Shutterstock Inc (SSTK) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Q3 2024 Shutterstock Incorporated earnings conference call.

歡迎參加 Shutterstock Incorporated 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that, today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the call over to Rik Powell, SVP, Finance and Investor Relations.

我現在想將電話轉交給財務和投資者關係高級副總裁里克·鮑威爾 (Rik Powell)。

Please go ahead.

請繼續。

Thank you, Latonia.

謝謝你，拉托尼亞。

Good morning, everyone, and thank you for joining us for Shutterstock's third quarter 2024 earnings call.

大家早安，謝謝您參加 Shutterstock 的 2024 年第三季財報電話會議。

Joining us today is Paul Hennessy, Shutterstock's Chief Executive Officer; and Jarrod Yahes, Shutterstock's Chief Financial Officer.

今天加入我們的是 Shutterstock 執行長 Paul Hennessy；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 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 gross margins and profitability, our long-term strategy and our performance targets including 2024 guidance and long-range financial targets.

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，包括但不限於我們業務投資的長期影響、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、我們未來的毛利率和盈利能力、我們的長期策略和業績目標，包括2024 年指導和長期財務目標。

Actual results or trends could differ materially from our forecast.

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, which we have posted to our Investor Relations' website.

欲了解更多信息，請參閱我們發佈在投資者關係網站上的今天的新聞稿。

Please also refer to 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.

另請參閱我們不時向 SEC 提交的報告，包括我們最近提交的 10-K 表格中討論的風險因素，以討論可能導致實際結果與任何前瞻性結果存在重大差異的重要風險因素。次電話會議發表聲明。

We will be discussing certain non-GAAP financial measures today, including adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, revenue growth including by distribution channel on a constant currency basis, billings and free cash flow.

我們今天將討論某些非公認會計準則財務指標，包括調整後淨利潤、調整後每股攤薄淨利潤、調整後EBITDA 和調整後EBITDA 利潤率、收入成長（包括以固定貨幣計算的分銷管道）、帳單和自由現金流。

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.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的調整可以在今天的新聞稿和我們的 10-Q 中包含的財務表格中找到。

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

我現在想將電話轉給我們的執行長保羅軒尼詩 (Paul Hennessy)。

Thanks, Rik.

謝謝，里克。

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

大家早安，感謝您今天加入我們。

Following a strong first half, I'm pleased to report that Shutterstock reported both record third quarter revenues and record adjusted EBITDA.

繼上半年的強勁表現之後，我很高興地向大家報告，Shutterstock 的第三季營收和調整後 EBITDA 均創歷史新高。

This is a tremendous accomplishment, and I'd like to thank our customers, our contributors and our entire Shutterstock team for their incredible efforts that helped generate these results.

這是一項巨大的成就，我要感謝我們的客戶、貢獻者和整個 Shutterstock 團隊為幫助取得這些成果所做的令人難以置信的努力。

I will walk you through the component parts of our business in a moment, but suffice it to say, the quarter played out better than we expected.

我稍後將向您介紹我們業務的組成部分，但可以說的是，本季的表現比我們預期的要好。

I would also like to extend a warm welcome to the global Envato team, including our new colleagues in Australia, New Zealand and Mexico, and we're thrilled to have them be part of this journey with us.

我還要熱烈歡迎 Envato 全球團隊，包括我們在澳洲、紐西蘭和墨西哥的新同事，我們很高興他們能與我們一起踏上這段旅程。

Q3 is the first quarter that Envato contributed to our consolidated results, and we could not be more pleased.

第三季度是 Envato 為我們的綜合業績做出貢獻的第一個季度，我們對此感到非常高興。

The strong product market fit of Envato elements, the high value, low-cost, unlimited multi-asset subscription is resounding in the market.

Envato元素強大的產品市場契合度，高價值、低成本、無限多資產認購在市場上引起轟動。

Before we turn to this quarter's results, I'd like to first share that after 5 years at Shutterstock, Jarrod Yahes will be leaving the company to pursue another opportunity.

在我們討論本季的業績之前，我首先想告訴大家的是，在 Shutterstock 工作了 5 年後，Jarrod Yahes 將離開公司去尋找另一個機會。

Jarrod's deep understanding of the key drivers of our business has played a pivotal role in the expansion of our portfolio and growth during his tenure.

賈羅德對我們業務關鍵驅動因素的深刻理解在他任職期間對我們產品組合的擴展和成長發揮了關鍵作用。

As CFO, he has taken the business from $96 million in EBITDA in 2020 to $250 million this year, nearly doubled our EBITDA margins and led 11 acquisitions, which have all been constructive in driving overall revenue and EBITDA growth.

作為財務官，他將業務的EBITDA 從2020 年的9,600 萬美元增加到今年的2.5 億美元，使我們的EBITDA 利潤率幾乎翻了一番，並領導了11 項收購，這些都對推動整體收入和EBITDA 成長具有建設性。

I want to thank Jarrod for his incredible contribution to Shutterstock and wish him the very best in the future.

我要感謝 Jarrod 對 Shutterstock 做出的令人難以置信的貢獻，並祝他未來一切順利。

I'd also like to announce that Rik Powell will become our Chief Financial Officer.

我還想宣布 Rik Powell 將成為我們的財務長。

Rik started in June as SVP, Finance and Investor Relations.

Rik 於 6 月開始擔任財務和投資者關係高級副總裁。

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

鑑於 Rik 的豐富經驗，我們確信在他的領導下，Shutterstock 將繼續為我們的股東推動獲利成長。

Now, let's turn to our third quarter results.

現在，讓我們來看看第三季的業績。

In the third quarter, Shutterstock delivered revenues of $251 million, representing growth of 7.4% year-over-year.

第三季度，Shutterstock 營收 2.51 億美元，年增 7.4%。

Adjusted EBITDA was $70 million, with a 28% margin.

調整後 EBITDA 為 7,000 萬美元，利潤率為 28%。

Content achieved revenues of $204 million in the third quarter, representing growth of 14% year-over-year.

第三季內容收入達到 2.04 億美元，年增 14%。

Envato contributed Content revenues of $38 million in the third quarter.

Envato 第三季貢獻了 3,800 萬美元的內容收入。

Excluding the Envato contribution, Content revenues declined 7% year-over-year, compared to the 9% decline that we saw in the second quarter, and in line with the rate of recovery that we predicted for this part of our business.

