Shutterstock Inc (SSTK) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2022 Shutterstock Earnings Conference Call. (Operator Instructions) Please be advised today's conference may be recorded. (Operator Instructions) I'd now like to hand the conference over to your host today, Chris Suh, Vice President, Investor Relations and Corporate Development. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Shutterstock 2022 年第一季財報電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員指示）我現在想將會議交給今天的東道主，投資者關係和企業發展副總裁 Chris Suh。請繼續。

Thank you, Liz. Good morning, everyone, and thank you for joining us for Shutterstock's First Quarter 2022 Earnings Call. Joining us today is Stan Pavlovsky, Shutterstock's Chief Executive Officer; and Jarrod Yahes, Shutterstock's Chief Financial Officer. 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.

謝謝你，莉茲。大家早安，謝謝您參加 Shutterstock 的 2022 年第一季財報電話會議。今天加入我們的是 Shutterstock 執行長 Stan Pavlovsky；和 Shutterstock 財務長 Jarrod Yahes。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、我們完成收購並將我們已收購或可能收購的業務整合到我們現有業務中的能力、我們未來的成長、利潤率和獲利能力、我們的長期策略和業績目標，包括2022 年指引。

Actual results or trends could differ materially from our forecast. For more information, please refer to today's press release on 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.

實際結果或趨勢可能與我們的預測有重大差異。欲了解更多信息，請參閱今天關於我們不時向 SEC 提交的報告的新聞稿，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不同的重要風險因素與我們在本次電話會議中可能做出的任何前瞻性陳述無關。

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.

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

With that, I'll turn the call over to Stan.

這樣，我就把電話轉給史丹。

Thanks, Chris. Good morning, everyone, and thank you for joining us today. Today, we'll be discussing Shutterstock's first quarter results. We'll also talk in more detail about Shutterstock's product road map, which we believe uniquely positions Shutterstock for continued growth. And finally, we wanted to address the ongoing war in Ukraine and its impact on Shutterstock, both from a contributor and customer perspective.

謝謝，克里斯。大家早安，感謝您今天加入我們。今天，我們將討論 Shutterstock 第一季的業績。我們也將更詳細地討論 Shutterstock 的產品路線圖，我們相信該路線圖為 Shutterstock 的持續成長提供了獨特的定位。最後，我們希望從貢獻者和客戶的角度來解決烏克蘭持續的戰爭及其對 Shutterstock 的影響。

Shutterstock grew 9% year-over-year this past quarter or 11% on a constant currency basis, driven by a further acceleration of growth in our enterprise channel to 11% and e-commerce growth of 7% per our expectations. The 11% year-over-year growth in enterprise reflects the dramatically improved execution the strength of our FLEX family of products and continued momentum in our studios and editorial businesses.

Shutterstock 在上個季度年增 9%，以固定匯率運算成長 11%，這得益於我們的企業通路成長進一步加速至 11%，電子商務成長達到我們預期的 7%。企業業務年增 11%，反映出我們 FLEX 系列產品執行力的顯著提高以及我們工作室和編輯業務的持續發展勢頭。

Our FLEX team subscription and FLEX premium products are now a key part of our offering geared towards small and medium businesses and middle-market customers. Additionally, both Shutterstock Studios and editorial businesses turned in strong quarters.

我們的 FLEX 團隊訂閱和 FLEX 高級產品現在是我們針對中小型企業和中型市場客戶的產品的關鍵部分。此外，Shutterstock Studios 和編輯業務都實現了強勁的季度業績。

Shutterstock Studios has built a strong presence and credibility in the market, which has enabled us to win multifaceted contracts for blue-chip brands, increase our overall AOV's and maintain strong customer retention, while all positioning Shutterstock as a strategic full-service partner capable of serving our customers' most complex creative needs.

Shutterstock Studios 在市場上建立了強大的影響力和信譽，這使我們能夠贏得藍籌品牌的多方面合同，提高我們的整體AOV 並保持強大的客戶保留率，同時將Shutterstock 定位為能夠提供全方位服務的策略夥伴滿足客戶最複雜的創意需求。

Our editorial business is growing at a healthy rate, driven by continuing innovation in our new -- newsroom offering, which we rolled out in 2021. We are especially proud of some of the great work being done by our photographers and their coverage of key entertainment and media events. In short, our increased focus on offering end-to-end enterprise solutions, such as studios and editorial has enabled Shutterstock over the past several quarters to change the conversation with our enterprise customers and better position ourselves as a strategic partner able to meet their needs.

在我們於2021 年推出的新新聞編輯室產品的持續創新的推動下，我們的編輯業務正在以健康的速度增長。我們對我們的攝影師所做的一些出色工作及其對主要娛樂內容的報道感到特別自豪和媒體活動。簡而言之，我們越來越專注於提供端到端企業解決方案（例如工作室和編輯），這使得Shutterstock 在過去幾個季度中改變了與企業客戶的對話，並更好地將自己定位為能夠滿足他們需求的策略夥伴。

In our e-commerce channel, we experienced 7.3% growth year-over-year and 9% on a constant currency basis, in line with our expectations, which we discussed last quarter. We saw the continuing shift by customers to our subscription offerings with accelerating net subscriber additions in the first quarter, driven by the FLEX 25 product introduced this past October. This past quarter, our overall subscriber count grew 17% and our subscription revenue grew 12% on a year-over-year basis resulting in subscription revenue as a percent of total revenue reaching 43%, which was an all-time high.

在我們的電子商務通路中，我們的年增 7.3%，以固定匯率計算成長 9%，符合我們上季討論的預期。在去年 10 月推出的 FLEX 25 產品的推動下，我們看到客戶持續轉向我們的訂閱產品，第一季淨訂戶數量加速成長。上個季度，我們的總訂閱人數年增 17%，訂閱收入年增 12%，訂閱收入佔總收入的百分比達到 43%，創歷史新高。

We also feel good about the actions we're taking to reaccelerate growth in our e-commerce channel and expect to see some positive momentum throughout 2022. These actions include introducing new content subscriptions, including a new unlimited music subscription with sound effects in Q2, enhancing the value of our content subscriptions with predictive insights and workflow applications that helped our subscribers select and create better content, which I'll discuss next.

我們也對我們為重新加速電子商務管道成長而採取的行動感到滿意，並期望在2022 年看到一些積極的勢頭。這些行動包括推出新的內容訂閱，包括在第二季度推出新的無限音樂訂閱和音效，透過預測性見解和工作流程應用程式來提高我們內容訂閱的價值，幫助我們的訂閱者選擇和創建更好的內容，我將在接下來討論。

As you may remember, we made several key acquisitions last year in data and workflow. And I'm happy to say that we're making exciting and tangible progress towards integrating these acquisitions and building out our core capabilities. We are entering a very exciting period of testing, learning and rapid iteration as we bring new features and capabilities to market in Q2. Our immediate focus is on adding value for our existing content subscribers and on bringing new subscriptions and add-ons to market in the second half of the year.

