Getty Images Holdings Inc (GETY) 2024 Q2 法說會逐字稿

Good morning, and welcome to Getty Images second quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions)

早安，歡迎參加 Getty Images 2024 年第二季財報電話會議。今天的通話正在錄音。（操作員說明）

At this time, I would 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 second quarter 2024 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 2024 年第二季財報電話會議。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 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，這可能導致我們的實際結果與這些陳述有重大差異。

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

這些風險、不確定性和假設在周五新聞稿的前瞻性聲明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。這些文件和周五新聞稿的連結可以在我們的投資者關係網站 Investors.gettyimages.com 上找到。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。

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 to your questions.

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，我們將開始回答您的問題。

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 second quarter earnings call. I will touch on our performance and progress at a high level before Jen takes you through the full second quarter financial results.

謝謝史蒂文，也謝謝大家參加蓋蒂圖片社第二季財報電話會議。在 Jen 向您介紹完整的第二季財務業績之前，我將簡要介紹我們的業績和進展。

I am pleased to report, as expected, we returned to growth in the second quarter with revenue of $229.1 million, representing a year-on-year increase of 1.5% on a reported basis and 2.1% on a currency-neutral basis.

我很高興地向大家報告，正如預期的那樣，我們在第二季度恢復了增長，收入達到 2.291 億美元，按報告計算同比增長 1.5%，按貨幣中性計算按年增長 2.1%。

Adjusted EBITDA came in at $68.8 million for the quarter, down 5.4% on a reported basis and 4.7% currency-neutral, but continuing to represent a healthy EBITDA margin of 30%. We continue to see some softness from our agency and production customers impacting both creative and editorial and most notably, our video revenues.

本季調整後 EBITDA 為 6,880 萬美元，按報告計算下降 5.4%，剔除貨幣中性因素後下降 4.7%，但仍維持 30% 的健康 EBITDA 利潤率。我們繼續看到我們的代理商和製作客戶的一些疲軟影響了創意和編輯，尤其是我們的影片收入。

However, we achieve growth across each of our Getty Images, iStock, and Unsplash brands and we continue to see strong utilization of our offerings reflected by growth in paid downloads with consumption centered on our exclusive creative and editorial content.

然而，我們的 Getty Images、iStock 和 Unsplash 品牌都實現了成長，並且我們繼續看到我們的產品利用率強勁，這體現在付費下載的成長，消費集中在我們的獨家創意和編輯內容上。

It would not be an earnings call if the CEO did not speak to our embrace of AI, but I want to start by grounding us in what really sets Getty Images apart. Our partnerships and unique access, our deep expertise embedded across our staff and exclusive contributors, our comprehensive coverage and archive, our best-in-class search, and our deep customer relationships.

如果執行長沒有談到我們對人工智慧的擁抱，那麼這不會是一次財報電話會議，但我想先讓我們了解蓋蒂圖片社真正與眾不同的地方。我們的合作夥伴關係和獨特的訪問權限、我們員工和獨家貢獻者深厚的專業知識、我們全面的覆蓋範圍和檔案、我們一流的搜尋以及我們深厚的客戶關係。

I was extremely fortunate to spend last week in Paris and observe how this uniqueness is demonstrated in an event like the Summer Olympics. We've been the official photographic agency of the International Olympic Committee for more than 25 years. Our experienced team of more than 140 individuals, captured every moment across more than 70 sports for both men and women's competitions.

我非常幸運地上週在巴黎度過了這一時光，並觀察了這種獨特性如何在夏季奧運會這樣的賽事中得到體現。我們作為國際奧委會的官方攝影機構已有超過 25 年的歷史。我們經驗豐富的團隊由 140 多人組成，捕捉了 70 多項男子和女子比賽的每一刻。

We captured the grandeur of the whole city and the celebrities and dignitaries performing and in attendance. We captured the action from every angle, including from the air and below the water. All told, we shot and edited more than five million images over the course of the games and we delivered this content to our customers with unmatched speed.

我們捕捉了整個城市的宏偉以及表演和出席的名人和政要。我們從各個角度捕捉了這一動作，包括從空中和水下。總而言之，我們在遊戲過程中拍攝和編輯了超過 500 萬張圖像，並以無與倫比的速度將這些內容交付給客戶。

Our archive allowed customers to tell deeper stories about Paris and tied the Paris games and its athletes to their rightful place in history. Our commercial team was also on the ground, delivering best-in-class service to the International Olympic Committee and its family of partners and sponsors, including NBCUniversal Comcast, Coca-Cola, Procter & Gamble, Visa, Toyota, AB InBev and Samsung Electronics to name a few.

我們的檔案讓客戶能夠講述有關巴黎的更深入的故事，並將巴黎奧運會及其運動員與他們在歷史上應有的地位聯繫起來。我們的商業團隊也在現場，為國際奧委會及其合作夥伴和贊助商提供一流的服務，其中包括 NBCUniversal Comcast、可口可樂、寶潔公司、Visa、豐田、百威英博和三星電子僅舉幾例。

And we did all of this while covering the world beyond Paris, global elections and conflicts, climate events, the latest concert performances and movie premieres, and major sporting events, such as Formula 1 and we're also their official photographic partner. Remember in April, we announced the acquisition of Motorsport Images to deepen our footprint within the sport.

我們在做這一切的同時，也報導了巴黎以外的世界、全球選舉和衝突、氣候事件、最新的音樂會表演和電影首映式，以及一級方程式等重大體育賽事，我們也是他們的官方攝影合作夥伴。請記住，在四月份，我們宣布收購 Motorsport Images，以加深我們在這項運動中的足跡。

And I'm pleased to report we added more than 300,000 images to our archive and worked closely to support new commercial partners such as McLaren Racing and Aston Martin. I am proud of the scale and scope of what our team accomplished. I am proud of the level of professionalism displayed. I'm reminded of what truly sets Getty Images apart and of the durable value we convey to our customers.

我很高興地報告，我們在檔案中添加了超過 300,000 張圖像，並密切合作以支持麥克拉倫賽車和阿斯頓馬丁等新的商業合作夥伴。我對我們團隊所取得的成就的規模和範圍感到自豪。我對所表現出的專業水平感到自豪。我想起了蓋蒂圖片社真正與眾不同的原因以及我們向客戶傳達的持久價值。

On the technology front, we continue to innovate to bring true, commercially safe, high-quality, Generative AI services to our customers. We launched an updated model of our commercially safe Generative AI services and tools in partnership with NVIDIA. It brings lightning fast speed and higher quality visuals, including improved details for high-resolution 4K outputs.

