共同使我們維持全年的指導預測。例如，就貨幣而言，歐元和英鎊約佔 Shutterstock 收入的 27%，而這兩種貨幣今年迄今已貶值 10% 至 12%。以目前的即期匯率計算，這種貶值對我們的全年收入構成了 4% 的逆風，與我們根據年初即期匯率預測的 2% 逆風相比大幅增加。

As such, we now estimate that FX will be approximately a $30 million headwind to revenues this year, assuming current spot rates carry forward for the remainder of the year, and we are fully factoring that into our guidance. We're also factoring in an additional 1% or $8 million reduction in revenues from Russia or $38 million in total. The estimated contribution of Pond5 and approximately $4 million of revenue per month will somewhat offset this impact as well the ongoing strong performance we are seeing in our enterprise channel. Based on the current macroeconomic uncertainty, we are not assuming in our guidance any acceleration of growth rates in the back half of the year in e-commerce or enterprise. We are factoring in a continuation of the current softness with no significant changes in customer spend behavior on content and digital marketing.

因此，我們現在估計，假設當前的即期匯率在今年剩餘時間內結轉，今年外匯將給收入帶來大約 3000 萬美元的阻力，我們正在將其充分考慮到我們的指導中。我們還將來自俄羅斯的收入額外減少 1% 或 800 萬美元，或總計 3800 萬美元。 Pond5 的估計貢獻和每月約 400 萬美元的收入將在一定程度上抵消這種影響以及我們在企業渠道中看到的持續強勁表現。基於當前宏觀經濟的不確定性，我們在指引中並未假設電子商務或企業下半年的增長率會出現任何加速。我們正在考慮當前疲軟的延續，客戶在內容和數字營銷上的支出行為沒有顯著變化。

In conclusion, we remain focused on continuing our evolution into a creative platform by integrating tools, workflow and data applications into a leading content marketplace. We're making strong progress on integrating our recently announced acquisitions, and we are investing for long-term growth despite the current macro uncertainties while delivering on our stated targets for 8% to 10% revenue growth, combined with annual margin expansion in 2022.

總之，我們仍然專注於通過將工具、工作流程和數據應用程序集成到領先的內容市場中，繼續發展成為一個創意平台。我們在整合我們最近宣布的收購方面取得了巨大進展，儘管當前存在宏觀不確定性，但我們正在為長期增長進行投資，同時實現我們既定的收入增長 8% 至 10% 的目標，並在 2022 年實現年度利潤率增長。

And with that, operator, we'd now like to open the call for any questions.

有了這個，接線員，我們現在想打開電話詢問任何問題。

(Operator Instructions) Our first question will come from Bernie McTernan with Needham & Co.

（操作員說明）我們的第一個問題將來自 Needham & Co. 的 Bernie McTernan。

Great. Maybe to start for Paul, your prepared remarks, you spoke about the importance of content being the moat for the company. If you could just maybe dive in what gives you confidence that content back the moat and how is the competition whether it be other stock operating peers, free options or AI-based offerings?

偉大的。也許從保羅開始，你準備好的評論，你談到了內容作為公司護城河的重要性。如果你可以深入了解是什麼讓你有信心讓內容回歸護城河，那麼無論是其他股票運營同行、免費期權還是基於人工智能的產品，競爭如何？

Great. Yes. Thanks for the question, Bernie. The -- it's simple the way I look at it. We've got the leading position in contributors, the leading position in content acquisition. We've done some acquisitions to further bolster our position in content, and we understand that getting the right content and putting it in front of our customers so that they can actually convert better, drive the flywheel forward. So what we see is as we amass these assets, it ultimately drives conversion.

偉大的。是的。謝謝你的問題，伯尼。 - 我看它的方式很簡單。我們在貢獻者方面處於領先地位，在內容獲取方面處於領先地位。我們已經進行了一些收購以進一步鞏固我們在內容方面的地位，並且我們知道獲得正確的內容並將其放在我們的客戶面前，以便他們實際上可以更好地轉換，推動飛輪向前發展。所以我們看到的是，當我們積累這些資產時，它最終會推動轉化。

And then what I'd say is, and then when you add Creative Flow tool to help our customers further engage with that content, that engagement increases. So again, you get the very, very positive flywheel of content, driving conversion, tools driving engagement with content and then that's driving underlying growth. So that's really how we think about it.