您可能還記得，我們​​去年在數據和工作流程方面進行了幾項關鍵收購。我很高興地說，我們在整合這些收購和建立我們的核心能力方面正在取得令人興奮和切實的進展。隨著我們在第二季度向市場推出新功能和功能，我們正在進入一個非常令人興奮的測試、學習和快速迭代時期。我們目前的重點是為現有內容訂閱者增加價值，並在下半年將新的訂閱和附加內容推向市場。

In early April, we released our Catalog and Plan applications to our e-commerce customers. Catalog allows customers to organize their license and saved content in one place. Meanwhile, plan allows customers to stay organized through a centralized content calendar. These value-enhancing features are available for free for our e-commerce subscribers and our enterprise customers. And we are already seeing promising early results in terms of engagement. This week, we released AI-powered search to our enterprise customers and e-commerce subscribers. These are powered by our acquisitions of Pattern89, Datasine and Shotzr. And this feature allows customers to set objectives and define target audiences as part of their search to discover content most likely to perform for their goals.

四月初，我們向電子商務客戶發布了目錄和計劃應用程式。目錄允許客戶將其許可證和保存的內容組織到一處。同時，該計劃允許客戶透過集中的內容日曆保持井井有條。這些增值功能可供我們的電子商務訂戶和企業客戶免費使用。我們已經看到在參與度方面有希望的早期成果。本週，我們向企業客戶和電子商務訂閱者發布了人工智慧驅動的搜尋。這些都是由我們收購 Pattern89、Datasine 和 Shotzr 提供的。此功能可讓客戶設定目標並定義目標受眾，作為搜尋的一部分，以發現最有可能實現其目標的內容。

Additionally, our predictive technology provides the why behind content recommendations, helping our customers understand with specificity what elements in each photo are the key drivers of performance. This predictive power is now a feature of our core search experience. In addition, this AI-powered search underpins our newly launched Predict application, which we have released to a handful of beta enterprise customers. Given the reduced reliance on third-party cookies and device IDs and the ever-expanding sea of content available from which to choose, Marketers are increasingly facing challenges in reaching their target audience with the right content.

此外，我們的預測技術也提供了內容推薦背後的原因，幫助我們的客戶具體了解每張照片中的哪些元素是效能的關鍵驅動因素。這種預測能力現在已成為我們核心搜尋體驗的一個特徵。此外，這種人工智慧驅動的搜尋是我們新推出的 Predict 應用程式的基礎，我們已將其發布給少數測試版企業客戶。鑑於對第三方 cookie 和裝置 ID 的依賴減少以及可供選擇的內容海洋不斷擴大，行銷人員在向目標受眾提供正確的內容方面面臨著越來越多的挑戰。

Our Predict app helps overcome this challenge by providing tools that enable our customers to select the right content asset for their specific needs. In addition, the Predict app allows our customers to collaborate within their teams to find the right content with features like shared project boards. We are also approaching a major milestone with the release of our create application in the coming weeks. This app powered by the technology acquired from the PicMonkey acquisition will allow customers to access templates, customized text, removed backgrounds, make touch-ups and handle other creative editing functions.

我們的 Predict 應用程式透過提供使客戶能夠根據其特定需求選擇正確的內容資產的工具來幫助克服這一挑戰。此外，Predict 應用程式允許我們的客戶在其團隊內協作，透過共享專案板等功能找到合適的內容。隨著我們在未來幾週內發布創建應用程序，我們也將接近一個重要的里程碑。該應用程式採用了從 PicMonkey 收購中獲得的技術，將允許客戶存取模板、自訂文字、刪除背景、進行修飾和處理其他創意編輯功能。

In short, customers will be able to produce professional-quality designs through an intuitive, easy-to-use interface. The Catalog, Plan, Predict and Create apps are either available now or will soon be available at no charge to our e-commerce subscription customers and our enterprise customers as value-enhancing features to our existing premium products.

簡而言之，客戶將能夠透過直覺、易於使用的介面製作出專業品質的設計。目錄、計劃、預測和創建應用程式現在或很快將免費提供給我們的電子商務訂閱客戶和企業客戶，作為我們現有優質產品的增值功能。

Across both our e-commerce and enterprise channels, we believe that these applications will resonate with our existing base of creative professionals who seek to supplement or validate their intuition with data-backed insights. Moreover, as we continue to evolve these applications in 2022, they will enable us to better serve marketing professionals who will be able to generate predictive scores and insights on their own assets and leverage custom, account-based predictive scoring and insights based on their own historic data.

在我們的電子商務和企業管道中，我們相信這些應用程式將與我們現有的創意專業人士群體產生共鳴，他們尋求透過數據支援的見解來補充或驗證他們的直覺。此外，隨著我們在2022 年繼續發展這些應用程序，它們將使我們能夠更好地為行銷專業人士提供服務，他們將能夠針對自己的資產產生預測分數和見解，並根據自己的資產利用自訂的、基於帳戶的預測評分和見解。歷史資料。

In addition, we plan to introduce later this year a creative flow subscription, which will include the Catalog, Plan, Create and Predict apps and will also incorporate our AI-powered search. This new product will target the casual creative segment and will include a free tier of Shutterstock content with an upsell path to Shutterstock's premium content subscriptions. We believe that this stand-alone create a flow subscription product, which will be available at lower monthly price point represents an extension to new audiences who previously may not have had a need for stock content.

此外，我們計劃在今年稍後推出創意流訂閱，其中將包括目錄、計劃、創建和預測應用程序，還將整合我們的人工智慧搜尋。這項新產品將針對休閒創意細分市場，並將包含 Shutterstock 內容的免費方案以及 Shutterstock 優質內容訂閱的追加銷售路徑。我們相信，這個獨立的產品創建了一個流量訂閱產品，該產品將以較低的每月價格提供，這代表了對以前可能不需要庫存內容的新受眾的擴展。

In summary, our new offering will connect our massive content library, with a powerful editing and design platform, easy-to-use collaboration tools and AI-powered insights so that creators and marketers can make, share, validate and organize their creative work all in one place. This will extend Shutterstock's presence to a broader part of the creative process rather than just the contact selection phase. We encourage you to visit our Investor Relations microsite, which contains a link to a video that gives you a glimpse of all these capabilities.