在科技方面，我們不斷創新，為客戶帶來真正的、商業安全的、高品質的生成式人工智慧服務。我們與 NVIDIA 合作推出了商業安全的生成式 AI 服務和工具的更新模型。它帶來閃電般的速度和更高品質的視覺效果，包括改進高解析度 4K 輸出的細節。

We rolled out capabilities allowing customers to use AI across our pre-shot creative library, enabling customers to modify both Generative AI images and existing pre-shot creative images. We announced the option for customers to fine tune the commercially safe foundational model using their own proprietary content.

我們推出了一些功能，讓客戶在我們的預拍攝創意庫中使用人工智慧，使客戶能夠修改生成式人工智慧影像和現有的預拍攝創意影像。我們宣布客戶可以選擇使用自己的專有內容來微調商業安全的基礎模型。

We announced our partnership with Picsart to offer a custom, commercially safe model to their millions of creators, marketers, and small business customers. We announced the renewal of our longstanding Canva relationship, providing Canva's customers with access to millions of Getty Images award-witting creative image, and video assets, and agreement to collaborate to develop responsibly trained, commercially safe, Generative AI for their platform.

我們宣布與 Picsart 合作，為其數百萬創作者、行銷人員和小型企業客戶提供客製化的、商業安全的模型。我們宣布續簽與 Canva 的長期合作關係，為 Canva 的客戶提供數以百萬計的 Getty Images 獲獎創意圖像和視訊資產，並同意合作為其平台開發經過負責任培訓、商業安全的生成式人工智慧。

I am proud of the progress we're making on this front. I am proud of the quality of our offerings and the legality and integrity of how they are trained. And by the company we keep, I'm reminded of the truly unique capabilities of Getty Images. I will end my remarks by saying that I'm excited to build on our momentum over the second half of 2024.

我對我們在這方面取得的進展感到自豪。我對我們產品的品質以及培訓方式的合法性和完整性感到自豪。我們的陪伴讓我想起了 Getty Images 真正獨特的能力。我在發言結束時表示，我很高興能夠在 2024 年下半年繼續保持我們的勢頭。

I will now turn over to Jen to take you through the more detailed financials.

現在我將請 Jen 向您介紹更詳細的財務數據。

As Craig mentioned, our business returned to top-line growth in Q2, with headwinds turning to tailwind, our editorial business is back to the growth we have historically seen after four consecutive quarters of decline due to Hollywood strike impacts. Our subscription business continues to expand now up to 52.9% of total revenue, and our key performance metrics continue to be healthy.

正如克雷格所提到的，我們的業務在第二季度恢復了營收成長，逆風轉為順風，我們的編輯業務在經歷了因好萊塢罷工影響而連續四個季度下滑後，又恢復了歷史上的增長。我們的訂閱業務目前繼續擴大，佔總收入的 52.9%，我們的關鍵績效指標仍然保持健康。

Positive growth momentum across our business in spite of a still challenged agency business and a slow ramp up of post Hollywood strike activity from our media and production customers provides a solid foundation from which we continue to execute towards a strong second half of the year.

儘管代理業務仍然面臨挑戰，而且我們的媒體和製作客戶的好萊塢後罷工活動緩慢增加，但我們整個業務的積極增長勢頭為我們繼續執行強勁的下半年奠定了堅實的基礎。

Let's begin by highlighting some of our KPIs, which are reported on the trailing 12-month basis or LTM period ended June 30, 2024, with comparison to the LTM period ended June 30, 2023.

首先，我們將重點放在一些 KPI，這些 KPI 是根據截至 2024 年 6 月 30 日的過去 12 個月或 LTM 期間報告的，並與截至 2023 年 6 月 30 日的 LTM 期間進行比較。

Total purchasing customers were 740,000, down from 830,000 in the comparable LTM period. The decrease is related to lower volume of à la carte transactions, which reflects both our continued shift into committed annual subscriptions and a still pressured agency business, which consumes nearly entirely on an à la carte basis.

購買客戶總數為 74 萬人，低於可比 LTM 期間的 83 萬人。這一下降與點菜交易量減少有關，這不僅反映出我們繼續轉向承諾的年度訂閱，也反映出代理業務仍然面臨壓力，該業務幾乎完全以點菜方式消費。

Importantly, we continue to see the benefit of higher lifetime customer value as we shift into more committed solutions with the total annual revenue per purchasing customer growing 10.7% to 1,232 from 1,113 in the comparable LTM period. We added 100,000 active annual subscribers to reach 282,000, representing growth of 55% over the corresponding 2023 LTM period.

重要的是，隨著我們轉向更專注的解決方案，我們繼續看到更高終身客戶價值的好處，每個購買客戶的年總收入從可比 LTM 期間的 1,113 增長了 10.7% 至 1,232。我們增加了 10 萬名年度活躍用戶，達到 282,000 名，較 2023 年 LTM 同期成長 55%。

This metric has grown north of 50% in each of the last seven quarters. This growth was fueled by our ecommerce offerings, including our iStock annual, and our Unsplash+ subscription with the majority of this growth coming from customers brand new to Getty Images. Out of the 282,000 annual subscribers, over 60% were first-time purchasing customers.

該指標在過去七個季度中每季都增長了 50% 以上。這一成長是由我們的電子商務產品推動的，包括我們的 iStock 年刊和 Unsplash+ 訂閱，其中大部分成長來自 Getty Images 的新客戶。在 282,000 名年度訂閱者中，超過 60% 是首次購買的客戶。

In addition, we continue to expand our geographic reach with over 96,000 new subscribers across our targeted growth markets in LatAm, APAC, and in EMEA. Our annual subscriber revenue retention rate was 89.4% compared to 98.5% in the comparable LTM period, but held relatively steady to 90% reported for the LTM Q1 '24 period.

此外，我們繼續擴大我們的地理覆蓋範圍，在拉丁美洲、亞太地區和歐洲、中東和非洲等目標成長市場中擁有超過 96,000 名新用戶。我們的年度訂戶收入保留率為 89.4%，而可比 LTM 期間為 98.5%，但相對穩定，為 24 年 LTM 第一季報告的 90%。

The year-on-year LTM decline was driven by the same factors that have impacted this metric over the past several quarters, including subscriber count growth in our lower retention smaller e-commerce subscribers. Our Hollywood strike impacted reduction in incremental à la carte subscriber revenue from some of our media, broadcast, and production customers and the decline related to one-time project spend in the prior periods in certain corporate customers.

LTM 年比下降的原因與過去幾季影響該指標的因素相同，包括保留率較低的小型電子商務用戶的用戶數量增長。我們的好萊塢罷工影響了我們的一些媒體、廣播和製作客戶的增量點菜訂戶收入的減少，以及某些企業客戶先前時期的一次性項目支出的下降。

On a sequential basis, the impacts in some of these items does appear to be stabilizing and our subscription revenue renewal rates remain very healthy averaging in the 90% range. Paid download volume was up 0.9% to $95 million, an ever compelling data point, demonstrating the continued demand for high-quality, differentiated, commercially safe content. Our video attachment rate rose to 15.6% from 13.5% in the LTM Q2 2023 period, another quarter of year-on-year growth.

