Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Please standby. Your meeting is about to begin. Good afternoon, and welcome to Getty Images Holdings, Inc.'s fourth quarter and full year 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 would like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images Holdings, Inc. Thank you. You may begin. Good afternoon.

And thank you for joining our fourth quarter and full year 2025 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer, and Jennifer Leyden, 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 fourth quarter 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 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 a description, limitations, and rationale for using each measure, can be found in our filings with 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.

Thanks, Steven, and thanks to everyone for taking the time to join us today. I will touch on Q4 and the full year 2025 business performance and progress before Jennifer takes you through the full results in more detail and our 2026 outlook. I want to start by speaking to the big picture. 2025 was the thirtieth anniversary for Getty Images Holdings, Inc., and it was a strong year for the company. We delivered record revenue with growth across creative and editorial. We strengthened our recurring revenue base and expanded our long-term partnerships. In a year marked by volatility in the broader market, our performance demonstrates the durability of our business model. Powered by high-quality content, deep customer relationships, exclusive partnerships and access, and a diversified revenue mix. For the full year, we delivered revenue of $981,300,000. Again, that is a record, representing year-on-year growth of 4.5% or 3.8% on a currency-neutral basis. We delivered adjusted EBITDA of $320,900,000 and a margin of 32.7%. Both revenue and adjusted EBITDA are well above the high end of our guidance. In the fourth quarter, we grew revenue to $282,300,000, representing a year-over-year increase of 14.1% or 12.7% on a currency-neutral basis. The top-line performance was accompanied by strong profitability, with adjusted EBITDA rising to $104,100,000, up 29.1% reported and 27.2% on a currency-neutral basis, at a margin of 36.9%. Within the quarter, we delivered across all revenue categories. We executed really well across the quarter to deliver a solid foundation of revenue. On top of this foundation, we secured two significant multiyear licensing agreements. In the core, one deal is with a major social platform that included display rights of our pre-shot visual content across creative and editorial. The other deal is with a large AI company, covering use of our data…

With both revenue and adjusted EBITDA landing well above the high end of our guidance, we ended 2025 with incredible momentum and a reaffirmation of the strength of our business and the value of visual content. Q4 revenue was $282,300,000, up 14.1% or 12.7% on a currency-neutral basis. Full-year revenue of $981,300,000 was up 4.5% or 3.8% on a currency-neutral basis. As Craig just mentioned, this full-year revenue performance is a new record. This is the highest annual reported revenue this company has seen in its over thirty years of existence, a fantastic achievement that is a testament not only to the power of our content, but also to the hard work and dedication of our employees across this business. Q4 results include approximately $40,000,000 of revenue recognized from the two new multiyear licensing agreements Craig mentioned. In accordance with generally accepted accounting principles, or GAAP, these deals had heavier accelerated revenue recognition in the quarter, with revenue allocated across creative, editorial, and other revenue, as a result of the content included in those deals. However, these deals combined have a total deal value of approximately $65,000,000, spanning the multiyear life of the agreements. These deals have combined cash impacts which create a future revenue stream beyond Q4 of $15,000,000 in 2025, $20,000,000 in 2026, and the balance then spread evenly across the remainder of the deal terms. Given the magnitude of these deals and the accelerated revenue recognition in Q4, there is impact across most of the financial metrics we typically comment on each quarter. I will do my best to highlight wherever there was an especially material impact. Also included in our results are certain other impacts of revenue recognition timing, which reduced Q4 revenue growth by approximately 170 basis points; however, increased the full-year growth rate by…

We will now open for questions. Thank you. If you would like to ask a question, please press star then 1 on your keypad. To leave the queue at any time, press 2. Once again, please press star then 1 to ask a question. Our first question comes from Ron Josey with Citi.

Great. Thanks for taking the question. Maybe, Craig and Jennifer, talk to us a little bit more about the licensing deals. Clearly, these had a lot of impact on the quarter. Pretty exciting to hear about who you are partnering with. So we would love to hear more insights on just the business applicability of it and how you are thinking about these licensing deals longer term. Do we expect more to come? And then on the side of the business, Jennifer, you laid out some great examples as to why subscribers did what they did, but can you just help us a little bit more on how active annual subs declined as much as they did? And then a little bit more on retention rates, please? Thank you.

Great. I will take the first round and then pass to Jennifer on the subs question. So on the deals, I cannot go into—obviously, there is confidentiality associated with those agreements, so I cannot give you much more detail here. But what I think is interesting to me is it speaks to really two elements: the relevance of our content on social media, and that being a driver of one of those deals, both on the creative and the editorial side of things, and the relevance of our content through large language models, again both creative and editorial. And so as this world continues to evolve and move forward, it reinforces something I have said for a long time: people are still going to need high-quality pre-shot content. They are still going to need a window into the world that we cover on an editorial basis. They are still going to care about what has happened and celebrate the past, and they are going to continue to reach audiences in an impactful way, in an authentic way. So we will be talking probably a little bit more about these deals in the future. I would say I continue to see a lot of opportunity across those two spheres, and we are focused on delivering more deals within those two spaces. Again, we know that there is demand for our content within those spaces. So, yes, I think we will see more of that as we go forward. Hopefully, we will not put Jennifer through too many gyrations on having to speak to with and without those numbers given the acceleration, but they are good things to have at the foundation of this business, and they speak to the long-term demand. Jennifer, do you want to pick up on the sub side of things?