不包括 Envato 的貢獻，內容收入年減 7%，而第二季下降了 9%，這與我們對這部分業務的復甦速度的預測一致。

We remain focused on improving performance in this area and are working extremely hard to drive the desired results.

我們仍然專注於提高該領域的績效，並正在極為努力地推動預期結果。

Changes we have made to simplify pricing, streamline the product offering and eliminate the use of the free trial promotion are slowly resulting in the improved performance that we are experiencing across our content business.

我們為簡化定價、簡化產品供應和取消免費試用促銷而做出的改變正在慢慢改善我們整個內容業務的績效。

As I stated in my Q2 remarks, we believe that the Envato acquisition fills what was a material void in our product suite.

正如我在第二季的演講中所說，我們相信收購 Envato 填補了我們產品套件中的重大空白。

The recent performance of Envato is underscoring that sentiment.

Envato 最近的表現凸顯了這種情緒。

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

在最近進行了一系列網站改進、產品增強以及推出充滿活力且引人注目的品牌重塑之後，Envato 的付費訂戶數量急劇增加。

We are extremely encouraged by these trends.

這些趨勢令我們深受鼓舞。

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

雖然我們相信越來越多的客戶群看到了無限多資產訂閱的巨大價值，但我們也相信我們的傳統套餐和訂閱產品可以繼續成長並在市場上取得成功。

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

我們對 Envato 與我們現有產品的結合不僅為我們的客戶、而且為我們的貢獻者和我們的整體業務帶來的機會感到興奮。

Our offerings focused on medium and large-sized customers are experiencing solid, steady demand in line with recent trends.

我們專注於中型和大型客戶的產品正經歷著堅實、穩定的需求，符合最新趨勢。

A contributing factor to our improved content performance is being driven by AI-generated content, and we believe this could be a material opportunity for Shutterstock.

人工智慧生成的內容推動了我們內容表現的提高，我們相信這對 Shutterstock 來說可能是一個重大機會。

AI-generated content has been available to download and license directly on our site since the beginning of last year, with quality improving at a fast pace.

自去年年初以來，人工智慧產生的內容已經可以直接在我們的網站上下載和許可，而且品質正在快速提高。

We further embrace this technology by launching a Generative Plus in April of this year.

我們在今年 4 月推出 Generative Plus，進一步擁抱這項技術。

Generative Plus is a low-cost month-to-month subscription specific to the licensing of AI-generated content.

Generative Plus 是一種低成本的按月訂閱，專門針對人工智慧生成內容的授權。

Subscribers to this product have grown each month since launch, with millions of AI images being generated, and hundreds of thousands of these have been licensed.

自推出以來，該產品的訂閱者每月都在成長，產生了數百萬張人工智慧圖像，其中數十萬張已獲得許可。

As we expected, our existing customers, who choose to subscribe and download the AI-generated content, continue to license traditional stock content at a similar rate, and in many cases, are increasing their traditional stock usage.

正如我們預期的那樣，選擇訂閱和下載人工智慧生成內容的現有客戶繼續以類似的費率授權傳統庫存內容，並且在許多情況下，正在增加其傳統庫存使用量。

Also in September, just under half of subscribers to this product were new customers to Shutterstock, with many going onto buy traditional stock, in addition to Generative Plus.

同樣在 9 月份，該產品的訂閱者中不到一半是 Shutterstock 的新客戶，其中許多人除了 Generative Plus 之外還購買傳統股票。

We see no material signs that traditional stock licensing is being displaced.

我們沒有看到任何重大跡象表明傳統的庫存許可正在被取代。

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

事實上，恰恰相反，我們看到新客戶和現有客戶都在增加。

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

雖然我們對內容業務績效的提高感到高興，但我們繼續大力投資以支持我們在數據分發和服務方面的成功。

Our product offering that are targeted at faster growth and more nascent TAMs than our traditional content business.

我們的產品定位於比傳統內容業務更快的成長和更多新生的 TAM。

Data Distribution and Services achieved revenues of $47 million in the third quarter.

數據分發和服務第三季實現收入 4700 萬美元。

In Data, we continue to see a smaller number of large contract value deals.

在數據方面，我們繼續看到大額合約價值交易的數量減少。

We are building out our sales force and footprint in order to address growing global demand, as new customers globally recognize the value from licensed high-quality data for AI model training.

隨著全球新客戶認識到人工智慧模型訓練許可的高品質資料的價值，我們正在擴大銷售團隊和業務範圍，以滿足不斷增長的全球需求。

These customers include large global technology companies as well as high-growth VC-backed generative AI companies that are revolutionizing the application landscape.

這些客戶包括大型全球科技公司以及創投支援的高成長生成式人工智慧公司，這些公司正在徹底改變應用領域。

In addition to new customers, we are also seeing multiple land-and-expand growth opportunities with existing customers.

除了新客戶外，我們還看到現有客戶的多個土地和擴張成長機會。

Existing customers are expanding in 3 primary ways.

現有客戶主要透過 3 種方式進行擴展。

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

首先，他們要求我們提供更多資料以及特定內容類別的增量或刷新資料。

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

例如，自上次通話以來，我們看到了現有客戶的多次擴展，我們看到客戶對透過 Envato 為我們帶來的增量資料和更新格式的資料感興趣。

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

其次，他們正在繼續多樣化他們從我們這裡尋求的資料類型。

For example, a customer initially purchased several asset types, including -- inclusive of images, video and 3D, and subsequently returned to also purchase audio to augment their data for AI model training.

例如，客戶最初購買了多種資產類型，包括圖像、視訊和 3D，隨後又返回購買音訊以增強用於 AI 模型訓練的資料。

Lastly, they are asking us to both source new content to satisfy their training needs and further enhance the metadata of existing content.

最後，他們要求我們尋找新內容來滿足他們的培訓需求，並進一步增強現有內容的元資料。

Recent examples of this include a customer that commissioned us to source a large set of bespoke video content for AI model fine tuning.

最近的例子包括一位客戶委託我們採購大量客製化影片內容以進行人工智慧模型微調。

Another customer purchased additional existing metadata within our datasets, and yet, a different customer purchased enhanced metadata services in order to create new detailed asset descriptions.

另一位客戶在我們的資料集中購買了額外的現有元數據，然而，另一個客戶購買了增強的元資料服務，以便創建新的詳細資產描述。

Each of these is a massive opportunity for Shutterstock, and we are being nimble in the way we serve our customers in order to be responsive to market needs and growth.

