Getty Images Holdings Inc (GETY) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Getty Images Fourth Quarter and Full Year 2022 Earnings Conference Call. Today's call is being recorded. We have allocated 1 hour for prepared remarks and Q&A.

下午好，歡迎來到 Getty Images 第四季度和 2022 年全年收益電話會議。今天的通話正在錄音中。我們分配了 1 小時用於準備好的評論和問答。

At this time, I'd like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

此時，我想將會議轉交給 Getty Images 投資者關係和財務副總裁 Steven Kanner。謝謝。你可以開始了。

Good afternoon, and welcome to the Getty Images Fourth Quarter and Full Year 2022 Earnings Call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer.

下午好，歡迎來到 Getty Images 第四季度和 2022 年全年收益電話會議。與我一起參加今天電話會議的還有首席執行官克雷格·彼得斯 (Craig Peters)；和首席財務官 Jen Leyden。

Before we begin, we would like to remind you that this call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks, uncertainties and assumptions which could cause our actual results to differ materially from these statements.

在我們開始之前，我們想提醒您，本次電話會議將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述受各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些陳述大不相同。

These risks, uncertainties and assumptions are highlighted in the forward-looking statements section of today's press release and in our filings with the SEC. Links to these filings and today's press release can be found on our Investor Relations website at investors.getimages.com.

這些風險、不確定性和假設在今天新聞稿的前瞻性陳述部分和我們提交給美國證券交易委員會的文件中得到強調。這些文件和今天的新聞稿的鏈接可以在我們的投資者關係網站 investors.getimages.com 上找到。

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA less CapEx and free cash flow. We use non-GAAP measures in some of our financial discussions as we believe they represent our operational performance and underlying results of our business.

在我們今天的電話會議中，我們還將參考某些非 GAAP 財務信息，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITDA 減去資本支出和自由現金流。我們在一些財務討論中使用非 GAAP 指標，因為我們認為它們代表了我們的運營績效和我們業務的基本結果。

Reconciliations of GAAP to non-GAAP measures as well as the description, limitations and rationale for using each measure can be found in our filings with the SEC. After our prepared remarks, we'll open the call for your questions.

GAAP 與非 GAAP 措施的調節以及使用每項措施的描述、限制和理由可以在我們提交給 SEC 的文件中找到。在我們準備好的評論之後，我們將打開您的問題的電話。

With that, I will hand the call over to our Chief Executive Officer, Craig Peters.

有了這個，我將把電話交給我們的首席執行官克雷格彼得斯。

Thanks, Steven, and thanks to everyone for joining Getty Images Fourth Quarter and Full Year 2022 Earnings Call. I will address the full year business performance and progress before Jen takes you through the full fourth quarter financial results and 2023 outlook.

謝謝史蒂文，也感謝大家參加 Getty Images 第四季度和 2022 年全年收益電話會議。在 Jen 帶您了解完整的第四季度財務業績和 2023 年展望之前，我將介紹全年的業務表現和進展。

I want to start with context on the evolving macroeconomic environment and its impacts on getting images. 2022 was a challenging year, particularly as we move through the second half of the year. As I said last quarter, like other global businesses, the strengthening U.S. dollar relative to foreign currencies negatively impacted our results.

我想從不斷變化的宏觀經濟環境的背景及其對獲取圖像的影響開始。 2022 年是充滿挑戰的一年，尤其是在我們進入下半年的時候。正如我上個季度所說，與其他全球企業一樣，美元相對於外幣走強對我們的業績產生了負面影響。

We also experienced a slowdown in some parts of our business during the year as businesses exercise caution given the macroeconomic conditions, this being most pronounced in certain parts of Europe and with our agency customers.

由於企業在宏觀經濟條件下謹慎行事，這一年我們的某些業務也出現了放緩，這在歐洲的某些地區和我們的代理客戶中最為明顯。

For the 2022 fiscal year, Getty Images exceeded $926 million in revenue, representing year-on-year growth of 0.8% and currency-neutral growth of 5.7%. Our adjusted EBITDA finished just shy of $304 million for the full year. This reflects a reported year-on-year decline of 1.7% and currency-neutral growth of 4.8% as our costs are heavily weighted towards the U.S. dollar and we took on new costs as a public entity.

在 2022 財年，Getty Images 的收入超過 9.26 億美元，同比增長 0.8%，貨幣中性增長 5.7%。我們調整後的全年 EBITDA 僅略低於 3.04 億美元。這反映了報告的同比下降 1.7% 和 4.8% 的貨幣中性增長，因為我們的成本嚴重依賴美元，並且我們作為公共實體承擔了新成本。

While we experienced slowing over the year, Getty Images generated year-on-year currency-neutral growth in each quarter of 2022. We grew our purchasing customers by over 5% year-on-year. We grew our annual subscription customers by more than 50,000 to 129,000.

雖然我們經歷了一年的放緩，但 Getty Images 在 2022 年的每個季度都實現了同比貨幣中性增長。我們的採購客戶同比增長了 5% 以上。我們的年度訂閱客戶增加了 50,000 多人，達到 129,000 人。

Our paid downloads grew more than 6% to 95 million. Our revenue retention rates for our annual subscribers continued in excess of 100%. We continue to grow our video attachment rate as the number of customers using our video offering within the period.

我們的付費下載量增長了 6% 以上，達到 9500 萬次。我們年度訂戶的收入保留率繼續超過 100%。隨著在此期間使用我們的視頻產品的客戶數量的增加，我們繼續增加視頻附件率。

These metrics speak to the strength of Getty Images offering and how we continue to deliver more value to more customers with those customers increasingly committed. At the core of these customer metrics is our high-quality exclusive and authentic content that is born from our unique expertise, creativity and partnerships. It is incredibly difficult to articulate the uniqueness represented in our more than 500 million visual assets.

這些指標說明了 Getty Images 產品的優勢，以及我們如何繼續為更多客戶提供更多價值，而這些客戶越來越忠誠。這些客戶指標的核心是我們高質量的獨家和真實內容，這些內容源於我們獨特的專業知識、創造力和合作夥伴關係。要闡明我們 5 億多視覺資產中所代表的獨特性是非常困難的。

But I believe it is clearly demonstrated by our unparalleled coverage of world events and comprehensive archives enabling context. Events like the World Cup and Palais passing. Events like the Queen's Platinum Jubilee in passing. Events like the U.S. midterm election, the Winter Olympics and the war in Ukraine. It is clearly demonstrated by the organizations that choose to partner with Getty Image. Organizations like, the BBC, Penske Media, Kyodo News and Viacom, all signing or resigning agreements with us over the past year to represent their amazing content.

但我相信，我們對世界大事無與倫比的報導和全面的檔案支持背景清楚地證明了這一點。世界杯和皇宮傳球等賽事。像女王的白金禧年這樣的事件就這樣過去了。美國中期選舉、冬季奧運會和烏克蘭戰爭等事件。選擇與 Getty Image 合作的組織清楚地證明了這一點。 BBC、Penske Media、Kyodo News 和 Viacom 等組織在過去一年中都與我們簽署或退出協議，以展示他們令人驚嘆的內容。

Organizations like New York Fashion Week, the Grammy Awards, Sundance Film Festival, Toronto International Film test, the Met Gala and the British Academy Film Awards, where we serve as the official photographer with unique access. Organizations like, the NBA, the NHL, Major League Baseball, FIFA, the IOC, Formula One, NASCAR and PGA Tour, who entrust us to work so closely with their events, rights partners and sponsors.

紐約時裝週、格萊美獎、聖丹斯電影節、多倫多國際電影節、Met Gala 和英國電影學院獎等組織，我們作為官方攝影師擁有獨特的訪問權限。 NBA、NHL、美國職業棒球大聯盟、國際足聯、國際奧委會、一級方程式賽車、納斯卡賽車和美巡賽等組織委託我們與其賽事、版權合作夥伴和讚助商密切合作。

It is clearly demonstrated by the honors bestowed on our team. The (inaudible) and World Press Photo just to name 2 awards of the more than 80 received in 2022. Today is Getty Images 28th anniversary. And I believe the strength of our content franchise has never been stronger.