從環比來看，其中一些項目的影響似乎確實穩定下來，我們的訂閱收入續訂率仍然非常健康，平均在 90% 的範圍內。付費下載量成長了 0.9%，達到 9,500 萬美元，這是一個引人注目的數據點，顯示對高品質、差異化、商業安全內容的持續需求。我們的視訊附件率從 2023 年第二季 LTM 的 13.5% 上升至 15.6%，又實現年成長一個季度。

Turning to our financial performance. Revenue was $229.1 million, an increase of 1.5% and 2.1% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition which reduced year-on-year growth by 100 basis points.

轉向我們的財務表現。營收為 2.291 億美元，在貨幣中性基礎上成長 1.5% 和 2.1%。這些結果包括收入確認時間的某些影響，導致年成長率下降了 100 個基點。

Annual subscription revenue was 52.9% of total revenue, up from 51.1% in Q2 2023. This is our seventh consecutive quarter with subscription revenue comprising north of 50% of our total revenue. In total, subscription revenue increased 5.2% on a reported basis and 5.7% currency neutral, driven primarily by growth across our e-commerce subscription offerings.

年度訂閱收入佔總營收的 52.9%，高於 2023 年第二季的 51.1%。這是我們連續第七個季度訂閱收入占我們總收入的 50% 以上。總體而言，按報告計算，訂閱收入成長了 5.2%，不考慮貨幣因素，成長了 5.7%，這主要是由我們的電子商務訂閱產品的成長所推動的。

Editorial revenue was $83.6 million, an increase of 4.1% year-on-year and 4.6% on a currency-neutral basis. We are seeing a strong rebound in editorial with the business delivering its first quarter of growth since the Hollywood strikes began impacting our financial performance in Q2 of 2023. We saw growth across sports, news, and entertainment with the largest gain in sports which was in double-digits year-on-year growth.

編輯收入為 8,360 萬美元，年增 4.1%，剔除貨幣因素後成長 4.6%。自從好萊塢罷工開始影響我們 2023 年第二季的財務表現以來，我們看到社論業務強勁反彈，實現了第一季的成長。我們看到了體育、新聞和娛樂領域的成長，其中體育領域增幅最大，較去年同期成長達到兩位數。

We are seeing lift from our impressive coverage of major events such as the European soccer season and the lead up to the UEFA Championship as well as our coverage of the US and UK election cycle. It is great to hear editorial business back in growth and we are excited to continue this momentum into the second half of the year.

我們對歐洲足球賽季和歐洲冠軍聯賽等重大事件的令人印象深刻的報道以及對美國和英國選舉週期的報導取得了進步。很高興聽到編輯業務恢復成長，我們很高興能在今年下半年繼續保持這種勢頭。

Creative revenue was $137.9 million, down 2.4% year-on-year and 1.8% on a currency-neutral basis. Creative performance continues to reflect the pressures in the agency business, which was down double digits due primarily to decline at the smaller independent agencies.

創意收入為 1.379 億美元，年減 2.4%，在匯率中立的基礎上下降 1.8%。創意業績繼續反映了代理業務的壓力，該業務出現兩位數下降，主要是由於較小的獨立代理商的下滑。

As we mentioned earlier, we are seeing a lag in recovery on the production side of things, which is also impacting creative results. Creative annual subscription revenue continues to be in growth at 5.7% year-on-year and 6.2% on a currency-neutral basis.

正如我們之前提到的，我們看到生產方面的復甦落後，這也影響了創意成果。創意年度訂閱收入繼續以年比 5.7% 的速度成長，在貨幣中性的基礎上成長 6.2%。

Our customer acquisition efforts continue to drive growth and our iStock annual subscriptions, which grew 19% on both a reported and a currency-neutral basis, marking the 12th consecutive quarter of double-digit growth.

我們的客戶獲取工作繼續推動成長，iStock 年度訂閱量在報告和貨幣中性的基礎上增長了 19%，標誌著連續 12 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 triple-digit growth. As Craig mentioned, iStock and Unsplash, largely e-commerce sites, continue to grow. These sites, on a combined basis, represent less than 20% of our revenue with over 50% sitting in annual subscriptions.

此外，我們的 Unsplash+ 訂閱（Unsplash 的首個付費訂閱）在另一個季度實現了三位數的成長。正如 Craig 所提到的，iStock 和 Unsplash（主要是電子商務網站）持續成長。這些網站合計占我們收入的不到 20%，其中超過 50% 的收入來自年度訂閱。

Across our major geographies, on a currency-neutral basis, we saw a year-on-year increase of 1.7% in the Americas, 2.4% in EMEA, and 3% in APAC, all of our major geographic regions were in growth. Fantastic to see. Revenue versus cost of revenue as a percentage of revenue remained consistently strong at [73.5%] in Q2, up from 71.9% in Q2 of 2023.

在我們的主要地區，在貨幣中性的基礎上，美洲年增 1.7%，歐洲、中東和非洲地區年增 2.4%，亞太地區年增 3%，所有主要地區都在成長。太棒了。第二季營收與營收成本佔營收的百分比始終保持強勁，為 [73.5%]，高於 2023 年第二季的 71.9%。

Total SG&A expense was $101.2 million, down from $101.5 million in the prior year. As a percentage of revenue, our expense rate was 44.2%, down from 45% last year. The lower expense rate was driven primarily by the increase in revenues and lower stock-based compensation in the quarter.

SG&A 費用總額為 1.012 億美元，低於前一年的 1.015 億美元。我們的費用佔收入的百分比為 44.2%，低於去年的 45%。費用率下降的主要原因是本季收入的增加和股票薪酬的下降。

Excluding stock-based compensation, SG&A rose to $97.2 million in the quarter or 42.4% of revenue up from $89.6 million or 39.7% of revenue in Q2 2023. The increase in spend reflects our planned reinvestments in the business, primarily across staffing and marketing in addition to higher commissions tied to revenue delivery and the inclusion of Motorsport Images' operating cost.

不包括以股票為基礎的薪酬，SG&A 從 2023 年第二季的 8,960 萬美元（佔營收的 39.7%）增至本季的 9,720 萬美元（佔營收的 42.4%）。支出的增加反映了我們計劃對業務進行再投資，主要是在人員配置和行銷方面，此外還包括與收入交付相關的更高佣金以及納入 Motorsport Images 的營運成本。

This quarter also included some elevated severance cost as we continue to optimize our resource allocation. These costs should be offset by savings in the balance of the year and higher net annualized savings going forward.