總而言之，我們的新產品將把我們龐大的內容庫與強大的編輯和設計平台、易於使用的協作工具和人工智慧驅動的見解連接起來，以便創作者和行銷人員能夠製作、共享、驗證和組織他們的創意作品。在一個地方。這將把 Shutterstock 的影響力擴展到創意過程的更廣泛部分，而不僅僅是聯絡人選擇階段。我們鼓勵您訪問我們的投資者關係微型網站，其中包含一個視頻鏈接，可讓您一睹所有這些功能。

And lastly, we wanted to spend a moment addressing the war in Ukraine and any impact on our business. As an organization, we are committed to supporting our network of contributors in Ukraine. To that end, in early March, Shutterstock made a donation of $1 million to provide direct assistance to Shutterstock's thousands of contributors in Ukraine. In the first quarter, Shutterstock had approximately 2.1 million contributors, up over 20% from the prior year, and the content collection is massive with 430 million assets. We have not seen any significant changes in the pattern of content submissions in this region that is meaningfully different from the rest of the world.

最後，我們想花點時間討論烏克蘭戰爭以及對我們業務的任何影響。作為一個組織，我們致力於支持我們在烏克蘭的貢獻者網路。為此，3 月初，Shutterstock 捐贈了 100 萬美元，為 Shutterstock 在烏克蘭的數千名投稿者提供直接援助。第一季度，Shutterstock 擁有約 210 萬貢獻者，比前一年增長了 20% 以上，內容收藏規模龐大，擁有 4.3 億資產。我們沒有看到該地區的內容提交模式發生任何與世界其他地區明顯不同的重大變化。

Throughout the history of Shutterstock, we have seen the sources of our content shipped globally from region to region with impressive flexibility and responsiveness to the needs of the market and that is part of the powerful network effect that we have created with our efficient marketplace.

縱觀Shutterstock 的歷史，我們看到我們的內容來源在全球各地從一個地區運送到另一個地區，具有令人印象深刻的靈活性和對市場需求的響應能力，這是我們透過高效市場創造的強大網路效應的一部份。

While we do not believe our contributor supply chain will impact our revenues, we do have about 1% of revenues from the impacted region, which we believe will go away in large part, and we have factored into our expectations for the year.

雖然我們不認為我們的貢獻者供應鏈會影響我們的收入，但我們確實有大約1% 的收入來自受影響的地區，我們相信這部分收入將大部分消失，並且我們已將其納入今年的預期中。

In conclusion, A few final takeaways before I turn over the call to Jarrod. First, the product rollouts in connection with our predictive performance and creative design capabilities represent the crystallization of our acquisitions from last year. Second, we believe that the recent and pending launches of our workflow applications will enable product differentiation and sustained growth in the marketplace. And finally, we are changing customers' perception of Shutterstock by offering strategic full-service solutions and a suite of applications, we are more deeply embedding us into our customers' workflows.

總之，在我把電話轉給賈羅德之前，有一些最後的要點。首先，與我們的預測性能和創意設計能力相關的產品推出代表了我們去年收購的結晶。其次，我們相信，我們最近和即將推出的工作流程應用程式將實現產品差異化和市場持續成長。最後，我們透過提供策略性全方位服務解決方案和一套應用程式來改變客戶對 Shutterstock 的看法，我們將更深入地嵌入到客戶的工作流程中。

And with that, I'll turn the call over to Jarrod.

然後，我會將電話轉給賈羅德。

Thank you, Stan, and good morning, everyone. Revenues grew 9% in the first quarter or 11% on a constant currency basis per our expectations for the quarter and a good start to the year. E-commerce revenue grew 7% this quarter or 9% on a constant currency basis. We witnessed an acceleration in net subscriber additions with the fastest growth in multiple quarters driven by our smaller subscription products, including our FLEX 25 launched in October of 2021. This strength was partially offset by our non-subscription pack and transaction products. To remind investors, pack and transaction products tend to have lower LTVs and lower net revenue retention than our subscription products.

謝謝你，斯坦，大家早安。第一季營收成長 9%，以固定匯率計算成長 11%，符合我們對本季的預期，也是今年的好開始。本季電子商務營收成長 7%，以固定匯率計算成長 9%。在我們較小的訂閱產品（包括2021 年10 月推出的FLEX 25）的推動下，我們見證了淨訂戶數量的加速增長，在多個季度中實現了最快的增長。這一優勢被我們的非訂閱包和交易產品部分抵消。提醒投資者，打包和交易產品往往比我們的訂閱產品具有較低的生命週期價值和較低的淨收入留存。

As a result of this continued mix shift towards subscription products, our subscription revenues reached a record 43% of revenues this quarter. As a reminder, we only include in our subscriber counts and subscription revenues, long-term subscribers that have been with Shutterstock for more than 3 months.

由於持續向訂閱產品組合轉變，我們的訂閱收入在本季達到了創紀錄的 43%。提醒一下，我們僅將訂閱 Shutterstock 時間超過 3 個月的長期訂閱者納入我們的訂閱者數量和訂閱收入。

Our enterprise channel turned in another strong quarter, growing 11% or 13% on a constant currency basis based on sustained growth in our FLEX team products, as well as strength of Shutterstock Studios and in editorial. For the first quarter, gross margin declined by approximately 114 basis points to 65.1% year-over-year largely driven by higher noncash M&A amortization expense of $5.5 million.

我們的企業管道迎來了一個強勁的季度，基於我們的 FLEX 團隊產品的持續成長以及 Shutterstock Studios 和社論的實力，按固定匯率計算增長了 11% 或 13%。第一季毛利率年減約 114 個基點至 65.1%，主要是因為非現金併購攤銷費用增加 550 萬美元。

Backing out M&A amortization, Q1 gross margin improved by 150 basis points year-over-year. Gross margins are improving partially due to the ongoing mix shift towards subscription offerings, which tend to have lower utilization than pack and transaction products.

剔除併購攤銷，第一季毛利率年增 150 個基點。毛利率正在改善，部分原因是持續向訂閱產品組合轉變，訂閱產品的利用率往往低於套餐和交易產品。

Sales and marketing expense was 27% of revenues as compared to 23% in the first quarter of 2021 and down from 30% in the fourth quarter. The year-over-year increase in sales and marketing was driven by additional investment in performance marketing spend, along with sales head count additions to support the future growth of our enterprise channel.

銷售和行銷費用佔收入的 27%，而 2021 年第一季為 23%，較第四季的 30% 有所下降。銷售和行銷的同比增長是由績效行銷支出的額外投資以及為支持企業通路未來成長而增加的銷售人員所推動的。

Product development as a percentage of revenue increased 1% due to costs associated with our 2021 acquisitions as well as further investment in our product road map.

