Getty Images Holdings Inc (GETY) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Getty Images Holdings, Inc. first quarter 2026 earnings call. Today's call is being recorded. We have allocated 1 hour for prepared remarks and Q&A.

各位下午好，歡迎參加 Getty Images Holdings, Inc. 2026 年第一季財報電話會議。今天的會議將被錄音。我們已安排 1 小時用於管理層準備發言與問答。

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.

此刻，我想將會議交給 Getty Images 投資人關係與財務部副總裁 Steven Kanner。謝謝。您可以開始了。

Good afternoon, and thank you for joining our first quarter earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jenn Leyden, Chief Financial Officer.

各位下午好，感謝各位參加我們的第一季財報電話會議。今天與我一同出席的有執行長 Craig Peters，以及財務長 Jenn Leyden。

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 first quarter 2026 Shutterstock operating results. We appreciate your understanding. 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.

在開始之前，我們想說明，由於監管審查程序仍在進行中，我們將無法評論 2026 年第一季 Shutterstock 的營運結果。感謝您的理解。本次電話會議將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受多項風險、不確定性與假設影響，可能導致我們的實際結果與這些陳述存在重大差異。相關風險、不確定性與假設已在今日新聞稿的前瞻性陳述章節以及我們向美國證券交易委員會（SEC）提交的文件中加以說明。上述文件與今日新聞稿的連結可於我們的投資人關係網站 investors.gettyimages.com 查閱。

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，我們也會提及若干非 GAAP 財務資訊，包括調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITDA 扣除資本支出（CapEx）以及自由現金流。我們在部分財務討論中使用非 GAAP 指標，因為我們認為它們能反映我們的營運表現與業務的基本結果。

Reconciliations of GAAP to non-GAAP measures as well as a description, limitations, and rationale for using each measure can be found in today's press release and our filings with the SEC. After our prepared remarks, we'll open the call for your questions.

GAAP 與非 GAAP 指標之間的調節表，以及各項指標的說明、限制與使用理由，均可在今日新聞稿及我們向 SEC 提交的文件中找到。在管理層準備發言結束後，我們將開放提問。

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

接下來，我將把電話會議交給我們的執行長 Craig Peters。

Thanks, Steven, and thanks to everyone for taking the time to join us today. I will start with a brief overview of the quarter and then step back to discuss how we're positioning the business as market conditions continue to evolve. Jenn will then take you through the full results in more detail.

謝謝 Steven，也感謝各位今天撥冗參與。我將先簡要回顧本季表現，接著退一步談談在市場環境持續演變之際，我們如何為業務定位。之後 Jenn 會更詳細地帶各位檢視完整財務結果。

First quarter revenue for 2026 was $226.6 million, up 1.1% reported and down 2.5% on a currency-neutral basis. Adjusted EBITDA was $61.6 million, down versus last year, reflecting a combination of higher cost of revenue due to mix and timing impacts as well as elevated costs associated with our Winter Olympics coverage in the quarter.

2026 年第一季營收為 2.266 億美元，按報告口徑成長 1.1%，按固定匯率（不含匯率影響）口徑則下降 2.5%。調整後 EBITDA 為 6,160 萬美元，較去年下降，反映了因產品組合與時點影響而導致的較高營收成本，以及本季我們冬季奧運報導相關成本上升。

Consistent with prior commentary on these calls, we are operating in a dynamic market environment, particularly across parts of creative. Most notable are the secular challenges with agencies and across the microstock category.

如同先前在這些電話會議中的評論，我們正處於動態的市場環境中，尤其是在創意內容的部分領域。最顯著的是代理商業務以及微圖庫（microstock）類別所面臨的結構性挑戰。

Agencies, now less than 15% of our total revenue, have been in long-term decline as they contend with shifting media mix, in-housing of production, and the adoption of AI. In response to these changes, we continue to rightsize our resources to cover that agency space. Within microstock, we see the category impacted by search engine changes incorporating AI results, the knock-on effects across affiliate integrations who depend on SEO traffic, and the emergence of generative AI offerings and bundles. iStock continues to hold up well relative to what we are seeing across the microstock category. This speaks to the quality of our content and the quality of customers that content attracts.

代理商業務目前占我們總營收不到 15%，長期以來持續下滑，原因包括媒體投放組合轉移、製作內製化，以及 AI 的採用。為因應這些變化，我們持續調整資源配置，以覆蓋代理商領域。在微圖庫方面，我們看到該類別受到搜尋引擎變更（納入 AI 結果）的影響、依賴 SEO 流量的聯盟整合（affiliate integrations）所產生的連鎖效應，以及生成式 AI 產品與組合方案的興起。相較於我們在整體微圖庫類別所觀察到的情況，iStock 的表現仍相對穩健。這反映了我們內容的品質，以及該內容所吸引客戶的品質。

Aligned to this, we are increasingly focusing iStock merchandising and marketing on our high-quality exclusive content and those customers who value it. While it can negatively impact some KPIs in the near term, it is a deliberate shift that should only improve our relative financial performance within this category. But again, it does impact some KPIs.

與此一致，我們正日益將 iStock 的商品呈現（merchandising）與行銷重點放在高品質的獨家內容，以及重視該內容的客戶。雖然短期內可能對部分 KPI 造成負面影響，但這是一項有意為之的轉向，應能提升我們在此類別中的相對財務表現。不過再次強調，它確實會影響部分 KPI。

Outside these areas, where the vast majority of our business and subscription revenues reside, we continue to see growth and opportunity. We continue to see strong renewals with our existing customers supported by our high-quality content and coverage and the value we provide in support of their needs.

在上述領域之外——也就是我們絕大多數業務與訂閱營收所在之處——我們仍持續看到成長與機會。我們持續看到既有客戶的強勁續約，這得益於我們高品質的內容與報導覆蓋，以及我們為其需求提供的價值。

We also continue to draw new customer interest as they try to reach their audiences and execute their commercial strategies. This was on display at the Milan Cortina Winter Olympics. The Olympics demand operational and logistical expertise across editorial and commercial requirements. Our ability to deploy at global scale, deliver content in real-time, and serve a wide range of customers from media organizations to new and old global sponsors continues to differentiate Getty Images in ways that are difficult to replicate. Importantly, these events are not one-off moments. They reinforce long-standing customer relationships and generate downstream demand across editorial, creative, and custom solutions.

