Getty Images Holdings Inc (GETY) 2026 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to Getty Images second quarter 2026 earnings conference call. Just a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Mr. Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Please go ahead, sir.

各位下午好。歡迎參加 Getty Images 2026 年第二季財報電話會議。提醒各位，今天的會議將被錄音。此刻，我想把會議交給 Getty Images 投資人關係與財務部副總裁 Steven Kanner 先生。先生，請開始。

Good afternoon, and thank you for joining our second quarter earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer. This call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including the determination by the company not to provide earnings guidance at this time, 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.

各位下午好，感謝各位參加我們的第二季財報電話會議。今天與我一同出席的有執行長 Craig Peters，以及財務長 Jen Leyden。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（包括公司此時決定不提供盈餘指引）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。

Links to these filings and today's press release can be found on our Investor Relations website at investors.gettyimages.com. 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 today's press release and our filings with the SEC.

這些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。在今天的電話會議中，我們也將提及若干非 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，因為我們相信它們能反映我們的營運表現與業務的基本成果。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，均可在今日新聞稿與我們向 SEC 提交的文件中找到。

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 thank you to everyone making time for this call. Q2 results are not where we wanted them to be, but I'm excited to have regained our focus as a stand-alone company to begin the work on improving liquidity and reducing debt and to be the source for authentic, authoritative, high-quality visual content and coverage for quality-conscious customers around the globe. We believe that Getty Images is a great business with significant opportunities and a challenged balance sheet. Addressing the balance sheet and our liquidity is our immediate priority.

謝謝你，Steven，也感謝各位撥冗參加本次電話會議。第二季的結果未達我們的期望，但我很高興我們已重新聚焦，作為一家獨立公司開始推動改善流動性、降低負債的工作，並持續成為全球重視品質客戶所信賴的真實、權威、高品質視覺內容與報導來源。我們相信 Getty Images 是一家優質企業，擁有顯著機會，但資產負債表面臨挑戰。處理資產負債表與流動性是我們當前的首要任務。

Let me start with the factors that impacted the quarter. The cumulative real and opportunity cost of pursuing and planning for the Shutterstock merger, combined with the continued market challenges across our Agency and iStock e-commerce business weighed on our Q2 results.

我先從影響本季的因素談起。追求並規劃與 Shutterstock 合併所累積的實際成本與機會成本，再加上我們在 Agency 與 iStock 電商業務所面臨的持續市場挑戰，對第二季業績造成壓力。

Second quarter revenue for 2026 was $229.1 million, that is down 2.5% reported and down 4.1% on a currency neutral basis. On the Agency front, we continue to see declining revenue driven by secular headwinds, industry consolidation and the Agency's business model, which incentivizes towards internal production, and that's inclusive of AI.

2026 年第二季營收為 2.291 億美元，按報告口徑下降 2.5%，按固定匯率（currency neutral）口徑下降 4.1%。在 Agency 方面，我們持續看到營收下滑，主要由結構性逆風、產業整併，以及 Agency 的商業模式所驅動；該模式會激勵轉向內部製作，且包含 AI 在內。

On the iStock front, we continue to see search engine referral traffic declines and the knock-on impact to our affiliate traffic sources as the search engines implement AI-generated answers. This is impacting new customer acquisition. The Microstock category more generally also continues to be impacted by generative AI. This impact concentrates on price-sensitive quality and different customers. Unlike other participants in the category, iStock is more insulated from this impact given our exclusive high-quality content and the historic makeup of our customer cohorts, where 70% of our revenue is generated by our exclusive premium offerings.

在 iStock 方面，隨著搜尋引擎導入 AI 生成答案，我們持續看到搜尋引擎導流流量下滑，並連帶影響我們的聯盟（affiliate）流量來源。這正在影響新客戶獲取。更廣泛而言，Microstock 類別也持續受到生成式 AI 的影響；此影響主要集中在對價格敏感、品質要求不同的客群。與該類別中的其他參與者不同，iStock 因擁有獨家高品質內容，以及歷史上客戶組成的特性而較能抵禦此影響；我們 70% 的營收來自獨家高端（premium）產品。

Outside these areas, within the quarter, we delivered continued growth across the largest parts of our business, corporate and media serviced through the Getty Images brand and offerings, representing three quarters of our revenue. We continue to see strength in both media and corporate with respect to customer adoption, customer consumption and customer retention, given the importance of our offerings to their needs.

