Getty Images Holdings Inc (GETY) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the Getty Images Holdings, Inc., second-quarter 2025 earnings call.

午安.歡迎參加 Getty Images Holdings, Inc. 2025 年第二季財報電話會議。

Today's call is being recorded. (Operator Instructions)

今天的通話正在錄音。（操作員指示）

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.

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. Welcome to the Getty Image's second-quarter 2025 earnings call.

午安.歡迎參加 Getty Image 2025 年第二季財報電話會議。

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 Q2 2025 Shutterstock operating results. We appreciate your understanding. 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 年第二季 Shutterstock 的營運業績發表評論。感謝您的體諒。我們將盡快分享更新內容。

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.

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進行了重點介紹。

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

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.

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。

After our prepared remarks, we'll open the call for your questions.

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. Thanks to everyone for taking the time to join us today. I'll begin with a high-level view of the quarter; after which, Jen will dive into the details of our performance.

謝謝，史蒂文。感謝大家今天抽出時間來參加我們的活動。我將首先概述本季度的情況；然後，Jen 將深入了解我們的業績細節。

Second-quarter revenue for 2025 was $234.9 million, representing reported growth of 2.5% and 1.8% on a currency-neutral basis. Adjusted EBITDA was $68 million for the quarter, down 1.2% reported and 2.2% on a currency-neutral basis.

2025 年第二季營收為 2.349 億美元，報告成長率為 2.5%，以貨幣中性計算則為 1.8%。本季調整後的 EBITDA 為 6,800 萬美元，較去年同期下降 1.2%，以貨幣中性計算則下降 2.2%。

We continue to see growth in our Annual Subscription business, with gains across Premium Access and Unsplash+ and strong demand for video, news, and sport content. We saw an acceleration in Corporate growth, as well as a return to growth in Media despite some continuing build-back in Production and Entertainment. As expected, the Agency business continues to be soft, in light of ad industry's challenges and macro pressures.

我們的年度訂閱業務持續成長，Premium Access 和 Unsplash+ 均有所成長，並且對影片、新聞和體育內容的需求強勁。我們看到企業成長加速，媒體業務也恢復成長，儘管製作和娛樂業務持續回落。正如預期的那樣，鑑於廣告業的挑戰和宏觀壓力，代理業務持續疲軟。

It was another strong quarter for our sport coverage. Our [specialist] Motorsport team delivered exclusive imagery of the Formula 1 75th anniversary season, including iconic races in Miami, Silverstone, and Monaco, as well as coverage of the F1 Academy and Formula E seasons. Our golf photographers were on the green at the PGA championship, while our football photography teams were criss-crossing Europe for the UEFA Champions League and here in the US for the FIFA Club World Cup.

對於我們的體育報道來說，這又是一個強勁的季度。我們的 [專家] 賽車運動團隊提供了一級方程式賽車 75 週年紀念賽季的獨家圖像，包括邁阿密、銀石賽道和摩納哥的標誌性比賽，以及 F1 學院和電動方程式賽季的報道。我們的高爾夫攝影師在 PGA 錦標賽的果嶺上，而我們的足球攝影團隊則穿越歐洲參加歐洲冠軍聯賽，並在美國參加國際足總俱樂部世界盃。

In entertainment, our team once again demonstrated why we're the trusted partner for the world's most prestigious events. As the exclusive photography partner, we delivered stunning imagery and seamless operation at Coachella Valley Music and Arts Festival, the Met Gala, BAFTA Television Awards, and the Tribeca Film Festival. This commitment to high quality and service is why the British Film Institute just named Getty Images as its official photography partner. It's also why our designated royal photographer, Chris Jackson, was selected to take portraits of the UK's King and Queen to commemorate their 20th wedding anniversary and the Queen's birthday portrait.

在娛樂領域，我們的團隊再次證明了為何我們是世界最負盛名的活動值得信賴的合作夥伴。作為獨家攝影合作夥伴，我們為科切拉谷音樂藝術節、大都會藝術博物館慈善舞會、英國電影學院獎電視頒獎典禮和翠貝卡電影節提供了令人驚嘆的圖像和無縫的運營。正是由於對高品質和服務的承諾，英國電影協會才將蓋蒂圖片社指定為其官方攝影合作夥伴。這也是為什麼我們的指定皇家攝影師克里斯傑克遜被選中為英國國王和王后拍攝肖像，以紀念他們的 20 週年結婚紀念日和女王的生日肖像。

On the news front, we expanded our Bloomberg partnership to include Bloomberg video content in our offering.

在新聞方面，我們擴大了與彭博的合作夥伴關係，將彭博影片內容納入我們的服務範圍。

While still behind peak activity in 2023, our Production business continues to support producers with our premium archival footage and stills featured in a range of recent scripted and unscripted film and television productions, including The Fantastic Four - The First Steps, Captain America, F1 - The movie, the Billy Joel documentary, and the Drive to Survive - Series 7. These productions highlight the enduring value of our archive and the strength of our relationships across the production industry.

