Getty Images Holdings Inc (GETY) 2025 Q1 法說會逐字稿

Before we begin, we would like to note that due to the ongoing regulatory review process, we will not be able to comment on the status of the merger with Shutterstock or the first quarter 2025 Shutterstock operating results. We appreciate your understanding, and we'll share updates as soon as we are able.

在開始之前，我們想指出，由於正在進行的監管審查過程，我們將無法對與 Shutterstock 的合併狀態或 2025 年第一季 Shutterstock 的經營業績發表評論。感謝您的理解，我們將盡快分享最新消息。

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. The links to these filings and today's press release can be found on our Investor Relations website at investors.gettyimages.com.

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。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均有重點強調。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. 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。在我們向美國證券交易委員會提交的文件中找到 GAAP 與非 GAAP 指標的對帳以及使用每種指標的描述、限制和理由。在我們準備好發言之後，我們將開始回答大家的提問。

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

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 thanks to everyone for taking the time to join us today. I'll begin with a high-level view of the quarter, after which Jenn will add more detail on our performance. First quarter revenue for 2025 was $224.1 million, representing growth of 0.8% or 2.6% on a currency-neutral basis. Adjusted EBITDA was $70.1 million for the quarter, down 0.1% or up 2.2% on a currency-neutral basis.

謝謝史蒂文，也謝謝大家今天抽出時間參加我們的活動。我首先會從總體上回顧本季度，然後 Jenn 會更詳細地介紹我們的業績。2025 年第一季營收為 2.241 億美元，成長 0.8% 或以貨幣中性計算成長 2.6%。本季調整後的 EBITDA 為 7,010 萬美元，下降 0.1%，以貨幣中性計算則上漲 2.2%。

We continue to see growth in our annual subscription business, driven by our corporate sector, which remains in steady growth, with gains across premium access and Unsplash+ and with strong demand for video, news and sport. As expected, our revenue was impacted by early FX pressures, which has since reversed, tariff-driven uncertainty impacting customers' investment and continued softness in our agency, production and entertainment sectors, the latter due to impacts from the LA fires.

我們的年度訂閱業務持續成長，這得益於我們的企業部門保持穩定成長，高級存取和 Unsplash+ 的成長以及對視訊、新聞和體育的強勁需求。正如預期的那樣，我們的收入受到早期外匯壓力的影響（但這種壓力後來有所逆轉），關稅驅動的不確定性影響了客戶的投資，並且我們的代理、製作和娛樂部門持續疲軟，後者受到洛杉磯火災的影響。

We delivered a strong start to the year in our sport business, where we are a trusted strategic partner across the full spectrum of the sports ecosystem. WWE, Major League Soccer and the National Women's Soccer League all signed as new exclusive partners, while we renewed our long-standing partnership with UEFA.

今年，我們的體育業務取得了強勁開局，我們是整個體育生態系統中值得信賴的策略合作夥伴。WWE、美國職業足球大聯盟和全國女子足球聯賽都簽約成為新的獨家合作夥伴，同時我們與歐足總續簽了長期合作夥伴關係。

Additionally, the Formula 1 series launched its 75th anniversary season, where we hold an official designation for the series itself, along with the commercial relationships with teams, including McLaren, Red Bull and Aston Martin. Our industry-leading sports operation and commercial teams, photographic talent and global distribution platform make Getty Images the partner of choice and therefore, the premier destination for photographic coverage around this landmark year.

此外，一級方程式賽車系列賽迎來了第 75 週年紀念賽季，我們擁有該系列賽本身的官方稱號，並與麥克拉倫、紅牛和阿斯頓馬丁等車隊建立了商業關係。我們業界領先的體育營運和商業團隊、攝影人才和全球分銷平台使蓋蒂圖片社成為首選合作夥伴，並因此成為這一具有里程碑意義的年份的攝影報道的首選目的地。

In entertainment, our expert production team partnered with the Academy of Motion Picture Arts and Sciences, the Elton John AIDS Foundation Oscar Party, the Vanity Fair Oscar Party, GRAMMYs and BAFTA, to name a few. In the quarter, we also renewed content partnerships with Boston Globe, MTV and welcomed new video partner, Bader Media.

在娛樂領域，我們的專業製作團隊與美國電影藝術與科學學院、艾爾頓強愛滋病基金會奧斯卡派對、《名利場》奧斯卡派對、葛萊美獎和英國電影學院獎等機構合作。本季度，我們還與波士頓環球報、MTV 續簽了內容合作夥伴關係，並迎來了新的視訊合作夥伴 Bader Media。

Our custom content solution continues to be popular with customers across different sectors who value the hands-on experience of this team and data-backed visual insights, which produce visuals targeted for the customer-specific needs. This level of targeted content production is unique to Getty Images and one of the reasons companies like 3M and Fujitsu are repeat customers of this product.

我們的客製化內容解決方案繼續受到不同行業客戶的歡迎，他們重視團隊的實踐經驗和數據支援的視覺洞察力，這些洞察力可以針對客戶的特定需求製作視覺效果。這種針對性內容製作水平是 Getty Images 獨有的，也是 3M 和富士通等公司成為該產品回頭客的原因之一。

Finally, I'm proud to see our expert photographers recognized by industry peers across a range of categories and award ceremonies during the quarter. The team was honored with 115 awards of excellence in categories, including news, sport and politics at ceremonies such as the White House News Photographer Association Awards, the SJA British Sports Journalism Awards, NPPA's Best of Photojournalism Awards and World Press Photo.