除上述領域外，在本季內，我們在業務中最大部分仍實現持續成長：透過 Getty Images 品牌與產品服務的企業與媒體客戶，合計約占我們營收的四分之三。鑑於我們的產品對其需求的重要性，我們持續看到媒體與企業客戶在採用、使用量與留存方面的強勁表現。

Jen will walk through the quarterly results in more detail. But before I hand it over, I want to speak to our recent decision to terminate the proposed Shutterstock merger. We spent more than 18 months in significant capital. That's more than $100 million across professional fees and financing costs in pursuit of what we believe will be a strategic transaction.

Jen 將更詳細說明本季業績。不過在交棒之前，我想談談我們近期終止擬議中的 Shutterstock 合併案之決定。我們在超過 18 個月期間投入了大量資本，包含專業服務費與融資成本合計超過 1 億美元，用以推動我們認為具有策略性的交易。

Unfortunately, the regulatory requirements and the corresponding uncertainty and cost of execution, both direct and indirect, presented burdens we determined were no longer in the best interest of the company to bear. As a result, we made the decision to terminate the merger agreement. We are now on a stand-alone path, and our stand-alone operating plan starts with addressing our balance sheet. While we firmly disagree with the regulatory outcome and recent court rulings with respect to warrant litigation, it's clear we now need to optimize our capital structure to align with our stand-alone path.

不幸的是，監管要求以及相應的不確定性與執行成本（直接與間接）帶來的負擔，我們判定已不再符合公司承擔的最佳利益。因此，我們決定終止合併協議。我們現在將走獨立發展路徑，而獨立營運計畫的起點是處理我們的資產負債表。儘管我們堅決不同意監管結果，以及近期法院就認股權證（warrant）訴訟所作出的裁決，但很明顯我們現在需要優化資本結構，以符合我們的獨立發展路徑。

In July, we hired Guggenheim Securities to explore strategic financing alternatives and balance sheet management initiatives. We have not yet established a timeline, but I expect this process to run through Q3 and into Q4. In parallel, we will counter the challenges represented in our Agency and iStock businesses.

7 月，我們聘請 Guggenheim Securities 探索策略性融資替代方案與資產負債表管理措施。我們尚未訂定時間表，但我預期此流程將延續至第三季並進入第四季。同時，我們也將因應 Agency 與 iStock 業務所面臨的挑戰。

On the Agency front, we will continue to rationalize our resources in support of this part of our business given the secular challenges. But we are also encouraged to see AI transparency laws going into effect around the globe and consumer sentiment slowing AI use in ad creative.

在 Agency 方面，鑑於結構性挑戰，我們將持續精簡並合理化資源配置以支援該業務。但我們也受到鼓舞，因為全球各地的 AI 透明度法律正陸續生效，且消費者情緒也使廣告創意中對 AI 的使用趨緩。

With respect to iStock, we will reorient the site to our premium offerings where we see improved customer lifetime value, and we'll rationalize our marketing spend where returns are no longer inside our required payback period. This will adversely impact some business KPIs over 2026 and into 2027, but it builds on our support and goal of improved liquidity.

就 iStock 而言，我們將把網站重新導向至高端（premium）產品，因為我們在該領域看到更佳的客戶終身價值；同時，我們將合理化行銷支出，對於回報不再符合我們要求回收期的投入將予以縮減。這將在 2026 年及延伸至 2027 年對部分業務 KPI 造成不利影響，但這是我們支持並達成改善流動性目標的一部分。

We are committed to working through the balance sheet optimization process and these changes in the coming months. With the process to address that balance sheet underway, I look forward to fully focusing on the opportunity of this company given its unique assets. That opportunity is to be the source for authentic, authoritative high-quality visual content and coverage.

我們承諾在未來數月內推進資產負債表優化流程並落實上述變革。隨著處理資產負債表的流程啟動，我期待能將重心完全放在公司憑藉其獨特資產所擁有的機會上。這個機會就是成為真實、權威且高品質的視覺內容與報導來源。

Getty Images is blessed with the foundational pillars of a recognized and respected brand, deep expertise across our staff and our exclusive partners and contributors and an amazing archive. That combined potential of these pillars can be seen through the FIFA World Cup and how Getty Images comprehensively captured the venues, the competition and the pageantry of the event in support of the global media and corporate sponsors.

