Getty Images Holdings, Inc. (NYSE:GETY) Q3 2023 Earnings Conference Call November 14, 2023 5:00 PM ET

Company Participants

Steven Kanner - VP, IR and Treasury

Craig Peters - CEO

Jen Leyden - CFO

Conference Call Participants

Ron Josey - Citi

Danny Pfeiffer - JPMorgan

Mark Zgutowicz - The Benchmark Company

Tim Nollen - Macquarie

Operator

Good afternoon, and welcome to Getty Images Third Quarter of 2023 Earnings Call. Today's call is being recorded. We have allocated one hour for prepared remarks and Q&A.

At this time, I'd like to turn the call 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 Getty Images third 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 rates. 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 will 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 third quarter 2023 earnings call.

I will start my remarks by addressing the recent court ruling with respect to claims by warrant holders following our days back. We disagree with the ruling. We believe Getty Images acted in line with our obligations under the warrant agreement and with federal securities laws. We are appealing the portion of the judgment in favor of the Plaintiffs. To proceed with their appeal, we are securing a surety bond totaling 111% of the damages award, limiting any impact to our day-to-day operations. We expect to begin amortizing the annual cost of the surety bond in Q4.