然後我要說的是，當您添加 Creative Flow 工具以幫助我們的客戶進一步參與該內容時，這種參與度就會增加。因此，您再次獲得非常非常積極的內容飛輪，推動轉換，推動與內容互動的工具，然後推動潛在增長。所以我們真的是這麼想的。

Yes, makes a lot of sense. And for Jarrod, you called $38 million of headwind to guide for -- in total for impacts in Russia and then Pond5 probably adding $28 million of revenue this year. So does that imply that the core businesses is doing better than expected relative to the prior guide or any other moving pieces that we should be thinking about?

是的，很有意義。對於 Jarrod，您要求 3800 萬美元的逆風作為指導——總共影響俄羅斯，然後 Pond5 今年可能會增加 2800 萬美元的收入。那麼，這是否意味著核心業務相對於之前的指南或我們應該考慮的任何其他活動部分的表現好於預期？

Bernie, look, I think it's a little bit of a tale of 2 cities. I mean if you look at the numbers and you look at what's going on in enterprise, I mean, this is really a tremendous performance. It's the sales team that's executing strongly and firing on all cylinders. It's the SMB business that is growing rapidly on the back of some of the Flex family of solutions we introduced in the middle of last year. And we're doing a phenomenal job of selling through exclusive and editorial content as well as seeing a lot of success with our large enterprise clients with our studios offering.

伯尼，看，我覺得這有點像 2 個城市的故事。我的意思是，如果你看看數字，看看企業中發生了什麼，我的意思是，這真的是一個了不起的表現。是銷售團隊執行力強，火力全開。在我們去年年中推出的一些 Flex 系列解決方案的支持下，SMB 業務正在快速增長。我們在通過獨家和編輯內容進行銷售方面做得非常出色，並且通過我們的工作室產品與我們的大型企業客戶取得了很大的成功。

So I think from Paul Hennessy perspective, we couldn't be more pleased about what we're seeing in enterprise, both year-to-date as well as our prospects for the remainder of the year. And that does give us confidence in our guidance. And I think at this point in time, it's fair to say we've seen some great outperformance across sort of multiple aspects of our enterprise business.

所以我認為從保羅軒尼詩的角度來看，我們對我們在企業中看到的情況感到非常高興，無論是年初至今，還是我們今年剩餘時間的前景。這確實讓我們對我們的指導充滿信心。而且我認為在這個時間點上，可以公平地說，我們已經在企業業務的多個方面看到了一些出色的表現。

On the e-commerce side, I think getting back to strong growth is clearly taking longer than we would like. We sort of peeled back the onion for investors and gave folks a peak, and we'd like to be at mid- to high single-digit revenue growth on an organic reported basis at this point in time, and we're just not there. And so I think we're very focused on that. We're focused on new customer acquisition. We're focused on isolating some of the geographic impacts. One of the things I would call out, Bernie, is if you look at the growth by geo, you can see some of the weakness in Europe, and you can also see some of the strength that we're seeing in North America and the U.S. And so we're going to play to those strengths and continue to focus on reinvigorating the growth in e-commerce while taking advantage of the successes that we're seeing in enterprise.

在電子商務方面，我認為恢復強勁增長顯然需要比我們希望的更長的時間。我們有點為投資者剝了洋蔥，給人們一個高峰，我們希望在這個時間點在有機報告的基礎上實現中高個位數的收入增長，而我們只是不在那裡.所以我認為我們非常關注這一點。我們專注於新客戶的獲取。我們專注於隔離一些地理影響。伯尼，我要指出的一件事是，如果您按地域查看增長，您可以看到歐洲的一些弱點，您還可以看到我們在北美和美國因此我們將發揮這些優勢，繼續專注於重振電子商務的增長，同時利用我們在企業中看到的成功。

Got it. And then just lastly for me. Margins were lower than we and I think the rest of the Street were expecting in the quarter, but reiterate the guidance for the year. The things that we should think about in terms of that maybe there was elevated investment levels in the quarter? Or how do you think about margins in the second half of the year?