最後，我很自豪地看到我們的專業攝影師在本季度獲得了一系列類別和頒獎典禮的業內同行的認可。該團隊在白宮新聞攝影師協會獎、SJA 英國體育新聞獎、NPPA 最佳新聞攝影獎和世界新聞攝影獎等頒獎典禮上榮獲新聞、體育和政治等類別的 115 項優秀獎項。

Award-winning talent, prestigious partnerships, unique access, deep expertise embedded across our staff and our exclusive contributors, comprehensive coverage and archive, long-standing customer relationships and a high-quality e-commerce offering are all at the core of our durable business and what sets Getty Images apart.

屢獲殊榮的人才、享有盛譽的合作夥伴關係、獨特的訪問管道、員工和獨家撰稿人所具備的深厚專業知識、全面的報道和檔案、長期的客戶關係以及高品質的電子商務產品，都是我們持久業務的核心，也是蓋蒂圖片社與眾不同之處。

In terms of the proposed merger with Shutterstock, we received a request for additional information from the DOJ in the US and the CMA in the UK. Neither of these was unexpected given the nature of these regulatory processes. In the months ahead, we'll continue to work with the regulators to obtain all necessary approvals, and we continue to expect the transaction to close in the second half of 2025.

關於與 Shutterstock 的擬議合併，我們收到了美國司法部和英國競爭與市場管理局的補充資訊請求。考慮到這些監管流程的性質，這些都並不令人意外。在接下來的幾個月裡，我們將繼續與監管機構合作，以獲得所有必要的批准，我們仍然預計交易將在 2025 年下半年完成。

Looking forward, our experience has shown that we can navigate challenging environments by remaining flexible and financially disciplined. And with an annual subscription business that represents more than half of our revenue, we're positioning the business to adapt to the potential macro uncertainty ahead. Our first quarter results are largely in line with our expectations, and we feel good about the start to the year, even with some of the challenges in the first quarter.

展望未來，我們的經驗表明，只要保持靈活性和財務紀律，我們就能應對充滿挑戰的環境。由於年度訂閱業務占我們收入的一半以上，我們正​​在定位業務以適應未來潛在的宏觀不確定性。我們第一季的業績基本上符合我們的預期，儘管第一季面臨一些挑戰，但我們對今年的開局感到滿意。

As we look out to the remainder of the year, we remain on track to deliver our 2025 outlook. Through it all, including the ongoing macroeconomic uncertainty, we're committed to investing in the core assets of the company and continue to evolve our offering in ways to deepen our relevance for our customers.

展望今年剩餘時間，我們仍有望實現 2025 年的願景。儘管面臨這一切，包括持續的宏觀經濟不確定性，我們仍致力於投資公司的核心資產，並繼續改進我們的產品，以加深我們與客戶的相關性。

With that, I'll turn the call over to Jenn to take you through the more detailed financials.

說完這些，我將把電話轉給 Jenn，讓她向您介紹更詳細的財務狀況。

Our Q1 results reflect a solid yet challenging start to the year. As anticipated and discussed on our Q4 earnings call, the Los Angeles fires, early FX pressures and the broader macro uncertainty impacted our first quarter results. That said, we focused on executing through these challenges and delivered low single-digit top line growth combined with a healthy adjusted EBITDA margin.

我們的第一季業績反映出今年開局穩健但充滿挑戰。正如我們在第四季度收益電話會議上預期和討論的那樣，洛杉磯火災、早期外匯壓力以及更廣泛的宏觀不確定性影響了我們的第一季業績。也就是說，我們專注於克服這些挑戰，實現了低個位數的營收成長和健康的調整後 EBITDA 利潤率。

Q1 revenue was $224.1 million with year-on-year growth of 0.8% or 2.6% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which contributed approximately 320 basis points to Q1 growth.

第一季營收為 2.241 億美元，年增 0.8%，以貨幣中性計算則成長 2.6%。這些結果包括收入確認時間的某些影響，這對第一季的成長貢獻了約 320 個基點。

Annual subscription revenue was 57.2% of total revenue in the first quarter, up from 54.7% in Q1 of last year and also up from 53.8% in 2024. In total, subscription revenue grew by 5.4% or 7.2% on a currency-neutral basis driven primarily by growth in our premium access offering. We added 56,000 active annual subscribers to reach 318,000 in the Q1 LTM period, an increase of approximately 21% over the comparable LTM period in 2024, driven by our e-commerce businesses, iStock and Unsplash+. Of the 318,000 annual subscribers in the LTM period, 53% were brand-new customers and 28% were customers in our growth markets across Lat Am, APAC and EMEA. Our annual subscription revenue retention rate was 92.7% in the Q1 LTM period, up from 90% in the corresponding 2024 period.

第一季年度訂閱收入佔總營收的 57.2%，高於去年第一季的 54.7%，也高於 2024 年的 53.8%。總體而言，訂閱收入成長了 5.4%，以貨幣中性運算成長了 7.2%，這主要得益於我們優質存取服務的成長。在我們的電子商務業務 iStock 和 Unsplash+ 的推動下，我們在第一季的 LTM 期間增加了 56,000 名活躍年度訂閱用戶，達到 318,000 名，比 2024 年同期的 LTM 期間增長了約 21%。在 LTM 期間的 318,000 名年度訂閱用戶中，53% 是全新客戶，28% 是拉丁美洲、亞太地區和歐洲、中東和非洲地區成長市場的客戶。我們第一季 LTM 期間的年度訂閱收入保留率為 92.7%，高於 2024 年同期的 90%。

Paid downloads were down slightly at $93 million, while our video attachment rate remains in steady growth, rising to 16.7% from 14% in the Q1 2024 LTM period. Editorial revenue was $82.6 million, an increase of 4% year-on-year and 5.6% on a currency-neutral basis. Key growth drivers in this quarter included our coverage of global news events and sports. Our entertainment business was down due to the impact of the LA fires, while the archive was flat.

