Getty Images Holdings Inc (GETY) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Getty Images first-quarter-2024 earnings conference call. Today's call is being recorded. We have allocated one hour for prepared remarks and Q&A.

下午好，歡迎參加 Getty Images 2024 年第一季財報電話會議。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 would like to turn the conference over to Steven Kanner, VP of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

這次，我想將會議交給 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 first-quarter-2024 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Layden, Chief Financial Officer.

下午好，歡迎參加 Getty Images 2024 年第一季財報電話會議。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 Layden。

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. 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.

在開始之前，我們想提醒您，本次電話會議將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述受到各種風險、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。這些文件和今天新聞稿的連結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. 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.

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 減去資本支出和自由現金流。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。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 thank you to everyone for joining Getty Image's first-quarter earnings call. I will touch on our performance and progress at a high level before Jen takes you through the full-first-quarter financial results.

謝謝史蒂文，也謝謝大家參加蓋蒂圖片社第一季財報電話會議。在 Jen 向您介紹完整的第一季財務表現之前，我將簡要介紹我們的業績和進展。

As expected, our financial performance in the first quarter was soft due to macroeconomic challenges we outlined in our last call, residual impacts from the Hollywood strikes and the pressured agency business. Within editorial, we also faced a tougher year on year compare with Q1 of 2023 being the only quarter of year-over-year editorial growth before the strike impacted the balance of the year.

正如預期的那樣，由於我們在上次電話會議中概述的宏觀經濟挑戰、好萊塢罷工的殘餘影響以及代理業務的壓力，我們第一季的財務表現疲軟。在社論方面，我們也面臨著更嚴峻的同比形勢，2023 年第一季是罷工影響全年剩餘時間之前社論實現同比增長的唯一季度。

For the first quarter, 2024 revenue was $222.3 million, representing a year-on-year decrease of 5.7% on a reported and currency neutral basis. Adjusted EBITDA came in just over $70.2 million for the quarter, down 7.9% reported or 7.7% currency neutral and representing 31.6% of revenue.

2024 年第一季的營收為 2.223 億美元，在報告和貨幣中性的基礎上年減 5.7%。本季調整後 EBITDA 略高於 7,020 萬美元，報告下降 7.9%，以貨幣中性計算下降 7.7%，佔營收的 31.6%。

On April 1, we closed on and funded the acquisition of Motorsport images. Motorsport images represents a truly iconic archive of automotive imagery and video that augments Getty Images existing offerings. Motorsport images also brings deep relationships across racing series such as Formula E, teams such as McLaren Racing, races and sponsors. In combination with Getty Images established position as the official photographic partner of Formula One, we are excited for what this addition can offer the growing number of Motorsports stakeholders.

4 月 1 日，我們完成了對賽車運動圖像的收購並提供了資金。賽車運動影像代表了真正標誌性的汽車影像和影片檔案，增強了 Getty Images 的現有產品。賽車運動圖像也帶來了電動方程式等賽車系列、麥克拉倫賽車等車隊、賽事和贊助商之間的深厚關係。結合蓋蒂圖片社作為一級方程式賽車官方攝影合作夥伴的地位，我們對這項補充能為越來越多的賽車運動利益相關者提供的服務感到興奮。

Continuing on the content front, we were pleased to announce renewals with Bloomberg and the English Football Association. Earlier this week, we exclusively covered the Met Gala for a sixth consecutive time. We also added new content partnerships with the Saudi Pro League, Visual Capitalist, FilmPac, Spectee and Niche Sports Media. The Motorsport acquisition and these partners stand as a testament to our continued commitment to deliver the very best visual content to our customers.

繼續在內容方面，我們很高興地宣布與彭博社和英格蘭足球協會續約。本週早些時候，我們連續第六次獨家報導 Met Gala。我們也與沙烏地阿拉伯職業聯賽、Visual Capitalist、FilmPac、Spectee 和 Niche Sports Media 建立了新的內容合作夥伴關係。Motorsport 的收購和這些合作夥伴證明了我們持續致力於為客戶提供最佳視覺內容的承諾。

Looking forward, the Olympic torch is now lit and on its way to Paris, where we are once again the official photographic agency of the International Olympic Committee. But before Paris, we have the upcoming UEFA Euro 2024 tournament, where we are the official photographer supplier for UEFA. Add in the global election cycle, and our teams are busy doing what they do best. On the topic of doing it best, expert team was recognized by industry peers across a range of categories and award ceremonies during the quarter.

展望未來，奧運火炬現已點燃並前往巴黎，我們再次成為國際奧委會的官方攝影機構。但在巴黎奧運之前，我們還有即將到來的 2024 年歐洲盃錦標賽，我們是歐足總的官方攝影師供應商。再加上全球選舉週期，我們的團隊正忙於做他們最擅長的事。在「做到最好」這個主題上，專家團隊在本季度的多個類別和頒獎典禮上獲得了業界同行的認可。

This year, our team was honored with over 40 awards of excellence in categories, including news, sport and politics; and ceremony such as the White House News Photographers Association Awards, the SJA British Sports Journalism Awards and the NPPA's Best Photojournalism awards.

