Getty Images Holdings Inc (GETY) 2025 Q4 法說會逐字稿

Good afternoon and welcome to Getty Images' fourth-quarter and full-year 2025 earnings conference call.

下午好，歡迎參加蓋蒂圖片社2025年第四季及全年財報電話會議。

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

今天的通話將會被錄音。（操作說明）

At this time, I would like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

此時，我謹將會議交給蓋蒂圖片社投資人關係與財務副總裁史蒂文‧坎納。謝謝。你可以開始了。

Good afternoon. Thank you for joining our fourth-quarter and full-year 2025 earnings call.

午安.感謝您參加我們2025年第四季及全年業績電話會議。

Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer.

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·萊頓。

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 fourth-quarter 2025 Shutterstock operating results. We appreciate your understanding.

在開始之前，我們想指出，由於監管審查程序仍在進行中，我們將無法對 Shutterstock 2025 年第四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.

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。

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

這些風險、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.

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。

Reconciliations of GAAP to non-GAAP measures, as well as a description, limitations, and rationale for using each measure, can be found in our filings with the SEC.

有關 GAAP 與非 GAAP 指標的調節表，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 will open the call for your questions.

在我們發言完畢後，我們將開放提問環節。

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

接下來，我將把電話交給我們的執行長克雷格彼得斯。

Thanks, Steven. Thanks to everyone for taking the time to join us today.

謝謝你，史蒂文。感謝各位今天抽空參加。

I will touch on Q4 and the full-year 2025 business performance and progress, before Jennifer takes you through the full results in more detail and our 2026 outlook.

我將簡要介紹 2025 年第四季和全年業務表現及進展，之後 Jennifer 將更詳細地向大家介紹全部業績和 2026 年展望。

I want to start by speaking to the big picture: 2025 was the 30th anniversary for Getty Images. It was a strong year for the company.

我想先談談大局：2025 年是 Getty Images 成立 30 週年。對公司而言，這是業績強勁的一年。

We delivered record revenue, with growth across Creative and Editorial. We strengthened our recurring revenue base and expanded our long-term partnerships.

我們實現了創紀錄的收入，創意和編輯業務均實現了成長。我們鞏固了經常性收入基礎，並擴大了長期合作關係。

In a year marked by volatility in the broader market, our performance demonstrates the durability of our business model, powered by high-quality content; deep customer relationships; exclusive partnerships and access; and a diversified revenue mix.

在市場整體波動劇烈的一年裡，我們的業績證明了我們商業模式的持久性，這得益於高品質的內容；深厚的客戶關係；獨家合作夥伴關係和管道；以及多元化的收入結構。

For the full year, we delivered revenue of $981.3 million. Again, that is a record, representing year-on-year growth of 4.5% or 3.8% on a currency-neutral basis.

全年營收達 9.813 億美元。這再次創下紀錄，年增 4.5%，以固定匯率計算成長 3.8%。

We delivered adjusted EBITDA of $320.9 million and a margin of 32.7%.

我們實現了調整後 EBITDA 3.209 億美元，利潤率為 32.7%。

Both revenue and adjusted EBITDA are well above the high end of our guidance.

營收和調整後 EBITDA 均遠高於我們預期的上限。

In the fourth quarter, we grew revenue to $282.3 million, representing a year-over-year increase of 14.1% and 12.7% on a currency-neutral basis. The top-line performance was accompanied with strong profitability, with adjusted EBITDA rising to $104.1 million, up 29.1%, reported; and 27.2% on a currency-neutral basis, at a margin of 36.9%.

第四季度，我們的營收成長至 2.823 億美元，年增 14.1%，以固定匯率計算成長 12.7%。在營收成長的同時，獲利能力也十分強勁，經調整的 EBITDA 增至 1.041 億美元，成長 29.1%；以固定匯率計算，成長 27.2%，利潤率為 36.9%。

Within the quarter, we delivered across all revenue categories. We executed really well across the quarter to deliver a solid foundation of revenue.

本季度，我們實現了所有收入類別的目標。本季我們執行得非常出色，為營收奠定了堅實的基礎。

On top of this foundation, we secured two significant multi-year licensing agreements in the core. One deal is with a major social platform that included display rights of our pre-shot visual content across Creative and Editorial. The other deal, with a large AI company, covering use of our data in Creative content.

在此基礎上，我們取得了兩項重要的多年核心技術授權協議。其中一項協議是與一家大型社交平台達成的，其中包括我們在創意和編輯領域預先拍攝的視覺內容的展示權。另一項協議是與一家大型人工智慧公司達成的，內容涵蓋我們在創意內容中使用我們的數據。

Both agreements include meaningful accelerated revenue components. But they also add downstream recurring revenue streams, which are additive to our core.

兩項協議均包含意義重大的加速收入條款。但它們也增加了下游的經常性收入來源，這對我們的核心業務是有益的。

Throughout 2025, we continued to invest in and benefit from our unique assets: award-winning talent; prestigious partnerships; unparalleled access; deep expertise across our teams; exclusive contributors; comprehensive coverage and archive; long-standing customer relationships; and a high-quality ecommerce offering.

2025 年全年，我們繼續投資並受益於我們獨特的資產：屢獲殊榮的人才；享有盛譽的合作夥伴關係；無與倫比的資源；我們團隊的深厚專業知識；獨家撰稿人；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。

These are the foundations of our durable business and what sets Getty Images apart in terms of our offering and our results.

這些都是我們業務得以長久發展的基礎，也是蓋蒂圖片社在產品和服務以及成果方面脫穎而出的原因。

We renewed key partnerships with organizations such as AFP, NASCAR, and the NHL.

我們與法新社、納斯卡賽車協會和國家冰球聯盟等組織續簽了重要的合作關係。

We increased our total annual subscription revenues to more than 54%.

我們的年度訂閱總收入成長了 54% 以上。

We grew Unsplash+ by more than 30% to more than 50,000 subscribers.

Unsplash+ 的訂閱用戶成長了 30% 以上，達到 5 萬多人。

We grew Custom Content by more than 20% and tapped into new growth opportunities in video and custom AI training sets.

我們的客製化內容成長了 20% 以上，並在影片和客製化 AI 訓練集方面挖掘了新的成長機會。

We executed new foundational recurring licensing models through integration of our content into large language models and social media.