由於 2021 年收購相關的成本以及對產品路線圖的進一步投資，產品開發佔收入的百分比增加了 1%。

G&A expenses were 15% of revenue, down 120 basis points from the first quarter of 2021 as we are experiencing leverage in G&A as our business continues to grow. G&A also included the $1 million donation to our contributors in Ukraine, which had a 50 basis point impact to EBITDA margins for the quarter. Excluding the donation to Ukraine, G&A costs would have been down 170 basis points year-over-year. Adjusted EBITDA margins were 27.5%, down by 300 basis points from last year, mainly driven by additional marketing spend. For the first quarter, GAAP diluted earnings per share was $0.71 and adjusted diluted earnings per share was $1.

G&A 費用佔營收的 15%，比 2021 年第一季下降 120 個基點，因為隨著我們業務的持續成長，我們在 G&A 方面遇到了槓桿作用。 G&A 還包括向烏克蘭捐助者捐贈的 100 萬美元，這對本季 EBITDA 利潤率產生了 50 個基點的影響。如果不包括對烏克蘭的捐款，一般管理費用將年減 170 個基點。調整後 EBITDA 利潤率為 27.5%，比去年下降 300 個基點，主要是由額外的行銷支出推動的。第一季度，GAAP 攤薄每股收益為 0.71 美元，調整後稀釋每股收益為 1 美元。

Turning to our balance sheet and cash flows. At the end of the quarter, we had $258 million of cash, down from $314 million at December 31, 2021. The $56 million decline in cash is driven primarily from our share buyback program during the quarter as well as our annual bonus payment in the first quarter. As we indicated during the fourth quarter, we were more aggressive about buying back our stock and repurchased 422,000 shares for $38.4 million. As a result, our total shares outstanding decreased by 280,000 shares to 36.1 million shares at the end of the quarter. In addition, we also paid $18.5 million related to taxes on the vesting of our equity awards, which are issued on a withhold to cover basis, further limiting share count creep. We also paid $8.7 million for our quarterly dividend, which we recently increased to $0.24 per share and announced that in January.

轉向我們的資產負債表和現金流。截至本季末，我們的現金為2.58 億美元，低於2021 年12 月31 日的3.14 億美元。現金減少5,600 萬美元主要是由於我們在本季的股票回購計畫以及我們在2021 年支付的年度獎金。第一季。正如我們在第四季度所表明的那樣，我們更加積極地回購股票，並以 3,840 萬美元回購了 422,000 股股票。因此，截至本季末，我們的流通股總數減少了 28 萬股，至 3,610 萬股。此外，我們還支付了 1,850 萬美元與股權獎勵歸屬相關的稅款，這些獎勵是在預扣稅款的基礎上發放的，進一步限制了股票數量的增長。我們還支付了 870 萬美元的季度股息，最近我們將股息提高至每股 0.24 美元，並在 1 月宣布了這一消息。

This is a total of over $65 million of cash utilized to return value to our shareholders during the quarter. Cash outflows also included $13 million of CapEx and content acquisitions. As described in previous calls, we believe that our framework of increasing dividends, consistent share buybacks and M&A is an attractive complement to our baseline of shareholder value creation generated from revenue growth, and margin expansion.

本季總共使用了超過 6500 萬美元的現金為股東回報價值。現金流出還包括 1,300 萬美元的資本支出和內容收購。正如先前的電話會議中所述，我們相信，我們增加股息、持續股票回購和併購的框架是對我們透過收入成長和利潤擴張創造股東價值的基準的有吸引力的補充。

Our deferred revenue balance was $179 million and increased $25 million from the first quarter of 2021, representing year-over-year growth of 16%. Adjusting for the deferred revenue balance for PicMonkey, deferred revenue grew 10% year-over-year, faster than our overall revenue growth for the quarter. Turning to our key operating metrics for the quarter. Subscriber count increased by 17% to 360,000 and sequential net additions accelerated to 17,000 from 7,000 last quarter with 1/3 of the additions driven by the introduction of the FLEX 25 product introduced in October of last year. Subscriber revenue increased by 11% (sic) [12%] to $85.4 million and subscriber revenue represented 43% of revenues, our highest ever. Average revenue per customer increased by 4% to $355 on a year-over-year basis and decreased 3% on a sequential basis.

我們的遞延收入餘額為 1.79 億美元，較 2021 年第一季增加 2,500 萬美元，年增 16%。在調整 PicMonkey 的遞延收入餘額後，遞延營收年增 10%，快於我們本季的整體營收成長。轉向我們本季的關鍵營運指標。用戶數量增加了 17%，達到 360,000 名，連續淨增數量從上季度的 7,000 名加速至 17,000 名，其中 1/3 的新增數量是由去年 10 月推出的 FLEX 25 產品推動的。訂閱者收入成長了 11%（原文如此）[12%]，達到 8,540 萬美元，訂閱者收入佔收入的 43%，是我們有史以來的最高水準。每位客戶的平均收入年增 4% 至 355 美元，較上季下降 3%。

The decline in ARPU sequentially was driven by our inclusion of TurboSquid revenues and customers in this metric for the first time this quarter. Paid downloads were down 2.5% and revenue per download increased to $4.22 per download.

ARPU 連續下降的原因是我們本季首次將 TurboSquid 營收和客戶納入該指標。付費下載量下降 2.5%，每次下載收入增加至 4.22 美元。

We are maintaining our guidance for the full year at 8% to 10% revenue growth with margins flat to up 50 basis points despite the headwinds we've experienced related to foreign exchange and the war in Ukraine.

儘管我們經歷了與外匯和烏克蘭戰爭有關的不利因素，但我們仍維持全年營收成長 8% 至 10% 的指導，利潤率持平至上升 50 個基點。

At current spot rates, projected through the end of the year, FX represents an additional 0.5% headwind to reported revenue growth for the full year as compared to when we gave guidance in the fourth quarter. We've also taken into account the loss of revenues from both Russia and Ukraine, representing 1% of revenues for the full year. So these headwinds are approximately 1.5% in total. Regardless, we feel quite good about our first quarter revenue performance and our growth prospects for the year. We're off to a great start with our EBITDA margins above our own expectations at 27.5% in the first quarter. Should that positive margin outperformance continue, we will adjust our guidance accordingly.

按照目前的即期匯率（預計到今年年底），與我們在第四季度給出指導時相比，外匯對全年報告的收入增長產生了 0.5% 的額外阻力。我們也考慮了俄羅斯和烏克蘭的收入損失，佔全年收入的 1%。因此，這些不利因素總共約為 1.5%。無論如何，我們對第一季的營收表現和今年的成長前景感到非常滿意。我們有了一個好的開端，第一季 EBITDA 利潤率達到 27.5%，高於我們自己的預期。如果積極的利潤率表現繼續良好，我們將相應調整我們的指導。

Overall, we're thrilled as a team with the progress we've been making towards evolving our business into a subscription model and integrating data and creative tools and workflow into our content offerings over the past year. We are pleased with our margins to start the year, giving us the flexibility to invest for growth, while still delivering on our commitments around annual margin expansion.