付費下載量略有下降，為 9,300 萬美元，而我們的影片附加率保持穩定成長，從 2024 年第一季 LTM 期間的 14% 上升至 16.7%。編輯收入為 8,260 萬美元，年增 4%，以貨幣中性計算成長 5.6%。本季的主要成長動力包括我們對全球新聞事件和體育的報導。由於洛杉磯火災的影響，我們的娛樂業務下滑，而檔案業務則持平。

Creative revenue was $132.2 million, down 4.8% year-on-year and 3% on a currency-neutral basis. Within creative, we saw strength across our premium access subscriptions, demand for video and continued growth in Unsplash+. While our corporate business continues to perform well, our agency business, which is accounted for entirely within creative, was down high single digits due primarily to declines at the large network agencies. Being an almost entirely [a la] carte business, agency is where we usually see a slowdown in spending and investment as agency customers navigate periods of potential macroeconomic uncertainty.

創意收入為 1.322 億美元，年減 4.8%，以匯率中立計算下降 3%。在創意方面，我們看到了高級存取訂閱、視訊需求和 Unsplash+ 持續成長的強勁勢頭。雖然我們的企業業務繼續表現良好，但我們的代理商業務（完全屬於創意業務）卻下降了個位數，這主要是由於大型網路代理商的下滑。代理業務幾乎完全是點菜式業務，隨著代理客戶經歷潛在的宏觀經濟不確定時期，我們通常會看到支出和投資放緩。

Our media business saw a mid-single-digit decline primarily due to the impact of the LA fires on our broadcast and production customers. This pullback, which is reflected across both creative and editorial, had the largest impact in the first two months of the quarter, with the media segment returning to growth as we exited the quarter.

我們的媒體業務出現了中等個位數的下滑，主要是由於洛杉磯火災對我們的廣播和製作客戶的影響。這種回調體現在創意和編輯兩個領域，並在本季度的前兩個月產生了最大的影響，而在本季度結束時，媒體部門又恢復了成長。

Other revenue was $9.3 million, an increase of $5.3 million from Q1 '24, driven primarily by two new multiyear creative content deals that included some level of AI rights with heavier upfront revenue recognition. Across our major geographies, we saw currency-neutral revenue growth of 6.4% in the Americas, which is our largest region with respect to revenue, while EMEA was down 3% and APAC was down less than 1%. Revenue less our cost of revenue as a percentage of revenue was consistent and strong at 73.1% in Q1 compared with 72.9% in Q1 2024.

其他收入為 930 萬美元，比 24 年第一季增加 530 萬美元，主要得益於兩項新的多年期創意內容交易，其中包括一定程度的人工智慧權利和更高的前期收入確認。在我們主要的地區，美洲地區是我們收入成長最快的地區，剔除匯率因素，其收入成長了 6.4%，而歐洲、中東和非洲地區則下降了 3%，亞太地區則下降了不到 1%。收入減去收入成本佔收入的百分比保持穩定和強勁，第一季為 73.1%，而 2024 年第一季為 72.9%。

SG&A expense was $98.3 million, down $2.7 million year-on-year with our expense rate decreasing to 43.9% of revenue from 45.4% last year. The lower expense rate was due primarily to a $4.6 million decrease in stock-based compensation. Excluding stock-based compensation, SG&A increased to $93.7 million in the quarter or 41.8% of revenue, up from $91.8 million or 41.3% of revenue in Q1 2024. The increase in spend primarily relates to professional fees incurred for our ongoing litigation with Stability AI. However, that spend was in line with our expectations for the quarter.

銷售、一般及行政費用為 9,830 萬美元，年減 270 萬美元，費用率從去年的 45.4% 下降至收入的 43.9%。費用率降低主要是因為股票薪酬減少了 460 萬美元。不計股票薪酬，本季銷售、一般及行政費用增至 9,370 萬美元，佔收入的 41.8%，高於 2024 年第一季的 9,180 萬美元，佔收入的 41.3%。支出的增加主要與我們與 Stability AI 正在進行的訴訟所產生的專業費用有關。不過，該支出符合我們對本季的預期。

Adjusted EBITDA was $70.1 million for the quarter, down 0.1% or up 2.2% on a currency-neutral basis. Adjusted EBITDA margin was 31.3% compared to 31.6% in Q1 2024. CapEx was $15.7 million, up $1.3 million year-over-year. CapEx as a percentage of revenue was 7% compared to 6.5% in the prior year period. This increase was driven by the timing of the payment of 2024 performance compensation, a portion of which is capitalized. Q1 CapEx remained within our expected range of 5% to 7% of revenue.

本季調整後的 EBITDA 為 7,010 萬美元，下降 0.1%，以貨幣中性計算則上漲 2.2%。調整後的 EBITDA 利潤率為 31.3%，而 2024 年第一季為 31.6%。資本支出為 1570 萬美元，比去年同期增加 130 萬美元。資本支出佔收入的百分比為 7%，去年同期為 6.5%。這一增長是由於 2024 年績效薪酬的支付時間所致，其中一部分已資本化。第一季的資本支出仍處於我們預期的佔收入 5% 至 7% 的範圍內。

Adjusted EBITDA less CapEx was $54.4 million, down $1.3 million year-over-year, representing a decrease of 2.4% or an increase of 0.5% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 24.3% in Q1 compared to 25.1% in Q1 2024.

調整後的 EBITDA 減去資本支出為 5,440 萬美元，年減 130 萬美元，降幅為 2.4%，以貨幣中性計算則成長 0.5%。調整後 EBITDA 減去資本支出後的利潤率在第一季為 24.3%，而 2024 年第一季為 25.1%。

Free cash flow was negative $300,000, down from $7.1 million in Q1 2024, primarily due to the impact of cash outflows tied to merger-related expenses. Free cash flow is stated net of cash interest expense of $38.2 million and cash taxes paid of $4.6 million in the first quarter. We finished the quarter with $114.6 million of balance sheet cash, down $19.6 million from the ending balance in Q1 2024 and down $6.6 million from Q4 of 2024. The lower cash balance relative to Q1 2024 is due to $55.2 million of voluntary debt paydown executed over the past 12 months and $12.5 million of financing outflows related to the refinancing of our term loan. As just mentioned, during the quarter, we completed the refinancing of the existing term loan structure, replacing our old term loans, which were set to mature in February of 2026, with new loans now maturing in February 2030.

