Getty Images Holdings Inc (GETY) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Getty Images' fourth quarter and full-year 2023 earnings conference call. Today's call is being recorded. We have allocated one hour for the prepared remarks and Q&A.

下午好，歡迎參加 Getty Images 2023 年第四季和全年財報電話會議。今天的通話正在錄音。我們分配了一小時用於準備發言和問答。

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.

這次，我想將會議交給蓋蒂圖片社投資者關係和財務部副總裁史蒂文·坎納 (Steven Kanner)。謝謝。你可以開始了。

Good afternoon, and welcome to the Getty Images' fourth quarter and full-year 2023 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer.

下午好，歡迎參加 Getty Images 2023 年第四季和全年財報電話會議。與我一起參加今天電話會議的還有執行長克雷格彼得斯 (Craig Peters)；和財務長 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 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. 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 in today's press release can be found on our Investor Relations website at investors.gettyimages.com.

在開始之前，我們想提醒您，本次電話會議將包括 1995 年《私人證券改革法案》含義內的前瞻性陳述。這些陳述受到各種風險、不確定性和假設的影響，這可能導致我們的實際結果與這些陳述有重大差異。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以及我們向美國證券交易委員會提交的文件中得到了強調。今天新聞稿中這些文件的連結可以在我們的投資者關係網站 Investors.gettyimages.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 EBITDA、調整後 EBITDA 利潤率、調整後 EBITDA 減去資本支出以及自由現金流。我們在一些財務討論中使用非公認會計準則衡量標準，因為我們相信它們代表了我們的營運績效和業務的基本結果。

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 衡量標準的調整以及使用每項衡量標準的描述、限制和理由可以在我們向 SEC 提交的文件中找到。在我們準備好的發言之後，我們將開始電話詢問您的問題。

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

接下來，我會將電話轉交給我們的執行長克雷格彼得斯 (Craig Peters)。

Thanks, Steven, and thanks to everyone for joining Getty Images' fourth quarter and full-year 2023 earnings call. I'll start by addressing the full year business performance and progress before Jenn takes you through the fourth quarter financial results and 2024 outlook.

謝謝史蒂文，也謝謝大家參加 Getty Images 的 2023 年第四季和全年財報電話會議。在 Jenn 向您介紹第四季財務表現和 2024 年展望之前，我將首先介紹全年業務績效和進展。

Throughout 2023, we experienced a series of challenges across our business landscape. In Europe, across our agency customers and within certain technology sectors, we observed a cautious approach in customer spending given prevailing macroeconomic conditions.

2023 年，我們的業務領域經歷了一系列挑戰。在歐洲，我們的代理客戶和某些技術領域內，鑑於當前的宏觀經濟狀況，我們觀察到客戶支出採取謹慎態度。

Additionally, starting in the second quarter, the writers and actors strike significantly impacted our media and entertainment segments. The strengthening of the US dollar relative to foreign currencies also negatively impacted our EBITDA as we have a significant share of revenue outside the US with a smaller cost base in these currencies. These challenges were not unique to us and despite their impacts, Getty Images remained relatively resilient as we adapted to mitigate the impact.

此外，從第二季開始，編劇和演員的罷工對我們的媒體和娛樂部門產生了重大影響。美元相對於外幣的走強也對我們的 EBITDA 產生了負面影響，因為我們在美國以外的收入份額很大，而這些貨幣的成本基礎較小。這些挑戰並不是我們所獨有的，儘管它們產生了影響，但在我們採取措施減輕影響時，蓋蒂圖片社仍然保持著相對的彈性。

For the full-year 2023, revenue was $916.6 million, representing a year-on-year decrease of 1% reported and down 0.5% on a currency neutral basis. Consistent with our history and our culture, the company adopted prudent cost measures without sacrificing our investment in the long term. As a result, adjusted EBITDA came in at just over $301.4 million for the full year, down 1.2% reported, and down 0.4% on a currency neutral basis, holding steady at 32.9% of revenue.

2023 年全年營收為 9.166 億美元，年減 1%，在貨幣中性基礎上下降 0.5%。與我們的歷史和文化一致，公司在不犧牲長期投資的情況下採取了審慎的成本措施。因此，全年調整後 EBITDA 略高於 3.014 億美元，報告下降 1.2%，在貨幣中性基礎上下降 0.4%，穩定在收入的 32.9%。

Despite a tough climate and results below the expectations we had going into 2023, the Getty Images team continued to lay a strong foundation grounded in our core value propositions of helping our customers create at a higher level, saving our customers time, and money and eliminating risk. That foundation starts with our exclusive content. It is one of the key differentiators for Getty Images. Content from over 80,000 creators and 300 partners represented exclusively by Getty Images.

儘管氣候嚴峻，業績低於我們進入 2023 年的預期，但 Getty Images 團隊繼續以我們的核心價值主張奠定堅實的基礎，即幫助客戶實現更高水平的創造，為客戶節省時間和金錢，並消除風險。基礎始於我們的獨家內容。這是蓋蒂圖片社的關鍵區別之一。來自 80,000 多名創作者和 300 家合作夥伴的內容，由 Getty Images 獨家代理。

This translates to unique event access and rights rates. It translates to an unmatched archive and truly distinct quality. It translates to iStock being the only meaningful mid-tier provider to offer an exclusive elevated quality level through its signature collection of more than $31 million assets.

這意味著獨特的活動存取權限和版權費率。它轉化為無與倫比的檔案和真正獨特的品質。這意味著 iStock 成為唯一有意義的中階供應商，透過其超過 3,100 萬美元的標誌性資產系列提供獨特的高品質水準。

In a long-standing world of seemingly infinite supply of visual content, Getty Images has always put a part on quality. And that is reflected by approximately two-thirds of our revenue being generated by content that customers can simply not get anywhere else; a statistic that has been durable over time.

在視覺內容看似無限供應的世界中，蓋蒂圖片社始終重視品質。我們大約三分之二的收入是由客戶在其他地方無法獲得的內容所反映的；隨著時間的推移而持久的統計數據。

We successfully renewed each and every content partnership up for renewal within the year. This includes multi-year renewals with Paris Match, Anadolu, Sky News, Sony Pictures, and the dpa Picture-Alliance. We also added new content and rights to partnerships with the US Soccer Federation and College Football Playoff, to name just a couple.

我們在一年內成功續簽了每項內容合作關係。其中包括與《巴黎競賽畫報》、《阿納多盧》、《天空新聞》、索尼影業和德新社圖片聯盟的多年續約。我們還為與美國足球聯合會和大學橄欖球季後賽的合作夥伴關係添加了新的內容和權利，僅舉幾例。

Through our staff, our partners and our contributors, who produced award-winning extensive editorial coverage across the globe representing more than 160,000 events from over 170 countries. Events such as the conflicts in Ukraine in Gaza plus Israel, earthquakes, storms, the US-Mexico border, all things Taylor Swift, Beyoncé's Renaissance World Tour, the Women's World Cup, the PGA Tour, Formula One, the Rugby World Cup, Sundance Film Festival, and the Met Gala; I could go on.