隨著我們繼續優化資源配置，本季也包括一些較高的遣散費。這些成本應該被今年剩餘的節省和未來更高的年化淨節省所抵消。

Adjusted EBITDA was $68.8 million, down 5.4% year-over-year and 4.7% on a currency-neutral basis. Adjusted EBITDA margin was 30%, down from 32.2% in Q2 of 2023. CapEx was $15.4 million in Q2, up $1.5 million year over year. CapEx as a percentage of revenue was 6.7%, compared to 6.2% in the prior year period and well within our expected range of 5% to 7% of revenue.

調整後 EBITDA 為 6,880 萬美元，年減 5.4%，在貨幣中性基礎上下降 4.7%。調整後 EBITDA 利潤率為 30%，低於 2023 年第二季的 32.2%。第二季資本支出為 1,540 萬美元，年增 150 萬美元。資本支出佔收入的百分比為 6.7%，而去年同期為 6.2%，完全在我們佔收入 5% 至 7% 的預期範圍內。

The year-on-year increase is largely tied to timing within the year. Free cash flow was $31.1 million, up from $27.9 million is Q2 of 2023. The increase in free cash flow reflects working capital changes related to the timing of receivables and payables.

年比增長很大程度上與年內的時間安排有關。自由現金流為 3,110 萬美元，高於 2023 年第二季的 2,790 萬美元。自由現金流的增加反映了與應收帳款和應付帳款時間相關的營運資本變動。

Free cash flow is stated net of cash interest expense of $26 million and cash taxes paid of $12.8 million in the second quarter. We finished the quarter with $121.7 million of balance sheet cash down, $12.5 million in Q1 2024 and up $0.4 million from Q2 2023. This includes $32.6 million in voluntary debt repayments in the second quarter of 2024.

自由現金流扣除第二季 2,600 萬美元的現金利息支出和 1,280 萬美元的現金稅金。本季結束時，我們的資產負債表現金減少了 1.217 億美元，2024 年第一季減少了 1,250 萬美元，比 2023 年第二季增加了 40 萬美元。其中包括 2024 年第二季自願償還債務 3,260 萬美元。

As of June 30, we had total debt outstanding of $1.35 billion, which include $300 million of 9.75% senior notes, $601.8 million USD term loan with an applicable interest rate of 9.94%, $448.5 million euro term loan converted using exchange rate as of June 30, 2024, with an applicable rate of 8.69%. We also have a $150 million revolver that remains undrawn.

截至6月30日，我們的未償債務總額為13.5億美元，其中包括3億美元的9.75%優先票據、6.018億美元適用利率為9.94%的定期貸款、4.485億美元按截至6月匯率換算的歐元定期貸款2024年3月30日起，適用稅率為8.69%。我們還有一把價值 1.5 億美元的左輪手槍尚未拔出。

Our net leverage was 4.2 times at the end of Q2, unchanged from both Q1 and year end 2023. We remain committed to utilizing our cash flow to further deleverge the balance sheet and we will continue to proactively explore opportunities to refinance our debt.

第二季末我們的淨槓桿率為 4.2 倍，與第一季和 2023 年底持平。我們仍致力於利用現金流進一步去槓桿化資產負債表，並將繼續積極探索債務再融資的機會。

Based on the foreign exchange rate and applicable interest rates on our debt balance as of June 30, our 2024 cash interest expense is estimated to be $131 million. Of course, our actual annual interest expense remains subject to changes in the interest rate environment, which we outline in more detail within our SEC filings.

根據截至 6 月 30 日的匯率和債務餘額適用利率，我們 2024 年的現金利息支出預計為 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, it is good to see our business back in growth with healthy underlying key metrics. We remain fiscally disciplined. We continue to invest in this business and we look forward to building on our Q2 momentum.

總之，很高興看到我們的業務以健康的基本關鍵指標恢復成長。我們仍然遵守財務紀律。我們將繼續投資這項業務，並期待在第二季度繼續保持強勁勢頭。

Now turning for outlook for full year 2024. Taking into consideration, the estimated impact of the stronger US dollar and assuming current FX rate hold, we are updating our reported revenue guidance range to $924 million to $943 million, representing year-on-year growth of 0.9% to 2.9%.

現在轉向 2024 年全年展望。考慮到美元走強的估計影響並假設當前匯率不變，我們將報告的收入指引範圍更新為 9.24 億美元至 9.43 億美元，年增 0.9% 至 2.9%。

On a currency-neutral basis, this represents growth of 1% to 3%, which remains unchanged from our prior guidance. We now expect adjusted EBITDA of $290 million to $294 million, which translates to a year-on-year decrease of 3.8% to 2.5% or 3.6% to 2.3% currency-neutral.

在貨幣中性的基礎上，這意味著成長 1% 至 3%，與我們先前的指導保持不變。我們目前預計調整後 EBITDA 為 2.90 億美元至 2.94 億美元，這意味著年減 3.8% 至 2.5%，或在貨幣中性因素下年減 3.6% 至 2.3%。

The update to our adjusted EBITDA outlook reflects a $2 million impact from foreign currency pressure, approximately $2 million of integration-related expenses that are more one-time in nature and some higher-than-expected employee health insurance costs.

我們對調整後 EBITDA 前景的更新反映了外匯壓力造成的 200 萬美元的影響、約 200 萬美元的一次性整合相關費用以及一些高於預期的員工健康保險費用。

Please note the estimated FX impacts include an assumption that FX rates remain consistent with those as of August 1, 2024, with the euro at [1.08 and the GDP at 1.29] for the remainder of the year.

請注意，估計的外匯影響包括這樣的假設：匯率與截至 2024 年 8 月 1 日的匯率保持一致，在今年剩餘時間內歐元匯率為 [1.08，GDP 為 1.29]。

Despite these unplanned impacts, our operating efficiency remains strong with adjusted EBITDA margins expected to be north of 31% with positive momentum building. We remain optimistic for our full year return to growth, while maintaining the fiscal discipline that has long been embedded in our business.

儘管這些計劃外的影響，我們的營運效率仍然強勁，調整後的 EBITDA 利潤率預計將超過 31%，並形成積極的勢頭。我們對全年恢復成長保持樂觀，同時保持我們業務中長期存在的財政紀律。

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）

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Craig, one for you and one for Jen. Maybe for you, Craig, just on Generative AI. You rolled out a lot this quarter, you made a lot of progress. Hoping you could talk about the consumer engagement you are seeing and then also, I know it's still early, but your thought -- latest thoughts on the potential monetization of that over time?

