Getty Images Holdings Inc (GETY) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Getty Images third-quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 Getty Images 2025 年第三季財報電話會議。今天的通話將會被錄音。（操作說明）

At this time, I'd like to turn the conference over to Steven Kanner, VP of Investor Relations, Treasury at Getty Images. Thank you. You may begin.

此時，我想把會議交給蓋蒂圖片社投資者關係和財務副總裁史蒂文·坎納。謝謝。你可以開始了。

Good afternoon, and welcome to the Getty Images third-quarter 2025 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 note that due to the ongoing regulatory review process, we will not be able to comment on the Q3 2025 Shutterstock operating results. We appreciate your understanding.

下午好，歡迎參加 Getty Images 2025 年第三季財報電話會議。今天與我一起參加電話會議的有執行長克雷格·彼得斯和財務長珍妮·萊頓。在開始之前，我們想指出，由於監管審查程序仍在進行中，我們無法對 Shutterstock 2025 年第三季的營運業績發表評論。感謝您的體諒。

This call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks, uncertainties and assumptions, which could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are highlighted in the forward-looking statements section of today's press release and in our filings with the SEC. Links to these filings and today's press release can be found on our Investor Relations website at investors.gettyimages.com.

本次電話會議將包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明受到各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設在今天新聞稿的前瞻性聲明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說明。這些文件和今天新聞稿的連結可以在我們的投資者關係網站 investors.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，我們還將提及一些非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減去資本支出以及自由現金流。我們在一些財務討論中使用非GAAP指標，因為我們認為這些指標能夠反映我們的營運績效和業務的基本結果。有關 GAAP 與非 GAAP 指標的調節以及每項指標的描述、限制和使用理由，請參閱我們向美國證券交易委員會提交的文件。

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.

在我們發言完畢後，我們將開放提問環節。接下來，我將把電話交給我們的執行長克雷格彼得斯。

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 dive into the details of our financial performance. Third-quarter revenue for 2025 was $240 million, representing a slight year-over-year decrease of 0.2% and 2% on a currency-neutral basis. Adjusted EBITDA came in at $78.7 million for the quarter, down 2.4% reported and 4.4% on a currency-neutral basis at a margin of 32.8% of revenue.

謝謝史蒂文，也謝謝大家今天抽出時間來參加我們的活動。我將首先概述本季的情況，之後 Jenn 將深入探討我們的財務表現細節。2025 年第三季營收為 2.4 億美元，年減 0.2%，以固定匯率計算下降 2%。本季調整後 EBITDA 為 7,870 萬美元，以報告值計算下降 2.4%，以固定匯率計算下降 4.4%，利潤率為營收的 32.8%。

Within the quarter, we posted growth in creative and declines in editorial. Creative was aided by normalization of premium access revenue allocations following the shift in 2024 consumption away from creative and to editorial driven by the Paris Olympics. While creative is in growth, we continue to see declines across agency customers consistent with prior quarters and commentary. Editorial declines are the result of a difficult compare, given the same Olympics and the 2024 election cycle. These declines are partially offset by growth in entertainment and archive.

本季度，創意方面實現了成長，而編輯方面則出現了下滑。2024 年，受巴黎奧運的影響，消費重心從創意內容轉向編輯內容，在此背景下，高級訪問收入分配的正常化促進了創意內容的發展。儘管創意領域呈現成長態勢，但我們仍然看到代理商客戶的業績持續下滑，這與前幾季的業績下滑和市場預期一致。鑑於今年有奧運和 2024 年大選，比較基數較大，因此編輯工作量下降是比較結果所致。娛樂和檔案領域的成長部分抵消了這些下滑。

We continue to see some revenues from AI data licensing in the quarter. but these were down from 2024, given the accelerated nature of revenue recognition for these deals. With that said, within the quarter, I was excited to realize some new opportunities within the AI landscape that more closely align with our traditional content licensing business.

本季我們繼續看到一些來自人工智慧數據授權的收入，但鑑於這些交易的收入確認速度加快，這些收入低於2024年的水平。儘管如此，在本季度，我很高興地發現人工智慧領域出現了一些新的機遇，這些機會與我們傳統的版權授權業務更加契合。

Within the quarter, we inked multiple deals to allow AI large language models and search experiences to utilize our content within their experiences to provide authentic, high-quality content in context. One of these agreements was a multiyear agreement with Perplexity, and it includes commitments for both image credit and link bags.

本季度，我們簽署了多項協議，允許人工智慧大型語言模型和搜尋體驗在其體驗中使用我們的內容，從而在上下文中提供真實、高品質的內容。其中一項協議是與 Perplexity 簽訂的多年協議，其中包括對圖片署名和連結包的承諾。

Another opportunity was within our custom content business, where we create content specific to customer needs. In this case, a business leveraged our expertise and our network of global contributors to create training content specific to their needs. In each instance, Getty Images is doing what it has always done so well, providing high-quality content to customers to enhance their offerings at scale and on an economic basis. We see more opportunity here.