透過我們的員工、合作夥伴和撰稿人，他們在全球範圍內製作了屢獲殊榮的廣泛社論報道，涵蓋了來自 170 多個國家/地區的 160,000 多個活動。烏克蘭、加薩和以色列的衝突、地震、風暴、美墨邊境、泰勒絲的一切、碧昂絲的文藝復興世界巡迴演唱會、女子世界盃、PGA 巡迴賽、一級方程式賽車、橄欖球世界等活動Cup、聖丹斯電影節和 Met Gala；我還可以繼續說下去。

We mind our archives in support of important stories. Stories, such as the coronation of King Charles, III; the 60th anniversary of the March on Washington; images celebrating the alliance of Tina Turner, Matthew Perry, and Harry Belafonte; and the all-important buildup to the Paris 2024 Olympic and Paralympic Games.

我們關心我們的檔案以支持重要的故事。故事，例如查理三世國王的加冕典禮；華盛頓進軍 60 週年；慶祝蒂娜·特納、馬修·佩里和哈里·貝拉方特結盟的圖像；以及 2024 年巴黎奧運和殘奧會的重要籌備工作。

We conducted and conveyed deep research on societal and visible trends enabling our customers to more effectively and deeply engage their targeted audiences across the globe; research around women in sport, sustainability, customer sentiment around AI, mental health, ageism, social media, and the global cost-of-living crisis.

我們對社會和可見趨勢進行並進行了深入研究，使我們的客戶能夠更有效、更深入地吸引全球的目標受眾；圍繞體育領域的女性、永續發展、人工智慧的客戶情緒、心理健康、年齡歧視、社群媒體和全球生活成本危機進行研究。

We introduced natural language search on the Getty Images and iStock websites, enabling our customers to more deeply search our content and more efficiently find the content to meet their needs. We continue to invest in the growth of Unsplash Plus, our premium subscription offering on Unsplash, adding exclusive content, new languages, and new features.

我們在 Getty Images 和 iStock 網站上引入了自然語言搜索，使我們的客戶能夠更深入地搜索我們的內容並更有效地找到滿足其需求的內容。我們持續投資 Unsplash Plus（我們在 Unsplash 上的高級訂閱產品）的發展，增加獨家內容、新語言和新功能。

These efforts are why we maintained our paid downloads at 95 million despite a challenging macro environment. They are why we are able to increase customer commitment in the face of a challenging environment with total annual subscribers increasing to 236,000, up from 129,000 to start the year, and subscription as a percentage of total revenue reaching an all-time high of 53.2%.

這些努力是我們在宏觀環境充滿挑戰的情況下仍將付費下載量維持在 9,500 萬次的原因。這就是為什麼我們能夠在充滿挑戰的環境下增強客戶承諾，年度訂戶總數從年初的 129,000 人增至 236,000 人，訂閱佔總收入的百分比達到 53.2% 的歷史新高。

While still early days, with respect to adoption and contribution to our business performance, I'd be remiss if I would not be in earnings call where I didn't mention AI. In partnership with NVIDIA, we announced and launched a truly unique generative image offering; an offering that is trained on licensed and released data, and rewards content creators for the training; an offering that respects third-party intellectual property rights and a social and responsible and that it cannot produce deepfakes; an offering that is commercially safe and indemnified; an offering that produces high-quality outlets.

雖然還處於早期階段，但就採用人工智慧及其對我們業務績效的貢獻而言，如果我不在財報電話會議上沒有提到人工智慧，那就是我的失職。我們與 NVIDIA 合作，宣布並推出了真正獨特的生成影像產品；根據許可和發布的數據進行培訓的產品，並獎勵培訓的內容創作者；產品尊重第三方智慧財產權，具有社會責任感，且不會產生深度贗品；商業上安全且有薪的產品；產生高品質網點的產品。

We launched on Getty Images and VA-API in Q4 and on iStock in January of this year. Of course, with all things AI, the pace of innovation is break-neck. In recent weeks, we have already introduced expanded controls and capabilities, such as in panning and out panning. We'll be releasing a newly trained model soon, and we will also enable AI capabilities across our entire pre‑shot creative library. We also have big plans for video and partnership with NVIDIA and Runway, which we expect to launch later this year aligned to the commercial needs of our customers.

我們於第四季度在 Getty Images 和 VA-API 上推出，並於今年 1 月在 iStock 上推出。當然，對於人工智慧來說，創新的步伐是驚人的。最近幾週，我們已經引入了擴展的控制和功能，例如平移和平移。我們很快就會發布一個新訓練的模型，我們也將在整個預拍攝創意庫中啟用人工智慧功能。我們還制定了關於影片以及與 NVIDIA 和 Runway 合作的宏偉計劃，預計將在今年稍後推出，以滿足客戶的商業需求。

While we continue to face macro challenges, as always, we remain focused on delivering real value to our customers and long-term returns to our shareholders. At the core of Getty Images is high-quality content, and coverage that is derived from top-notch talent, exclusive access, extensive research, and rare expertise. We pair this with world-class customer service across committed and long-standing relationships, and the delivery of technology that truly enhances the creativity, productivity, and efficiency of our customers without risks. With our solid foundation and clear vision and focus, we're excited to return to growth in 2024.

儘管我們繼續面臨宏觀挑戰，但我們一如既往地專注於為客戶提供真正的價值，為股東提供長期回報。蓋蒂圖片社的核心是高品質的內容，以及來自頂尖人才、獨家訪問、廣泛研究和稀有專業知識的報導。我們將這一點與世界一流的客戶服務相結合，建立了長期的承諾關係，並提供真正增強客戶創造力、生產力和效率的技術，而沒有風險。憑藉著堅實的基礎、清晰的願景和重點，我們很高興能夠在 2024 年恢復成長。

Thank you. And now, turning the call over to Jenn to take you through more detailed financials.

謝謝。現在，將電話轉給 Jenn，帶您了解更詳細的財務資訊。

As Craig mentioned, our performance in the fourth quarter and for the full year of 2023 reflected the impacts of the various challenges we face, but also the proactive actions taken by the company to protect its bottom line and position us for a return to top-line growth in 2024.

正如 Craig 所提到的，我們第四季度和 2023 年全年的業績反映了我們面臨的各種挑戰的影響，也反映了公司為保護其利潤並為我們重返巔峰而採取的積極行動—— 2024 年線路成長。

I'll start by touching on some of our KPIs and I'll note that today's press release contains information on all seven of our KPIs, which are reported on the trailing 12-month basis or LTM period ended December 31, 2023, with comparisons to the LTM period ended December 31, 2022.