Getty Images 擁有堅實的基礎支柱：廣為人知且備受尊敬的品牌、員工深厚的專業能力、我們的獨家合作夥伴與投稿者，以及令人驚嘆的典藏庫。這些支柱結合後的潛力，可從 FIFA 世界盃中看見：Getty Images 全面捕捉了場館、賽事競爭與活動盛況，以支援全球媒體與企業贊助商。

They can be seen as organizations and individuals celebrate the 250th anniversary in the United States. They can be seen as we work with Land O'Lakes to authentically depict and engage rural audiences. They can be seen as Google, OpenAI, Perplexity and others build our content and coverage into their products and services. They can be seen in our recently announced partnership with Goalhanger to incorporate our visuals into their top-ranked podcast. That's including The Rest is Football and The Rest is History.

它們可以在各組織與個人於美國慶祝 250 週年之際看見。它們可以在我們與 Land O'Lakes 合作、以真實方式呈現並與鄉村受眾互動時看見。它們可以在 Google、OpenAI、Perplexity 等將我們的內容與報導整合進其產品與服務時看見。它們也可以在我們近期宣布與 Goalhanger 的合作中看見，將我們的視覺素材納入其名列前茅的播客之中，包括《The Rest is Football》和《The Rest is History》。

We will continue to focus on serving our corporate and media customers with content and services that help them effectively and efficiently engage their end audiences absent IP risk. With the rollout of C2PA source verification protocols across our offerings, we will amplify trust and transparency.

我們將持續專注於以內容與服務服務企業與媒體客戶，協助他們在無智慧財產權（IP）風險的情況下，更有效率且更有效地觸達其終端受眾。隨著 C2PA 來源驗證協議在我們各項產品中的推行，我們將強化信任與透明度。

We will partner with the technology industry, inclusive of AI to embed our content into their services to better meet their customer needs. With the launch of our model content protocol, MCP, server and the July expansion of natural language search across both creative and editorial searches, we will make it even easier for companies to build AI experiences leveraging our content and metadata.

我們將與科技產業合作（包含 AI），把我們的內容嵌入其服務中，以更好地滿足其客戶需求。隨著我們的模型內容協議（MCP）伺服器推出，以及 7 月在創意與編輯兩類搜尋中擴展自然語言搜尋，我們將讓企業更容易運用我們的內容與中繼資料來打造 AI 體驗。

We will expand Getty Images beyond its traditional customer bases to better service creators of all sizes across all media. To this end, in July, we launched new editorial and creative single-seat subscriptions that bring the power of Getty Images Premium Access subscriptions to individuals. We will continue to expand and optimize our offerings here as well as partner more broadly with companies like Goalhanger to tell new stories for new audiences.

我們將把 Getty Images 的服務範圍擴展至傳統客群之外，以更好地服務各種規模、各類媒體的創作者。為此，我們於 7 月推出新的編輯與創意單人席位訂閱方案，讓個人也能享有 Getty Images Premium Access 訂閱的強大功能。我們也將持續擴充並優化此處的產品，同時更廣泛地與 Goalhanger 等公司合作，為新受眾講述新故事。

We will continue to embrace AI as an enabler. With the recent launch of our new prompt-based editing AI modification tool, we are making it easier for customers to more quickly and cost effectively modify their selected pre-shot creative visuals to meet their specific project needs with authenticity still at the core. As agentic AI offerings continue to develop, we'll embrace them to improve our efficiency. The first half rollout of coding assistance across our entire software engineering team and the July launch of AI customer service chatbots on iStock are two clear examples.

我們將持續擁抱 AI 作為賦能工具。隨著我們近期推出新的以提示詞為基礎的編輯式 AI 修改工具，我們讓客戶能更快速且更具成本效益地修改其所選的既有拍攝創意視覺素材，以符合特定專案需求，同時仍以真實性為核心。隨著代理式 AI 產品持續發展，我們也將擁抱它們以提升效率。上半年在整個軟體工程團隊導入程式碼輔助，以及 7 月在 iStock 上線 AI 客服聊天機器人，就是兩個明確例子。

Let me say it again. We believe Getty Images is a great business with opportunity and a challenged balance sheet. We are committed to working through our capital structure and operational initiatives in the coming months. At the same time, we are focusing on the opportunity ahead of us as a stand-alone company given the unique assets of this company.