另一個機會來自我們的客製化內容業務，我們專門為客戶需求創作內容。在這種情況下，一家企業利用我們的專業知識和全球貢獻者網絡，創建了專門針對自身需求的培訓內容。在每一種情況下，Getty Images 都發揮了它一貫的優勢，為客戶提供高品質的內容，以經濟高效的方式大規模地提升他們的產品和服務。我們看到了更多的機會。

On the merger front, the UK's Competition and Markets Authority, the CMA, has referred the proposed merger of Getty Images and Shutterstock to a Phase 2 review process. We were disappointed to receive this notice as we do not believe the transaction in any way reduces competition or harms customers or suppliers, and we offered comprehensive remedies to avoid a Phase 2 review.

在併購方面，英國競爭與市場管理局（CMA）已將 Getty Images 和 Shutterstock 的擬議合併提交至第二階段審查程序。我們對收到此通知感到失望，因為我們不認為該交易會以任何方式減少競爭或損害客戶或供應商，而且我們提供了全面的補救措施以避免第二階段審查。

This transaction is about the delivery of cost synergies and the resulting benefits they provide. The parties remain 100% committed to the transaction and to working with regulators in the UK and US to secure the necessary approvals. However, the realities of this process push any close into 2026.

此次交易旨在實現成本綜效及其帶來的效益。雙方仍將百分之百致力於完成交易，並與英國和美國的監管機構合作，以獲得必要的批准。然而，這個過程的現實情況是，任何接近完成的進程都要推遲到 2026 年。

Elsewhere on the legal front, we received the judgment for our UK litigation against Stability AI which ruled in favor of getting images on our trademark infringement claim, confirming that inclusion of our trademarks and AI-generated outputs infringe those trademarks, and that the responsibility for infringing output rest with stability versus the end user. This is a win for rights holders everywhere.

在其他法律方面，我們收到了針對 Stability AI 的英國訴訟的判決，該判決支持我們關於商標侵權索賠的圖像請求，確認包含我們的商標和 AI 生成的輸出侵犯了這些商標，並且侵權輸出的責任在於 Stability AI，而不是最終用戶。這對世界各地的版權所有者來說都是一場勝利。

While we are unsuccessful on the secondary infringement claim and dropped the training claim ahead of trial due to lack of clarity on the location of such training, the ruling affirmed Getty Images copyright-protected works were used to train stable diffusion. We will be taking forward these findings of fact into our US case where we refiled our case to California due to delays in Delaware, and the court is now reviewing motions. We are also evaluating an appeal in the UK.

雖然我們在二次侵權索賠上未能成功，並且由於培訓地點不明確，我們在審判前放棄了培訓索賠，但裁決確認了 Getty Images 受版權保護的作品被用於訓練穩定擴散。我們將把這些事實調查結果帶到我們在美國的案件中，由於特拉華州的案件審理延誤，我們已將案件重新提交至加州，目前法院正在審查動議。我們也正在評估是否在英國提起上訴。

And with that, I will turn it over to Jenn to take you through the more detailed financials.

接下來，我將把麥克風交給Jenn，讓她為大家詳細介紹財務狀況。

Our Q3 results broadly reflect the quarterly cadence we anticipated with headwinds from our compares against a very strong editorial calendar in Q3 '24, yielding an expected flattening of growth in the back half of 2025 beginning with Q3. While those year-on-year comparisons impacted our reported results, we continued to see strong growth in our subscription business and a return to an adjusted EBITDA margin north of 32%.

我們第三季的業績大致反映了我們預期的季度節奏，但由於與 2024 年第三季非常強勁的編輯日程相比，我們的業績受到不利影響，預計從 2025 年下半年第三季開始，成長將趨於平緩。儘管這些同比數據影響了我們公佈的業績，但我們的訂閱業務繼續保持強勁增長，調整後的 EBITDA 利潤率也恢復到 32% 以上。

Even as we continue to navigate declines in our agency business and the broadcast and production business that has yet to return to its pre-Hollywood strike performance level. Q3 revenue was $240 million, essentially flat on a reported basis and down 2% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which contributed approximately 410 basis points to Q3 growth.

即使我們仍在努力應對代理業務的下滑，以及尚未恢復到好萊塢罷工前業績水平的廣播和製作業務的下滑。第三季營收為 2.4 億美元，按報告數據計算基本持平，以固定匯率計算下降 2%。這些結果包含了收入確認時間的一些影響，這為第三季的成長貢獻了約 410 個基點。

Also, as expected, we saw the comparison to a very strong editorial event calendar in Q3 of 2024, impact some of our reported year-on-year results and metrics this quarter, and I'll highlight a few of those items here.

此外，正如預期的那樣，與 2024 年第三季度非常強大的編輯活動日程相比，我們看到本季度一些報告的同比結果和指標受到了影響，我將在這裡重點介紹其中的一些項目。

Annual subscription revenue was 58.4% of total revenue, up from 52.4% in Q3 of last year, representing year-on-year growth of 11.2% or 9.3% on a currency-neutral basis. This growth was driven primarily by premium access, or PA, which makes up just over one-third of our total revenue and grew 17% or 15% currency neutral. Our PA performance benefited from a large renewal in the quarter, which represented a meaningful upside in scope and terms for this customer, a testament to the continued demand for our content.