我將首先談談我們的一些KPI，我要指出的是，今天的新聞稿包含有關我們所有七個KPI 的信息，這些信息是根據截至2023 年12 月31 日的過去12 個月或LTM 期間報告的，並進行了比較至截至 2022 年 12 月 31 日的 LTM 期間。

Total purchasing customers were 799,000 down from 835,000 in the comparable LTM period. This decrease is tied to both our continued shift into subscription products and the continued contraction in our agency business, where customers consume nearly entirely on an a la carte or transactional basis. The continued shift into subscription, while driving the volume of purchasers down, has more importantly driven an increase in annual revenue for purchasing customers up from 1,109 to 1,147 for the LTM period.

購買客戶總數為 799,000 人，低於可比較 LTM 期間的 835,000 人。這一下降與我們繼續轉向訂閱產品以及代理業務的持續收縮有關，代理業務的客戶幾乎完全是在點菜或交易的基礎上消費的。持續轉向訂閱，雖然導致購買者數量下降，但更重要的是，LTM 期間購買客戶的年收入從 1,109 人增加到 1,147 人。

Active annual subscribers grew 83% year on year to 236,000, up from 129,000 in 2022, driven primarily by growth of our subscription including our iStock annual and Unsplash Plus subscription. This represents the fifth consecutive quarter with growth well in excess of 50%. While that growth rate is a strong metric on its own, the drivers of the growth, largely new customers and customers in our growth markets, as well as in our core markets is even more compelling for us. In fact, of the 236,000 annual subscribers in the LTM period, 62% were brand new customers to Getty Images, and 38% were customers in our growth markets across LATAM, APAC, and EMEA. We are expanding our reach.

年度活躍訂閱者年增 83%，從 2022 年的 129,000 人增至 236,000 人，這主要是由於我們的訂閱量增長（包括 iStock 年度訂閱和 Unsplash Plus 訂閱）推動的。這是連續第五個季度增長超過 50%。雖然成長率本身就是一個強大的衡量標準，但成長的驅動力（主要是我們成長市場以及核心市場中的新客戶和客戶）對我們來說更具吸引力。事實上，在 LTM 期間的 236,000 名年度訂閱者中，62% 是 Getty Images 的全新客戶，38% 是拉丁美洲、亞太地區和歐洲、中東和非洲地區成長市場的客戶。我們正在擴大我們的影響力。

Our annual subscriber revenue retention rate was 92.4%, down from 100.1% in the 2022 LTM period, due in large part to those lower revenue retention rates on some of our smaller e-commerce subscribers, as we'd expect, and also a reduction in incremental à la carte revenue from annual subscribers.

我們的年度訂戶收入保留率為92.4%，低於2022 年LTM 期間的100.1%，這在很大程度上是由於我們的一些小型電子商務訂戶的收入保留率較低（正如我們預期的那樣），而且收入保留率也有所下降來自年度訂戶的增量單點收入。

Paid download volume was flat at 95 million. And as Craig noted, that is a very strong outcome given the myriad of macroeconomic challenges we navigated through. Our video attachment rate remained in growth rising to 14.1% from 13.1% in Q4 2022, with plenty of room for continued expansion.

付費下載量持平於 9500 萬次。正如克雷格指出的那樣，鑑於我們經歷了無數的宏觀經濟挑戰，這是一個非常強勁的結果。我們的視訊附著率保持成長，從 2022 年第四季的 13.1% 上升至 14.1%，有足夠的持續擴張空間。

Turning to our financial performance. As we expected, this quarter's results were impacted by macroeconomic pressures, impacts from the two Hollywood strikes, and continued pressure on our agency business. However, both revenue and adjusted EBITDA exceeded the upper end of our guidance range. As we exited the year, we saw strengthening across our corporate sector, a slight improvement in agency and FX, which had been a challenge for most of the year, provided a benefit in the quarter.

轉向我們的財務表現。正如我們預期的那樣，本季的業績受到宏觀經濟壓力、好萊塢兩起罷工的影響以及我們代理業務的持續壓力的影響。然而，收入和調整後的 EBITDA 都超過了我們指導範圍的上限。當我們結束這一年時，我們看到整個企業部門都在走強，代理商和外匯業務略有改善，這在一年中的大部分時間裡都是一個挑戰，但在本季度帶來了好處。

Total revenue in the Q4 was $225.9 million, down 2.4% on a reported basis and 4% on a currency neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which contributed approximately 130 basis points of year-on-year revenue growth in the quarter.

第四季總營收為 2.259 億美元，按報告計算下降 2.4%，以貨幣中性計算下降 4%。這些結果包括收入確認時間的某些影響，該影響為本季營收年增率貢獻了約 130 個基點。

Our annual subscription revenue made up 54.5% of total revenue in the fourth quarter, up from 50.2% in Q4 of 2022, and it was 53.2% of total revenue for all of 2023. In total, subscription revenue increased 6% on a reported basis and 4.4% on a currency-neutral basis, driven by gains across our premium access and e-commerce offerings. While the mix of annual subscription revenue has been above 50% for the past five quarters, we still have opportunity to drive the mix higher.

我們的年度訂閱收入佔第四季總營收的 54.5%，高於 2022 年第四季的 50.2%，佔 2023 年全年總營收的 53.2%。總體而言，在我們的優質存取和電子商務產品收益的推動下，訂閱收入在報告基礎上增長了 6%，在貨幣中性基礎上增長了 4.4%。雖然過去五個季度的年度訂閱收入組合一直高於 50%，但我們仍有機會推動這一組合更高。

Creative, which includes stills and video content for commercial use and accounts for approximately two-thirds of our total revenue, was $145.8 million, up 0.5% on a reported basis, and down 1% on a currency-neutral basis. If you were to exclude our more challenged agency business, which sits entirely in creative, on a pro-forma basis, creative revenue was in growth on both a reported and currency-neutral basis, which highlights the underlying health of our corporate customer segment.

創意業務，包括商業用途的劇照和影片內容，約占我們總收入的三分之二，為 1.458 億美元，按報告計算增長 0.5%，按貨幣中性計算下降 1%。如果您排除我們更具挑戰性的代理商業務（該業務完全屬於創意業務），那麼在預計的基礎上，創意收入在報告和貨幣中性的基礎上都在增長，這凸顯了我們企業客戶群的潛在健康狀況。

Within creative, continued strength in our annual subscription, up 13.1%, or 11.6% on a currency-neutral basis led by our premium access subscription, the largest of our subscription offerings.

在創意方面，我們的年度訂閱持續強勁，成長了 13.1%，在我們最大的訂閱產品——高級訪問訂閱的帶動下，按貨幣中性計算增長了 11.6%。

Our e-commerce business continued to see growth in our iStock annual subscriptions, which grew by 16% on a reported basis and 14.4% currency neutral, marking the 10th consecutive quarter with double-digit growth. In addition, our Unsplash Plus subscription, one of our newest offerings, delivered strong double-digit growth.