儘管 2023 年的活動仍未達到頂峰水平，但我們的製作業務繼續為製片人提供優質的檔案素材和劇照，這些素材和劇照出現在一系列近期有劇本和無劇本的電影和電視作品中，包括《神奇四俠：最初的夢想》、《美國隊長》、《F1》電影版、比利·喬爾紀錄片和《極速求生》第 7 季。這些作品凸顯了我們檔案的持久價值以及我們與整個製作行業的關係的牢固性。

Our insights platform, VisualGPS, continues to be a strategic differentiator by providing data-backed guidance to customers across industries, helping them drive engagement by aligning their visual storytelling with evolving consumer expectations. Our latest insights launched this quarter help customers navigate evolving consumer sentiment around sustainability, messaging, and their visual narratives.

我們的洞察平台 VisualGPS 繼續成為策略差異化因素，為各行各業的客戶提供數據支援的指導，幫助他們透過將視覺敘事與不斷變化的消費者期望相結合來推動參與。我們本季發布的最新見解可幫助客戶了解消費者在永續性、訊息傳遞和視覺敘事方面不斷變化的情緒。

In Q2, we upgraded our AI suite of services to generate even higher-quality outputs with better prompt adherence, still based on a foundational model only trained from licensed creative content that respects the rights of IP holders and artists. Based on the utilization of the model for pre-shot modifications representing over 70% of the usage, we launched bundles of these AI capabilities directly into our image subscriptions on iStock so customers can access our pre-shot, create a library, and our clean suite of AI services to use in concert with those images in one simple plan.

在第二季度，我們升級了我們的人工智慧服務套件，以產生更高品質、更及時的輸出，仍然基於僅透過尊重智慧財產權持有者和藝術家權利的授權創意內容進行訓練的基礎模型。基於該模型在拍攝前修改中的使用率超過 70%，我們將這些 AI 功能捆綁包直接發佈到 iStock 上的圖像訂閱中，以便客戶可以訪問我們的拍攝前、創建圖庫以及我們簡潔的 AI 服務套件，並在一個簡單的計劃中與這些圖像協同使用。

In terms of the proposed merger with Shutterstock, within the quarter, Shutterstock shareholders approved the adoption of the merger agreement between Shutterstock and Getty Images. We continue to work with regulators in the US and the UK to obtain the necessary approvals and expect the transition to close by the end of 2025. We have no other active regulatory view of the transaction.

在與 Shutterstock 擬議的合併方面，本季度內，Shutterstock 股東批准通過了 Shutterstock 與 Getty Images 之間的合併協議。我們將繼續與美國和英國的監管機構合作，以獲得必要的批准，並預計過渡將於 2025 年底完成。我們對該交易沒有其他積極的監管觀點。

I'm excited for the close of the transaction and for the second half of the year. With that, I'll turn it over to Jen to take you through to more detailed financials.

我對交易的結束和今年下半年的前景感到興奮。接下來，我將把時間交給 Jen，讓她帶您了解更詳細的財務狀況。

Q2 marked our fifth consecutive quarter of top-line growth, with continued expansion of our Subscription business and healthy key performance metrics.

第二季是我們連續第五個季度實現營收成長，訂閱業務持續擴張，關鍵績效指標健康。

We executed a solid quarter, navigating through ongoing macroeconomic uncertainty and continued headwinds in our Agency business.

我們克服了持續的宏觀經濟不確定性和代理業務持續面臨的阻力，實現了穩健的季度業績。

While Agency continues to be a challenge, we saw good performance from both our Corporate and our Media business, which represent roughly 58% and 29% of total revenue, respectively. Corporate was strong with high-single-digit growth, fueled by good performance in technology, business services, sport and fashion, as well as benefits from creative content deals that include some level of AI rights. Media was in low-single-digit growth, with broadcast and production performance still not fully returned to 2023 levels.

雖然代理業務仍然是一個挑戰，但我們的企業和媒體業務都表現良好，分別佔總收入的約 58% 和 29%。企業業務表現強勁，實現高個位數成長，這得益於科技、商業服務、體育和時尚領域的良好表現，以及包括一定程度的人工智慧權利在內的創意內容交易帶來的好處。媒體產業處於低個位數成長，廣播和製作業績仍未完全恢復到2023年的水準。

Q2 revenue was $234.9 million, with year-on-year growth of 2.5% or 1.8% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which contributed approximately 70 basis points to Q2 growth.

第二季營收為 2.349 億美元，年增 2.5%，以貨幣中性計算則成長 1.8%。這些結果包括收入確認時間的某些影響，這對第二季度的成長貢獻了約 70 個基點。

Annual Subscription revenue was 53.5% of total revenue, up from 52.9% in Q2 of last year. In total, Subscription revenue grew by 3.7% or 3% on a currency-neutral basis, driven primarily by growth in our premium access offering.