知道了。最後對我來說。利潤率低於我們，我認為華爾街其他人在本季度的預期，但重申今年的指導。我們應該考慮的事情可能是本季度的投資水平有所提高？或者您如何看待下半年的利潤率？

Yes. So Bernie, the thing we probably should have put this out in our public release, but what we called out was $3.9 million of transaction expenses in the quarter itself. If you back that out, we would have been above 25.5% margins for the quarter and our year-to-date margins, even including that $3.9 million onetime transaction expense are above the top end of the year-to-date of the guidance. So it really is kind of that onetime transaction fee, and this is sort of lawyer fees and banker fees associated with our deals.

是的。所以伯尼，我們可能應該在我們的公開發布中公佈這一點，但我們所說的是本季度本身的 390 萬美元交易費用。如果你支持這一點，我們本季度的利潤率和年初至今的利潤率將超過 25.5%，即使包括 390 萬美元的一次性交易費用，也高於該指引年初至今的上限。所以這確實是一種一次性交易費用，這是與我們的交易相關的律師費和銀行家費用。

So we feel good about the guidance. We feel good about the margins. And if you look at our business where we were really up in terms of year-over-year cost within the sales and marketing line. And we made a big Splash at our Cannes Lion this year. We had a tremendous presence with our 3D offering. And we really feel like they've made a lot of headway towards elevating the brand and moving us in the right direction in the hearts and minds of our enterprise customers with whom we're seeing a lot of success with today.

所以我們對指導感覺很好。我們對利潤率感覺良好。如果你看看我們的業務，我們在銷售和營銷線上的同比成本確實上升了。今年我們在戛納獅子會上大放異彩。我們的 3D 產品擁有巨大的影響力。我們真的覺得他們在提升品牌和推動我們在企業客戶心中朝著正確方向前進方面取得了很大進展，我們今天看到了很多成功。

Our next question will come from Andrew Boone with JMP Securities.

我們的下一個問題將來自 JMP 證券公司的 Andrew Boone。

Can we parse, I guess, Bernie's question a little differently. Can you guys talk about the various underlying customer segments and just where there may be strength or weaknesses across consumers, SMBs, agencies, maybe more of the end markets that you guys serve?

我想，我們能不能稍微不同地解析一下伯尼的問題。你們能否談談各種潛在的客戶群，以及消費者、中小型企業、代理機構以及你們所服務的更多終端市場之間可能存在優勢或劣勢的地方？

Andrew, we have -- if you kind of take a step back and look at Shutterstock historically, we've been a marketplace that has served the needs of professional creatives whether they be enterprise marketers, whether they be creatives that are working for businesses, and that's really been sort of the bedrock of our audience focus and where we really have a tremendous amount of brand recognition and no variety in the market. And that we expect will continue to be there. And you can see some of that today with the tremendous success that we're seeing in enterprise.

安德魯，我們有——如果你退後一步，回顧一下 Shutterstock 的歷史，我們一直是一個滿足專業創意人員需求的市場，無論他們是企業營銷人員，還是為企業工作的創意人員，這確實是我們觀眾關注的基石，我們確實擁有大量的品牌認知度，並且在市場上沒有變化。我們預計將繼續存在。今天，您可以從我們在企業中看到的巨大成功中看到其中的一些。

We have continued to focus on SMB as an opportunity for growth within Enterprise. And that is both companies that are small businesses. So think of 5 to 20 employees all the way up to medium-sized businesses that can be 200 to 500 employees. And again, tremendous amount of success that we've seen in the market. And when you look at our 2.2 million customers, that's really the bedrock of whom we are selling to. The opportunity that we sort of identified a couple of years ago that we've been capitalizing on, and we have plans to further capitalize on is this idea that anyone can be a creative in the marketplace.