對於 Shutterstock 來說，每一個都是巨大的機遇，我們正在靈活地為客戶提供服務，以便響應市場需求和成長。

In Distribution, our GIPHY business is the world's preeminent purveyor of GIFs and the new message-based advertising format that is something you share, not something you skip.

在分銷方面，我們的 GIPHY 業務是全球卓越的 GIF 和新的基於訊息的廣告格式的供應商，您可以分享而不是跳過的內容。

Audience engagement with GIFs continues to show impressive growth globally.

全球觀眾對 GIF 的參與度持續呈現令人矚目的成長趨勢。

Q3 views reached a staggering number of approximately 19 billion per day.

第三季的瀏覽量達到了每天約 190 億次的驚人數字。

This number is up over 10% versus the same quarter last year.

這一數字比去年同期增長了 10% 以上。

Understandably, we continue to be excited by the opportunity here and are investing aggressively.

可以理解的是，我們仍然對這裡的機會感到興奮，並且正在積極投資。

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

第三季讓我們更有信心，相信這項業務的貨幣化之路有條不紊。

During the quarter, we continued to fortify the GIPHY team with strong sales hires.

在本季度，我們繼續透過強勁的銷售人員來加強 GIPHY 團隊的實力。

These new hires are already winning deals, with the result being that our paying customer base increased by 46 clients when compared to the second quarter.

這些新員工已經贏得了交易，結果是我們的付費客戶群比第二季度增加了 46 個客戶。

Our deal pipeline is increasing on the back of this investment, giving us confidence in our ability to scale, as we look towards 2025 and beyond.

在這項投資的支持下，我們的交易管道正在增加，這讓我們對自己的擴展能力充滿信心，並展望 2025 年及以後。

We are seeing strength in both CPG and entertainment, having closed multiple deals in these areas, and recently closed our first deal in the gaming vertical.

我們看到了 CPG 和娛樂領域的實力，在這些領域完成了多項交易，最近完成了遊戲垂直領域的第一筆交易。

The foundation is being laid to build a scalable, sustainable, high-growth business.

正在為建立可擴展、可持續、高成長的業務奠定基礎。

In this regard, you may have seen our press release from earlier today detailing our new and exciting partnership with TikTok.

在這方面，您可能已經看到了我們今天早些時候發布的新聞稿，其中詳細介紹了我們與 TikTok 令人興奮的新合作夥伴關係。

Earlier this month, TikTok expanded its longstanding relationship with GIPHY, selecting us as a valued partner to power a new, specialized recommendation engine within direct messaging that delivers users the right GIF content at the right time on TikTok.

本月早些時候，TikTok 擴大了與GIPHY 的長期合作關係，選擇我們作為重要合作夥伴，為直接訊息傳遞中的全新專業推薦引擎提供支持，在TikTok 上為用戶在正確的時間提供正確的GIF 內容。

This is an exciting opportunity for TikTok users to share GIF content in direct messaging.

對於 TikTok 用戶來說，這是一個在直接訊息中分享 GIF 內容的令人興奮的機會。

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

我們將繼續與 TikTok 合作，探索進一步增強 TikTok 體驗的方法。

Finally, in services, Shutterstock Studios, our award-winning end-to-end production business, had a great quarter with revenues more than double that of third quarter last year.

最後，在服務方面，我們屢獲殊榮的端到端製作業務 Shutterstock Studios 季度表現出色，收入是去年第三季的兩倍多。

These results put this business well on its way to achieving record revenues for the year.

這些結果使該業務有望實現今年創紀錄的收入。

This is a business whose product is truly differentiated, and one in which we are extremely proud.

這是一家產品真正與眾不同的企業，我們對此感到非常自豪。

Our focus in terms of the capital resources and attention directed across Data Distribution and Services, reflects the opportunity we believe exists for 20% plus growth in these emerging businesses.

我們對資本資源的關注以及對資料分發和服務的關注反映了我們認為這些新興業務存在 20% 以上成長的機會。

The results we are seeing are proving that this focus is resulting in even greater returns than we anticipated.

我們看到的結果證明，這種關注所帶來的回報比我們預期的還要大。

In closing, we remain confident that our strategy, as laid out at the start of the year, remains sound, and that our third quarter results lay a strong foundation to achieve our 2027 targets for Shutterstock to achieve $1.2 billion of revenue and $350 million of EBITDA.

最後，我們仍然相信，我們在年初制定的策略仍然健全，並且我們的第三季度業績為實現 Shutterstock 2027 年實現 12 億美元收入和 3.5 億美元營收的目標奠定了堅實的基礎。攤銷前利潤。

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

現在，在了解更多有關財務狀況的詳細資訊後，我會將電話轉給賈羅德。

Thank you, Paul, and good morning, everyone.

謝謝你，保羅，大家早安。

Shutterstock's revenue for the third quarter was a record $250.6 million, up 7.4% year-over-year, with both business lines nicely outperforming our expectations.

Shutterstock 第三季的營收達到創紀錄的 2.506 億美元，年增 7.4%，兩條業務線都很好地超出了我們的預期。

Content revenue was $204 million, an increase of 14% versus the prior year.

內容收入為 2.04 億美元，比上年增長 14%。

Envato has meaningfully outperformed expectations since the acquisition.

自收購以來，Envato 的業績明顯超出了預期。

The total revenue contribution to content from Envato in the quarter was $37.6 million.

本季 Envato 內容的總營收貢獻為 3,760 萬美元。

This reflects revenue after the July 22 close of the acquisition.

這反映了 7 月 22 日收購結束後的收入。

Envato is outperforming because subscriber additions are exceeding expectations on the back of a strong brand refresh and site improvements.

Envato 表現出色，是因為在品牌的強勁更新和網站改進的支持下，訂閱用戶的增加超出了預期。

Excluding the Envato in-quarter contribution, content declined 7% year-over-year, which represents a 200 basis point improvement as compared to the second quarter and the second consecutive quarter of improvement.

不包括 Envato 的季度貢獻，內容年減 7%，與第二季相比提高了 200 個基點，並且是連續第二季的改善。

This is another great data point that we're getting back to organic growth.

這是我們回歸有機成長的另一個重要數據點。

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

我們最受歡迎的套餐和訂閱產品類別經歷了幾個月的淨客戶增加，這使我們對這裡的彈性感到樂觀。

In addition, the improvements we've made in pricing, packaging and promotion across our properties are showing positive results.