自由現金流為負 30 萬美元，低於 2024 年第一季的 710 萬美元，主要原因是與合併相關費用相關的現金流出的影響。自由現金流扣除第一季的 3,820 萬美元現金利息支出和 460 萬美元現金稅。本季末，我們的資產負債表現金為 1.146 億美元，比 2024 年第一季的期末餘額減少 1,960 萬美元，比 2024 年第四季減少 660 萬美元。與 2024 年第一季相比，現金餘額較低是由於過去 12 個月自願償還債務 5,520 萬美元，以及與定期貸款再融資相關的 1,250 萬美元融資流出。正如剛才所提到的，在本季度，我們完成了現有定期貸款結構的再融資，以將於 2030 年 2 月到期的新貸款取代了原定於 2026 年 2 月到期的舊定期貸款。

As of March 31, we had total debt outstanding of $1.36 billion, including $300 million of 9.75% senior notes, $580 million of USD term loan at 11.25% fixed rate, $476.1 million of euro term loan converted using exchange rates as of March 31, 2025, with an applicable rate of 8.375%. We also have a $150 million revolver that remains undrawn.

截至 3 月 31 日，我們的未償還債務總額為 13.6 億美元，其中包括 3 億美元的 9.75% 優先票據、5.8 億美元的固定利率為 11.25% 的美元定期貸款、4.761 億美元的歐元定期貸款，這些貸款按 2025 年 3 月 31 日的利率折算。我們還有 1.5 億美元的循環信貸尚未提領。

We ended the quarter with a net leverage of 4.1 times compared to 4 times at the end of 2024. That slight uptick in net leverage primarily reflects the impact of the February refinancing and the impact of the weaker dollar on the value of our euro term debt. We continue to assess market conditions with respect to any potential refinancing or redemption of the $300 million of bonds. Considering the foreign exchange rates and applicable interest rates on our debt balance as of March 31 and factoring in the new mandatory amortization on the euro term loan, our estimated cash interest expense for 2025 is $133 million.

本季末，我們的淨槓桿率為 4.1 倍，而 2024 年底為 4 倍。淨槓桿率的輕微上升主要反映了二月再融資的影響以及美元走弱對我們歐元定期債務價值的影響。我們將繼續評估有關 3 億美元債券的任何潛在再融資或贖回的市場狀況。考慮到截至 3 月 31 日的外匯匯率和我們債務餘額的適用利率，並考慮到歐元定期貸款的新強制攤銷，我們預計 2025 年的現金利息支出為 1.33 億美元。

In summary, we ended the first quarter with positive operating metrics and a healthy and growing annual subscription business, which helps to mitigate some of the potential impact from macroeconomic volatility. We continue to see opportunities to build positive momentum, expanding our customer base, our annual subscription business and our geographic footprint and driving greater video consumption.

總而言之，我們以積極的營運指標和健康成長的年度訂閱業務結束了第一季度，這有助於減輕宏觀經濟波動帶來的一些潛在影響。我們繼續看到建立積極勢頭的機會，擴大我們的客戶群、我們的年度訂閱業務和我們的地理覆蓋範圍，並推動更大的視訊消費。

Now turning to our outlook for the full year 2025. Taking into consideration the impact of the weaker dollar and assuming full year 2025 FX rates with the euro at 1.10 and the GBP at 1.30, we are updating our guidance for FX with impacts as follows. We anticipate revenue of $931 million to $968 million, down 0.9% to up 3.1% year-over-year. On a currency-neutral basis, this represents a decrease of 1% to an increase of 3%. This remains unchanged from prior guidance.

現在來談談我們對 2025 年全年的展望。考慮到美元走弱的影響，並假設 2025 年全年外匯匯率為歐元 1.10，英鎊 1.30，我們將更新外匯影響指南，如下所示。我們預計營收為 9.31 億美元至 9.68 億美元，年減 0.9% 至成長 3.1%。以貨幣中性計算，這代表下降 1% 至增加 3%。這與先前的指導相比保持不變。

As you think through the cadence for the year, we would expect to see growth trends from Q1 continue into Q2 with tougher comparisons flattening growth in the back half of 2025. The update to our guidance reflects the $1 million impact from FX, inclusive of the $3.8 million headwind in the first quarter, which will be offset by a benefit for the rest of 2025, including an estimated $1.4 million in the second quarter.

當您思考今年的節奏時，我們預計第一季的成長趨勢將延續到第二季​​度，而更嚴格的比較將導致 2025 年下半年的成長趨於平緩。我們指南的更新反映了外匯帶來的 100 萬美元的影響，其中包括第一季的 380 萬美元的不利因素，但這筆影響將被 2025 年剩餘時間的收益所抵消，其中包括第二季度估計的 140 萬美元。

We expect adjusted EBITDA of $277 million to $297 million, down 7.6% to 1.2% year-over-year or down 7.9% to 1.4% currency neutral. Included in the adjusted EBITDA expectations is a similar cadence for the estimated FX impact with an approximate $0.5 million tailwind in 2025, inclusive of the $1.6 million headwind from the first quarter, offset by a tailwind across the remainder of the year, which includes an estimated $0.5 million in the second quarter.