我再說一次。我們相信 Getty Images 是一門優質的業務，具備機會，但資產負債表承壓。我們承諾在未來數月內推進資本結構與營運措施。同時，鑑於本公司獨特的資產，我們也將聚焦於作為獨立公司所面臨的前方機會。

And with that, I'll hand it back to Jen to speak to Q2.

接下來，我把時間交還給 Jen，請她談談第二季（Q2）。

Q2 revenue was $229.1 million, down 2.5% or down 4.1% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which contributed approximately 50 basis points of Q2 growth.

第二季營收為 2.291 億美元，年減 2.5%；以固定匯率（currency-neutral）計算則年減 4.1%。這些結果包含部分收入認列時點的影響，約為第二季成長貢獻 50 個基點。

Turning to the underlying drivers of performance in the quarter. The decline was largely due to ongoing challenges of iStock, where softer traffic trends continue to pressure performance leading to a decline as well as continued weakness in agency, which remains consistent with recent trends. Despite the Agency headwinds, Getty Images delivered growth, reflecting the resilience of our enterprise-focused business and ongoing demand for our differentiated and exclusive content offerings.

接著談本季表現的根本驅動因素。下滑主要源於 iStock 持續面臨挑戰，較疲弱的流量趨勢持續壓抑表現，導致下滑；以及 Agency 業務持續疲弱，與近期趨勢一致。儘管 Agency 面臨逆風，Getty Images 仍實現成長，反映我們以企業客戶為核心的業務韌性，以及市場對我們差異化與獨家內容產品的持續需求。

Unsplash was also in growth, reflecting its continued strong engagement with the long-tail creative customer. From a geographic perspective, on a currency neutral basis, we saw growth of 1.4% in the Americas, which is our largest region, while EMEA was down 7.6%, reflecting a higher concentration in Agency and challenges in e-commerce.

Unsplash 亦呈現成長，反映其與長尾創意客群的持續高度互動。從地理區域來看，以固定匯率計算，美洲（我們最大的區域）成長 1.4%；而 EMEA 下滑 7.6%，反映 Agency 佔比較高以及電商面臨挑戰。

APAC was down 22.1% due primarily to certain nonrecurring onetime project spend in the prior year as well as declines in Agency. Annual subscription revenue was 58.8% of total revenue, up from 53.5% in Q2 of last year, representing growth of 7.1% or 5.6% on a currency-neutral basis. This growth was primarily driven by Premium Access, which made up over 40% of our total revenue in Q2 and grew 5.5% or 3.9% currency neutral.

APAC 下滑 22.1%，主要因前一年某些一次性、非經常性的專案支出，以及 Agency 的下滑。年度訂閱收入占總收入 58.8%，高於去年第二季的 53.5%，代表成長 7.1%；以固定匯率計算成長 5.6%。此成長主要由 Premium Access 驅動，其在第二季占我們總收入逾 40%，並成長 5.5%；以固定匯率計算成長 3.9%。

Our annual subscription revenue retention rate was 88.4% in the Q2 LTM period compared with 93.4% in the corresponding 2025 period. The year-over-year change primarily reflects the combination of the planned exit from the iStock free trial acquisition program in June 2025 and timing-related shifts in deal renewals among a small number of large premium access customers as well as the absence of certain nonrecurring spend that benefited the prior year LTM period.

在第二季過去十二個月（LTM）期間，我們的年度訂閱收入留存率為 88.4%，相較於對應的 2025 期間為 93.4%。年對年變動主要反映：我們於 2025 年 6 月按計畫退出 iStock 免費試用獲客方案、少數大型 Premium Access 客戶的續約時點變動，以及前一年 LTM 期間受惠的某些一次性、非經常性支出在本期缺席。

Active annual subscribers totaled 240,000 in the Q2 LTM period. compared to 321,000 in the corresponding 2025 period. The decline was expected and reflects our deliberate strategy to deemphasize lower-value acquisition channels, including the discontinuation of our iStock free trial program that I just mentioned as well as ongoing search-related traffic headwinds.