此外，我們在整個酒店的定價、包裝和促銷方面所做的改進也取得了積極的成果。

Data distribution and services revenue was $47 million in the quarter.

該季度數據分發和服務收入為 4700 萬美元。

In data, we've seen new customer demand combined with expansions with existing customers through various land-and-expand opportunities, as Paul described.

正如保羅所描述的，在數據中，我們看到了新的客戶需求與透過各種土地和擴張機會對現有客戶的擴張相結合。

Growth in GIPHY and Studios is accelerating in the back half of the year, and we continue to hire aggressively to build out the sales team to support rapid growth in those businesses.

GIPHY 和 Studios 的成長在今年下半年加速，我們繼續積極招募以建立銷售團隊，以支持這些業務的快速成長。

The data distribution and services businesses have grown more than 40% year-to-date, and we feel great about the momentum here.

數據分發和服務業務今年迄今成長了 40% 以上，我們對這裡的勢頭感到非常高興。

As I review the P&L, please note that, these line items exclude the expenses to reconcile from net income to adjusted EBITDA.

在我查看損益表時，請注意，這些行項目不包括從淨利潤到調整後 EBITDA 調整的費用。

In the third quarter, sales and marketing was 20% of revenue compared to 22.6% in the prior year.

第三季度，銷售和行銷佔營收的 20%，而去年同期為 22.6%。

Based on the positive momentum in content, we expect sales and marketing spend to increase in the fourth quarter as we invest behind the positive results we are seeing.

基於內容的積極勢頭，我們預計第四季度的銷售和行銷支出將增加，因為我們對所看到的積極成果進行了投資。

Product development was 6.1% of revenue in the quarter compared to 7.5% in the prior year, reflecting prudent cost management and ongoing integration of our acquisitions.

本季產品開發佔營收的 6.1%，而去年同期為 7.5%，反映出審慎的成本管理和持續的收購整合。

Because some of our product development spend is capitalized, we also expect capitalized R&D to decline in the coming quarters, improving free cash flow conversion.

由於我們的一些產品開發支出是資本化的，因此我們也預計未來幾季的資本化研發支出將下降，從而改善自由現金流轉換。

G&A expenses were 13% of revenue in the quarter compared to 11% in the prior year.

本季一般管理費用佔營收的 13%，而上年同期為 11%。

Note that, third quarter G&A expenses include $3.2 million of Envato transaction costs, associated with legal and M&A fees.

請注意，第三季的一般管理費用包括 320 萬美元的 Envato 交易成本，以及與法律和併購費用相關的費用。

These expenses totaled $8.2 million year-to-date and are not added back for purposes of calculating adjusted EBITDA.

年初至今，這些費用總計 820 萬美元，在計算調整後 EBITDA 時並未加回。

Adjusted EBITDA for the third quarter was a record $70 million, with 27.9% EBITDA margins.

第三季調整後 EBITDA 達到創紀錄的 7,000 萬美元，EBITDA 利潤率為 27.9%。

Free cash flow was also extremely strong in the third quarter at $45.7 million.

第三季自由現金流也非常強勁，達到 4,570 萬美元。

Consistent with the second quarter, we repurchased $21 million of shares.

與第二季一致，我們回購了 2,100 萬美元的股票。

Based on the relative attractiveness of our shares, we expect to continue to buy back shares over the long-term, and we will renew our repurchase authorization as necessary.

基於我們股票的相對吸引力，我們預計將繼續長期回購股票，並將在必要時延長回購授權。

After payment of the quarterly dividend and executing on our share repurchases in the third quarter, we saw our cash balance increase to $131 million.

在第三季支付季度股息並執行股票回購後，我們的現金餘額增加至 1.31 億美元。

Cash includes approximately $18 million of excess cash that came on the balance sheet of Envato, along with offsetting payments that we expect to make next quarter.

現金包括 Envato 資產負債表上約 1800 萬美元的超額現金，以及我們預計下季度支付的抵銷付款。

Excluding any excess acquired cash, our cash balance still increased substantially from $75 million in Q2 to $113 million in the third quarter, even after share repurchases and dividends are taken into account.

除去任何超額獲得的現金，即使考慮到股票回購和股息，我們的現金餘額仍從第二季的 7,500 萬美元大幅增加到第三季的 1.13 億美元。

Our net debt balance at the third quarter was $149 million, representing a net debt-to-LTM EBITDA ratio of 0.6x. Given the attractive rates that we have on our lines and the low cost of capital, we do not plan on paying down debt at this time.

我們第三季的淨負債餘額為 1.49 億美元，淨負債與 LTM EBITDA 的比率為 0.6 倍。鑑於我們的利率具有吸引力且資本成本較低，我們目前不打算償還債務。

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

如同前面所討論的，我們將積極重新部署現金流來回購股票、支付股利以及收購為 Shutterstock 增加策略價值的公司。

Now, turning to guidance.

現在，轉向指導。

Given Shutterstock's record third quarter performance and our expectations for continued business improvement through the remainder of the year, we're raising our guidance for both revenue and adjusted EBITDA.

鑑於 Shutterstock 第三季創紀錄的業績以及我們對今年剩餘時間業務持續改善的預期，我們提高了對收入和調整後 EBITDA 的指導。

Revenue is expected to be between $935 million to $940 million, representing growth of 7% to 7.5% year-over-year.

營收預計在 9.35 億美元至 9.4 億美元之間，年增 7% 至 7.5%。

We are seeing content improve each quarter and expect that trend to continue in the fourth quarter.

我們看到每個季度的內容都有所改善，並預計這種趨勢將在第四季度繼續下去。

Envato is outperforming expectations and off to a strong start.

Envato 的表現超乎預期，並且取得了良好的開端。

And Data Distribution and Services remains strong, as I previously outlined.

正如我之前概述的那樣，數據分發和服務仍然強勁。

Adjusted net income per diluted share guidance increases to $4.22 to $4.31 per share, and adjusted EBITDA guidance increases to $247 million to $250 million.

調整後每股攤薄淨利潤指引增至每股 4.22 美元至 4.31 美元，調整後 EBITDA 指引增至 2.47 億美元至 2.5 億美元。

This adjusted EBITDA guidance includes an expected $9 million of M&A costs for the full year.