今年，我們的團隊榮獲新聞、體育和政治等類別的 40 多個卓越獎項；白宮新聞攝影師協會獎、SJA 英國體育新聞獎和 NPPA 最佳新聞攝影獎等頒獎典禮。

We were excited to add Southern University in A&M College in Louisiana, Lincoln University in Pennsylvania and Delaware State University as partners in our historically black colleges and universities, HBCUs program that provides funding towards the digitization of HBCU's photographic libraries. This program continues to preserve and surface rarely seen archival photography as well as contemporary news, sport and entertainment coverage that is additive to our customers.

我們很高興路易斯安那州 A&M 學院的南方大學、賓夕法尼亞州林肯大學和特拉華州立大學成為我們歷史悠久的黑人學院和大學的合作夥伴，HBCU 計劃為 HBCU 攝影圖書館的數位化提供資金。該計劃繼續保存和展示罕見的檔案攝影以及當代新聞、體育和娛樂報道，為我們的客戶提供補充。

On the generative AI front, we continue to expand our commercially safe generative AI offerings in partnership with NVIDIA, adding the tool to iStock, launching new capabilities such as in painting and out painting. And we started rolling out generative AI capabilities across our free shop creative library, a powerful combination that allows customers to quickly secure the exact imagery to meet their needs while benefiting from the quality, depth, breadth and creativity embedded in our creative library. It is still early days, but we're seeing positive engagement, hearing positive feedback and seeing early signs of how this adds to our business is about half of those purchasing AR plans not having previous spend with the business.

在生成式 AI 方面，我們與 NVIDIA 合作，繼續擴展商業安全的生成式 AI 產品，將該工具添加到 iStock 中，推出畫內和畫外等新功能。我們開始在我們的免費商店創意庫中推出生成人工智慧功能，這是一個強大的組合，使客戶能夠快速獲得準確的圖像以滿足他們的需求，同時受益於我們創意庫中嵌入的品質、深度、廣度和創造力。現在還處於早期階段，但我們看到了積極的參與，聽到了積極的反饋，並看到了這如何增加我們業務的早期跡象，大約一半的購買 AR 計劃的人之前沒有在該業務上進行過支出。

At NVIDIA's GTC conference in March, we announced our upcoming custom fine-tuning capabilities. Starting this month, we will offer enterprise services to custom fine tune the NVIDIA Edify foundation model to a company's brand and visual style. As a part of custom fine tuning, we will also release a collection of APIs that provide finer control over image output, one of the biggest challenges in generative AI. Our regenerative API tools are already being used by leading creatives and advertisers at Dentsu, McCann and WPP. We're excited for the balance of the year.

在 NVIDIA 三月的 GTC 會議上，我們宣布了即將推出的自訂微調功能。從本月開始，我們將提供企業服務，根據公司的品牌和視覺風格客製化微調 NVIDIA Edify 基礎模型。作為自訂微調的一部分，我們還將發布一系列 API，這些 API 可以對影像輸出進行更精細的控制，這是生成 AI 中最大的挑戰之一。我們的再生 API 工具已被 Dentsu、McCann 和 WPP 的領先創意人員和廣告商使用。我們對今年剩下的時間感到興奮。

And now, I'll turn the call over to Jen to take you through the more detailed financials.

現在，我將把電話轉給 Jen，帶您了解更詳細的財務數據。

Our Q1 results broadly reflects the slow start to the year that we anticipated and described on our Q4 earnings call. We expected some of our known challenges to be most acute in the first quarter with continued headwinds from the residual effects of last year's Hollywood strike, ongoing pressures in our agency business and the broader macroeconomic environment. We also had a challenging year-on-year comp in editorial in Q1, with Q1 of last year being the only quarter of growth for our editorial business, as the remainder of 2023 was adversely impacted by the strikes.

我們第一季的業績大致反映了我們在第四季度財報電話會議上預期和描述的今年開局緩慢的情況。我們預計，由於去年好萊塢罷工的殘餘影響、我們的代理業務的持續壓力以及更廣泛的宏觀經濟環境帶來的持續阻力，我們已知的一些挑戰將在第一季最為嚴峻。我們在第一季的社論方面也面臨著具有挑戰性的同比增長，去年第一季是我們社論業務唯一增長的季度，因為 2023 年剩餘時間受到罷工的不利影響。

All of that said, looking ahead, we remain steadfastly confident in our ability to return to growth in 2024 as our headwinds turn into tailwinds and we flipped the calendar to a robust editorial season in the second half of the year. I'll start by highlighting some of our KPIs, which are reported on the trailing 12-month basis or LTM period ended March 31, 2024, with comparison to the LTM period ended March 31, 2023.

