Getty Images Holdings Inc (GETY) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Getty Images' third quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Steven Kanner, VP of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

下午好，歡迎參加 Getty Images 2024 年第三季財報電話會議。今天的通話正在錄音。（操作員指示）現在，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 third quarter 2024 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jenn Leyden, Chief Financial Officer. 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.

下午好，歡迎參加 Getty Images 2024 年第三季財報電話會議。參加今天電話會議的還有執行長 Craig Peters；以及財務長 Jenn Leyden。在我們開始之前，我們想提醒您，本次電話會議將包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

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.gettyimages.com.

這些聲明受各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設在今天的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進行了重點說明。這些文件和今天的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。

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，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITDA 減去資本支出和自由現金流。我們在一些財務討論中使用非公認會計準則指標，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. With that, I will hand the call over to our Chief Executive Officer, Craig Peters.

我們向美國證券交易委員會提交的文件中包含了 GAAP 指標與非 GAAP 指標的對照表，以及使用每種指標的描述、限制和理由。在我們發表完準備好的發言後，我們將開始回答大家的提問。說完這些，我將把電話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 us on today's call. I will touch on our performance and progress at a high level before Jenn takes you through the more complete full third quarter financial results. I am pleased to report we delivered a strong performance in the third quarter with revenue of $240.5 million, representing a year-on-year increase of 4.9% on a reported basis and 5.4% on a currency-neutral basis.

謝謝，史蒂文，也謝謝大家參加今天的電話會議。在 Jenn 向您介紹更完整的第三季財務表現之前，我將概括介紹我們的業績和進展。我很高興地報告，我們在第三季度表現強勁，營收為 2.405 億美元，按報告基礎計算同比增長 4.9%，按貨幣中性基礎計算增長 5.4%。

Adjusted EBITDA came in at $80.6 million for the quarter, up 0.4% on a reported basis and up 0.8% on a currency-neutral basis with a healthy EBITDA margin of 33.5%. These positive results reflect growth across each of Getty Images, iStock and Unsplash plus.

本季調整後的 EBITDA 為 8,060 萬美元，以報告基礎計算成長 0.4%，以貨幣中性基礎計算成長 0.8%，EBITDA 利潤率健康地達到 33.5%。這些正面的結果反映了 Getty Images、iStock 和 Unsplash 等各方面的成長。

Our team continues to execute on the opportunity in front of us, and we were pleased to see improvements with our agency and production customers. In line with these improvements, we drove growth across all customer categories, agency, media and corporate, within the quarter.

我們的團隊繼續抓住眼前的機會，我們很高興看到我們的代理商和生產客戶取得了進步。隨著這些改進，我們在本季推動了所有客戶類別（代理商、媒體和企業）的成長。

Our subscription business saw outstanding performance, growing subscribers by nearly 50% versus the comparable LTM period, powered by our unique and differentiated iStock and Unsplash plus e-commerce offerings across a breadth of geographic markets.

我們的訂閱業務表現出色，與同期的 LTM 期間相比，訂閱用戶成長了近 50%，這得益於我們獨特、差異化的 iStock 和 Unsplash 以及覆蓋廣泛地理市場的電子商務產品。

With subscriptions now accounting for more than 50% of our revenue and many of these subscriptions including the full breadth of our offering across editorial and creative, we also saw higher download, and therefore, revenue allocations to editorial content during major events like the Paris Olympics and the run-up to the US election, as customers consume more content from these events.

現在訂閱業務占到我們總收入的50%以上，而且許多訂閱業務涵蓋了我們在編輯和創意領域的全方位服務，在巴黎奧運會和美國大選前夕等重大活動期間，隨著客戶消費更多來自這些活動的內容，我們的下載量也隨之增加，因此編輯內容的收入分配也隨之增加。

While product-level revenue attribution can be impacted by this shift in consumption, it really showcases the unique strength of our Premium Access subscription offering. This product delivers real-time, broad-based, high-quality editorial coverage, in combination with our highly-differentiated, impactful pre-shot creative content. This is why we continue to see subscriptions as a core driver of our overall growth on back of the strong demand for these offerings, strong renewals and the continued opportunity to upsell and cross-sell to these customers.