總的來說，作為一個團隊，我們對過去一年中在將業務發展為訂閱模式以及將數據、創意工具和工作流程整合到我們的內容產品中所取得的進展感到興奮。我們對年初的利潤率感到滿意，這使我們能夠靈活地投資成長，同時仍履行我們對年度利潤率擴張的承諾。

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

接線員，現在我們願意開通電話詢問任何問題。

(Operator Instructions) Our first question comes from Youssef Squali with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Youssef Squali。

Great. Yahes and Jarrod. Just 2 questions for me. First, maybe just on the FX impact on Russia and the headwinds from Russia on the quarter. If you look at it on a sequential basis, can you maybe just quantify the impact? I think so relative to FX you just said earlier that for the year, it's 50 bps. So that assumes that it was about 50 bps for the quarter as well. And Russia, I know you guys, I think, conducted business in Russia until maybe end of February. So just what was the net-net just so that we can back into a number relative to the expectations that you guys set up back in February?

偉大的。亞赫斯和賈羅德。只要問我 2 個問題。首先，也許只是外匯對俄羅斯的影響以及俄羅斯本季的不利因素。如果您按順序查看它，您是否可以量化其影響？我認為相對於您剛才所說的今年的外匯而言，它是 50 個基點。因此，假設本季的漲幅也約為 50 個基點。俄羅斯，我知道你們在俄羅斯開展業務可能要等到二月底。那麼，淨淨值到底是多少，以便我們能夠回到與你們二月設定的預期相關的數字？

And then Stan, thanks for all the color that you gave about products that are -- that you guys are planning in the second half. But where are you in maybe plans to integrate PicMonkey into the bundles? I'm thinking the FLEX 25, there is a talk of maybe FLEX 10 any early feedback on retention or on any other metric from this integration?

然後斯坦，感謝你們為下半年計劃的產品提供的所有色彩。但是您是否計劃將 PicMonkey 整合到捆綁包中？我正在考慮 FLEX 25，也許 FLEX 10 是否有關於保留或此整合的任何其他指標的早期反饋？

Sure. And Youssef I can help with the first part of your question, then I'll turn it over to Stan. Just in terms of FX impact, as we think about it, we have about 1/3 of our revenues that are denominated in euros and GBP. Year-over-year, we saw the euro depreciated about 7% year-over-year and the GBP depreciated about 3% year-over-year. We had factored into our guidance in the fourth quarter when we gave the full year guidance, about a 2% impact to revenues from foreign exchange. We've seen that accelerate by about 50 basis points from my prior remarks. If you look at that impact of 50 bps in the first quarter, there would be approximately $1 million of revenue.

當然。優素福，我可以幫助解決你問題的第一部分，然後我會轉交給史丹。就外匯影響而言，正如我們所想，我們大約 1/3 的收入是以歐元和英鎊計價的。與去年同期相比，我們看到歐元年減約7%，英鎊年減約3%。當我們給予全年指引時，我們已將外匯收入影響約 2% 納入第四季的指導中。與我之前的言論相比，我們看到這一速度加快了約 50 個基點。如果你看看第一季 50 個基點的影響，就會有大約 100 萬美元的收入。

We also have about 1% of our revenues from Russia and Ukraine. That would be about $8 million of annual revenue. We saw some of that revenue come off in the month of March.

我們還有大約 1% 的收入來自俄羅斯和烏克蘭。年收入約 800 萬美元。我們看到其中一些收入在三月有所減少。

Going forward, we'll have the full annualized impact of that in our numbers. And so we factored that into our guidance. Our reported revenues for the quarter was really right in the middle of our guidance. And so despite that 1.5% headwind, we do still feel comfortable with our current guidance and feel good about the growth prospects of the business.

展望未來，我們將在我們的數據中看到這一點的全部年度影響。因此我們將這一點納入我們的指導中。我們報告的本季收入確實處於我們指導的中間位置。因此，儘管存在 1.5% 的阻力，我們仍然對當前的指導感到滿意，並對業務的成長前景感到樂觀。

Youssef, and this is Stan. To answer your question on the applications, and I realize that we went into some detail about all of the applications and kind of the launch of the application. So just a quick reminder, Catalog and Plan was released in early April. And then AI-powered search was also just released this past week. And then our Predict application is currently out in beta with some of our enterprise customers and then we're a couple of weeks away from the Create application, which is the PicMonkey integration into the Shutterstock sort of core experience.

優素福，這是史丹。為了回答您有關應用程式的問題，我意識到我們詳細介紹了所有應用程式以及應用程式啟動的類型。簡單提醒一下，目錄和計畫已於四月初發布。人工智慧驅動的搜尋也於上週剛發布。我們的 Predict 應用程式目前正在向一些企業客戶推出測試版，距離 Create 應用程式還有幾週的時間，Create 應用程式是將 PicMonkey 整合到 Shutterstock 的核心體驗中。

This quarter is very much focused on learning and continuing to follow with additional features. In fact, the rest of the year will be like that. However, we will be doing a lot more marketing in the second half of the year around these applications. As far as retention goes, which is sort of what's most important about these applications, we're seeing about 20% -- for the applications that we've launched, we're seeing about a 20% engagement with the applications already. For new customers that are coming and engaging with the apps, they have about twice the engagement of customers who don't engage with the apps.

本季度非常注重學習並繼續關注其他功能。事實上，今年剩下的時間也會如此。然而，我們將在今年下半年圍繞這些應用程式進行更多的行銷。就保留率而言，這是這些應用程式最重要的一點，我們看到大約 20%——對於我們已經推出的應用程序，我們已經看到大約 20% 的應用程式參與度。對於即將使用應用程式的新客戶來說，他們的參與度大約是不使用應用程式的客戶的兩倍。

And your question about FLEX and how we're going to be making the Creative Flow suite of applications available, they will be available to all of our subscription products. This includes our FLEX products as well. And then we will also have a stand-alone Creative Flow subscription with a free tier of content for those that maybe previously have not had a need for stock content. And what this allows us to do is to capture a completely new audience and also start to introduce them to the effectiveness of being able to leverage not just stock content but being able to leverage stock content with data that tells them which -- what content will actually perform.