年度訂閱收入佔總營收的 58.4%，高於去年第三季的 52.4%，年增 11.2%，以固定匯率計算成長 9.3%。這一增長主要由高級訪問 (PA) 推動，PA 占我們總收入的三分之一多一點，增長了 17%（按固定匯率計算為 15%）。本季度，我們的 PA 業績受惠於一筆大額續約，這筆續約為該客戶帶來了顯著的業務範圍和條款提升，也證明了市場對我們內容的持續需求。

We added 6,000 active annual subscribers to reach 304,000 in the Q3 LTM period, representing growth of approximately 1.7% over the comparable 2024 LTM period. Annual subscriber growth was driven by Unsplash+ with gains partially offset by iStock where we continue to see some impact from the discontinuation of our free trial customer acquisition program in June 2025.

在第三季過去12個月期間，我們新增了6,000名活躍年度訂閱用戶，達到304,000名，與2024年同期相比成長了約1.7%。Unsplash+ 推動了年度訂閱用戶成長，但 iStock 的成長部分抵消了這一成長，我們仍然看到 iStock 因 2025 年 6 月停止免費試用用戶獲取計劃而受到一些影響。

The annual subscription revenue retention rate was 90.3% in the Q3 LTM period compared to 92.2% in the corresponding 2024 period and 93.4% in the Q2 LTM period this year. The year-on-year decline primarily reflects the absence of major political, sporting, and certain onetime events that boosted a la carte subscribers sent in 2024. Paid downloads were down slightly at $93 million in the Q3 LTM period, while our video attachment rate was flat at 16.4%.

截至第三季末的年度訂閱營收留存率為 90.3%，而 2024 年同期為 92.2%，今年第二季為 93.4%。年比下降主要反映了 2024 年缺乏重大政治、體育和某些一次性事件，而這些事件本應會推動單點訂閱用戶的成長。第三季過去12個月期間，付費下載額略有下降，為9,300萬美元，而我們的視訊附件率則維持在16.4%不變。

Creator revenue was $144.9 million for the quarter, up 8.4% year on year and 6.4% on a currency-neutral basis. The $11.2 million increase was primarily driven by premium access revenue, which included a multiyear agreement signed in the third quarter with significant upfront revenue recognition. In addition, subscriber download patterns in the prior-year period, which benefited from a robust event calendar skewed allocation of revenue more toward editorial than creative.

該季度創作者營收為 1.449 億美元，年增 8.4%，以固定匯率計算成長 6.4%。1120萬美元的成長主要得益於高級訪問收入，其中包括第三季簽署的多年協議，該協議確認了大量預付收入。此外，去年的訂閱用戶下載模式（得益於強大的活動日程）導致收入分配更多地流向了編輯內容而非創意內容。

With no comparable events of similar magnitude in Q3 2025, download trends returned to historical allocation levels. Combined, the impact from the upfront revenue recognition and the shift in download patterns were the primary contributors to the year-over-year growth in Creative this quarter.

由於 2025 年第三季沒有發生類似規模的事件，下載趨勢恢復到歷史分配水準。本季創意業務年增的主要原因是預收收入確認和下載模式轉變的影響。

We also had gains across video, Unsplash+, and custom content, while agency headwinds persisted. Agency, which sits entirely within creative, declined 22% year on year, reflecting ongoing macro uncertainty, but also reflects the headwind from the year-on-year compare to a stronger Q3 in 2024 for agency driven again by the 2024 editorial event calendar.

我們在影片、Unsplash+ 和客製化內容方面也取得了成長，但代理商面臨的不利因素依然存在。完全屬於創意領域的代理業務同比下降了 22%，這反映了持續的宏觀不確定性，但也反映了與 2024 年第三季度相比，代理業務的同比下滑，預計 2024 年第三季度將再次受到 2024 年編輯活動日程的推動。

Editorial revenue was $89.3 million down 3.7% year on year and 5.6% on a currency-neutral basis. The performance was driven by double-digit decreases in news and sports, which faced tough comparisons due to a strong event calendar in 2024. This was partially offset by growth in entertainment and in archives.

編輯收入為 8,930 萬美元，年減 3.7%，以固定匯率計算下降 5.6%。新聞和體育板塊兩位數的下滑拉低​​了整體業績，而由於 2024 年賽事安排豐富，這兩個板塊面臨著嚴峻的同比挑戰。娛樂業和檔案館的成長部分抵消了這一影響。

Other revenue was $5.8 million, down from $14.1 million in Q3 '24 and due to the timing of prior-year revenue recognition for creative content deals, which included some level of AI rights. As Craig noted, our pipeline for these types of deals remains healthy in 2025, and despite some quarterly top-line variability that comes with these types of deals, we expect full-year revenue from these deals to be approximately 2% to 3% of total revenue as we previously shared.

其他收入為 580 萬美元，低於 2024 年第三季的 1,410 萬美元，這是由於上一年創意內容交易的收入確認時間所致，其中包括一定程度的 AI 版權。正如克雷格所指出的那樣，我們在 2025 年這類交易的管道依然暢通，儘管這類交易會帶來一些季度收入波動，但我們預計這些交易的全年收入將佔總收入的 2% 到 3%，正如我們之前所分享的那樣。

From a geographic perspective, on a currency-neutral basis, we saw growth of 0.8% in the Americas, our largest region, while EMEA was down 4%, and APAC was down 10.8% due primarily to declines in agency. Revenue less our cost of revenue as a percentage of revenue remained strong at 73.2% compared with 73.4% and in Q3 of 2024, with that year-on-year slight variability due largely to product mix.