雖然產品層面的收入歸因可能會受到這種消費轉變的影響，但它確實展示了我們的 Premium Access 訂閱服務的獨特優勢。該產品提供即時、廣泛、高品質的編輯報道，結合我們高度差異化、富有影響力的預拍創意內容。這就是為什麼我們繼續將訂閱視為我們整體成長的核心驅動力，因為這些產品的需求強勁，續約強勁，並且持續有機會向這些客戶追加銷售和交叉銷售。

One offering we continue to see success in cross-selling is our Custom Content offering. In the quarter, we saw brands such as Citi, Mitsubishi Motors, HSBC, Asahi and 3M trust Getty Images to be the engine of their product and brand-specific content needs via Custom Content. It was also great to see commercial activations by global brands leveraging our unique historical archive. Prime Video was just one of many examples of that within the quarter.

我們在交叉銷售中不斷取得成功的產品是我們的客製化內容產品。本季度，我們看到花旗銀行、三菱汽車、匯豐銀行、朝日集團和 3M 等品牌信賴 Getty Images 透過客製化內容來滿足其產品和品牌特定的內容需求。看到全球品牌利用我們獨特的歷史檔案進行商業活動也是一件非常高興的事。Prime Video 只是本季眾多例子之一。

On the AI front, we partnered with Sony Pictures on an activation in support of their latest release of the Venom series. We custom fine-tuned our commercially-safe, high-quality generative AI model, built with privacy, responsible content use and brand safety at its core, to help launch Venomize My Pet, a promotional consumer activation that allows fans to interact with branded content in a fun, safe and responsible way.

在人工智慧方面，我們與索尼影業合作，支持他們最新發行的《猛毒》系列。我們客製化微調了我們的商業安全、高品質的生成 AI 模型，該模型以隱私、負責任的內容使用和品牌安全為核心構建，以幫助推出 Venomize My Pet，這是一項促銷消費者活動，允許粉絲以有趣、安全和負責任的方式與品牌內容互動。

Back to pre-shot, we continue to see strong demand for our creative offerings. This is not only demonstrated by the sustained growth of iStock and Unsplash plus, but also through our API integrations. We were pleased to announce our Canva integration renewal in Q2. And continuing on that, we are pleased in Q3 to renew with brands like website builder, Squarespace.

回到拍攝前，我們繼續看到對我們的創意產品的強勁需求。這不僅體現在 iStock 和 Unsplash plus 的持續成長中，也體現在我們的 API 整合中。我們很高興地宣布我們在第二季更新了 Canva 整合。接下來，我們很高興在第三季與網站建立器、Squarespace 等品牌續簽合作。

As we look ahead to closing out the year and into 2025, I'm incredibly confident in our trajectory. Our differentiation, execution and commitment to providing durable value to our customers through all of our offerings will continue to drive our success. I'm excited to further capitalize on our strengths going forward.

展望今年和 2025 年，我對我們的發展軌跡充滿信心。我們的差異化、執行力以及透過所有產品為客戶提供持久價值的承諾將繼續推動我們的成功。我很高興能夠進一步發揮我們的優勢。

And with that, I'll turn it over to Jenn.

現在我將把話題交給 Jenn。

We continue to build positive momentum, delivering strong revenue growth and an adjusted EBITDA margin north of 33%. As Craig mentioned, all three of our industry categories, corporate, media and agency, are in growth. Getty Images, iStock and Unsplash-plus are in growth. Our annual subscription business comprises north of half of our total revenue, with Q3 adding to nine consecutive quarters of high-double digit growth on annual subscriber count, and our e-commerce business is thriving.

我們持續保持正面勢頭，實現強勁的營收成長，調整後的 EBITDA 利潤率超過 33%。正如 Craig 所提到的，我們的三個行業類別，企業、媒體和代理，都在成長。Getty Images、iStock 和 Unsplash-plus 正在成長。我們的年度訂閱業務占我們總收入的一半以上，第三季連續九個季度實現年度訂閱用戶數量高兩位數增長，我們的電子商務業務也蓬勃發展。

Now, it would be easy to misinterpret this quarter's results as being only about the post-Hollywood strike compares or about a robust editorial event calendar. But the fact is, we have momentum across the business. And this quarter is a testament to the strength of both our creative and our editorial business and to our ability to execute with our differentiated, high-quality, powerful content with our steadfast customer focus at the very core of our financial performance.