同時，當新客戶嘗試觸及其受眾並執行其商業策略時，我們也持續吸引新的客戶興趣。這在米蘭—科爾蒂納冬季奧運期間展現無遺。奧運對編輯與商業需求都要求具備營運與物流專業能力。我們能以全球規模部署、即時交付內容，並服務從媒體機構到新舊全球贊助商等廣泛客戶，使 Getty Images 持續以難以複製的方式脫穎而出。重要的是，這些活動並非一次性的時刻；它們強化長期客戶關係，並在編輯、創意與客製化解決方案等領域帶來後續需求。

Looking ahead, we see similar multiyear visibility tied to upcoming global tentpole events. As the US approaches the America 250th anniversary, customers are increasingly drawing upon our unique archive, our trusted editorial coverage, and custom production capabilities to support programming, brand activations, and educational initiatives around this milestone. This is demand that builds over time and monetizes across multiple parts of our platform.

展望未來，我們也看到與即將到來的全球指標性（tentpole）活動相關、具多年能見度的機會。隨著美國接近「美國 250 週年」紀念日，客戶愈來愈多地運用我們獨特的典藏資料庫、值得信賴的編輯報導，以及客製化製作能力，以支援與此里程碑相關的節目內容、品牌活動與教育倡議。這類需求會隨時間累積，並在我們平台的多個部分實現變現。

Likewise, our long-standing relationship with FIFA positions us at the center of the upcoming World Cup cycle, where Getty Images serves as both a primary content provider and a strategic partner to federations, broadcasters, brands,and sponsors. These events provide clear line of sight into future revenue opportunities tied to scale, access, and great certainty.

同樣地，我們與 FIFA 的長期合作關係，使我們處於即將到來的世界盃週期核心位置；Getty Images 既是主要內容提供者，也是各國足協、轉播機構、品牌與贊助商的策略夥伴。這些活動為未來與規模、取得權（access）相關且具高度確定性的營收機會，提供清晰的可視性。

Together, the Olympics, America 250, and the World Cup illustrate how our coverage, our archive, and our unique capabilities combined to allow customers to uniquely tap into moments that carry both cultural significance and commercial complexity.

綜合而言，奧運、美國 250 週年與世界盃，展現了我們的報導覆蓋、典藏資源與獨特能力如何結合，讓客戶得以以獨特方式切入兼具文化意義與商業複雜度的重要時刻。

I would be remiss if I did not recognize our photographers and editorial teams whose work is at our core and continues to be recognized across the industry. Their expertise and talent remains central to our value proposition. That commitment was recognized during the quarter with the team earning nearly 90 industry awards of excellence in categories, including news, sport, and politics at ceremonies such as the White House News Photographers Association Awards, Picture of the Year International, the SJA British Sports Journalism Awards, and the NPPA's Best of Photojournalism Awards.

若不特別表彰我們的攝影師與編輯團隊，我將有所疏漏；他們的工作是我們的核心，並持續在業界獲得肯定。他們的專業與才華仍是我們價值主張的關鍵。本季，團隊在包括新聞、體育與政治等類別中，於白宮新聞攝影師協會獎（White House News Photographers Association Awards）、國際年度圖片獎（Picture of the Year International）、SJA 英國體育新聞獎（SJA British Sports Journalism Awards）以及 NPPA 最佳攝影新聞獎（NPPA's Best of Photojournalism Awards）等頒獎典禮上，獲得近 90 項業界卓越獎項，對此承諾亦獲得認可。

Turning to the capital structure. Following the recent court decision related to the Alta and CRCM warrant litigation, we satisfied the judgment through a draw on our revolving credit facility. Given the durability of our value proposition, this obligation is fully manageable within our liquidity position and does not change our operating priorities or investment plans. We continue to maintain the full support of our core shareholders.

接著談資本結構。繼近期與 Alta 與 CRCM 認股權證訴訟相關的法院裁決後，我們已透過動用循環信用額度來履行判決。鑑於我們價值主張的韌性，該項義務在我們的流動性狀況下完全可控，且不會改變我們的營運優先事項或投資計畫。我們仍持續獲得核心股東的全力支持。

Turning to the merger. As mentioned last call, the transaction has been cleared without condition in all jurisdictions except the UK. We continue to engage constructively with the CMA as they complete their review, and we expect a final decision in June.

接著談合併案。如同上次電話會議所提及，除英國外，本交易已在所有司法管轄區無條件獲准。我們持續以建設性的方式與英國競爭與市場管理局（CMA）互動，配合其完成審查，並預期於 6 月做出最終決定。

I continue to be excited for what lies ahead. The unique foundational pillars remain as strong as ever, the quality of our content and coverage, the expertise of our staff, the quality of our partners, the commitment of our customers, and the strength of our brands. I continue to see opportunities to grow within our existing customers and to serve new markets given our unique content scale and capabilities.

我仍對未來充滿期待。我們獨特的基礎支柱依然一如既往地強勁：我們內容與報導覆蓋的品質、員工的專業、合作夥伴的品質、客戶的承諾，以及品牌的實力。憑藉我們獨特的內容規模與能力，我持續看到在既有客戶中成長的機會，並能服務新市場。

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

接下來，我把時間交給 Jenn，請她帶各位更詳細地檢視財務數據。

Q1 revenue was $226.6 million, up 1.1% or down 2.5% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which reduced Q1 growth by approximately 390 basis points.

第一季營收為 2.266 億美元，成長 1.1%，或按固定匯率口徑下降 2.5%。這些結果包含部分營收認列時點的影響，使第一季成長率約減少 390 個基點。

Corporate continues to be a growth driver for us, with revenue up 6%. Media was flat with gains in the Americas offset by production declines in EMEA, while agency continues to be a headwind for us, down 14%, but consistent with recent decline trends.

企業客戶（Corporate）仍是我們的成長動能，營收成長 6%。媒體（Media）持平，美洲地區的成長被 EMEA 地區製作（production）下滑所抵消；而代理商（Agency）仍持續對我們形成逆風，下降 14%，但與近期下滑趨勢一致。

Across our major geographies, our largest market, the Americas, was in growth, up 1.9% on a currency-neutral basis, while EMEA was down 6.9% due to weakness in both agency and production, and APAC was down 11.7%, driven primarily by agency and the absence of revenue from certain known one-time projects in 2025.

在主要地理區域方面，我們最大的市場美洲按固定匯率口徑成長 1.9%；EMEA 下降 6.9%，原因是代理商與製作業務皆疲弱；APAC 下降 11.7%，主要由代理商業務以及 2025 年某些已知一次性專案營收在本期缺席所致。

Annual subscription revenue was 57.4% of total revenue, up from 57.2% in Q1 of last year and also up from 54.2% in 2025. In total, subscription revenue was up 1.4% or down 2% on a currency-neutral basis. Our annual subscription revenue retention rate was 90% in the Q1 LTM period compared to 92.7% in the corresponding 2025 period.

