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 Call. Today's call is being recorded. We have allocated 1 hour for prepared remarks and Q&A.

At this time, I'd like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

Steven Kanner

Good afternoon and welcome to the Getty Images fourth quarter and full year 2022 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.getimages.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.

Craig Peters

Thanks, Steven and thanks to everyone for joining Getty Images Fourth Quarter and Full Year 2022 Earnings Call. I will address the full year business performance and progress before Jen takes you through the full fourth quarter financial results and 2023 outlook.

I want to start with context on the evolving macroeconomic environment and its impacts on getting images. 2022 was a challenging year, particularly as we move through the second half of the year. As I said last quarter, like other global businesses, the strengthening U.S. dollar relative to foreign currencies negatively impacted our results. We also experienced a slowdown in some parts of our business during the year as businesses exercise caution given the macroeconomic conditions, this being most pronounced in certain parts of Europe and with our agency customers.