現在，人們很容易誤解本季的業績僅與好萊塢罷工後的情況相比，或與強勁的編輯活動日程有關。但事實是，我們的整個業務都保持著良好的發展勢頭。本季證明了我們的創意和編輯業務的實力，也證明了我們以差異化、高品質、強大的內容和堅定不移的客戶關注作為我們財務表現的核心的能力。

Let's dive into those results. Revenue was $240.5 million, growth of 4.9%, or 5.4% on a currency-neutral basis. Across our major geographies, on a currency-neutral basis, we saw year-on-year increases of 9.9% in the Americas, our largest region, 1.3% in APAC and with EMEA down less than 1%.

讓我們深入了解這些結果。營收為 2.405 億美元，成長 4.9%，以貨幣中性計算則成長 5.4%。在我們主要地區的貨幣中性基礎上，我們看到美洲地區（我們最大的地區）年增 9.9%，亞太地區成長 1.3%，而歐洲、中東和非洲地區則下降不到 1%。

Underpinning this strong revenue growth is continued resiliency and health across many of our KPIs. Our annual subscription revenue was 52.4% of total revenue. We added 96,000 active annual subscribers to reach 298,000, an increase of approximately 48% over the comparable LTM period. Subscriber growth was driven by our e-commerce business, iStock and Unsplash+. And we continue to execute on our geographic growth plans with approximately 18,000 brand-new customers from our targeted growth markets in EMEA, LATAM and APAC.

強勁收入成長的支撐是我們多項 KPI 的持續彈性和健康。我們的年度訂閱收入佔總收入的52.4%。我們增加了 96,000 名年度活躍訂閱用戶，達到 298,000 名，比同期的 LTM 期間增長了約 48%。訂閱用戶的成長主要得益於我們的電子商務業務、iStock 和 Unsplash+。我們將繼續執行我們的地理成長計劃，在歐洲、中東和非洲、拉丁美洲和亞太地區的目標成長市場中，我們擁有約 18,000 名全新客戶。

Our annual subscription revenue retention rate has begun to stabilize, coming in at 92.2% in LTM Q3 '24, down from 94.5% in the corresponding LTM period, but up from 89.4% in the LTM Q2 '24 period and up from 90% in LTM Q1 '24. Relative to the LTM Q3 '23 period, the decline from 94.5% was primarily driven by growth in our lower-retention smaller e-commerce subscribers, who tend to start out with lower revenue retention rates. Paid downloads were essentially flat at 94 million, while our video attachment rate rose to 16.4% from 13.7% in the LTM Q3 2023 period.

我們的年度訂閱收入留存率已開始穩定，2024 年第三季 LTM 為 92.2%，低於去年同期的 94.5%，但高於 2024 年第二季 LTM 的 89.4% 和 2024 年第一季 LTM 的 90%。相對於 LTM 23 年第三季度，從 94.5% 的下降主要是由於留存率較低的小型電子商務用戶的成長，這些用戶往往一開始的收入留存率較低。付費下載量基本上持平於 9,400 萬次，而我們​​的影片附加率從 LTM 2023 年第三季的 13.7% 上升至 16.4%。

Editorial revenue was $92.8 million, an increase of 16.1% year-on-year and 16.3% on a currency-neutral basis. This is our second straight quarter of a return to year-on-year growth for editorial after four consecutive quarters of decline, driven primarily by the Hollywood strike's impact. At approximately one-third of our total revenue, editorial returning to growth is a core contributor to our momentum.

編輯收入為 9,280 萬美元，比去年同期增長 16.1%，按匯率中性計算則增長 16.3%。這是我們編輯業務連續第二季恢復年成長，此前連續四個季度出現下滑，主要原因是好萊塢罷工的影響。編輯收入約占我們總收入的三分之一，恢復成長是我們發展動能的核心貢獻者。

We've previously described the impact from major events during even years as adding approximately 1% of growth to total company revenue, equating to around a 3% lift to editorial revenue. That is consistent with what we are seeing this year. However, we are reporting a higher lift to editorial, given strike compares, and as Craig mentioned, a large concentration of revenue with our Premium Access subscription due to a shift in consumption towards editorial content within those fixed value subscriptions as a result of our major editorial event coverage. This consumption shift contributed approximately 10 points of impact to editorial growth in the quarter, with the shift having an inverse impact on creative results, which I will touch on next.