我們透過將內容整合到大型語言模型和社群媒體中，實施了新的基礎性循環授權模式。

The unique capabilities of Getty Images were on display at the Milano Cortina 2026 Olympic Winter Games last month. I had the true privilege of witnessing our unparalleled operation: 120 photographers, editors, and editorial operational experts, who leverage deep sports knowledge and proprietary technology to capture and distribute more than 6 million images, many of those reaching the customer before the broadcast reaches its audience.

上個月在米蘭-科爾蒂納 2026 年冬季奧運會上，Getty Images 的獨特功能得到了充分展現。我有幸親眼見證了我們無與倫比的運作：120 名攝影師、編輯和編輯營運專家，他們利用深厚的體育知識和專有技術，拍攝和分發超過 600 萬張圖片，其中許多圖片在廣播到達觀眾之前就已到達客戶手中。

Our team continues to push creativity boundaries, using new techniques and technologies to produce truly original imagery.

我們的團隊不斷突破創意界限，運用新技術和新方法，創造出真正原創的圖像。

One standout example featured photographers shooting with vintage Graflex cameras, echoing the equipment used when Cortina last hosted the games in 1956. Our customers loved it.

其中一個突出的例子是攝影師使用老式 Graflex 相機進行拍攝，這與 1956 年科爾蒂納上次舉辦奧運會時使用的設備如出一轍。我們的顧客非常喜歡。

Combine this with our rich archive and Getty Images provides our customers with all they needed to tell powerful editorial and commercial stories about these games.

結合我們豐富的圖片庫，Getty Images 為我們的客戶提供了講述有關這些比賽的精彩新聞報道和商業故事所需的一切。

Our commercial team was on the ground, delivering best-in-class service to the International Olympic Committee and its family of partners and sponsors, including Allianz, Airbnb, Coca-Cola, Procter & Gamble, Visa, AB InBev, and Samsung Electronics, to name a few.

我們的商務團隊在現場為國際奧委會及其合作夥伴和贊助商（包括安聯、Airbnb、可口可樂、寶潔、Visa、百威英博和三星電子等）提供一流的服務。

Events like the Winter Games continue to demonstrate why global partners rely on Getty Images' content and solutions to support them in achieving their strategic storytelling aims and why our Editorial business remains a durable and essential revenue driver.

冬季奧運等賽事不斷證明，為什麼全球合作夥伴依賴 Getty Images 的內容和解決方案來支持他們實現戰略敘事目標，以及為什麼我們的編輯業務仍然是持久且重要的收入驅動力。

In product, we remain focused on making it even easier for our customers to discover our high-quality content. As you will recall, we previously invested in machine learning capabilities that enable natural language search across our Creative library. We are now extending those capabilities to our Editorial offering, with testing producing promising results, thus far.

在產品方面，我們始終致力於讓客戶更容易發現我們的高品質內容。您可能還記得，我們​​之前投資了機器學習技術，以實現對我們創意庫的自然語言搜尋。我們現在將這些功能擴展到我們的編輯服務中，到目前為止，測試結果令人鼓舞。

These investments not only improve customer experience, they reinforce our long-term competitive advantage and support stable recurring revenue across our subscription and enterprise customer base.

這些投資不僅改善了客戶體驗，還鞏固了我們的長期競爭優勢，並為我們的訂閱和企業客戶群提供了穩定的經常性收入。

To update on the merger, the transaction is now cleared without condition in all jurisdictions, except for the UK. In its Phase 2 interim report, the CMA, the UK regulatory body reviewing the transaction, narrowed their concern to the UK editorial market.

關於此次合併的最新進展，除英國外，該交易目前已在所有司法管轄區獲得無條件批准。在第二階段中期報告中，負責審查該交易的英國監管機構 CMA 將關注範圍縮小到英國編輯市場。

We vigorously disagree that this transaction would have any negative impact on the UK editorial market. In fact, we believe this will benefit UK customers. With that said, we are pragmatic, given the extremely limited importance of Shutterstock editorial to this overall transaction. As a result, we offered the CMA remedies that we believe more than addressed our concerns and could be quickly executed, post-closing.

我們強烈反對這項交易會對英國出版市場產生任何負面影響的說法。事實上，我們相信這將使英國消費者受益。話雖如此，考慮到 Shutterstock 的編輯內容對此交易的整體影響極為有限，我們採取了務實的態度。因此，我們向 CMA 提供了我們認為不僅能夠解決我們的擔憂，而且可以在交易完成後迅速執行的補救措施。

Subsequent to our submission of proposed remedies, we were disappointed to learn the CMA was extending their timeline to deliver the final report by an additional eight weeks. We now expect a decision in June.

在我們提交了擬議的補救措施之後，我們失望地得知 CMA 將最終報告的提交期限延長了八週。我們現在預計六月會做出決定。

With all that said, we enter 2026 in our 31st year, with momentum coming out of 2025, a strong pipeline of long-term deals, and a continued customer demand for high-quality coverage and visual content.

綜上所述，我們進入了 2026 年，這是我們的第 31 個年頭，延續了 2025 年的良好勢頭，擁有強大的長期交易儲備，並且客戶對高品質報道和視覺內容的需求持續增長。

Our diversified revenue base; premium content and services; and trusted brands position us to perform consistently, even as the broader market experienced lack of variability.

我們多元化的收入基礎、優質的內容和服務以及值得信賴的品牌，使我們能夠持續取得優異的業績，即使整個市場缺乏波動性。

We remain focused on delivering our differentiated offering, which makes Getty Images the partner of choice now and into the future. I am more excited than ever for what lies ahead.

我們將繼續專注於提供差異化的服務，這使得 Getty Images 成為現在和未來首選的合作夥伴。我對未來充滿前所未有的期待。

With that, I will turn the call over to Jen to take you through the more detailed financials.

接下來，我會把電話交給Jen，讓她為大家詳細介紹財務狀況。

With both revenue and adjusted EBITDA landing well above the high end of our guidance, we ended 2025 with incredible momentum; and a reaffirmation of the strength of our business and the value of visual content.

2025 年，我們的營收和調整後 EBITDA 均遠超預期上限，以強勁的勢頭結束了這一年；這也再次證明了我們業務的實力和視覺內容的價值。

Q4 revenue was $282.3 million, up 14.1% or 12.7% on a currency-neutral basis.