我們的電子商務業務 iStock 年度訂閱量持續成長，按報告計算成長 16%，貨幣中性成長 14.4%，連續第 10 季實現兩位數成長。此外，我們的最新產品之一 Unsplash Plus 訂閱實現了強勁的兩位數成長。

Where we continue to see pressure within our à la carte offering, which were pressured due to three factors: a mid-single-digit decline in our agency business, the impact of the Hollywood strike that left production houses dormant, and a customer shift towards more committed products, driving lower à la carte purchases for growth in higher ARPU subscriptions.

我們繼續看到我們的點菜服務面臨壓力，這些壓力是由於三個因素造成的：我們的代理業務出現中個位數下降，好萊塢罷工導致製片廠處於休眠狀態，以及客戶轉向更忠誠的產品，降低單點購買量，進而提高ARPU 訂閱量的成長。

Editorial, which is one-third of our total revenue includes our coverage of global news, sports, and entertainment events, as well as our extensive archive collection of historic images and videos, finished the quarter at $75.7 million, a decrease of 7.9% year on year, and 9.5% on a currency-neutral basis.

社論占我們總收入的三分之一，包括我們對全球新聞、體育和娛樂活動的報道，以及我們廣泛的歷史圖像和視頻檔案收藏，本季度收入為 7,570 萬美元，同比下降 7.9%同比增長9.5 %，在貨幣中性的基礎上成長9.5%。

Our archive and entertainment verticals were negatively impacted by the slowdown related to the Hollywood strike. While sport and news were also up against challenging 2022 compares, including our coverage of the 2022 FIFA World Cup and the 2022 US midterm elections.

我們的檔案和娛樂垂直領域受到與好萊塢罷工相關的經濟放緩的負面影響。而體育和新聞也面臨著與 2022 年充滿挑戰的比較，包括我們對 2022 年 FIFA 世界盃和 2022 年美國中期選舉的報導。

Across our major geographies, on a currency-neutral basis, we saw a year-on-year decrease of 5.2% in the Americas, 1.8% in EMEA, and 4.4% in APAC. Revenue less our cost of revenues as a percentage of revenue remained consistent and strong at 72.3% in Q4 compared with 72.4% in Q4 of 2022.

在我們的主要地區，在貨幣中性的基礎上，美洲年減 5.2%，歐洲、中東和非洲年減 1.8%，亞太地區年減 4.4%。第四季營收減去營收成本佔營收的百分比保持穩定且強勁，為 72.3%，而 2022 年第四季為 72.4%。

Total SG&A expense was $101.6 million in Q4, up $6.3 million year on year, with our expense rate increasing to 45% of revenue, up from 41.2% last year. The higher year-on-year expense was due primarily to $10.5 million of stock-based comp related to the vesting of employee equity awards, compared with $3.4 million of equity-based comp in Q4 of 2022.

第四季的 SG&A 費用總額為 1.016 億美元，年增 630 萬美元，我們的費用率從去年的 41.2% 增至營收的 45%。年比費用增加的主要原因是與員工股權獎勵歸屬相關的 1,050 萬美元的股票補償，而 2022 年第四季的股權補償為 340 萬美元。

For the full year, SG&A increased by $26.9 million to 43.9% of revenue, up from 40.5% last year, also driven by the increase in stock-based compensation. Excluding stock-based compensation, SG&A decreased year on year, 0.9% to $91.1 million in the quarter. The lower spend is the result of our deliberate cost management actions executed early in the year.

全年銷售、管理及行政費用 (SG&A) 增加了 2,690 萬美元，佔收入的 43.9%，高於去年的 40.5%，這也是受到股票薪酬增加的推動。不包括以股票為基礎的薪酬，該季度的銷售、管理及行政費用年減 0.9%，至 9,110 萬美元。支出減少是我們在年初執行的深思熟慮的成本管理行動的結果。

As a percentage of revenue, SG&A excluding stock-based comp, was 40.3% of revenue, up just slightly from 39.7% of revenue in the prior year due primarily to the decrease in revenue. For the full year, adjusted SG&A decreased 0.4% to $364.9 million, or 39.8% of revenue compared to 39.5% of revenue in the prior year.

從佔收入的百分比來看，不包括股票比較的 SG&A 佔收入的 40.3%，略高於上一年佔收入的 39.7%，這主要是由於收入下降。全年調整後的 SG&A 下降 0.4% 至 3.649 億美元，佔營收的 39.8%，而上一年佔營收的 39.5%。

Adjusted EBITDA was $72.2 million for the quarter, down 4.5% year over year, and 6.5% on a currency-neutral basis. Our adjusted EBITDA margin was 31.9%, down from 32.6% in Q4 2022. For 2023, adjusted EBITDA was $301.4 million, down 1.2% reported, and 0.4% on a currency-neutral basis. Our adjusted EBITDA margin was 32.9%, unchanged from the prior year, demonstrating the continued resiliency of our financial model.

本季調整後 EBITDA 為 7,220 萬美元，年減 4.5%，在貨幣中性基礎上下降 6.5%。我們調整後的 EBITDA 利潤率為 31.9%，低於 2022 年第四季的 32.6%。2023 年，調整後 EBITDA 為 3.014 億美元，報告下降 1.2%，在貨幣中性基礎上下降 0.4%。我們調整後的 EBITDA 利潤率為 32.9%，與前一年持平，這表明我們的財務模型具有持續的彈性。

CapEx was $15.1 million in Q4, up $1.9 million year over year. CapEx as a percentage of revenue was 6.7%, compared to 5.7% in the prior year period. For the full year, CapEx was $57 million or 6.2% of revenue, down from $59.3 million or 6.4% of revenue in 2022. CapEx continues to be within our expected range of 5% to 7% of revenue.

第四季資本支出為 1,510 萬美元，年增 190 萬美元。資本支出佔收入的百分比為 6.7%，去年同期為 5.7%。全年資本支出為 5,700 萬美元，佔收入的 6.2%，低於 2022 年的 5,930 萬美元，佔收入的 6.4%。資本支出持續保持在我們收入的 5% 至 7% 的預期範圍內。

Adjusted EBITDA less CapEx was $57 million, down $5.3 million year over year, representing a decrease of 8.5% or 10.3% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 25.2% in Q4, compared to 26.9% in Q4 of 2022. For the full year, adjusted EBITDA less CapEx was $244.4 million, a decrease of 0.5% reported, and an increase of 0.7% currency neutral.