您關於 FLEX 的問題以及我們將如何提供 Creative Flow 應用程式套件的問題，它們將適用於我們所有的訂閱產品。這也包括我們的 FLEX 產品。然後，我們還將為那些以前可能不需要庫存內容的人提供獨立的 Creative Flow 訂閱，其中包含免費的內容層。這使我們能夠做的是吸引全新的受眾，並開始向他們介紹不僅能夠利用庫存內容的有效性，而且能夠透過數據來利用庫存內容，告訴他們哪些內容將實際執行。

So the way we're thinking about it is it's a value add for all of our existing subscriptions and then for customers who want the Creative Flow applications without a content subscription, we will make that available as well.

因此，我們的想法是，它是我們所有現有訂閱的增值服務，對於想要無需訂閱內容的 Creative Flow 應用程式的客戶，我們也將提供該服務。

Excellent. And on the -- just on the bundles, so your FLEX 25, which I think you launched last year, you seem to be very happy with the outcome. There was a talk of maybe a FLEX 10. Can you give us an update on that?

出色的。關於 - 就捆綁而言，所以你的 FLEX 25，我認為你去年推出了，你似乎對結果非常滿意。有人討論過可能會推出 FLEX 10。可以為我們介紹一下最新情況嗎？

Yes. So we are testing and going to be testing a FLEX 10 product as well. We're still in the planning stages of that. Part of the testing that we do is we do AB testing on all major releases. Some of that has to do with just ensuring that especially given our content products are becoming much more robust with the combination of video and music within the subscriptions and then the fact that we're also launching individual subs that are tied to each of our content categories. We have to do a lot of testing and a lot of thinking around how to best support these products, what audiences we should target with these products, the pricing of the product. But yes, we do plan to test that this quarter.

是的。因此，我們正在測試並將繼續測試 FLEX 10 產品。我們仍處於規劃階段。我們所做的測試的一部分是對所有主要版本進行 AB 測試。其中一些與確保特別是考慮到我們的內容產品透過訂閱中的影片和音樂的組合而變得更加強大，然後我們還推出了與每個內容相關的單獨訂閱。類別。我們必須圍繞如何最好地支持這些產品、這些產品的目標受眾以及產品的定價進行大量測試和大量思考。但是，是的，我們確實計劃在本季進行測試。

Our next question comes from Andrew Boone with JMP.

我們的下一個問題來自 JMP 的 Andrew Boone。

Can you talk about -- you mentioned this just off of Youssef's question, but can you talk about how you plan to educate users on the apps themselves. AI and Predict is somewhat of a new feature in terms of users on the platform? How are you educating users on it? And then more broadly, as we think about these tools as kind of a new on-ramp in terms of marketing. Can you talk about just double-click on the marketing plans that you mentioned in terms of the back half of the year? And how big should we think about the investment being made in these newer tools?

你能談談——你在優素福的問題中提到了這一點，但你能談談你計劃如何對用戶進行應用程式本身的教育嗎？就平台上的使用者而言，AI 和 Predict 是一個新功能嗎？您如何對用戶進行教育？更廣泛地說，我們將這些工具視為行銷方面的新入口。您能談談您提到的下半年的行銷計畫嗎？我們應該考慮對這些新工具進行多大的投資？

Yes. Thanks for the question. Great question. So right now, the way that the way that we're learning is through customers discovering these applications effectively on their own. And the way that they're discovering these applications is that if you go to Shutterstock today, whereas previously, you just had a search bar today, you start to see a sidebar that also has applications as part of the experience. As we move forward to the back half of the year, we have a complete go-to-market plan, which will include everything from specific site marketing. So call-outs that we will have videos that we will have in terms of help things that our UX team is responsible for in sort of helping our consumers based on where they are across the site. So whether they're on a search page, whether they're on a asset detail page, we will have unique ways to engage our customers into the application experience.

是的。謝謝你的提問。很好的問題。所以現在，我們學習的方式是透過客戶自己有效地發現這些應用程式。他們發現這些應用程式的方式是，如果您今天訪問 Shutterstock，而以前只有一個搜尋欄，您會開始看到一個側邊欄，其中也包含應用程式作為體驗的一部分。當我們進入下半年時，我們有一個完整的上市計劃，其中將包括特定網站行銷的所有內容。因此，請注意，我們將提供視頻，以幫助我們的用戶體驗團隊負責的事情，根據消費者在網站上的位置來幫助他們。因此，無論它們是在搜尋頁面上，還是在資產詳細資訊頁面上，我們都將採用獨特的方式讓客戶參與應用程式體驗。

We are also going to be creating an enormous amount of content and content marketing in support of -- in support of these new applications, and we will be doing some upper funnel marketing as well. Jarrod can talk to the specifics in terms of the marketing spend as a percent of revenue. But we do have a complete plan to drive that discovery to drive -- from a brand perspective to really talk about Shutterstock in a completely new way, educate both our existing subscribers, but also expand our reach to new customers who are looking for tools and templates to help them get going from a creative perspective.

我們還將創建大量的內容和內容行銷來支援這些新應用程序，我們還將進行一些上層漏斗行銷。賈羅德可以詳細討論行銷支出佔收入的百分比。但我們確實有一個完整的計劃來推動這一發現——從品牌角度以全新的方式真正談論Shutterstock，教育我們現有的訂閱者，同時也將我們的影響力擴大到正在尋找工具和工具的新客戶。幫助他們從創意角度出發的模板。

So Jarrod, I don't know if we're providing any additional guidance at this point about marketing in the back half, but I'll turn that over to you.

Jarrod，我不知道我們目前是否提供任何關於後半部分行銷的額外指導，但我會將其轉交給您。

Sure. So as we mentioned in the fourth quarter, we do expect sales and marketing expense to slightly decrease year-over-year as compared to 2021. And Andrew, if you remember, towards the back half of last year, we embarked on a linear television campaign that was about $13 million of spend or about 1.8% sales and marketing spend as a percentage of revenues. We don't expect to let all of that fall to the bottom line, and we are going to be reinvesting in sales and marketing. We were at about 27% for the first quarter. And so what you'll expect to see is a more even pace of sales and marketing spend over the course of the year. But you're not going to see us tick back up to that 30% of revenue, sales and marketing spend that we approached in the fourth quarter of last year.

當然。因此，正如我們在第四季度提到的，我們確實預計銷售和行銷費用與 2021 年相比將同比略有下降。安德魯，如果你還記得的話，去年下半年，我們開始推出線性電視該活動的支出約1,300 萬美元，銷售和行銷支出佔收入的比例約為1.8%。我們不希望讓所有這些都落入底線，我們將在銷售和行銷方面進行再投資。第一季我們的成長率約為 27%。因此，您將期望看到全年銷售和行銷支出的步伐更加均勻。但你不會看到我們恢復到去年第四季收入、銷售和行銷支出的 30%。

So sales and marketing overall year-on-year to be slightly lower than last year as we redeploy some of those linear advertising dollars into other investments. However, a more even pace of sales and marketing spend this year as compared to last year, what was more second half weighted.