我們預計調整後的 EBITDA 為 2.77 億美元至 2.97 億美元，年減 7.6% 至 1.2%，或以匯率中性計算下降 7.9% 至 1.4%。調整後的 EBITDA 預期中包括了類似的外匯影響預估節奏，即 2025 年約 50 萬美元的順風，包括第一季的 160 萬美元的逆風，但會被今年剩餘時間的順風所抵消，其中包括第二季度估計的 50 萬美元。

Please note, this guidance includes the anticipated impacts of the odd year versus even year editorial event calendar comparison as well as the impact from disruptions in production activities due to the LA fires and some continued lag in the return to pre-Hollywood strike production levels. Additionally, the second half of 2025 faces tougher year-on-year comparisons given the year-on-year lift in performance post strike during the second half of 2024.

請注意，本指南包括奇數年與偶數年編輯活動日曆比較的預期影響，以及洛杉磯火災導致的生產活動中斷的影響以及恢復到好萊塢罷工前生產水平的持續滯後的影響。此外，由於 2024 年下半年罷工後業績年增，2025 年下半年將面臨更為嚴峻的年比情勢。

On the cost side, our guidance continues to include approximately $8 million in one-off increases in SG&A, which were disclosed during our Q4 earnings call, which will be largely concentrated in the Q2 to Q4 period as we accelerate our SOX compliance efforts in 2025. Please note all other merger-related costs are not included in this guidance as they are considered onetime in nature and therefore excluded from adjusted EBITDA. Finally, any potential broader impacts, which may result from the trade wars and other global macroeconomic conditions, remain unknown and may not be fully reflected in this guidance.

在成本方面，我們的指導方針繼續包括約 800 萬美元的銷售、一般和行政費用的一次性增加，這在我們的第四季度收益電話會議上披露，隨著我們在 2025 年加快 SOX 合規工作，這些增加將主要集中在第二季度至第四季度期間。請注意，所有其他合併相關成本均未包含在本指南中，因為它們被視為一次性成本，因此不包含在調整後的 EBITDA 中。最後，貿易戰和其他全球宏觀經濟狀況可能造成的任何更廣泛的影響仍然未知，並且可能不會在本指南中得到充分反映。

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

接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Ron Josey, Citi.

花旗銀行的 Ron Josey。

I have one for Craig and one for Jenn. Craig, on the subscription side, you talked about the strength and the mix shift to corporate. Talk to us more about that mix shift to corporate, what you're seeing from a demand perspective. And as we look at the numbers of overall ending or active annual subscribers, it looked like growth maybe ticked down a little bit. So wondering if there's maybe a change in the size and scale of your subscriber base. That's question one.

我給 Craig 留了一個，給 Jenn 留了一個。克雷格，在訂閱方面，您談到了實力和轉變為企業的組合。請與我們詳細談談這種轉變為企業的情況，以及您從需求角度看到了什麼。當我們查看整體最終或年度活躍訂閱用戶數量時，我們發現成長率似乎有所下降。所以想知道您的訂閱用戶群的大小和規模是否發生了變化。這是第一個問題。

And then Jenn, I think I heard you say for 1Q, there was some timing of revenue in the quarter, about 220 basis points impact, but also some impact from FX and tariff uncertainty and agency headwinds and fires. And just -- I think you said this, but I just want to confirm, are we beyond most of those, notwithstanding maybe changes to the macro?

然後，詹恩，我想我聽到您說過，對於第一季度，本季度的收入有一些時間因素的影響，大約有 220 個基點的影響，但也有一些來自外匯和關稅不確定性以及機構逆風和火災的影響。而且——我想您說過這個，但我只是想確認一下，儘管宏觀方面可能會發生變化，但我們是否已經超越了其中的大多數？

Great. Thanks, Ron. On the subscription side of things, we're seeing really a continued trend that has been a trend for almost more than a decade now, which is the continued build-out of internal corporate marketing groups, creative groups in support of their owned and operated marketing to their website, their social media, et cetera, their sales and marketing lateral. And that's been a long driver about increasing not only our corporate segment, but the subscription business from the corporate segment. And so that's one driver that continues.

偉大的。謝謝，羅恩。在訂閱方面，我們看到了一種持續了近十多年的趨勢，即企業內部行銷團隊和創意團隊的不斷壯大，以支持他們在其網站、社交媒體等自有和經營的營銷，以及他們的銷售和營銷方面。這不僅是我們企業部門成長的長期驅動力，也是企業部門訂閱業務成長的長期驅動力。所以這是一個持續的驅動因素。

And the other one is really at the iStock level. Our small- and medium-sized businesses there largely are -- we classify within the corporate segment. And we've been increasing the volume of subscriptions and the prominence of subscription on that website and service. But those are the real drivers.

另一個實際上是在 iStock 級別。我們的中小型企業大部分都屬於企業部門。我們一直在增加網站和服務的訂閱量和訂閱的突出性。但這些才是真正的驅動力。

We have been testing out of that a bit on the iStock side as we optimize to get the right blend between subscription customers and a la carte. So that is going to slow. And I think we've mentioned that over time, our subscription growth will slow. But we continue to be encouraged by the take-up that we're seeing at iStock and continue to be very encouraged by the revenue retention and renewal rates on the subscription side of things overall, most emphasis on that within the corporate space. Jenn?

我們在 iStock 方面對此進行了一些測試，以優化訂閱客戶和點菜客戶之間的正確融合。所以這將會減緩。我想我們已經提到過，隨著時間的推移，我們的訂閱量成長將會放緩。但我們繼續對 iStock 的接受度感到鼓舞，並且繼續對整體訂閱方面的收入保留率和續訂率感到非常鼓舞，最強調的是企業領域內的這一點。詹？

Yes. So the revenue recognition item, that's actually a quarterly accounting entry. So that's the ASC 606 entry. I think for the most part, we do try to quantify that on every call. So that's a standard item. I wish I could say that one is going away, but we'll continue to have that every quarter. Again, that's just intended to smooth out revenue to align with when you've met your obligations to your customers. Over time, the intent is that, that nets out to zero, but it can have a little bit of impact, positive or negative, on a quarterly basis.