年度訂閱營收占總營收的 57.4%，高於去年第一季的 57.2%，也高於 2025 年的 54.2%。整體而言，訂閱營收成長 1.4%，或按固定匯率口徑下降 2%。在第一季 LTM（過去十二個月）期間，我們的年度訂閱營收留存率為 90%，相較於 2025 年同期的 92.7%。

The year-over-year change primarily reflects the absence of certain high-impact media events and certain one-time spend that occurred in the LTM 2025 period that did not recur in the LTM 2026 period. Active annual subscribers totaled 258,000 in the Q1 LTM period compared to 318,000 in the corresponding 2025 period. This decline reflects our deliberate decision to discontinue the iStock free trial new customer acquisition program in June of 2025. This was done to improve overall subscriber quality and economics.

年對年變動主要反映：在 LTM 2025 期間發生但在 LTM 2026 期間未再發生的某些高影響力媒體事件，以及某些一次性支出之缺席。Q1 LTM 期間的活躍年度訂閱用戶合計為 258,000 人，相較於 2025 年同期為 318,000 人。此下滑反映我們在 2025 年 6 月有意決定停止 iStock 免費試用的新客戶獲取計畫，目的在於提升整體訂閱用戶品質與經濟效益。

While the program contributed to higher gross subscriber volumes, free trial conversions consistently delivered lower revenue per subscriber, annual subscription renewal rates below 10%, and a less attractive customer lifetime value, which weighed on the per unit economics.

雖然該計畫帶來較高的訂閱用戶總量，但免費試用的轉換一貫帶來較低的每位訂閱用戶收入、低於 10% 的年度訂閱續訂率，以及較不具吸引力的客戶終身價值，進而拖累單位經濟效益。

In addition, as mentioned by Craig, free trial did not play to our core strength, our differentiated high-quality content and coverage, but instead skewed towards lower engagement users that aligned more closely with the broader challenges observed outside of Getty Images.

此外，如 Craig 所提到的，免費試用並未發揮我們的核心優勢——我們具差異化的高品質內容與報導覆蓋——反而偏向較低互動度的用戶，這些用戶更貼近在 Getty Images 之外所觀察到的更廣泛挑戰。

As we've discussed on previous calls, we expect to see the impacts of this discontinuation linger through to Q3. While we continue to navigate these impacts, we also continue to see stability in our subscriber counts and renewal rates across Getty Images and Unsplash+ subscribers, where the quality and economics of the subscribers remains strong.

如同我們在先前的電話會議中討論過的，我們預期停止該計畫的影響將延續至 Q3。在我們持續因應這些影響的同時，我們也持續看到 Getty Images 與 Unsplash+ 訂閱用戶的數量與續訂率保持穩定，而這些訂閱用戶的品質與經濟效益仍然強勁。

Paid downloads were 92.2 million, essentially flat year over year. Creative revenue was $126.2 million, down 4.5% year on year and 8% on a currency-neutral basis. Within creative, our custom content solution continued to perform well, supported by growth in video and custom AI sets, up over 250% year on year as well as our Unsplash+ subscription now in its fourth year, still with year-on-year growth of approximately 20%. This growth was offset by a few items. First, we had 380 basis points negative impact on creative revenue due to a shift in revenue allocation from creative to editorial as we saw our Premium Access customers download consumption patterns shift to editorial in the quarter, largely driven by our Olympics coverage.

付費下載量為 9,220 萬次，年對年基本持平。創意內容（Creative）營收為 1.262 億美元，年對年下降 4.5%，以固定匯率計下降 8%。在創意內容中，我們的客製化內容解決方案持續表現良好，受惠於影片與客製化 AI 套組的成長，年對年增幅超過 250%；以及我們已進入第四年的 Unsplash+ 訂閱服務，年對年仍約成長 20%。此成長被幾項因素所抵銷。首先，由於本季我們的 Premium Access 客戶下載消費型態轉向編輯內容（Editorial），主要受我們奧運報導帶動，導致營收分攤自創意內容轉至編輯內容，使創意內容營收受到 380 個基點的負面影響。

Second, as Craig and I both mentioned, we continue to see a drag from agency, which sits almost entirely in creative and was down year on year 14%. Finally, within iStock, traffic was adversely impacted by two factors: first, the planned exit from a long-standing affiliate partnership to better optimize efficiency of our marketing spend; and second, internal changes that temporarily impacted our search engine rankings. We have since course corrected. And while normalization will take some time, we do not expect a material impact to the remainder of the year.

第二，如 Craig 與我都提到的，我們仍持續受到代理業務（agency）的拖累；該業務幾乎完全歸屬於創意內容，年對年下降 14%。最後，在 iStock 方面，流量受到兩項因素不利影響：第一，為更佳優化行銷支出效率，我們按計畫退出一項長期的聯盟合作夥伴關係；第二，內部變更一度影響我們的搜尋引擎排名。我們其後已進行修正。雖然回復正常仍需一些時間，但我們預期對今年剩餘期間不會造成重大影響。

Editorial revenue was $91.7 million, up 11% year-on-year and 7.1% on a currency-neutral basis, driven by strong demand for global sports coverage, including the Milan Cortina Winter Olympics, also entertainment events and continued strength in our archive. The revenue allocation impacts I just mentioned that negatively impacted creative revenue conversely contributed 620 basis points to editorial growth in the quarter. Other revenue was $8.6 million compared to $9.3 million from Q1 '25. Revenue less our cost of revenue as a percentage of revenue was 70.8% compared with 73.1% in Q1 2025. The decrease is mainly due to product mix and timing elements as well as higher costs in the quarter tied to our event coverage.

編輯內容（Editorial）營收為 9,170 萬美元，年對年成長 11%，以固定匯率計成長 7.1%，主要由全球體育報導的強勁需求所帶動，包括米蘭—科爾蒂納冬季奧運，亦包含娛樂活動，以及我們檔案庫業務的持續強勁。如我剛才提到的營收分攤影響，雖對創意內容營收造成負面影響，但反向在本季為編輯內容成長貢獻了 620 個基點。其他營收為 860 萬美元，相較於 2025 年 Q1 的 930 萬美元。營收扣除營收成本後占營收比率為 70.8%，相較於 2025 年 Q1 的 73.1%。下降主要由產品組合與時點因素所致，另本季與活動報導相關的成本較高亦有影響。

SG&A expense was $102.2 million or 45.1% of revenue compared to 43.9% last year. Excluding stock-based compensation, SG&A was $98.8 million in the quarter or 43.6% of revenue compared to 41.8% of revenue in Q1 2025. The increase primarily relates to incentive compensation and annual merit increases, elevated Olympics-related coverage expenses, and professional fees, partially offset by lower marketing spend.