調整後 EBITDA 減去資本支出為 5,700 萬美元，年減 530 萬美元，在貨幣中性基礎上下降 8.5% 或 10.3%。第四季調整後 EBITDA 減去資本支出的利潤率為 25.2%，而 2022 年第四季為 26.9%。全年調整後 EBITDA 減去資本支出為 2.444 億美元，報告下降 0.5%，貨幣中性成長 0.7%。

Free cash flow was $18.6 million in Q4, compared with $20.6 million in Q4 of 2022. The decline in free cash flow was largely driven by lower EBITDA and working capital adjustments related to timing. Free cash flow is stated net of cash interest expense of $24.2 million, and cash taxes paid of $8.9 million in the fourth quarter. For the full year, we generated $75.7 million in free cash flow compared to $103.8 million in 2022 with that full-year decrease, primarily being a result of the increase in interest expense related to the rise in interest rates, and also driven by higher litigation related expense.

第四季自由現金流為 1,860 萬美元，而 2022 年第四季為 2,060 萬美元。自由現金流的下降主要是由於 EBITDA 下降和與時間相關的營運資本調整。自由現金流扣除第四季 2,420 萬美元的現金利息支出和 890 萬美元的現金稅。全年我們產生了 7570 萬美元的自由現金流，而 2022 年為 1.038 億美元，全年出現下降，主要是由於利率上升導致利息支出增加，同時訴訟增多相關費用。

We finished the quarter with $136.6 million of balance sheet cash, up $23.1 million from the third quarter, and up $38.7 million from Q4 of 2022. Despite the tough climate, this business continues to generate healthy cash flow, continues to pay down debt, and we finished the year with higher cash balances and expanded liquidity.

本季末，我們的資產負債表現金為 1.366 億美元，比第三季增加 2,310 萬美元，比 2022 年第四季增加 3,870 萬美元。儘管氣候嚴峻，該業務仍繼續產生健康的現金流，並繼續償還債務，我們以更高的現金餘額和擴大的流動性結束了這一年。

As of December 31, we had total debt outstanding of $1.4 billion, including $300 million of 9.75% senior notes, $637 million of USD term loan with an applicable interest rate of 9.95%, $463.6 million of the euro term loan converted using exchange rates as of December 31, 2023 with an applicable rate of 8.875%. We also have a $150 million Revolver that remains undrawn.

截至12 月31 日，我們的未償債務總額為14 億美元，其中包括3 億美元的9.75% 優先票據、6.37 億美元的美元定期貸款（適用利率為9.95%）、4.636 億美元的歐元定期貸款（以匯率換算）。我們還有一把價值 1.5 億美元的左輪手槍尚未提取。

For the full year, we applied $50.4 million towards debt paydown, including a voluntary $2.6 million repayment in the fourth quarter. We ended the quarter with a net leverage of 4.2 times, down from 4.4 times at year end 2022.

全年，我們申請了 5,040 萬美元用於償還債務，其中包括第四季度自願償還的 260 萬美元。本季結束時，我們的淨槓桿率為 4.2 倍，低於 2022 年底的 4.4 倍。

In early February, we opportunistically exclude a debt refinancing with the primary goal of meaningfully reducing our interest expense and extending our term loan maturities. As we analyze the opportunity with our advisers, we ultimately decided against proceedings, as the interest expense savings were not as meaningful as we desired. We would like to thank those in the lender community that spent time with us during this process. We will remain disciplined, and we continue to look for the optimal opportunity and market conditions to refinance our debt.

2月初，我們機會主義地排除了債務再融資，其主要目標是有意義地減少我們的利息支出並延長我們的定期貸款期限。當我們與顧問一起分析這個機會時，我們最終決定不採取訴訟，因為節省的利息費用並不像我們期望的那麼有意義。我們要感謝貸方社區中在此過程中與我們一起度過的人們。我們將保持紀律，並繼續尋找最佳機會和市場條件來為我們的債務再融資。

In the meantime, we will continue to deploy our capital to what we believe is the highest and best use, with a continued focus on reducing our leverage. Management remains laser-focused on execution.

同時，我們將繼續將我們的資本部署到我們認為的最高和最佳用途，並繼續專注於降低我們的槓桿率。管理層仍然專注於執行。

As of December 1, 2023, taking into consideration the foreign exchange rates and applicable interest rates on our debt balance at that time and the effect of $355 million of interest rate swap agreements, which matured in February, our annualized estimated cash interest expense is $134 million. That said, our actual annual interest expense remains subject to changes in the interest rate environment, which we outline in more detail within our SEC filings.

截至2023年12月1日，考慮到當時我們債務餘額的匯率和適用利率以及2月份到期的3.55億美元利率掉期協議的影響，我們的年化預計現金利息支出為134美元百萬。也就是說，我們的實際年度利息支出仍然受到利率環境變化的影響，我們在美國證券交易委員會的文件中對此進行了更詳細的概述。

So we finished 2023 having delivered meaningful subscriber growth. We continued to pay down our debt. We expanded our AI generative offerings, and we nimbly navigated through several unexpected macro challenges. All throughout, we remained fiscally disciplined, we've generated healthy levels of free cash flow, and we ended the year with a stronger balance sheet. And we are very well positioned to return to top line growth as we head into 2024.

因此，我們在 2023 年結束時實現了有意義的用戶成長。我們繼續償還債務。我們擴展了人工智慧生成產品，並靈活地應對了一些意想不到的宏觀挑戰。自始至終，我們都保持了財務紀律，創造了健康水平的自由現金流，並以更強勁的資產負債表結束了這一年。進入 2024 年，我們完全有能力恢復營收成長。

With that, let's shift into our 2024 guidance. We anticipate revenue of $928 million to $947 million, representing growth of 1.3% to 3.3% year on year, and currency-neutral growth of 1% to 3%. Assuming current FX rates hold with the euro above [1.09] and the GDP above 1.27, we expect foreign currency to have a more muted impact on our financial results relative to what we experienced in 2023. For revenue, we estimate a benefit of about $2.5 million for the year, of which approximately $2 million is expected in the fourth quarter.

接下來，讓我們轉向我們的 2024 年指引。我們預計營收為 9.28 億美元至 9.47 億美元，年增 1.3% 至 3.3%，剔除貨幣因素後成長 1% 至 3%。假設當前匯率維持在歐元高於 [1.09] 且 GDP 高於 1.27 的情況下，我們預期外幣對我們財務表現的影響相對於 2023 年的情況較為溫和。對於收入，我們預計全年收益約為 250 萬美元，其中預計第四季度收益約為 200 萬美元。

We expect adjusted EBITDA of $298 million, down 1.5% (sic - see press release, "1.2%") year over year, and down 1.2% (sic - see press release, "1.5%") currency neutral. Included in the adjusted EBITDA expectation is a similar cadence for FX, with an approximate estimated $1 million benefit in 2024 with almost all of it expected in the fourth quarter.