第四季營收為 2.823 億美元，年增 14.1%，以固定匯率計算成長 12.7%。

Full-year revenue of $981.3 million was up 4.5% or 3.8% on a currency-neutral basis. As Craig just mentioned, this full-year revenue performance is a new record. This is the highest annual reported revenue this company has seen in its over 30 years of existence, a fantastic achievement that is a testament not only to the power of our content but also to the hard work and dedication of our employees across this business.

全年營收達 9.813 億美元，年增 4.5%，以固定匯率計算成長 3.8%。正如克雷格剛才提到的，這一全年營收業績創下了新紀錄。這是該公司成立 30 多年來報告的最高年度收入，這項了不起的成就不僅證明了我們內容的強大影響力，也證明了我們全體員工的辛勤工作和奉獻精神。

Q4 results include approximately $40 million of revenue recognized from the two new multi-year licensing agreements Craig mentioned. In accordance with Generally Accepted Accounting Principles, or GAAP, these deals had heavier accelerated revenue recognition in the quarter, with revenue allocated across Creative, Editorial, and Other revenue, as a result of the content included in those deals.

第四季業績包括克雷格提到的兩項新的多年授權協議確認的約 4000 萬美元收入。根據公認會計原則（GAAP），由於這些交易包含內容，因此這些交易在本季度產生了較重的加速收入確認，收入被分配到創意、編輯和其他收入。

However, these deals, combined, have a total deal value of approximately $65 million, spanning the multi-year life of the agreements, which creates a future revenue stream beyond Q4. These deals have combined cash impacts of $15 million in 2025, $20 million in 2026, and the balance then spread evenly across the remainder of the deal terms.

然而，這些交易加起來的總價值約為 6500 萬美元，涵蓋協議的多年有效期，這將在第四季度之後創造未來的收入來源。這些交易在 2025 年將產生 1,500 萬美元的現金影響，在 2026 年將產生 2,000 萬美元的現金影響，剩餘部分將在交易剩餘期限內平均分攤。

Given the magnitude of these deals and the accelerated revenue recognition in Q4, there is impact across most of the financial metrics we typically comment on each quarter. I will do my best to highlight wherever there was an especially material impact.

鑑於這些交易的規模以及第四季度加速確認收入，我們通常每季評論的大多數財務指標都會受到影響。我將盡我所能，重點指出那些產生了特別實質影響的地方。

Also included in our results are certain other impacts of revenue recognition timing, which reduced Q4 revenue growth by approximately 170 basis points; however, increased the full-year growth rate by 160 basis points.

我們的業績還包括收入確認時間的其他一些影響，這導致第四季度收入增長減少了約 170 個基點；然而，卻使全年增長率提高了 160 個基點。

Excluding the impact of the two large deals and other timing elements, Q4 and full-year revenue would have been down 0.7% or 2.1%, currency-neutral; and down 1.4% or 2%, currency-neutral, respectively.

若排除兩項大交易和其他時間因素的影響，以固定匯率計算，第四季和全年營收將分別下降 0.7% 或 2.1%；以固定匯率計算，將分別下降 1.4% 或 2%。

While our agency business remains challenged as expected, both corporate and media returned to growth in the fourth quarter with good momentum, as we exited the year.

儘管我們的代理商業務仍然面臨預期的挑戰，但隨著我們結束這一年，企業和媒體業務在第四季度都恢復了成長，並保持了良好的勢頭。

Corporate was particularly strong, with growth over 25% in Q4, fueled by gains across most of our sub-industry segments and benefiting from the impact of those two larger multi-year deals.

企業業務表現尤為強勁，第四季成長超過 25%，這得益於我們大多數子行業領域的成長，以及兩項大型多年期交易的影響。

Media was in low-single-digit growth in Q4, including positive performance in our broadcast and production segment, which was the segment weakened most by the dual Hollywood strikes, as well as the LA fires.

第四季媒體業務實現了個位數低成長，其中廣播和製作部門表現良好，該部門是受好萊塢兩次罷工以及洛杉磯火災影響最大的部門。

Geographically, the Americas region, which is where the majority of the revenue from the two large deals was recorded, was up 20.8% in Q4 on a currency-neutral basis. EMEA was up 6.1%. APAC was down 13%, due primarily to challenges in the agency business.

從地理上看，美洲地區（兩筆大交易的大部分收入都來自該地區）第四季度按固定匯率計算增長了 20.8%。歐洲、中東和非洲地區上漲6.1%。亞太地區下滑 13%，主要原因是代理業務面臨挑戰。

Annual subscription revenue grew 1% year on year and was essentially flat on a currency-neutral basis, with Premium Access, our largest subscription, up 4.1% in Q4 or 5.3%, currency-neutral. Annual subscription revenue was 48.6% of total revenue in Q4 compared to 54.9% in the prior year, with that step-back due to the fact that neither of the two large deals are included in subscription revenue.

年度訂閱營收年增 1%，以固定匯率計算基本持平。其中，高級存取（Premium Access）是我們最大的訂閱服務，第四季成長 4.1%，以固定匯率計算成長 5.3%。第四季年度訂閱收入佔總營收的 48.6%，而上年同期為 54.9%，此下滑是由於兩項大額交易均未計入訂閱收入。

We see a formulaic step-back here only. This is not, in any way, an indication of the health of our subscription basis. In fact, excluding impact from those deals, annual subscription revenue mix was 56.6%, meaningfully up from 54.9% in Q4 '24.

我們看到的只是公式化的倒退。這絕不代表我們的訂閱用戶群健康狀況良好。事實上，如果排除這些交易的影響，年度訂閱收入佔比為 56.6%，較 2024 年第四季的 54.9% 有顯著成長。

Active annual subscribers totaled 278,000 in the Q4 LTM period compared to 314,000 in the comparable 2024 period. The decline was driven by iStock, where we continue to see some impact from the June 2025 discontinuation of our free-trial customer-acquisition program. However, Getty Images' annual subscriber counts remain stable. We continue to see Unsplash+ subscriber counts grow.