克雷格，一份給你，一份給珍。也許對你來說，克雷格，只是關於生成人工智慧。本季您推出了許多內容，並且取得了很大進步。希望您能談談您所看到的消費者參與度，然後，我知道現在還為時過早，但您的想法 - 隨著時間的推移，關於潛在貨幣化的最新想法？

And Jen, for you, just could you touch more on the drivers of the reacceleration in the second half of year, any assumptions you're making, in particular, around the agency channel.

Jen，對於您來說，您能否更多地談談下半年經濟重新加速的驅動因素，以及您所做的任何假設，特別是圍繞代理渠道的假設。

Thank you, both.

謝謝你們，兩位。

Thanks for the question, Cory.

謝謝你的提問，科里。

On the Gen AI front, we continue to see really positive feedback from our customers across each and every segment of the business. And that's really due to the quality of the model and services that we're providing, but also the truly commercially safe nature of how these are built and what these can do. It's still early days in the adoption curve though within the commercial sec.

在 Gen AI 方面，我們繼續看到來自各個業務領域的客戶的正面回饋。這實際上是由於我們提供的模型和服務的質量，也是由於它們的建造方式和功能的真正商業安全性質。儘管在商業領域內，採用曲線仍處於早期階段。

And so, it's not material to the business. We expect over time. It can be a meaningful contributor to the revenues of the business. But it's still early days and fairly limited contribution to the business at this point. But it is on a growth trajectory and as that becomes more material, there we will be something we'll probably report back to you.

因此，這對業務來說並不重要。我們預計隨著時間的推移。它可以對企業收入做出有意義的貢獻。但目前還處於早期階段，對業務的貢獻相當有限。但它正處於成長軌道上，隨著變得越來越重要，我們可能會向您報告一些內容。

Jen?

珍？

Yeah, and on guidance and just as you know the acceleration into the second half. So there's a few things there for top-line performance. One, as we mentioned, we're still seeing certainly through the first half, Q2 some continued lag on that production side of things recovery.

是的，在指導下，如你所知，下半場的加速。因此，有一些因素可以提高頂級性能。一，正如我們所提到的，我們仍然看到上半年和第二季生產的復甦仍然存在一些持續滯後。

So a bit of continuing improvement there. We have seen those declines start to taper off, but largely still a slower recovery than we anticipated. So bit of pick up there. Agency side of things, we're not necessarily expecting any material changes there, but again slow gradual improvement to those double-digit declines that we're seeing.

所以需要持續改進。我們已經看到這些下降開始逐漸減弱，但復甦速度基本上仍慢於我們的預期。那裡有一點拾取。就代理機構而言，我們不一定預期會發生任何重大變化，但我們所看到的兩位數下降將再次緩慢逐步改善。

Other big piece of it which we've spent some time talking about before is the editorial side of our business. There's a few things woven in there.

我們之前花了一些時間討論的另一個重要部分是我們業務的編輯方面。裡面交織著一些東西。

One, obviously, as we move into the second half of the year, we've got a really favorable year-on-year comp with those strike impacts starting to impact us largely in Q3 and the second half of last year. So we've got built-in favorable comp there and then our editorial event calendar, largely stacked in the second half of the year.

一，顯然，隨著我們進入今年下半年，我們的同比業績非常有利，這些罷工影響在第三季和去年下半年開始對我們產生很大影響。因此，我們在那裡有內建的有利競爭，然後是我們的編輯活動日曆，主要集中在今年下半年。

So that big events like the Olympics and the U.S. political cycle, both of those shaping up to be pretty healthy size events for us. So those are the primary drivers of that top line performance in the second half.

因此，像奧運和美國政治週期這樣的大型活動，對我們來說都是相當健康的規模活動。因此，這些是下半年營收表現的主要驅動力。

Thank you.

謝謝。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great, thanks for taking the question. And I wanted to double down a little bit more and understand on the subscription side. Craig and Jen and specifically, clearly over 50% of revenue for the past four quarters, that's a good thing here.

太好了，感謝您提出問題。我想加倍努力並了解訂閱方面的情況。Craig 和 Jen，特別是過去四個季度收入的 50% 以上，這是一件好事。

I want to understand about the drivers. So you mentioned iStock Unsplash now, 20% of revenue, 50% of that from subscribers. Just tell us more about what you're doing to drive that subscription from iStock or, call it, contributing benefit from iStock and Unsplash but then also the strength in iStock and Unsplash.

我想了解一下驅動程式。所以你提到 iStock Unsplash 現在有 20% 的收入，其中 50% 來自訂閱者。只要告訴我們更多關於您正在做什麼來推動 iStock 的訂閱，或者，稱之為，貢獻 iStock 和 Unsplash 的收益，以及 iStock 和 Unsplash 的優勢。

And then, back to the subscription side, growth did decel here in 2Q from a revenue - from an annual active subscriber perspective. Can you provide any insights on the decel in growth? And then from a retention rate, it looks like retention rates been relatively steady. Should we assume this is the right rate going forward here? Thanks for the questions.

然後，回到訂閱方面，從年度活躍訂閱者的角度來看，第二季的營收成長確實有所放緩。您能否提供任何有關成長放緩的見解？然後從保留率來看，保留率看起來相對穩定。我們是否應該假設這是正確的利率？感謝您的提問。

Great. Thanks, Ron, and Jen, I'll take a stab at this upfront and then Jen can fill in on anything that I might have missed. In terms of the, kind of Unsplash and iStock side of things, we've been making a concerted effort over the last really two years to drive more annual subscriptions across those products. It results in higher ARPU.

偉大的。謝謝羅恩和珍，我會先嘗試一下，然後珍可以補充我可能錯過的任何內容。就 Unsplash 和 iStock 而言，我們在過去兩年裡一直在共同努力，以推動這些產品的年度訂閱量增加。它會帶來更高的 ARPU。

It results in ultimately higher lifetime values. And then we think we deliver more value to our customers through those offerings and become more embedded in their day-to-day use and workflows. So we think it's a good thing for the customers, and it's a good thing for Getty Images overall.

它最終會帶來更高的終身價值。然後我們認為我們可以透過這些產品為客戶提供更多價值，並更融入他們的日常使用和工作流程。所以我們認為這對顧客來說是件好事，對蓋蒂圖片社整體而言也是一件好事。

The way we've been doing that, obviously, Unsplash, we introduced a paid subscription in Unsplash+ that had not sat there before. And it brings new value to those customers that brings indemnification. It brings higher end content in there that is fully released content. So, ultimately, it's providing additional value to the Unsplash universe.