是的。因此，收入確認項目實際上是一個季度會計分錄。這就是 ASC 606 條目。我認為在大多數情況下，我們確實會在每次通話中嘗試量化這一點。所以這是一個標準項目。我希望可以這麼說，其中一個會消失，但我們每季都會繼續這樣做。再次強調，這只是為了平衡收入，以適應您履行對客戶的義務的時間。隨著時間的推移，其目的是使淨值趨於零，但它可能會對季度產生一點積極或消極的影響。

The other items, I think, that you mentioned that I mentioned that impacted Q1, LA fires, FX pressures, broader macro. LA fire impact, specifically on the production side of things, we expect that, that's going to be a little bit of a continued impact for us. Again, that's embedded in the guidance. FX pressures, again, as you know, we see FX volatility move around. We did take the step this quarter to go ahead and update our guidance for that because we did see a decent size movement from the last time we shared out guidance. So we'll continue to monitor that update guidance as is appropriate.

我認為，您提到的其他因素也影響了第一季度，包括洛杉磯火災、外匯壓力和更廣泛的宏觀經濟。洛杉磯火災的影響，特別是在生產方面，我們預計，這將對我們產生持續的影響。再次強調，這已包含在指南中。外匯壓力，如您所知，我們看到外匯波動性不斷變化。本季我們確實採取了措施來更新我們的指導，因為我們確實看到與上次分享指導相比有相當大的變化。因此，我們將繼續適當監控更新指南。

Broader macro, again, to the best of our ability at this point, that is baked into our guidance. We caveat towards the end, don't know anything specific at this point that we're seeing in the business related to tariffs or trade wars or how that evolves. So again, to the best of our ability, all of that baked into guidance. As we see something more material, we, of course, take that into consideration.

再一次，就我們目前的能力而言，更廣泛的宏觀層面已經融入我們的指導中。我們最後要警告的是，目前我們還不知道與關稅或貿易戰相關的業務中出現的任何具體情況，也不知道其將如何發展。因此，我們再次盡最大努力將所有這些納入指導中。當我們看到更多實質的東西時，我們當然會考慮到這一點。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維奇 (Mark Zgutowicz)，Benchmark。

Jenn, a question for you. Your annual guidance implies constant currency acceleration, at least a modest one for the rest of the year. And I was just hoping you can maybe share where you expect that acceleration to come from. And -- or what your present guidance assumes in terms of data licensing revenue versus the prior guide.

Jenn，問你一個問題。您的年度指導意味著貨幣將持續加速成長，至少在今年剩餘時間內將出現適度成長。我只是希望您能分享一下您預計加速度將從何而來。或者說，您目前的指導意見與先前的指導意見相比，對資料授權收入做出了哪些假設？

And then, Craig, a broader question. Can you just remind us again on the specifics of the ruling you're hoping to get from existing litigation protecting your copyrighted content against gen AI training, maybe specifically with Stability AI and others. And then in parallel, can you also clarify what your copyright protections are in place covering your exclusive content likeness agreements, similar to what you have with like partners like the NBA and Major League Baseball? We're obviously seeing increasing AI models within social media that are enabling the capturing and doctoring of images in these sports partners and the like. So just trying to get a sense roughly sort of what boundaries are in place that protect you on the content likeness side of things.

然後，克雷格，一個更廣泛的問題。您能否再次提醒我們，您希望從現有訴訟中獲得的裁決的具體內容，以保護您的版權內容免受人工智慧訓練的影響，特別是與 Stability AI 和其他公司合作。同時，您能否澄清一下，你們的版權保護措施涵蓋了你們的獨家內容相似協議，類似於你們與 NBA 和美國職棒大聯盟等合作夥伴簽訂的協議？我們顯然看到社群媒體中越來越多的人工智慧模型能夠捕捉和修改這些體育夥伴的圖像等。因此，只是想大致了解一下在內容相似性方面有哪些界限可以保護您。

Jenn, feel free to start.

Jenn，請隨意開始。

Yes. So with respect to currency neutral guidance, so on the question of data licensing and what's embedded, no real change there to what was in our previous guidance. And that puts that bucket of revenue, call it, somewhere in the 2% to 3%, give or take, range of total revenue, but nothing really has moved there prior -- versus prior guidance. And then as we move through the year, some of the items that I just mentioned and spoke to in prepared remarks, things like some of the impacts from LA fires on the production media side of the business, we think we'll start to see some improvement coming out of that relative to Q1.

是的。因此，就貨幣中性指導、數據許可問題以及嵌入內容而言，與我們先前的指導相比沒有真正的變化。這樣，這部分收入就佔了總收入的 2% 到 3% 左右，但與先前的預期相比，之前並沒有發生任何變化。然後，隨著我們度過這一年，我剛才提到並在準備好的發言中談到的一些事項，例如洛杉磯火災對製作媒體業務的一些影響，我們認為我們將開始看到相對於第一季的一些改善。

Still some lingering impact from Hollywood strikes. That side of things still not 100% back to pre-Hollywood strike levels. But again, feel like as we move through the year, we'll start to see improvement there. And then more broadly, the areas where we think we have growth remain the same. And that's frankly continuing to drive that subscription business. We noted in the remarks there, we're seeing a lot of that growth come from new customers, and we're seeing a lot of that growth come from geographic markets where we're tapping into new customer segments. So a lot of opportunity there for the business as we grow that subscriber base, again, many of whom are coming in new to the business.