我們之前曾描述過偶數年重大事件的影響，它會使公司總收入成長約 1%，相當於編輯收入提升約 3%。這與我們今年看到的情況一致。然而，考慮到罷工情況，我們報告的編輯收入提升幅度更高，正如 Craig 提到的，由於我們對主要編輯事件的報道，固定價值訂閱中的消費轉向編輯內容，導致高級訪問訂閱的收入大幅集中。這種消費轉變對本季的編輯成長產生了約 10 個百分點的影響，而這種轉變對創意結果產生了相反的影響，我將在下文中談到這一點。

Creative revenue was $133.7 million, down 7.9% year-on-year and 7.4% on a currency-neutral basis, with the decrease largely driven by that shift in Premium Access revenue allocation I just spoke to with an adverse impact of 5.4 points. When you account for this impact and some year-over-year revenue recognition differences, creative revenue is actually in growth with strong signals for sustained growth, which include our agency business, which has been in year-on-year decline for the past 12 consecutive quarters, returned to growth with a 5% year-on-year increase and 5.9% on a currency-neutral basis in Q3, driven by good performance across both the networks and the independent agencies.

創意收入為 1.337 億美元，比去年同期下降 7.9%，按匯率中性計算下降 7.4%，其中主要原因是我剛才談到的高級訪問收入分配的轉變，產生了 5.4 個百分點的不利影響。如果考慮到這一影響以及一些同比收入確認差異，創意收入實際上處於增長狀態，並且顯示出持續增長的強勁信號，其中包括我們的代理業務，該業務在過去連續 12 個季度同比下滑，但在第三季度恢復增長，同比增長 5%，按匯率中性計算增長 5.9%，這得益於網絡和獨立代理機構的良好表現。

Our customer acquisition efforts continue to deliver positive results with iStock annual subscriptions growing approximately 17% on both a reported and a currency-neutral basis and our Unsplash-plus subscription growing triple digits. Our e-commerce business, which represents approximately 25% of total creative revenue, continues to grow and was up 4.5% on a reported basis and 4.9% currency-neutral.

我們的客戶獲取工作繼續取得積極成果，iStock 年度訂閱量在報告和貨幣中性基礎上增長約 17%，而我們的 Unsplash-plus 訂閱量則增長了三位數。我們的電子商務業務約佔總創意收入的 25%，該業務持續成長，報告期間內成長 4.5%，剔除匯率因素則成長 4.9%。

Other revenue, which is historically a smaller revenue category for us, was $14.1 million, an increase of $9.9 million or about 240% from Q3 '23. This growth can be attributed to an expanded five year creative content deal with an existing customer, where we included some level of AI rights, which received accelerated revenue recognition in accordance with ASC 606 guidelines.

其他收入對我們來說歷史上是一個較小的收入類別，為 1,410 萬美元，比 23 年第三季增加 990 萬美元，約 240%。這一增長可歸因於與現有客戶達成的延長的五年創意內容協議，其中包括一定程度的人工智慧權利，根據 ASC 606 指南，該協議獲得了加速收入確認。

Despite the heavy upfront revenue recognition, we will see cash flow evenly distributed over the five year term, very much aligning to our positioning on the importance of longer-term recurring elements for these types of deals. While this is just one of many large commitments we see from our customers, the power of our creative content sits at the very heart of this deal.

儘管前期確認的收入很高，但我們將看到現金流在五年內均勻分佈，這與我們對此類交易中長期經常性要素重要性的定位非常一致。雖然這只是客戶做出的眾多重大承諾之一，但我們創意內容的力量卻是這筆交易的核心。

Revenue less our cost of revenue as a percentage of revenue remained consistently strong at 73.4% in Q3, unchanged from Q3 2023. We have seen this metric be north of 72% for 17 of the last 18 quarters, indeed, one of the most resilient and compelling components of our business model.

營收減去營收成本佔營收的百分比在第三季保持強勁，為 73.4%，與 2023 年第三季持平。我們看到，在過去 18 個季度中，有 17 個季度這項指標都超過了 72%，事實上，這是我們商業模式中最具彈性和最引人注目的組成部分之一。

Total SG&A expense was $100.1 million in Q3, up from $97.3 million in the prior year. As a percentage of revenue, our expense rate was 41.6%, down from 42.4% last year. The lower expense rate was driven primarily by the increase in revenue and lower stock-based compensation in the quarter.