綜上所述，展望未來，我們對 2024 年恢復成長的能力仍然充滿信心，因為我們的逆風變成了順風，我們將日曆翻轉到下半年強勁的編輯季節。首先，我將重點介紹我們的一些 KPI，這些 KPI 是根據截至 2024 年 3 月 31 日的過去 12 個月或 LTM 期間報告的，並與截至 2023 年 3 月 31 日的 LTM 期間進行比較。

Total purchasing customers were $769,000, down from $829,000 in the comparable LTM period. This decrease can be attributed to lower a la carte transaction volume, primarily due to both the ongoing shift of our customers into more committed annual subscription products and a still pressured agency business, which consumes nearly entirely on an a la carte basis. Importantly, the shift into more committed solutions continues to have a positive impact on annual revenue per purchasing customer, which grew by 4.5% to 1,174 from 1,123 in the comparable LTM period.

購買客戶總數為 769,000 美元，低於可比 LTM 期間的 829,000 美元。這一下降可歸因於點菜交易量下降，這主要是由於我們的客戶不斷轉向更忠誠的年度訂閱產品，以及代理業務仍然面臨壓力，該業務幾乎完全以點菜方式消費。重要的是，轉向更專注的解決方案繼續對每位購買客戶的年收入產生積極影響，該收入從可比 LTM 期間的 1,123 人增長了 4.5% 至 1,174 人。

We again saw a tremendous growth in our active annual subscribers, up 79% to $262,000 from $147,000 in the 2023 LTM period. This is now the sixth consecutive quarter with growth well in excess of 50%. This performance continues to largely be driven by growth of our e-commerce subscriptions, including our iStock annual and Unsplash+ subscriptions.

我們再次看到年度活躍訂閱用戶數量大幅成長，從 2023 年 LTM 期間的 147,000 美元增加 79% 至 262,000 美元。這已是連續第六個季度增長超過 50%。這項業績在很大程度上繼續受到我們電子商務訂閱量成長的推動，包括我們的 iStock 年度訂閱量和 Unsplash+ 訂閱量。

In addition, the growth continued to be fueled by customers brand new to Getty Images. Out of the 262,000 annual subscribers over 60% were new customers worth nearly half of those in our growth markets across LATAM, APAC and EMEA. In a world of ever-increasing visual content supply and demand, we continue to reach new customers and tap into new markets with the power of our content.

此外，新接觸 Getty Images 的客戶繼續推動了成長。在 262,000 名年度訂閱用戶中，超過 60% 是新客戶，其價值接近我們拉丁美洲、亞太地區和歐洲、中東和非洲成長市場的一半。在視覺內容供需不斷成長的世界中，我們不斷利用內容的力量來吸引新客戶並開拓新市場。

Our annual subscriber revenue retention rate was 90% compared to 99.8% in the 2023 LTM period. The decline was due primarily to both an expected lower revenue retention rate than some of our smaller e-commerce subscribers and also a reduction in incremental a la carte subscriber revenue due to residual Hollywood strike impacts across some of our media, broadcast and production customers as well as a decline related to one-time project spend in the prior period from certain corporate customers.

我們的年度用戶收入保留率為 90%，而 2023 年 LTM 期間為 99.8%。下降的主要原因是，與我們一些規模較小的電子商務訂戶相比，預計收入保留率較低，而且由於好萊塢罷工對我們的一些媒體、廣播和製作客戶的殘餘影響，增量點菜訂戶收入減少。

Broadly speaking, we believe our subscription business is very healthy with revenue renewal rates generally averaging over 90% and with our enterprise customer subscriptions generally averaging north of 100%. Paid download volume was flat at $95 million, an ever compelling proof point that our content remains relevant and in demand. Our video attachment rate rose to 14% from 13.4% in LTM Q1 2023, another quarter of steady year-over-year growth. We continue to see plenty of opportunity to drive more meaningful growth across our video business.

整體而言，我們相信我們的訂閱業務非常健康，收入續訂率平均超過 90%，我們的企業客戶訂閱率平均超過 100%。付費下載量穩定在 9500 萬美元，這有力地證明了我們的內容仍然具有相關性和需求。我們的視訊附件率從 2023 年第一季的 13.4% 上升至 14%，這是另一個同比穩定成長的季度。我們繼續看到大量機會來推動我們的視訊業務實現更有意義的成長。

Turning to our financial performance. Total revenue was $222.3 million, down 5.7% on both a recorded and a currency neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which reduced year-on-year growth by approximately 360 basis points. Annual subscription revenue was 55.4% of total revenue, up from the 50.7% in Q1 2023 and 53.2% for the full year of 2023.