第二季 LTM 期間的活躍年度訂閱用戶總數為 24 萬，對比對應的 2025 期間為 32.1 萬。此下滑符合預期，反映我們刻意弱化低價值獲客渠道的策略，包括我剛提到的停止 iStock 免費試用方案，以及與搜尋相關的流量逆風仍在。

Importantly, we remain focused on attracting customers with stronger long-term engagement, retention and lifetime value. We saw improvements in average order value in organic sessions during the quarter. And while traffic levels remain below historic levels and may continue to affect subscriber additions through Q3, subscriber health across Getty Images and Unsplash+ remained stable with strong underlying customer quality, including revenue retention rates in the mid-90s for both with Premium Access subscribers at nearly 100%.

重要的是，我們仍專注於吸引具更強長期互動、留存與終身價值的客戶。本季我們看到自然流量（organic sessions）的平均訂單金額有所改善。雖然流量水準仍低於歷史水準，且可能持續影響至第三季（Q3）的訂閱新增，但 Getty Images 與 Unsplash+ 的訂閱健康度仍保持穩定，底層客戶品質強勁；兩者的收入留存率皆在 90% 中段，而 Premium Access 訂閱者幾近 100%。

Paid downloads were 90.4 million, down slightly year-over-year. Creative revenue was $127.4 million, down 2.6% year-on-year and 4.3% on a currency neutral basis. A shift in download consumption within our Premium Access subscription from creative to editorial impacted results by approximately 380 basis points, driven by demands for event-driven content such as the FIFA World Cup.

付費下載量為 9,040 萬次，年對年略降。創意（Creative）收入為 1.274 億美元，年減 2.6%；以固定匯率計算年減 4.3%。在我們的 Premium Access 訂閱中，下載消費從創意轉向編輯的結構性變化，對結果造成約 380 個基點的影響，主要由對 FIFA 世界盃等事件驅動內容的需求所帶動。

Beyond this allocation shift, the decline was driven by ongoing challenges in our Agency business, which was down 13% as well as the ongoing drag from our iStock business. Partially offsetting these Agency and iStock declines, we continue to see growth in our custom content solutions, up over 350% on our Unsplash+ subscription, which grew over 15% year-on-year.

除上述配置轉移外，下滑亦由 Agency 業務持續面臨挑戰所致（下滑 13%），以及 iStock 業務持續拖累。部分抵銷 Agency 與 iStock 下滑的是，我們的客製化內容解決方案持續成長，增幅超過 350%；同時 Unsplash+ 訂閱年對年成長超過 15%。

Editorial revenue was $96.5 million, up 9.2% year-on-year and 7.6% on a currency neutral basis. The revenue allocation impact that affected creative contributed approximately 550 basis points to editorial growth in the quarter. Driving these shifts was strong demand for our world-class coverage, including the FIFA World Cup, news events around the globe and strong demand for our archived content driven by demand from broadcast and production customers and the strong news cycle.

編輯（Editorial）收入為 9,650 萬美元，年增 9.2%；以固定匯率計算年增 7.6%。影響創意業務的收入配置因素，在本季為編輯成長貢獻約 550 個基點。推動這些變化的是市場對我們世界級報導的強勁需求，包括 FIFA 世界盃、全球各地的新聞事件，以及在廣播與製作客戶需求與強勁新聞週期帶動下，對我們典藏內容的強勁需求。

Other revenue was $5.2 million compared to $15.7 million in Q2 '25, which benefited from three new deals that included significant upfront revenue recognition. As a reminder, the multiyear OpenAI deal announced during the second quarter of this year was actually signed in Q3 2025, with a large portion of that deal's revenue value recognized in 2025.

其他營收為 520 萬美元，相較於 2025 年第二季的 1,570 萬美元；2025 年第二季受惠於三筆新交易，包含可觀的前期營收一次性認列。提醒一下，今年第二季宣布的多年期 OpenAI 交易其實是在 2025 年第三季簽署，且該交易營收價值中有很大一部分已於 2025 年認列。

Revenue, less our cost of revenue as a percentage of revenue was 70.2% compared with 72.1% in Q2 2025. The decrease is mainly due to product mix as well as the timing of costs tied to content licensing deals with significant accelerated revenue recognition in the prior year. SG&A expense was $101.5 million, down $3.6 million year-on-year, with our expense rate decreasing to 44.3% of revenue from 44.7% last year.

