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 first quarter 2025 Shutterstock operating results. We appreciate your understanding, and we'll 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 statements section of today's press release and in our filings with the SEC. The 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, Steven, 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 Jenn will add more detail on our performance. First quarter revenue for 2025 was $224.1 million, representing growth of 0.8% or 2.6% on a currency-neutral basis. Adjusted EBITDA was $70.1 million for the quarter, down 0.1% or up 2.2% on a currency-neutral basis. We continue to see growth in our annual subscription business, driven by our corporate sector, which remains in steady growth, with gains across premium access and Unsplash+ and with strong demand for video, news and sport. As expected, our revenue was impacted by early FX pressures, which has since reversed, tariff-driven uncertainty impacting customers' investment and continued softness in our agency, production and entertainment sectors, the latter due to impacts from the LA fires. We delivered a strong start to the year in our sport business, where we are a trusted strategic partner across the full spectrum of the sports ecosystem. WWE, Major League Soccer and the National Women's Soccer League all signed as new exclusive partners, while we renewed our long-standing partnership with UEFA. Additionally, the Formula 1 series launched its 75th anniversary season, where we hold an official designation for the series itself, along with the commercial relationships with teams, including McLaren, Red Bull and Aston Martin. Our industry-leading sports operation and commercial teams, photographic talent and global distribution platform make Getty Images the partner of choice and therefore, the premier destination for photographic coverage around this landmark year. In entertainment, our expert production team partnered with the Academy of Motion Picture Arts and Sciences, the Elton John AIDS Foundation Oscar Party, the Vanity Fair Oscar Party, GRAMMYs and BAFTA, to name a few. In the quarter, we also renewed…

Our Q1 results reflect a solid yet challenging start to the year. As anticipated and discussed on our Q4 earnings call, the Los Angeles fires, early FX pressures and the broader macro uncertainty impacted our first quarter results. That said, we focused on executing through these challenges and delivered low single-digit top line growth combined with a healthy adjusted EBITDA margin. Q1 revenue was $224.1 million with year-on-year growth of 0.8% or 2.6% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition which contributed approximately 320 basis points to Q1 growth. Annual subscription revenue was 57.2% of total revenue in the first quarter, up from 54.7% in Q1 of last year and also up from 53.8% in 2024. In total subscription revenue grew by 5.4% or 7.2% on a currency-neutral basis, driven primarily by growth in our premium access offering. We added 56,000 active annual subscribers to reach 318,000 in the Q1 LTM period, an increase of approximately 21% over the comparable LTM period in 2024, driven by our e-commerce businesses iStock and Unsplash+. Of the 318,000 annual subscribers in the LTM period 53% were brand-new customers and 28% were customers in our growth markets across Lat Am, APAC and EMEA. Our annual subscription revenue retention rate was 92.7% in the Q1 LTM period, up from 90% in the corresponding 2024 period. Paid downloads were down slightly at $93 million, while our video attachment rate remains in steady growth, rising to 16.7% from 14% in the Q1 2024 LTM period. Editorial revenue was $82.6 million, an increase of 4% year-on-year and 5.6% on a currency-neutral basis. Key growth drivers in this quarter included our coverage of global news events and sports. Our entertainment business was down due to the impact of the…

Thank you. [Operator Instructions] We'll go first to Ron Josey with Citi.

Great. Thanks for taking the question. I have one for Craig and one for Jenn. Craig on the subscription side, you talked about the strength and the mix shift to corporate. Talk to us more about that mix shift to corporate, what you're seeing from a demand perspective. And as we look at the numbers of overall ending or active annual subscribers, it looked like growth maybe ticked down a little bit. So wondering, if there's maybe a change in the size and scale of your subscriber base. That's question one. And then Jenn, I think I heard you say for 1Q there was some timing of revenue in the quarter about 220 basis points impact, but also some impact from FX and tariff uncertainty and agency headwinds and fires. And just -- I think you said this, but I just want to confirm are we beyond most of those notwithstanding maybe changes to the macro?

