GETY - Earnings call 3 2023 | Getty Images Holdings, Inc.

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Operator

Good afternoon, and welcome to Getty Image's Third Quarter of 2023 Earnings 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 call over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you.

begin. may You

Steven Kanner

welcome Call. and Images Quarter Third Good to Earnings XXXX afternoon, Getty

Joining Peters, are and call me today's on Craig Chief Officer. Jen Financial Chief Leyden, Officer; Executive

this like Before and and we assumptions and materially highlighted statements. with from the can risks, assumptions risks, uncertainties on Investor our statements of Private filings release these Act cause forward-looking be within the press the to are these our section call Reform release of will Relations in are statements actual today's Litigation to which These differ in filings XXXX. remind the press we could meaning website and found include would SEC. results at uncertainties you today's of begin, Links Securities our investors.gettyimages.com. subject statements forward-looking various that to These to

With we currency-neutral they certain measures business. EBITDA, we will can for open CapEx the During as also Peters. evaluate to in discussions and flow I adjusted After Officer, our our to Craig for and remarks, hand prepared that, our questions. believe We of that Chief as SEC. in will over our found our us to as GAAP Reconciliations filings limitations the we in understanding margin, using financial investors some the financial adjusted and description, adjusted of be the well measure non-GAAP management EBITDA Executive will call rationale operating EBITDA less each with call your the call results use non-GAAP core growth information, needs cash including the measures assist today, reference rates. free non-GAAP

Craig Peters

Earnings obligations the to the Getty Third will for Getty and by with Images' with our Call. in my respect with warrant Images federal by with following warrant recent laws. court ruling. to under joining Thanks, remarks We claims We Stephen, leaseback. disagree acted Quarter thanks the line everyone addressing I holders our and agreement securities ruling start our XXXX believe

of the we a the appealing the are favor appeal, proceed day-to-day judgment surety To to in damages XXX% award, securing impact plaintiffs. We bond totaling operations. of with portion the of any limiting our the are

begin Jen surety take annual of you high the We progress through will a touch cost expect performance as full will QX. and financial third at results. in the bond the amortizing company's on to usual, I level. our But quarter

Third decline quarter a on million, was revenue XXXX reported and X.X% a $XXX.X reported of year-on-year currency-neutral of basis representing X.X%. decline a

adjusted of environment. increase This Our a for since of EBITDA and year-on-year year currency-neutral costs in maintain this $XX.X disciplined the benefiting actions current and EBITDA reflects quarter. finished at taken a the earlier X.X% manage reported increase million X.X% to with from

to PR it continued Actor equate our entirety for and was of the good QX. the across settlement strike, the to While reduced of production and strike media activities content Ryder to the see significantly customers entertainment

the year. While to business adverse global customer see ramp Actor the and the through to weakness expectations, U.S. end relative expect the saw dollar With difficult the last our we of markets. an geographic continue increased to across strike certain at following of predict quickly see to week's settlement we and impact can up to strike, we least related uncertainty, strengthen how

to result, lagged through persist strong we a and As the estimates, fourth dollar our reported results expect the our quarter.

of a and the Cup Men's unique QX timing XXXX the tougher due facing the We compared XXXX elections. U.S. World are also to

year a guidance. will As you to these take updates Jen our factors, result full of through

term, investing our in short cost the our of term execution have environment. and in previously navigated company, the similar customers, long a but XX-year almost our challenges we focused seen on our near-term and over history. discipline remain light are being As We in on

progress we service the is at the the backdrop, a The unique as NVIDIA, quarter. launched that generative partnership truly with In with of So made addresses like quarter. end we and AI needs. some within of the customer I'd service highlight our to fundamental

Our the risk are in through models property pervasive trained is solely addressing best-in-class third-party scraped with legal is Getty web. other many content, Images' that trained model intellectual that with the