年度訂閱收入佔總營收的 53.5%，高於去年第二季的 52.9%。總體而言，訂閱收入成長了 3.7%，以貨幣中性運算成長了 3%，這主要得益於我們優質存取服務的成長。

We added 39,000 active annual subscribers to reach 321,000 in the Q2 LTM period, representing growth of approximately 14% over the comparable 2024 LTM period. Annual subscriber growth continued to be driven by our e-commerce businesses, iStock and Unsplash+. Out of the 321,000 annual subscribers in the period, 52% were brand new customers and 26% were customers in our growth markets across EMEA, APAC, and LatAm.

在第二季的 LTM 期間，我們增加了 39,000 名年度活躍訂閱用戶，達到 321,000 名，比 2024 年的 LTM 期間增長了約 14%。我們的電子商務業務 iStock 和 Unsplash+ 持續推動年度用戶成長。在該期間的 321,000 名年度訂閱用戶中，52% 是全新客戶，26% 是來自 EMEA、APAC 和 LatAm 等成長市場的客戶。

The Annual Subscription revenue retention rate was 93.4% in the Q2 LTM period, up 400 basis points from 89.4% in the corresponding 2024 period and also up from 92.7% in the Q1 LTM period. This metric is continuing to normalize, as we lap the adverse impacts from the dual Hollywood strikes; see the benefits from the acceleration in our Corporate business; as well as the anticipated impacts from the leveling off of the growth rate of smaller e-commerce subscribers, which have lower revenue retention rates. We should continue to see stabilization in this metric, relative to 2024, as we navigate through the balance of 2025.

第二季 LTM 期間的年度訂閱營收保留率為 93.4%，比 2024 年同期的 89.4% 上升了 400 個基點，也比第一季 LTM 期間的 92.7% 上升了。這項指標正在繼續正常化，因為我們克服了好萊塢兩次罷工帶來的不利影響；看到了企業業務加速發展帶來的好處；以及預計小型電子商務用戶成長率趨於平穩（收入保留率較低）的影響。隨著我們探索 2025 年的平衡，我們應該會繼續看到該指標相對於 2024 年趨於穩定。

Paid downloads were down slightly at $93 million, while our video attachment rate continues to steadily grow, rising to 16.7% from 15.6% in the prior year period. Rate of revenue was $130.8 million, down 5.1% year on year and 5.7% on a currency-neutral basis. This decline is primarily driven by continued macro challenges impacting our Agency business, which sits entirely within [Creative] and was down 10% in Q2. Outside of Agency, we see steady momentum in Creative across premium access, video, and our Unsplash+ subscription.

付費下載量略有下降，為 9,300 萬美元，而我們的影片附加率持續穩定成長，從去年同期的 15.6% 上升至 16.7%。營收率為 1.308 億美元，年減 5.1%，以貨幣中性計算下降 5.7%。這種下降主要是由於持續的宏觀挑戰影響了我們的代理業務，該業務完全屬於[創意]，並且在第二季度下降了 10％。在代理商之外，我們看到高級存取、視訊和 Unsplash+ 訂閱的創意業務呈現穩定成長勢頭。

Editorial revenue was $88.3 million, growing 5.6% year on year and 4.6% on a currency-neutral basis. Strong demand for news and sport was primarily driven by our outstanding coverage, as Craig noted, of major events such as FIFA's Club World Cup and Formula 1 racing, as well as global news events such as the election of Pope Leo XIV.

編輯收入為 8,830 萬美元，年增 5.6%，以貨幣中性計算成長 4.6%。正如克雷格所指出的那樣，對新聞和體育的強勁需求主要源於我們對國際足總俱樂部世界盃和一級方程式賽車等重大賽事以及教皇利奧十四世當選等全球新聞事件的出色報道。

Other revenue was $15.7 million, an increase of $8.1 million from Q2 '24, driven primarily by three new multi-year creative content deals that included some level of AI rights. As with other similar agreements signed over this past year, these deals carry heavier upfront revenue recognition.

其他收入為 1,570 萬美元，比 2024 年第二季增加 810 萬美元，主要得益於三項新的多年期創意內容協議，其中包括一定程度的 AI 權利。與去年簽署的其他類似協議一樣，這些交易需要更高的前期收入確認。

Across our major geographies, we posted currency-neutral revenue growth of 7.2% in the Americas, with growth across corporate and media, including some of the creative content with AI rights deals in the quarter; while EMEA was down 6% as the prior year benefited from revenue from a large non-recurring assignment; and APAC was down 1.1%.