營收扣除營收成本後（占營收比重）為 70.2%，相較於 2025 年第二季的 72.1%。下降主要由於產品組合，以及與內容授權交易相關成本的認列時點；前一年因顯著加速的營收認列而使相關成本時點不同。SG&A（銷售、一般及行政）費用為 1.015 億美元，年減 360 萬美元；費用率由去年的營收 44.7% 降至 44.3%。

Excluding stock-based compensation, SG&A was $98.5 million, down $2.7 million or 43% of revenue compared to 43.1% of revenue in Q2 2025. The year-over-year decrease primarily reflects lower marketing spend and lower professional fees, which were tied to elevated expenses in the prior year related to the Stability AI court case in the UK.

排除股份基礎給付後，SG&A 為 9,850 萬美元，年減 270 萬美元，或占營收 43%，相較於 2025 年第二季占營收 43.1%。年減主要反映行銷支出降低及專業服務費用下降；前一年因英國 Stability AI 訴訟案而產生較高的相關費用。

Adjusted EBITDA was $62.3 million for the quarter, down 8.4% or 10.3% on a currency-neutral basis. Adjusted EBITDA margin was 27.2% compared to 28.9% in Q2 2025, primarily reflecting lower revenue and higher cost of revenue, which more than offset the lower SG&A expense. CapEx was $13.8 million or 6% of revenue, consistent with our expected range of 5% to 7% of revenue.

本季調整後 EBITDA 為 6,230 萬美元，下降 8.4%，若以固定匯率基礎則下降 10.3%。調整後 EBITDA 利潤率為 27.2%，相較於 2025 年第二季的 28.9%，主要反映營收較低與營收成本較高，且其影響超過 SG&A 費用下降所帶來的抵銷。資本支出（CapEx）為 1,380 萬美元，約占營收 6%，符合我們預期的營收 5% 至 7% 區間。

Adjusted EBITDA less CapEx was $48.4 million, down 6.6% or 9.5% on a currency neutral basis. Adjusted EBITDA less CapEx margin was 21.1% compared to 22.1% in Q2 of 2025. Free cash flow was negative $122.6 million compared with a negative $9.6 million in Q2 of 2025. The decline was primarily due to the $110.9 million payment, including associated interest related to the Alta and CRCM warrant litigation judgment, which was made on April 22.

調整後 EBITDA 扣除 CapEx 為 4,840 萬美元，下降 6.6%，若以固定匯率基礎則下降 9.5%。調整後 EBITDA 扣除 CapEx 利潤率為 21.1%，相較於 2025 年第二季的 22.1%。自由現金流為負 1.226 億美元，相較於 2025 年第二季為負 960 萬美元。下降主要由於 4 月 22 日支付 1.109 億美元（含相關利息），係與 Alta 與 CRCM 認股權證訴訟判決相關的付款。

Free cash flow included $80.4 million of cash interest payments, of which $37.4 million was attributable to financing tied to the proposed merger with Shutterstock as well as $9.4 million of cash taxes paid during the quarter. We also received $31.5 million of insurance proceeds in Q2 related to the Alta and CRCM warrant litigation, which partially offset the cash flow impact of the judgment payment.

自由現金流包含 8,040 萬美元的現金利息支付，其中 3,740 萬美元歸因於與擬議與 Shutterstock 合併相關的融資，另包含本季支付的 940 萬美元現金稅款。我們亦於第二季收到 3,150 萬美元的保險理賠款，與 Alta 與 CRCM 認股權證訴訟相關，部分抵銷該判決付款對現金流的影響。

After adjusting for the net impact of the litigation payments and insurance recovery as well as for merger financing-related interest and merger expenses, free cash flow would have been negative $4.5 million versus the negative $122.6 million reported. We ended the quarter with $51.6 million of balance sheet cash, down $45 million from Q1 '26. The sequential decrease reflects the negative free cash flow as well as a $30 million mandatory repayment of the 14% senior unsecured notes and a $6.3 million amortization payment on our euro term loan.