We also valued characters also to or be content of users will by a quality style by and not emulate higher outputs as in only to believe as trademark they settings respectively. we takes this believe creative include commercial that artists, good and use editorial AI any Getty It safe is ingredients. our does With Images, deep the customers, is cake as its generate equates produce identifiable can not products, is the specific generative brands, people. or which confident

ongoing are uncapped rewarding outputs earn certainly our all dollar each images the but service. of the with service share least, from indemnification. an we and its not come Getty every contributors and We with of Last,

and terms to to new In elevate feedback we're excited and Initial over content, customers engaged amazing them customer helps languages, time, with to aligns with the legal of in limited and save introduced has service a and creativity, saving risk. to them such service really to pay of generate a and them been the expose custom value their our the offering their to that IP costs recognize being we're XX our better positive, our the have already brand prop features customers versus custom new preset does to service customers to as download, economics, complementary ideation. not and we engagement which set needs. offer money models train of Alongside and able

accessible partner agency the subscribers content. photographic leagues markets to We and an subscriber or annual of agreement Western deliver of XX,XXX drive and in the online the annual award-winning search to making our The iStock archive quarter, us progress opens those more expertise the Cup to up Studios of accelerating outside archival The service XX,XXX in our and and from We industry-leading are for the by platform. customers targeted a our XXX to is global XX% who for and increases overall program. to world's within official and with BBC distribution platform were governing clubs more over We through continue photographic in growth digitized growth to breakthrough World content key more access America North our our Getty content significant sports and unrivaled video BBC platform subscribers Rugby distribution our our around archival than renewed a newly supply authorized world-class we Unsplash. the and grew than strategy. in has with world BBC more our our than at bodies, gives photographic editorial chain. launch photographer counts, operations, partner of the come pleased the platform, primarily the in the industry-leading creation to to sports Also Images talent customers leading Europe. opportunity

not it on. of the over events more it I detailed with the humanitarian natural work weather Whether the and important plays the remiss the and the East, if Jen While and courts, hand And did atrocities and role financials. and to to world-class Middle goes that, public. list or I call Capital crises, events the extremely a in events efforts of and engage inform U.S. out I'm you drama be Ukraine, would around these I'll wildlife through partners to cover in disasters, team proud who the the risk our globe. extreme take in are constant, is the sacrifice to the

Jennifer Leyden

compared months margin pressure comparable which As shift strength of purchasing XXXX, trailing our some overall, to pullback on I'll quarter, A period. with as in XX la talking the purchaser across ended to we in KPIs, subscriptions. or of we our continued Craig top XXXX. off comparisons increased some are to see stability period LTM we were as information release by FX XX, XX, about period and of XXX,XXX third as in KPIs. highlighted, but the line customers EBITDA carte see adjusted today's during drop the to underlying slight on performance, Total metrics. a our ended Note, X into operating continue volumes LTM LTM as always, reported press our our the September September all contains our volatility, XXX,XXX start

period delivered $X,XXX to approximately impressive and XX% growth XXX,XXX, subscriber We annual strong corresponding iStock XX,XXX fourth over subscribers, reach our of growth in the annual purchasing approximately adding in Unsplash quarter Our our our customer. XXXX, at revenue increase including annual fueled customer our of subscription. an per by e-commerce subscriptions, remains per of plus marks another quarter XX%. of This primarily in consecutive excess

subscribers well execute against markets new XX,XXX EMEA. expansion to across and APAC annual in our continue our approximately efforts with LATAM, We growth geographic

and new the U.S., annual U.K., growth We our products, in XX.X% growth also includes France, quarter, added approximately from XXXX. Annual to we continue XX,XXX of from from Australia, in the core see of Canada, continued subscriber in QX and where mix to revenue Japan our Germany, subscription the QX XX.X% rose markets, subscribers. up third as to expand which up which XX.X%

in the their Our on revenue was The Paid at decline carte volume subscription la compared subscribers of reduction X% retention download annual from LTM who up a revenue subscribers some download approximately in lower revenue rate XXXX by $XX retention e-commerce was primarily XXX% our exceeded for to period. a XX.X% was our and driven previously tap. customers smaller rates million.

XX.X% grow, XX.X%, XXXX. ending in attachment from at Our rate to continues video the quarter QX up

adoption across metric base continue our We this to see to see video and customer up. continue to drive to tick opportunities expect

were muted strike, half revenue we challenging dollar Revenue Turning to from the results benefit adverse more impacts pound respect U.S. results and Hollywood strengthening a year-on-year also to in with to pressures from euro ongoing a performance, our the the the financial by FX due the impacted a agency of than reflecting second still expected business. quarter. and with macroeconomic