我們繼續將 SMB 視為企業內部增長的機會。這兩家公司都是小企業。因此，從 5 到 20 名員工一直到可以是 200 到 500 名員工的中型企業。再一次，我們在市場上看到了巨大的成功。當您查看我們的 220 萬客戶時，這確實是我們向其銷售產品的基石。幾年前我們發現了我們一直在利用的機會，我們計劃進一步利用這個想法，即任何人都可以成為市場上的創意者。

And we started that journey by initially launching smaller subscriptions. So if you think back to 2020, we started focusing very heavily on our 10 image per month subscription. We introduced 2 small video subscriptions, the 5 clip per month and a 10 clip per month video subscription. And we also unveiled 2 new music subscriptions, a premium beat subscription and an unlimited Shutterstock music subscription really to cater towards the needs of some of these small business owners who may not be professional creatives. And so sometimes they're referred to as solopreneurs or they may be referred to as casual creatives.

我們通過最初推出較小的訂閱開始了這一旅程。因此，如果您回想 2020 年，我們開始非常關注每月 10 張圖片的訂閱。我們推出了 2 個小視頻訂閱，每月 5 個剪輯和每月 10 個剪輯的視頻訂閱。我們還推出了 2 個新的音樂訂閱、一個高級節拍訂閱和一個無限制的 Shutterstock 音樂訂閱，真正滿足了一些可能不是專業創意的小企業主的需求。所以有時他們被稱為獨立企業家，或者他們可能被稱為休閒創意人。

The next big play into that audience is really what we are executing on today, which is with the launch of Creative Flow, but also the launch of Creative Flow+, which is the $12.99 tools first template-driven design tool subscription that we just launched. You'd be well aware of some of the competition in this space. There's 2 large players that have really created a large runway for growth. And we feel like this is a tremendous untapped opportunity for us to tap into a group of people who are not professional designers, but there's a very long tail of these potential customers. And we feel like that's going to create a tremendous runway for growth. We feel like these people may eventually become professional creators.

對受眾的下一個重大影響是我們今天正在執行的內容，即推出 Creative Flow，同時推出 Creative Flow+，這是我們剛剛推出的第一個模板驅動設計工具訂閱，售價 12.99 美元。你會很清楚這個領域的一些競爭。有 2 家大型企業真正為增長創造了一條大跑道。我們覺得這是一個巨大的尚未開發的機會，可以讓我們接觸到一群不是專業設計師的人，但這些潛在客戶的尾巴很長。我們覺得這將為增長創造一條巨大的跑道。我們覺得這些人最終可能會成為專業的創作者。

And so we'll have the ability to grow with them as their content needs grow. So this is both an audience acquisition strategy for us to expand the TAM as well as we believe our retention strategy as we grow with these clients and may become professional creatives from the casual creatives that we are today. So that's broadly speaking how we're thinking about where we were vis-a-vis the audience segmentation kind of where we are and where we're going.

因此，隨著他們內容需求的增長，我們將有能力與他們一起成長。因此，這既是我們擴大 TAM 的受眾獲取策略，也是我們相信我們的保留策略，因為我們與這些客戶一起成長，並可能從我們今天的休閒創意變成專業創意。所以這就是廣義上說我們是如何考慮我們在哪里相對於我們在哪里以及我們要去哪裡的受眾細分的。

That's helpful. And then secondly, on Splash. You guys are now clearly more established with editorial. Can you talk about the future of editorial and how you're leveraging just a larger editorial base? And what that looks like over the next couple of years?

這很有幫助。其次，在 Splash 上。你們現在顯然更熟悉社論了。你能談談編輯的未來以及你如何利用更大的編輯基礎嗎？未來幾年會是什麼樣子？

Yes. Maybe I'll take that one. We're absolutely committed to the editorial space. And whether that's acquisitions like Splash, bolstering our team to be deeper and more engaged in the editorial side of our business or just even acquiring exclusive content to further bolster that area like we've done of late. I think that's just a critical leg of our strategic tool to balance out not only all that we've talked about on content and all of the customer segments that Jarrod talked about, but by providing the position of Shutterstock to be the place for content.