從地理角度來看，以固定匯率計算，我們在美洲（我們最大的地區）實現了 0.8% 的成長，而歐洲、中東和非洲地區下降了 4%，亞太地區下降了 10.8%，這主要是由於代理業務的下滑。收入減去收入成本佔收入的百分比保持強勁，為 73.2%，而 2024 年第三季為 73.4%，同比略有波動主要是由於產品組合的變化。

SG&A expense was $101 million, up $0.9 million year on year with our expense rate increasing to 42.1% of revenue from 41.6% last year. Excluding stock-based compensation, SG&A increased to $97 million in the quarter or 40.4% of revenue, up from $95.8 million or 39.8% of revenue in Q3 of 2024. This increase in SG&A relates primarily to $3 million of professional fees tied to the acceleration of our SOX compliance efforts and $1 million for the ongoing litigation with Stability AI.

銷售、一般及行政費用為 1.01 億美元，比上年增加 90 萬美元，費用率從去年的 41.6% 上升至收入的 42.1%。不計入股票選擇權費用，本季銷售、一般及行政費用增至 9,700 萬美元，佔營收的 40.4%，高於 2024 年第三季的 9,580 萬美元，佔營收的 39.8%。此次銷售、一般及行政費用的增加主要與加速推進 SOX 合規工作相關的 300 萬美元專業費用，以及與 Stability AI 持續訴訟相關的 100 萬美元費用有關。

We have previously shared that we expect approximately $8 million of stock acceleration costs in 2025, with approximately $5.4 million of that incurred year to date through Q3. Adjusted EBITDA was $78.7 million for the quarter, down 2.4% or 4.4% on a currency-neutral basis. Adjusted EBITDA margin was 32.8% compared to 33.5% in Q3 2024. Excluding the impact of accelerated SOX compliance, and litigation costs, our adjusted EBITDA margin would have been 34.5%.

我們先前曾表示，預計 2025 年股票加速成本約為 800 萬美元，其中約 540 萬美元已在今年第三季之前產生。本季調整後 EBITDA 為 7,870 萬美元，年減 2.4%，以固定匯率計算下降 4.4%。調整後 EBITDA 利潤率為 32.8%，而 2024 年第三季為 33.5%。如果排除加速 SOX 合規和訴訟成本的影響，我們調整後的 EBITDA 利潤率將為 34.5%。

CapEx was $14.7 million in Q3, up $2.2 million year over year. CapEx as a percentage of revenue was 6.1% compared to 5.2% in the prior-year period, but still well within our expected range of 5% to 7% of revenue. The year-on-year increase reflects the timing of payments for routine CapEx spend. Adjusted EBITDA less CapEx was $64 million, down 6.1% or 8.1% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 26.7% compared to 28.3% in Q3 2024.

第三季資本支出為 1,470 萬美元，比去年同期增加 220 萬美元。資本支出佔收入的百分比為 6.1%，而去年同期為 5.2%，但仍遠低於我們預期的 5% 至 7% 的收入範圍。年比增幅反映了日常資本支出付款的時間安排。調整後的 EBITDA（扣除資本支出）為 6,400 萬美元，下降 6.1%，以固定匯率計算下降 8.1%。經調整的 EBITDA 減去資本支出後的利潤率為 26.7%，而 2024 年第三季為 28.3%。

Free cash flow was $7.9 million compared to negative $1.8 million in Q3 2024. The increase in free cash flow reflects changes in working capital, primarily due to the timing of receivables and payables. Free cash flow is stated net of cash interest paid of $26.2 million, a decrease of $14.6 million over the prior year. Cash taxes paid in the quarter were $9 million, a decrease of $1.3 million over Q3 of 2024.

自由現金流為 790 萬美元，而 2024 年第三季為負 180 萬美元。自由現金流的增加反映了營運資本的變化，這主要是由於應收帳款和應付帳款的時間安排所致。自由現金流已扣除已付現金利息 2,620 萬美元，比上年減少了 1,460 萬美元。本季繳納的現金稅款為 900 萬美元，比 2024 年第三季減少了 130 萬美元。

We finished the quarter with $109.5 million of balance sheet cash, down $0.3 million from the Q3 '24 ending balance and down $0.7 million from Q2 of 2025. We also have a $150 million revolver that remains undrawn. As of September 30, we had total debt outstanding of $1.38 billion, which included $540 million of 11.25% senior secured notes; $503 million of euro term loans converted using exchange rates as of September 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 unsecured notes.

本季末，我們的資產負債表現金餘額為 1.095 億美元，比 2024 年第三季末餘額減少了 30 萬美元，比 2025 年第二季末餘額減少了 70 萬美元。我們還有一把價值 1.5 億美元的左輪手槍，至今尚未拔出。截至 9 月 30 日，我們的未償債務總額為 13.8 億美元，其中包括 5.4 億美元的 11.25% 優先擔保票據；5.03 億美元的歐元定期貸款，以 2025 年 9 月 30 日的匯率折算，適用利率為 7.94% 200 萬美元的固定利率為 1.10 萬美元的固定利率為 1.94%； 9.75% 優先無擔保票據。

Our net leverage was 4.3 times at the end of Q3 and compared to 4.2 times in Q3 2024. The slight uptick in net leverage primarily reflects the impact of the weaker dollar on the value of our euro term loan debt, partially offset by an improvement in the trailing 12-month adjusted EBITDA.

