Getty Images Holdings, Inc. (NYSE:GETY) Q1 2024 Results Conference Call May 9, 2024 4:30 PM ET

Company Participants

Steven Kanner - Vice President of Investor Relations & Treasury
Craig Peters - Chief Executive Officer & Director
Jennifer Leyden - Senior Vice President & Chief Financial Officer

Conference Call Participants

Ron Josey - Citigroup Inc.
Mark Zgutowicz - The Benchmark Company, LLC

Operator

Good afternoon, and welcome to Getty Images First Quarter 2024 Earnings Conference Call. Today's call is being recorded. We have allocated 1 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.

Steven Kanner

Good afternoon, and welcome to the Getty Images First Quarter 2024 Earnings Call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Layden, 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 thank you to everyone for joining Getty Image's first quarter earnings call. I will touch on our performance and progress at a high level before Jen takes you through the full first quarter financial results. As expected, our financial performance in the first quarter was soft due to macroeconomic challenges we outlined in our last call, residual impacts from the Hollywood strikes and the pressured agency business. Within editorial, we also faced a tougher year-on-year compare with Q1 of 2023 being the only quarter of year-over-year editorial growth before the strike impacted the balance of the year. For the first quarter, 2024 revenue was $222.3 million, representing a year-on-year decrease of 5.7% on a reported and currency-neutral basis.