The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Bernie McTernan - Needham & Company Inc. - Analyst
: Great. Thanks for taking the questions. I had two. First, just want to ask about data licensing deals. I believe both companies have broad set or at
least some data licensing deals. Are there any top-line synergies just from flowing through each other's content through those existing relationships?
Is there a way to think about it?
And then secondly, tangentially also on gen AI, there's a big debate in the industry in terms of just the competitive threat from gen AI more broadly
against stock image companies or stock content companies. How will the larger combined company better compete against those competitors
and just competition more broadly as well? Thank you.
Question: Bernie McTernan - Needham & Company Inc. - Analyst
: Great. Thanks for taking the questions, and congrats on getting the deal done.
Question: Youssef Squali - Truist Securities - Analyst
: Alright, thank you very much guys. And yeah, congrats on a deal. It makes a lot of sense to us. Can you talk about the valuation, basically, on what
basis to get to the 55, 45 split? For Shutterstock shareholders in particular, what was kind of the logic of that [28, 84] share offer for stock at close
on [Friday, 30]? And then second, can you talk about the regulatory approval process in the US and in Europe as well, and just the level of confidence
that the deal will go through?
Question: Cory Carpenter - JPMorgan - Analyst
: Thanks for the question. I had two as well. First, understanding you're not committing to specific revenue synergies, but maybe you could paint
the picture just around the potential opportunities on cross selling over time. And then secondly, you mentioned a few times being able to invest
more as a combined company. What are the priorities on the investment side where you feel like maybe you've been constrained before that you'll
now be able to invest more in. Thank you.
Question: Cory Carpenter - JPMorgan - Analyst
: Yeah. So you mentioned a lot about this deal allowing you to invest more as a combined company, just maybe if you could just go over what your
priorities are on the investment side, where perhaps you were constrained before but now you'll be more free to pursue.
Question: Andrew Boone - JMP Securities - Analyst
: Thanks so much for taking my questions. Editorial was a strength of the Getty platform. Can you guys just talk about the opportunity in terms of
combining that asset with Shutterstock and what you guys can do and bring with greater scale there?
And then secondly, capital allocation is significantly different between the two companies, right? Shutterstock has been returning capital with the
dividend. How do we think about that aspect as Getty does delever? And how do you guys think about capital allocation as the balance sheet
moves towards something that's more neutral? Thanks so much.
Question: Tim Nolan - Macquarie - Analyst
: Can I ask the revenue synergy question the other way around. You talk a bit as to how much overlap there may be between your businesses given
you've been competing in terms of content based, in terms of customers. How much is there overlap versus how much is their complementarity
between the two companies? Thank you.
Question: Tim Nolan - Macquarie - Analyst
: Can I add a follow up which is kind of related, which is about the gen AI opportunity. I know, Craig, you've been very vocal about this and done a
lot of work establishing efforts. I just wonder how much you can combine those efforts and what that would entail?
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