我們團隊獲得的榮譽清楚地證明了這一點。 （聽不清）和世界新聞圖片僅舉出 2022 年獲得的 80 多個獎項中的兩個獎項。今天是 Getty Images 成立 28 週年。而且我相信我們內容專營權的實力從未如此強大。

In 2022, I was also very happy to expand our services to customers. We launched visual GPS Insights, an interactive tool to help our customers choose the right imagery backed by data and visual guidance. We launched Unsplash plus, an unlimited subscription, providing access to unique release content with expanded legal protections and the first paid subscription offered by Unsplash.

在 2022 年，我也很高興能夠擴展我們對客戶的服務。我們推出了視覺 GPS Insights，這是一種交互式工具，可幫助我們的客戶選擇由數據和視覺指導支持的正確圖像。我們推出了 Unsplash plus，這是一種無限制訂閱，提供對具有擴展法律保護的獨特發佈內容的訪問，以及 Unsplash 提供的第一個付費訂閱。

We invested in and partnered with BRIA to bring state-of-the-art AI editing capabilities to optimize visuals for creative needs with speed and efficiency, reducing technical and budget barriers for customers. At the close of 2022, all iStock annual subscription customers could remove backgrounds from images with a touch of a button as part of their base subscription.

我們投資並與 BRIA 合作，帶來最先進的 AI 編輯功能，以快速高效地優化視覺效果以滿足創意需求，減少客戶的技術和預算障礙。到 2022 年底，所有 iStock 年度訂閱客戶都可以通過按一下按鈕從圖像中刪除背景，作為基本訂閱的一部分。

We continue to broaden the reach of our custom content offering, leveraging Getty Images global network of photographers and videographers' to create customized, cost-effective and exclusive project-specific content to meet the specific needs of our customers.

我們繼續擴大定制內容產品的範圍，利用 Getty Images 全球攝影師和攝像師網絡創建定制的、具有成本效益的和專有的項目特定內容，以滿足客戶的特定需求。

IHG and Mars are just a few of the global companies that took advantage of this offering, driving nearly 60% year-on-year currency neutral growth for our custom content business in 2022. In closing, like many companies, we are not immune to macro conditions, but our overall operating metrics remain positive, and we continue to see opportunity as many of our offerings can be countercyclical, allowing us to help our customers produce creative more efficiently and enhance their offerings.

洲際酒店集團和瑪氏只是利用這一產品的全球公司中的幾家，它們在 2022 年推動我們的定制內容業務實現了近 60% 的同比貨幣中性增長。最後，與許多公司一樣，我們也不能倖免宏觀條件，但我們的整體運營指標仍然積極，我們繼續看到機會，因為我們的許多產品都可以是反週期的，使我們能夠幫助我們的客戶更有效地產生創意並增強他們的產品。

As a result, we continue to plan for moderate revenue growth in 2023, with the first half more challenged by FX compares and the addition of public company costs. As a company, we are laser-focused on expanding the monetization of the Unsplash, growing our corporate business, driving further video consumption and seizing geographic opportunities.

因此，我們繼續計劃在 2023 年實現適度的收入增長，上半年受到外匯比較和上市公司成本增加的挑戰。作為一家公司，我們專注於擴大 Unsplash 的貨幣化、發展我們的企業業務、進一步推動視頻消費並抓住地理機會。

Consistent with our track record, we'll be prudent in managing our cost base for efficient delivery of across strategies. I am grateful for our teams and all their work in these important areas, and the company is excited to enter its 29th year of leadership. With that, I'll hand the call over to Jen, who will take you through the more detailed financials.

與我們的業績記錄一致，我們將謹慎管理我們的成本基礎，以高效交付跨戰略。我感謝我們的團隊以及他們在這些重要領域所做的所有工作，公司很高興進入其領導層的第 29 個年頭。有了這個，我會把電話轉給 Jen，他會帶你了解更詳細的財務信息。

Our operational performance in the fourth quarter and the full year 2022 is a testament to the resiliency we have built into our business and to the strength of the Getty Images offering.

我們在第四季度和 2022 年全年的運營業績證明了我們在業務中建立的彈性以及 Getty Images 產品的實力。

I'll start off today by reviewing some of the key operating metrics or KPIs that underpin that financial performance. Please note today's press release contains information on all of our KPIs, but I'll highlight just a few here to further expand on Craig's comments.

今天，我將首先回顧支撐該財務業績的一些關鍵運營指標或 KPI。請注意，今天的新聞稿包含有關我們所有 KPI 的信息，但我將在這裡重點介紹其中的幾個，以進一步擴展 Craig 的評論。

All KPI metrics are as of the trailing 12 months or TTM period ended December 31, 2022, with comparison to the comparable TTM period ended December 31, 2021. As discussed in our Q3 earnings call, beginning with those Q3 results, we made 2 go-forward changes to our customer data and reporting.

所有 KPI 指標都是截至 2022 年 12 月 31 日的過去 12 個月或 TTM 期間，與截至 2021 年 12 月 31 日的可比 TTM 期間相比。正如我們在第三季度財報電話會議上討論的那樣，從第三季度的結果開始，我們取得了 2 -轉發對我們客戶數據和報告的更改。

I will highlight the impact of these changes on total active annual subscribers and annual subscriber revenue retention rate, the 2 KPIs impacted by those changes. I will note that our Q4 KPI metrics point to a healthy, resilient business, even absent these 2 reporting changes.

我將強調這些變化對年度活躍訂戶總數和年度訂戶收入保留率的影響，以及受這些變化影響的 2 個 KPI。我會注意到，我們的第四季度 KPI 指標指向一個健康、有彈性的業務，即使沒有這兩個報告變化。

We continue to see growth in customer engagement with our total purchasing customers rising to 835,000 from 794,000, an increase of 5.2% over 2021. This growth is fueled by our ability to consistently produce and deliver the highest quality authentic content that our customers need and demand to tell their visual stories and to amplify their visual presence.

我們繼續看到客戶與我們的採購客戶總數的增長從 794,000 增加到 835,000，比 2021 年增長了 5.2%。這種增長是由我們始終如一地生產和提供客戶需要和要求的最高質量真實內容的能力推動的講述他們的視覺故事並擴大他們的視覺存在。

We meaningfully grew our active annual subscribers to 129,000 and from 75,000, an increase of approximately 73% over 2021. Absent the customer data reporting changes, this increase would have still been an impressive 56%. This metric helps the number of customers on one of our annual subscription products, which are products with a duration of 12 months or longer and now also includes our Unsplash plus subscription.

我們有意義地將年度活躍訂戶從 75,000 增加到 129,000，比 2021 年增長了約 73%。如果沒有客戶數據報告的變化，這一增長仍將是令人印象深刻的 56%。該指標有助於我們年度訂閱產品之一的客戶數量，這些產品的持續時間為 12 個月或更長時間，現在還包括我們的 Unsplash plus 訂閱。

This growth in annual subscribers' points to the growing mix of revenue from our annual subscription business, which in Q4 surpassed 50% for the first time in our company history. For our customers on those annual subscription products, we retained revenue at 100.1% down from 104.5% in 2021, with 2021 benefiting from the year-on-year compare of a COVID impact in 2020. Excluding the customer data reporting changes I mentioned earlier, our revenue retention rate would still be a very healthy 99.2%.

年度訂戶的增長表明我們年度訂閱業務的收入組合不斷增長，第四季度在我們公司歷史上首次超過 50%。對於我們使用這些年度訂閱產品的客戶，我們將收入從 2021 年的 104.5% 下降到 100.1%，2021 年受益於 2020 年 COVID 影響的同比比較。排除我之前提到的客戶數據報告變化，我們的收入保留率仍將是非常健康的 99.2%。

We increased our paid download volume by approximately 6.1% to 95 million, with growth across both editorial and creative. Looking back at our history at pre-COVID impacted periods, we have seen our paid downloads grew consistently in every single year dating all the way back to 2013.

