Getty Images Holdings, Inc.

Please stand by. Your program is about to begin. Good afternoon and welcome to the Getty Images Holdings, Inc. Second Quarter 2025 Earnings Call. Today's call is being recorded. We have allocated one hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Stephen Kanner, VP of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

Good afternoon and welcome to the Getty Images Holdings, Second Quarter 2025 Earnings Call. 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 note that due to the ongoing regulatory review process, we will not be able to comment on the status of the merger with Shutterstock or the Q2 2025 Shutterstock operating results. We appreciate your understanding and will share updates as soon as we are able. 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 statement 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. 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 our 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.

Craig Peters Thanks, Stephen, and thanks to everyone for taking the time to join us today. I'll begin with a high-level view of the quarter, after which Jen will dive into the details of our performance. Second quarter revenue for 2025 was $234.9 million. representing reported growth of 2.5% and 1.8% on a currency-neutral basis. Adjusted EBITDA was $68 million for the quarter, down 1.2% reported and 2.2% on a currency-neutral basis. We continue to see growth in our annual subscription business, with gains across premium access and Unsplash Plus, and strong demand for video, news, and sport content. We saw an acceleration in corporate growth, as well as a return to growth in media, despite some continuing buildback in production and entertainment. As expected, the agency business continues to be soft in light of ad industry's challenges and macro pressures. It was another strong quarter for our sport coverage. Our specialist motorsport team delivered exclusive imagery of the Formula One 75th anniversary season. including iconic races in Miami, Silverstone, and Monaco, as well as coverage of the F1 Academy and Formula E seasons. Our golf photographers were on the green at the PGA Championship, while our football photography teams were crisscrossing Europe for the UEFA Champions League and here in the U.S. for the FIFA Club World Cup. In entertainment, our team once again demonstrated why we are their trusted partner for the world's most prestigious events. As the exclusive photography partner, we delivered stunning imagery and seamless operation at Coachella Valley Music and Arts Festival, the Met Gala, BAFTA Television Awards, and the Tribeca Film Festival. This commitment to high quality and service is why the British Film Institute just named Getty Images as its official photography partner. It's also why our designated royal photographer, Chris Jackson, was selected to take portraits of the UK's king and queen to commemorate their 20th wedding anniversary, and the Queen's birthday portrait. On the news front, we expanded our Bloomberg partnership to include Bloomberg video content in our offering. While still behind peak activity in 2023, our production business continues to support producers with our premium archival footage and stills featured in a range of recent scripted and unscripted film and television productions, including the Fantastic Four, The First Steps, Captain America, F1 the Movie, the Billy Joel documentary, and the Drive to Survive Series 7. These productions highlight the enduring value of our archive and the strength of our relationships across the production industry. Our insights platform, Visual GPS, continues to be a strategic differentiator by providing data-backed guidance to customers across industries, helping them drive engagement by aligning their visual storytelling with with evolving consumer expectations. Our latest insights launched this quarter help customers navigate evolving consumer sentiment around sustainability messaging in their visual narratives. In Q2, we upgraded our AI suite of services to generate even higher quality outputs with better prompt adherence. Still based on a foundational model only trained from licensed creative content that respects the rights of IP holders and artists, And based on the utilization of the model for pre-shot modifications representing over 70% of the usage, we launched bundles of these AI capabilities directly into our image subscriptions on iStock. So customers can access our pre-shot creative library and our clean suite of AI services to use in concert with those images in one simple plan. In terms of the proposed merger with Shutterstock, within the quarter, Shutterstock shareholders approved the adoption of the merger agreement between Shutterstock and Getty Images. We continue to work with regulators in the U.S. and the U.K. to obtain the necessary approvals and expect the transition to close by the end of 2025. We have no other active regulatory view of the transaction. I'm excited for the close of the transaction and for the second half of the year. And with that, I'll turn it over to Jen to take you through the more detailed financials.