顯然，Unsplash，我們一直在這樣做，我們在 Unsplash+ 中引入了以前從未有過的付費訂閱。它為那些帶來賠償的客戶帶來了新的價值。它帶來了更高端的內容，即完全發布的內容。因此，最終，它為 Unsplash 宇宙提供了額外的價值。

On iStock, we've introduced more SKUs within the paid - or sorry within the subscription product side of things. And we've been increasing the use of free trials against that. I'd say, it's been largely positive. There is a slightly lower retention coming out of the free trial. But it's been one that we're getting people to try the product that are largely new to the iStock platform as Jen mentioned.

在 iStock 上，我們在付費產品中引入了更多 SKU——或者抱歉，在訂閱產品方面。為此，我們一直在增加免費試用的使用。我想說，這在很大程度上是積極的。免費試用後的保留率略低。但正如 Jen 所提到的，我們讓人們嘗試的產品對於 iStock 平台來說基本上是新的。

And we think that's a good thing and it's been largely net positive. We are obviously going through a test cycle to continue to optimize that by geo and traffic source. But that's been a driver behind that in addition to offering lower and annual subscriptions like 10 downloads per month. That has led to great growth across those two platforms in terms of their annual subscription revenues and ultimately as a percentage of the overall business.

我們認為這是一件好事，而且很大程度上是正面的。顯然，我們正在經歷一個測試週期，以繼續按地理和流量來源進行最佳化。但除了提供較低的年度訂閱（例如每月 10 次下載）之外，這也是背後的推動因素。這導致這兩個平台的年度訂閱收入以及最終佔整體業務的百分比大幅成長。

Those do with, as mentioned on previous calls, they do with lower net retention. Obviously, we're dealing with small businesses and freelancers and those have higher degrees of churn in and out of products. And so that's been impacting that retention rate that you referenced, which has kind of come down a bit.

正如先前電話會議中提到的，這些確實具有較低的淨保留率。顯然，我們正在與小型企業和自由工作者打交道，這些企業和自由工作者的產品流失程度較高。因此，這影響了您提到的保留率，該保留率有所下降。

But again, I still think it's a net trade positive to the business. And so I think on go-forward basis yeah, you should expect to probably see revenue retention rates for subscribers to kind of maintain in that kind of 90% range and we'll continue to test and learn and optimize.

但同樣，我仍然認為這對企業來說是一項淨貿易。所以我認為，在未來的基礎上，是的，您應該期望看到訂戶的收入保留率保持在 90% 的範圍內，我們將繼續測試、學習和優化。

But again I go back that we had growth across Getty Images, growth across iStock and growth across Unsplash in the quarter. And I think the annual subscription component of that was a big driver to ultimately achieving growth across each of these brands.

但我再說一遍，本季我們的 Getty Images、iStock 和 Unsplash 都實現了成長。我認為其中的年度訂閱部分是最終實現每個品牌成長的重要推動力。

Jen, is there anything to add?

珍，還有什麼要補充的嗎？

Yeah, I think the only thing I'd add is, Ron, you asked specifically, I think, if that 89%, 90% retention rate is sort of a go-forward. I think probably, if we cycle through this year, it'll hover somewhere around there and then start to ramp up to low mid-90s over time. And one of the things that we are seeing when we've touched on here one of the other drivers of that retention rate is we're seeing a little bit of contraction in spend from these subscribers outside of their subscription.

是的，我想我唯一要補充的是，羅恩，你具體問了，我想，89%、90% 的保留率是否算是一種進步。我認為，如果我們今年循環，它可能會徘徊在附近的某個地方，然後隨著時間的推移開始上升到 90 年代中期的低點。當我們談到保留率的其他驅動因素之一時，我們看到的一件事是，我們看到這些訂戶在訂閱之外的支出略有收縮。

And that is very much a Hollywood strike impact. If you go back to last year, pre-Hollywood strike expense number was in those low to mid-0s. So we're starting to see that consumption level, that a la carte spends outside of subscriptions start to kick back up. Again, we're far from full recovery on that, but that's one of the drivers of this. But I think, slowly over time, we'll start to see that come back a bit.

這在很大程度上是好萊塢罷工的影響。如果你回到去年，好萊塢之前的罷工費用數字在零到零之間。因此，我們開始看到消費水平，即訂閱以外的點菜支出開始回升。同樣，我們還遠未完全恢復，但這是其驅動因素之一。但我認為，隨著時間的推移，我們會開始看到這種情況回升。

Super helpful on both. Could you - and one quick follow-up just talking to the writer strike and the recovery. We still have, I think we're still recovering, would you say we're beyond the heavy lifting, so to speak and now it's a matter of time. Or would you have expected the recovery to be faster, slower any thoughts there would be helpful. Thank you very much.

兩者都超級有幫助。您能否 - 以及一個簡短的後續行動，談談作家罷工和復甦。我們仍然，我認為我們仍在恢復中，你會說我們已經超越了繁重的任務，可以這麼說，現在這只是時間問題。或者你會期望恢復得更快、更慢，任何想法都會有幫助。非常感謝。

Yeah Ron. I think we're beyond heavy lifting, but we're just in a gradual re-ramp over time. And so we're hopeful that, we'll continue to see that over the second half and into 2025. It's one where that will impact kind of all of our product lines. So it's not just an editorial item, it's an editorial plus Creative.

是的，羅恩。我認為我們已經超越了繁重的任務，但隨著時間的推移，我們只是在逐步重新調整。因此，我們希望下半年到 2025 年能繼續看到這種情況。這將影響我們所有的產品線。所以它不僅僅是一個社論項目，它是一個社論加創意。

In fact, a lot of the content that is consumed in a productions is Creative. So, yeah, we expect that we'll see that clearly following the media sector, it's one where that's been a bit more gradual by all reports. But all expectations are that by 2025, we should probably be back to where we were. But, yeah, we're kind of past the heavylifting side of things and should be in a situation where it's just a gradual return over time.

事實上，作品中使用的許多內容都是創意內容。所以，是的，我們預計我們會清楚地看到媒體行業的情況，從所有報導來看，這是一個更漸進的行業。但所有的期望都是，到 2025 年，我們可能會回到原來的狀態。但是，是的，我們已經擺脫了繁重的事情，並且應該處於隨著時間的推移逐漸回歸的境地。

And again, we've got deep embedded relationships within that community and those customers face and are in tight conversations with them. So, I think that expectation is one that's grounded in good solid customer communication and feedback.

再說一遍，我們在該社群中建立了深厚的關係，並且與這些客戶進行了密切的對話。因此，我認為這種期望是建立在良好、可靠的客戶溝通和回饋的基礎上。

Thank you, Craig. Thank you, Jen.

謝謝你，克雷格。謝謝你，珍。

I'd just add there just to give some numbers. If we look at specifically from that production side of things, when we were in the heart of strike impact last year, we saw that industry down double-digits as we move into the first half of the year still indefine, but now sort of in that lower single-digit range.

