Getty Images Holdings, Inc.

Good afternoon and welcome to Getty Images third quarter 2025 earnings conference 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, Treasury at Getty Images. Thank you. You may begin.

Good afternoon, and welcome to the Getty Images Third 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 Q3 2025 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 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, 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.

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 financial performance. Third quarter revenue for 2025 was $240 million, representing a slight year-over-year decrease of 0.2% and 2% on a currency-neutral basis. Adjusted EBITDA came in at $78.7 million for the quarter, down 2.4% reported and 4.4% on a currency neutral basis at a margin of 32.8% of revenue. Within the quarter, we posted growth in creative and declines in editorial. Creative was aided by normalization of premium access revenue allocations following the shift in 2024 consumption away from creative and to editorial driven by the Paris Olympics. While creative is in growth, we continue to see declines across agency customers consistent with prior quarters and commentary. Editorial declines are the result of a difficult compare given the same Olympics and the 2024 election cycle. These declines are partially offset by growth in entertainment and archive. We continue to see some revenues from AI data licensing in the quarter. but these were down from 2024, given the accelerated nature of revenue recognition for these deals. With that said, within the quarter, I was excited to realize some new opportunities within the AI landscape that more closely aligned with our traditional content licensing business. Within the quarter, we inked multiple deals to allow AI large language models and search experiences to utilize our content within their experiences to provide authentic, high-quality content in context. One of these agreements was a multi-year agreement with Perplexity, and it includes commitments for both image credits and link bags. Another opportunity was within our custom content business, where we create content specific to customer needs. In this case, a business leveraged our expertise and our network of global contributors to create training content specific to their needs. In each instance, Getty Images is doing what it has always done so well, providing high-quality content to customers to enhance their offerings at scale and on an economic basis. We see more opportunity here. On the merger front, the UK's Competition and Markets Authority, the CMA, has referred the proposed merger of Getty Images and Shutterstock to a Phase 2 review process. We were disappointed to receive this notice, as we do not believe the transaction in any way reduces competition or harms customers or suppliers, and we offered comprehensive remedies to avoid a Phase 2 review. This transaction is about the delivery of cost synergies and the resulting benefits they provide. The parties remain 100 percent committed to the transaction and to working with regulators in the U.K. and U.S. to secure the necessary approvals. The realities of this process push any close into 2026. Elsewhere on the legal front, we received a judgment for our UK litigation against Stability AI, which ruled in favor of getting images on our trademark infringement claim, confirming that inclusion of our trademarks and AI-generated outputs infringe those trademarks, and that the responsibility for infringing outputs rests with stability versus the end-user. This is a win for rights holders everywhere. While we were unsuccessful on the secondary infringement claim and dropped the training claim ahead of trial due to lack of clarity on the location of such training, the ruling affirmed Getty Images copyright protected works were used to train stable diffusion. We will be taking forward these findings of fact into our U.S. case where we refiled our case to California due to delays in Delaware. and the court is now reviewing motions. We are also evaluating an appeal in the UK. And with that, I will turn it over to Jen to take you through the more detailed financials.