Getty Images Holdings, Inc. (NYSE:GETY) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Steven Kanner – Vice President-Investor Relations and Treasury Craig Peters – Chief Executive Officer Jen Leyden – Chief Financial Officer Conference Call Participants Ron Josey – Citi Mark Zgutowicz – Benchmark Company Tim Nollen – Macquarie Brett Feldman – Goldman Sachs Cory Carpenter – JPMorgan Operator Good afternoon, and welcome to Getty Images First Quarter 2023 Earnings Conference Cal ...

Company Overview - Getty Images had over 534 million assets available, adding 8-10 million new assets each quarter and conducting over 2.7 billion searches annually[87]. - The company maintains one of the largest privately-owned photographic archives with over 135 million images[88]. - Unsplash launched Unsplash+, an unlimited paid subscription, providing access to unique content in an ad-free environment[97]. Customer Metrics - The company reported 829,000 total purchasing customers for the twelve months ended March 31, 2023, a slight increase from 825,000 in the previous year[108]. - Total active annual subscribers increased to 150,000 for the twelve months ended March 31, 2023, up from 81,000 in the prior year[108]. - Annual subscriber base grew to 135 thousand, reflecting a 66% increase from March 31, 2022[109]. - Paid download volume increased in the LTM ended March 31, 2023, compared to the prior year, indicating continued customer engagement[110]. - Annual subscriber revenue retention rate was 99.8% for the period ended March 31, 2023, compared to the prior year, although it decreased from 99.0% under legacy reporting[111]. Revenue Breakdown - Total revenue for the three months ended March 31, 2023, was $235.6 million, an increase of 2.0% from $230.978 million in the same period of 2022[124]. - Creative content represented 62.2% of revenue for the three months ended March 31, 2023, with 49.4% generated through annual subscription products[92]. - Editorial content accounted for 35.9% of revenue for the same period, with 53.4% derived from annual subscription products[93]. - Editorial revenue increased by 7.5% (11.3% CN) for the three months ended March 31, 2023, driven by higher assignments and subscription offerings[129]. - Other revenue, including music licensing and data licensing, increased by 18.1% (22.4% CN) for the three months ended March 31, 2023[130]. Financial Performance - Net income for the three months ended March 31, 2023, was $3.2 million, a decrease of 87% from $25.1 million in the same period of 2022[124]. - Adjusted EBITDA for Q1 2023 was $76.1 million, slightly down from $77.7 million in Q1 2022, with an adjusted EBITDA margin of 32.3%[144]. - Cash provided by operating activities decreased by 35.3% to $31.9 million in Q1 2023 from $49.4 million in Q1 2022[155]. - Interest expense for Q1 2023 was $30.5 million, up from $29.6 million in Q1 2022, primarily due to term loans and senior notes[135]. - Fair value adjustment losses for swaps and foreign currency exchange contracts were $2.1 million in Q1 2023, compared to gains of $12.1 million in Q1 2022[136]. Business Combination - Getty Images completed a Business Combination that resulted in gross proceeds of approximately $864.2 million, which included $660 million from the issuance of Class A Common Shares[103]. - The Business Combination resulted in aggregate gross proceeds of approximately $864.2 million, with $615.0 million used for redeeming Redeemable Preferred Stock and $300.0 million for repaying a portion of outstanding indebtedness[150]. - The Business Combination significantly reduced balance sheet obligations by about $1.1 billion[150]. Liquidity and Obligations - Total liquidity as of March 31, 2023, included cash and cash equivalents of $116.8 million and availability under the revolving credit facility of $80.0 million[146]. - The company expects to fund operations and planned investing activities for at least the next 12 months from existing cash and cash flows[149]. - Contractual obligations total approximately $2.1 billion, including long-term indebtedness of $1.9 billion[158]. Foreign Currency and Impairment - The company recognized net foreign currency transaction losses of $10.9 million for the three months ended March 31, 2023, compared to gains of $7.0 million for the same period in 2022[184]. - The company evaluates goodwill for impairment annually, with the last assessment indicating significant headroom in excess of 100%[187]. - The company maintains an allowance for doubtful accounts based on historical losses and specific account analysis, with no significant impairments reported during the periods presented[186]. Accounting Policies - Revenue is recognized gross of contributor royalties, with approximately 3% of total revenues for the three months ended March 31, 2023, generated through third-party delegates[175]. - Identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives, with no significant impairments reported during the periods presented[188]. - The company uses the Black-Scholes option pricing model to determine the fair value of stock options, with estimates involving inherent uncertainties[194]. - The Company computes income taxes and accruals for uncertain tax positions under the asset and liability method in accordance with ASC 740[203].