contributed reported quarter positive anticipated. on a expect of revenue the by annual X.X% where the a our down subscription revenue relatively gains timing growth today, business, recognition, currency impacts tailwind in year-on-year down was revenue Creative limited $XXX.X quarter. XX.X% X.X% reported as basis Creative offerings. year-on-year results the year-on-year with and impacts down Creative in previously was basis in and houses basis, Assuming the largely basis. momentum in a basis. from dormant on our Agency hold subscription segment, e-commerce double these results strike reflect we across and million, annual on in basis, acquisition customer currency-neutral pressures was neutral basis and now a we steady in successful well and With flat Hollywood premium as the iStock Access, which X.X% foreign the efforts and are increased access digits reported on year-on-year more XX% basis currency-neutral further the a currency-neutral subscription on production approximately points subscription XXX subscription to which subscription products than to annual a from of revenue largest growth driven led XX.X% business, currency-neutral. of a XX.X% drove revenue revenue quarter. a by them our certain our Included our XX.X% fourth e-commerce Premium XX.X% product.Within on grew year-on-year see currency rates products our on in Total

custom on driven were year-on-year our U.S. such decrease $XX.X of and with project-specific was year-on-year decline provides million meet customized, elections. X.X% well the Queen in midterm XXXX challenging and funeral by to which in a X.X% or currency-neutral year-on-year X.X% Editorial by to needs. basis. impacted content as The events, negatively was compare growth saw and the subscription, as content due also X.X% a revenue Hollywood Elizabeth which and We as currency-neutral a exclusive entertainment, strike archive customers their cost-effective, QX,

of million team's with the X.X%, XXXX. a with year-on-year expense last in while year-on-year cost However, Americas QX of million, $XX.X Total World a our coverage XXXX X.X% million equity and awards sports, respectively. Cup. for to APAC to rate costs, Revenue QX X.X% and primarily EMEA, of in XX.X% the FIFA staff related Geographically, higher expense divesting we at increasing year. compared percentage of with compensation $X.X did metric with of to our revenue of were of revenue of our revenue, us, QX compared neutral of up benefited XX.X% XXXX. due extraordinary down equity-based up The employee which saw less remains Women's as from XX.X% XX.X% currency consistent from growth see million comp in was $X.X year-on-year, expense we SG&A stock-based was $X.X gains our higher of

to million Excluding X.X% quarter. stock-based year-on-year $XX.X SG&A compensation, in decreased the

to are X.X% actions the maintaining year, flat a actions through and As in cost year. revenue, The to at this comp, result largely of proactive percentage SG&A, end marketing million, up freeze. of larger XX.X% roughly X.X% XX.X% actions period. the stock-based was of cost year excluding place. earlier in year-on-year anticipate $XX.X in hiring across which remain was currency-neutral X.X% up a We reductions decline The these revenue, spend the revenue of on Adjusted EBITDA is and executed least of of the basis. prior year-over-year the a these

points Adjusted versus our our cost decrease. the QX QX in million less launch Our year headwinds. the XXXX. expansion to fiscal Unsplash adjusted million subscription, in $XX.X plus CapEx QX flow working was $X.X at in EBITDA flow of $XX indication revenue CapEx reflects as the timing related taxes of payables. net increase EBITDA of XXX in to London the impact from receivables actions EBITDA of earlier decrease Prior increase $X.X of of in for was the of year. testament is office an $XX.X a XX.X%, in decrease in acquisition XXXX. million interest in to EBITDA XX.X% performance of relocation changes year. of from margin stated The million margin financial of top included imagery for Free million This increase was from last million cash our from were compared primarily of last percentage a an was margin XX.X% million, discipline, $XX.X cash less cash prior driving was year. from Free implementing of and and X.X% basis QX year-on-year this first flow Adjusted XX%, cash of free capital $XX.X and related our is million year. quarter of expense line 'XX. XXXX. prior the XXXX a X.X% CapEx QX in $XX.X to year this CapEx $X.X year-to-date million, Cash CapEx costs down was an QX, QX million, up $X.X over some QX

$XXX.X XXXX Our million of $X.X ending down ending $XX.X million, in cash QX of balance on our from September QX million increase XX an from balance was cash XXXX. and

total an $XXX.X of loans and term rate $XXX.X million we X.XX% X.XX% September $XXX notes, had loan of $X.XXX million million applicable of outstanding term as of using XX, converted which interest of USD As debt of included billion, exchange senior rates with euro $XX.X a of million the interest third X.Xx, $XX X.Xx million quarter. have XXXX, for a XX, of applicable an payment September with with debt rate paydown, including down X%. the ended quarter we Year-to-date, XXXX. leverage at from voluntary applied in net We year-end