好萊塢罷工的影響仍然存在。這方面的狀況仍未 100% 恢復到好萊塢罷工之前的水平。但再次感覺，隨著一年的過去，我們會開始看到改善。更廣泛地說，我們認為有成長的領域保持不變。坦白說，這將繼續推動訂閱業務的發展。我們在評論中指出，我們看到很多成長來自新客戶，我們看到很多成長來自我們正在挖掘新客戶群的地理市場。因此，隨著我們用戶群的成長，我們的業務將面臨許多機會，其中許多用戶都是新加入的。

And then areas across video continuing to see traction on the video side of things, continuing to monetize our Unsplash business, specifically Unsplash+ paid subscription, which continues to do quite well. So a lot of the same growth levers that we've been tracking along on and then some improvement in some of the macro elements that impacted Q1.

然後，影片領域的發展繼續受到關注，繼續將我們的 Unsplash 業務貨幣化，特別是 Unsplash+ 付費訂閱，其表現繼續良好。因此，我們一直在追蹤許多相同的成長槓桿，並且影響第一季的一些宏觀因素也得到了一些改善。

Thanks, Jenn. And Mark, I'll do my best to navigate the world of AI and copyright in a relatively short amount of time. So let me be clear. Right now, the world of AI models and AI providers has largely operated in a mode of training on scraped content across the Internet and doing that under the belief that it would qualify as fair use or similar concepts around the globe. And that means that they are scraping content from Getty Images, they're scraping content from the likes of the NBA and Major League Baseball. And that content will include the name and likeness of those individuals. It can contain personal privacy items and contain other third-party intellectual property.

謝謝，詹。馬克，我會盡力在相對較短的時間內了解人工智慧和版權的世界。所以讓我說清楚。目前，人工智慧模型和人工智慧提供者的世界基本上是以對從互聯網上抓取的內容進行訓練的模式運作的，並且這樣做的前提是相信這在全球範圍內符合合理使用或類似概念。這意味著他們正在從 Getty Images 抓取內容，他們正在從 NBA 和美國職棒大聯盟等抓取內容。而這些內容將包括這些人的姓名和肖像。它可以包含個人隱私權項目並包含其他第三方智慧財產權。

What we advanced with Stability AI in the UK. and in the US is litigation on that point to hopefully get clarity from the courts of whether training on copyrighted material was permissioned. Now we believe that not all training and use of copyrighted content is -- requires permission. There is research and development. There are noncommercial applications that can be put out there. But we want to get clarity on that because we fundamentally don't believe that the likes of companies like Stability AI should be able to train on copyrighted material and then provide these tools out into the marketplace, in some cases, targeting the very same market.

我們在英國透過穩定人工智慧取得了哪些進展。美國正在就此問題展開訴訟，希望法院能夠明確是否允許對受版權保護的資料進行培訓。現在我們認為，並非所有培訓和使用受版權保護的內容都需要許可。有研究和開發。有一些非商業應用程式可以推出。但我們想弄清楚這一點，因為我們從根本上不相信像 Stability AI 這樣的公司應該能夠對受版權保護的材料進行訓練，然後將這些工具推向市場，在某些情況下，瞄準的是同一個市場。

So that trial is going to happen in June of this year in the UK. We still don't have clarity of when that will happen in the US. There is some venue questions, which is why we have two pieces of litigation in there. Within the past couple of days, just within the last 72 hours, we've seen the US Copyright Office issue a report that aligns to our view with respect to AI training. And we've also seen the UK. House of Lords just today adopt amendments, which we fully support to their proposed UK AI Act, again, which align to us.

該試驗將於今年 6 月在英國進行。我們仍不清楚美國何時會發生這種情況。存在一些地點問題，這就是為什麼我們有兩起訴訟。在過去的幾天裡，就在過去的 72 小時內，我們看到美國版權局發布了一份與我們對人工智慧訓練的看法一致的報告。我們也看到了英國。英國上議院今天剛通過了修正案，我們完全支持他們提出的英國人工智慧法案，這與我們的觀點一致。

So both are welcome steps to get clarity within the landscape, but they're not definitive. And we continue alongside our litigation, continue to work with our partners and other industries like the music industry, like the motion picture industry in order to advance our perspective so that ultimately, we can have a world where we both have AI capabilities and we have a world that respects creators and intellectual property and personal privacy rights.

因此，這兩種做法都是值得歡迎的，可以使情況變得更加明朗，但它們並不是決定性的。我們將繼續進行訴訟，繼續與我們的合作夥伴和其他產業（例如音樂產業、電影產業）合作，以推進我們的觀點，最終，我們可以擁有一個既擁有人工智慧能力又尊重創作者、智慧財產權和個人隱私權的世界。

So that's what we're working through. Again, we hope we start to get some clarity on that in the coming months. And that's how it kind of works out. I do want to just state one thing that we do not do. You referenced our data licensing where we do a limited amount of data licensing for AI purposes and machine learning purposes. And Jenn kind of gave you a view to that over the balance of the year. In no case does Getty Images license its editorial content. So we are not licensing new sport, entertainment or archival content into those deals. Again, those would be covered by personal privacy rights and intellectual property rights that we are not comfortable conveying as an editorial outlet. So there's your AI copyright 101, Mark. Hopefully, that answers the question. If not, happy to go deeper offline.

這就是我們正在努力解決的問題。再次，我們希望在接下來的幾個月中能夠對此有所了解。事情就是這樣發生的。我只想指出一件我們不會做的事情。您提到了我們的數據許可，我們為人工智慧和機器學習目的進行了有限數量的數據許可。Jenn 已經向您介紹了今年餘下時間的情況。在任何情況下，Getty Images 不會授權其編輯內容。因此，我們不會將新的體育、娛樂或檔案內容授權到這些交易中。再次，這些將受到個人隱私權和智慧財產權的保護，而作為編輯機構，我們不願意傳達這些權利。這就是你的 AI 版權 101，馬克。希望這能回答這個問題。如果沒有的話，很高興能夠深入線下。

Danny Pfeiffer, JPMorgan.