我們的付費下載量增加了約 6.1%，達到 9500 萬次，編輯和創意方面均有增長。回顧我們在 COVID 前受影響時期的歷史，我們發現自 2013 年以來，我們的付費下載量每年都在持續增長。

And next, our video attachment rate, which measures the percentage of our downloading customers who downloaded video. This was also in growth, rising to 13.1% from 12.1% in Q4 '22. As Craig mentioned, video is one of our key growth pillars, and we expect to see this metric continue to be on a growth trajectory as we move through 2023.

接下來是我們的視頻附件率，它衡量下載視頻的下載客戶的百分比。這也在增長，從 22 年第四季度的 12.1% 上升到 13.1%。正如 Craig 提到的，視頻是我們的主要增長支柱之一，我們預計到 2023 年這一指標將繼續保持增長。

Turning now to our financial performance, which, of course, is anchored by the strength of those KPIs. Foreign currency remains a significant headwind in the fourth quarter with a stronger U.S. dollar relative to foreign currencies, in particular the euro and the pound, driving a meaningful difference between our reported and our currency neutral performance.

現在轉向我們的財務業績，當然，這取決於這些 KPI 的實力。外幣在第四季度仍然是一個重大的逆風，美元相對於外幣走強，尤其是歐元和英鎊，導致我們報告的和我們的貨幣中性表現之間存在顯著差異。

Assuming rates hold relatively steady to where we see them today, we'd expect foreign currency to remain a headwind in the first half of 2023, with comparisons improving as we move into the back half of the year as the FX impact on our business is most pronounced in the second half of 2022. I'll expand a bit more on this when we touch on our 2023 guidance.

假設利率保持在我們今天看到的相對穩定的水平，我們預計外幣在 2023 年上半年仍將是一個逆風，隨著我們進入下半年，外匯對我們業務的影響是在 2022 年下半年最為明顯。當我們談到我們的 2023 年指導時，我將對此進行更多闡述。

Total revenue in the fourth quarter was $231.5 million, down 3.2% on a reported basis year-on-year due in large part to 670 basis points of foreign currency headwinds. Excluding that FX impact, revenue increased 3.5% in the quarter, driven by a solid performance in our editorial business, growth across all of our major geographies and growth in our subscription business.

第四季度的總收入為 2.315 億美元，同比下降 3.2%，這在很大程度上是由於 670 個基點的外匯逆風。剔除外匯影響後，本季度收入增長 3.5%，這得益於我們編輯業務的穩健表現、我們所有主要地區的增長以及訂閱業務的增長。

Included in these results are certain impacts of the timing of revenue recognition, which reduced revenue growth by approximately 70 basis points in the fourth quarter and by 145 basis points for the full year. Our annual subscription revenues as a percentage of our total revenue grew to 50.2% in Q4, up from 46.1% in Q4 of 2021.

這些結果中包括收入確認時間的某些影響，這使第四季度的收入增長減少了約 70 個基點，全年減少了 145 個基點。我們的年度訂閱收入佔總收入的百分比從 2021 年第四季度的 46.1% 增長到第四季度的 50.2%。

For the full year 2022 annual subscription revenue rose to 49%, up from our 2021 finish of 45.6%. (inaudible) games in our iStock and premium access subscriptions, this continued growth in our subscription business, further bolsters the durability of our financial model, with high revenue retention to driving growth in recurring revenue and better revenue predictability.

2022 年全年訂閱收入增至 49%，高於我們 2021 年的 45.6%。我們的 iStock 和高級訪問訂閱中的（聽不清）遊戲，我們訂閱業務的持續增長，進一步增強了我們財務模型的持久性，高收入保留率推動經常性收入增長和更好的收入可預測性。

As we look at 2023 and beyond, we still have plenty of runway to continue to grow that subscription business as we focus on growth in corporate, video, custom content, geographic expansion and the recent launch of our newest subscription Unsplash plus.

展望 2023 年及以後，隨著我們專注於企業、視頻、定制內容、地域擴張以及最近推出的最新訂閱 Unsplash plus，我們仍然有足夠的空間繼續發展訂閱業務。

Creative revenue was $145.1 million, down 6.8% and 0.4% on a currency-neutral basis, respectively. Within Creative, our annual subscription product delivered a strong performance, rising 5.7% or 12.1% currency-neutral led by our premium access and iStock annual subscription. The strength in our annual subscriptions, including those within our e-commerce business was offset by softer results in our a la carte offerings.

創意收入為 1.451 億美元，按貨幣中性計算分別下降 6.8% 和 0.4%。在 Creative 中，我們的年度訂閱產品表現強勁，在我們的高級訪問和 iStock 年度訂閱的帶動下上漲 5.7% 或 12.1%（貨幣中性）。我們年度訂閱的實力，包括我們電子商務業務中的訂閱，被我們點菜產品的疲軟結果所抵消。

First, macro level impact due some revenue deceleration in our agency business, which fits largely within creative. Second, as our customers actively moved into more committed higher ARPU subscription products, we'd expect to see some continued contraction in a la carte.

首先，宏觀層面的影響是由於我們代理業務的一些收入減速，這在很大程度上符合創意。其次，隨著我們的客戶積極轉向承諾更高的 ARPU 訂閱產品，我們預計單點服務會繼續收縮。

Longest can pressure revenue in the near term, we believe in the long term, it provides us with healthier, longer-term revenue stream, which will drive greater lifetime customer value.

最長可以在短期內給收入帶來壓力，我們相信從長遠來看，它為我們提供了更健康、更長期的收入流，這將推動更大的終身客戶價值。

Our custom content solutions, which Craig touched on earlier, continues to be an offering we are very excited about, generating revenue growth of 31.6% or 39.7% currency neutral. We are still in the relatively early days with custom content with room to continue to grow and drive top line performance as our customers increasingly see the benefits of this unique offering.

我們的自定義內容解決方案，克雷格早些時候提到過，仍然是我們非常興奮的產品，產生了 31.6% 或 39.7% 的收入增長，貨幣中性。隨著我們的客戶越來越多地看到這種獨特產品的好處，我們在定制內容方面仍處於相對較早的階段，還有繼續增長和推動頂線性能的空間。

Editorial, which benefited from a strong editorial calendar or what we refer to as an even year impact grew revenue to $82.2 million in Q4, up 3.1% year-on-year on a reported basis and up 10.3% on a currency neutral.

社論，受益於強大的編輯日曆或我們所說的偶數年影響，第四季度收入增長至 8220 萬美元，按報告基礎同比增長 3.1%，按貨幣中性計算增長 10.3%。

This result was driven by our sports and new verticals, which benefited extraordinary coverage of major editorial events, such as the FIFA World Cup and the U.S. midterm elections.

這一結果是由我們的體育和新垂直領域推動的，這有利於對重大社論活動的非凡報導，例如 FIFA 世界杯和美國中期選舉。

Revenue grew across all major geographies on a currency neutral basis in Q4 with the year-on-year growth of 3.1% in the Americas, 2.9% in EMEA and 10.5% in APAC. Revenue less our cost of revenue as a percentage of revenue was 72.4% in Q4, down just slightly from 72.8% in Q4 '21 due largely to product mix.

在貨幣中性的基礎上，第四季度所有主要地區的收入均有所增長，其中美洲同比增長 3.1%，歐洲、中東和非洲地區增長 2.9%，亞太地區增長 10.5%。收入減去我們的收入成本佔收入的百分比在第四季度為 72.4%，僅略低於 21 年第四季度的 72.8%，這主要是由於產品組合。

Our total SG&A expense of $96.4 million was up $2.7 million this quarter, with our expense rate increasing to 41.7% of revenue from 39.2% last year. This is largely driven by incremental costs related to our return to the public markets more than offsetting lower marketing and occupancy expense.