在我們主要的地區，剔除匯率因素，我們在美洲的收入增長了 7.2%，企業和媒體業務均實現了增長，其中包括本季度獲得 AI 權利交易的一些創意內容；而歐洲、中東和非洲地區則下降了 6%，因為上一年受益於一項大型非經常性任務的收入；亞太地區下降了 1.1%。

Revenue less our cost of revenue as a percentage of revenue remains strong at 72.1% compared with 72.5% in Q2 of 2024.

收入減去收入成本佔收入的百分比仍然保持強勁，為 72.1%，而 2024 年第二季為 72.5%。

SG&A expense was $105.1 million, up $3.8 million year on year, with our expense rate increasing to 44.7% of revenue from 44.2% last year. Excluding stock-based compensation, SG&A increased to $101.3 million in the quarter or 43.1% of revenue, up from $97.2 million or 42.4% of revenue in Q2 of 2024. This increase in SG&A relates primarily to professional fees tied to the acceleration of our SOX compliance efforts; and for the ongoing litigation with Stability AI, with the trial portion of the UK lawsuit in Q2.

銷售、一般及行政費用為 1.051 億美元，年增 380 萬美元，費用率從去年的 44.2% 上升至收入的 44.7%。不計股票薪酬，本季銷售、一般及行政費用增至 1.013 億美元，佔收入的 43.1%，高於 2024 年第二季的 9,720 萬美元或 42.4%。銷售、一般及行政費用的增加主要與加速我們 SOX 合規工作相關的專業費用有關；以及與 Stability AI 正在進行的訴訟，其中英國訴訟的審判部分在第二季度進行。

Adjusted EBITDA was $68 million for the quarter, down 1.2% or 2.2% on a currency-neutral basis. Adjusted EBITDA margin was 28.9% compared to 30% in Q2 2024.

本季調整後的 EBITDA 為 6,800 萬美元，下降 1.2%（以貨幣中性計算為 2.2%）。調整後的 EBITDA 利潤率為 28.9%，而 2024 年第二季為 30%。

CapEx was $16.1 million, up $0.7 million year over year. CapEx as a percentage of revenue was 6.9% compared to 6.7% and in the prior-year period, still well within our expected range of 5% to 7% of revenue. This year-on-year increase reflects the timing of payments for routine CapEx spend.

資本支出為 1,610 萬美元，比去年同期增加 70 萬美元。資本支出佔收入的百分比為 6.9%，而去年同期為 6.7%，仍在我們預期的 5% 至 7% 的收入範圍內。這一同比增長反映了常規資本支出的支付時間。

Adjusted EBITDA less CapEx was $51.9 million, down $1.5 million year over year, representing a decrease of 3% or 2% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 22.1% compared to 23.3% in Q2 of 2024.

調整後的 EBITDA 減去資本支出為 5,190 萬美元，年減 150 萬美元，降幅為 3%，以貨幣中性計算則為 2%。調整後的 EBITDA 減去資本支出後的利潤率為 22.1%，而 2024 年第二季為 23.3%。

Free cash flow was negative $9.6 million compared to positive $31.1 million in Q2 2024, primarily due to the impact of cash outflows tied to merger and legal-related expenses and an increase in cash taxes paid. Free cash flow is stated net of cash interest expense of $17.5 million and cash taxes paid of $18.9 million.

自由現金流為負 960 萬美元，而 2024 年第二季為正 3,110 萬美元，這主要是由於與合併和法律相關費用相關的現金流出的影響以及支付的現金稅增加。自由現金流扣除現金利息支出 1,750 萬美元和已付現金稅款 1,890 萬美元。

We finished the quarter with $110.3 million of balance sheet cash, down $11.4 million from the Q2 2024 ending balance and down $4.3 million from Q1 '25. The lower cash balance, relative to Q2 of 2024, primarily reflects the impacts of voluntary debt paydowns, quarterly amortization payment on our Euro term loan, and fees related to the refinancing transactions -- all of this partially offset by the positive impact from FX.

本季末，我們的資產負債表現金為 1.103 億美元，比 2024 年第二季期末餘額減少 1,140 萬美元，比 2025 年第一季減少 430 萬美元。與 2024 年第二季度相比，較低的現金餘額主要反映了自願償還債務、歐元定期貸款的季度攤銷支付以及與再融資交易相關的費用的影響——所有這些都被外匯的積極影響部分抵消。

In May, we completed a voluntary loan-to-bond exchange, replacing $540 million of the 11.25% USD term loan, with equivalent 11.25% senior notes maturing in February 2030.

5 月份，我們完成了自願貸款轉債券交換，以 2030 年 2 月到期、利率為 11.25% 的等值優先票據取代了 5.4 億美元的 11.25% 美元定期貸款。

As of June 30, we had total debt outstanding of $1.39 billion, which includes $540 million of 11.25% senior notes; $510 million of Euro term loans converted using exchange rates as of June 30, 2025, with an applicable rate of 7.94%; $40 million of USD term loan at 11.25% fixed rate; and $300 million of 9.75% senior notes. We have a $150 million revolver that remains undrawn.