Getty Images Holdings, Inc. (NYSE:GETY) Q4 2022 Earnings Conference Call March 13, 2023 5:00 PM ET Company Participants Steven Kanner - Vice President of Investor Relations & Treasury Craig Peters - Chief Executive Officer Jennifer Leyden - Chief Financial Officer Conference Call Participants Mark Zgutowicz - Benchmark Company Tim Nollen - Macquarie Ron Josey - Citi Brett Feldman - Goldman Sachs Operator Good afternoon and welcome to the Getty Images Fourth Quarter and Full Year 2022 Earnings Conference Cal ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-41453 GETTY IMAGES HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware 87-3764229 | ...

Financial Data and Key Metrics Changes - Reported revenues for Q3 2022 were $230.5 million, down 2.8% year-on-year, but up 2.8% on a currency-neutral basis [8] - Adjusted EBITDA was $77.7 million, down 4.8% year-on-year, but up 2.3% on a currency-neutral basis [8][35] - Annual subscription revenue as a percentage of total revenue grew to 49.4%, up from 47.1% in Q3 2021 [28] - Free cash flow was $33.2 million in Q3 compared to $31.2 million in Q3 2021 [37] Business Line Data and Key Metrics Changes - Total purchasing customers increased to 837,000, a 9.3% year-on-year increase [23] - Net total active annual subscribers rose to 107,000, up approximately 53% year-on-year [23] - Paid download volume increased by approximately 7.4% to 94 million [24] - Video attachment rate increased to 12.7%, up from 12.1% in Q3 2021 [25] Market Data and Key Metrics Changes - Revenue grew across all major geographies on a currency-neutral basis, with year-on-year growth of 2.8% in the Americas, 0.7% in EMEA, and 9.2% in APAC [33] - Creative revenue was $145.2 million, down 2.1% year-on-year but up 3.2% on a currency-neutral basis [29] - Editorial revenue was $81.8 million, down 3% year-on-year but up 3.1% on a currency-neutral basis [32] Company Strategy and Development Direction - The company is focusing on driving customer growth through annual subscriptions and enhancing the value of its offerings [9] - Multi-year agreements with major companies like Amazon and Microsoft were announced, indicating a strategic focus on partnerships [12] - The launch of Unsplash+ aims to expand the customer base and service content needs [15] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic headwinds, particularly in Europe, but emphasized the countercyclical nature of their offerings [11] - The company expects ongoing foreign currency headwinds to impact results for the remainder of 2022 [26] - Guidance for full-year 2022 remains unchanged, with currency-neutral revenues expected between $955 million and $980 million [41] Other Important Information - The company announced it would not accept AI-generated content on its platform due to copyright concerns [17] - Total SG&A expense was $91.6 million, down $2.9 million year-on-year [34] - The company ended the quarter with $71.9 million in cash, a significant decrease due to a $300 million debt paydown [38] Q&A Session Summary Question: Macro pressures and agency revenue - Management acknowledged softness in certain geographies, particularly Europe, but highlighted the cost-saving nature of their offerings [47] Question: Debt retirement plans - The company remains committed to paying down debt, aiming for net leverage of 2.5x to 3x over the next 24 to 36 months [49] Question: Demand for custom content - Management noted strong demand for custom content, leveraging existing sales teams and infrastructure [55] Question: Average revenue per customer trends - The transition from a la carte to subscription models may lower average revenue per customer, but overall customer growth is prioritized [58] Question: Advertising revenue exposure - Unsplash's advertising revenue is less than 5% of total revenue, showing strong growth despite broader advertising market weaknesses [67] Question: Seasonal and structural effects on KPIs - Management clarified that purchasing customer metrics may fluctuate due to the interplay with annual subscriptions [74] Question: Future trends for subscription and video attachment rates - Management expects subscription rates to potentially reach around 60% in the coming years, with video usage also anticipated to grow [80][82]

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements 2 Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of ...