調整後的 EBITDA 指引包括預計全年 900 萬美元的併購成本。

Please note that, adjusted EBITDA is expected to be in the range of 24% to 25% in the fourth quarter.

請注意，第四季度調整後的 EBITDA 預計將在 24% 至 25% 之間。

In summary, Shutterstock had a record quarter in terms of revenues and profits.

總而言之，Shutterstock 本季的營收和利潤均創下歷史新高。

We're steadily returning to organic growth in content and our new Envato acquisition is outperforming.

我們正在穩步恢復內容的有機成長，我們新收購的 Envato 表現出色。

Our investments in data distribution and services are paying dividends, and we're hiring in sales aggressively behind that success.

我們在數據分發和服務方面的投資正在獲得回報，並且在這一成功背後我們正在積極招募銷售人員。

With a solid balance sheet and strong free cash flow, we're using our capital smartly to grow our business and return capital to shareholders.

憑藉穩健的資產負債表和強勁的自由現金流，我們正在巧妙地利用我們的資本來發展我們的業務並向股東返還資本。

Lastly, we're well set up to achieve our Shutterstock 2027 targets of $1.2 billion of revenues and $350 million of EBITDA.

最後，我們已經做好充分準備，可以實現 Shutterstock 2027 年收入 12 億美元和 EBITDA 3.5 億美元的目標。

And we look forward to providing investors an update against those targets next quarter.

我們期待下個季度向投資者提供這些目標的最新資訊。

Lastly, as I depart from Shutterstock, I wanted to take this opportunity to thank Paul Hennessy, Jon Oringer and the entire Shutterstock Board of Directors for the amazing opportunity the company has afforded me, and an extremely fulfilling 5-year journey.

最後，在我離開 Shutterstock 之際，我想藉此機會感謝 Paul Hennessy、Jon Oringer 和整個 Shutterstock 董事會，感謝公司為我提供了絕佳的機會，並讓我度過了一段極其充實的 5 年旅程。

I leave Shutterstock with a firm conviction in the company's strong competitive position and growth prospects.

當我離開 Shutterstock 時，對公司強大的競爭地位和成長前景抱持著堅定的信念。

The finance team is extremely capable, and I have the utmost confidence that Rik and the team will continue to drive profitable growth for Shutterstock shareholders.

財務團隊非常有能力，我對 Rik 和團隊將繼續推動 Shutterstock 股東的獲利成長充滿信心。

And with that, operator, we open the line for any questions.

這樣，接線生，我們就可以解答任何問題。

(Operator Instructions)

（操作員說明）

Curt Nagle, Bank of America.

科特·內格爾，美國銀行。

Maybe just a couple on GIPHY.

也許只是 GIPHY 上的一對。

Curious what the revenue contribution was in 3Q?

好奇第三季的營收貢獻是多少？

And then just thinking about the potential monetization from TikTok, what is that?

然後想想 TikTok 的潛在獲利能力是什麼？

I think previously, Paul, you had commented GIPHY could be, I don't know, kind of like a $50 million run rate business in a year or 2.

Paul，我想您之前曾經說過，我不知道，GIPHY 可能會在一兩年內實現 5000 萬美元的營業額業務。

Was a deal like that contemplated in that figure?

該圖中是否考慮過類似的交易？

So I'll take the first part, Curtis, and then I'll pass it over to Paul to talk about the GIPHY opportunity and TikTok.

因此，柯蒂斯，我將先講第一部分，然後我將把它交給保羅，讓他談談 GIPHY 機會和 TikTok。

Vis-a-vis GIPHY, as we acquired the business, the run rate revenues of the business were about $20 million.

相對於 GIPHY，當我們收購該業務時，該業務的營運收入約為 2,000 萬美元。

We've consolidated that business into our Data Distribution and Services segment.

我們已將該業務整合到我們的資料分發和服務部門。

We're seeing very nice growth in that segment.

我們看到該領域的成長非常好。

It's growing 40% on a year-to-date basis.

今年迄今為止，該數字增加了 40%。

We're continuing to see GIPHY expand strength on strength.

我們將繼續看到 GIPHY 不斷壯大。

So it's growing sequentially each and every quarter over the course of this year, and we expect that to continue.

因此，今年每個季度它都在連續成長，我們預計這種情況將持續下去。

We're not going to be breaking out the individual subcomponents of the DDS revenue segment, but really pleased with what we're seeing in terms of ongoing sequential and year-over-year growth with GIPHY as we grow and scale it.

我們不會分解 DDS 收入部分的各個子組成部分，但隨著我們的發展和擴展，我們對 GIPHY 持續連續成長和逐年成長感到非常滿意。

We're obviously investing heavily behind it from a sales perspective.

從銷售角度來看，我們顯然在背後投入了大量資金。

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

Curt，關於 TikTok 交易，顯然，我不能談論交易的細節或性質，但我確實提到了我們在 GIPHY 中看到的 GIF 使用量的增長。

And GIPHY is in now the monetization business.

GIPHY 現在正在從事貨幣化業務。

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

因此，當然，當我們看到更多用戶發送更多 GIF 且參與度更高時，我們相信我們會從中獲利。

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

因此，根據我過去給出的許多評論，我們仍然非常非常看好 GIPHY 的收入機會。

We remain very, very enthusiastic about GIPHY.

我們仍然對 GIPHY 非常非常熱情。

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Jarrod, best of luck for your new endeavor.

賈羅德，祝你新的努力好運。

And Rik, we look forward to working with you.

Rik，我們期待與您合作。

So a couple of questions.

有幾個問題。

Maybe starting on the content side and excluding Envato, can you maybe peel that onion a little bit?

也許從內容方面開始，排除 Envato，你能把洋蔥剝一點嗎？

You did show some sequential improvement.

你確實表現出了一些連續的進步。

I think it went from negative 10% to negative 9% to negative 7%, so red trajectory.

我認為它從負 10% 到負 9% 再到負 7%，所以是紅色軌跡。

How should we think about that trajectory going forward, i.e., the pace of the recovery?

我們該如何看待未來的軌跡，也就是復甦的步伐？

Do we get to positive growth sometime in 2025 from where you sit today?

從您今天的角度來看，我們會在 2025 年某個時候實現正成長嗎？

And then maybe on the data side, what kind of visibility do you have into the pipeline there, not only for Q4, but for 2025?