截至 6 月 30 日，我們的未償還債務總額為 13.9 億美元，其中包括 5.4 億美元的 11.25% 優先票據；5.1 億美元的歐元定期貸款（按 2025 年 6 月 30 日的匯率轉換，適用利率為 7.94%）；4000 萬美元的固定利率為固定利率為 1.1.25% 的 1.1001 億美元）； 9.75% 優先票據。我們還有 1.5 億美元的循環信貸尚未提領。

Our net leverage was 4.3 times at the end of Q2, compared to 4.2 times in Q2 2024. That slight uptick in net leverage primarily reflects the impact of the weaker dollar on the value of our euro term loan. We continue to assess market conditions with respect to any potential refinancing or redemption of the $300 million of bonds, which are set to mature in March of 2027.

我們的淨槓桿率在第二季末為 4.3 倍，而 2024 年第二季為 4.2 倍。淨槓桿率的輕微上升主要反映了美元走弱對我們歐元定期貸款價值的影響。我們將繼續評估任何潛在再融資或贖回 3 億美元債券的市場狀況，這些債券將於 2027 年 3 月到期。

Considering the foreign exchange rates and applicable interest rates on our debt balance as of June 30 and factoring in the quarterly amortization payment on the euro term loan, our estimated cash interest expense for 2025 is $123.1 million. This reflects approximately a $10 million reduction from the Q1 earnings call estimate due to the timing impact of the loan-to-bond exchange, which shifted a portion of interest payments from monthly or quarterly payments to semi-annual payments, effectively moving some payments from 2025 into 2026.

考慮到截至 6 月 30 日的外匯匯率和適用利率，並考慮到歐元定期貸款的季度攤銷支付，我們預計 2025 年的現金利息支出為 1.231 億美元。這反映出由於貸款轉債券的時間影響，第一季收益電話會議估計減少了約 1000 萬美元，貸款轉債券將部分利息支付從每月或每季支付轉移到半年支付，實際上將部分支付從 2025 年轉移到 2026 年。

In summary, we feel good about financial performance this quarter. We will continue to emphasize execution, fiscal discipline, and momentum building into the back half of this year.

總的來說，我們對本季的財務表現感到滿意。我們將在今年下半年繼續強調執行力、財政紀律和勢頭建設。

Turning to our outlook for the full-year 2025, which, with respect to year-on-year currency-neutral performance, remains unchanged from the guidance provided in Q1 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 anticipate revenue of $931 million to $968 million, down 0.9% to up 3.1% year on year. On a currency-neutral basis, this represents a decrease of 1% to an increase of 3%.

談到我們對 2025 年全年的展望，就同比貨幣中性表現而言，與 2025 年第一季提供的指引相比保持不變。考慮到美元走弱的影響，並假設 2025 年全年匯率為歐元兌美元 1.10 美元、英鎊兌美元 1.30 美元，我們預計收入為 9.31 億美元至 9.68 億美元，年減 0.9% 至增長 3.1%。以貨幣中性計算，這代表下降 1% 至增加 3%。

As we think about cadence, we expect tougher year-on-year comparisons to flatten growth in the second half of 2025. In addition, our guidance reflects a $1 million impact from FX, inclusive of the $2.5 million headwind in the first half, which will be offset by a benefit for the rest of 2025, including an estimated $2 million in the third quarter.

當我們考慮節奏時，我們預計更嚴格的年比比較將使 2025 年下半年的成長趨於平穩。此外，我們的預期反映了外匯帶來的 100 萬美元的影響，其中包括上半年 250 萬美元的不利因素，但這部分影響將被 2025 年剩餘時間的收益所抵消，其中包括第三季度預計的 200 萬美元。

We expect adjusted EBITDA of $277 million to $297 million, down 7.6% to 1.2% year on year and 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 a $0.9 million headwind from the first half of 2025, offset by a tailwind across the remainder of the year, including an estimated $0.7 million in the third 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%，不計匯率因素，下降 7.9% 至 1.4%。調整後的 EBITDA 預期中包括了預計外匯影響的類似節奏，2025 年將出現約 50 萬美元的順風，其中包括 2025 年上半年的 90 萬美元逆風，但會被今年剩餘時間的順風所抵消，包括第三季度預計的 70 萬美元。

Please note this guidance reflects the anticipated impact of the odd year-versus-even year editorial events calendar comparisons largely impacting the second half of 2025, as well as the impact from disruptions in production activity due to the Los Angeles fires and some continued lag in a return to pre-Hollywood strike production levels.

請注意，該指引反映了奇數年與偶數年編輯活動日曆比較的預期影響，該比較主要影響 2025 年下半年，以及洛杉磯火災導致的生產活動中斷以及恢復到好萊塢罷工前生產水平的持續滯後的影響。

The Hollywood strikes will also present tougher year-on-year comparisons in the second half of 2025, as year-on-year growth in the second half of 2024 benefited from the comps to a strike-impacted 2023.