轉向我們的財務表現。總收入為 2.223 億美元，按記錄和貨幣中性計算均下降 5.7%。這些結果包括收入確認時間的某些影響，導致年成長減少約 360 個基點。年度訂閱收入佔總收入的 55.4%，高於 2023 年第一季的 50.7% 和 2023 年全年的 53.2%。

In total, subscription revenue increased 3.1% on a reported basis and 3% currency neutral, driven by growth across e-commerce subscription solutions. Creative revenue was $138.9 million, down 5.2% on both the reported and a currency neutral basis. Agency which has accounted for entirely within Creative and is largely an a la carte business model was down double digits largely due to declines in smaller independent agency customers. Encouragingly, we saw improvements across our larger holding company or network agency customers, which stabilized to flat year on year.

總體而言，在電子商務訂閱解決方案成長的推動下，訂閱收入按報告計算增長了 3.1%，貨幣中性增長了 3%。創意收入為 1.389 億美元，在報告和貨幣中性基礎上均下降 5.2%。完全屬於 Creative 業務且主要採用點菜業務模式的代理業務下降了兩位數，這主要是由於較小的獨立代理客戶的減少。令人鼓舞的是，我們看到較大的控股公司或網路代理客戶的情況有所改善，與去年同期持平。

Creative a la carte was also pressured by lingering impacts from the Hollywood strikes. Annual subscription revenue within Creative was up 7.7% on both a reported and the currency neutral basis. Our iStock annual subscriptions maintained strong momentum, growing over 27% on both a reported and the currency neutral basis, making this the 11th consecutive quarter of double-digit growth.

創意點菜也受到好萊塢罷工揮之不去的影響的壓力。在報告和貨幣中性基礎上，Creative 的年度訂閱收入成長了 7.7%。我們的 iStock 年度訂閱量保持強勁勢頭，在報告和貨幣中性基礎上增長超過 27%，這已是連續 11 個季度實現兩位數增長。

In addition, our Unsplash+ subscription, the first paid subscription for Unsplash, delivered another quarter with strong double-digit growth. And custom content, which leverages GettyImage's global network of contributors to create cost effective, customized and exclusive content to meet specific customer needs grew 11.2% year on year or 11.6% currency neutral. So overall, absent the impacts of agency, we believe our creative business is healthy and our e-commerce business is growing.

此外，我們的 Unsplash+ 訂閱（Unsplash 的首個付費訂閱）又一個季度實現了兩位數的強勁成長。客製化內容利用 GettyImage 的全球貢獻者網路創建具有成本效益的客製化獨家內容，以滿足特定客戶的需求，同比增長 11.2%，按貨幣中性計算增長 11.6%。因此，總的來說，如果沒有代理商的影響，我們相信我們的創意業務是健康的，我們的電子商務業務正在成長。

Editorial revenue was $79.4 million, a decrease of 6.2% year on year and 6.4% on a currency neutral basis. The decline was driven by results across our news, archive and entertainment verticals, which are up against challenging compares with double-digit growth in Q1 of 2023, with some offset from a strong Q1 2024 for sports. Again, Q1 of 2023 was the only quarter of growth for editorial in 2023 at over 11% currency neutral growth, with the balance of 2023, staying editorial in decline every quarter due to Hollywood strike impact.

編輯收入為 7,940 萬美元，年減 6.2%，在貨幣中性基礎上下降 6.4%。這一下降是由我們的新聞、檔案和娛樂垂直領域的業績推動的，與2023 年第一季的兩位數增長相比，這些領域面臨著挑戰​​，但在一定程度上抵消了2024 年第一季度體育業務的強勁表現。同樣，2023 年第一季是 2023 年社論業務增長的唯一一個季度，貨幣中性增長超過 11%，而 2023 年的其餘季度，由於好萊塢罷工的影響，社論業務每個季度都在下降。

Across our major geographies on a currency neutral basis, we saw a year-on-year decrease of 9.4% in the Americas, 0.2% in EMEA and 2% in APAC. Revenue less our cost of revenue as a percentage of revenue remained consistently strong at 72.9% in Q1 compared with 73.1% in Q1 of 2023.

在我們主要地區，以貨幣中性計算，美洲年減 9.4%，歐洲、中東和非洲年減 0.2%，亞太地區年減 2%。收入減去收入成本佔收入的百分比一直保持強勁，第一季為 72.9%，而 2023 年第一季為 73.1%。

Total SG&A expense was $100.9 million in Q1, down from $102.2 million in the prior year. As a percentage of revenue, our expense rate was 45.4%, up from 43.4% last year. The higher expense rate was driven primarily by lower revenue in the quarter.

第一季的 SG&A 支出總額為 1.009 億美元，低於前一年的 1.022 億美元。我們的費用佔收入的百分比為 45.4%，高於去年的 43.4%。費用率上升主要是由於本季收入下降。

Excluding stock-based compensation, SG&A decreased year on year 4.5% to $91.8 million in the quarter. The decrease reflects our disciplined approach to cost management of lower spend, driven primarily by marketing savings. As a percentage of revenues, SG&A excluding stock-based comp, was 41.3% compared to 40.8% in the prior year period, with the increased rate due primarily to the decrease in revenue.

