Shutterstock, Inc. (NYSE:SSTK) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 08:30 am ET


Shutterstock, Inc. (NYSE:SSTK) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, thank you for standing by and welcome to the Quarter Four, 2019 Shutterstock, Inc. Earnings Conference Call. [Operator Instructions]. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. I would now like to turn the conference over to Ms. Heidi Garfield, General Counsel. Please go ahead.

Heidi Garfield

Thank you, operator. Good morning, everyone and thank you for joining us for Shutterstock's Fourth Quarter and Full Year 2019 Earnings Call. Joining me today is Jon Oringer, our Founder, Chief Executive Officer and Chairman; Stan Pavlovsky, our President and Chief Operating Officer and; Jarrod Yahes, our 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 our investments in our business, the future success and financial impact of new and existing product offerings, our future growth, margins and profitability, our long-term strategy and our 2020 guidance.

Actual results or trends could differ materially from our forecast. For more information, please refer to today's press release and the reports we filed with the SEC from time to time, including the risk factors discussed in our most recently filed Annual Report on Form 10-K filed with the Securities and Exchange Commission.

We will be discussing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margins, adjusted net income, revenue growth, including by distribution channel on a constant currency basis and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the financial tables included with today's press release, which is posted on the Investor Relations section of our website.

Finally, please refer to the brief information deck we posted on our website that contains supporting materials for today's call. And now I'll turn the call over to Jon.

Jonathan Oringer

Thanks, Heidi. And thank you everyone for joining us today for Shutterstock's fourth quarter and full year 2019 earnings call. As you've seen over the last several weeks, we made some leadership announcements that the entire Board and management team are excited about. First, and most recently, this morning, we announced that after serving as CEO for the past 16 years, I will be assuming the role of Executive Chairman at Shutterstock, which will take effect on April 1st.

In this new position, I'm excited to continue to help the Company from a different perspective. I am pleased to announce that Stan Pavlovsky, our current President and Chief Operating Officer will be assuming the role of CEO. I speak for the entire Board, when I say that we are confident that Stan is the ideal person for the job. I've enjoyed working closely with him since he joined last year and his leadership and vision has been invaluable.

Stan hit the ground running as soon as he joined, taking impactful leadership role, not only in the operations of Shutterstock, but also in the development and execution of our