是的。也許我會拿那個。我們絕對致力於編輯空間。無論是像 Splash 這樣的收購，支持我們的團隊更深入、更多地參與我們業務的編輯方面，還是只是像我們最近所做的那樣，獲取獨家內容以進一步支持該領域。我認為這只是我們戰略工具的一個關鍵環節，它不僅可以平衡我們在內容上討論的所有內容和 Jarrod 談到的所有客戶群，還可以通過提供 Shutterstock 的位置作為內容的地方。

And by elevating our brand from what was maybe a position of leader in just stock photo, to now a leader in all things, content and tools for creatives, we become the one-stop shop as a full end-to-end full-service creative platform and editorial is a big part of that.

通過將我們的品牌從可能只是庫存照片的領導者地位提升到現在的所有事物、內容和創意工具的領導者，我們成為一站式商店，提供全面的端到端全方位服務創意平台和社論是其中的重要組成部分。

Yes. I think those are great points. And there clearly is, for us, a competitive opportunity to really take share in editorial. Andrew, 2 things I would call out, which I'm not sure if people fully recognize, but Pond5 had a strong editorial video presence. So we did not prior to Pond5, have a presence in editorial video. With Pond5, we do now have that presence and editorial video is a tremendous opportunity. The other piece is the way we had gone to market with editorial previously was what you would think of as a by-activity approach.

是的。我認為這些都是很好的觀點。對我們來說，顯然有一個真正參與編輯的競爭機會。安德魯，我會說兩件事，我不確定人們是否完全認識到，但 Pond5 有強大的編輯視頻存在。所以我們在 Pond5 之前沒有出現在編輯視頻中。有了 Pond5，我們現在確實擁有這樣的存在，而編輯視頻是一個巨大的機會。另一部分是我們以前通過社論進入市場的方式，你會認為它是一種副活動方法。

So customers would come, they'd identified individual assets that they want to acquire and then they would pay us for that asset, and we would share that with the publisher. There is a tremendous opportunity in editorial subscriptions, where customers engage with us on a more recurring basis in recognition of the exclusive editorial content that we have available. With our archive growing the way it is, with our existing editorial presence with the Splash newsroom offering, Splash gives us that opportunity to sell editorial subscriptions.

所以客戶會來，他們確定了他們想要獲得的個人資產，然後他們會為這些資產向我們付款，我們會與出版商分享。編輯訂閱有巨大的機會，客戶會更頻繁地與我們互動，以表彰我們提供的獨家編輯內容。隨著我們的檔案不斷增長，我們現有的編輯存在於 Splash 新聞編輯室產品中，Splash 為我們提供了銷售編輯訂閱的機會。

We did not have that capability in our platform previously and the technology platform that Splash brings us that ability to sell editorial subscriptions, which, in and of itself, when you combine that with editorial video, this is a tremendous opportunity for us. There's a long runway for us. And while this is not huge as a percentage of our revenue, this is clearly an area where we see a competitive opportunity for us to approach.

我們以前在我們的平台中沒有這種能力，而 Splash 為我們帶來的銷售社論訂閱的技術平台，就其本身而言，當你將它與社論視頻結合起來時，這對我們來說是一個巨大的機會。我們的跑道很長。雖然這占我們收入的百分比並不大，但這顯然是我們看到競爭機會的領域。

One moment for our next question. That will come from the line of Youssef Squali with Truist.

我們下一個問題的片刻。這將來自 Youssef Squali 和 Truist 的系列。

So a couple of questions for me. Maybe starting with you, Paul, and obviously, on the new -- so the CEO position may be new to but you've been for many years. I was wondering if maybe you can share with us any meaningful kind of changes or any meaningful kind of differences you see and how we run Shutterstock versus your predecessor? And I guess related to that, I think in your prepared remarks, you mentioned need to invest in growth. How do you see this to the expected improvement in margins that the company has kind of committed to delivering year in and year out? And then I have a follow-up.

所以我有幾個問題。也許從你開始，保羅，顯然，在新的 - 所以首席執行官職位可能是新的，但你已經很多年了。我想知道您是否可以與我們分享您看到的任何有意義的變化或任何有意義的差異，以及我們如何運行 Shutterstock 與您的前任？我想與此相關，我認為在您準備好的講話中，您提到需要投資於增長。您如何看待公司承諾年復一年地實現的利潤率預期改善？然後我有一個跟進。

Yes. First, let me start with -- I've worked for businesses that in the past required accelerated growth to get the unit economics required in those businesses and that just required rapid and aggressive scale. What I see here at Shutterstock is that I've inherited an incredible balance sheet and a business that kicks off cash, earnings and strong margins. And so I plan to continue that trend of growing our business profitably with over the long term, expanding margins.