第三季銷售、一般及行政支出總額為 1.001 億美元，高於去年同期的 9,730 萬美元。佔收入的百分比為 41.6%，低於去年的 42.4%。費用率下降主要由於本季收入增加及股票薪酬下降。

Excluding stock-based compensation, SG&A rose to $95.8 million in the quarter or 39.8% of revenue, up from $88.1 million or 38.4% of revenue in Q3 2023. The increase in spend year-on-year reflects our planned reinvestment in the business as we entered 2024, primarily across staffing and marketing, following a pullback in spend as we navigated the Hollywood strike impacts in 2023, as well as higher commissions tied to strong revenue performance this quarter and the inclusion of operating costs for the recently acquired Motorsport Images.

不包括股票薪酬，本季銷售、一般及行政費用從 2023 年第三季的 8,810 萬美元或占收入的 38.4% 增至 9,580 萬美元或占收入的 39.8%。支出年增率反映了我們在進入 2024 年時計劃對業務進行再投資，主要用於人員配備和營銷，而此前由於 2023 年好萊塢罷工的影響，我們削減了支出，同時本季度強勁的收入表現和計入最近收購的 Motorsport Images 的運營成本也帶來了更高的佣金。

Adjusted EBITDA was $80.6 million for the quarter, up 0.4% year-over-year and 0.8% on a currency-neutral basis. Adjusted EBITDA margin was 33.5%, down from 35% in Q3 '23 but still incredibly strong. CapEx was $12.5 million in Q3, up $0.1 million year-over-year. CapEx as a percentage of revenue was 5.2%, down slightly from 5.4% in the prior year.

本季調整後 EBITDA 為 8,060 萬美元，年增 0.4%，以匯率中性運算成長 0.8%。調整後的 EBITDA 利潤率為 33.5%，低於 23 年第三季的 35%，但仍非常強勁。第三季的資本支出為 1,250 萬美元，年增 10 萬美元。資本支出佔收入的百分比為 5.2%，略低於上一年的 5.4%。

Free cash flow showed a deficit of $1.8 million in Q3 compared to the $12.8 million generated in Q3 2023. The decrease in free cash flow reflects working capital changes related to the timing of receivables and payables, as well as higher cash interest expense and cash taxes paid. Free cash flow is stated net of cash interest expense of $40.8 million, an increase of $2.5 million over the prior year. Cash taxes for the quarter were $10.3 million, an increase of $2.7 million over Q3 2023.

2023 年第三季自由現金流出現赤字 180 萬美元，而 2023 年第三季自由現金流產生 1,280 萬美元。自由現金流的減少反映了與應收帳款和應付帳款時間相關的營運資本變化，以及更高的現金利息支出和支付的現金稅款。自由現金流扣除現金利息支出 4,080 萬美元，較上年增加 250 萬美元。本季現金稅為 1,030 萬美元，比 2023 年第三季增加 270 萬美元。

We finished the quarter with $109.9 million of balance sheet cash, down $11.8 million from Q2 2024 and down $3.6 million from Q3 2023. The lower cash balance is net of a voluntary $20 million debt repayment in the third quarter. Year-to-date, we have applied $55.2 million towards voluntary debt paydown, demonstrating our continued commitment to pay down debt and reduce our net leverage.

本季結束時，我們的資產負債表現金為 1.099 億美元，較 2024 年第二季減少 1,180 萬美元，較 2023 年第三季減少 360 萬美元。較低的現金餘額是扣除第三季自願償還的 2,000 萬美元債務後的餘額。年初至今，我們已投入 5,520 萬美元自願償還債務，這表明我們持續致力於償還債務和降低淨槓桿率。

As of September 30, we had total debt outstanding of $1.35 billion, which included: $300 million of 9.75% senior notes; [USD581.8 million] term loan with an applicable rate of 8.85%; $467.6 million of euro term loan, converted using exchange rates as of September 30, 2024 with an applicable rate of 8.4%. Our $150 million revolver remains undrawn.

截至 9 月 30 日，我們的未償還債務總額為 13.5 億美元，其中包括：3 億美元的 9.75% 優先票據； [5.818 億美元] 定期貸款，適用利率為 8.85%； 4.676 億美元歐元定期貸款，以 2024 年 9 月 30 日的匯率折算，適用利率為 8.4%。我們的1.5億美元循環信貸仍未動用。

We ended the quarter with a net leverage of 4.2 times, unchanged from Q2. As I mentioned a moment ago, we remain committed to continuing to utilize our strong cash flow generation to further deleverage the balance sheet, and we will continue to explore opportunities to refinance our debt. Based on the foreign exchange rates and applicable interest rates on our debt balance as of September 30, our 2024 cash interest expense is estimated to be approximately $129 million.

