Shutterstock Inc. (NYSE:SSTK) Q1 2023 Earnings Conference Call April 25, 2023 8:30 AM ET

Company Participants

Paul Hennessy - Chief Executive Officer

Jarrod Yahes - Chief Financial Officer

Chris Suh - Vice President, Investor Relations

Conference Call Participants

Lauren Schenk - Morgan Stanley

Bernie McTernan - Needham & Co.

Youssef Squali - Truist Securities

Andrew Boone - JMP Securities

Nick Delfas - Redburn

Nat Schindler - Bank of America

Operator

Thank you for standing by, and welcome to Shutterstock’s Q1 2023 earnings conference call.

At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. To ask a question at that time, please press star-one-one on your telephone. As a reminder, today’s call is being recorded.

I would now like to turn the conference over to your host, Chris Suh, Vice President of Investor Relations and Corporate Development. Please go ahead.

Chris Suh

Thanks Valerie. Good morning everyone and thank you for joining us for Shutterstock’s first quarter 2023 earnings call. Joining us today is Paul Hennessy, 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 impacts 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 2023 guidance. Actual results or trends could differ materially from our forecasts.

For more information, please refer to today’s press release and the reports we filed 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.

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.