在調整訴訟付款與保險理賠回收的淨影響，以及與合併融資相關的利息與合併費用後，自由現金流將為負 450 萬美元，而非報告的負 1.226 億美元。本季末資產負債表現金為 5,160 萬美元，較 2026 年第一季減少 4,500 萬美元。環比下降反映自由現金流為負，以及 14% 高級無擔保票據 3,000 萬美元的強制償還，並支付 630 萬美元的歐元定期貸款攤還款。

As of June 30, we had total debt outstanding of $2.1 billion, which included $628 million of 10.5% senior secured notes issued in Q4 2025 to fund the now terminated merger with Shutterstock, $540 million of 11.25% senior secured notes. $470.5 million of euro term loan converted using exchange rates as of June 30, 2026, with an applicable rate of 8.31%. $365 million (sic - "$270 million")of 14% senior unsecured notes, $120 million outstanding under the $150 million revolver with an applicable rate of 7.76%. $40 million of USD term loan at an 11.25% fixed rate and $5 million of 9.75% senior unsecured notes.

截至 6 月 30 日，我們未償還總債務為 21 億美元，其中包括：2025 年第四季發行、用於資助現已終止之與 Shutterstock 合併的 6.28 億美元 10.5% 高級有擔保票據；5.40 億美元 11.25% 高級有擔保票據；按 2026 年 6 月 30 日匯率換算的 4.705 億美元歐元定期貸款，適用利率為 8.31%；14% 高級無擔保票據 3.65 億美元（原文誤植—「2.70 億美元」）；1.50 億美元循環信貸額度項下已動用 1.20 億美元，適用利率為 7.76%；4,000 萬美元美元定期貸款（固定利率 11.25%）；以及 500 萬美元 9.75% 高級無擔保票據。

In July, following the termination of the proposed merger with Shutterstock, we utilized the proceeds held in escrow to redeem the $628.4 million of 10.5% senior secured notes at par. In addition, to enhance liquidity and provide additional financial flexibility, we drew an additional $30 million under our revolving credit facility, bringing total borrowings under that facility to $150 million.

7 月，在與 Shutterstock 的擬議合併終止後，我們使用託管帳戶中的款項，以面值贖回 6.284 億美元的 10.5% 高級有擔保票據。此外，為提升流動性並提供額外的財務彈性，我們在循環信貸額度下額外提取 3,000 萬美元，使該額度項下借款總額達到 1.50 億美元。

As Craig mentioned at the top of the call, the company is actively evaluating strategic financing alternatives and balance sheet management initiatives. Because those efforts may influence our capital structure, our liquidity profile and our financial outlook, we do not believe it is appropriate to provide guidance at this time. This decision is related to the ongoing evaluation process and should not be interpreted as a change in our commitment to executing our business plan. We will provide additional updates as appropriate.

如 Craig 在電話會議一開始所提到，公司正積極評估策略性融資替代方案與資產負債表管理措施。由於這些工作可能影響我們的資本結構、流動性概況及財務展望，我們認為目前不適合提供財測指引。此決定與持續進行的評估流程相關，不應被解讀為我們對執行業務計畫承諾的改變。我們將在適當時候提供進一步更新。

Thank you, Jen. In closing, with the opportunity to fully focus on the stand-alone Getty Images business, I'm energized by what lies ahead. The need for trustworthy, authentic, rights-cleared visuals has never been greater, and no one does this better than Getty Images. Our content, expertise, customer relationships, global scale and trusted brands position us to serve evolving customer needs and generate long-term recurring revenue opportunities. Thank you.

謝謝你，Jen。最後，能夠全力專注於獨立運作的 Getty Images 業務，我對未來充滿幹勁。市場對可信、真實且權利已清理的視覺內容之需求前所未有地高，而在這方面沒有任何人能比 Getty Images 做得更好。我們的內容、專業能力、客戶關係、全球規模與值得信賴的品牌，使我們能夠滿足不斷演進的客戶需求，並創造長期的經常性營收機會。謝謝。

Ladies and gentlemen, thank you for joining Getty Images second quarter 2026 earnings conference call. We would like to thank you again so much for joining us, and wish you all a great.

各位女士、先生，感謝您參加 Getty Images 2026 年第二季財報電話會議。我們再次非常感謝各位的參與，並祝各位一切順利。