本季度我們的 SG&A 總支出為 9640 萬美元，增加了 270 萬美元，我們的費用率從去年的 39.2% 上升到收入的 41.7%。這在很大程度上是由與我們重返公開市場相關的增量成本驅動的，而不是抵消較低的營銷和入住費用。

For the full year, SG&A increased by $9 million to 40.7% of revenues, up slightly from 40% last year, driven by incremental spend on our cloud IT and cloud-based costs, which are primarily tied to growth, public company readiness expenses, and marketing with some offsetting savings in occupancy and lower compensation expense.

全年，SG&A 增加了 900 萬美元，佔收入的 40.7%，略高於去年的 40%，這是由於我們在雲 IT 和基於雲的成本上的支出增加，這主要與增長、上市公司準備費用有關，和營銷，在入住率和補償費用方面有一些抵消性的節省。

Adjusted EBITDA was $74.5 million for the quarter, down 9.1% or $7.4 million year-over-year. On a currency neutral basis, adjusted EBITDA was essentially flat. Our adjusted EBITDA margin was 32.2%, down from 34.3% in Q4 '21 due primarily to the impact of FX on the top line with a more limited FX offset to expenses and higher our SG&A expense.

本季度調整後的 EBITDA 為 7450 萬美元，同比下降 9.1% 或 740 萬美元。在貨幣中性的基礎上，調整後的 EBITDA 基本持平。我們調整後的 EBITDA 利潤率為 32.2%，低於 21 年第四季度的 34.3%，這主要是由於外匯對收入的影響，外匯對費用的抵消更為有限，而且我們的 SG&A 費用更高。

For 2022, adjusted EBITDA was $303.9 million or 32.8% of revenue, down 1.7% reported and up 4.8%, absent the impact of FX, highlighting the stability and health of our business. Even with the incremental expense that comes from operating as a public company, this is the fourth straight year with adjusted EBITDA margin north of 30%.

2022 年，調整後的 EBITDA 為 3.039 億美元，佔收入的 32.8%，報告下降 1.7%，上升 4.8%，不考慮外彙的影響，凸顯了我們業務的穩定性和健康性。即使考慮到上市公司運營帶來的增量費用，這也是調整後 EBITDA 利潤率連續第四年超過 30%。

CapEx was $13.3 million in Q4, up $700,000 year-over-year. CapEx as a percentage of revenue was 5.7% compared to 5.3% in the prior year period. For the full year, CapEx was $59.3 million or 6.4% of revenue, up from $49.3 million or 5.4% of revenue in 2021. We continue to paying CapEx within our expected range of 5% to 7% of revenue.

第四季度資本支出為 1330 萬美元，同比增長 70 萬美元。資本支出佔收入的百分比為 5.7%，而去年同期為 5.3%。全年，資本支出為 5930 萬美元，佔收入的 6.4%，高於 2021 年的 4930 萬美元，佔收入的 5.4%。我們將繼續支付佔收入 5% 至 7% 的預期範圍內的資本支出。

Adjusted EBITDA less CapEx was $61.2 million, down $8.1 million year-over-year, representing a decrease of 11.7% or 1.8% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 26.4% in Q4, down from 29% in Q4 '21. For the full year, adjusted EBITDA less CapEx was $244.6 million, a decrease of 5.9% recorded and an increase of 0.9% currency neutral.

扣除資本支出後的調整後 EBITDA 為 6120 萬美元，同比下降 810 萬美元，按貨幣中性計算下降 11.7% 或 1.8%。調整後的 EBITDA 減去資本支出利潤率在第四季度為 26.4%，低於 21 年第四季度的 29%。全年，調整後的 EBITDA 減去資本支出為 2.446 億美元，下降 5.9%，增長 0.9%，貨幣中性。

Free cash flow was $22.6 million in Q4 compared to $46.8 million in Q4 2021. The decline in class cash flows during Q4 was largely driven by lower EBITDA and working capital adjustments related to time. Free cash flow is stated net of cash and interest expense of $25.9 million and cash taxes paid of $7.6 million in the fourth quarter.

第四季度的自由現金流為 2260 萬美元，而 2021 年第四季度為 4680 萬美元。第四季度類別現金流的下降主要是由於較低的 EBITDA 和與時間相關的營運資本調整。第四季度的自由現金流扣除 2590 萬美元的現金和利息費用以及支付的現金稅款 760 萬美元。

For the full year, we generated $103.8 million in free cash flow compared to $139.6 million in 2021. And now turning to our balance sheet. We finished the fourth quarter with $97 million of balance sheet cash, up $26 million from the third quarter and a decrease of $88.4 million from Q4 of (inaudible).

全年，我們產生了 1.038 億美元的自由現金流，而 2021 年為 1.396 億美元。現在轉向我們的資產負債表。我們以 9700 萬美元的資產負債表現金結束了第四季度，比第三季度增加了 2600 萬美元，比（聽不清）第四季度減少了 8840 萬美元。

That year-over-year decrease in our cash balance reflects total debt paydown of $310.4 million on our USD term loan in 2022, including a $2.6 million repayment in the fourth quarter. That debt pay down earlier this year, of course, drove a significant improvement to our net debt to adjusted EBITDA leverage ratio, which was 4.4x as of December 31, down from 5.1x at the end of 2021.

我們現金餘額的同比下降反映了我們 2022 年美元定期貸款的總債務償還額為 3.104 億美元，其中包括第四季度的 260 萬美元還款。當然，今年早些時候的債務償還推動了我們的淨債務與調整後 EBITDA 槓桿比率的顯著改善，截至 12 月 31 日為 4.4 倍，低於 2021 年底的 5.1 倍。

As of December 31, we had total debt outstanding of $1.43 billion. This included $300 million of 9.75% senior notes, $687.4 million of our USD term loan with an applicable interest rate of 8.95%, $447 million term loan converted using exchange rates as of December 31 with an applicable rate of 7.25%.

截至 12 月 31 日，我們的未償債務總額為 14.3 億美元。這包括 3 億美元的 9.75% 優先票據，6.874 億美元的美元定期貸款，適用利率為 8.95%，4.47 億美元的定期貸款使用截至 12 月 31 日的匯率轉換，適用利率為 7.25%。

And we also have an $80 million revolver that continues to remain undrawn. As of December 31, taking into consideration the foreign exchange rate and applicable interest rates on our debt balance at that time and the effects of $355 million of interest rate swap agreements, our annualized estimated cash interest expense is $117 million.

我們還有一把價值 8000 萬美元的左輪手槍，它仍未被使用。截至 12 月 31 日，考慮到當時我們的債務餘額的匯率和適用利率以及 3.55 億美元的利率互換協議的影響，我們的年化預估現金利息支出為 1.17 億美元。

That said, of course, our annual interest expense remain subject to changes in the interest rate environment, which we outlined in more detail within our SEC filings.

也就是說，當然，我們的年度利息支出仍會受到利率環境變化的影響，我們在提交給美國證券交易委員會的文件中對此進行了更詳細的概述。

To sum up our progress in 2022, although we experienced a slowdown in parts of our business, due to macroeconomic impact. We ended the year in a solid financial position, rooted in strong operating metrics that continue to be in growth. We returned to the public market, and we removed $1.1 billion of obligations from our balance sheet, and we are positioned well as we head into 2023.

總結我們在 2022 年取得的進展，儘管由於宏觀經濟的影響，我們的部分業務有所放緩。我們以穩健的財務狀況結束了這一年，這植根於繼續增長的強勁運營指標。我們回到了公開市場，我們從資產負債表中刪除了 11 億美元的債務，我們在進入 2023 年時處於有利地位。

Switching gears to our 2023 guidance. We anticipate revenues of $936 million to $963 million, representing growth of 1% to 4% year-over-year and currency-neutral growth of 1.9% to 4.9%.

切換到我們的 2023 年指南。我們預計收入為 9.36 億美元至 9.63 億美元，同比增長 1% 至 4%，貨幣中性增長 1.9% 至 4.9%。

Embedded within that guidance is an assumption of continued adverse impact of FX on our financial results. Specifically, assuming that current FX rates hold, we've estimated an FX headwind on the top line of about $8 million net for the full year with approximately $13 million of headwinds in the first half of 2023, heavily weighted to the first quarter at approximately $8.5 million.