截至 2024 年 12 月 4 日，第四季活躍年度訂閱用戶總數為 278,000 人，而 2024 年同期為 314,000 人。這次下滑主要受 iStock 的影響，我們持續感受到 2025 年 6 月停止免費試用客戶獲取計畫的影響。然而，Getty Images的年度訂閱用戶數量保持穩定。我們看到 Unsplash+ 的訂閱用戶數量持續成長。

The annual subscription revenue retention rate was 89.9% for the Q4 LTM period compared to 92.9% in the corresponding 2024 period. The year-on-year decline primarily reflects the absence of major political, sporting, and certain one-time events that boosted à la carte subscriber spend in 2024.

截至 2024 年 4 月 12 日的年度訂閱收入留存率為 89.9%，而 2024 年同期則為 92.9%。年比下降主要反映了 2024 年缺乏重大政治事件、體育賽事和某些一次性事件，這些事件原本會提振單點訂閱用戶的支出。

Paid downloads were 92.1 million. Our video attachment rate was 15.9% in Q4 LTM, both metrics relatively flat to the prior year period.

付費下載量為 9,210 萬次。第四季度過去12個月的視訊附件率達到15.9%，這兩個指標與去年同期相比基本持平。

Q4 Creative revenue was $149 million, up 4.6% year on year and 3.1% on a currency-neutral basis. The increase was primarily driven by the impact of the accelerated revenue from the two larger deals but also reflects growth across Premium Access, Unsplash+, and Custom Content. These favorable impacts outweighed a continuation of challenging agency trends, which were a drag on Creative, with agency declining 16% in Q4.

第四季創意營收為 1.49 億美元，年增 4.6%，以固定匯率計算成長 3.1%。此次成長主要受兩筆較大交易帶來的收入加速成長的影響，但也反映了進階存取、Unsplash+ 和客製化內容的成長。這些有利影響抵消了持續存在的挑戰性代理趨勢，這些趨勢拖累了創意部門，導致代理商部門在第四季度下降了 16%。

For the full-year, Creative revenue was $556.9 million, up 0.7% or 0.2%, currency-neutral.

全年來看，創意業務收入為 5.569 億美元，成長 0.7% 或以固定匯率計算成長 0.2%。

Q4 Editorial revenue was $109.4 million, up 21.4% year on year and 19.9% on a currency-neutral basis. All four Editorial verticals -- news, sport, entertainment, and archive -- were in year-on-year growth, even while up against the challenging year-on-year compare, driven by the 2024 election year. This strong Editorial performance was driven, in part, by contribution from the two large deals, as well as strong growth in assignments, which were up 20.1% year on year or 18.3%, currency-neutral.

第四季編輯營收為 1.094 億美元，年增 21.4%，以固定匯率計算成長 19.9%。儘管面臨 2024 年大選年帶來的嚴峻的同比挑戰，但新聞、體育、娛樂和檔案這四個編輯垂直領域均實現了同比增長。編輯業務的強勁表現部分得益於兩筆大交易的貢獻，以及任務量的強勁增長，同比增長 20.1%，按固定匯率計算增長 18.3%。

For the full year, Editorial revenue was $369.6 million, an increase of 6.9% or 6.1%, currency-neutral, with, again, growth across all four verticals, reflecting our outstanding coverage of more than 160,000 events annually and authentic historical visual content that only Getty Images can deliver.

全年，編輯收入為 3.696 億美元，增長 6.9% 或按固定匯率計算增長 6.1%，所有四個垂直領域均再次實現增長，這反映了我們每年對超過 16 萬場活動的出色報道，以及只有 Getty Images 才能提供的真實歷史視覺內容。

Q4 Other revenue was $23.9 million, an increase of $9.1 million from Q4 2024, primarily due to the impact from the two large deals.

第四季其他收入為 2,390 萬美元，比 2024 年第四季增加了 910 萬美元，這主要是由於兩筆大交易的影響。

For the full year, Other revenue was $54.8 million, up 35.2% on a reported and currency-neutral basis.

全年其他收入為 5,480 萬美元，按報告和匯率中性計算增長 35.2%。

Revenue less our cost of revenue as a percentage of revenue was strong at 74.8% compared with 73.5% in Q4 2024; and, for the full year, 73.4%, up from 73.1% in 2024, with the year-on-year increase due largely to product mix.

營收減去營收成本佔營收的百分比為 74.8%，高於 2024 年第四季的 73.5%；全年為 73.4%，高於 2024 年的 73.1%，年成長主要歸功於產品組合。

Q4 SG&A expense was $111.6 million, up $6.1 million year on year, with our expense rate decreasing to 39.5% of revenue from 42.7% last year, with the rate favorability driven by strong revenue performance.

第四季銷售、一般及行政費用為 1.116 億美元，年增 610 萬美元，費用率從去年的 42.7% 降至收入的 39.5%，費用率的下降得益於強勁的收入表現。

For the full year, SG&A increased by $8.2 million to 42.4% of revenue, down from 43.4% last year, with that decrease in rate, again, primarily driven by the increase in revenue.

全年來看，銷售、一般及行政費用增加了 820 萬美元，佔收入的 42.4%，低於去年的 43.4%，這一比例的下降，同樣主要是由於收入的增長。

Excluding stock-based compensation, SG&A was $107.1 million in the quarter, up $6 million year on year due primarily to approximately $2.5 million of professional fees tied to the acceleration of our SOX compliance efforts and higher incentive compensation expense tied to strong financial performance.

不計入股票選擇權費用，本季銷售、一般及行政費用為 1.071 億美元，年增 600 萬美元，主要原因是與加快 SOX 合規工作相關的約 250 萬美元專業費用，以及與強勁的財務業績相關的更高激勵性薪酬支出。

As a percentage of revenue, adjusted SG&A decreased to 37.9% of revenue from 40.9% of revenue in Q4 2024.

調整後的銷售、一般及行政費用佔收入的百分比從 2024 年第四季的 40.9% 下降至 37.9%。

For the full year, adjusted SG&A increased by $13.2 million to $399.1 million or 40.7% of revenue compared to 41.1% of revenue in the prior year.

全年調整後的銷售、一般及行政費用增加了 1,320 萬美元，達到 3.991 億美元，佔收入的 40.7%，而上一年佔收入的 41.1%。

For the full year, SG&A included $7.8 million of SOX acceleration costs, as expected; and $9.9 million of fees related to our ongoing AI litigation.

