Getty Images Holdings, Inc.

Good afternoon and welcome to Getty Images' second quarter 2023 earnings conference call. Today's call is being recorded. We have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Stephen Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

Good afternoon and welcome to Getty Images' second quarter 2023 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer, and Jen Layden, Chief Financial Officer. As noted in today's press release, the financial results for the second quarter ended June 30th, 2023, and related comparisons to prior periods included in this release are preliminary. The company expects to file a Form 12B25 with the Securities and Exchange Commission to disclose that it will not be able to file its Form 10-Q by its due date of August 14, 2023, and may not file within the five-day extension period allowed by the form. The delay in filing 10-Q is due to the company's independent auditors requiring additional time for additional audit processes in response to a comment arising from an inspection of the audit work papers of the company's 2022 financial statements. As of this date, we are not aware of nor has our independent auditor advised us of any material misstatement to the 2022 financial statements. 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 for the SEC. 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, free cash flow, and currency-neutral growth rates. We use non-GAAP measures in some of our financial discussions as we believe they assist investors in understanding the core operating results that management uses to evaluate the business Reconciliations of GAAP to non-GAAP measures, as well as the description, limitations, and rationale for using each measure can be found in our filings for the SEC. After our prepared remarks, we will open the call for your questions. With that, I will hand the call over to our Chief Executive Officer, Craig Peters.

Craig Peters Thanks, Stephen, and thanks to everyone for joining our Getting Images Second Quarter 2023 Earnings Call. I will start by addressing the quarter's business performance and progress at a high level before Jen takes you through the full second quarter financial results. Second quarter of 2023 reported revenue was $225.7 million, representing a year-on-year decline of 3.3% on a reported basis and a currency-neutral decline of 2%. Our adjusted EBITDA finished at $66.5 million for the quarter, This reflects a reported year-on-year decline of 10.3% and a currency neutral decline of 8.9%, with EBITDA more heavily impacted by legal costs associated with previously disclosed litigation. While we continue to see increased utilization of our content and increased customer commitment overall, these numbers are not what we wanted to finish the quarter. Macroeconomic conditions are pressuring our agency business. The writer and actor strikes have also impacted our entertainment business and our media and production customers. While these factors are largely outside of our control, we are not happy with our performance and are committed to elevating our sales execution in the face of challenging market conditions. We were pleased to add U.S. soccer as a new partner in a multi-year agreement and renew our agreements with Major League Baseball and the Tribeca Film Festival. It has also been great to see the stellar execution of our world-class editorial team on the ground in Australia and New Zealand covering the FIFA Women's World Cup as the competition's authorized photographic agency. It's a designation Getty Images has held since 2009. On the AI front, we continue to play to the long term, and I'm pleased with the progress we are making in partnership with NVIDIA to build and launch a high-quality, commercially viable, fully indemnified, creator-responsible generative AI service that can sit alongside our other highly differentiated industry-leading services. We are now in limited alpha and expect a launch later this quarter. We're also excited to expand the deployment of our natural language search to better surface our pre-shot content in response to customer needs. Our pre-shot content continues to offer a compelling customer value as it's free to search, substantially more time efficient, and provides for a unique level of creativity, authenticity, and quality. Using natural language processing, we now return a much broader set of high-quality results even against the most complex search string. For those at a browser, to see this in action, I would encourage you to go to iStock.com and search colorful umbrellas seen from below hanging over a street and wait to see the results. Then try the same at other content provider sites. When asked about what keeps me up at night, my answer is always the same, execution. It is entirely within our control It is a more difficult environment, and our execution needs to match it head on. My colleagues and I are committed to elevating our performance throughout the second half, and we remain focused on building for the long term through differentiated and high-quality offerings required by our customers and through the preservation of our extremely unique assets. With that, I'll hand the call over to Jen, who will take you through the more detailed financials.