該指導意見中包含外匯對我們財務業績持續產生不利影響的假設。具體來說，假設當前的匯率保持不變，我們估計全年的外匯逆風淨額約為 800 萬美元，其中 2023 年上半年的逆風約為 1300 萬美元，其中第一季度的權重約為850 萬美元。

Given that we follow the bulk of the adverse impact of FX in the second half of 2022, we'd expect the FX impact to shift to a tailwind in the second half of 2023, primarily benefiting the fourth quarter. We expect adjusted EBITDA of $305 million to $315 million, up 0.4% to 3.6% year-on-year and up 1.3% to 4.6% currency-neutral.

鑑於我們在 2022 年下半年跟踪了外彙的大部分不利影響，我們預計外匯影響將在 2023 年下半年轉為順風，主要有利於第四季度。我們預計調整後的 EBITDA 為 3.05 億美元至 3.15 億美元，同比增長 0.4% 至 3.6%，貨幣中性增長 1.3% 至 4.6%。

Included in our adjusted EBITDA expectation is a similar cadence for foreign currency, with an approximate $3 million adverse impact in fiscal 2023, including a headwind of about $5 million in the first half of the year, of which approximately $3.5 million as expected in the first quarter.

我們調整後的 EBITDA 預期中包括類似的外幣節奏，2023 財年將產生約 300 萬美元的不利影響，包括上半年約 500 萬美元的不利影響，其中上半年的預期約為 350 萬美元四分之一。

Again, turning into a tailwind in the back half of 2023, largely benefiting the fourth quarter. Please note, embedded within this guidance are the anticipated impact of macroeconomic pressures, costs related to ongoing litigation and incremental costs tied to operating as a public company.

再次，在 2023 年下半年變成順風，主要有利於第四季度。請注意，本指南中嵌入了宏觀經濟壓力的預期影響、與正在進行的訴訟相關的成本以及與作為上市公司運營相關的增量成本。

While we feel confident in our ability to continue to drive growth, our leadership team will closely monitor business performance as we navigate through the broader economic impact. We will remain fiscally responsible, prudent and nimble, deploying our capital wisely. We will continue to prioritize further balance sheet optimization and deleverage.

雖然我們對繼續推動增長的能力充滿信心，但我們的領導團隊將在應對更廣泛的經濟影響時密切關注業務績效。我們將繼續在財政上負責、審慎和靈活，明智地部署我們的資本。我們將繼續優先考慮進一步優化資產負債表和去槓桿化。

And with that, operator, we'd love to open up the call for questions.

有了這個，接線員，我們很樂意打開問題電話。

(Operator Instructions) And our first question is from Mark Zgutowicz with Benchmark Company.

（操作員說明）我們的第一個問題來自 Benchmark 公司的 Mark Zgutowicz。

I have a micro one for Jen and then perhaps a bigger picture one for Craig. Jen, if we look at your creative revenue, which is down modestly in fourth quarter, year-over-year, I think up about 2.7% is organically in '22. If we were to hold a la carte growth, the decline that you're seeing there as we transition to subscription static, what would those organic growth numbers look like?

我為 Jen 準備了一張微型照片，然後為 Craig 準備了一張更大的照片。 Jen，如果我們看看你的創意收入，它在第四季度同比小幅下降，我認為 22 年有機增長約 2.7%。如果我們要保持點菜增長，當我們過渡到訂閱靜態時你會看到那裡的下降，這些有機增長數字會是什麼樣子？

I'm just trying to get a sense of how much weight that has been putting on your creative business growth, which is obviously optical here as you move from a la carte to subscription.

我只是想了解一下這對您的創意業務增長有多大影響，當您從點菜轉向訂閱時，這顯然是顯而易見的。

Did you want to get with your second question? Or do you want me to just jump in there.

你想回答你的第二個問題嗎？或者你想讓我跳進去嗎？

Sure. I'll save my second question here. It's maybe a little bit more or but good.

當然。我將在這裡保存我的第二個問題。可能會多一點，但也不錯。

Yes. So I just want to make sure I'm understanding your question correctly. So I think you're trying to quantify the impact of some of that a la carte shifting on the creative performance. Am I understanding that correctly?

是的。所以我只想確保我正確理解了你的問題。所以我認為你正在嘗試量化一些點菜式轉變對創意表現的影響。我理解正確嗎？

Yes, yes. And I guess maybe more high level, just trying to get a sense of when there's an inflection perhaps in your growth where that weight of a la carte sort of leading your business is lighter relative to the subscription growth?

是的是的。而且我想也許更高層次，只是想了解一下您的增長何時可能會出現拐點，即點菜式領導您的業務的權重相對於訂閱增長而言更輕？

Got it. Okay. Let me tackle that a few different ways and thank you for the question. So I think just to frame up creative, there's a couple of things happening there with that performance. That is where we are seeing some of that macro headwind certainly in the second half of the year, we'd see that more pronounced in the creative side of the business.

知道了。好的。讓我用幾種不同的方式來解決這個問題，謝謝你提出這個問題。所以我認為只是為了構築創意，那場演出會發生一些事情。那就是我們肯定會在今年下半年看到一些宏觀逆風的地方，我們會在業務的創意方面看到更加明顯的逆風。

That is going to be driven within the creative space by some softness, both in our agency business as well as some softness on the e-commerce side of things. Now within that, I think what you're pointing to is some RF a la carte decline also sitting within that creative space. Where does that go? When does that transition and, if you will, I think it's going to go on for a bit. We've quoted -- we have not given a goal per se for where we think subscription revenue should be.

這將在我們的代理業務以及電子商務方面的一些疲軟的情況下在創意領域內得到推動。現在，我認為你所指的是一些 RF 點菜式下降也位於那個創意空間內。那去哪兒了？這種轉變什麼時候開始，如果你願意的話，我認為它會持續一段時間。我們已經引用 - 我們沒有給出我們認為訂閱收入應該達到的目標。

We think we can get to a place where subscriptions make up roughly 60% of our revenues, so up from 50% now. So there's still some migration to happen, right, from RF, a la carte or from non-committed solutions into committed solutions. So I think we're soon going through some of that migration.

我們認為我們可以達到訂閱約占我們收入 60% 的水平，因此高於現在的 50%。因此，仍然存在一些遷移，正確的，從射頻、點菜或從非承諾解決方案到承諾解決方案。所以我認為我們很快就會經歷一些遷移。

So we should expect to see that. The other piece is that this business continues to drive massive amounts of new customers coming into this business, right? So as you can imagine, not every new customer starts on a bigger subscription.

所以我們應該期待看到這一點。另一點是這項業務繼續推動大量新客戶進入這項業務，對嗎？因此，您可以想像，並不是每個新客戶都是從更大的訂閱量開始的。

So there's always going to be a little bit of a push and pull with a la carte whether that be new customers, pressure from the agency business shift from RF all apart into subscription. So I think we still have some of that shift going on from a la carte to subscription. Hopefully, that answered your question. There were a few different answers in there.

因此，無論是新客戶，代理業務的壓力從 RF 全部轉移到訂閱，總會有一點推拉點菜。所以我認為我們仍然有一些從點菜到訂閱的轉變。希望這回答了您的問題。裡面有幾個不同的答案。

Yes. Thanks, Jen. That's super helpful. And Craig, on the top of AI, obviously, something that has been increasingly in the news here, and you signed a partnership with BRIA. I just wanted to cover that from both angles sort of how you intend to use AI to your benefit. And then on the flip side, how you protect your existing exclusive IP from the purposing of content that AI models certainly will be used for - Appreciate any thoughts there.

是的。謝謝，珍。這非常有幫助。而克雷格，在人工智能的頂端，顯然，這裡的新聞越來越多，你與 BRIA 簽署了合作夥伴關係。我只是想從兩個角度介紹您打算如何使用 AI 來為您謀利。然後在另一方面，你如何保護你現有的專有 IP 免受 AI 模型肯定會用於的內容的目的 - 欣賞那裡的任何想法。

Well, thanks, Mark, for the question. And I lost the poll, I had the AI questions first. You put them up and I'm on a few dollars. I'm going to come after you for that. Look, I just thought I'd address the AI topic a bit more holistically.