不包括以股票為基礎的薪酬，本季的銷售、管理和管理費用較去年同期下降 4.5% 至 9,180 萬美元。這一下降反映了我們對較低支出的嚴格成本管理方法，這主要是由行銷節省推動的。不包括股票的銷售、管理及行政費用佔收入的百分比為 41.3%，而上年同期為 40.8%，增加的主要原因是收入下降。

Adjusted EBITDA was $70.2 million for the quarter, down 7.9% year over year and 7.7% on a currency neutral basis. Our adjusted EBITDA margin was 31.6%, down from 32.4% in Q1 of 2023. CapEx $14.5 million in Q1, down $1.1 million year over year. CapEx as a percentage of revenue was 6.5% compared to 6.6% in the prior year period and well within our expected range of 5% to 7% of revenue.

本季調整後 EBITDA 為 7,020 萬美元，年減 7.9%，在貨幣中性基礎上下降 7.7%。我們調整後的 EBITDA 利潤率為 31.6%，低於 2023 年第一季的 32.4%。第一季資本支出為 1,450 萬美元，年減 110 萬美元。資本支出佔收入的百分比為 6.5%，而去年同期為 6.6%，完全在我們佔收入 5% 至 7% 的預期範圍內。

Free cash flow was $7 million in Q1 compared to $16.4 million in Q1 2023. The decline in free cash flow during Q1 was driven by our adjusted EBITDA decline and working capital changes related to the timing of receivables and payables, including our semi-annual interest payment on our senior notes, which is due every March and September.

第一季的自由現金流為 700 萬美元，而 2023 年第一季的自由現金流為 1,640 萬美元。第一季自由現金流下降的原因是我們調整後的EBITDA 下降以及與應收帳款和應付帳款時間相關的營運資本變化，包括我們每年3 月和9 月到期的高級票據半年度利息支付。

Free cash flow is stated net of cash interest expense of $39.3 million, and cash taxes paid of $5 million in the first quarter. We finished the quarter with $134.2 million of balance sheet cash, up $17.4 million from our ending balance in Q1 of 2023 and down $2.4 million from the end of 2023. This includes a $2.6 million voluntary debt repayment in the first quarter of 2024.

自由現金流扣除第一季 3,930 萬美元的現金利息支出和 500 萬美元的現金稅。本季末，我們的資產負債表現金為 1.342 億美元，比 2023 年第一季末餘額增加 1,740 萬美元，比 2023 年底減少 240 萬美元。其中包括 2024 年第一季自願償還 260 萬美元的債務。

As of March 31, we had total debt outstanding of $1.386 billion, which included $300 million of 9.75% senior notes, USD634.4 million term loan with an applicable interest rate of 9.99%, EUR451.9 million term loan, converted using exchange rates as of March 31, 2024, with an applicable rate of 8.875%. We also have a $150 million revolver that remains undrawn. Our net leverage was 4.2 times at the end of Q1, unchanged from year-end 2023.

截至3 月31 日，我們的未償債務總額為13.86 億美元，其中包括3 億美元的9.75% 優先票據、6.344 億美元的適用利率為9.99% 的定期貸款、4.519 億歐元的定期貸款（按匯率換算）截至2024年3月31日，適用稅率為8.875%。我們還有一把價值 1.5 億美元的左輪手槍尚未拔出。第一季末我們的淨槓桿率為 4.2 倍，與 2023 年底持平。

In early May, we used $30 million of our balance sheet cash to repay a portion of our USD term loan. This voluntary repayment demonstrates our ongoing commitment to utilize our cash flow to further deleverage the balance sheet. We also continue to look for the optimal opportunity and market conditions to refinance our debt.

5 月初，我們使用了 3000 萬美元的資產負債表現金來償還部分美元定期貸款。這次自願還款顯示了我們對利用現金流進一步去槓桿化資產負債表的持續承諾。我們也將繼續尋找最佳機會和市場條件來為我們的債務再融資。

Based on the foreign exchange rates and applicable interest rates on our debt balance as of March 31, and taking into account the $30 million debt repayment we just made in May, our 2023 cash interest expense is expected to be approximately $131 million. Of course, our actual annual interest expense remains subject to changes in the interest rate environment, which we outlined in more detail within our SEC filings.

根據截至 3 月 31 日的匯率和債務餘額適用利率，並考慮到我們 5 月剛償還的 3,000 萬美元債務，我們 2023 年的現金利息支出預計約為 1.31 億美元。當然，我們的實際年度利息支出仍然會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。

In summary, we have navigated through what we expect to be the most challenging quarter of our financial year. We remain fiscally disciplined. We continue to be laser focused on execution, and we are well positioned to see a return to top-line growth as we navigate through the remainder of 2024.