是的。首先，讓我開始 - 我曾為過去需要加速增長以獲得這些業務所需的單位經濟效益並且只需要快速和積極的規模的企業工作。我在 Shutterstock 看到的是，我繼承了令人難以置信的資產負債表和一項能夠帶來現金、收益和強勁利潤的業務。因此，我計劃繼續保持這種趨勢，即在長期內以盈利方式增長我們的業務，擴大利潤率。

Might there be variability as we invest in near-term opportunities that expand the platform, expand our revenue growth, but ultimately lead to long-term EBITDA and EBITDA margin growth, certainly. And so there's a lot of pattern recognition that I see from a variety of industries that I bring to bear, but Shutterstock is so well positioned because of its balance sheet and because of its both human capital and assets and all of the assets that I talked about on the call from contributors to the actual content to the marketplace itself to the new tools that we're launching to its editorial framework.

當我們投資於擴大平台、擴大我們的收入增長但最終導致長期 EBITDA 和 EBITDA 利潤率增長的近期機會時，可能會出現變化。因此，我從我所承擔的各種行業中看到了很多模式識別，但由於其資產負債表、人力資本和資產以及我談到的所有資產，Shutterstock 處於如此有利的地位關於從貢獻者到實際內容到市場本身到我們正在為其編輯框架推出的新工具的呼籲。

And the scaling enterprise business, again, there's a lot of opportunity for growth. When I talked about investing for growth in our channels, we're going to obviously make sure that our core continues to be healthy. And in places where we see now new opportunities, again, we talked a lot about enterprise, there are large-scale customers that want what we have. And we're going to enable that. And we're going to enable that fast because as we enable that quickly, that widens and deepens our competitive moat. So that's really what I mean. But we will be responsible stewards of our investors' capital and the capital that we kick off from our business. And again, we'll stay the course in terms of delivering high value for our shareholders and long-term margin expansion.

再一次，不斷擴大的企業業務有很多增長機會。當我談到投資於我們的渠道增長時，我們顯然要確保我們的核心繼續保持健康。在我們現在看到新機會的地方，我們再次談論了很多關於企業的事情，有大型客戶想要我們擁有的東西。我們將啟用它。我們將快速實現這一目標，因為隨著我們快速實現這一目標，這將擴大和加深我們的競爭護城河。所以這就是我的意思。但我們將負責任地管理我們的投資者資本和我們從業務中啟動的資本。再一次，我們將堅持為股東提供高價值和長期利潤率擴張。

Okay. And then, Jarrod, if you look at sales and marketing for the first half of the year, it showed some efficiency decline. I was wondering how much of that is just related to these new initiatives that you've talked about, how much may be also related to competition, particularly as getting now as public currency, et cetera? And what's your expectations for the second half?

好的。然後，賈羅德，如果你看一下上半年的銷售和營銷，就會發現效率有所下降。我想知道其中有多少與您談到的這些新舉措有關，有多少可能還與競爭有關，特別是現在成為公共貨幣等等？您對下半年有何期待？

So our expectation for the second half is not too different from the performance that we've seen in the first half of the year with respect to our channels and with respect to our business performance, right? There's a lot of macro uncertainty out there. We are not factoring into our guidance sort of a rebound, if you will, or a come down in cost and efficiency with respect to sales and marketing in the back half of the year. Nothing like that needs to happen for us to meet or beat our numbers in the second half of the year.

所以我們對下半年的預期與我們在上半年看到的關於我們的渠道和我們的業務表現的表現並沒有太大的不同，對吧？那裡有很多宏觀的不確定性。如果你願意的話，我們沒有考慮到我們的指導類型的反彈，或者今年下半年在銷售和營銷方面的成本和效率下降。我們不需要發生這樣的事情來在下半年達到或超過我們的數字。

This is an industry that is very competitive. This is an industry where prices are very well understood and well publicized by our customer base. And so what is absolutely critical for us is to add underlying value to the content subscription. When you look at Creative Flow and you look at the value that we are now giving to a subscriber of Shutterstock, where we're giving them not only creation tools and bundling that into the content subscription, but the ability to catalog assets, the ability to predict what assets are going to perform, the ability to calendarize and collaborate with their colleagues, we think that fundamentally, we are improving the value prop.