我們預計調整後 EBITDA 為 2.98 億美元，年減 1.5%（原文如此 - 參見新聞稿，「1.2%」），貨幣中性下降 1.2%（原文如此 - 參見新聞稿，「1.5%」）。調整後的 EBITDA 預期中也包含了外匯的類似節奏，預計 2024 年將帶來約 100 萬美元的收益，幾乎全部收益預計將在第四季度實現。

With that, operator, please open the call for questions.

那麼，接線員，請打開提問電話。

(Operator Instructions)

（操作員說明）

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Hey, team, this is Jake on for Ron. Thanks for taking my questions. Craig, really great to hear about the Gen AI product rollouts on both Getty and iStock. I know last quarter, you shared that it would have or you expected to have limited impact -- (technical difficulty)

嘿，團隊，這是傑克為羅恩代言的。感謝您回答我的問題。Craig，非常高興聽到 Gen AI 產品在 Getty 和 iStock 上推出。我知道上個季度，您表示它將產生或預期產生有限的影響——（技術難度）

Hello?

你好？

Jennifer and Craig, are you online? Craig is on.

珍妮佛和克雷格，你們在線上嗎？克雷格已上線。

Yeah, I'm here. I think we might have lost Jake.

是的，我在這裡。我想我們可能已經失​​去了傑克。

Sorry. Can you hear me?

對不起。你聽得到我嗎？

We can now head out pretty early into your questions, if you don't mind just repeating them all again.

如果您不介意再次重複一遍，我們現在可以很早就開始討論您的問題。

Sorry about that. Well, the first question was just on Gen AI. Last quarter, you shared that you'd expect financials (technical difficulty) but now that you've been live for a few months -- any more visibility you could share in terms of expectations or contributions for this year?

對於那個很抱歉。嗯，第一個問題是關於 Gen AI 的。上個季度，您表示您期望財務狀況（技術難度），但現在您已經上線幾個月了——您可以分享今年的預期或貢獻嗎？

And then the second question was just on corporate. You noted some continued macro challenges, but we look at the resilience and the revenue per purchasing customer. I'm curious if you could share more about what you're seeing from the corporates. Any specific verticals doing well or still showing signs of conservatism?

第二個問題是關於公司的。您指出了一些持續的宏觀挑戰，但我們關注的是彈性和每個購買客戶的收入。我很好奇您是否可以分享更多有關您從公司看到的情況。有哪些特定的垂直產業表現良好或仍顯示出保守主義的跡象？

Craig?

克雷格？

Okay. Happy to take both of those. On the Gen AI front, I'd say that the expectations for contribution on a material basis are still going to -- still be much longer term in terms of that growth. We've taken a point of view of, again, really building the products, getting them to market, and doing that in a subscription model. So it's going to take time for that adoption to accrue to something that's meaningful to the business.

好的。很高興接受這兩個。在Gen AI方面，我想說，就成長而言，對物質基礎貢獻的期望仍然是長期的。我們的觀點是，真正建立產品，將它們推向市場，並以訂閱模式進行。因此，這種採用需要一段時間才能產生對業務有意義的東西。

But with that said, I'd say that we are definitely having a lot of conversations on the sales front. We're getting really good feedback on the use of the product. And where we are seeing adoption of the product, it's positive and aligned to our expectations. But I wouldn't expect significant contributions into this year that will have a meaningful material impact on our performance around the guidance stated.

但話雖如此，我想說我們肯定在銷售方面進行了很多對話。我們收到了有關該產品使用的非常好的回饋。我們看到該產品的採用是積極的並且符合我們的期望。但我預計今年的重大貢獻不會對我們圍繞所述指導的表現產生有意義的實質影響。

With respect to corporate, we've -- it's been a growth segment for this business for a long time. We saw that and a little bit choppier in 2023, due to the macroeconomic items that we related. I think I specifically called out the technology segment -- sub-segment within that as some of the areas that were a bit more choppy than maybe what we had experienced in prior years. But we expect that segment to continue to grow for us in 2024.

就企業而言，我們長期以來一直是該業務的成長部分。我們看到了這一點，並且由於我們相關的宏觀經濟項目，2023 年的情況會更加波動。我想我特別指出了技術領域——其中的子領域，因為有些領域比我們前幾年經歷的情況更加不穩定。但我們預計該細分市場將在 2024 年持續成長。

It still continues to be one where internal marketing groups are bringing their sales and marketing in-house in order to manage across their websites, their social media presence, their sales and marketing collateral, and that continues to be the driver behind that. So a little bit choppier in 2023. We will expect to see a little bit of choppiness in 2024. But again, the corporate segment should be wanting growth.

內部行銷團隊仍將銷售和行銷納入內部，以便管理其網站、社群媒體存在、銷售和行銷資料，這仍然是背後的驅動力。所以 2023 年會有點波動。我們預計 2024 年會出現一些波動。但同樣，企業部門應該希望成長。

Thanks so much.

非常感謝。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Hey, thanks. I just wanted to ask about the agency business. As you mentioned, it improved a little down mid-single digits. Maybe if you could just talk about your expectations for how that will trend in 2024?

嘿，謝謝。我只是想問一下代理業務。正如您所提到的，它的改善幅度在個位數中間。也許您能談談您對 2024 年趨勢的期望嗎？

And then Jennifer, for you, just maybe within your 2024 revenue guide, anything you're willing to provide around creative versus editorial? And what we should expect given the even-year seasonality? Thank you.

然後，詹妮弗，對於您來說，也許在您的 2024 年收入指南中，您願意提供有關創意與編輯的任何內容嗎？考慮到偶數年的季節性，我們該期待什麼？謝謝。

Hey, Jenn, why don't you just take both of those?

嘿，Jenn，你為什麼不把這兩樣都拿走呢？

Yeah, happy to. So I'll start backwards on guidance. So as you know, we don't guide specifically to editorial or creative, but we are heading into an even year. Normally, that would come with an expectation of a level of growth. However, this year will look a little bit different and what we would normally expect to see in terms of that even-year impact will be a bit muted.

是的，很高興。所以我將開始倒退指導。如您所知，我們不會專門針對編輯或創意進行指導，但我們即將進入偶數一年。通常情況下，這會帶來一定程度的成長預期。然而，今年看起來會有點不同，我們通常會預期偶數年的影響會有點減弱。

The reasons for that, obviously, we're still seeing some lingering impacts from the strike. And certainly, as we navigate through Q1, likely to see a bit of that as we navigate through Q2. So we're still dealing with a bit of impact from that.

顯然，原因是我們仍然看到罷工帶來的一些揮之不去的影響。當然，當我們瀏覽第一季時，當我們瀏覽第二季度時，可能會看到一些這樣的情況。因此，我們仍在應對由此帶來的一些影響。

And then, the flip side of that is that we think about 2023 -- the first half of 2023 was actually in growth for editorial. So we've got that comp that we're navigating through growth versus still navigating through some of the strike impacts in each one.