然後也許在數據方面，您對那裡的管道有什麼樣的可見性，不僅是第四季度，而且是 2025 年？

I think you've historically kind of quantified the money in the bank, if you will, from data.

我認為，如果你願意的話，你歷史上已經從數據中量化了銀行裡的錢。

How do you see that progressing for 2025, the type of visibility and the type of growth you expect in that line?

您如何看待 2025 年的進展、您對該行業的預期類型和成長類型？

Great.

偉大的。

Thanks, Youssef.

謝謝，尤瑟夫。

I'll take content.

我來拿內容。

Jarrod can take Data.

賈羅德可以獲得數據。

On the content business, look, I don't know what day we cross over, but we're making really good progress.

在內容業務方面，我不知道我們會跨越哪一天，但我們正在取得非常好的進展。

The changes that we've made, I think, from coming off the free trial to reintroducing our smaller packs, as I mentioned, and our core subscription product is getting traction.

我認為，我們所做的改變，從停止免費試用到重新推出我們的小包，正如我所提到的，我們的核心訂閱產品正在受到關注。

We're seeing growth in the business, and you start to see the level of the decline is shrinking.

我們看到業務在成長，而且你開始看到下降的程度正在縮小。

You mentioned minus 10% to minus 9%, minus 7%, and we're predicting that Q4 is better than that.

您提到負 10% 到負 9%、負 7%，我們預測第四季會比這更好。

So we really like what we're seeing.

所以我們真的很喜歡我們所看到的。

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

然後，如果您添加我對內容業務中人工智慧組合的一些評論，我們現在不僅看到現有客戶使用人工智慧子系統並維持其庫存使用水平，而且在許多情況下，我們還在不斷增長這一點。

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

因此，我們真的很喜歡這個生態系統，它正在開始實現客戶群的庫存和人工智慧的成長。

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

再說一遍，我無法確切地告訴你我們何時跨越，但我真的很喜歡我們現有的手和業務——前 Envato 的核心業務正在改善。

And Youssef, just to add a note on Data, we came into this year with about $60 million worth of visibility in our business, and that's what we communicated at the onset of the year.

Youssef，就數據而言，我們今年的業務可見度約為 6000 萬美元，這就是我們在年初所傳達的訊息。

We're going to finish the year with well over $100 million of revenue this year and meaningfully outperform our expectations.

今年我們的營收將遠遠超過 1 億美元，並且大大超出我們的預期。

We're effectively in a very similar situation looking forward.

展望未來，我們實際上處於非常相似的情況。

This is a business that's lumpy.

這是一個崎嶇不平的行業。

This is a business that's characterized by limited visibility.

這是一項可見度有限的業務。

And quite frankly, it makes it tough for us to forecast.

坦白說，這讓我們很難預測。

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

我們對所看到的大量土地和擴張機會感到非常滿意，因為每當您從現有客戶那裡贏得業務時，與新客戶預訂相比，它都會變得更加明顯和更加確定。

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

因此，我們對在新客戶管道中看到的情況感到興奮，但這種新想法——現有客戶可以透過多種方式透過Shutterstock 進行擴展，從長遠來看，應該會使其變得更加持久和可靠。

And just one quick one.

只是一個快速的。

On Envato, you seem to be more excited today about it than you were at acquisition.

對於 Envato，您今天似乎比收購時更興奮。

Can you maybe flesh out the growth you've seen there and kind of on a stand-alone basis, what kind of growth do you think this business can sustain?

您能否具體說明您在那裡看到的成長以及在獨立的基礎上，您認為該業務可以維持什麼樣的成長？

Yes.

是的。

I'll start.

我開始吧。

Jarrod can weigh in.

賈羅德可以權衡。

Look, I mentioned some of the things that Envato has done of late really post acquisition.

看，我提到了 Envato 最近在收購後所做的一些事情。

And we were appropriately conservative with the new acquisition on what that growth opportunity might be.

對於新收購的成長機會，我們持適當的保守態度。

But we're seeing the work that they did on the customer experience, the work that they've done with the rebrand is driving new subs into the franchise.

但我們看到他們在客戶體驗方面所做的工作，他們在品牌重塑方面所做的工作正在推動新的潛艇進入特許經營權。

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

因此，我們今天比收購該公司時更加看好 Envato 的成長和產品市場契合度。

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

因此，我們顯然非常興奮，他們的表現超出了我們的預期。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Jarrod, sad to see you go.

賈羅德，很遺憾看到你離開。

I appreciate all the help over the years.

我感謝多年來所有的幫助。

The best of luck in the new role.

祝你在新角色中好運。

Just maybe the potential -- trying to think about the standard opportunities from the Data deals, are those going to be ones talking about more metadata?

也許只是潛力——試著思考數據交易中的標準機會，那些會是談論更多元數據的機會嗎？

Are those going to be one-time?

這些都是一次性的嗎？

Or are those going to be more recurring revenue?

或者這些會成為更多的經常性收入嗎？

And sorry for the background here.

對這裡的背景感到抱歉。

The sounds are very cute, both the dog as well as the daughter.

無論是狗還是女兒，聲音都非常可愛。

They both sound adorable.

他們聽起來都很可愛。

And thanks so much for your question.

非常感謝你的提問。

Look, I think what we're seeing from our customers is recurring demand for incremental refresh data, recurring demand for additional services to be layered on top of the first-party data that we have on offer.

聽著，我認為我們從客戶那裡看到的是對增量刷新資料的反覆需求，以及對我們提供的第一方資料之上的附加服務的反覆需求。

And that's really exciting because we know that, this R&D effort are only going to expand as investments are made in generative AI across these leading technology platforms.

這確實令人興奮，因為我們知道，隨著對這些領先技術平台上的生成人工智慧的投資，這種研發工作只會擴大。

We are privileged to be a go-to trusted source for some of that first-party data as well as the enhancement and optimization of that first-party data.

我們很榮幸成為一些第一方資料以及第一方資料的增強和優化的首選可信任來源。

And quite frankly, when you look at data and the opportunity there around generative AI, and you look at GIPHY, it becomes very clear that Shutterstock is a really durable business with some really exciting growth opportunities.

坦白說，當您查看資料和生成式 AI 周圍的機會並查看 GIPHY 時，您會發現 Shutterstock 是一項真正持久的業務，擁有一些非常令人興奮的成長機會。

Today, investors are not affording us a terminal multiple.