第三季末，我們的淨槓桿率為 4.3 倍，而 2024 年第三季末為 4.2 倍。淨槓桿率的略微上升主要反映了美元走軟對我們歐元定期貸款債務價值的影響，但部分被過去 12 個月調整後 EBITDA 的改善所抵消。

We had a busy third quarter with respect to financing transactions all executed with an eye to our pending merger with Shutterstock. In October, we completed an exchange offer to extend the maturities on our senior unsecured notes replacing $294.7 million of 9.75% notes due March of 2027 with new 14% senior unsecured notes now due in March of 2028. The new notes are prepayable at par until the original maturity date or for six months following the close of the merger.

第三季我們在融資交易方面非常忙碌，所有交易的執行都著眼於我們即將與 Shutterstock 的合併。10 月份，我們完成了一項交換要約，延長了我們高級無抵押票據的到期日，將 2.947 億美元 2027 年 3 月到期的 9.75% 票據替換為新的 14% 高級無抵押票據，新票據將於 2028 年 3 月到期。新票據可在原到期日之前或合併完成後的六個月內以票面價值提前償還。

In addition, we issued $628.4 million of new 10.5% senior notes due 2030 to fund the estimated merger cash consideration, refinance existing Shutterstock debt, and to cover anticipated merger-related fees and expenses. The proceeds from this financing will remain in escrow subject to the closing of the merger. While in escrow, the financing carries an approximate net interest cost of $3.5 million per month. We opted to execute this financing sooner rather than later, so we could be poised for transaction close once we clear regulatory approval, and also to allow for management focus to pivot to integration planning and to operating our stand-alone business in the interim.

此外，我們發行了 6.284 億美元的 2030 年到期的 10.5% 新優先票據，用於支付預計的合併現金對價、為 Shutterstock 現有債務進行再融資，以及支付預計的與合併相關的費用和支出。此次融資所得款項將存入第三方託管帳戶，直至合併完成。在資金託管期間，每月淨利息成本約為 350 萬美元。我們選擇盡快完成這筆融資，以便在獲得監管部門批准後能夠順利完成交易，同時也能讓管理層集中精力進行整合規劃，並在此期間運營我們的獨立業務。

Considering the foreign exchange rates and applicable interest rates on our debt balance as of September 30, factoring in the quarterly amortization payment on the euro term loan, and the impact of the exchange offer, our estimated cash interest expense for 2025 is $127 million. The first cash interest payment related to the merger financing currently held in escrow will be in May of 2026.

考慮截至 9 月 30 日的外匯匯率和我們債務餘額的適用利率，併計入歐元定期貸款的季度攤銷付款以及換股要約的影響，我們預計 2025 年的現金利息支出為 1.27 億美元。與目前託管的合併融資相關的首筆現金利息支付將於 2026 年 5 月進行。

Now turning to our outlook for the full-year of 2025. Taking into consideration our financial performance year to date, and assuming full year FX rates with the euro at 1.12 and the GDP at 1.32 compared to the euro at 1.10, and the GDP at 1.30 previously, we are updating our reported revenue guidance range to $942 million to $951 million, representing year-on-year growth of 0.3% to 1.2% or a decrease of 0.5% to growth of 0.5% on a currency-neutral basis. Our guidance reflects approximately $6.5 million positive impact from FX for the full year, which includes an estimated $4.3 million benefit in the fourth quarter.

現在讓我們展望一下2025年全年。考慮到我們今年迄今的財務業績，並假設全年匯率為歐元兌美元匯率 1.12，GDP 匯率 1.32（與之前的歐元兌美元匯率 1.10，GDP 匯率 1.30 相比），我們將報告的收入預期範圍更新為 9.42 億美元至 9.51 億美元，按年增長率下降，2% 至 3% 至 1.51% 至 1.3% 0.5% 至年增 0.5%。我們的預期反映出外匯交易將在全年帶來約 650 萬美元的正面影響，其中包括第四季預計的 430 萬美元收益。

We are also updating guidance on our adjusted EBITDA range to $291 million to $293 million, which translates to a year-on-year decrease of 3% to 2.3% or 4.1% to 3.3% currency neutral. Included in the adjusted EBITDA expectation is an approximate $3.5 million tailwind from FX in 2025, including an estimated $1.7 million benefit in the fourth quarter. Please note, this guidance reflects the anticipated impacts of the odd-year versus even-year editorial event calendar comparisons largely impacting the second half of 2025 and as well as some continued lag in a return to pre-Hollywood strike production levels.

我們同時將調整後的 EBITDA 預期範圍更新為 2.91 億美元至 2.93 億美元，這意味著同比下降 3% 至 2.3%（以固定匯率計算）或 4.1% 至 3.3%。調整後的 EBITDA 預期中包含 2025 年外匯帶來的約 350 萬美元利好，其中包括預計第四季 170 萬美元的收益。請注意，本指南反映了奇數年與偶數年編輯活動日程比較的預期影響，主要影響 2025 年下半年，以及好萊塢罷工前生產水平恢復的持續滯後。

On the cost side, our guidance continues to include approximately $8 million in one-off increases in SG&A for SOX acceleration efforts, including $2.5 million expected in the fourth quarter of 2025. The updated adjusted EBITDA guidance also reflects the benefits from our disciplined approach to managing our costs in the current environment.