SG&A 費用為 1.022 億美元，占營收 45.1%，相較去年為 43.9%。若排除股份基礎給付（stock-based compensation），本季 SG&A 為 9,880 萬美元，占營收 43.6%，相較於 2025 年 Q1 占營收 41.8%。增加主要與獎勵性薪酬與年度調薪、較高的奧運相關報導費用，以及專業服務費用有關，部分被較低的行銷支出所抵銷。

Adjusted EBITDA was $61.6 million for the quarter, down 12.2% or 15.2% on a currency-neutral basis. Adjusted EBITDA margin was 27.2% compared to 31.3% in Q1 2025, primarily due to higher cost of revenue and SG&A, impacts which we expect to normalize over the balance of the year, with our adjusted EBITDA margins expected to return to our typical approximate 30% range.

本季調整後 EBITDA 為 6,160 萬美元，年對年下降 12.2%，以固定匯率計下降 15.2%。調整後 EBITDA 利潤率為 27.2%，相較於 2025 年 Q1 的 31.3%，主要因營收成本與 SG&A 較高所致；我們預期這些影響將在今年其餘期間回歸正常，調整後 EBITDA 利潤率預期將回到我們典型約 30% 的區間。

CapEx was $16.1 million or 7.1% of revenue, consistent with our expected range of 5% to 7%. Adjusted EBITDA less CapEx was $45.5 million, down 16.3% or 19.4% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 20.1% compared to 24.3% in Q1 2025.

資本支出（CapEx）為 1,610 萬美元，占營收 7.1%，符合我們預期的 5% 至 7% 區間。調整後 EBITDA 扣除 CapEx 為 4,550 萬美元，年對年下降 16.3%，以固定匯率計下降 19.4%。調整後 EBITDA 扣除 CapEx 利潤率為 20.1%，相較於 2025 年 Q1 的 24.3%。

Free cash flow improved to $24 million in Q1 compared with negative $300,000 in Q1 of 2025. The improvement was driven by lower cash interest paid and lower merger cost cash outflows as well as working capital changes related to the timing of receivables and payables.

自由現金流在 Q1 改善至 2,400 萬美元，相較於 2025 年 Q1 為負 30 萬美元。改善主要由較低的現金利息支付、較低的併購成本現金流出，以及與應收與應付時點相關的營運資金變動所帶動。

Free cash flow is stated net of cash interest expense of $26.3 million and cash taxes paid in the quarter of $7.1 million. We ended the quarter with $96.6 million of balance sheet cash, up $6.5 million from Q4 '25. This sequential increase was driven by free cash flow generation, partially offset by a $6.5 million amortization payment on our euro term loan and the impact of foreign exchange rates.

自由現金流係以淨額表達，已扣除現金利息費用 2,630 萬美元，以及本季支付的現金稅款 710 萬美元。本季末資產負債表現金為 9,660 萬美元，較 2025 年 Q4 增加 650 萬美元。此一季對季增加由自由現金流產生所帶動，部分被我們歐元定期貸款（euro term loan）6.5 百萬美元的攤還付款以及外匯匯率影響所抵銷。

It is worth noting that since the start of 2025, our cash position has been significantly burdened by nearly $115 million of total one-time expenses with those costs driven by our merger process, refinancing transactions, AI-related litigation, and our accelerated SOX compliance efforts. The material nature of these expenses is now largely behind us, and we are confident that we will return to healthier levels of free cash flow generation that we have historically seen.

值得注意的是，自 2025 年初以來，我們的現金部位已因近 1.15 億美元的一次性費用而顯著承壓；這些成本主要來自我們的合併流程、再融資交易、AI 相關訴訟，以及加速推動 SOX 合規的工作。這些費用的重大影響如今大致已在我們身後，我們有信心將回到過往所見更健康的自由現金流產生水準。

As of March 31, we had total debt outstanding of $1.99 billion, which included $628 million of 10.5% senior secured notes issued in Q4 to fund our pending merger with the proceeds currently held in escrow, $540 million of 11.25% senior secured notes, $481 million of euro term loan converted using exchange rates as of March 31, 2026, with an applicable rate of 8.19%, $295 million of 14% senior unsecured notes, $40 million of USD term loan at an 11.25% fixed rate and $5 million of 9.75% senior unsecured notes.

截至 3 月 31 日，我們未償還總債務為 19.9 億美元，其中包括：於 Q4 發行、票面利率 10.5% 的 6.28 億美元優先擔保票據，用以為我們待完成的合併提供資金，相關募集資金目前存放於託管帳戶（escrow）；票面利率 11.25% 的 5.40 億美元優先擔保票據；以 2026 年 3 月 31 日匯率換算的 4.81 億美元歐元定期貸款，適用利率為 8.19%；票面利率 14% 的 2.95 億美元優先無擔保票據；票面利率 11.25% 固定利率的 4,000 萬美元美元定期貸款；以及票面利率 9.75% 的 500 萬美元優先無擔保票據。

While our $150 million revolver remained undrawn at quarter end, on April 22, following the Second Circuit Court's denial of our petition for rehearing in the Alta and CRCM warrant litigation, we drew $120 million and used a portion of the proceeds to pay the approximately $110.9 million judgment and associated interest. We also received approximately $30 million from insurance carriers following the payment.

雖然我們 1.5 億美元的循環信貸額度（revolver）在季末仍未動用，但在 4 月 22 日，第二巡迴上訴法院（Second Circuit Court）駁回我們就 Alta 與 CRCM 認股權證訴訟提出的再審請求後，我們動用 1.2 億美元，並以部分款項支付約 1.109 億美元的判決金額及相關利息。我們亦在支付後自保險承保人處收到約 3,000 萬美元。

Considering the foreign exchange rates, applicable interest rates and mandatory amortization on our debt balances as of March 31, and the subsequent revolver drawdown at an applicable interest rate of 7.8%, our estimated cash interest for 2026, net of interest earned on cash held in escrow is $194 million. This estimate reflects the first cash interest payment in May related to the $628 million of merger financing currently held in escrow with a second payment due on the merger outside end date of October 6.

考量外匯匯率、適用利率，以及截至 3 月 31 日我們債務餘額的強制攤還，並納入其後以 7.8% 適用利率進行的循環信貸動用，我們估計 2026 年的現金利息（扣除託管帳戶現金所賺取的利息）為 1.94 億美元。此估計反映：目前存放於託管帳戶、用於合併融資的 6.28 億美元在 5 月的首次現金利息支付，以及在合併最終截止日（outside end date）10 月 6 日到期的第二次支付。

Now, turning to our outlook. Given some of the strong business fundamentals that Craig and I just touched on, our full year revenue and adjusted EBITDA guidance remain unchanged. We continue to expect 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. We continue to 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, with our outlook for our adjusted EBITDA margins at just about 30%. Using our current FX rate assumptions, the euro at 1.17 and the GBP at 1.34, we expect approximately $11 million of revenue tailwind for the full year, with $8 million realized in Q1 and the remainder largely in the first half.