好吧，謝謝馬克，提出這個問題。我輸掉了投票，我首先遇到了 AI 問題。你把它們放好，我就賺了幾美元。為此，我會來找你。聽著，我只是想更全面地討論 AI 主題。

First, I think it's really important to note that while generative models have made quite the Unsplash over recent months, this is something that Getty Images has been tracking closely, both the progress and the potential of these models for many, many years now.

首先，我認為值得注意的是，雖然生成模型在最近幾個月取得了相當大的轟動，但這是 Getty Images 多年來一直在密切跟踪的事情，包括這些模型的進展和潛力。

We think about generation models really an AI really across 4 dimensions. So for the first dimension, we believe Getty Images represent unique assets and data that is valuable to these generative and other computer vision models, applications, cloud-based services, et cetera.

我們認為生成模型真的是一個真正跨越 4 個維度的 AI。因此，對於第一個維度，我們認為 Getty Images 代表了對這些生成和其他計算機視覺模型、應用程序、基於雲的服務等有價值的獨特資產和數據。

We see that as a new revenue opportunity that extends far beyond the license imagery space. And our legal action with Stability AI expresses our strong belief that companies need to license those assets.

我們認為這是一個遠遠超出許可圖像空間的新收入機會。我們與 Stability AI 的法律訴訟表達了我們堅信公司需要許可這些資產。

So that's the first dimension.

這是第一個維度。

The second dimension is the degree to which general models threaten our creative existing creative business, okay? Models in current form have some very real limitations, and I'll speak to those a bit more in a second.

第二個維度是通用模型對我們現有創意業務的威脅程度，好嗎？當前形式的模型有一些非常實際的局限性，我稍後會詳細討論這些。

But we see general models continuing to improve and to where when developed and used responsibly, they will add yet another source of imagery to what is already an ever-expanding fee of Energy. Since the emergence of digital, Getty Images has always competed against what is essentially an unlimited universe of imagery and there are literally trillions of images out there.

但我們看到通用模型在不斷改進，並且在開發和負責任地使用時，它們將為本已不斷擴大的能源費用增加另一種圖像來源。自從數字技術出現以來，Getty Images 一直在與本質上無限的圖像宇宙競爭，而那裡確實有數万億張圖像。

And we've successfully done that, right? Today is our 25th -- 28th anniversary and we've done that successfully for 28 years. And we will continue to do this by focus on providing content that creates a response.

我們已經成功地做到了，對吧？今天是我們成立 25 到 28 週年，我們已經成功地做到了 28 年。我們將繼續通過專注於提供能夠產生響應的內容來做到這一點。

It's not just a picture. It's content at its core that is authentic. It is contemporary and it's built on the understanding of corporative concepts. This content has always been in short supply, and we believe there are still human (inaudible) outcomes that drive this content.

這不僅僅是一張照片。它的核心內容是真實的。它是當代的，它建立在對公司概念的理解之上。此內容一直供不應求，我們相信仍然有人類（聽不清）的結果推動此內容。

And we believe that technology is an enabler and not a replacement. So on a whole, we feel very good about our content library and how it stands up relative to these general models. The third dimension is the question of whether, when and how we offer and integrate such models and content.

我們相信技術是一種推動因素，而不是替代品。因此，總的來說，我們對我們的內容庫以及它相對於這些通用模型的表現感到非常滿意。第三個維度是我們是否、何時以及如何提供和整合此類模型和內容的問題。

At Getty Images, we work to deliver the following points of value to our customers. You guys will probably hear this over multiple calls for me in the future because I talk about it all the time with our company.

在 Getty Images，我們致力於為客戶提供以下價值點。你們可能會在未來多次打電話給我聽到這個，因為我一直在和我們公司談論它。

We try to elevate the quality of our customers in work. We try to improve their time and budget efficiency, and we try to reduce their risk. We continue to evaluate generative capabilities against these points of value. This is what the decision-making is going on.

我們努力提升客戶的工作質量。我們努力提高他們的時間和預算效率，並努力降低他們的風險。我們繼續根據這些價值點評估生成能力。這就是正在做的決策。

And from a current risk perspective, there are legal risks with respect to copyright, training data and potential regulatory actions. From a time and quality standpoint, it currently takes around 10 seconds to generate 4 random low-resolution images.

從當前的風險角度來看，在版權、培訓數據和潛在的監管行動方面存在法律風險。從時間和質量的角度來看，目前生成 4 張隨機低分辨率圖像大約需要 10 秒。

In many cases, these outputs carry significant anomalies such as distorted bases, 6 fingers on a hand, random tax, et cetera. As a result, use of the imagery can often require significant customer effort to upscale and correct anomalies, let alone the time that they're actually utilizing to actually search against these interfaces.

在許多情況下，這些輸出帶有明顯的異常，例如扭曲的基數、一隻手有 6 個手指、隨機徵稅等。因此，使用圖像通常需要客戶付出大量努力來升級和糾正異常，更不用說他們實際用來搜索這些界面的時間了。

So for these reasons and current form it falls short of what we continue to be a durable and trusted consumer customer solution, delivering the types of imagery our customers request and consume. So as a result, we've been focused on producing and providing the highest quality imagery that connects with the end audiences and then offering the AI capabilities to our customers to seamlessly refine it to their exact needs. That's the BRIA partnership.

因此，由於這些原因和目前的形式，它不符合我們繼續作為持久且值得信賴的消費者客戶解決方案的要求，無法提供客戶要求和消費的圖像類型。因此，我們一直專注於製作和提供與最終受眾相關的最高質量圖像，然後向我們的客戶提供 AI 功能，以根據他們的確切需求對其進行無縫優化。這就是 BRIA 合作夥伴關係。

And this is capabilities like we talked about in the prepared remarks, such as background removal. As the models evolve and issues resolved, we may choose to offer our customers generative tools that enhance their creativity and efficiency.

這就是我們在準備好的評論中談到的功能，例如背景刪除。隨著模型的發展和問題的解決，我們可能會選擇為客戶提供生成工具，以提高他們的創造力和效率。

And we may choose to accept generative content consistent with other computer-enabled content on our platform. So we will evolve as the landscape evolves. But it needs to substantively meet the needs of our customers. You need to elevate their creative outcomes. It needs to save them time, save them money and mitigate their risk. So that's kind of how we think through that third dimension about offering new services.

我們可能會選擇接受與我們平台上其他計算機支持的內容一致的生成內容。因此，我們將隨著景觀的發展而發展。但它需要實質性地滿足我們客戶的需求。您需要提升他們的創意成果。它需要為他們節省時間、金錢並降低風險。這就是我們通過第三個維度思考提供新服務的方式。

And then lastly, the fourth layer is respect with our editorial business. This technology can be used for nefarious purposes. And Getty Images needs to continue to stand as a source of truth with respect to our editorial imagery. And so to do that, we're really focused on continuing to invest in the people, the partners, the processes and the technology that makes us a trusted source.

最後，第四層是對我們編輯業務的尊重。該技術可用於邪惡目的。 Getty Images 需要繼續作為我們編輯圖像的真實來源。因此，為了做到這一點，我們真正專注於繼續投資於使我們成為值得信賴的來源的人員、合作夥伴、流程和技術。

So it's a long-winded answer, but hopefully, that gives you the kind of the 4 dimensions that we're really thinking through AI, how we think about it as an opportunity for -- to grow our new revenue stream, how we think about it relative to our existing revenue streams, how we think about it from a product and services standpoint and how we think about it in terms of editorial integrity and deep page technologies.