這是一個競爭非常激烈的行業。在這個行業，我們的客戶群非常了解和宣傳價格。因此，對我們來說絕對關鍵的是為內容訂閱增加潛在價值。當您查看 Creative Flow 時，您會看到我們現在為 Shutterstock 訂閱者提供的價值，我們不僅為他們提供創建工具並將其捆綁到內容訂閱中，還提供對資產進行分類的能力，為了預測哪些資產將發揮作用，以及與同事進行日程安排和協作的能力，我們認為從根本上說，我們正在改進價值支撐。

And over time, that's a better product market fit, which will lead to greater customer retention and have an impact on the growth of our business. That is our play is really add value to the customer and eventually the customer will add value to us as a business. And so it is really early days, Youssef. I mean, we just rolled this out to our customers in the second quarter. And we just rolled out the stand-alone creates literally last week. This is the culmination of 1.5 years of work around this strategy. And so we're really excited to see the results, and we're really excited to start marketing this. We really haven't started to market this value proposition, this enhanced value proposition to our customers. So we think there's a great opportunity in front of us to be able to do so.

隨著時間的推移，這是一個更好的產品市場契合度，這將導致更多的客戶保留並對我們的業務增長產生影響。那就是我們的遊戲真正為客戶增加價值，最終客戶將為我們的企業增加價值。所以現在還很早，優素福。我的意思是，我們剛剛在第二季度向我們的客戶推出了這個。我們上周剛剛推出了單機版。這是圍繞這一戰略開展 1.5 年工作的成果。所以我們真的很高興看到結果，我們真的很高興開始營銷這個。我們真的還沒有開始向我們的客戶推銷這種價值主張，這種增強的價值主張。所以我們認為我們面前有一個很好的機會來做到這一點。

(Operator Instructions). Our next question will come from Nat Schindler with Bank of America.

（操作員說明）。我們的下一個問題將來自美國銀行的 Nat Schindler。

Yes, I just want to see if you could walk through what has happened in the past in a possible ad recession affecting advertising with your business and how your broadening of both your customer base and your media types will change how you are affected.

是的，我只是想看看您是否可以了解過去在可能影響您業務廣告的廣告衰退中發生的事情，以及您擴大客戶群和媒體類型將如何改變您受到的影響。

Sure. Nat, I'll start, and I think Paul will follow up. I think from our experience, there's been sort of 2 periods of dislocation that have happened in the market. You can think about sort of the recession around the time of the mortgage crisis in 2008, 2009. And more recently, you can think about the pandemic in the first and second quarter of 2020. And both of those examples saw significant declines in economic activity and some dislocation in digital ad spend and digital advertising.

當然。 Nat，我會開始，我認為 Paul 會跟進。我認為根據我們的經驗，市場上已經發生了兩個錯位時期。你可以想想 2008 年和 2009 年抵押貸款危機期間的那種衰退。最近，你可以想想 2020 年第一季度和第二季度的大流行。這兩個例子都導致經濟活動顯著下降以及數字廣告支出和數字廣告方面的一些錯位。

Now if you track back to 2008, 2009, Shutterstock was a smaller company at that point in time, a true disruptor in the industry and there were significant share gains that were taking place that we're accruing to Shutterstock. So in that specific example, despite a recession, Shutterstock was able to grow very, very strongly. So I think you almost need to kind of push through that and kind of fast forward to the point in time where we are an $850 million leader as we are today.