is cash about swap taking our remain We believe foreign further is deploying and what applicable XXXX interest sheet balance on our and and optimization of as disciplined September will continue to in on Based agreements, our into best balance rates $XXX to capital million. account to XX debt rates interest use rate of interest highest exchange and continued our deleveraging. the million a be the with on expense we expected emphasis $XXX.X

on are Based $XXX continue our quarter line million, follows: X.X% $XXX X.X% top will we lowering revenue down and million and basis, we to see year-over-year guidance expectations FX guidance. expect that to our to currency-neutral as turning pressures, to our to X.X% on X.X%. of fourth XXXX a Now the down

and current FX the guidance the $X.X Assuming negative an XXXX. fourth XXXX. in year the overall of approximately impact the This year-to-date in hold, of tailwind of an about million rates $X.X million headwind FX full $X.X includes million includes quarter revenue estimated

million, basis. adjusted X.X% on and X.X% tailwind $X.X FX, of to to down expectation of Included a in quarter $XXX EBITDA which a to adjusted X.X% the impact and fourth X.X% in million expect on reported includes an year-over-year We currency-neutral of $XXX the down $X.X impact approximately the year-to-date $X.X million adverse from XXXX. an million approximate EBITDA is estimated million basis

of expenses excluded XXXX quarter classifying the the loss is $X.X included now in previously SG&A. reflects with below which incurred line in adjusted the are within a adjusted the million the legal fees is incurred litigation. the litigation, EBITDA to item addition, EBITDA. revised guidance and reported The million change fourth In we from through year-to-date on are and associated $X.X QX were These how legal warrant in fees

this to As proactive please on improved macroeconomic execution It With pressures costs adverse on ability related current strike company. the economic for control tied best have impact environment. I approach mentioned, assumes while Hollywood our company ongoing also focusing other believe nimble increased guidance position stay assumes questions. continued operating Operator, we and updated the to taken costs pressures, that QX. in agency business open to that, our guidance on cost just and the the the litigation through from to as public to a deliver and We call will the

Operator

Thank question Ron comes first you, Josey ma'am. [Operator of Instructions] from Our Citi.

Ronald Josey

for think cost I quarter this Craig, one and margins close us Jen, Hollywood expanding here more the normalize strikes, EBITDA continue little Maybe helpful. 'XX the on to the Talk being how play forward. with maybe And the XX% in as be they're understand and would about a going can margins. now to the gross us done margins Help might that things on continue forward? whether the then, understood out in outperformance Jen. for and Craig going gross side, in this and one bit might XQ. impact into

Craig Peters

for Great. Thanks, and the the questions. call Ron, I and time you appreciate making appreciate

was than the in On impacts saying even the the by I been severe projected team let and bit Jen call. management -- have I strike, a off and think first, last me it more start our

a and the than within and entertainment things of side business of So we softer even part in production we've media seen forecast.

especially not QX, in the to QX. QX. We reversal come that online. as context, good reversal of we that expect We're is will of that some starting do any significant productions likely think in see still for we ramp as start expecting back look point that I a into

across So we business kind the until won't QX. full at those -- elements be probably of to business of probably full back

best our that's So the our teams industry. current off conversations view that the are having based across

guess a QX than that end full continue. QX we is more what little I the a expect saying was it the we're what QX. QX, of at projected bit So of impactful or seeing in we're to at we end

until over expect fully to We improvements not but XXX% back QX QX.

Jennifer Leyden

number And seen a Yes. before. you're right, XX% range. the tick side, gross up margin, that to on the margin slight We've

XX%, XX%. the in consistently XX%, As you as see land higher We on in that quarter think spoke mix expect measures due we're amount think top than nearly still product that the around at QX the to. we north going side, to in XX% some definitely trending to But very EBITDA the what be first was we the as of in took on thought of early prepared pressure. that cost but pretty or been have a a know, we entirely is be pretty down to remarks, what up have range. line can touch That Similar higher. we that'd would the we've XX% swing what is history a out, we to about did of significant I proactive we'd very of certainly time

that So we're see margin, expect to to ourselves or normally. we'd what of we again, what about we'd expect that that down seeing as XX%, give to take stabilize, that but think the benefits would range as anchor I see

Operator

JPMorgan. Danny Ferrell of question comes from next Our

Danny Ferrell

since from or deal inbound. talk you corporate I you And shift customers maybe reduced media the for mentioned what slightly quarter, start you've customer those Middle your from the you speak in have and time the of Can maybe last Can you just XQ? East line seeing about conflict? to news what customers a then saw saw second, X. you been