接著談我們的展望。鑑於 Craig 與我剛提到的一些強勁業務基本面，我們全年營收與調整後 EBITDA 指引維持不變。我們仍預期營收為 9.48 億至 9.88 億美元，年對年下降 3.4% 至成長 0.6%，以固定匯率計下降 4.5% 至下降 0.5%。我們仍預期調整後 EBITDA 為 2.79 億至 2.95 億美元，年對年下降 12.9% 至下降 8.1%，以固定匯率計下降 13.9% 至下降 9.1%，並預期調整後 EBITDA 利潤率約為 30%。以我們目前的外匯假設（歐元 1.17、英鎊 1.34）計算，我們預期全年營收將有約 1,100 萬美元的順風（tailwind），其中 800 萬美元已在 Q1 實現，其餘大多將在上半年實現。

On adjusted EBITDA, FX represents roughly a $3.6 million full year benefit, including $2.5 million realized in Q1, with the remainder similarly weighted toward the first half of the year. As a reminder, the expected year-over-year decline in revenue and adjusted EBITDA continues to be driven primarily by the timing of revenue recognition related to the two large multiyear licensing agreements we signed in the fourth quarter of 2025. The accelerated revenue recognized last year creates a difficult comparison in 2026, particularly in the fourth quarter and more than offsets the benefit we would otherwise expect from the even year editorial calendar in 2026.

就調整後 EBITDA 而言，外匯（FX）約帶來全年 360 萬美元的利多，其中 250 萬美元已於第一季實現，其餘部分同樣偏重於上半年。提醒一下，預期營收與調整後 EBITDA 的年對年下滑，主要仍是由於我們在 2025 年第四季簽署的兩項大型多年期授權協議所帶來的營收認列時點差異所致。去年加速認列的營收使得 2026 年的比較基期變得艱難，尤其在第四季，且其影響超過了我們原本預期 2026 年因編輯（editorial）行事曆為偶數年所帶來的利多。

To put that dynamic into context, excluding the approximate $40 million of accelerated revenue recognized in Q4 2025, our fiscal 2026 revenue outlook would reflect underlying growth of 0.7% to 4.9% year over year or down 0.5% to up 3.7% on a currency-neutral basis.

為了將這項動態置於脈絡中，若排除 2025 年第四季約 4,000 萬美元的加速認列營收，我們對 2026 財年的營收展望將反映年對年 0.7% 至 4.9% 的基本面成長；若以固定匯率（currency-neutral）基礎衡量，則為下滑 0.5% 至成長 3.7%。

On that same basis, adjusted EBITDA would be down 2.4% to up 2.9% or down 3.6% to up 1.7% on a currency-neutral basis. The key takeaway is that absent these unusually challenging year-over-year timing comparisons, we continue to expect solid growth across our core business.

在同樣基礎下，調整後 EBITDA 將年對年下滑 2.4% 至成長 2.9%；若以固定匯率基礎衡量，則為下滑 3.6% 至成長 1.7%。重點是：若不考慮這些異常艱難的年對年時點比較，我們仍預期核心業務將維持穩健成長。

On the cost side, our guidance includes approximately $6.9 million in one-off increases in SG&A as we continue our accelerated SOX compliance efforts. This is up from $5.6 million in our prior guidance with offsetting reductions in other SG&A expenses.

在成本端，我們的指引包含約 690 萬美元的一次性 SG&A 增加，因我們持續加速推進 SOX 合規工作。相較於先前指引中的 560 萬美元有所上調，但其他 SG&A 費用亦有相應的抵減。

All other merger-related costs are excluded from this guidance as they are considered one-time in nature and therefore, are excluded from adjusted EBITDA. Finally, while our guidance reflects the trends and information available to us as of today, any broader impacts that could result from changes in global macroeconomic conditions remain uncertain and may not be fully reflected in this outlook.

所有其他與併購相關的成本皆未納入本指引，因其被視為一次性性質，因此亦自調整後 EBITDA 中排除。最後，雖然我們的指引反映截至今日我們所掌握的趨勢與資訊，但全球總體經濟環境變化可能帶來的更廣泛影響仍具不確定性，且未必已完全反映於本展望之中。

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

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

Jenn, I wanted to ask a little bit more on just guidance and the revenue split between creative and editorial. And given the trends we saw in 1Q, we wanted to ask specifically the confidence in full year guidance, which was maintained. Obviously, I wanted to hear the drivers of what's making that confidence as high as it is. And then can you remind us again just going through specifically the delta or some of the moves between creative and editorial?

Jenn，我想再多問一些關於指引以及創意（creative）與編輯（editorial）之間的營收拆分。鑑於我們在第一季看到的趨勢，我想特別請教對於全年指引（已維持不變）的信心。顯然我想聽聽，是哪些驅動因素讓這份信心如此之高。另外，你能否再提醒我們，具體說明一下創意與編輯之間的差異（delta）或一些變動？

And then Craig, on the acquisition, you mentioned a final decision in June. Just talk to us about next steps or what we can expect here going forward.

另外，Craig，關於收購案，你提到六月會有最終決定。請談談接下來的步驟，或我們未來可以期待什麼。

Craig, do you want to kick off? Go ahead.

Craig，你要先開始嗎？請。

Okay. So I'll start on the acquisition and then leave the guidance and the revenue split to Jenn. So thanks, Ron, for the questions. On the acquisition front, the timeline of the CMA, if you remember, we are down to the UK. We've been unconditionally cleared against the transaction in every other jurisdiction.

好的。我先談收購案，然後把指引與營收拆分留給 Jenn。Ron，謝謝你的提問。就收購案而言，若你還記得 CMA 的時程，我們目前只剩英國這一關。在其他所有司法管轄區，我們都已無條件獲准通過這筆交易。

But we are down to the CMA in the UK. Their process has an end date. They've gone through their extension already as an end date of June 14. So we expect on or before to hear that back in terms of their finding with respect to what they term an SLC, so a significant lessening of competition within the editorial space or not. And what they would require with respect to a remedy of that if they find it.

但目前就只剩英國的 CMA。他們的程序有一個截止日期；他們已經用過一次延長，最終截止日是 6 月 14 日。因此我們預期在該日或之前，會收到他們就其所稱的 SLC（significant lessening of competition，重大競爭減損）是否存在於編輯內容領域的結論，以及若他們認定存在，將要求何種補救措施（remedy）。

So we'll have knowns on those fronts by then, and then we can determine whether that remedy is one that's acceptable to the parties and one that the parties can deliver.