在成本方面，我們的預期仍然包括約 800 萬美元的一次性銷售、一般及行政費用增加，用於 SOX 加速措施，其中包括預計在 2025 年第四季增加的 250 萬美元。更新後的調整後 EBITDA 指引也反映了我們在當前環境下採取嚴格成本管理方法所帶來的益處。

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

請注意，所有其他與合併相關的成本均不包含在此指導中，因為它們被認為是一次性的，因此不計入調整後的 EBITDA。最後，關稅和其他全球宏觀經濟狀況可能造成的任何更廣泛的潛在影響仍然未知，並且可能無法在本指南中充分體現。

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

接線員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Ron Josey, Citi.

Ron Josey，花旗銀行。

This is Jake Hallac on for Ron Josey. First, Craig, could you take a step back and unpack for us Getty's key AI initiatives in the quarter and how they tie back to your overall AI strategy and potential impacts to '26 revenue? In particular, we'd really like to better understand the structure and benefits of the perplexity partnership?

這裡是傑克·哈拉克，他代替羅恩·約瑟報道。首先，Craig，你能否回顧Getty在本季的主要人工智慧舉措，以及這些舉措如何與你們的整體人工智慧策略連結起來，並對2026年的收入產生潛在影響？我們尤其希望更了解「困惑夥伴關係」的結構和優勢？

And then with respect to iStock, I think you highlighted bundling those AI capabilities directly into the subs. Are you seeing that drive new customer acquisition, retention or upsell? And my second -- and then I have a follow-up. So let's just start there.

至於 iStock，我認為你重點強調了將這些 AI 功能直接捆綁到訂閱服務中。您是否看到這能促進新客戶獲取、客戶留存或追加銷售？我的第二個問題——然後我還有一個後續問題。那就讓我們從這裡開始吧。

Okay. Thanks, Jake. Well, obviously, I can't get into the specifics of the Perplexity deal. It's confidential in nature. But it is a licensing deal very similar to other licensing deals that we've done traditionally with technology platforms that leverage our content within our product offering. So we think it's one of many that are out there, as I mentioned. We did multiple dose in the quarter. And given the volume an investment that's going in the volume of these large language models and the investments going in, we think that could be something that could develop into a material revenue stream for the company.

好的。謝謝你，傑克。很顯然，我不能透露 Perplexity 交易的具體細節。這是機密資訊。但這與我們以往與技術平台達成的其他授權協議非常相似，這些技術平台在我們的產品中利用了我們的內容。所以我們認為這只是眾多同類產品之一，正如我剛才所提到的。我們在該季度進行了多次給藥。鑑於對這些大型語言模型的投資規模和投入，我們認為這可能會發展成為公司重要的收入來源。

With respect to the bundling, yeah, one of the things that we talked about in our last call was bundling the generative AI, most notably, modifications for our customers, so they get more value out of our preset content. And that's what we've been observing in terms of their utilization of our AI capabilities prior to that bundling. That is a strategy that is ultimately focused in on providing value to our customers -- our existing customers.

關於捆綁銷售，是的，我們在上次通話中討論過的一個問題是將生成式人工智慧捆綁銷售，特別是為我們的客戶提供的修改，以便他們能夠從我們的預設內容中獲得更多價值。而這正是我們在整合之前所觀察到的他們對我們人工智慧能力的運用。這項策略的最終目標是為我們的客戶——我們現有的客戶——提供價值。

We think that they are getting value out of it when we talk to them. We expect that that will show up over time in our renewal rates across that subscription business. And we're happy to make those tools available to our existing customers. From a new customer standpoint, we continue to see that our content and the value delivered through our pre-shop content is the primary driver. But we'll see how that evolves over time.

我們認為，當我們與他們交談時，他們能從中獲得價值。我們預計隨著時間的推移，這將反映在我們訂閱業務的續訂率上。我們很高興能為現有客戶提供這些工具。從新客戶的角度來看，我們仍然認為，我們的內容以及透過售前內容提供的價值是主要驅動因素。但我們會看看隨著時間的推移，情況會如何發展。

But it's too early to give you anything with respect to (technical difficulty). But those are the two primary kind of fundamentals of our kind of AI strategy with respect to customer facing. Clearly, we continue to do some level of data licensing for AI training to our third-party platforms, and that continues. So that's kind of the third revenue leg of the AI. And then obviously, we're deploying AI within our -- within our cost base and within our functions across the business to better operationalize the business to drive efficiency.

但現在就此事給出任何消息還為時過早。（技術難題）但就面向客戶而言，這是我們這類人工智慧策略的兩個主要基本要素。顯然，我們繼續向第三方平台提供一定程度的人工智慧訓練資料許可，而且這種情況還會持續下去。所以這算是人工智慧的第三個收入來源。顯然，我們正在將人工智慧部署到我們的成本基礎和業務的各個職能部門中，以更好地實現業務運營，從而提高效率。

That's helpful. And then just quickly, Jenn, on the results. In terms of the customer segments, you gave good details on agency 22% -- down 22% in the quarter. Could you dive a little deeper into the health of the Corporate and Media customer segments and in particular, on Media, maybe just double click on what you said about the Hollywood strikes, like we're not seeing production come back to those pre-strike levels.