Craig Peters

making thanks for Again, Danny. Thanks, call. for the Yes. time

to side the On things the clearly, our Middle respect critical Media be a East, it's News covering. story to for with of clients

are that and We coverage our out but grateful the in partners market call only X staff there. investing I crisis in specifically not staff those their are the critical for we risking those also [Indiscernible], very to partners our would that markets. And have for that covering

cycle benefit can but it something lot consumption the of imagery to financial provide a consuming And is a our to media. order where that to of the coverage narrate something wouldn't into is that shift costly new in quite lot we're Therefore, it story. a it -- have cycles seeing be the within company. that in expect and actually, that I utilized be a story it's is into So it. that support maintain in perspective, Really, to and from consumption, the our visibility

not that war in operating So zones something cost. is without is

than the probably to worse what certainly kind continues. I QX that did am still the continuing time, that think certain say terms was So that worse. start in partners that the this loosen and entertainment of we softness think visibility role continuation corporate Getty's take in the didn't we're the way, normal it certain of see mentioned conservatism side in got those what to lightly that to don't coverage.On mid-X, corporate, that kind a don't we its saw of on things mention mentioned our But I in point in QX. different bringing our within of QX areas. we're [Indiscernible] playing there to We we see corporate anything But within really like from core certainly, that side hopeful things, -- of and in of proud see of carried take QX. events. bit. we're of those where role or and we of technology, over on up and of into in we Again, in we've QX projected concentrated things continuing media shape we any I staff, submarkets proud what and a parts segment, at important we some and it form, see the at very that I production was that the saw and crypto space But were would I market, that saw

Operator

the Our Benchmark next from comes of Company. Mark question

Mark Zgutowicz

-- impact AI the in your just [Indiscernible] be from the certainly look a to is way if tangible net make then can to in what for just any that curious in it And rough question trying get of developing would -- you Craig la -- terms how XXX XX%. declined was revenue, subscription a on that, product. line, conversion revenue Gen that quarter-over-quarter or of Jen, revenue your a time carte, year-over-year of and Jen. that Craig, pipeline the you at last sense XX-month And up if I'm subscription bps to iStock from just what quarter. retention, helpful. about

So revenue I was just be curious what that might dollars? what that? reception might be premium driving Or driving that? access absolute in Is declining

Craig Peters

Yes.

on Okay. I'll smaller the into to some our I'll lot a that Jen, upfront, were of I'll retention, Jen's throw iStock. the push subscriptions, is of handle just reiterate which which remarks do not naturally clients rate retention. move side in our into deals. access revenue of media premium seen lower overage on we've the also But some of their things, of have a

macro struggle, deals due landscape, our them to those, remarks. strike not they media and to to only her ad industry the typically, as we're caps but seeing continues are pullback Jen with also carry the on as mentioned So in not They unlimited. due some

quarter actually engaged is engagement customers. of I'm I be we which we're can the give really customers. the at I not to this AI to, going Gen feedback. the the what remarks, really with spent prepared tell good in with any you time. good hearing On What side Mark, our said chunk We're of a specifics things, good able seeing is you

their the is with they fact, release process early and indemnified us In engaged clear. about out development a were it's now side press in we of a are selling how Omnicom the legally of own in moving stages things. and fully into that commercial service put of But today, one that the

the you of et would cetera, that is in that make contracting through these to the and sure terms expect legal it side as as So corporate that's of that technologies sourcing, or one whether clean advertised. are hoops goes things,

the revenues this working pipelines. the are still But through But try any don't good probably you in start progressing to the limited visibility revenue those I I set be XXXX. XXXX. our expect give of expectation, calendar expect how we still to to to better year would fairly of that's overall So news and in material a it would amount growing. pipelines is we're in still company we'll

Jennifer Leyden

Yes.

the On piece. subscription

at Craig, the But So We is subscriptions deliberately the into, prepared a market. the growth touched very retention. more subscribers that in you the to magnificent in move are customers good apart, we've trying something portion it's good about. revenue markets quarter we're XX%. north we've feel the touched actually that the But -- core broadly a annual I really we've in subscribers the these XX% annual of are Images. think, of remarks on seen fourth into new we quarter you that count of mentioned growth is been customers And the Getty in some in tap remarks, of and least its pull that prepared on that a value, new that when year-on-year where the straight great taken at to We on face being metric. then that's gross also who customers seeing

long for is over of the we're mix where positive term. growth seeing the that So us really

consistently noted, on being purchasing a Craig revenue when those just the a see revenue e-commerce step back fairly $X,XXX. metric, smaller which look per north we these subscribers retention of result do of As customer, rate as at remains subscriptions. is of in But that a we broader some