好萊塢罷工也將使 2025 年下半年的同比數據更加難以比較，因為 2024 年下半年的同比增長得益於受罷工影響的 2023 年的同比數據。

On the cost side, our guidance continues to include approximately $8 million in one-off increases in SG&A for SOX acceleration efforts, which were previously disclosed in our Q4 earnings call. These are largely concentrated in the Q2 through Q4 period, with approximately $5.5 million expected in the second half of 2025.

在成本方面，我們的指導方針繼續包括約 800 萬美元的一次性銷售、一般及行政費用增加，用於加速 SOX 法案的實施，這在我們之前第四季度收益電話會議上已經披露過。這些資金主要集中在第二季至第四季期間，預計 2025 年下半年約為 550 萬美元。

Please note, all other merger-related costs are excluded from this guidance, as they are considered one-time in nature and therefore, excluded from adjusted EBITDA.

請注意，所有其他合併相關成本均不包含在本指南中，因為它們本質上被視為一次性成本，因此不包含在調整後的 EBITDA 中。

Finally, any potential broader impacts, which may result from tariffs and other global macroeconomic conditions, remain unknown and may not be fully reflected in this guidance.

最後，關稅和其他全球宏觀經濟條件可能造成的任何潛在的更廣泛的影響仍然未知，並且可能不會完全反映在本指南中。

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

接線員，請打開電話詢問。

Thank you. At this time, we will open the floor for questions.

謝謝。現在，我們將開始回答問題。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維奇 (Mark Zgutowicz)，Benchmark。

Hi. Jen, just a couple of top-line questions.

你好。Jen，我只想問幾個最重要的問題。

One, it looks like we've been witnessing an economy, past couple of quarters, between weakening Creative and strengthening Data Licensing. I was hoping you could maybe rectify comments that you made in terms of strength in Corporate - Media, relative to the Subscription results that you saw in the quarter?

首先，過去幾個季度，我們似乎見證了經濟在創意減弱和數據許可加強之間的轉變。我希望您能修正一下您關於企業媒體實力以及本季訂閱結果的評論？

And then, what's implied in the second half for Creative and Data Licensing in your '25 guide?

那麼，您的 25 指南的後半部分對創意和資料授權有何暗示？

And then, I just had one quick follow-up.

然後，我只需進行一次快速的跟進。

Yeah. I think, Creative, decline of about 5%, fairly consistent with what we saw Q1. Drivers there are really going to be the same as what we talked about in Q1. So it's predominantly going to be Agency impacting that Creative performance for us in these two quarters so far, year to date. Our Agency sits entirely within that Creative number.

是的。我認為，Creative 的降幅約為 5%，與我們第一季看到的情況相當一致。那裡的驅動因素實際上與我們在第一季討論的一樣。因此，今年迄今為止，代理商將主要影響我們這兩個季度的創意表現。我們的機構完全處於這個創意數字之內。

Editorial, last year, as you know, we had a pretty hefty event calendar year. We have some events that are falling into the first half of this year but certainly, to a lesser degree. So as we mentioned in the prepared remarks, as we get into that second half, you're going to start to see a more challenging year-on-year comp on the Editorial side of the business.

編輯部，如您所知，去年是我們舉辦的活動相當豐富的一年。我們有一些活動將在今年上半年舉行，但肯定程度較輕。因此，正如我們在準備好的發言中提到的那樣，當我們進入下半年時，您將開始看到編輯業務方面同比面臨更大的挑戰。

That Other revenue, you're right, that continues to be good performance for us, that $16 million this quarter. I think that's the highest we have seen for that Other revenue bucket, although we've come close in prior quarters. Those are deals with existing customers, for the most part, who sit in that Corporate space. Those are going to be content licensing deals with some expansion into AI rights. So there's a little bit of a convergence there between Creative, Other, Corporate -- all sitting within our ability to get those bigger, other deals done, not expecting anything different than what we've said in the past in terms of that Other revenue bucket in 2025 being very low single digits in terms of percentage of total revenue. So no change there from prior comments.

您說得對，其他收入對我們來說仍然表現良好，本季為 1,600 萬美元。我認為這是我們見過的其他收入類別中的最高水平，儘管前幾季我們已經接近這個水平了。這些都是與現有客戶達成的交易，大多數情況下，這些客戶都位於公司空間內。這些將是內容授權協議，並擴展到人工智慧權利。因此，創意、其他、企業之間存在一些趨同——所有這些都在我們完成更大、其他交易的能力範圍內，我們期望與我們過去所說的一樣，即 2025 年其他收入佔總收入的百分比將非常低的個位數。因此與先前的評論相比沒有任何變化。

Creative, Agency, we'll see what happens there. I think if you listen to -- and I know you do, Mark -- and follow some of those bigger Agency performances, it's a challenge. We are certainly seeing that there. But I think we continue to see good momentum outside of Agency and Creative. That is, again, on the Corporate side of the business and Subscription, right? We're seeing those Subscriptions continue to grow. A good majority of those do sit in that Corporate space.