屆時我們就會在這些面向上有明確資訊，然後我們可以判斷該補救措施是否為各方可接受、且各方能夠執行交付的方案。

It's been a long road. We've spent a decent amount of capital in pursuit of this. We're continuing to pursue this. We believe in the value creation unlocked by this merger. We don't agree with any lessening of competition in the marketplace.

這是一段漫長的路。我們為推進此案已投入相當多資本，且仍在持續推進。我們相信這項合併所能釋放的價值創造。我們不同意市場上會出現任何競爭減損的說法。

It's unfortunate that at this point, we are down to looking at a business in the UK, that is GBP3.5 million of revenue that is at question here. That's the size per the Shutterstock Q1 10-Q of the amount of revenue that's actually at question relative to a GBP2 billion roughly of revenue between the transactions. But the good news is we're seeing the light at the end of the tunnel, and we should have clarity on where they stand with respect to both that SLC, whether it exists or does not, and then what would or would not be required in order to remedy that.

很遺憾的是，到了這個階段，我們竟然是在檢視英國的一項業務，而其涉及的營收僅為 350 萬英鎊。根據 Shutterstock 第一季 10-Q，這就是相對於兩家公司合計約 20 億英鎊營收規模之下，實際被質疑的那部分營收金額。但好消息是，我們已看到隧道盡頭的光；我們應該能清楚了解他們對於 SLC 是否存在的立場，以及為了補救該問題需要或不需要做什麼。

Jenn, do you want to pick up on the guidance and the revenue splits?

Jenn，你要接著談指引與營收拆分嗎？

Yes. So I'll start with the normalization. So you might remember, Ron, we've talked about this before, specifically when we've got big editorial event calendars. So obviously, Q1 for us was a bigger quarter with respect to editorial, and that's the Milan Olympics and also seeing a bit of political spend in the quarter. So we've talked about this before, primarily in Premium Access, which is our largest subscription that has editorial and creative in these quarters or periods where we've got this big events, it's really nothing more than customers shifting some of their download consumption patterns in favor of editorial content. And you can imagine why that would be in the case of really spectacular images coming out of Milan.

好的。我先從常態化（normalization）談起。Ron，你可能記得我們之前談過，特別是在編輯內容大型事件行事曆的年份。很明顯，第一季對我們而言在編輯內容方面是較大的季度，因為有米蘭奧運（Milan Olympics），而且本季也看到一些政治支出。之前我們也談過，主要是在 Premium Access（我們最大的訂閱方案，涵蓋編輯與創意內容）中，在這些有大型事件的季度或期間，這其實只是客戶把部分下載消費模式轉向偏好編輯內容。你可以想像，當米蘭出現非常精彩的影像時，會是這樣的情況。

So for Q1, the impact of that, again, download/revenue allocation mix was a drag on creative of about 375 basis points and then a lift on editorial of just over 600 basis points. So we'll see a bit of that as we continue through what is a big editorial year for us, certainly as we go into the World Cup and as we expect to see some political lift heading into midterms towards the end of the year. Does that answer that question?

因此就第一季而言，這個影響（同樣是下載量／營收分配的組合）對創意內容造成約 375 個基點的拖累，並對編輯內容帶來略高於 600 個基點的提振。隨著我們持續走過對我們而言編輯內容很大的年度，我們還會看到一些類似情況，尤其是進入世界盃，以及我們預期在年底期中選舉（midterms）前會看到一些政治面帶動。這樣有回答你的問題嗎？

It does in terms of the mix. And then your comment towards the end of the year helps to talk to the guidance side.

就組合而言有回答到。而你在接近年底的評論，也有助於連結到指引的部分。

Yes. So I mean the key thing to remember here is, hopefully, you got the message from Craig and my prepared remarks, the strong fundamentals of the business really have not changed. So when we talk about things like corporate being in really good upper mid-digit growth, when we talk about the subscription business growing, when we talk about custom content having its biggest quarter, frankly, it's ever had since we rolled that solution out several years ago at this point, continued growth in Unsplash, we're still seeing all of the good fundamentals in this business.

是的。我的意思是，這裡要記住的關鍵是，希望你從 Craig 和我事先準備的談話中已收到訊息：業務的強勁基本面其實沒有改變。當我們談到企業端（corporate）維持相當不錯的中高個位數成長，當我們談到訂閱業務持續成長，當我們談到客製內容（custom content）出現坦白說自我們幾年前推出該解決方案以來的最大季度，以及 Unsplash 持續成長，我們仍然看到這項業務所有良好的基本面。

So when you look at Q1, the big storylines there for revenue are really going to be that revenue recognition impact, our accounting item 606. So that had a bigger drag on Q1 revenue. But we expect to see largely that 606 impact for the year end up where we would have expected it to be in our prior guidance. So a little bit of a timing element there, Q1, but no change to the full year impact from that item. As we think about what sits within guidance, again, nothing really different than what we spoke to last quarter with 2026 guidance.

因此當你看第一季時，營收面最大的主軸其實會是營收認列的影響，也就是我們的會計項目 606。因此它對第一季營收造成較大的拖累。但我們預期全年 606 的影響，最終大致會落在我們先前指引所預期的水準。所以第一季有一些時點因素，但該項目對全年的影響並沒有改變。就指引所涵蓋的內容來看，基本上也沒有任何不同於我們上季談到的 2026 年指引。

Creative, roughly low single-digit decline. Editorial, roughly flat, and other would be -- other revenue would be in mid-single-digit decline. But again, a lot of those declines are because of that big, big chunky revenue we got in Q4 of last year. So normalizing that gets creative to about flat, that gets editorial to low single-digit growth, and that would get that other revenue back up into double-digit growth.

創意內容大致為低個位數下滑；編輯內容大致持平；其他（other）營收則為中個位數下滑。但同樣地，這些下滑很大一部分是因為我們在去年第四季取得了非常大、非常集中的營收。若將其常態化，創意內容約可回到持平，編輯內容可回到低個位數成長，而其他營收則可回到雙位數成長。

So same trends there with the splits of creative, editorial and other cost, all of that really in line with what we spoke to, previously. Lower margin quarter for us for sure. But again, on the gross margin side, that's really a function of that 606 revenue recognition element as well as a bit of product mix, but we expect to -- certainly, by the time we get to H2, we should be back up in the 71% range in gross margin. And we should see our EBITDA margins in the second half of the year get back up into that 29%, 30% range.