另一方面，我們對 2023 年的看法是──2023 年上半年其實是社論成長的時期。因此，我們已經有了這樣的比較：我們正在經歷成長，而不是仍在經歷每項罷工的影響。

We definitely do expect to see you know some of that revenue. We've got Olympics. We've got the US Presidential Election. We've got euros. We did have a bit of event revenue in 2023.

我們確實希望看到您了解其中的一些收入。我們有奧運。我們即將舉行美國總統大選。我們有歐元。2023 年我們確實有一些活動收入。

So we expect to see that bump. But again, that strike impact will mute that a bit for us relative to what we'd normally expect to see. And obviously, when it comes to something with a US Presidential Election, it's hard for us to size that with precision until we get a bit deeper into what all of it is going to look like. So in a little bit of color of how editorial is playing into that top line and come back in a little bit of what that might mean for creative.

所以我們預計會看到這種衝擊。但同樣，相對於我們通常預期的情況，罷工的影響將使我們的影響力減弱一些。顯然，當談到美國總統選舉時，我們很難精確地衡量它的大小，直到我們更深入地了解所有事情將會是什麼樣子。因此，我們可以稍微了解社論如何在頂線中發揮作用，然後再回顧一下這對創意可能意味著什麼。

On the agency side, so I don't think we're necessarily expecting a big reversal, or agency to shift into growth right away in 2024. What we commented on in the prepared remarks is that we saw a bit of an improvement. I think, specifically, I used the word, slight. So that that's coming off of pretty steady double-digit declines on agencies, and ending the year, exiting the year in that mid-single digit decline.

在機構方面，所以我認為我們不一定會預期會出現大逆轉，或者機構會在 2024 年立即轉向成長。我們在準備好的評論中評論的是，我們看到了一些改進。我想，具體來說，我用了「輕微」這個詞。因此，這已經擺脫了機構相當穩定的兩位數下降，並在年底以中個位數的下降結束了這一年。

So I don't think we're expecting a massive turnaround. That, as we've spoken about earnings calls before, is largely a macro impact, right? So as customers are holding tight onto their creative and marketing budget, that flows through the agencies, that flows through to us.

所以我認為我們不會期待巨大的轉變。正如我們之前談到的收益電話會議，這在很大程度上是宏觀影響，對嗎？因此，當客戶緊緊抓住他們的創意和行銷預算時，這些預算就會流經代理機構，流向我們。

So we're cautious on that one again. We don't expect that to turnaround, but it is well under 20% of our total revenue at this point once we exited 2023.

所以我們對此再次持謹慎態度。我們預計這一情況不會好轉，但 2023 年結束後，目前這一比例遠低於我們總收入的 20%。

Great. Thank you, Jennifer.

偉大的。謝謝你，詹妮弗。

You're welcome.

不客氣。

Mark Zgutowicz, The Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Thank you. Good evening, Craig and Jenn. Jenn, a couple of quick questions for you, if I could. I was just hoping to get some visibility and creative revenue retention expectations this year ex-agency? And I was also hoping you can maybe comment on churn ex-agency?

謝謝。晚上好，克雷格和珍。Jenn，如果可以的話，我想問你幾個簡單的問題。我只是希望今年能獲得一些知名度和創造性的收入保留預期，前代理機構？我還希望您能對前代理機構的流失發表評論？

And then the second question is just around the EBITDA guidance. Just curious what are the expense assumptions there just giving us roughly $20 million delta relative to your top-line guidance? Any color there would be helpful. Thanks.

第二個問題是關於 EBITDA 指導。只是好奇相對於您的頂線指導，費用假設為我們提供了大約 2000 萬美元的增量？任何顏色都會有幫助。謝謝。

Yeah. Mark, would you mind repeating the second question? I didn't quite hear that.

是的。馬克，你介意重複第二個問題嗎？我沒聽清楚。

Sorry. Second question is if you could just talk about the expense assumptions within your '24 adjusted EBITDA guidance, just (multiple speakers) --

對不起。第二個問題是，您是否可以只討論 '24 調整後 EBITDA 指導中的費用假設，只是（多位發言者）——

Sorry, your second question -- yeah, the agency I think you mentioned. I heard that you (multiple speakers) --

抱歉，你的第二個問題——是的，我想你提到了這個機構。我聽說你（多位發言者）——

Just -- sorry, sorry, sorry. I was looking at -- just looking for -- to your comment on churn ex-agency.

只是——對不起，對不起，對不起。我正在查看——只是在尋找——您對流失前代理機構的評論。

Right. Okay. And so I'll start with EBITDA. So yeah, I think what you're seeing there in our EBITDA guidance, we've talked quite a bit about how we employed some proactive cost actions pretty early on in 2023. So as we enter into 2024, you're seeing a little bit of a reset on our cost base. We're certainly not pulling back on all of that cost management, but there is certain element of the cost pullbacks that we made in 2023 that we've reset entering into 2024. And that's really just to set ourselves up to get back to top-line growth.

正確的。好的。我將從 EBITDA 開始。所以，是的，我想你在我們的 EBITDA 指南中看到的，我們已經談論了很多關於我們如何在 2023 年初採取一些積極主動的成本行動。因此，當我們進入 2024 年時，您會看到我們的成本基礎發生了一些重置。我們當然不會取消所有成本管理，但我們在 2023 年進行的成本削減的某些部分已重置為 2024 年。這其實只是為了讓我們恢復營收成長。

There are elements of employee incentive-based compensation that, as you can imagine, are tied to the company's financial performance. So as we reset into 2024 at the start of any year, we'd have within our cost base and expectation of that incentive-based comp coming back because there's an expectation of the company hitting its financial performance.

正如您可以想像的那樣，基於員工激勵的薪酬的某些要素與公司的財務表現掛鉤。因此，當我們在任何一年年初重新設定為 2024 年時，我們都會在成本基礎和基於激勵的補償回歸的預期範圍內，因為預計公司的財務業績會受到影響。

So it's really just a bit of a reset. Again, not a full relieving of all of those cost actions, but we did go into 2024 pretty deliberately, making sure we're investing in growth and setting ourselves up to get that growth.

所以這實際上只是一個重置。再說一遍，這並不是完全消除所有這些成本行動，但我們確實相當謹慎地進入了 2024 年，確保我們投資於成長，並為實現這種成長做好準備。

The question on revenue retention and churn. So we don't really give a revenue retention figure or stat on creative versus editorial. I think the way that I would answer that question, and I'm assuming you're talking a little bit more about the subscriber base, but we continue to see -- when we think about our large enterprise customers, we continue to see those retention rates pretty much at 100%, right?