創意、代理，我們將看看那裡會發生什麼。我認為如果你聽過——我知道你會的，馬克——並且關註一些大型經紀公司的表演，這將是一個挑戰。我們確實在那裡看到了這一點。但我認為我們繼續看到代理商和創意之外的良好勢頭。這又是企業業務和訂閱方面的事，對嗎？我們看到這些訂閱量持續成長。其中絕大多數確實坐在那個公司空間裡。

Okay. Thanks.

好的。謝謝。

Jen, maybe just on the flip side of that, you talked about Agency weakness but you also saw some really strong growth on the non-Subscription side or à la carte side. But can you perhaps rectify the comment on just, overall, seeing Agency weakness but yet seeing relatively good à la carte strength?

Jen，也許只是從另一方面來說，您談到了代理商的弱點，但您也看到了非訂閱方面或點菜方面的一些非常強勁的增長。但是，您能否糾正一下這個評論，即總體而言，看到代理商的弱點，但看到點菜業務相對較好？

I don't think I said we saw à la carte performance, as the Agency business is practically à la carte . So as Agency goes, largely so does à la carte on the Creative side of things.

我認為我沒有說我們看到的是點菜表演，因為代理業務實際上是點菜的。因此，隨著代理商的發展，創意方面的點菜服務也大致如此。

Editorial à la carte, that continues to perform well. But that Agency impact is felt pretty materially in that it Creative à la carte number. So I don't think I said à la carte performed well.

編輯點菜，繼續表現良好。但該機構的影響在其創意點菜號碼中表現得相當明顯。所以我不認為我說的點菜表現很好。

Okay. I was just looking at your -- backing out your non-Subscription revenue, which I assume: most of it is à la carte. Overall, that was at a healthy uptick in the June quarter, like, I don't know, $15 million or so.

好的。我剛剛看了你的非訂閱收入，我猜其中大部分都是單點收入。整體而言，6 月季度的銷售額呈現健康成長態勢，大概約 1,500 萬美元。

Yeah. We can work through that, Mark, perhaps in the post-call follow-up. But I think that (multiple speakers) that definitely wasn't in growth.

是的。馬克，我們可以在通話後的跟進中解決這個問題。但我認為（多位發言者）這肯定不是成長。

Okay. Thank you.

好的。謝謝。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Hey. Thanks for taking the question. This is [Jake], on for Ron.

嘿。感謝您回答這個問題。我是 [Jake]，代替 Ron。

First, I wanted to ask about the Subscription mix shift. You saw a nice uptick in the Subscription mix shift and the retention rate ticking back up to, I think, 93.4%. So first, just really wanted to dig into the key drivers of that uptick.

首先，我想詢問一下訂閱組合的變化。您會看到訂閱組合轉變出現了良好的上升趨勢，保留率也回升至 93.4%。因此，首先，我們確實想深入探討推動這項上漲的關鍵因素。

And then, second question, on the litigation with Stability AI. Understood, you can't really get into specifics. But with [steady] dropping the copyright infringement claims in the UK, really just wanted to better understand the strategic differences between the jurisdictions and whether there's anything you could share about your confidence level in the US case.

然後，第二個問題是關於與 Stability AI 的訴訟。明白，你無法真正了解細節。但隨著英國逐漸放棄版權侵權索賠，我只是想更了解不同司法管轄區之間的策略差異，以及您是否可以分享您對美國案件的信心程度。

Thanks.

謝謝。

Sure, Jake. We hope Ron is somewhere nice on a beach somewhere.

當然，傑克。我們希望羅恩在某個美麗的海灘上。

Jen, do you want to take the first and I'll take the second?

Jen，你想選第一個，我選第二個嗎？

Yeah. On the Subscription side of things, that continues to be us tracking to continue to inch that higher and higher over the 50% mark. We saw that again this quarter, really seeing that growth come largely from our e-commerce subscriptions. So on the iStock side of things, continuing to see good momentum on the Unsplash+ subscription, which is the newest of our subscription offering, so to speak; Premium Access, our largest subscription, it's about a third of our revenue; that continues to grow nicely as well.

是的。在訂閱方面，我們將繼續跟踪，使其繼續穩步上升，超過 50% 大關。本季我們再次看到這種情況，確實看到成長主要來自我們的電子商務訂閱。因此，從 iStock 方面來看，Unsplash+ 訂閱繼續保持良好勢頭，可以說是我們最新的訂閱服務；Premium Access 是我們最大的訂閱服務，約占我們收入的三分之一；它也繼續保持良好的成長勢頭。

So it's a bit of a continuation of the story there on the Creative side of things, that Corporate growth that we're seeing this quarter that certainly underpins that Subscription momentum.