總而言之，我們已經度過了預計將是本財年最具挑戰性的季度。我們仍然遵守財務紀律。我們將繼續高度關注執行力，並且在 2024 年剩餘時間裡，我們將有望看到營收恢復成長。

Turning now to our outlook for the full-year 2024. We continue to expect 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%. This is unchanged from prior guidance. We also continue to expect adjusted EBITDA of $298 million, down 1.2% year over year and down 1.5% currency neutral. This is also unchanged from our prior guidance.

現在轉向我們對 2024 年全年的展望。我們繼續預期營收為 9.28 億美元至 9.47 億美元，年增 1.3% 至 3.3%，貨幣中性成長 1% 至 3%。這與先前的指導沒有變化。我們也繼續預期調整後 EBITDA 為 2.98 億美元，年減 1.2%，貨幣中性下降 1.5%。這與我們先前的指導也沒有改變。

Please note, we have not updated estimated FX impacts at this time given the recent volatility in the currency market. Our guidance continues to assume the euro at $1.09 and the GBP at $1.27. We will keep a close eye on FX rates. And if appropriate, we'll provide an update on our next earnings call.

請注意，鑑於近期貨幣市場的波動，我們目前尚未更新估計的外匯影響。我們的指引繼續假設歐元匯率為 1.09 美元，英鎊匯率為 1.27 美元。我們將密切關注外匯匯率。如果合適的話，我們將在下一次財報電話會議上提供最新情況。

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

那麼，接線員，請打開提問電話。

(Operator Instructions) Ron Josey, Citi.

（操作員指令）Ron Josey，花旗銀行。

Thanks for taking the question. Craig, I wanted to start out with you. I think you talked about some macro challenges in 1Q, and this is a few things, but Hollywood strikes was also in there as those are now finished and winding down, I guess. Just can you talk to us about the progress here? When do you think things normalize to a certain extent going forward? Is that going to be 2Q or maybe in the back half?

感謝您提出問題。克雷格，我想從你開始。我認為您在第一季談到了一些宏觀挑戰，這是一些事情，但好萊塢的罷工也在那裡，因為我想這些現在已經完成並逐漸結束。能跟我們談談這裡的進度嗎？您認為未來什麼時候事情會在某種程度上恢復正常？那會是第二季還是後半段？

And then, Jen, I wanted to follow up. You had some interesting comments on the subscriber retention rate. I think you talked about smaller e-commerce subs, lower a la carte, one-time spending changes. But maybe, if you could unpack those a little bit more to better understand this retention rate? And do you think these can like level off at this 90% level? Or should we expect continued declines? Thank you.

然後，Jen，我想跟進。您對訂戶保留率有一些有趣的評論。我想你談到了較小的電子商務子公司、較低的單點、一次性支出的變化。但也許，您是否可以進一步了解這些內容以更好地理解這種保留率？您認為這些可以穩定在 90% 的水平嗎？或者我們應該預期持續下降？謝謝。

Great. Thanks, Ron. So I'll take first, and then, defer to Jen on the sub retention side of things. So macro, I'd say within the production side of things, we continue to see a bit of slowness throughout Q1 as those schedules and try to reline up after the strike. I would say we probably expect maybe a little bit more of that into Q2. And then, we probably expect it to be kind of back at what I'd say normal levels within the second half of the year. I don't think we fully expect, given some of the streaming items and such to necessarily come back to where it was fully pre strike. But in terms of what we expected within our guidance and our budgeting this year, I think we're largely tracking to expectations from a timing standpoint.

偉大的。謝謝，羅恩。所以我會先考慮，然後在子保留方面聽從 Jen 的意見。因此，從宏觀上講，我想說，在生產方面，我們在整個第一季繼續看到一些緩慢的進度，因為這些時間表並試圖在罷工後重新調整。我想說，我們可能會預期第二季會有更多這樣的情況。然後，我們可能會預計它會在今年下半年恢復到我所說的正常水平。我認為我們並沒有完全期望，因為一些串流媒體項目等一定會回到完全罷工前的水平。但就我們今年的指導和預算中的預期而言，我認為從時間的角度來看，我們基本上符合預期。

Hi, Ron. So on the revenue retention rate, yeah, so there's a few things to unpack in there. I'll start with, I think, the end of your question, which is where do we see this trending to or normalizing back to. And I think the answer there is that we'll start to see this over time, start to tick back up into that mid-90% range. And the reason for that is, as we're talking about this, that's really a phenomenal subscriber growth. Where we're seeing that growth? As we commented on, is really in those smaller e-commerce subscriptions, with a lot of that coming from brand-new customers and markets of the world that we're just starting to tap into.