全年來看，銷售、一般及行政費用包括 780 萬美元的 SOX 加速成本（符合預期）；以及 990 萬美元與我們正在進行的 AI 訴訟相關的費用。

Q4 adjusted EBITDA was $104.1 million, up 29.1% or 27.2% on a currency-neutral basis. Adjusted EBITDA margin was 36.9% compared to 32.6% in Q4 2024.

第四季調整後 EBITDA 為 1.041 億美元，較去年同期成長 29.1%，以固定匯率計算成長 27.2%。調整後 EBITDA 利潤率為 36.9%，而 2024 年第四季為 32.6%。

For 2025, adjusted EBITDA was $320.9 million, up 6.9%, reported, and 5.8% on a currency-neutral basis. Adjusted EBITDA margin was 32.7% compared to 32% in 2024.

2025 年調整後 EBITDA 為 3.209 億美元，以報告資料計算成長 6.9%，以固定匯率計算成長 5.8%。調整後 EBITDA 利潤率為 32.7%，而 2024 年的預期利潤率為 32%。

Excluding the impact of accelerated SOX compliance costs and litigation costs, our full-year adjusted EBITDA margin would have been 34.5%.

如果排除加速 SOX 合規成本和訴訟成本的影響，我們全年的調整後 EBITDA 利潤率將達到 34.5%。

These outstanding profitability results reflect not only our record revenue performance but also our company's longstanding demonstrated ability to manage costs and maintain fiscal discipline.

這些出色的獲利表現不僅反映了我們創紀錄的收入表現，也反映了我們公司長期以來在成本控制和財務紀律方面所展現出的能力。

CapEx was $13 million in Q4, a decrease of $2.1 million, year over year. CapEx as a percentage of revenue was 4.6% compared to 6.1% in the prior year period, with that rate favorability due not only to the decreased spend but also to strong Q4 revenue delivery.

第四季資本支出為 1,300 萬美元，較去年同期減少 210 萬美元。資本支出佔收入的百分比為 4.6%，而上年同期為 6.1%，這一有利因素不僅是支出減少，而且是第四季度強勁的收入成長。

For the full year, CapEx was $59.5 million, up $2.1 million year over year, representing 6.1% of revenue, consistent with the last year and within our expected range of 5% to 7% of revenue.

全年資本支出為 5,950 萬美元，比上年增加 210 萬美元，佔收入的 6.1%，與上年持平，在我們預期的 5% 至 7% 的收入範圍內。

Adjusted EBITDA less CapEx was $91.1 million in Q4, up 39.1% or 38.3% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 32.3% compared to 26.5% in Q4 2024.

第四季調整後 EBITDA 減去資本支出為 9,110 萬美元，年增 39.1%，以固定匯率計算成長 38.3%。經調整的 EBITDA 減去資本支出後的利潤率為 32.3%，而 2024 年第四季為 26.5%。

For the full year, adjusted EBITDA less CapEx was $261.3 million, an increase of 7.6% or 7%, currency-neutral.

全年調整後 EBITDA 減去資本支出為 2.613 億美元，成長 7.6% 或 7%（以匯率中立計算）。

Free cash flow was $7.7 million in Q4 compared to $24.6 million in Q4 2024. The decrease in free cash flow reflects higher cash interest expense of $45.1 million in Q4, an increase of $22.4 million over the prior year.

第四季自由現金流為 770 萬美元，而 2024 年第四季自由現金流為 2,460 萬美元。自由現金流的減少反映了第四季度現金利息支出增加 4,510 萬美元，比去年同期增加了 2,240 萬美元。

Cash taxes paid in the quarter were $11.9 million, down from $13.3 million in Q4 2024.

本季繳納的現金稅款為 1,190 萬美元，低於 2024 年第四季的 1,330 萬美元。

For the full year, we generated $5.7 million in free cash flow compared with $60.9 million in 2024, with that full-year decrease primarily driven by an increase in cash paid for merger-related expenses.

全年自由現金流為 570 萬美元，而 2024 年為 6,090 萬美元，全年自由現金流下降的主要原因是支付的與併購相關的現金增加。

We finished the year with $90.2 million of balance sheet cash, down $31 million from Q4 '24 and down $19.4 million from Q3 of 2025. The decrease in cash year on year is due to $45.7 million of merger-related expenses, including $12.5 million in Q4, as well as $36.4 million of refinancing related fees paid during the year,mwith $19.6 million paid in the fourth quarter.

年底時，我們的資產負債表現金為 9,020 萬美元，比 2024 年第四季減少了 3,100 萬美元，比 2025 年第三季減少了 1,940 萬美元。現金年減的原因是與合併相關的支出 4,570 萬美元，其中第四季支出 1,250 萬美元，以及本年度支付的再融資相關費用 3,640 萬美元，其中第四季支付 1,960 萬美元。

As of December 31, we had total debt outstanding of $2.01 billion, which included $628 million of 10.5% senior secured notes issued in Q4 to fund our pending merger, with the proceeds held in escrow; $540 million of 11.25% senior secured notes; EUR497 million term loan converted using exchange rates, as of December 31, 2025, with an applicable rate of 7.94%; $295 million of 14% senior unsecured notes; USD40 million term loan at 11.25%, fixed rate; and $5 million of 9.75% senior unsecured notes.

截至 12 月 31 日，我們的未償債務總額為 20.1 億美元，其中包括：第四季度發行的 6.28 億美元 10.5% 優先擔保票據，用於為我們正在進行的合併提供資金，所得款項已存入託管帳戶；5.4 億美元 11.25% 高級擔保票據；日的匯率折算，適用利率為 7.94%；2.95 億美元 14% 優先無擔保票據；4,000 萬美元 11.25% 固定利率定期貸款；以及 500 萬美元 9.75% 優先無擔保票據。

We also had $150 million revolver that remains undrawn, giving us access to $240.2 million of total liquidity, as of December 31.

截至 12 月 31 日，我們還有 1.5 億美元的循環信貸額度尚未提取，使我們總共擁有 2.402 億美元的流動資金。

Our net leverage was 4.0 times at the end of Q4 compared to 3.97 times in Q4 of 2024.

