Shutterstock, Inc. (NYSE:SSTK) Q2 2022 Earnings Conference Call July 26, 2022 8:30 AM ET

Company Participants

Chris Suh - VP, IR and Corporate Development

Paul J. Hennessy - CEO

Jarrod Yahes - CFO

Conference Call Participants

Bernie McTernan - Needham & Company

Andrew Boone - JMP Securities

Youssef Squali - Truist Securities

Nat Schindler - Bank of America

Operator

Good day and welcome to the Q2 2022 Shutterstock, Inc. Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions]. Please be advised that today’s conference is being recorded. I’d now like to hand the conference over to your speaker, Mr. Chris Suh, Vice President, Investor Relations and Corporate Development. Please go ahead.

Chris Suh

Thanks Suri. Good morning, everyone and thank you for joining us for Shutterstock’s second quarter 2022 earnings call. Joining us today is Paul Hennessy, Shutterstock’s Chief Executive Officer; and Jarrod Yahes, Shutterstock’s Chief Financial Officer.

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

We will 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. I would now like to turn the call over to Paul Hennessy, Chief Executive Officer.

Paul J. Hennessy

Thanks Chris. Good morning everyone and welcome to our second quarter earnings call. I’d first like to start by conveying my gratitude to my fellow colleagues at Shutterstock for helping me get immersed in the business so quickly and seamlessly. As many of you are aware I am now approaching the end of my first month as Shutterstock’s CEO. I find myself energized by the passion and bias for action permeating throughout the organization and the opportunity to serve our customers. I also look forward to engaging with those of you in the investor community in the weeks and months ahead.