所以這是一個冗長的答案，但希望它能為您提供我們真正通過 AI 思考的 4 個維度，我們如何將其視為一個機會——增加我們新的收入來源，我們如何思考關於它與我們現有收入流的關係，我們如何從產品和服務的角度考慮它，以及我們如何從編輯完整性和深度頁面技術方面考慮它。

Our next question is from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的蒂姆諾倫。

I've got a couple of questions about your KPIs related questions interrelated questions, I should say. So your customer count was up nicely year-over-year. It looks like it was down quarter-over-quarter. Can we assume there might have been some macro impact that affected that?

我有幾個關於您的 KPI 相關問題的問題，我應該說。所以你的客戶數量同比增長很好。看起來它比上一季度有所下降。我們可以假設可能有一些宏觀影響影響了它嗎？

And then also, you had some nice -- very nice rise, especially in your active annual subscriber count, also your video attachment rate. It looks like maybe not fully layering into revenue growth yet, but maybe I'm not clear on that.

然後，你也有一些不錯的 - 非常好的增長，特別是在你的年度活躍訂閱者數量和視頻附加率方面。看起來可能還沒有完全融入收入增長，但也許我還不清楚。

If it looks like it's not factoring in yet, is it a matter of it just takes time to build the ARPU, if that's the metric you use in terms of the revenue that you get on those customers? Or is it maybe some Unsplash customers that are just lower cost? Maybe if you could just help clarify how that works.

如果它看起來還沒有考慮在內，那麼構建 ARPU 是否只是需要時間的問題，如果這是您在這些客戶身上獲得的收入方面使用的指標？或者是一些 Unsplash 客戶只是成本更低？也許如果你能幫助澄清它是如何工作的。

Sure. I'll take this, and then Jen, you can layer on anything over the top. So on the account side of things, we are seeing a slight macro impact, as we mentioned, kind of in certain geographies and within certain parts of our business.

當然。我來拿這個，然後 Jen，你可以在上面疊加任何東西。因此，在帳戶方面，正如我們所提到的，我們看到了在某些地區和我們業務的某些部分內的輕微宏觀影響。

But I would say the bigger thing that you're really seeing there, Tim, is we are pushing to drive that annual subscription number more aggressively. And we do trade off some level of purchasing as a result of that, but it's a very net positive trade-off to the business overall.

但我想說的是，蒂姆，你在那裡真正看到的更重要的事情是我們正在推動更積極地推動年度訂閱數量。因此，我們確實在一定程度上權衡了採購，但這對整體業務來說是一個非常積極的權衡。

With respect to video and subs, we do see attachment rate there. We're not growth in annual sub growth. Again, back to my comments, we're pushing that more aggressively. Unsplash layers into the annual subside of things, it doesn't layer into the video. But even its impact on the annual sub figure is kind of minimal.

關於視頻和潛艇，我們確實看到了附件率。我們不是每年的子增長。再次回到我的評論，我們正在更積極地推動它。 Unsplash 分層到事物的年度消退中，它不會分層到視頻中。但即使它對年度子數據的影響也很小。

It's not overly material at this point. We only launched that subscription in October of last year. So what you're really seeing there is we are seeing solid bookings and it takes a while for those bookings to flow through into recognized revenue.

在這一點上它並不過分重要。我們在去年 10 月才推出該訂閱服務。所以你真正看到的是我們看到了可靠的預訂，這些預訂需要一段時間才能轉化為已確認的收入。

We have been introducing smaller subscriptions, smaller subscriptions that include video, smaller subscriptions that include the transition customers on the e-commerce side of things to annual. So maybe the ARPU of some of these subscriptions isn't quite what it's historically been, but it's highly additive to the business.

我們一直在引入更小的訂閱，包括視頻的更小訂閱，包括電子商務方面的過渡客戶到年度的更小訂閱。因此，也許其中一些訂閱的 ARPU 與歷史上的不盡相同，但它對業務的貢獻很大。

And again, we kind of book it up front, and then we flow that through over the next 12 months. So that is some of the impact that we expect to see coming into this year. Jen, anything that you would add?

再一次，我們有點預先預訂，然後我們在接下來的 12 個月內完成。這就是我們預計今年會出現的一些影響。珍，你有什麼要補充的嗎？

No. (inaudible).

沒有。（聽不清）。

Our next question is from Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

I have 2. And maybe, Craig, starting off on the AI question or topic following some of your comments on the 4 dimensions. Can you just talk a little bit more about the new revenue opportunity you talked about that might go far beyond licensing as companies need to license the content.

我有 2 個。也許，克雷格，在你對 4 個維度的一些評論之後開始討論 AI 問題或主題。您能否多談談您談到的新收入機會，這可能遠遠超出許可範圍，因為公司需要許可內容。

Where are we -- I'm assuming we're very early days here, but talk to us about what needs to happen for that to just start implementing or seeing that in the model? And then, Jen, you talked about softness in agency base and e-commerce side of things.

我們在哪裡 - 我假設我們在這裡很早，但請與我們談談需要發生什麼才能開始實施或在模型中看到它？然後，珍，你談到了代理基礎和電子商務方面的疲軟。

I wanted to hear a little bit more on the corporate side of the business. And as it relates to revenue retention, I think that declined in the quarter and the year, I think we heard earlier COVID comps, but any insights on current cohort trends as we think about maybe retention rates going forward would be helpful.

我想听聽更多關於企業方面的信息。由於它與收入保留有關，我認為該季度和年度有所下降，我想我們聽說過較早的 COVID comps，但我們認為可能保留率向前發展時對當前群組趨勢的任何見解都會有所幫助。

You got it. So Jen, I'll take the first, and then you can take the second. So on the revenue side of things in terms of licensing, again, I think we have litigation with stability under the search and that we believe fundamentally people should pay for the assets that we possess as they apply them into generative models or other AI systems.

你說對了。所以 Jen，我先拿第一個，然後你再拿第二個。因此，在許可方面的收入方面，我認為我們在搜索中有穩定的訴訟，我們認為從根本上說，人們應該為我們擁有的資產付費，因為他們將它們應用於生成模型或其他人工智能係統。

And we think our assets are quite unique. We have been doing some licensing for those that have chosen to approach us and have that conversation. We have reached certain license agreements. But when we look at the space and we look at the potential for computer vision and generative AI, it's massive.

我們認為我們的資產非常獨特。我們一直在為那些選擇接近我們並進行對話的人提供一些許可。我們已達成某些許可協議。但是，當我們審視這個領域並審視計算機視覺和生成人工智能的潛力時，它是巨大的。

And it's much broader than simply image licensing. I mean, this has to do with the creation of any creative editing platforms across the board. This has to do with self-driving vehicles. The application of this technology and the need for these technologies to train themselves up on a significant corpus of imagery with highly relevant metadata. And ongoing flows that kind of reflect the contemporary and where the world is moving, right? So think about how technology changes over time. Think about how fashion changes over time. Think about how simple things like landscapes and Cityscapes change over time.

它比簡單的圖像許可要廣泛得多。我的意思是，這與全面創建任何創意編輯平台有關。這與自動駕駛汽車有關。這項技術的應用以及這些技術需要在具有高度相關元數據的重要圖像語料庫上進行自我訓練。持續的流動反映了當代和世界的發展方向，對吧？所以想想技術是如何隨著時間而變化的。想想時尚是如何隨著時間而改變的。想一想風景和城市景觀等簡單事物是如何隨時間變化的。

So what we are focused on is trying to establish clear parameters around that in terms of the need to license and then ultimately, applying our data out into this field to create a new revenue stream for the business, again, or at least a much larger revenue stream than it's historically been given recent kind of activities. Does that make sense, Ron?

因此，我們的重點是嘗試圍繞許可需求建立明確的參數，然後最終將我們的數據應用到該領域，再次為企業創造新的收入來源，或者至少創造更大的收入來源收入流比歷史上最近的活動要多。這有意義嗎，羅恩？

It does. Craig. Appreciate it.

確實如此。克雷格。欣賞它。

All right. Jen, do you want to pick up the other?

好的。珍，你想接另一個嗎？

Yes, I'll pop in. So on corporate, corporate actually was really strong for us in 2022. We had another year of double-digit year-on-year growth in the corporate space. That continues to be an opportunity for us. So it's definitely one of our growth levers. We think we can drive even harder into the corporate space, but a strong finish relatively speaking, with double-digit growth year-on-year.