關於收入保留和流失的問題。因此，我們並沒有真正給出創意與編輯的收入保留數字或統計數據。我認為我回答這個問題的方式，我假設你更多地談論了訂戶基礎，但我們繼續看到——當我們考慮我們的大型企業客戶時，我們繼續看到這些保留率幾乎為100%，對嗎？

So the enterprise side of things, we continue to see that figure being really strong as we start to grow that subscriber base. And we talked about a lot of that growth is coming from the smaller e-commerce subscription side of things. Those obviously come at least at the start with a lighter revenue retention rate. So you'll see that pull down a bit from something like 100% on the enterprise side of it.

因此，在企業方面，隨著我們開始擴大用戶群，我們繼續看到這個數字非常強勁。我們談到，大部分成長來自較小的電子商務訂閱方面。這些顯然至少在一開始就具有較低的收入保留率。因此，您會發現企業方面的比率比 100% 有所下降。

And those smaller e-commerce subscriptions, those all do fit on the creative side of the business. So not sure of that that answers those questions, but we don't really give a creator versus editorial retention or churn elements.

而那些較小的電子商務訂閱，這些都適合業務的創意方面。所以不確定這是否能回答這些問題，但我們並沒有真正給出創作者與編輯保留或流失元素的比較。

That's helpful, Jenn. Thank you.

這很有幫助，珍。謝謝。

Okay.

好的。

Tim Nollen, Macquarie Asset Management.

提姆諾倫，麥格理資產管理公司。

Hi. It's Tim from Macquarie Research, not Asset Management. But just curious, Craig, if you could give a bit more color on the potential revenue from AI. You said earlier that you expect it to be a longer term ramp in revenues, but would we see this in a line, like paid download growth? I mean would there be a high demand for AI -- for images and for data behind that that people can use to generate their own images?

你好。這是麥格理研究部的提姆，而不是資產管理公司。但只是好奇，克雷格，你能否對人工智慧的潛在收入提供更多的資訊。您之前說過，您預計收入將在長期內出現成長，但我們是否會看到這種情況，例如付費下載的成長？我的意思是，對人工智慧——圖像以及人們可以用來產生自己圖像的數據背後的需求是否會很高？

I know I didn't say that very well, but I think you know what I mean. Would that come from the paid download side, which has basically been flat quarter over quarter? Or would that come in somewhere else?

我知道我說得不太好，但我想你明白我的意思。這是否來自付費下載方面，而付費下載方面基本上季度環比持平？或者它會出現在其他地方嗎？

Yeah. So first, let me just characterize how we are approaching AI. So we are licensing services to our end customers. Those services have been developed in partnership with companies like NVIDIA. We have not pursued to any meaningful degree licensing of our data on a basis that would generate revenue against the data side of things.

是的。首先，讓我來描述一下我們如何接近人工智慧。因此，我們正在向最終客戶授權服務。這些服務是與 NVIDIA 等公司合作開發的。我們還沒有對我們的數據進行任何有意義的許可，以透過數據方面產生收入。

So we believe long term that AI is going to be a fundamental tool of creatives, and we want to build the business around offering those services versus licensing our data out to third-parties to build services. We fundamentally believe our data will be critical in differentiating those services as we go to market. And so that's the trade that we are making.

因此，我們相信，從長遠來看，人工智慧將成為創意的基本工具，我們希望圍繞著提供這些服務來建立業務，而不是將我們的資料授權給第三方來建立服務。我們從根本上相信，當我們進入市場時，我們的數據對於區分這些服務至關重要。這就是我們正在進行的貿易。

It's a long-term trade that we believe is the right one for the business, in terms of, again, owning these services and the end customer relationships in delivering those services to our customers. So you will see -- over time you will see those results in our subscriber counts, as customers subscribe into generative AI services on annualized basis. You will see that show up into our paid downloads section, as they generate imagery from those services and then download that imagery and use it within their marketing and sales and collateral and other parts of their marketing stack.

這是一項長期貿易，我們認為這對企業來說是正確的，因為再次擁有這些服務以及向客戶提供這些服務的最終客戶關係。所以你會看到——隨著時間的推移，你會在我們的訂閱者數量中看到這些結果，因為客戶按年訂閱生成人工智慧服務。您將看到它出現在我們的付費下載部分，因為他們從這些服務生成圖像，然後下載該圖像並在其行銷和銷售以及宣傳品和行銷堆疊的其他部分中使用它。

So, yes. You will see those start to accrue through the metrics, but it will take some time for those to have a meaningful -- this goes back to the comment, I think, Jake -- or a question Jake asked. It's going to take a while for those to be meaningful relative to 95 million paid annual downloads.

所以，是的。你會看到這些開始透過指標累積，但這些需要一些時間才能變得有意義——我想，傑克，這可以追溯到評論——或者傑克提出的問題。相對於每年 9,500 萬的付費下載量來說，這些內容還需要一段時間才能變得有意義。

Right. Okay. That makes sense. Thanks. Can I ask a separate question, which is looking at your subscription as a percentage of revenue, I think, 54% in the quarter, which was up quite a bit from a year ago, but it was down a little bit from Q3. And I wonder if that is just a normal Q4 seasonal trend?

正確的。好的。這就說得通了。謝謝。我可以問一個單獨的問題，即看你的訂閱佔收入的百分比，我認為，本季度為 54%，比一年前增長了不少，但比第三季度略有下降。我想知道這是否只是第四季的正常季節性趨勢？

There might be some more kind of seasonal related Q4 one-off types of sales that might have actually brought that number down sequentially?

可能還有一些與季節性相關的第四季一次性銷售類型實際上可能導致該數字連續下降？

Yeah, we saw a little bit of -- in Q4, we saw a little bit stronger close to the year. A lot of that was through à la carte purchases in the business. Again, Jenn kind of mentioned the rebound in the agency in Q4, a slight rebound. They tend to buy on an à la carte basis.

是的，我們在第四季度看到了一點，我們看到了接近今年的一點點強勁。其中很大一部分是透過業務中的單點採購來實現的。Jenn 再次提到了第四季度該機構的反彈，輕微的反彈。他們傾向於按菜單點菜購買。

We also saw some of the strike impacts ameliorate on our business, most notably within our paid assignment business, which is not done within subscriptions. So those are some of the things that Q4, relative to Q3, took that percentage down a bit. I would say all those were good things though.

我們也看到罷工對我們業務的一些影響有所改善，尤其是在我們的付費任務業務中，而這不是在訂閱中完成的。因此，與第三季相比，第四季的百分比有所下降。我想說這一切都是好事。

Okay. Thank you.

好的。謝謝。

Thank you. And we have reached the end of the question-and-answer session. I'll now turn it (technical difficulty) this also concludes today's conference, and you may disconnect your lines at this time.

謝謝。我們的問答環節已經結束了。我現在轉一下（技術難度），今天的會議也到此結束，此時大家可以掛斷電話了。