截至 2024 年第四季末，我們的淨槓桿率為 4.0 倍，而 2024 年第四季末的淨槓桿率為 3.97 倍。

Considering the foreign exchange rates, applicable interest rates, and mandatory amortization on our debt balances, as of December 31, our estimated cash interest for 2026, net of interest earned on cash held in escrow, is $188 million.

考慮到外匯匯率、適用利率以及我們債務餘額的強制性攤銷，截至 12 月 31 日，我們預計 2026 年的現金利息（扣除託管現金所賺取的利息）為 1.88 億美元。

Please note, the first cash interest payment related to the $628 million of merger financing currently held in escrow is due in May of 2026. The full-year 2026 cash interest estimate includes a second payment due on the merger outside end date of October 6.

請注意，目前託管的 6.28 億美元合併融資的第一筆現金利息支付將於 2026 年 5 月到期。2026 年全年現金利息估算包括合併完成後在 10 月 6 日截止日期之外到期的第二筆款項。

In summary, we are incredibly proud to have closed the year with a financial performance that meaningfully exceeded our guidance and reflects the value we continue to provide for our customers.

總而言之，我們非常自豪地宣布，我們今年的財務表現顯著超出預期，這反映了我們持續為客戶提供的價值。

We look forward to building on this momentum in 2026, with the added tailwind of a strong Editorial events calendar, which culminated with us doing what we do best at the Winter Olympics.

我們期待在 2026 年延續這一勢頭，並藉助強大的編輯活動日程帶來的額外助力，最終在冬季奧運會上發揮了我們最擅長的作用。

With that, let's turn to our full-year outlook for 2026:

接下來，讓我們展望一下2026年的全年情況：

We anticipate revenue of $948 million to $988 million, down 3.4% to up 0.6% year over year and down 4.5% to 0.5%, currency-neutral. Embedded in this guidance is an assumption for FX rates with the euro at [1.17] and the GBP at [1.34], which implies a tailwind on revenue of $11.2 million; of which, approximately $7.5 million is expected in the first quarter.

我們預計營收為 9.48 億美元至 9.88 億美元，年減 3.4% 至成長 0.6%，以固定匯率計算下降 4.5% 至 0.5%。該指導意見中隱含了歐元兌英鎊匯率為 1.17，英鎊兌歐元匯率為 1.34 的假設，這意味著收入將獲得 1,120 萬美元的利好；其中，預計第一季將獲得約 750 萬美元。

We expect adjusted EBITDA of $279 million to $295 million, down 12.9% to 8.1% year over year and down 13.9% to 9.1%, currency-neutral. Included in the adjusted EBITDA expectations is a similar cadence for estimated FX impact, with an approximate $3.6 million tailwind in 2026; of which, approximately $2.2 million is expected in the first quarter.

我們預計調整後 EBITDA 為 2.79 億美元至 2.95 億美元，年減 12.9% 至 8.1%，以固定匯率計算下降 13.9% 至 9.1%。調整後的 EBITDA 預期中包含了類似的匯率影響估計，預計 2026 年將帶來約 360 萬美元的利多；其中，預計第一季將帶來約 220 萬美元。

Please note the anticipated decline in revenue and adjusted EBITDA is entirely attributable to the timing of revenue recognition for the two large multi-year licensing agreements signed in Q4 of 2025. This accelerated revenue impact creates a challenging comparison for 2026, especially in Q4; and more than offset the anticipated tailwind from the even-year Editorial calendar.

請注意，預計收入和調整後 EBITDA 的下降完全歸因於 2025 年第四季度簽署的兩項大型多年許可協議的收入確認時間。這種加速成長的營收影響使得 2026 年的業績比較面臨挑戰，尤其是在第四季；並且完全抵銷了偶數年編輯計畫帶來的預期利好。

Excluding the $40 million of accelerated revenue recognized in Q4, our full-year 2026 revenue outlook would reflect expected growth: up 0.7% to 4.9% year over year or down 0.5% to up 3.7%, currency-neutral.

除第四季度確認的 4000 萬美元加速收入外，我們對 2026 年全年收入的預期將反映出預期的增長：同比增長 0.7% 至 4.9%，或同比下降 0.5% 至同比增長 3.7%（按匯率中性計算）。

Our adjusted EBITDA would be down 2.4% to up 2.9% or down 3.6% to up 1.7%, currency-neutral.

按匯率不變，我們的調整後 EBITDA 將下降 2.4% 至成長 2.9%，或下降 3.6% 至成長 1.7%。

The emphasis here is that absent the impact of those challenging year-on-year comps, our core business is indeed expected to be in growth.

這裡的重點是，如果不考慮那些具有挑戰性的同比數據的影響，我們的核心業務確實有望實現成長。

On the cost side, our guidance includes approximately $5.6 million in one-off increases in SG&A for continued SOX compliance acceleration efforts.

在成本方面，我們的預期包括為持續加快 SOX 合規工作而一次性增加約 560 萬美元的銷售、一般及行政費用。

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

請注意，所有其他與合併相關的成本均不包含在此指導中，因為它們被認為是按時發生的，因此不計入調整後的 EBITDA。

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

最後，全球宏觀經濟狀況可能帶來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。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

Maybe, Craig and Jennifer, talk to us a little bit more about the licensing deals. Clearly, these had a lot of impact on the quarter. Pretty exciting to hear about who you are partnering with. I would love to hear more insights on just the business applicability of it and how you are thinking about these licensing deals, longer term. Should we expect more to come?

克雷格和詹妮弗，或許可以再跟我們多談談授權協議方面的事情。顯然，這些因素對本季產生了很大影響。聽到你們的合作夥伴是誰，真是令人興奮。我很想聽聽您對這項技術在商業應用方面的更多見解，以及您如何看待這些授權協議的長期發展。我們是否應該預期會有更多類似事件發生？

And then, on the subscription side of the business, Jen, you laid out some great examples as to why subscribers did what they did but can you just help us a little bit more on how active annual subs declined as much as they did? And then, a little bit more on retention rates, please?

然後，關於訂閱業務方面，Jen，你列舉了一些很好的例子來說明訂閱者為什麼會這樣做，但你能否再幫我們解釋一下為什麼活躍的年度訂閱用戶數量下降了那麼多？那麼，能否再詳細談談用戶留存率呢？

Thank you.