因此，這在某種程度上是創意方面故事的延續，我們本季看到的企業成長無疑支撐了訂閱勢頭。

On revenue retention, yeah, this was a good uptick for us to see. I think we've been hinting at seeing this metric start to come back. It's good to see those numbers sit where they are. So at about 93%, prior year period; same time, about 89%. We cited some of the drivers there.

就收入保留而言，是的，這對我們來說是一個很好的上升趨勢。我認為我們一直在暗示看到這個指標開始回升。很高興看到這些數字保持不變。去年同期約為 93%；同期約 89%。我們在那裡引用了一些驅動因素。

Certainly seeing us lapping the impact from the Hollywood strikes, that Corporate growth. As we see that growth in Subscriber count on those smaller e-commerce subs start to stabilize -- they come with a lower revenue retention rate -- that will help that mix.

顯然，我們看到了好萊塢罷工帶來的影響，企業也實現了成長。我們看到，那些規模較小的電子商務訂閱用戶的增幅開始穩定下來——它們的收入留存率較低——這將有助於實現這一組合。

But I think an interesting thing here -- you might know, Jake, you've been following us for a while -- we have seen this metric be 100%-plus in our history. So seeing that dip below 90% was quite unusual. But when we look in this number in this quarter, Premium Access -- again, our largest subscription -- we actually got that revenue retention for Premium Access back up over 100%.

但我認為這裡有一件有趣的事情——傑克，你可能知道，你已經關注我們有一段時間了——我們在歷史上看到這個指標超過 100%。因此，跌破 90% 的情況相當不尋常。但是，當我們查看本季的數字時，Premium Access（再次強調，這是我們最大的訂閱）實際上將 Premium Access 的營收保留率提高了 100% 以上。

Premium Access revenue retention hasn't been over 100% since 2023. So that's where you can really see some of those production impacts, strike impacts, right, those big enterprise customers seeing that revenue retention rate really start to come back. That's a very good sign for us.

自 2023 年以來，Premium Access 收入保留率一直未超過 100%。所以你真的可以看到一些生產影響、罷工影響，對吧，那些大企業客戶看到收入保留率真的開始回升。這對我們來說是一個非常好的跡象。

Great. Thanks, Jen.

偉大的。謝謝，Jen。

On the litigation front, Jake, we -- it's one of the -- the world is not transparent with respect to the models and what they're training on. And so when we launched litigation against Stability, we launched it in two markets: the US and the UK.

在訴訟方面，傑克，我們——這是其中之一——世界對於模型及其訓練內容並不透明。因此，當我們對 Stability 發起訴訟時，我們在兩個市場推出了它：美國和英國。

What we found through discovery in the UK as that case progressed, we found that there were clear indications that Stability did train on our material. However, that training, we did not have clear facts that that training happened in the UK.

隨著案件的進展，我們透過英國的調查發現，有明顯跡象表明 Stability 確實根據我們的材料進行了訓練。但是，對於那次培訓，我們並沒有明確的事實表明那次培訓是在英國進行的。

So that was a primary item that we dropped in the UK suit because obviously, given the law there, we didn't have the facts in order to support that. But we did ultimately get visibility to where that training did take place.

因此，這是我們在英國訴訟中放棄的一個主要事項，因為顯然，根據那裡的法律，我們沒有事實依據來支持這一點。但我們最終確實了解了培訓的地點。

So we dropped it in the UK. We continue in the US. That claim will come into play within the US. We're hopeful to get a positive outcome in the UK and other aspects of that but really pursuing the training itself within the US.

所以我們把它放在了英國。我們繼續在美國。這項主張將在美國境內得到體現。我們希望在英國和其他方面取得積極成果，但真正追求的是在美國進行培訓本身。

I know it can be a bit complex. Believe me, as the CEO; and Jen as the CFO of a company who has to spend in order to pursue these cases in two markets, it's less than ideal. But that's the state of our world where there aren't transparency requirements against these model providers.

我知道這可能有點複雜。相信我，身為執行長；而 Jen 則身為公司財務官，必須花錢在兩個市場上開展這些案件，這並不理想。但這就是我們的世界現狀，對這些模型提供者沒有透明度要求。

So we have to go on a hunting expedition in order to get that and spend money in order to do that.

因此，為了得到它，我們必須進行狩獵探險，並為此花錢。

Understood. Thanks a lot.

明白了。多謝。

(Operator Instructions)

（操作員指示）

I'm showing no additional questions at this time. This will now conclude our second-quarter Getty Images Holdings, Inc., 2025 earnings call. You may now disconnect.

我目前沒有其他問題。我們的 Getty Images Holdings, Inc. 2025 年第二季財報電話會議就此結束。您現在可以斷開連線。

Thank you.

謝謝。