本季末，我們的淨槓桿率為 4.2 倍，與第二季持平。正如我剛才提到的，我們仍然致力於繼續利用強勁的現金流來進一步降低資產負債表的槓桿率，並將繼續探索債務再融資的機會。根據截至 9 月 30 日的外匯匯率和適用利率，我們 2024 年的現金利息支出估計約為 1.29 億美元。

Now, turning to our outlook for the full year 2024. Taking into consideration our financial performance year-to-date and the impact of current FX rates, we are increasing our reported revenue guidance range to $934 million to $943 million, representing year-on-year growth of 1.9% to 2.9%, or 1.6% to 2.6% currency-neutral.

現在，讓我們來展望一下 2024 年全年的展望。考慮到我們今年迄今的財務表現和當前外匯匯率的影響，我們將報告的收入預期範圍上調至 9.34 億美元至 9.43 億美元，同比增長 1.9% 至 2.9%，或不考慮匯率因素，增長 1.6% 至 2.6%。

We are also increasing guidance on our adjusted EBITDA range to $292 million to $294 million, which translates to a year-on-year decrease of 3.1% to 2.5%, or 3.4% to 2.8% currency-neutral. Please note, this includes an assumption that FX rates remain consistent with those as of November 1, 2024, with the euro at $1.09 and the GBP at $1.31 for the remainder of the year.

我們也將調整後 EBITDA 預期範圍上調至 2.92 億美元至 2.94 億美元，相當於年減 3.1% 至 2.5%，或以匯率中性計算下降 3.4% 至 2.8%。請注意，這包括一個假設，即外匯匯率與 2024 年 11 月 1 日的匯率保持一致，即今年剩餘時間內歐元兌美元為 1.09 美元，英鎊兌美元為 1.31 美元。

In summary, we are committed to strong execution, driving full year top line growth and strategically investing in our business, while maintaining fiscal discipline and paying down our debts. As we look ahead, we are excited about our prospects for the fourth quarter of 2024 and beyond.

總而言之，我們致力於強有力的執行，推動全年營收成長並對我們的業務進行策略性投資，同時保持財務紀律並償還債務。展望未來，我們對 2024 年第四季及以後的前景感到興奮。

With that operator, please open the call for questions.

請與那位接線生聯繫，以便我們解答疑問。

(Operator Instructions) Alex Lavigne, The Benchmark Company.

（操作員指示） Alex Lavigne，The Benchmark Company。

Hi guys, thanks for taking my question. This is Alex on for Mark. Two quick ones for me. Just curious if you could provide an update on the GenAI front, whether or not clients broadly remain in the testing phase and how you see that adoption curve perhaps scaling in '25 alongside revenue.

大家好，感謝你們回答我的問題。這是亞歷克斯 (Alex) 代替馬克 (Mark)。對我來說有兩個簡單的問題。我只是好奇您是否可以提供關於 GenAI 方面的最新消息，客戶是否普遍處於測試階段，以及您如何看待採用曲線在 25 年與收入一起擴大。

And then, separately, curious if you could provide an update just as you think about data licensing opportunities, whether or not the demand is there to take advantage of balanced against obvious competitive considerations as well. So, just curious on those two. Thank you.

然後，另外，我很好奇您是否可以提供最新信息，就像您考慮數據許可機會一樣，是否存在需求，是否可以利用這種需求來平衡明顯的競爭考慮。所以，只是對這兩個人感到好奇。謝謝。

Thanks, Alex. Appreciate the question. I'll take those. On the GenAI front, we continue to integrate the services out into our websites. We've launched, obviously, the stand-alone generative model, but we've also launched the capabilities to utilize AI in order to modify our existing pre-shot creative. Most recently, we just launched the ability to insert product-based imagery into our pre-shot imagery using AI.

謝謝，亞歷克斯。我很感謝你提出這個問題。我會接受這些。在 GenAI 方面，我們將繼續將服務整合到我們的網站中。顯然，我們已經推出了獨立的生成模型，但我們也推出了利用人工智慧來修改現有預拍創意的功能。最近，我們剛剛推出了使用人工智慧將基於產品的圖像插入到預先拍攝的圖像中的功能。

The take-up of these services is incremental to the business. I would say, it's still early in its overall take-up. We're in the single-digit percentages of customers that are adopting these capabilities. But it is one that we expect to continue to be additive to the business over 2025, and we think we'll start to see that become a more material contributor.