謝謝。

Great. I will take the first round. And then, pass to Jen on the subs question.

偉大的。我先來。然後，把問題交給Jen，讓她回答替補的問題。

On the deals, I can't go into -- obviously, there is confidentiality associated with those agreements so I can't give you much more detail here.

關於這些交易，我不能透露太多——顯然，這些協議都涉及保密性，所以我不能在這裡提供更多細節。

But what I think is interesting to me is it speaks to, really, two elements: the relevance of our content on social media and that being a driver of one of those deals, both on the Creative and the Editorial side of things; and the relevance of our content through large language models, again, both Creative and Editorial.

但我認為有趣的是，它實際上說明了兩個要素：一是我們的內容在社群媒體上的相關性，以及它如何成為促成這些交易的驅動力，無論是在創意方面還是編輯方面；二是我們的內容透過大型語言模型的相關性，同樣，也是在創意方面和編輯方面。

And so, as this world continues to evolve and move forward, it reinforces something I have said for a long time, which is, people are still going to need high-quality pre-shot content. They'ree still going to need a window into the world that we cover on an Editorial basis. They're still going to care about what's happened and celebrate the past. They're going to continue to reach audiences in an impactful way, in an authentic way.

因此，隨著世界不斷發展進步，這也印證了我長期以來所說的一件事，那就是人們仍然需要高品質的預拍內容。他們仍然需要一個窗口來了解我們社論所報導的世界。他們仍然會關心過去發生的事情，並慶祝過去。他們將繼續以有影響力的方式、真實的方式觸達受眾。

We will be talking, probably, a little bit more about some of these deals in the future. I would say I continue to see a lot of opportunity across those two spheres. We are focused on delivering more deals within those two spaces.

未來我們可能會更詳細地談談這些交易。我認為這兩個領域仍然有很多機會。我們致力於在這兩個領域達成更多交易。

Again, we know that there is demand for our content within those spaces. Yeah. I think we will see more of that, as we go forward.

我們再次強調，我們知道這些領域對我們的內容有需求。是的。我認為隨著時間的推移，我們會看到更多這樣的情況。

Hopefully, we will not put Jen through too many gyrations on having to speak to -- with and without those numbers, given the acceleration. But they are good things to have at the foundation of this business. They speak to the long-term demand.

希望我們不會因為要和 Jen 談論這些數字（不管有沒有這些數字）而讓她經歷太多波折，畢竟現在的情況越來越快了。但這些都是這項業務賴以建立的基礎。它們反映了長期需求。

Jen, do you want to pick up on the sub side of things?

Jen，你想接手潛水艇的工作嗎？

Yeah. Sure. For the step-back in active annual subscribers, that is almost entirely due -- Ron, you might recall, we ended our free-trial client-acquisition program back in June 2025. We are still cycling through the impact of exiting that program. That decline is really attributable to that change and ceasing that program.

是的。當然。活躍年度訂閱用戶數量的下降幾乎完全是由於——羅恩，你可能還記得，我們​​在 2025 年 6 月結束了免費試用客戶獲取計劃。我們仍在消化退出該計畫帶來的影響。這種下滑實際上是由於這項變更以及該計劃的停止所造成的。

On the revenue retention rate, the step-back there is a few different individually smaller items that are really driving that decrease. There is a difference year on year just in terms of the Editorial event revenue.

就收入留存率而言，下滑的原因有幾個較小的因素，這些因素共同導致了下滑。僅就編輯活動收入而言，每年都存在差異。

When you get some of those big events, those are cycles where you see subscribers spend outside of their subscription. The decrease in that Editorial event revenue has an impact on that expansion of subscription spend outside of the subscription that's driving a bit of a decline there.

當遇到一些重大事件時，你會看到訂閱用戶在訂閱服務之外進行消費。編輯活動收入的下降對訂閱支出以外的訂閱支出擴張產生了影響，導致訂閱支出略有下降。

There are several events -- one-off events -- some of them in the entertainment space, where we would have gotten one-off licensing deals that, again, drive that spend outside of the subscription for an annual subscriber. That is a bit of a drag there, year on year.

有一些活動——一次性活動——其中一些發生在娛樂領域，我們會獲得一次性的授權協議，這些協議會再次推動年度訂閱用戶在訂閱之外的支出。年復一年，這確實有點令人沮喪。

And then, to the extent we still have growth in our smaller e-commerce subscriptions, which we do, even with that free-trial program being ended, those do come with lower revenue retention rates. That continues to be a bit of a downward impact on that annual revenue retention rate.

而且，即使免費試用計畫已經結束，我們規模較小的電子商務訂閱業務仍然保持成長，但這些業務的收入留存率較低。這持續對年度收入留存率產生一定的下行影響。

There are a few items in there. We still believe that this rate will come back into the low- to mid-[90s], as we have said. When that will be, it is likely to be -- we will start seeing that once we fully cycle through the one-year anniversary of that free-trial exit so call that sometime Q2. Q3, more likely, is when we really should fully cycle out of that impact.

裡面有幾樣東西。我們仍然相信，正如我們所說，這個比率將會回到 90% 左右的低點到中位數。屆時，很可能是——一旦我們完全度過了免費試用期結束一周年，我們就會開始看到這種情況，所以估計會在第二季度的某個時候發生。更有可能的是，第三季才是我們真正應該完全擺脫這種影響的時候。

Thanks, Jen. I would just add to Jen's comments that the renewals that we are seeing, Ron, both from a volume and a revenue renewal rate, are entirely consistent. You are just seeing some mix changes within the business and then, some spend outside of the subscriptions. But the retention rate of these customers across Unsplash, iStock, and Getty Images has been really consistent and predictable.

謝謝你，珍。我只想補充Jen的評論，Ron，我們看到的續約情況，無論是數量續約率還是收入續約率，都完全一致。你看到的只是公司內部的一些組合變化，以及訂閱以外的一些支出。但 Unsplash、iStock 和 Getty Images 這三家公司的客戶留存率一直非常穩定且可預測。

And so that is another real positive sign for the business.

所以這對公司來說又是一個正面的訊號。

Got it. Thank you very much.

知道了。非常感謝。

Alex Lavigne, Benchmark.

