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 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, VP of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

Steven Kanner

Good afternoon and welcome to the Getty Images first quarter 2023 earnings call. Joining me on today’s call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer.

Before we begin, we would like to remind you that 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, free cash flow and currency neutral growth rate. We use non-GAAP measures in some of our financial discussions as we believe they assist investors in understanding the core operating results that management uses to evaluate the 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, Steven, and thanks to everyone for joining our Getty Images first quarter 2023 earnings call. I’ll start by addressing the quarter’s business performance and progress at a high level before Jen takes you through the first quarter financial results. First quarter 2023 reported revenue was $235.6 million, representing year-on-year growth of 2% and currency neutral growth of 5.5%.