那很有幫助。然後，珍妮，簡單說一下結果。就客戶細分而言，您詳細介紹了代理商的情況——該季度下降了 22%。您能否更深入地探討一下企業和媒體客戶群的健康狀況，特別是媒體客戶群，例如，能否再詳細說說您之前提到的好萊塢罷工，例如我們還沒有看到電影製作恢復到罷工前的水平？

So just want to better understand how those other segments are faring. I know you've mentioned Corporate retention rates in the past have been north of 100. So I just want to get a sense of the health of those two segments.

所以，我只是想更了解其他細分市場的情況。我知道您之前提到過，企業員工留存率一直超過 100%。所以我想了解這兩個領域的健康狀況。

Yeah. So Jake, so within Media, in Q3, Media was in decline about 3%. But broadly speaking, within Media itself, the only segments -- there's many subsegments within Media. The only subsegments within Media that were in decline, were still those sort of broadcast and production segment. So we're still seeing those production film segments, subsegments inside of that broad Media space in decline, not quite the levels of decline, of course, that we saw in the height of the dual-strike period. But they're not back, certainly not back to pre-strike levels. And in this quarter, we did see them in decline. So that's what we're referencing there.

是的。所以傑克，在媒體產業，第三季媒體產業下滑了約 3%。但廣義上講，在媒體本身內部，只有幾個細分領域——媒體內部有許多子領域。媒體產業中唯一出現衰退的細分領域，仍然是廣播和製作這類領域。所以我們仍然看到電影製作領域，以及大媒體領域內的各個子領域都在衰落，當然，衰落的程度還沒有達到雙重打擊時期的高峰。但他們還沒有恢復，當然也沒有恢復到罷工前的水準。而本季度，我們確實看到它們的產量有所下降。這就是我們指的是什麼。

Corporate this quarter, we did see in a slight decline. But broadly speaking, that remains a growth segment for us by far, the largest portion of our revenue base approaching 60%. That is the portion of the business where we see both SMBs and enterprise. You are correct. When we think about those enterprise customers, we still see those customers in the 100% -- close to %100 retention level. So a very, very healthy portion of our business.

本季企業業績略有下滑。但總的來說，這仍然是我們迄今為止的成長領域，占我們收入基礎的最大部分，接近 60%。在這個業務領域，我們既能看到中小企業，也能看到大型企業。你說得對。當我們想到那些企業客戶時，我們仍然看到這些客戶的留存率接近 100%。所以，這部分業務非常非常健康。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，基準。

Question on premium access subscription retention. Just curious what that was in 3Q versus 2Q. And how does the rest of the subscription business compare? And I had a follow-up.

關於高級會員訂閱保留率的問題。只是好奇第三季和第二季相比有什麼變化。那麼，訂閱業務的其他部分情況如何呢？我還有後續問題。

Mark, this is Craig. It's not a statistic that we offer out into the market. But our premium access is our -- first of all, it's our largest subscription offering that we have out in the market, it represents roughly about one-third of the company revenue. And the retention rates on that are our highest levels across all of the subscriptions that we offer. And that's held consistent over time.

馬克，我是克雷格。這不是我們會對外公佈的統計數據。但首先，我們的高級存取權限是我們目前市場上最大的訂閱服務，它約占公司收入的三分之一。而且，該訂閱服務的留存率在我們所有訂閱服務中都是最高的。而且這種情況一直保持不變。

So we haven't seen any variability within this year, Q2 to Q3, nor have we seen any variability over years in recent periods. That continues to be an incredibly durable offering for our customers.

因此，我們今年第二季到第三季沒有看到任何波動，近幾年也沒有看到任何波動。對於我們的客戶而言，這仍然是一款非常耐用的產品。

As you move down the subscription stack, most notably into iStock or into Unsplash, we see higher levels of churn there. Obviously, they're focusing in on small businesses and freelancers, those two brands, respectively. And so you see more in and out of that subscription, but still healthy relative to other subscription offerings that would target those same customers.

隨著訂閱層級的降低，尤其是在 iStock 或 Unsplash 等服務中，我們發現用戶流失率更高。顯然，他們分別將重點放在了小型企業和自由工作者這兩個品牌上。因此，你會看到訂閱用戶增減的情況增加，但相對於其他針對相同客戶的訂閱服務而言，仍然保持健康。

So our subscription business continues to perform well. As Jenn referenced in her remarks, we're continuing to see high utilization of the subscriptions as demonstrated through the paid-download side of things and we continue to see retention really strong with historical kind of benchmarks across each and every subscription, but that premium access one is the strongest at the top of the ladder.

因此，我們的訂閱業務繼續表現良好。正如 Jenn 在她的演講中提到的，我們繼續看到訂閱服務的高利用率，付費下載方面就證明了這一點。我們也繼續看到每項訂閱服務的留存率都非常高，達到了歷史基準水平，但高級訪問訂閱服務在所有訂閱服務中表現最為強勁。

Jenn, anything that you would add?

Jenn，你還有什麼要補充的嗎？

No. You just broke up a bit for me there, Mark. I wasn't sure. Were you asking premium access or the annual subscription revenue retention rate overall compared to last quarter?