So overall, for excited it's to where go. see continues metric we're a that and to us, good

Craig Peters

well impact, talked that we lot and of things think pretty in that counts quite is Creative business, things would and solid elsewhere we the we're earlier. the that, we're But the marketplace, Jen across are e-commerce as for customer commitment on seeing up of durable And good currency are watch we're I feel customer business, there's not in our of within of the haven't editorial well. of across add when about and relative think And paid strike seeing those I actually we a revenues basis the we're we about into of seeing same across and a items. Mark, up mix. one good we quite quite licensing a Jen. we're reasons levels Yes. just cover we seeing well, some to seeing And referenced seeing actually seeing I business across the the of business. know more we're renewals business our hold our good the our creative, down business that what we're look download the growth which But what really decline mentioned, side seeing kind up in you volumes holding that holding

areas we I feel things in normalize some can markets back are to point a that hopefully, quarters some those to some get so coming the and good So the add bit. we'll as strength where about

Mark Zgutowicz

squeeze That's Maybe helpful. one. could one all if I last

how concentration there? On just curious just down? on and agency growth we if that to are that business, quarter-over-quarter sort of I'm starting revenue of see you've there obviously pace trough baseline kind a seen the of basis curious the has come

Craig Peters

-- We in QX, we see the were did not trough.

a the would more As down uneven. digits was say I that bit Jen continue of segment it in be little mentioned, we double to business.

QX, are QX, where of into that those to see going that we'll there But there and is around down forward. that so I things but going kind hope consistent the like were hope again, AI some combined going benefit news out of agency in well the in activities -- that So future. to and some in bode were -- we of and bad we with on generative taking some engagement we're with good news. some clients But

Operator

gentlemen, Ladies [Operator you. Instructions]. and Thank

comes Our Nollen Tim from next Macquarie. question of

Tim Nollen

difference what it's do to some that make? potential terms damages, net the to about have or for give worry of that, follow-up guess, a amortization that situation, you please? going how surety help of that I or million to bond to Could you $XX million so general I bit could you're explain then works works, please? just insurance, how You there more explain we a impact of helpful. to you as Just the in if mentioned it, need the could if payout a if on the have warrant financial $XX you And very is, against ask

Craig Peters

off cover do of I'll judgment respect parts side bond the warrant. exposure the my on to of on with initial to the Jen the to pass and things. the best I'll

we we we well the reiterate, are we So and in agreement the law. under favor ruling to intent our every with with facts the think right I'll did and as appeal securities warrant first we off, and disagree have as everything think

So that's important. first

that that legal as think that. There we not the it's something There's judgment. that, were to There's -- if is to ultimately it will The we that $XX -- I to insurance judgment right, settled. appeal as be Tim. million. underneath I come think up it largely the inflator view an to covered costs this respect got you with on plus warrant,

So greater that's taking we're why order a that. bond ultimately itself in judgment than cover that's to the

we exposure I were, fact, take this options so lose those would exhaust if looking to appeal to continuing of And our forward, the you mean, in be at yes, on and net basically amounts.

Tim Nollen

Right.

see, or -- So... million $XX let's around Around XX or -- XX XX so?

Jennifer Leyden

on there on But come then loss the is you'll about $XX you that million. probably what booked chance of $XXX.X we've a of filings recoverable litigation insurance Tim, netted yet. is haven't against and see had the through million to a

we how going through in that bonds start the the in then to bond account. place legal be is then post loss long as pre loss and litigation we place obtain to cost time on will the amortize from the of judgment on the same that to litigation to damages, So interest, bond, we that fees. And and bond

Craig Peters

roughly the And of range. X% cost X% is between that and the bond

Jennifer Leyden

around It's the Yes. hovering X.X% range.

Tim Nollen

Okay.

there. very principles Thanks get the think I much. I

Operator

final that question. gentlemen, the and was Ladies

Craig Peters

Great. questions forward you. time. I much look call. Well, and next for the Thank thank you to appreciated. Very making all the appreciate

Operator

that disconnect lines. Thank now for may us, your you. gentlemen, concludes joining you you and and event. Thank today's Ladies

Getty Images (GETY) 14 Nov 232023 Q3 Earnings call transcript