Great. Thanks, Ron. On the subscription side of things, we're seeing really a continued trend that has been a trend for almost more than a decade now, which is the continued build-out of internal corporate marketing group's, creative groups in support of their owned and operated marketing to their website their social media, et cetera their sales and marketing lateral. And that's been a long driver about increasing not only our corporate segment, but the subscription business from the corporate segment. And so that's one driver that continues. And the other one is really at the iStock level. Our small and medium-sized businesses, there largely are -- we classify within the corporate segment. And we've been increasing the volume of subscriptions and the prominence of subscription on that website and service. But those are the real drivers. We have been testing out of that a bit, on the iStock side as we optimize to get the right blend between subscription customers and a la carte. So that is going to slow. And I think, we've mentioned that over time our subscription growth will slow. But we continue to be encouraged by the take-up that we're seeing at iStock, and continue to be very encouraged by the revenue retention and renewal rates on the subscription side of things, overall, most emphasis on that within the corporate space. Jenn?

Yeah. Hi, Ron. So the revenue recognition item that's actually a quarterly accounting entry. So that's the ASC 606 entry. I think for the most part we do try to quantify that on every call. So that's a standard item. I wish, I could say that one is going away, but we'll continue to have that every quarter. Again, that's just intended to smooth out revenue to align with when you've met your obligations to your customers. Over time, the intent is that that nets out to zero but it can have a little bit of impact positive or negative on a quarterly basis. The other items, I think that you mentioned that I mentioned that impacted Q1 LA fires FX pressures broader macro. LA fire impact specifically on the production side of things, we expect that that's going to be a little bit of a continued impact for us. Again, that's embedded in the guidance. FX pressures again as you know we see FX volatility move around. We did take the step this quarter to go ahead and update our guidance for that, because we did see a decent size movement from the last time we shared out guidance. So we'll continue to monitor that update guidance as is appropriate. Broader macro, again, to the best of our ability at this point that is baked into our guidance. We caveat towards the end don't know anything specific at this point that, we're seeing in the business related to tariffs or trade wars or how that evolves. So again to the best of our ability all of that baked into guidance. As we see something more material we of course take that into consideration.

Great. Thanks, Craig. Thanks, Jenn.

Thanks, Ron.

We'll go next to Mark Zgutowicz with Benchmark.

Thank you. Hi, Jenn and Craig. Jenn, a question for you. Your annual guidance implies constant currency acceleration at least a modest one for the rest of the year. And I was just hoping you can maybe share where you expect that acceleration to come from? And -- or what your present guidance assumes in terms of data licensing revenue versus the prior guide? And then Craig a broader question. Can you just remind us again on the specifics of the ruling you're hoping to get from existing litigation protecting your copyrighted content against Gen AI training maybe specifically with Stability AI and others. And then in parallel can you also clarify what your copyright protections are in place covering your exclusive content likeness agreements similar to what you have with like partners like the NBA and Major League Baseball? We're obviously seeing increasing AI models within social media that are enabling the capturing and doctoring of images in these sports partners and the like. So just trying to get a sense roughly sort of what boundaries are in place that protect you on the content likeness side of things. Thanks.

Jenn feel free to start.

Yes. So with respect to currency neutral guidance so on the question of data licensing and what's embedded no real change there to what was in our previous guidance. And that puts that bucket of revenue call it somewhere in the 2% to 3% give or take range of total revenue, but nothing really has moved there prior -- versus prior guidance. And then as we move through the year some of the items that I just mentioned and spoke to in prepared remarks things like some of the impacts from LA fires on the production media side of the business we think we'll start to see some improvement coming out of that relative to Q1. Still some lingering impact from Hollywood strikes. That side of things still not 100% back to pre-Hollywood strike levels. But again feel like as we move through the year we'll start to see improvement there. And then more broadly the areas where we think we have growth remain the same. And that's frankly continuing to drive that subscription business. We noted in the remarks there we're seeing a lot of that growth come from new customers and we're seeing a lot of that growth come from geographic markets where we're tapping into new customer segments. So a lot of opportunity there for the business as we grow that subscriber base again many of whom are coming in new to the business. And then areas across video continuing to see traction on the video side of things continuing to monetize our Unsplash business specifically, Unsplash+ paid subscription which continues to do quite well. So a lot of the same growth levers that we've been tracking along on and then some improvement in some of the macro elements that impacted Q1.

