Getty Images Holdings, Inc.

Good afternoon and welcome to the Getty Images second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. We have allocated one hour for prepared remarks and Q&A. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Tessa O'Neill, Director of Treasury at Getty Images. Thank you. You may begin.

Good afternoon and welcome to the Getty Images second quarter 2022 earnings call. I am Tessa O'Neill and joining me on today's call are Craig Peters, Chief Executive Officer, and Jen Layden, Chief Financial Officer. Before we begin, we would like to remind you that 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, including the final prospectus proxy statement filed with the SEC in connection with our business combination with CC Neuberger Principal Holdings too. Links to these filings and today's press release can be found on our investor relations website at investors.gettyimages.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we'll also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted EBITDA margin 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. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP and our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliation of gap to non-gap measures, as well as the description, limitations, and rationale using each measure can be found in our other filings with the SEC. After our prepared remarks, we'll open the call for your questions. With that, I will hand the call over to our Chief Executive Officer, Craig Peters.

Thanks, Tessa, and thanks to all of you for joining us for Getty Images' second quarter 2022 earnings call. our first earnings call since returning to the public markets. We began trading on the New York Stock Exchange as G-E-T-Y on July 25th, and we're excited to be back in the public markets with a strong balance sheet. Before we take you through our Q2 results, I'd like to take a moment to share a quick introduction of our business for those who may be newer to our story. For more than 27 years, Getty Images has been a leading visual content creator and marketplace. We believe that we represent and produce the very best visual content. Quality, authentic content that is born from our unique expertise, creativity, and partnerships. Content that meaningfully engages those audiences our customers are targeting in an otherwise cluttered world. We do this through over 300 premium content partners, over 496,000 contributors, of which over 80,000 are exclusive to Getty Images, some amazing staff, and a recurring investment in our photographic archives that dates back to the beginning of photography and film. We believe we represent the largest and best path to market for visual creators. Through our premier brands, Getty Images, iStock, and Unsplash, we reach customers from some of the largest enterprise entities to the smallest businesses and individual creators. Just under half our revenue comes from annual subscription products with strong customer loyalty and revenue retention. We maintain deep integrations with internet platforms, and we do all of this on a global scale. We categorize our content and services into three categories, creative, editorial, and author. Creative represents around two-thirds of our revenue and includes photos, illustrations, vectors, and videos that are released for commercial use, covering a wide variety of subjects, including lifestyle, business, science, health, and audience. Editorial, which represents the other third of our revenue, includes photo, video, and our unmatched archive spanning the world of news, sports, and entertainment from red carpet events to sports to conflict zones and beyond. We continue to invest to generate our own coverage through an award-winning editorial team of nearly 300 dedicated staff. And we combine this with the coverage from our network of contributors, including over 50 premium editorial content partners. Other includes music licensing, digital asset management and distribution services, wall decor sales, and data products revenue. Getty Images is highly differentiated in its space through the depth, breadth, and quality of its offerings. We are deeply embedded with our customers And we believe we have a highly attractive business model positioned to deliver sustained profitable growth over the long term. Our market is driven by the needs of all businesses to maintain a vibrant digital presence. Businesses need to be on more platforms than ever before. They need to publish on these platforms more frequently than ever before. And these platforms are visual, with video increasingly at the forefront. It is a digital and visual world, and businesses need relevant, high quality, and authentic visual content to engage their target audiences wherever they are. Whether a big business or a small business, Getty Images provides its customers with a simple and convenient, powerful, high quality solution which enables creativity and innovation at lower costs and at reduced risk. Now I'll briefly outline some of the key areas where we are focused to continue to drive growth. As businesses struggle with the frequency of publishing across more platforms and doing so at lower costs, we are seeing corporations bring large parts of their marketing in-house. This is creating new customers and direct relationships for Getty Images. Much of this is via our attractive subscription offerings. We've been able to generate