Yes, sure. So for the step back in active annual subscribers, that is almost entirely due—Ron, you might recall—we ended our free trial client acquisition program back in June 2025. So we are still sort of cycling through the impact of exiting that program. So that decline is really attributable to that change and ceasing that program. On the revenue retention rate, the step back there is sort of a few different individually smaller items that are really driving that decrease. So there is a difference year on year just in terms of the editorial event revenue, and when you get some of those big events, those are cycles where you see subscribers spend outside of their subscription. So the decrease in that editorial event revenue has an impact on that expansion of subscription spend outside of the subscription that is driving a bit of a decline there. There are several events—one-off events, some of them in the entertainment space—where we would have gotten one-off licensing deals that, again, drive that spend outside of the subscription for an annual subscriber. So that is a bit of a drag there year on year. And then to the extent we still have growth in our smaller ecommerce subscriptions, which we do, even with that free trial program being ended, those do come with lower revenue retention rates, so that continues to be a bit of a downward impact on that annual revenue retention rate. So there are a few items in there. We still believe that this rate will come back into the low to mid-90s, as we have said. When that will be, it is likely to be—we will start seeing that once we fully cycle through the one-year anniversary of that. More likely is when we really should fully cycle out of that impact of the free trial exit, so call that sometime Q2, Q3.

Thanks, Jennifer. I would just add to Jennifer's comments that the renewals that we are seeing, Ron, both from a volume and a revenue renewal rate, are entirely consistent. So you are just seeing some mix changes within the business and then some spend outside of the subscriptions, but the retention rate of these customers across Unsplash and iStock and Getty Images Holdings, Inc. has been really consistent and predictable, and so that is another real positive sign for the business.

Thank you. We will move next to Alex Levine with Benchmark.

Hi, Craig and Jennifer. This is Alex on for Mark. Thanks for taking the questions. For 2026 revenue guidance, can you qualify the mix of licensing for training purposes relative to licensing display for LLMs, and whether it is recurring revenue from deals struck in 2025 converting to new deals in the pipeline? And essentially, whether either of those are baked into the 2026 guide. Thank you.

Yes, I can take that. So I think, first, just to make sure we are clear here, the two large deals that we talked about quite a bit—with and without on this call—those are not the pure data licensing deals that you might be thinking of, some that we have mentioned in prior quarters. So I just want to make that clear that there is a mix there. We cannot quantify going forward in 2026 where we would see that revenue land, whether it is data licensing, display, broader licensing. So that is just not something we have baked into guidance with any specificity at this point. Broadly speaking, when we think about that bucket of other revenue where there are traditional data licensing deals, we still expect that to be low single-digit percentages of total revenue. You know, as Craig mentioned at the top, there is a pipeline. There will be more of these types of deals that we see in Q4 into 2026, but nothing meaningfully baked in there for specific new deals going forward. We do have—you know, we mentioned for those two large deals that we recognized $40,000,000 in Q4—the total deal value across the two of those is $65,000,000, so there will be an impact in 2026, roughly $10,000,000 of recurring revenue just from those deals. And then we have a bit of revenue forward from some of the other deals we booked, you know, smaller deals in 2025 and 2024 as well.

Thank you. Super helpful. And then last question: just roughly what percent of your exclusive editorial content remains untouched by LLMs for training purposes?

I wish I could really answer that, Alex. We do not license out our editorial content in any way, shape, or form with respect to AI training. So that is a decision that we have made within the editorial business. I will not go into all the details of why that is the case, but as an editorial outlet, we feel it is within our rights to cover the world, but not necessarily be licensing the likeness of other individuals and property and IP out into the AI space. But that said, as we have referenced before, our site has been scraped by AI entities that are trying to obfuscate that from us. And there are third-party datasets that have been constructed around our imagery. And our imagery sits all over the Internet, demonstrated by, you know, that large social media—our content is everywhere, and so it can be picked up even away from our site where we do not have visibility. So I cannot give you that answer in a level of specificity. But what I can say is that we are seeing more AI entities that are looking to do the right thing by licensing content. Again, that is not our editorial content; that is our creative content. But we are really enthusiastic about the large language models looking to leverage our content in their product experience, and we are excited about social media looking to do the same.

Very helpful. Thank you, guys.

Thank you. And this concludes our Q&A session. I will now turn the meeting back to Steven Kanner for closing comments.

Thank you again for joining us today and for your continued interest in our company. As always, our team is available to follow up on any additional inquiries you may have after the call. We look forward to staying connected and updating you on our progress in the quarters ahead. Have a great rest of your day.

This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.