我只是添加一些數字。如果我們具體從生產方面來看，當我們去年處於罷工影響的中心時，我們看到該行業在進入今年上半年時出現了兩位數的下降，但現在仍然不確定。範圍。

So, if you look at those numbers, we've gone from double-digit declines down to single-digit-declines. So, seeing some improvement that as Craig noted, we expect that recovery to continue on a bit longer.

因此，如果你看一下這些數字，我們已經從兩位數下降降至個位數下降。因此，正如克雷格指出的那樣，看到一些改善，我們預計復甦會持續更長時間。

Mark Zgutowicz, Benchmark.

馬克·茲古托維奇，基準。

Thank you. Good morning, Craig and Jen. Couple from me on one premium access, just curious how that performed in the quarter and your expectations for the e-com product. Basically, I think it's roughly a 20% base today. So just growth in the second half. And then, also curious, I might have missed it, but I was curious what drove the big quarter-over-quarter growth within the other segment. Thanks.

謝謝。早安，克雷格和珍。我對一次高級訪問感興趣，只是好奇該季度的表現以及您對電子商務產品的期望。基本上，我認為今天的基數大約是 20%。所以下半年只是成長。然後，我也很好奇，我可能錯過了它，但我很好奇是什麼推動了其他細分市場的季度環比大幅增長。謝謝。

Thanks, Mark. On PA, Premium Access is our largest subscription offering. It's our primary subscription offering. It includes a lot of our really premium content across editorial and creative and video and stills, it can bring our archive into play. We continue to see really strong performance in that product, not just in and take up of new customers, but more importantly on the retention side of things and the utilization side of things.

謝謝，馬克。在 PA 上，Premium Access 是我們最大的訂閱服務。這是我們主要的訂閱服務。它包含我們在編輯、創意、影片和劇照方面的許多真正優質的內容，它可以讓我們的檔案發揮作用。我們繼續看到該產品的強勁表現，不僅是在吸引新客戶方面，更重要的是在保留方面和利用率方面。

So it's a really strong product and we haven't really seen any moderation in its performance at any point in the last couple of years. It's just, it's really about building the strength of that deep customer embedded workflows and utilization. And that's kind of what we're bringing to the e-commerce side of things to those subscriptions on iStock and Unsplash.

所以它是一個非常強大的產品，在過去幾年的任何時候我們都沒有真正看到它的性能有任何放緩。只是，這實際上是為了增強深度客戶嵌入式工作流程和利用率的強度。這就是我們為 iStock 和 Unsplash 上的訂閱帶來的電子商務方面的內容。

With respect to the performance going forward on iStock cock and Unsplash, we continue to expect them to be in growth. These are platforms that are again really offering a differentiated content offering relative to competition. And it's one that we believe fundamentally resonates with our customers. We see them consuming that content relative to non-exclusive or other sources at a much higher level.

就 iStock cock 和 Unsplash 的未來表現而言，我們繼續預期它們將會成長。這些平台再次真正提供了相對於競爭而言差異化的內容。我們相信這一點能夠從根本上引起客戶的共鳴。我們看到他們對非獨家或其他來源內容的消費水準要高得多。

And it's one that we think that's a durable point of differentiation and we've believed based off of paid download metrics, revenue metrics, customer metrics that we're taking share within those spaces through those platforms given their unique positioning and fundamentally the content that underpins that and we expect that to continue.

我們認為這是一個持久的差異化點，我們相信，基於付費下載指標、收入指標、客戶指標，我們將透過這些平台在這些空間中分享份額，因為它們具有獨特的定位，從根本上講，我們所提供的內容支撐這一點，我們預計這種情況將繼續下去。

With respect to other, that includes our media managing offering and music offering, but also some data licensing. And we did some small data licensing deals that are consistent with our view of about really how we bring our content into the data licensing market or if we burn our content in the data licensing market, which is, really staying away from one time kind of perpetual licenses. And trying to do it more in a partnership model.

至於其他，這包括我們的媒體管理產品和音樂產品，還有一些數據授權。我們做了一些小型數據許可交易，這些交易與我們關於如何將我們的內容帶入數據許可市場的觀點一致，或者我們是否在數據許可市場上銷毀我們的內容，也就是說，真正遠離一次性的永久許可證。並嘗試以合作夥伴模式做更多事情。

So there was some slight data licensing that's consistent with that framework in Q2 off of a very small base historically. So, that that's what drives that in the quarter. Jen, anything to add there?

因此，有一些輕微的數據許可與第二季的框架一致，歷史上基數很小。所以，這就是本季的推動因素。Jen，有什麼要補充的嗎？

No, I think you touched on it. There are some other smaller individually immature immaterial contributors there. Our French business, our music business, both of those also in growth but again, these are fairly small numbers as is that other grouping overall.

不，我想你已經觸及了。還有其他一些較小的、個體不成熟的非物質貢獻者。我們的法國業務，我們的音樂業務，這兩個業務也在成長，但同樣，這些數字與其他業務一樣相當小。

That's helpful and just on the license, the data licensing side. Is that how would you characterize that growth as more one-time in nature versus carry-forward over the next 12 months. Just maybe if you could frame that Craig?.

這很有幫助，而且只是在許可證、資料許可方面。您如何將這種成長描述為一次性成長，而不是未來 12 個月的結轉成長？也許你能陷害克雷格嗎？

And one last one for me, just in terms of Political and the Olympics. If you could maybe quantify that your expected contribution relative to the last cycle to be durable. Thanks.

對我來說最後一個是關於政治和奧運的。如果您可以量化相對於上一個週期的預期貢獻是否持久。謝謝。

Yeah, thanks, Mark. It should be, there's a bit of accounting with 606 and revenue recognition that makes that a little bit of a pull-forward on some of the on the data licensing. But these are kind of within the model that we've always stress, which is kind of more recurring in nature, kind of more partnership in nature.

是的，謝謝，馬克。應該是這樣，606 和收入確認之間有一些會計處理，這使得資料授權方面的一些內容有所推進。但這些都屬於我們一直強調的模型，本質上是一種更經常性的、更多的夥伴關係。

So, I would see, some level of lumpiness just to do the different recognition in that aspects relative to kind of the linear time-based recognition. But for the most part, we're trying to build recurring durable revenue streams over time that that is our focus as a leadership team and as a business, and how we're entering this.

因此，我認為，相對於基於時間的線性識別，某種程度的塊狀性只是為了在這方面進行不同的識別。但在大多數情況下，我們正在努力隨著時間的推移建立經常性、持久的收入流，這是我們作為領導團隊和企業的重點，也是我們進入這一領域的方式。

So, probably a little bit of lumpiness, but ultimately, you can think about it is something that we're building relationships and revenue that we believe will be recurring over time. But how they're recognized might vary a little bit. And as for the editorial calendar in terms of the elections and the Olympics and euros, we expected that to be slightly lower than the historic contribution on a four-year cycle so '20 versus '24.