因此，創意、編輯與其他的拆分趨勢，以及成本等各方面，都與我們先前所談一致。對我們而言這確實是毛利較低的一季。但同樣地，在毛利率方面，主要是 606 營收認列因素以及一些產品組合所致；不過我們預期——當然到了下半年（H2），毛利率應可回到約 71% 的水準。我們也應會看到下半年 EBITDA 利潤率回升至約 29%、30% 的區間。

(Operator Instructions)

（接線員指示）

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，Benchmark。

A couple, Craig, for you and then a couple for Jenn, if I could. Craig, on the '26 guidance, if you could maybe just update us on your willingness to sign AI licensing deals that's sort of predicated within that guidance? And then how should we be thinking about recurring revenue opportunities tied to AI content licensing, materializing over the next 12 months or so as opposed to just pure licensing deals? And then, Craig, you also mentioned in your prepared remarks about rightsizing agency support, now that the segment is roughly 15% of revenue. I'm just curious if that means OpEx savings or redistributed headcount to other parts of your business.

我有幾個問題想請教 Craig，然後也有幾個想請教 Jenn，如果可以的話。Craig，關於你們對於 '26 的指引，能否請你更新一下你們簽署 AI 授權交易的意願？因為這似乎已經在該指引中有所假設。另外，對於與 AI 內容授權相關的經常性收入機會，我們應該如何看待未來約 12 個月內的落地情況，相較於單純的一次性授權交易？還有，Craig，你在事先準備的發言中也提到，鑑於該分部目前約占營收 15%，你們正在調整（rightsizing）對代理商的支援。我想了解這是否意味著營運費用（OpEx）節省，或是把人力重新分配到你們業務的其他部分。

And then, Jenn, just curious what Premium Access net dollar retention was in 1Q and whether you expect an improving NDR in 2Q is predicated within your '26 guidance? And then also tied to NDR, just how you would characterize iStock and Unsplash headwinds there? Is it the same? Or are you potentially seeing lessening headwinds from iStock and Unsplash?

另外，Jenn，我也想請教一下，Premium Access 在 1Q 的淨美元留存率（NDR）是多少？以及你們在 '26 指引中，是否已經假設 2Q 的 NDR 會有所改善？再者，與 NDR 相關，你會如何描述 iStock 與 Unsplash 在這方面帶來的逆風？兩者是一樣的嗎？或者你們可能看到來自 iStock 與 Unsplash 的逆風正在減弱？

Great. Thanks, Mark. So I'll pick up on the AI with respect to '26. And then I'll touch on some of the iStock elements and then pass -- and agency, and then I'll pass over to Jenn to add to that. So on the AI licensing front, we do some level of AI licensing across the business.

好的。謝謝你，Mark。我先就與 '26 相關的 AI 部分回應，然後我也會談一些 iStock 的要素以及代理商（agency）部分，接著再交給 Jenn 補充。就 AI 授權而言，我們在整個業務中確實有進行一定程度的 AI 授權。

We did very little in Q1. We expect that to probably be more of a second half contributor to the revenue pie. But it's not one that's been as sizable when you look at others in the marketplace. It hasn't been as sizable in terms of revenue stream for Getty as we've been more selective in the licensing that we've done.

我們在第一季做得非常少。我們預期這可能會在下半年對營收結構有較多貢獻。但相較於市場上其他公司，這一塊並不是特別大的項目。就 Getty 而言，因為我們在授權上更為審慎，因此這部分的收入來源一直沒有那麼可觀。

What I would say is we're more focused in, and we talked about this in some of our Q4 commentary and some of our Q3 commentary about integrating our product into large language models and AI experiences, where ultimately drawing on the history represented in our archive or the coverage represented in our editorial offering, it's an important element of delivering context and accuracy to those individuals using these AI services. So we referenced Perplexity. We referenced other deals that have yet to be named other than that. And that continues to be our focus. How do we really embed Getty Images and the quality of its coverage and imagery and the depth of its archive into those models.

我想說的是，我們更聚焦於——我們在第四季與第三季的一些評論中也談過——把我們的產品整合進大型語言模型與 AI 體驗中。最終，無論是取用我們檔案庫所代表的歷史，或是取用我們新聞編輯內容所涵蓋的報導，這都是為使用這些 AI 服務的人提供脈絡與準確性的重要元素。因此我們提到了 Perplexity，也提到了其他尚未公開名稱的交易。這仍然是我們的重點：我們如何真正把 Getty Images 以及其報導與影像的品質、以及檔案庫的深度，嵌入到那些模型之中。

So yes, we will do some limited AI licensing. Again, that was very low in Q1. We expect that to kind of phase out towards the second half. But we're really focused in on those integrations into the platforms themselves, which is very akin to how our content is used today across all third-party licensing. There can be some acceleration of that given 606, as Jenn mentioned, but it's still fundamentally content licensing. We're using our content to deliver it to our customers so they can produce a more compelling service.

所以是的，我們會做一些有限的 AI 授權。同樣地，第一季非常少，我們預期會在下半年逐步顯現。但我們真正聚焦的是把這些整合做到平台本身，這與我們目前在所有第三方授權中內容的使用方式非常相似。正如 Jenn 提到的，因為 606 的因素，可能會有一些加速，但本質上仍是內容授權。我們運用內容交付給客戶，讓他們能提供更具吸引力的服務。

I'll just quickly touch on the cost realization of agency, and then I'll come back just to some context on iStock and what we're doing there. Agency -- so yes, we have both sales and service headcount in support of the agencies. They tend to be very transaction-driven. That has equated to a higher level of sales and service for that segment relative to other segments that might be more annual or multiyear agreements. So we did do a small layoff in Q1 to mitigate that resource relative to the volume coming in and the declines that we've seen in that.

我先快速談一下代理商業務的成本落地（cost realization），然後再回到 iStock 的一些脈絡以及我們在那裡做的事情。代理商——是的，我們在支援代理商方面同時配置了銷售與服務人力。這類業務通常非常以交易為導向。相較於其他可能是年度或多年期合約的分部，這使得該分部需要更高程度的銷售與服務支援。因此，我們在第一季進行了一次小規模裁員，以便讓資源配置與進件量、以及我們所看到的下滑趨勢相匹配。

We'll continue to manage that segment accordingly. But that is one that we did do some headcount reduction across sales and service in Q1 in order to manage to the volumes that we're seeing today. We did not redeploy that across the balance of the organization.

我們會持續相應地管理該分部。不過，第一季我們確實在銷售與服務端做了一些人力縮減，以因應我們目前看到的業務量。我們並沒有把這些人力重新部署到組織的其他部分。

Within iStock, I think it's a little bit of important context. We've had a business, and we've always talked about this with you that our iStock business is different than generally what we would term as the microstock or mid-stock space. Our iStock business is one where 70%-plus of our revenues come from Signature content, which is our exclusive content. About two-thirds of the business sits in subscriptions. That's annual subscriptions and monthly subscriptions.