不。馬克，你剛才那番話讓我有點難過。我不太確定。您問的是高級會員服務還是與上一季相比的年度訂閱收入整體留存率？

No, that was it. Craig covered it there. So or the --

不，就是這樣。克雷格在那裡報道過這件事。所以或者--

Perfect.

完美的。

Maybe one follow-up, if I could. Just in terms of creative, what [cost] covered drove the sequential recovery there? And how should we think about fourth-quarter compares, either sequentially or year over year?

如果可以的話，或許可以再跟進。僅就創意而言，哪些成本涵蓋了該領域的連續復甦？那麼我們應該如何看待第四季的比較數據，無論是環比比較還是同比比較？

Both Jenn and I touched on this, and I wouldn't read too much into the creative growth within Q3. It's -- last year, I don't know if you remember, Mark, but we talked about kind of the creative decline in Q3 of last year because of the premium access allocation between creative and editorial. And as the editorial consumption went up because of things like the Paris Olympics, the allocation of premium access revenues to creative went down. And that created a bit more of a negative impact on creative.

Jenn 和我都談到了這一點，我不會對第三季的創意成長過度解讀。去年，我不知道你是否還記得，馬克，我們討論過去年第三季度創意水平下降的問題，這是由於創意和編輯之間的高級資源分配造成的。隨著巴黎奧運等事件導致編輯內容消費量上升，分配給創意內容的付費存取收入卻下降了。這給創造力帶來了一些負面影響。

Well, the reversal of that this year, right? We don't have a Paris Olympics, and it isn't creating that level of consumption shift. So we benefit on a year-over-year compare basis. But as both Jenn and I referenced, our agency business continues to be in decline. And that is something that has been the primary pressure point against the creative business is really the agency portion of our business.

今年情況正好相反，對吧？我們沒有巴黎奧運會，所以它沒有帶來那種程度的消費轉變。因此，與前一年相比，我們受益匪淺。但正如我和Jenn都提到的那樣，我們的代理業務持續下滑。而這正是創意產業面臨的主要壓力點，其實就是我們業務中的代理部分。

And that kind of performance was I'd say, consistent to where on an event-adjusted basis because, again, we do generate some agency business as a result of things like the Olympics, where sponsors do activation on an event that's been fairly consistent. So we're seeing the business kind of continue as it did in Q2 on the creative side of things, which is a bit soft, and that softness focused in on the agency portion of the business.

我認為，這種表現與按賽事調整後的表現基本一致，因為我們確實會因為奧運會等賽事而獲得一些代理業務，贊助商會在賽事期間開展推廣活動，而這種推廣活動一直相當穩定。所以我們看到，創意方面的業務與第二季的情況大致相同，略顯疲軟，而這種疲軟主要體現在代理商業務部分。

Yeah. And I'm just going to add a little bit more context there. That PA mix shift that Craig mentioned and we both mentioned in our remarks, that's about creative growth this quarter on a currency-neutral basis. About half of that growth came from that year-on-year comparison with that mix shift slipping back to what we know to be the historical allocation between creative and editorial. So that's just sort of that business kind of rightsizing back between creative and editorial. So that's about half of that growth coming from that normalization slipping back.

是的。我再補充一點背景資料。克雷格提到的，也是我們兩人在發言中都提到的，PA組合的變化，指的是本季在固定匯率基礎上的創意成長。其中大約一半的成長來自同比比較，而這種組合轉變又回到了我們所知的創意和編輯之間的歷史分配水平。所以這只是公司在創意和編輯部門之間進行的一種規模調整。所以，大約一半的成長來自於正常化過程的倒退。

And then we mentioned we had a deal hit creative this quarter, which is a great deal for creative that came with some really healthy upfront revenue recognition, and that -- a little less than half of creative's growth came from that. So again, a legitimate bump in creative growth for the quarter, but a bit of a skewing of creative performance in the quarter as a result of that upfront revenue recognition. So to Craig's point, as you think forward to Q4, probably puts us back to very, very low single-digit growth for creative in Q4 when you think about those agency drags continuing into Q4.

然後我們提到，本季創意部門達成了一項交易，這對創意部門來說是一筆非常棒的交易，帶來了非常可觀的預付收入，而且——創意部門近一半的增長都來自這筆交易。所以，本季創意成長確實出現了一個合理的提升，但由於提前確認收入，本季的創意表現出現了一些偏差。所以正如 Craig 所說，展望第四季度，考慮到代理商的拖累會持續到第四季度，創意領域的成長可能會回到非常非常低的個位數水準。

And it does appear that there are no further questions at this time. I would now like to turn it back to Steven Kanner for any additional or closing remarks.

目前看來，似乎沒有其他問題了。現在我想把發言權交還給史蒂文·坎納，讓他補充或作總結發言。

Thank you again for joining us today and for your continued interest in our company. As always, our team is available to follow up on any additional inquiries you may have after the call. We look forward to staying connected and updating you on our progress in the quarters ahead. Have a great day.

再次感謝您今天蒞臨，也感謝您一直以來對我們公司的關注。和以往一樣，通話結束後，我們的團隊隨時準備好解答您可能有的任何其他問題。我們期待在接下來的幾個季度與您保持聯繫，並向您報告我們的進度。祝你有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful afternoon.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，祝您下午愉快。