摩根大通的丹尼菲佛。

Craig, so for the first one, can you provide an update on your own gen AI offering, what the client adoption looks like and how you're seeing that adoption curve scaling over the next year along with revenue. And then, Jenn, on the client spend being held back in tariff uncertainty in the first quarter, can you just provide any color on how that trend has changed since Liberation Day starting in April?

克雷格，首先，您能否提供有關您自己的新一代人工智慧產品的最新信息，客戶採用情況如何，以及您如何看待未來一年採用曲線的擴大以及收入的增長。然後，Jenn，關於第一季度客戶支出因關稅不確定性而受到抑制的情況，您能否提供一些信息，說明自 4 月份解放日以來這種趨勢發生了怎樣的變化？

Sure, Danny. So on the AI front, we continue to see growing adoption. It's not accelerating adoption, but it's consistent adoption. It's still in the low single digits in terms of customer adoption. And from a revenue standpoint, it's still in the, I want to say low single digits -- I mean, percentage points. And when I say revenue, it's still in the single-digit millions in terms of revenue addition into the business. But it is growing as we see our customers adopt. And I think what we've now been doing is increasingly bundling AI into our subscriptions because what we found was less so text to image generation.

當然，丹尼。因此，在人工智慧方面，我們繼續看到其採用率不斷增長。這不是加速採用，而是持續採用。就客戶採用率而言，它仍然處於較低的個位數。從收入角度來看，它仍然處於低個位數——我的意思是百分點。當我說收入時，就業務收入增加而言，它仍然只有幾百萬。但隨著我們看到客戶的採用，它正在成長。我認為我們現在所做的就是將人工智慧越來越多地捆綁到我們的訂閱中，因為我們發現文字到圖像的生成並不那麼重要。

We actually found that our customers wanted to use the model and the capabilities in order to modify existing pre-shot content. And so by bundling that together, we make that easier for the customer. And so I expect we'll see more adoption in the future as we roll those out. And we're just early stages in terms of rolling out those bundles across iStock and cross Getty Images. But we think that's a good thing for customers because we see -- we hear positive feedback. We see them doing things that they would have historically taking them a lot of time in software products to increase the copy space or to insert their product or things along those lines that they can now do relatively easily with AI. So still early days in terms of ultimately business adoption of this into their end projects, which is where our content goes, but we are seeing it increase at kind of a pretty steady clip. Jenn?

我們實際上發現我們的客戶希望使用該模型和功能來修改現有的預拍攝內容。因此，透過將它們捆綁在一起，我們可以為客戶提供更便捷的服務。因此，我預計隨著我們推出這些技術，未來將會看到更多的人採用。我們在 iStock 和 Getty Images 上推出這些捆綁服務還處於早期階段。但我們認為這對客戶來說是一件好事，因為我們看到——我們聽到了正面的回饋。我們看到他們所做的事情過去在軟體產品中需要花費大量時間來增加複製空間或插入他們的產品或類似的東西，現在他們可以相對輕鬆地利用人工智慧來做到這一點。因此，就最終企業將其應用到他們的最終專案（也就是我們的內容應用到的最終專案）而言，這仍處於早期階段，但我們看到它正在以相當穩定的速度成長。詹？

Yes. Thanks for the question, Danny. So just to clarify, I think my comment there was a little bit more of a broader comment, and that is that historically for this business, when there are periods of macro uncertainty, where we tend to see it first is in the agency side of our business. And that is intuitively as agency customers start to slow their spend with the agency, agencies slow their need for content from us. So that wasn't necessarily a cause and effect there with tariffs or trade wars per se. It's just an anecdotal comment for us.

是的。謝謝你的提問，丹尼。因此，需要澄清的是，我認為我的評論是一個更廣泛的評論，那就是從歷史上看，對於這個行業來說，當出現宏觀不確定時期時，我們往往首先看到的是我們業務的代理方面。直觀地說，隨著代理客戶開始減少對代理商的支出，代理商對我們內容的需求也會減少。因此，這不一定是關稅或貿易戰本身的因果關係。對我們來說這只是一個軼事評論。

So obviously, in Q1, we did see our agency business in decline about 9%, roughly 9% year-on-year. We have seen steeper declines, for sure, in the agency business over the past couple of years, but a decline nonetheless. So it's an assumption for us that there is a bit of a slowdown macro impact on the agency customer side of things, and that's what we're seeing play out there. But no direct cause and effect that we would be able to definitively quantify there.

因此顯然，在第一季度，我們的代理業務確實下降了約 9%，年減約 9%。過去幾年，我們確實看到代理業務出現了更大幅度的下滑，但無論如何還是下滑了。因此，我們假設代理客戶方面會受到一些宏觀經濟放緩的影響，而這正是我們所看到的情況。但我們無法明確量化其中的直接因果關係。

Yes. The only thing I would add is we listen to their earnings calls just like you do, and there have been some mention there. So -- over Q4 and into Q1 for those that have reported. So we're taking some of that information into Jenn's comments as well.

是的。我唯一想補充的是，我們和你們一樣聆聽了他們的收益電話會議，其中也提到了一些內容。因此，對於那些已經報告的人來說，已經結束了第四季度並進入了第一季。因此，我們也將其中的一些資訊納入了 Jenn 的評論中。

(Operator Instructions) And it appears that we have no further questions at this time. That will conclude the Getty Images first quarter 2025 earnings conference call. We thank you for your participation. You may disconnect at any time.

（操作員指示）目前看來我們沒有其他問題了。蓋蒂圖片社 2025 年第一季財報電話會議就此結束。我們感謝您的參與。您可以隨時斷開連線。