在 iStock 方面，我認為有一些重要的背景脈絡。我們一直都有一個業務——而且我們也一直跟你們談到——我們的 iStock 業務不同於一般所稱的 microstock 或 mid-stock 市場。我們的 iStock 業務中，70% 以上的營收來自 Signature 內容，也就是我們的獨家內容。大約三分之二的業務來自訂閱，包括年度訂閱與月度訂閱。

And what Jenn was referencing is we're making some changes. And those changes are based on what we're seeing in the market more broadly, and the strength of what we're seeing on the Signature side. So we see -- on the Signature side of things, we see about a 2 times spend in the year for a Signature customer relative to an Essentials customer. And we make about 3x the revenue overall, again, going back to that more than 70% of our revenue.

Jenn 所提到的是，我們正在做一些調整。這些調整是基於我們在更廣泛市場中看到的情況，以及我們在 Signature 端看到的強勁表現。因此我們看到——在 Signature 端，Signature 客戶在一年內的支出大約是 Essentials 客戶的 2 倍。而我們整體營收大約是 3 倍，再次呼應前面提到的：超過 70% 的營收來自這一塊。

But then we see just fundamentally different cohort value downstream. So it's not just year 1, the retention value of a Signature customer is so much higher than Essentials. And Jenn gave you some of the statistics of less than 10% retention for free trial subscribers. And those free trial subscribers largely accrued to our Essentials subscription. And some of that's due to just changes in Google's algorithm pointing towards AI searches, which has a knock-on effect in terms of the prominence of free websites that used to drive traffic to us on an affiliate basis, but also the proliferation of AI. And we're seeing the durability of Signature relative to those search dynamics, relative to consumption, relative to AI.

但接著我們也看到，下游的客群價值（cohort value）在本質上就不同。所以不只是第一年：Signature 客戶的留存價值遠高於 Essentials。Jenn 也給了你一些統計數據：免費試用訂閱者的留存率不到 10%。而這些免費試用訂閱者主要累積在我們的 Essentials 訂閱上。其中一部分原因是 Google 演算法的變化，導向 AI 搜尋，進而對那些過去以聯盟（affiliate）方式為我們導流的免費網站之能見度產生連鎖影響；同時也有 AI 的快速普及。我們看到，相較於這些搜尋動態、相較於使用量、相較於 AI，Signature 的韌性更強。

So what we're doing is making a very conscious shift of shifting iStock more aggressively to those quality-conscious customers at much higher economics. But what that means is from a count perspective, our counts go down in terms of subscriber counts and purchasing customer accounts. And ultimately, though, that's going to pay out in our revenue and retention. And so those are some of the changes just to give you a little bit more context and double-click on some of those.

因此我們正在做的是一個非常有意識的轉向：更積極地把 iStock 轉向那些重視品質、且經濟效益（economics）更高的客戶。但這也意味著，從數量角度來看，我們的訂閱者數與付費客戶帳戶數會下降。然而最終，這將反映在我們的營收與留存上。以上是一些調整的內容，提供你更多背景並更深入說明。

But I'll pass over to Jenn to add anything that she might want.

不過我先把時間交給 Jenn，看看她是否還想補充。

Yes. Mark, so back on the retention question. So I think I'll broadly just say we're at 90% in Q1. And I think we've spoken to certainly last quarter, probably the quarter prior to that as well, that free trial subscription cancellation, really, that's having a continued drag on this rate and that we expect to see that drag lap sort of the anniversarying of the cessation of that program in Q2, but probably into Q3. So I think we hold that once we get into that Q3, certainly Q4 period, we'll start to see this metric bump back up just as a result of all of that noise really coming out of this metric.

好的。Mark，回到留存的問題。我先概括地說，我們第一季大約是 90%。而且我想我們在上一季，甚至再前一季也提過，免費試用訂閱的取消，確實持續對這個比率造成拖累。我們預期這個拖累會在第二季、但可能延續到第三季，隨著該計畫停止後的周年效應（anniversarying）而逐步消退。因此我認為，一旦進入第三季、尤其第四季，我們會看到這個指標回升，主要是因為這些雜訊會從該指標中消失。

So that's going to be, call it, 2 to 3 points improvement on this rate just once we get through, again, the anniversarying of the discontinuation of that program.

所以一旦我們度過——再次強調——該計畫終止的周年效應之後，這個比率大概會改善 2 到 3 個百分點。

But I'd say in addition to that, and you asked about Premium Access, the real key thing there, again, there's a drag here from that free trial. We've always got a bit of a drag when we've got subscriber spend in a prior period outside of their subscription for big, whether that be editorial events or big one-time events, we've got a bit of that here. That's probably about a 2-point drag year on year. But key here is when you think about the -- again, we speak to the core fundamentals.

但我想除此之外，你也問到 Premium Access，這裡真正的關鍵是——同樣地，這裡仍有來自免費試用的拖累。我們也一直會有一些拖累，當訂閱者在前一期於訂閱之外有額外支出時（例如大型新聞編輯事件或大型一次性事件），這裡就會出現一些影響。我們目前也有這種情況，年對年大約造成 2 個百分點的拖累。但關鍵在於，當你思考——再次回到我們所談的核心基本面。

Premium Access, our largest subscription, again, the retention rate in Q1 was 100%. So it doesn't, obviously, get much healthier than that. We see the iStock annuals really around that 80% range, Unsplash well over 90% retention.

Premium Access——我們最大的訂閱方案——第一季的留存率是 100%。所以顯然不太可能比這更健康。我們看到 iStock 的年度訂閱大約在 80% 左右，Unsplash 的留存率則遠高於 90%。

So there are some very, very healthy metrics underlying what we report as 90%. But again, that 90% still has that drag from free trial and has a bit of timing just with respect to subscriber spend in the prior periods outside of their subscription. But overall, the underlying stats here are really healthy.

因此，在我們所報告的 90% 背後，其實有一些非常、非常健康的指標。但同樣地，這個 90% 仍受到免費試用的拖累，也受到訂閱者在前期於訂閱之外支出的時間點因素影響。不過整體而言，底層的統計數據其實非常健康。

And this concludes our Q&A session. I will now turn the call over to Steven Kanner for closing comments.

以上為我們的問答環節。接下來我將把電話會議交給 Steven Kanner 作結語。

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 rest of the day.

再次感謝各位今天加入我們，並持續關注本公司。一如往常，我們的團隊會在會後就各位可能有的其他問題提供後續回覆。我們期待保持聯繫，並在接下來的幾個季度向各位更新我們的進展。祝各位今天剩餘時間愉快。

Thank you.

謝謝。

Thank you. And this brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗參與。各位現在可以掛線。