嗨，羅恩。所以關於收入保留率，是的，所以有一些東西需要解開。我想，我將從你問題的結尾開始，也就是我們看到這種趨勢或回歸正常化的方向。我認為答案是，隨著時間的推移，我們將開始看到這一點，並開始回升至 90% 的中間範圍。原因是，正如我們正在談論的那樣，這確實是驚人的訂戶成長。我們在哪裡看到這種成長？正如我們評論的那樣，實際上是那些較小的電子商務訂閱，其中許多來自我們剛開始涉足的全新客戶和世界市場。

So with that comes -- those are lower commitment, lower-price-point subscription products. Newer customers, as you can imagine, those do come at the start with lower revenue retention rates. Now, each and every one of those provides an opportunity for us to upsell and grow with the customer over time as their content needs expand, as their budgets expand.

因此，這些都是承諾較低、價格較低的訂閱產品。正如您可以想像的那樣，新客戶一開始的收入保留率確實較低。現在，隨著時間的推移，隨著客戶的內容需求和預算的擴大，每一項都為我們提供了追加銷售和與客戶一起成長的機會。

So they start off low, but that is a really nice opportunity for us to grow those customers over time. But that mix to what we're seeing to 90% now, a good chunk of that driver is that mix of growth in those smaller e-commerce predominantly new customers.

因此，他們的起點很低，但這對我們來說是一個很好的機會，隨著時間的推移，我們可以擴大這些客戶。但我們現在看到的 90% 的混合動力，很大一部分驅動因素是那些以新客戶為主的小型電子商務的成長混合動力。

The other thing I commented on there to this metric, as you know, it counts not just the subscription revenue, but revenue that these subscribers are spending outside of their subscription. So what we're seeing here is a bit of a contraction in essentially, a la carte spend outside of the subscription in this period. And we think that's largely due to some of that residual impact from Hollywood strikes, some macro impacts just a contraction of budgets related to some of those dynamics.

我對此指標的另一件事是，如您所知，它不僅計算訂閱收入，還計算這些訂閱者在訂閱之外支出的收入。因此，我們在這裡看到的是，在此期間訂閱之外的點菜支出本質上有所收縮。我們認為這主要是由於好萊塢罷工的一些殘餘影響，一些宏觀影響只是與其中一些動態相關的預算收縮。

So a little bit less spend outside of subscription, which again, as Craig just commented, we start to see those conditions improve. We'd expect to see that improve as well.

因此，訂閱之外的支出會減少一些，正如克雷格剛剛評論的那樣，我們開始看到這些情況有所改善。我們希望看到這一點也得到改善。

Great. Thank you, Jen. Thank you, Craig.

偉大的。謝謝你，珍。謝謝你，克雷格。

(Operator Instructions) Mark Zgutowicz, The Benchmark Company.

（操作員說明）Mark Zgutowicz，Benchmark 公司。

Thank you. Good evening. Jen, maybe just a quick follow up on when you talk about the subscription and are reverting back up to the mid-90s. Is that something we should expect that sort of baked into your guidance? Or is that more of into the '25 time frame? And then, just if you could confirm that enterprise remained at roughly 100% in 1Q?

謝謝。晚安.Jen，也許只是在您談論訂閱並回到 90 年代中期時快速跟進。我們是否應該期望將這種情況納入您的指導中？還是說更多的是進入 25 年的時間範圍？那麼，如果你能確認第一季的企業成長率維持在 100% 左右呢？

Yeah. So I think that's something that we'd expect to see more as an exit rate. As we start to come out of 2024, we really start to unwind some of these bigger strike and macro impact. So I don't think we'd expect to see that really jump right back up in Q2 per se, but something that we start to see start picking up as we exit the year. And then, on enterprise, yeah, as we noted, we see the revenue renewal rates for enterprise subscribers still averaging north of 100%.

是的。所以我認為我們希望看到更多的退出率。當我們開始走出 2024 年時，我們確實開始緩解一些更大的罷工和宏觀影響。因此，我認為我們不會期望看到第二季度本身真正回升，但隨著今年的結束，我們開始看到一些東西開始回升。然後，在企業方面，是的，正如我們所指出的，我們看到企業訂戶的平均收入續約率仍然超過 100%。

Okay. Super. And then, maybe just a couple of quick follow ups. Looking at corporate and agency separately in terms of how they trended in the quarter, corporate reaccelerated in 4Q. I was just curious whether that moderated a bit this quarter? And then agency which was down mid-single digits year over year, exiting the year. Did that stabilize in 1Q?

好的。極好的。然後，也許只是一些快速跟進。分別從企業和代理商在本季的趨勢來看，企業在第四季再次加速成長。我只是好奇這個季度是否有緩和？然後代理機構同比下降了中個位數，退出了這一年。第一季穩定了嗎？

And then, just last one, if I could, on video attach rate. I noticed that was flattish in the quarter. Just curious, given that's a nice upsell opportunity for you guys. How we should be thinking about that trend line over the next, call it, two years or so? Thanks.