Thanks, Jenn. And Mark, I'll do my best to navigate the world of AI and copyright in a relatively short amount of time. So let me be clear. Right now the world of AI models and AI providers has largely operated in a mode of training on scraped content across the Internet and doing that under the belief that it would qualify as "fair use" or similar concepts around the globe. And that means that they are scraping content from Getty Images, they're scraping content from the likes of the NBA and Major League Baseball. And that content will include the name and likeness of those individuals. It can contain personal privacy items and contain other third-party intellectual property. What we advanced with Stability AI in the UK and in the US is litigation on that point to hopefully get clarity from the courts of whether training on copyrighted material was permissioned. Now we believe that not all training and use of copyrighted content is requires permission. There is research and development. There are non-commercial applications that can be put out there. But we want to get clarity on that because we fundamentally don't believe that the likes of companies like Stability AI should be able to train on copyrighted material and then provide these tools out into the marketplace in some cases targeting the very same market. So that trial is going to happen in June of this year in the UK. We still don't have clarity of when that will happen in the US. There is some venue questions which is why we have two pieces of litigation in there. Within the past couple of days just within the last 72 hours, we've seen the US Copyright Office issue a report that aligns to our view with respect…

Thanks, Craig. Appreciate it, Jenn as well.

We'll go next to Danny Pfeiffer with JPMorgan.

Hey, thanks for the questions. Craig, so for the first one, can you provide an update on your own gen AI offering, what the client adoption looks like and how you're seeing that adoption curve scaling over the next year along with revenue. And then Jenn, on the client spend being held back in tariff uncertainty in the first quarter, can you just provide any color on how that trend has changed since Liberation Day starting in April? Thanks.

Sure Danny. So on the AI front, we continue to see growing adoption. It's not accelerating adoption but it's consistent adoption. It's still in the low-single digits in terms of customer adoption. And from a revenue standpoint, it's still in the I want to say low-single digits I mean percentage points. And when I say revenue, it's still in the single-digit millions in terms of revenue addition into the business. But it is growing as we see our customers adopt. And I think what we've now been doing is, increasingly bundling AI into our subscriptions, because what we found was less so text to image generation. We actually found that our customers wanted to use the model and the capabilities, in order to modify existing pre-shot content. And so by bundling that together, we make that easier for the customer. And so I expect, we'll see more adoption in the future as we roll those out. And we're just early stages, in terms of rolling out those bundles across iStock and cross Getty Images. But we think that's a good thing for customers, because we see -- we hear positive feedback. We see them doing things that they would have historically taking them a lot of time in software products, to increase the copy space or to insert their product or things along those lines that they can now do relatively easily with AI. So still, early days in terms of ultimately business adoption of this into their end projects, which is where our content goes, but we are seeing it increase at kind of a pretty steady clip. Jenn?

Yes. Thanks for the question Danny. So just to clarify, I think my comment there was a little bit more of a broader comment, and that is that historically for this business, when there are periods of macro uncertainty, where we tend to see it first, is in the agency side of our business. And that is intuitively as agency customers start to slow their spend, with the agency agencies slow their need for content from us. So, that wasn't necessarily a cause and effect there, with tariffs or trade wars, per se. It's just an anecdotal comment for us. So obviously in Q1, we did see our agency business in decline about 9%, roughly 9% year-on-year. We have seen steeper declines for sure in the agency business over the past couple of years, but a decline nonetheless. So it's an assumption for us that there is a bit of a slowdown macro impact on the agency customer side of things, and that's what we're seeing play out there. But no direct cause and effect that we would be able to definitively quantify there.

Yes. The only thing I would add is, we listen to their earnings calls just like you do, and there have been some mention there. So -- over Q4 and into Q1, for those that have reported. So, we're taking some of that information into Jenn's comments, as well. Q – Danny Pfeiffer: Got you. Thank you.

[Operator Instructions] And it appears that we have no further questions, at this time. That will conclude the Getty Images First Quarter 2025 Earnings Conference Call. We thank you for your participation. You may disconnect at any time.