Alex Lavigne，Benchmark。

Hi, Craig and Jen. This is Alex, on for [Mark]. Thanks for taking the questions.

嗨，克雷格和珍。這是 Alex，正在為您服務[標記]。謝謝您回答問題。

For 2026 revenue guidance, can you qualify the mix of data licensing for training purposes, relative to licensing display for LLMs; whether it is recurring revenue from deals struck in 2025 or converting that new deals in the pipeline; and essentially whether either of those are baked into the 2026 guide?

對於 2026 年的收入預測，您能否說明用於培訓目的的數據許可與 LLM 的許可展示之間的構成；是 2025 年達成的交易的經常性收入，還是正在籌備中的新交易的轉化收入；以及這些因素是否已納入 2026 年的預測中？

Thank you.

謝謝。

Jen, do you want to pick up Alex's question?

Jen，你想接下Alex的問題嗎？

Yeah. I can take that.

是的。我可以接受。

I think, first, just to make sure we are clear here: The two large deals that we talked about quite a bit, with and without, on this call, those are not the pure-data licensing deals that you might be thinking of -- some that we have mentioned in prior quarters.

首先，我想確保我們在這裡達成共識：我們在這次電話會議上多次談到的兩項大交易，無論是否涉及數據許可，都不是您可能想到的那種純粹的數據許可交易——我們之前幾個季度曾提到過一些數據許可交易。

Just want to make that clear that there is a mix there.

我只是想澄清一下，這裡面確實存在混合情況。

We cannot quantify, going forward, in 2026 where we would see that revenue land, whether it is data licensing, display, broader licensing. That's just not something we have baked into guidance with any specificity, at this point.

展望未來，我們無法量化到 2026 年這些收入會來自哪裡，無論是數據授權、展示或更廣泛的授權。目前，我們還沒有將這一點具體納入指導方針中。

Broadly speaking, when we think about that bucket of Other revenue, where there are traditional data licensing "deals", we still expect that to be low-single-digit percentages of total revenue.

總的來說，當我們考慮其他收入類別（包括傳統的資料授權「交易」）時，我們仍然預期這部分收入佔總收入的百分比將只有個位數。

They've got a pipeline, as Craig mentioned at the top. There will be more, hopefully, of these types of deals that we see in Q4 into 2026 but nothing meaningfully baked in there for specific new deals, going forward.

正如克雷格在文章開頭提到的那樣，他們有一條輸油管。希望在 2026 年第四季能看到更多這類交易，但就未來而言，還沒有任何實質的新交易計畫。

We do have -- we mentioned, for those two large deals, that we recognized $40 million in Q4. The total deal value across the two of those is $6 million. There will be an impact in 2026, roughly $10 million of recurring revenue just from those deals. And then, we have a bit of revenue carry-forward from some of the other deals we booked -- smaller deals in 2025 and 2024, as well.

我們確實有——我們之前提到過，對於這兩筆大交易，我們在第四季度確認了 4000 萬美元的收入。這兩筆交易的總價值為 600 萬美元。到 2026 年，這些交易將帶來約 1,000 萬美元的經常性收入。此外，我們還有一些來自先前預定的其他交易的收入結轉——包括 2025 年和 2024 年的一些較小交易。

Thank you. Super helpful.

謝謝。非常有用。

And then, last question: Just roughly what percent of your exclusive Editorial content remains untouched by LLMs for training purposes?

最後一個問題：你們專屬編輯內容​​中，大約有多少百分比沒有被LLM（法學碩士）用於訓練目的？

I wish I could really answer that, Alex. We don't license out our Editorial content in any way, shape, or form, with respect to AI training. That's a decision that we have made within the Editorial business. I will not go into all the details of why that is the case.

亞歷克斯，我真希望我能回答這個問題。我們絕不以任何方式、形式或途徑授權我們的編輯內容用於人工智慧訓練。這是我們編輯部內部做出的決定。我不會詳細解釋個中緣由。

But, as an Editorial outlet, we feel it is within our rights to cover the world but not necessarily be licensing the likeness of other individuals, property, and IP out into the AI space.

但是，作為編輯媒體，我們認為我們有權報道世界，但不一定有權將其他人的肖像、財產和智慧財產權授權給人工智慧領域。

But, that said, as we have referenced before, our site has been scraped by AI entities that are trying to obfuscate that from us. There are third-party datasets that have been constructed around our imagery. Our imagery sits all over the Internet, demonstrated by that large social realizing.

但是，正如我們之前提到的，我們的網站已被人工智慧實體抓取，這些實體正試圖向我們隱藏這一點。有一些第三方資料集是圍繞我們的圖像構建的。我們的圖片遍佈互聯網，這充分體現了這種廣泛的社會認知。

Our content is everywhere. And so it can be picked up even away from our site, where we do not have visibility.

我們的內容無所不在。因此，即使在我們網站之外，在我們無法涵蓋的區域，它也能被其他人取得。

I can't give you that answer in a level of specificity. But what I can say is that we are seeing more AI entities that are looking to do the right thing by licensing content.

我無法給出具體的答案。但我可以肯定的是，我們看到越來越多的AI實體正在尋求透過內容授權來做正確的事情。

Again, that is not our Editorial content, that is our Creative content.

再次聲明，這不是我們的編輯內容，這是我們的創意內容。

But we are really enthusiastic about the large language models looking to leverage our content in their product experience. We are excited about social media looking to do the same.

但我們非常熱衷於看到大型語言模型希望在其產品體驗中利用我們的內容。我們很高興看到社群媒體也在尋求同樣的發展方向。

Very helpful. Thank you, guys.

很有幫助。謝謝大家。

Thank you. This concludes our Q&A session.

謝謝。問答環節到此結束。

I will now turn the meeting back to Steven Kanner for closing comments.

現在我將把會議交還給史蒂文·坎納，讓他做總結發言。

Thank you, again, for joining us today and for your continued interest in our company.

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。

As always, our team is available to follow up on any additional inquiries you may have after the call.

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。

We look forward to staying connected and updating you on our progress in the quarters ahead.

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。

Have a great rest of your day.

祝您今天餘下的時間過得愉快。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. This brings us to the end of today's meeting.

謝謝。今天的會議到此結束。

We appreciate your time and participation. You may now disconnect.

感謝您抽空參與。您現在可以斷開連線了。