如今，投資者無法為我們提供最終的本益比。

We think that's going to change as people realize that not only is our core business stabilizing very surely and gradually, but these growth opportunities are really, really exciting, and we're investing aggressively behind what we see.

我們認為，隨著人們意識到，我們的核心業務不僅非常確定且逐步穩定，而且這些成長機會確實非常令人興奮，而且我們正在積極投資我們所看到的，因此這種情況將會改變。

We think the rest of the market will see eventually as well.

我們認為市場的其他部分最終也會看到這一點。

That's great.

那太棒了。

And then just 2 quick follow-ups.

然後只需 2 個快速跟進。

Paul, in your prepared remarks, you mentioned some new types of content that Envato brings to computer vision that wasn't -- seemingly wasn't in the Shutterstock library.

Paul，在您準備好的發言中，您提到了 Envato 為電腦視覺帶來的一些新型內容，但這些內容似乎並不存在於 Shutterstock 庫中。

Can you just dive into that a little bit more, whether it's types of content or types of data, whatever it may be?

您能否再深入探討一下，無論是內容類型還是資料類型，無論是什麼？

Yes.

是的。

Without getting into the specifics of the secret sauce, one of the things that Envato has been very strong in is templates and font, and being able to leverage those both for core traditional content use, but also data services and data training.

在不深入討論秘密武器的具體細節的情況下，Envato 非常擅長的事情之一是模板和字體，並且能夠利用它們來實現核心傳統內容的使用，以及數據服務和數據培訓。

It just -- it's a multiple value in having that.

它只是──擁有它具有多重價值。

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

因此，我們很高興他們能夠加入並獲得這些供應和內容。

Great.

偉大的。

And then just last one for me.

然後是我的最後一個。

Just a follow-up on the TikTok GIPHY deal.

只是 TikTok GIPHY 交易的後續行動。

Was TikTok contributing revenue prior to the deal announced this morning?

在今天早上宣布交易之前，TikTok 是否貢獻了收入？

I don't want to give any specifics around any partner performance.

我不想提供任何合作夥伴績效的任何細節。

We don't even give the total revenue out of GIPHY broadly.

我們甚至沒有給出 GIPHY 的總收入。

But what I'll say is, they've been a good partner and a source of inventory for a long time.

但我要說的是，他們長期以來一直是很好的合作夥伴和庫存來源。

And we believe that, this new agreement will make it even more seamless for their customers and the GIPHY experience.

我們相信，這項新協議將使他們的客戶和 GIPHY 體驗更加無縫。

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

所以我認為，這對業務來說是一個優勢。

Matthew Cost, MS.

馬修·科斯特，MS。

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

第一個是圍繞著Envato和傳統內容產品之間的互動。

I think you mentioned during the prepared remarks, pretty decent confidence in your ability to keep growing those traditional products.

我想您在準備好的演講中提到，對您繼續種植這些傳統產品的能力充滿信心。

I guess, how are you seeing the go-to-market for those products interact with Envato now that you've had them both under the same roof for 3 months?

我想，既然您已經將這些產品放在同一個屋簷下 3 個月了，那麼您對這些產品的上市與 Envato 的互動有何看法？

And then on the sales force side, there are also a few comments in there about just investing aggressively behind the sales force on the data side.

然後在銷售團隊方面，也有一些關於在數據方面積極投資銷售團隊的評論。

I guess, where are you in the ramp?

我猜，你在坡道的哪裡？

And any learnings from ramping that sales force so far?

到目前為止，在擴大銷售團隊方面有什麼經驗教訓嗎？

Great.

偉大的。

I'll start with the Envato question.

我將從 Envato 問題開始。

Right now, the 2 products exist in the marketplace.

目前，這兩種產品已上市。

And by the way, they existed in the marketplace prior.

順便說一句，它們之前就存在於市場上。

And what we're seeing is by having multiple irons in the fire, both for pack products and subscriptions on Shutterstock and the unlimited offering at Envato, it really provides an entire product suite to address all kind of customer needs.

我們看到的是，透過在Shutterstock 上的包裝產品和訂閱以及Envato 上的無限供應，透過多方努力，它確實提供了完整的產品套件來滿足所有類型的客戶需求。

So we're seeing it to be an incremental move rather than dilutive to one or the other.

因此，我們認為這是一個漸進的舉措，而不是削弱其中之一。

And on the data side, Jarrod, do you want to talk about the sales force investment and where we are on that?

在數據方面，Jarrod，您想談談銷售人員投資以及我們在這方面的進展嗎？

Yes.

是的。

We've been hiring steadily, slowly but surely for our data sales force.

我們一直在穩步、緩慢但堅定地招募我們的數據銷售人員。

These are strategic sellers who really have a need to partner deeply with some of the world's most sophisticated technology organizations.

這些是戰略賣家，他們確實需要與世界上一些最先進的技術組織進行深入合作。

We've been expanding the diversity of that sales force globally.

我們一直在全球擴大銷售團隊的多樣性。

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

因此，我們最近在歐洲和亞洲招募了一些員工。

So I think that's a great step for us.

所以我認為這對我們來說是偉大的一步。

And we're also starting to think about additional distribution partners.

我們也開始考慮更多的經銷合作夥伴。

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

例如，我們看到創投公司實際上向他們的投資組合公司推薦我們的第一方數據，這對我們以及傳統服務提供者開始向他們的一些技術客戶推薦我們的第一方數據來說非常令人興奮。

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

因此，我們對傳統銷售團隊的建置以及與創投公司和服務提供者合作所帶來的額外分銷感到非常興奮。

(Operator Instructions)

（操作員說明）

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

I wanted to ask 2 follow-ups in terms of AI, just following up on Bernie's question.

我想問兩個關於人工智慧的後續問題，只是跟進伯尼的問題。

As you guys are revisiting past customers for data sales, there was a theory early on that, hey, they would continue to buy more data from you guys.

當你們重新拜訪過去的客戶進行數據銷售時，很早就有一個理論認為，嘿，他們會繼續從你們那裡購買更多數據。

Are you guys seeing incremental purchases of existing forms of data?

你們是否看到現有形式資料的增量購買？

Or can you just talk about the sustainability as you guys go back and resell past customers?

或者你們可以在回去轉售過去的客戶時談論可持續性嗎？

And then part of the distribution that you guys talked about in past quarters with smaller companies, I would just love an update on that in terms of, are deals going to what are hyperscalers and kind of people building next frontier models?