因此，隨著我們將部分線性廣告資金重新部署到其他投資中，銷售和行銷總體同比將略低於去年。然而，與去年相比，今年的銷售和行銷支出步伐更加均勻，下半年的比重更大。

(Operator Instructions) Our next question comes from Bernie McTernan with Needham.

（操作員說明）我們的下一個問題來自 Bernie McTernan 和 Needham。

Maybe to start just on guidance, so called out the 150 basis point impact to revenue growth. But keeping revenue guidance the same. So what is outperforming expectations or offsetting tailwinds that impacted the original guide?

也許只是從指導開始，所以指出了 150 個基點對收入成長的影響。但保持收入指引不變。那麼，什麼是超越預期或抵消影響原始指南的順風呢？

Bernie, just a couple of points. I think one, clearly, our enterprise channel is really executing very strongly. And I think Stan drove into some of the backdrop and reasons for that. But you can look at multiple data points, including the deferred revenue growth on the balance sheet, you can look at sequential improvement in the growth of that business. We just have a lot of confidence in that business continuing to perform.

伯尼，我只想說幾點。我認為，很明顯，我們的企業通路確實執行得非常強勁。我認為史丹深入探討了其中的一些背景和原因。但你可以查看多個數據點，包括資產負債表上的遞延收入成長，你可以查看該業務成長的連續改善。我們對該業務的持續表現充滿信心。

Secondly, we feel quite good about our product road map. We've invested in this very heavily over the course of the past year. First, through our acquisitions, our organic efforts in really evolving into a creative platform as well as the migration towards becoming a subscription revenue business, which gives us better revenue visibility because of the better net revenue retention associated with subscribers. And quite frankly, we started off the year with a healthy degree of conservatism. And so we've built in enough cushion for ourselves to be able to absorb these lumps and still meet and exceed our expectations for the business. So I think despite that percent half headwind, we feel quite good about the top line growth prospects of the business.

其次，我們對我們的產品路線圖感覺非常好。去年我們在這方面投入了大量資金。首先，透過我們的收購，我們的有機努力真正發展成為一個創意平台，以及向訂閱收入業務的轉變，這使我們更好的收入可見性，因為與訂閱者相關的更好的淨收入保留。坦白說，我們以健康的保守態度開始了這一年。因此，我們為自己建立了足夠的緩衝，以便能夠吸收這些障礙，同時仍然滿足並超越我們對業務的期望。因此，我認為儘管有一半的阻力，但我們對該業務的營收成長前景感到相當看好。

And lastly, we really put up a great quarter in terms of profitability. And while that's great in terms of margin expansion, it also gives us dry powder to be able to reinvest in our business to accelerate the revenue growth even further. There's a bit of a virtuous cycle when you put up great profitability to be able to put those monies back into your business and pick up the growth. So I think it's our execution on top line. It's the enterprise channel. It's the evolution towards a subscription business. And lastly, strong profitability gives us that dry powder to be able to put back in the business and make sure we can meet and exceed our numbers.

最後，我們在獲利能力方面確實取得了出色的季度業績。雖然這對於利潤率擴張來說非常有利，但它也為我們提供了乾粉，使我們能夠對我們的業務進行再投資，進一步加速收入成長。當你獲得巨大的獲利能力，能夠將這些錢重新投入到你的業務中並加速成長時，就會出現一種良性循環。所以我認為這是我們最重要的執行力。這是企業頻道。這是向訂閱業務的演變。最後，強勁的獲利能力使我們能夠重新投入業務，並確保我們能夠達到並超越我們的目標。

Understood. And maybe just going further in on Europe and Rest of World. Both were flat year-over-year in 1Q '22. I think there was some difficult comparisons there maybe. But was there anything else to call out from like a macro standpoint that was impacting revenue growth in Europe aside from Ukraine and Russia?

明白了。也許只是進一步深入歐洲和世界其他地區。 2022 年第一季兩者均較去年同期持平。我認為可能存在一些困難的比較。但是，除了烏克蘭和俄羅斯之外，還有什麼其他因素可以從宏觀角度影響歐洲的收入成長呢？

So one of the things that's important to note in Europe is when you think about the 2% FX headwind to revenues, all of that is as a result of depreciation in the GBP and the euro, which is in our European geography that we disclose externally, which is about 1/3 of our revenues. So if you think about a 2% headwind to revenue growth, on 1/3 of your revenues, the constant currency growth of that European division is closer to 6% to 7%. So it's actually not flat year-over-year.

因此，在歐洲值得注意的一件事是，當你考慮到收入受到 2% 的外匯逆風時，這一切都是英鎊和歐元貶值的結果，這是我們對外披露的歐洲地理區域，約占我們收入的1/3。因此，如果您考慮收入成長 2% 的逆風，那麼您的收入的 1/3，則該歐洲部門的恆定貨幣成長率接近 6% 至 7%。所以實際上同比並不持平。

What I would say broadly speaking, is that we've had better success with our evolution and our sell-through of our subscription products in the U.S. as compared to Europe and Asia. I think we're making some headway in that regard, and we're very focused on it. But I do think that the European business on a constant currency basis is growing at that 6% to 7% growth rate and quite frankly, we feel quite good about some of the things we're doing in Asia, and particularly in our enterprise channel going forward.

從廣義上講，我想說的是，與歐洲和亞洲相比，我們在美國的訂閱產品的發展和銷售取得了更好的成功。我認為我們在這方面正在取得一些進展，我們非常關注它。但我確實認為，以固定匯率計算，歐洲業務正在以 6% 至 7% 的成長率成長，坦白說，我們對我們在亞洲所做的一些事情感到非常滿意，特別是在我們的企業通路中向前走。

Understood. And then just lastly for me. On competition, there was some news flow that happened over the past month over the last few weeks, at least with some AI-based content competitors like DALL·E 2 potentially coming into this stock imaging market -- just any thoughts in terms of what competition looks like in the stock imaging market, if it's still the stock content market. Is it still kind of like the big 3? Or are there other maybe competitors out there we should be focused on as well, too?