現在，如果您回溯到 2008 年和 2009 年，Shutterstock 在那個時間點是一家規模較小的公司，是該行業的真正顛覆者，我們正在為 Shutterstock 積累大量的份額收益。所以在那個具體的例子中，儘管經濟衰退，Shutterstock 能夠非常非常強勁地增長。所以我認為你幾乎需要推動這一點，并快進到我們今天成為 8.5 億美元的領導者的時間點。

If you look to the first and second quarter of 2020 when economic activity really came to a standstill, the business was down 1.5% in each one of those quarters. So I think it did show a resiliency that existed. And when you think about stock as a component of overall digital ad spend, keep in mind that the vast majority of the economics accrue to the large platforms. And so when you think about a cutback on a particular campaign, we don't necessarily believe that stock is the first place that cost out happens. And so let me turn it over to Paul to give his perspectives on how we would kind of react to some volatility in the market.

如果你看一下 2020 年第一和第二季度經濟活動真正陷入停滯的情況，那麼每個季度的業務都下降了 1.5%。所以我認為它確實表現出一種存在的彈性。當您將股票視為整體數字廣告支出的一個組成部分時，請記住，絕大多數經濟收益都來自大型平台。因此，當您考慮削減特定活動時，我們不一定認為庫存是首先發生成本的地方。所以讓我把它交給保羅，就我們如何應對市場的一些波動發表他的看法。

The way that we think about it is this business has all of the dials and levers for us to be able to control our own destiny. We've got our hands on our marketing spend, and so that's ultimately quite variable. And so we can manage that. We've got our hands on our hiring, which is obviously a large expense in our business, and we can dial that in as appropriate depending on how long or if there is a particular ad recession or a recession broadly or globally.

我們的想法是，這項業務擁有所有的刻度盤和槓桿，讓我們能夠控制自己的命運。我們已經掌握了我們的營銷支出，因此最終變化很大。所以我們可以做到這一點。我們已經著手招聘，這顯然是我們業務的一大筆開支，我們可以根據具體廣告衰退或廣泛或全球衰退的時間或是否適當撥入。

And the very nature of our business in the way that we pay our contributors and run our business is essentially on a revenue share basis. And so we don't have to prepay or get ahead of our skis in any kind of economic environment that could put our business in harm's way. So one, we're just going to be able to manage our business very well through even what could be a potentially protracted periods of time. I think Jarrod talked well about we're not the first advertising cut to go, right? We are critical to any level of creative. And so while media spends aggregate tonnage of media spends may shrink, the underlying content that creates the media is what Shutterstock has to offer.

我們向貢獻者付款和經營業務的方式本質上是基於收入分成的。因此，在任何可能危及我們業務的經濟環境中，我們都不必預付或搶先一步。因此，我們將能夠很好地管理我們的業務，即使可能是一段可能很漫長的時期。我認為 Jarrod 說得很好，我們不是第一個廣告削減，對吧？我們對任何水平的創意都至關重要。因此，儘管媒體支出的總噸位可能會減少，但創建媒體的基礎內容是 Shutterstock 必須提供的。

And then finally, what I'd say is if you track us over time, going from predominantly photos, to now music, video, 3D, again, an expanded sales force that's now appealing to the largest companies in the world, we've differentiated our business. And by the way, I'd add to that end content tools that allow our creators to better execute and engage with our content. All of that diversifies our platform, derisks our platform and takes away volatility that you might see in a business that could have been or was initially purely Stock's quota.

最後，我想說的是，如果你隨著時間的推移跟踪我們，從主要是照片，到現在的音樂、視頻、3D，再一次，擴大銷售隊伍，現在吸引世界上最大的公司，我們已經差異化我們的業務。順便說一句，我會添加最終內容工具，使我們的創作者能夠更好地執行和參與我們的內容。所有這一切都使我們的平台多樣化，使我們的平台失去風險，並消除了您在可能已經或最初純粹是股票配額的業務中可能看到的波動性。

And I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Paul Hennessy for any closing remarks.

目前我沒有在隊列中顯示更多問題。我現在想把電話轉回給 Paul Hennessy 先生，讓我做任何結束語。

Great. Thanks all for joining us today. And I'd just like to thank all of our contributors, our customers and our employees. And look, this ends our call for today. Thanks so much.

偉大的。感謝大家今天加入我們。我只想感謝我們所有的貢獻者、我們的客戶和我們的員工。看，這結束了我們今天的呼籲。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。