然後，你們在過去幾個季度與小公司討論的分配的一部分，我只是想更新一下，交易是否會流向超大規模企業和構建下一個前沿模型的人？

Or are you guys making any progress in terms of smaller companies that are building more bespoke, maybe vertically specific models?

或者你們在建立更多客製化的、也許是垂直特定模型的小公司方面是否取得了任何進展？

Sure, Andrew.

當然，安德魯。

Thanks so much for the question.

非常感謝您的提問。

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

實際上，我們看到現有資料客戶繼續以我們預期的方式向我們購買刷新資料。

So there is a need for sort of incremental and growth data.

因此需要增量和成長資料。

But moreover, one of the things we've seen that's surprising is we've actually started to see some of our first instances of re-licensure of the initial corpus of data that we resold the first time around.

但此外，我們所看到的令人驚訝的事情之一是，我們實際上已經開始看到我們第一次轉售的初始資料集的重新授權的一些實例。

So as companies come to the end of a 3-year term for an initial corpus of data that they've licensed, the significant majority of our agreements are term agreements, they need to relicense that data.

因此，當公司獲得許可的初始資料集的 3 年期限結束時，我們的絕大多數協議都是期限協議，他們需要重新許可該資料。

And we've seen them determine that they need that data for R&D purposes and that there's a value to that data, and we've seen those re-sign again, which is very exciting for us.

我們已經看到他們確定他們需要這些數據用於研發目的，並且這些數據具有價值，我們已經看到他們再次重新簽署，這對我們來說非常令人興奮。

As you think about the opportunity going forward, the opportunity clearly is around what you would describe as an industry vertical-specific application layer or a generative AI application layer for developing applications around data.

當您思考未來的機會時，機會顯然是圍繞您所描述的行業垂直特定應用程式層或圍繞數據開發應用程式的生成式人工智慧應用程式層。

There are big opportunities with some of the hyperscalers around LLMs, and that's where a lot of our existing customer demand is coming from.

法學碩士周圍的一些超大規模企業存在著巨大的機會，而這正是我們現有的許多客戶需求的來源。

But a lot of the new companies that are coming up that are raising significant funding, those companies are building incredible point solutions, incredible industry vertical-specific applications, and they can potentially be some of the most exciting new customers for Shutterstock.

但許多正在籌集大量資金的新公司正在建立令人難以置信的單點解決方案、令人難以置信的行業垂直應用程序，並且它們有可能成為 Shutterstock 最令人興奮的新客戶之一。

And I would put Runway and Reka as examples of that customer cohort.

我會把 Runway 和 Reka 作為該客戶群的例子。

That's helpful.

這很有幫助。

And then I wanted to touch on content.

然後我想談談內容。

Paul, you had some great comments earlier in terms of the uptake of generative AI within the core content business.

Paul，您之前就核心內容業務中產生人工智慧的採用提出了一些很好的評論。

Can you just talk about that?

能簡單談談嗎？

Help us understand where you are in that process?

幫助我們了解您在過程中的位置？

What's the potential for that to become a larger portion of the business?

它有什麼潛力成為業務的更大一部分？

And maybe just where you are today as we think about that transition into what potentially could be generative AI as a tailwind for the content portion of the business?

當我們思考轉向可能成為業務內容部分的推動力的生成式人工智慧的轉變時，也許您現在所處的位置？

Sure, Andrew.

當然，安德魯。

I'll just remind everyone, we've been at this game a long time.

我只是提醒大家，我們玩這個遊戲已經很久了。

We were like first out the door by having our AI generative tool available back in, I think, January of 2023.

我認為，我們的人工智慧產生工具早在 2023 年 1 月就可用了，就像第一次走出大門一樣。

And we've been learning, watching and experimenting the entire time.

我們一直在學習、觀察和實驗。

We moved to a package launch earlier this year where customers can come and for a low-price subscription, engage in our product.

今年早些時候，我們推出了套餐，客戶可以以低價訂閱使用我們的產品。

And what's fascinating and exciting for us is stock content customers are using the generative AI subscription, and their stock content use continues.

讓我們著迷和興奮的是庫存內容客戶正在使用生成式人工智慧訂閱，並且他們的庫存內容使用仍在繼續。

And in many cases, they're using more stock content use as they use the generative AI product.

在許多情況下，他們在使用生成式人工智慧產品時會使用更多的庫存內容。

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

此外，尋求產生人工智慧的新客戶正在 Shutterstock 上找到它，參與該產品，然後繼續購買庫存內容。

So we always said that this would -- could be a 1 plus 1, and generative AI being a new ingredient so that creatives and advertisers can use these products together to create more, and we're actually seeing that come to life now.

所以我們總是說，這可能是 1 加 1，而生成人工智慧是一種新成分，這樣創意人員和廣告商就可以一起使用這些產品來創造更多產品，我們現在實際上看到了這一點。

So we're seeing subscriptions grow in that product.

所以我們看到該產品的訂閱量正在成長。

It's growing every single month.

它每個月都在增長。

And over time, we'll keep reporting out on how that's doing and what the effect it's having on our stock content business.

隨著時間的推移，我們將不斷報告其進展以及它對我們的庫存內容業務的影響。

But right now, it's additive.

但現在，它是附加的。

And by the way, that's just on the image side.

順便說一句，這只是在圖像方面。

If you let your mind wander on what we could do with generative video, our generative 3D product, there's a lot more that we think can be a stock plus AI equaling a bigger aggregate business.

如果你想一想我們可以用生成影片（我們的生成 3D 產品）做什麼，我們認為股票加人工智慧可以創造出更多的東西，等於更大的整體業務。

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

現在我想請執行長 Paul Hennessy 致閉幕詞。

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

一如既往，我要感謝我們的團隊和貢獻者的持續努力，也感謝我們的客戶繼續信任 Shutterstock 作為他們的首選提供者。

As we've just outlined, this was a record quarter for Shutterstock.

正如我們剛剛概述的，這是 Shutterstock 創紀錄的季度。

I could not be more proud of these results and importantly, what drove them being the team's ability and desire to optimally execute against our strategy each and every day.

我對這些結果感到無比自豪，更重要的是，推動這些結果的是團隊每天根據我們的策略最佳執行的能力和願望。

Thank you.

謝謝。

This ends the call for today.

今天的通話到此結束。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。