明白了。最後對我來說。關於競爭，過去幾週發生了一些新聞，至少有一些基於人工智慧的內容競爭對手，如 DALL·E 2 可能進入這個股票成像市場——只是關於什麼的任何想法如果仍然是庫存內容市場，那麼競爭看起來就像在庫存成像市場中一樣。還是像三巨頭嗎？或者有其他我們也應該關注的競爭對手嗎？

Well, Bernie, good talking to you. I think when you look at our category, I think there's a lot of innovation that continues in terms of how you leverage content, how you deal with the fact that cookies are going away, how to be effective as a [creator] and marketer. When we think about the investments that we make, we think about it from a standpoint of what is proprietary to us. So for example, when we take our library and we -- 430 million assets, and we score that library based on the data acquisition that we have against [IEB] segments and audience segments or segments tied to affinity -- content affinity, aesthetics, et cetera, that is really unique to us. It's not like this is third-party data that somehow is equally distributed across these competitors in the marketplace.

嗯，伯尼，很高興跟你說話。我認為，當您審視我們的類別時，我認為在如何利用內容、如何處理 cookie 即將消失的事實以及如何作為[創建者]和營銷人員發揮有效作用方面，有很多創新仍在繼續。當我們考慮我們所做的投資時，我們會從我們專有的角度來考慮。例如，當我們使用我們的圖書館時，我們有 4.3 億資產，我們根據 [IEB] 細分和受眾細分或與親和力相關的細分（內容親和力、美學、等等，這對我們來說確實是獨一無二的。這並不是說第三方數據以某種方式在市場上的這些競爭對手之間平均分配。

And so there's a lot of companies in the AI space. The reason we decided to make these investments is because when you think about the size of our library, when you think about the type of training sets that we've developed internally, and now when you think about our ability to actually help our customers target the audiences that they're trying to target with a lot of content library that is unparalleled we think we definitely have a very compelling product.

因此，人工智慧領域有很多公司。我們決定進行這些投資的原因是，當您考慮我們圖書館的規模時，當您考慮我們內部開發的培訓集類型時，當您考慮我們實際幫助客戶定位目標的能力時他們試圖通過大量無與倫比的內容庫來瞄準目標受眾，我們認為我們絕對擁有非常引人注目的產品。

So you're right, it's very -- we're in a very competitive space, and there's going to continue to be tens and hundreds of companies that are going to leverage AI in different ways. For us, it's really about a very practical and proprietary application based on the strengths that we have at Shutterstock, which is the depth of our library as well as the data that we have acquired that is proprietary to us.

所以你是對的，我們正處於一個競爭非常激烈的領域，並且將繼續有數十甚至數百家公司將以不同的方式利用人工智慧。對我們來說，這實際上是一個非常實用和專有的應用程序，基於我們在 Shutterstock 的優勢，即我們庫的深度以及我們獲得的專有數據。

(Operator Instructions) We have a follow-up from Youssef Squali with Truist Securities.

（操作員指示）我們有來自 Truist Securities 的 Youssef Squali 的後續行動。

Just 2 clarifications. One, did you guys include the PicMonkey subs in the sub count this quarter because I think you spoke to it as part of ARPU. And the other -- Jarrod, so the Q1 EBITDA performance sets you up nicely for potentially delivering more than that 0 to 50 bps for the year? How do you -- I know you're basically keeping your guidance unchanged. But do you have plans of reinvesting that money more aggressively in other areas that you didn't think of maybe 3 months ago?

只是 2 點澄清。第一，你們是否將 PicMonkey 訂閱者納入本季度的訂閱者計數中，因為我認為你們將其視為 ARPU 的一部分。另一個——Jarrod，那麼第一季的 EBITDA 表現是否足以讓您在今年實現超過 0 到 50 個基點的成長？我知道你基本上保持你的指導不變。但是，您是否有計劃更積極地將這筆資金再投資到 3 個月前您沒有想到的其他領域？

So, Youssef, we have not yet included the PicMonkey subscribers in our numbers. I think if we were to include them at a point in time in the kind of prior period comparable, we didn't include them as well as a pro forma would be a little bit misleading. So we're probably going to wait until we've kind of annualized the acquisition to include those subs in our KPIs. And we'll call that out specifically for investors when we do so. From a part of the ...

因此，Youssef，我們尚未將 PicMonkey 訂閱者納入我們的數據中。我認為，如果我們將它們包含在可比較的前期的某個時間點，那麼我們沒有將它們包含在內，預計會有點誤導。因此，我們可能會等到收購年度化之後，才能將這些子公司納入我們的 KPI。當我們這樣做時，我們會專門向投資者指出這一點。從一部分...

Was it part of ARPU discussion that you had before, I'm sorry.

抱歉，這是您之前討論過的 ARPU 的一部分嗎？

No, it's not part of the ARPU. What was part of the ARPU was the inclusion of TurboSquid, which we had done in February of last year, so that is included in the numbers. But not the PicMonkey is not in either.

不，它不是 ARPU 的一部分。 ARPU 的一部分是包含 TurboSquid，這是我們在去年 2 月完成的，所以它也包含在數字中。但 PicMonkey 也不在其中。

In terms of the margins, we're very pleased with the margins in the first quarter and by the way, that margin performance is inclusive of the donation we made in Ukraine. So we feel great obviously about our start to the year and our ability to do something like that, while still being able to invest in our business. We realize that we have made commitments around margin expansion. We have some pretty important growth opportunities in our business, and we've been executing on those in terms of our product road map. And you may have also seen in our press release that we put out yesterday about our new CMO and Head of brands. So we're very excited about the prospects of our team and what we can do from a marketing and branding perspective. So we're going to have that balance of investing in our business for growth, while also adhering to our commitments around margin expansion.

就利潤率而言，我們對第一季的利潤率非常滿意，順便說一句，利潤率表現包括我們在烏克蘭的捐款。因此，我們顯然對今年的開局以及我們做類似事情的能力感到非常滿意，同時仍然能夠投資我們的業務。我們意識到我們已經就利潤率擴張做出了承諾。我們的業務中有一些非常重要的成長機會，我們一直在根據我們的產品路線圖執行這些機會。您可能還在我們昨天發布的關於新任首席行銷長和品牌主管的新聞稿中看到。因此，我們對我們團隊的前景以及我們從行銷和品牌角度可以做的事情感到非常興奮。因此，我們將在業務成長投資和恪守利潤擴張承諾之間取得平衡。

I'm showing no further questions in queue at this time. I'd like to turn the call back to Stan Pavlovsky for closing remarks.

目前，我沒有在隊列中顯示任何其他問題。我想將電話轉回給斯坦·帕夫洛夫斯基（Stan Pavlovsky），讓他致閉幕詞。

I want to thank you all for joining us today. And as always, we want to express our gratitude to our customers, our contributors and employees. That ends our call for today. Thank you.

我要感謝大家今天加入我們。一如既往，我們要向我們的客戶、貢獻者和員工表示感謝。我們今天的電話會議到此結束。謝謝。

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。您現在可以斷開連線。