然後，如果可以的話，最後一個是關於視訊附加速率的。我注意到本季的情況持平。只是好奇，因為這對你們來說是一個很好的追加銷售機會。我們該如何考慮未來兩年左右的趨勢線？謝謝。

Yeah, sure. So on corporate, good memory, Mark. We exited 2023 with Q4, corporate was back in growth. I'm happy to say that Q1 corporate remained in growth. So continuing to see those trend lines. For agency, Q1 was back down low-double-digit declines again. So more or less in line what we were receiving as we exited the year. We saw that improve a bit to higher-single-digit declines in Q4, but that 11% decline is broadly speaking, what we saw. Just remind me again what your other question was.

好，當然。關於公司，馬克，記性很好。我們在 2023 年第四季結束時，企業恢復了成長。我很高興地說，第一季企業保持成長。因此，繼續觀察這些趨勢線。對代理商而言，第一季再次出現兩位數的低跌幅。所以或多或少與我們今年結束時收到的情況一致。我們看到第四季度的降幅有所改善，達到更高的個位數，但從廣義上講，11% 的降幅是我們所看到的。請再次提醒我您的其他問題是什麼。

Yeah, sorry. It's on the video attach rate.

是的，抱歉。這是關於視訊附加率。

Yeah.

是的。

I'm just curious that -- so what are the drivers of that climbing up? And over what period of time should we be thinking about maybe milestones of that growing?

我只是很好奇——那麼推動這種上升的驅動因素是什麼？我們應該在什麼時間段內考慮這種成長的里程碑？

Yes. Yeah. So that's one where we have seen pretty much every quarter, we've seen that pick up. This quarter, flattening out a bit. So there's a few things there. When we think about what the opportunities are, I mean, that's really an upsell opportunity, right? It's an upsell opportunity as you just noted, for us to make sure our customers know we have video. Make sure we're merchandising video well, make sure all of our subscription customers know that video is an option. I'll be talking about video. When you come to the site, you see video. Do you see imagery? All of those things that just come with sort of packaging, marketing, upselling, customer conversations. So that continues to be a focus for us.

是的。是的。所以我們幾乎每季都會看到這種情況，而且這種情況有所回升。本季度，情況略有放緩。所以有一些事情。當我們思考機會是什麼時，我的意思是，這確實是一個追加銷售的機會，對嗎？正如您剛才提到的，這是一個追加銷售的機會，讓我們確保客戶知道我們有影片。確保我們很好地推銷視頻，確保我們所有的訂閱客戶都知道視頻是一種選擇。我將談論視頻。當您訪問該網站時，您會看到影片。你看到圖像了嗎？所有這些都伴隨著包裝、行銷、追加銷售、客戶對話。因此，這仍然是我們關注的焦點。

I think when we think about the math that goes into this equation, you have to correlate this back to some of that annual subscriber growth, where we commented a big amount of that growth is new customers, a big amount of that growth is sitting in e-commerce subscriptions. Broadly speaking, those smaller e-commerce subs don't have video turned on yet, right?

我認為，當我們考慮這個等式中的數學時，你必須將其與年度用戶成長聯繫起來，我們評論說，其中很大一部分成長是新客戶，其中很大一部分是成長來自新客戶。訂閱。一般來說，那些規模較小的電商用戶還沒有開啟視訊功能，對吧？

So there's a bit of a math equation here as you bring in some of those new customers who are just not in video yet within the Getty ecosystem. That plays into the math of that attach rate. And again, that's opportunity for us over time to migrate those customers as they grow in both budget and content needs.

因此，當您引入一些尚未進入 Getty 生態系統影片的新客戶時，這裡存在一些數學方程式。這會影響附加率的數學計算。再說一遍，隨著時間的推移，隨著這些客戶的預算和內容需求的成長，我們有機會遷移這些客戶。

Got it. Make sense. Thanks, Jen.

知道了。合理。謝謝，珍。

You're welcome.

不客氣。

I would just add to that, that the Unsplash subscription doesn't have video on as an option today on the site. So as to Jen's point, as we continue to grow those subs, we basically don't have current opportunity for attachment. Although we did launch illustrations this week as part of that subscription, that initial take up is doing well, and you can certainly expect video downstream at some point. But those are all opportunities.

我想補充一點，Unsplash 訂閱目前在網站上沒有影片選項。至於 Jen 的觀點，隨著我們繼續增加這些潛艇，我們目前基本上沒有附著的機會。儘管我們本週確實推出了插圖作為訂閱的一部分，但最初的使用情況進展順利，您當然可以期待下游的影片。但這些都是機會。

Good to know. Thanks, Craig.

很高興知道。謝謝，克雷格。

We have no further questions in the queue at this time. I would like to thank everyone for your participation. You may disconnect at any time. This does conclude today's program.

目前我們隊列中沒有其他問題。我要感謝大家的參與。您可以隨時斷開連線。今天的節目到此結束。