這些服務的採用對於業務而言是增量的。我想說的是，它的整體應用還處於早期階段。採用這些功能的客戶比例只有個位數。但我們預計到 2025 年，它將繼續為業務增添新的內容，而且我們認為，我們將開始看到它成為更重要的貢獻者。

It is interesting to note that where we're seeing adoption of the generative AI packages, we're seeing a good demand [from] that from new customers coming into the business that haven't been traditional customers of our brands or of our pre-shot offerings, which is nice. And we're seeing that as an opportunity to actually cross-sell to them the pre-shot offerings based off the merits of that -- those products stand-alone.

值得注意的是，我們看到生成式人工智慧軟體套件的採用，來自新客戶的需求也十分強勁，這些新客戶之前並不是我們品牌或預拍產品的傳統客戶，這是件好事。我們將此視為一個機會，根據這些獨立產品的優點，向他們交叉銷售預打產品。

So I'd say, still early days. Clearly, deals like the deal I mentioned on fine-tuning for the Venom movie promotion, those are interesting and more material into the business, but they aren't as recurring in nature. But I do believe there's going to be a lot of those activations out there and where our capabilities, not just in terms of the tool that we've created and offered, but our capabilities as a business and our deep relationships with those companies, are going to bring those to bear.

所以我想說，現在還太早。顯然，像我提到的為《猛毒》電影宣傳進行微調的交易，這些交易很有趣，對業務也更有實質性，但它們的性質並不像經常性交易那樣。但我確實相信，將會有很多這樣的激活，而我們的能力，不僅僅是我們所創造和提供的工具，還包括我們作為一家企業的能力以及我們與這些公司的深厚關係，都將發揮這些激活的作用。

So, I think we'll see more contribution from AI over 2025 as those types of activations get out and we continue to roll out more and more product features like the insert -- your product capability that we just rolled out last week.

因此，我認為隨著這些類型的活化的推出以及我們繼續推出越來越多的產品功能（例如插入內容——我們上週剛推出的產品功能），我們將在 2025 年看到人工智慧的更多貢獻。

On the data licensing side of things, Jenn touched on it. We've done -- in Q2, we announced some small data licensing with an existing partner. We've done a little bit of data licensing in Q3, again, with an existing long-standing partner of ours. Those are deals where we have a belief that we will do deals that are aligned to the interest of the business and the interest of our creators over the long haul.

關於數據許可方面，Jenn 談到了這一點。我們已經完成了—在第二季度，我們宣布與現有合作夥伴達成一些小數據授權協議。我們在第三季再次與現有的長期合作夥伴進行了一些數據許可。我們相信，這些交易從長遠來看符合企業利益和我們創造者的利益。

And that's not every deal that's out there. We have passed on a large number of deals that we don't think align to the long-term interest of this company and to our creators. In many cases, again, we've partnered with companies to develop services jointly and then bring them to market as an alternative.

但並非所有交易都是如此。我們放棄了大量我們認為不符合本公司和我們創作者的長期利益的交易。在許多情況下，我們再次與公司合作，共同開發服務，然後將其作為替代方案推向市場。

But the world of AI is a big place, and it's not just all about simple generative models of imagery or video. There's a lot of applications to AI, and our quality content and metadata has relevance to that. So I think you'll see us continue to expand on the data licensing, but again, continuing to have a very long-term view on that and one that we think ultimately is highly accretive to the business and aligns to the interest of our creators.

但人工智慧的世界很大，它不僅涉及簡單的圖像或視訊生成模型。人工智慧有許多應用，我們的優質內容和元數據與此相關。因此，我認為你會看到我們繼續擴大數據許可，但同樣，我們繼續對此有一個非常長遠的眼光，我們認為這最終將對業務產生很大的增值作用，並符合我們創作者的利益。

Thank you very much for the color.

非常感謝你提供的顏色。

Thanks Alex.

謝謝亞歷克斯。

At this time, we have no other questions. Ladies and gentlemen, this concludes the conference. You may now disconnect your lines.

目前，我們沒有其他問題。女士們、先生們，會議到此結束。現在您可以斷開線路了。