very high ROIs on our digital marketing, targeting small and medium-sized businesses through our iStock brand. We expect this to continue, and we see significant opportunities outside our traditional geographic markets where we are already experiencing accelerated growth as we direct marketing resources to these markets. We are well positioned to take advantage of the positive secular trend of video demand and our focus on cross-selling our video to our existing customers with subscriptions at the forefront of those efforts. Fueled by the gig economy and platforms that simplify creation and distribution, there is a new and rapidly expanding creative economy, and we are monetizing this opportunity through our Unsplash acquisition. As Web 3.0 continues to take shape, We see relevance for our owned archive, exclusive contributor community, exclusive partners and rights, our editorial capabilities, and our licensing capabilities. We recently partnered with Candy Digital to launch our own NFT offering. And we are increasingly licensing our content and providing our services in support of third-party Web 3.0 needs and offers. And lastly, we continue to enhance our market-leading position through continuous growth in content and innovation powered by scaled proprietary data and our investments, including on the artificial intelligence and machine learning front, which help us to differentiate from our competitors. So now, turning to a few of our second quarter highlights. In the second quarter, we saw continued growth in both top and bottom line. Reported revenue was $233.3 million, up 4.1% year-over-year, and 8.3% on a currency-neutral basis, with our reported growth impacted by the strengthening dollar. Our adjusted EBITDA finished at $74.1 million, up 5.5% year-over-year, and 11.6% on a currency-neutral basis. Our editorial business had a very strong quarter, up almost 20% year-on-year on a currency-neutral basis, with entertainment continuing to regain momentum post-pandemic. We recently announced Penske Media had returned to partnering with us, announcing a multi-year agreement including content representation, production, and licensing. Commencing this fall, Getty Images will be the exclusive global distributor partner for Penske's content from their most iconic brands, including Women's Wear Daily, The Hollywood Reporter, Rolling Stone, Variety, Billboard, and others. And our award-winning entertainment staff photographers and specialists will also create and distribute content from Penske's industry-leading events, galas, and summits. We were also, again, pleased to work as the official photographers for Tribeca Festival, the Met Gala, Billboard Music Awards, the BET Awards, and many more. Our coverage of the Queen's Platinum Jubilee, led by our Royal Staff Photographer, Chris Jackson, and supported by our Deep Archive, drew great customer interest. Not to be outdone, sports also had a great quarter. with our partnerships with some of the biggest sporting events across the globe contributing to our performance. Including our standing as official photographer for British tennis, NHL Stanley Cup, NBA Finals, preferred supplier of UEFA Champions League, exclusive photo licensing partner of the PGA of America and the PGA Championship Tournament, and official photographer of the Commonwealth Games, which is the second largest multi-sports event in the world after the Olympic Games. Coming off being awarded the Pulitzer Prize for their coverage of the January 6th Capitol siege, our news team continues to provide the very best coverage of global events, including the ongoing war in Ukraine, continued impact of the COVID-19 pandemic, environmental disasters, political elections and government changes, and all impacts to the world economy. Drawing on our unique archives and our commitment to move the world and building on our grant program to preserve the historical archives of historically Black colleges and universities, last month we launched the Black History and Culture Collection, which provides free, non-commercial access to content from the 1800s to present day to educators, academics, and researchers to enable them to tell untold stories around Black history and culture. This collection was carefully curated from content wholly owned by Getty Images in partnership with internationally recognized researchers, historians, and educators. And I'm proud to say there's no other resource like it, containing almost 30,000 images going back over 100 years, covering such a vast area of Black history. On the product front, we released Visual GPS Insights. a new interactive tool designed to help our customers choose the right imagery backed up with data and visual guidance. For the first time, our customers can analyze data from over 2.6 billion annual searches and download queries from Getty Images and iStock. They can see what imagery and topics over 825,000 brands around the world are using to communicate with their audiences. It allows our customers to access proprietary data at their fingertips that fuels insights that are most relevant to them, their brand, and their audience. Going forward, all of the employees at Getty Images maintain our focus on delivering the very best visual content and services to our customers and executing on our plans to drive profitable growth. And with that, I will pass the call over to Jen to discuss our financial results in more detail.