所以，可能有點不穩定，但最終，你可以認為這是我們正在建立的關係和收入，我們相信隨著時間的推移，這些關係和收入會重複出現。但它們的識別方式可能會略有不同。至於選舉、奧運和歐元的編輯日曆，我們預計這將略低於四年周期的歷史貢獻，即「20 年與 24 年」。

We were probably closer to 10 million to 12 million in and the previous cycle, largely driven by the political side of things. And we expected this year to be around 8, to 10 and again, largely driven by a differential on the political side of things. We'll see how that plays out. We believe that that might be a conservative point of view, given how the election is now shaping up in the US.

在上一個週期中，我們的人數可能接近 1,000 萬至 1,200 萬，這主要是受政治方面的推動。我們預計今年的數字會是 8 左右，甚至是 10 左右，這主要是由於政治方面的差異。我們將看看結果如何。考慮到美國選舉目前的進展情況，我們認為這可能是保守的觀點。

And I can tell you having come out of Paris and South a lot of our commercial partners in Paris there's a lot of activities that is that is flowing out of that. So, hopeful that there might be some upside relative to what we set in our initial guidance within. But I think you can think about it in that 8 to 10 million range.

我可以告訴你們，我們在巴黎的許多商業夥伴都來自巴黎和南部，有很多活動正在進行中。因此，希望相對於我們在最初的指導中設定的內容可能會有一些好處。但我想你可以在8到1000萬的範圍內考慮一下。

Excellent.

出色的。

Certainly, we're certainly seeing consumption of that content out of that premium access subscription offering and it just speaks to again the quality of the content covers that that team - our team, the Getty Images team, pull together in Paris. The speed the quality, the depth, the breadth. The innovation around how we're covering games, I think, some of the, the new content and new content types we are producing, we're just fantastic and customers are really reacting to them well, so.

當然，我們確實看到了對高級訪問訂閱服務中內容的消費，這再次說明了該團隊（我們的團隊，蓋蒂圖片社團隊）在巴黎齊心協力所涵蓋的內容品質。速度、質量、深度、廣度。我認為，圍繞著我們如何報導遊戲的創新，我們正在製作的一些新內容和新內容類型，我們非常棒，客戶對它們的反應也很好，所以。

And one thing I would add there, specifically, on the political side, that, that incremental revenue for us, that'll be a lift to those creative and editorial. The historically, when, we look back at political spend, it's roughly 50/50 in terms of how it hits creative editorial. Sometimes, it skews even highly on the creative side of things. So that political impact well, we talk about it in the editorial side of the business. That impacts our creative revenue, as well.

我要補充的一件事，特別是在政治方面，我們的增量收入將提升那些創意和社論的水平。從歷史上看，當我們回顧政治支出時，就其對創意編輯的影響而言，其比例約為 50/50。有時，它甚至在事物的創意方面嚴重傾斜。因此，政治影響很好，我們在業務編輯方面討論它。這也會影響我們的創意收入。

Good points.

好點。

Thanks, Jen.

謝謝，珍。

Yep. Thanks, Mark.

是的。謝謝，馬克。

Tim Nolan, Macquarie.

提姆諾蘭，麥格理。

Hi, I like to get back to the agencies topic please. The agencies themselves that they kind of mixed-ish results. Just wondering what gives you the optimism going into the second half of the year? I mean, I think it's unstable overall, but I'm talking to larger agencies that with we cover on the public side, maybe you're focused more on the smaller agencies. So, just wondering where the optimism comes from there.

大家好，我想回到代理商的話題。這些機構本身表示，他們的結果有點好壞參半。只是想知道是什麼讓您對下半年感到樂觀？我的意思是，我認為總體上不穩定，但我正在與較大的機構交談，我們在公共方面進行報道，也許您更關注較小的機構。所以，只是想知道樂觀情緒從何而來。

And then, secondly, and relatedly, I think last time we were, we're talking a bit about agencies adopting more of the Generative AI tools and I'm wondering if there's any indication yet that they are shifting away from an a la carte to more of a subscription payment model as they adopt these tools. Thanks.

其次，與此相關的是，我認為上次我們討論了一些機構採用更多生成式人工智能工具的問題，我想知道是否有任何跡象表明他們正在放棄點菜服務當他們採用這些工具時，更多的是訂閱付款模式。謝謝。

Thanks Tim. On the agency front, I would say that, what we're really seeing is a stabilization within that portion of the business. This was, again, a segment where we were seeing double-digit declines. And we're seeing that start to moderate as we see some of the economic certainties start to improve, as we see some of the sectors of the economy like the tech sector kind of bring back some spend and investment that flows through the agencies.

謝謝蒂姆。在代理商方面，我想說的是，我們真正看到的是該部分業務的穩定。這也是我們看到兩位數下降的細分市場。隨著我們看到一些經濟確定性開始改善，我們看到科技業等一些經濟部門帶回了一些流經各機構的支出和投資，我們看到這種情況開始放緩。

So, it's not anything that we're expecting in terms of heroic change as Jen referenced in her remarks. But it is one that we are seeing that the trends of normalization. That's kind of led out through the large network agencies and we're seeing early signs of that in the agencies.

因此，正如 Jen 在她的演講中提到的那樣，這並不是我們所期待的英雄式變革。但我們看到的是正常化的趨勢。這是透過大型網路機構引導的，我們在這些機構中看到了早期跡象。

So, we don't see a major shift to AI or subscription within those agencies and that's largely again because of how they work with their clients and what that means in terms of how they need to build back to their clients. They still need to build back on per project basis.

因此，我們沒有看到這些機構內部出現向人工智慧或訂閱的重大轉變，這在很大程度上又是因為他們與客戶的合作方式以及這對他們需要如何重建客戶而言意味著什麼。他們仍然需要根據每個項目進行重建。

So, we're not seeing a shift into subscription. We're not really seeing any major shift into AI there in terms of end project needs. But we are seeing experimentation. And that is certainly something that we see in there and in many cases, that's in partnership with Getty Images so.

因此，我們沒有看到訂閱的轉變。就最終專案需求而言，我們並沒有真正看到人工智慧有任何重大轉變。但我們正在看到實驗。這當然是我們在那裡看到的，在很多情況下，這是與蓋蒂圖片社合作的。

Thank you. And this will conclude our Q&A session as well as our conference call. Thank you all for your participation and you may disconnect at any time.

謝謝。我們的問答環節和電話會議到此結束。感謝大家的參與，您可以隨時斷開連線。

Thank you.

謝謝。