是的，我會加入。所以在企業方面，企業實際上在 2022 年對我們來說真的很強大。我們在企業領域又實現了兩位數的同比增長。這對我們來說仍然是一個機會。所以這絕對是我們的增長槓桿之一。我們認為我們可以更加努力地進入企業領域，但相對來說是一個強勁的結局，同比增長兩位數。

With respect to revenue retention, so we finished just over 100%, 100.1% to be exact. The I think step down you're mentioning that, that rate dipped to about 88% in 2020 that purely being driven by COVID impact. We saw the rate jump back up in 2021 to just under 105%.

關於收入保留，所以我們完成了略高於 100%，準確地說是 100.1%。我認為你提到的下台，該比率在 2020 年下降到 88% 左右，這純粹是受 COVID 影響的驅動。我們看到該比率在 2021 年回升至略低於 105%。

So that jump 2020 to 2021, 88% to 105%. That is the benefit of a year-on-year compare coming off of a COVID impacted 2020. That said, historically, we have seen this rate average 100% plus. That is where we finished 2022, and that is where we would expect to see this continue to be around that 100% plus range.

因此，從 2020 年躍升至 2021 年，從 88% 躍升至 105%。這是 2020 年 COVID 影響的同比比較的好處。也就是說，從歷史上看，我們看到這個比率平均超過 100%。這就是我們到 2022 年結束的地方，也是我們希望看到它繼續保持在 100% 以上範圍內的地方。

That's helpful, Jen. And then on corporate growing double digits, any insights on percentage of revenue or things along those lines. And thanks again for the answers here.

這很有幫助，珍。然後是企業增長兩位數，對收入百分比或類似事物的任何見解。再次感謝這裡的答案。

You are welcome. So yes, we -- our corporate now makes up north of 50% of our revenue with the agency making up well under 20% of our revenue.

不客氣。所以是的，我們 - 我們的公司現在占我們收入的 50% 以上，而該機構占我們收入的 20% 以下。

Our next question is from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特費爾德曼。

The first one just has to do with getting a little more insight into your guidance for the year. So I look at your revenue guidance range on a currency-neutral basis, the 1.9% to 4.9% growth. How do we think about the swing factors between the high and the low end of that range? Or maybe another way of thinking about the question would be if the current operating conditions were to persist for the remainder of the year, where would that put you in the range?

第一個只是與更深入地了解您今年的指導有關。所以我在貨幣中性的基礎上看你的收入指導範圍，即 1.9% 到 4.9% 的增長。我們如何考慮該範圍的高端和低端之間的擺動因素？或者，也許另一種思考這個問題的方式是，如果當前的經營狀況在今年餘下的時間裡持續存在，那麼你會處於哪個範圍內？

And then I'm curious, the range you have for EBITDA, is that really driven exclusively by the low and the high end of revenue? Or is there something else further down the P&L that would create that variability? And then I have one more follow-up question after we get to this one.

然後我很好奇，您對 EBITDA 的範圍是否真的完全由收入的低端和高端驅動？還是在損益表的下方還有其他因素會產生這種可變性？在我們討論完這個問題之後，我還有一個後續問題。

Jen, do you want to take that?

珍，你要拿那個嗎？

Yes. So I think for revenue 1% to 4%, I think that low end 1% would really be this business starting to see sustained worsening macroeconomic pressures. The higher end of 4% to get it embedded within this guidance full stop is some assumption of macroeconomic, right? So that 4% is some continuation of macroeconomic impact, but the business continuing to execute.

是的。所以我認為對於 1% 到 4% 的收入，我認為低端 1% 真的是這個企業開始看到持續惡化的宏觀經濟壓力。將其嵌入此指導句號中的 4% 的較高端是宏觀經濟的一些假設，對嗎？因此，4% 是宏觀經濟影響的某種延續，但業務仍在繼續執行。

When we roll through to EBITDA, what we have assumed in here is that we can maintain our revenue less cost of revenue that maintains holds around 72%. That can waver slightly off of 72%, plus or minus, entirely based on product mix. but we assume 72% of the good starting point there and then maintaining our EBITDA margins north of 30%.

當我們轉向 EBITDA 時，我們在這裡假設的是我們可以維持我們的收入減去保持在 72% 左右的收入成本。這可能會略微偏離 72%，上下浮動，完全取決於產品組合。但我們假設那裡有 72% 的良好起點，然後將我們的 EBITDA 利潤率保持在 30% 以上。

So really, it's a top line revenue story for us in terms of holding through to that EBITDA margin. In our prepared remarks, we certainly say and we certainly mean we will, Craig and I, the whole executive team, we will watch that top line performance, right?

所以真的，就保持 EBITDA 利潤率而言，這對我們來說是一個頂級收入故事。在我們準備好的發言中，我們肯定會說，我們肯定會，克雷格和我，整個執行團隊，我們將關注頂級表現，對嗎？

We have a proven history when this business needs to pull back and how it's spending and what it's spending on, we will do that, right? We will deliver this EBITDA performance. We will monitor top line performance. We will moderate spend as needed, but we feel pretty comfortable with these ranges.

當這項業務需要撤退以及它的支出方式和支出方式時，我們有一個經過驗證的歷史，我們會這樣做，對嗎？我們將實現這一 EBITDA 業績。我們將監控頂線性能。我們會根據需要適度支出，但我們對這些範圍感到非常滿意。

I appreciate the color. Then the other question I had is, can you just remind us what you're striving towards in terms of your net leverage profile and how you're thinking about prioritizing excess capital allocation this year? Is it really just all towards delevering. I got to imagine there may be some assets that are available at pretty attractive prices. I just don't know how much of a priority that might be right now.

我很欣賞這種顏色。那麼我的另一個問題是，你能否提醒我們你在淨槓桿方面的努力方向以及你如何考慮今年優先考慮過剩資本配置？這真的只是為了去槓桿化嗎？我不得不想像可能會有一些資產以極具吸引力的價格出售。我只是不知道現在有多少優先事項。

So I can pick that one because there's a bit of quick even -- we're targeting somewhere around 3x to 2.5x on a leverage basis in terms of where we feel like that's a point where we reopened the question about what do we do with capital?

所以我可以選擇那個，因為它甚至有點快——我們的目標是在槓桿基礎上達到 3 到 2.5 倍左右，我們覺得這是我們重新討論我們用什麼做的問題的地方首都？

We will look to pay down debt going forward to get to that target. If there are opportunities that present themselves, obviously, I can't speak to any here and we'll look at. If they make good sense for the business, we will evaluate them. And if there are opportunities to play offense in downside scenarios, we're open to it.

我們將尋求償還未來的債務以實現該目標。如果有機會出現，顯然，我不能在這裡與任何人交談，我們會看看。如果它們對業務有意義，我們將對其進行評估。如果有機會在不利情況下進攻，我們願意接受。

But ultimately, we are highly focused in on paying down additional debt to create more operating flexibility in the business. But we're not going to ignore opportunities that might occur over the coming quarters and years.

但最終，我們高度專注於償還額外債務，以在業務中創造更大的運營靈活性。但我們不會忽視未來幾個季度和幾年可能出現的機會。

There are no further questions at this time. I would like to turn the floor back over to management for closing comment.

目前沒有其他問題。我想將發言權交還給管理層以徵求意見。

Great. Thanks, Mila. And so just thank you, everybody, for taking time out of your busy days to spend some time with us. We really appreciate it.

偉大的。謝謝，米拉。因此，感謝大家在忙碌的日子中抽出時間與我們共度時光。我們真的很感激。

And I just want to reiterate to all the employees that are listening in, happy 20th anniversary for if you got the champagne pop it, we got more to do over this year and into the next 28 years. So get excited for it. Thanks, everybody.

我只想向所有正在收聽的員工重申，20 週年快樂，如果你開香檳，我們在今年和接下來的 28 年裡還有更多工作要做。所以為此感到興奮。謝謝大家。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。