GETY - Earnings call transcript Q4 2023 | Getty Images Holdings, Inc.

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Operator

Good afternoon, and welcome to Getty Images Fourth Quarter and Full Year 2023 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

to Earnings Images Call. welcome Full Quarter and XXXX Year afternoon, the Fourth Getty and Good

remarks, Peters. hand as I Executive Chief open of found that, each prepared over and measure call including SEC. of the Craig to Reconciliations in the questions.With Officer.Before from would actual cash the forward-looking Links Joining These our can our represent call These of Peters, of certain use results this performance meaning today, Investor discussions and today's cause call your these and operational could reference free various measures press will Financial website we flow. of materially are our Chief to measures GAAP on the call statements Executive statements. the we'll to begin, also me adjusted uncertainties at today's believe we differ statements business. as uncertainties results in EBITDA Securities as risks, rationale press financial CapEx and Officer; to our which non-GAAP today's are Jen call our our Officer, and well statements adjusted Relations some in After will release assumptions and include EBITDA, be our SEC. limitations the Leyden, subject assumptions filings investors.gettyimages.com.During margin, non-GAAP adjusted filings within underlying you Private to with for XXXX. remind our like in are less description, for forward-looking using risks, Craig be we the and will to can that on information, of our filings we these the Chief release highlighted We our financial and they non-GAAP section with EBITDA Act found Reform

Craig Peters

quarter and the XXXX by call. Steven, for quarter I'll and and year fourth addressing joining takes full business customer across XXXX conditions. performance sectors, you agency certain a before results given and a we everyone, Images' in approach of prevailing series progress year Europe, the within customers full earnings In Jen technology macroeconomic across Thanks, financial fourth and our XXXX, cautious our thanks, spending business experienced start Getty through we outlook.Throughout challenges observed landscape.

second smaller down Getty and resilient revenue culture, without their the XXXX, company we reported measures remained the year-on-year was impact.For adapted media impacted our decrease a term. Additionally, a investment strengthening X.X% to negatively and our writers of These in significant cost to starting U.S. relative U.S. strike revenue our impacted not the full long prudent and the we the as currency-neutral in dollar basis. quarter, a of adopted significantly EBITDA And entertainment sacrificing base despite on were these in as relatively us. have a outside Consistent actors with segments.The share with the X% currencies the $XXX.X impact, year the currencies. cost representing mitigate foreign and also unique our million, history of to challenges Images our

and It Images going climate As within translates came steady holding year, team more currency-neutral for XX.X% over Getty at result, in by This our lay strong X.X% and had Match, revenue.Despite and supply over a been represented approximately Anadolu, foundation grounded down not Images, at eliminating risk. This we million unique multiyear content is mid-tier to collection durable an create our being event XXXX, a quality, and meaningful Sky reflected just world renewed of That a renewals to includes XXX of each time.We content stood and It into for quality. of and seemingly with revenue money a the to Images. rights. Sony level, of basis, the assets.In X.X% adjusted the X/X continued in a our dpa anywhere million $XXX.X exclusive Images to visual EBITDA foundation offer that infinite being on results down iStock that every the can Picture-Alliance. reported distinct by partnership generated than tough starts an up below apart customers core customers expectations XX has and the full long-standing exclusively and over archive else, is only get Getty successfully at our signature partners truly exclusive simply through the has for on provider value propositions of its access translates saving Getty of renewal a content. translates helping year. It that creators XX,XXX and differentiators News, our Pictures elevated with Paris unmatched content the to Getty always statistic and a from quality key one higher time by level of customers content,

added through also the rights We with new partnerships content U.S.

Tina indemnified, up invest XX downloads despite the They Federation of find a million events Tour, adding on.We editorial macro Cup, the Met produced released rewards announced an why and earthquakes, III, maintained more with an business King we extensive and XXX,XXX contributors, cannot PGA coverage that Israel, storms, Gala, high we than in over support XXX face the introduced and as Rugby January efforts Film from and College health, socially exclusive on the ageism, offering countries, our Playoff, the around subscription the Soccer produce were social features. unique Ukraine globe, to subscribers Renaissance and didn't an customers customers stories offering needs.We natural days search meet responsible to training, Matthew In our Taylor new image AI. mental to and deeply truly our Olympics continue deep performance, I is challenging Gaza to creators and environment plus [ just our around as of an things call NVIDIA, be Belafonte We Women's their more still year. are media, audiences in could growth a and XXXX produces AI, are the and the that if and lives World that the the on award-winning sustainability, languages an year, our Turner, and offering on the targeted more new that challenging for ] efficiently XX.X%.While images offering of our why customer with of and of subscription it the with our Formula Sundance These start property Games.We commitments celebrating remiss cost World able intellectual end environment. search important Harry Images research Unsplash, this trends, to global Paralympic increase of all-time offering and World across deepfake, and partnership Paris in at effectively sport, research to websites, of mind and customer the a visual on Washington, API across and mention Swift, commercially early to premium Unsplash+, enabling of staff, enabling language would launched rights content name engage Tour, our stories, annual contents outputs.We and content conducted in respects adoption that safe buildup Festival an in all-important to percentage QX total X, Charles we their the conflict generative reaching at societal offering, Getty contribution our such the XXX,XXX in deeply in is Getty on the archives the and launched partners and events data we XXX,XXX, a to total respect on third-party the and earnings and I'd increasing Football all is our March border, as trained Perry to the revenue paid the licensed I living and where representing to Images and via content, such on be crisis. high-quality iStock from Coronation more not Cup, iStock and a I couple.Through women anniversary U.S.-Mexico sentiment the Beyonce's XXth conveyed go globe, the

all with introduced across already the have AI, pace controls releasing capabilities we pre-shot a expanded soon, entire also our is weeks, AI recent course, In of capabilities as things enable Of ]. in-painting innovation model creative newly such and [ We'll will and be breakneck we library. trained out-painting. and

on delivering shareholders. face NVIDIA and as also the video launch commercial value for aligned customers.While long-term our have we always, to in to and this to needs continue our of our Runway, we big We challenges, partnership focused to year, returns to remain plans we macro expect later with customers real which

As now talent, to our and more exclusive and of research excited clear customer turning this that growth over focus, top-notch high-quality productivity truly is And coverage detailed access, call Jen With foundation and creativity, is we're in pair world-class of vision Getty and the delivery from the committed you. efficiency solid enhances long-standing expertise, extensive service the the risk. through relationships take with without and customers and you to XXXX.Thank to our we core Images across the and of rare technology content derived that to financials. return

Jennifer Leyden

our December top start the quarter performance of XXX,XXX on and LTM note for are basis a for the and up primarily annual fifth on year-on-year where the the subscriptions, full period our to of contains press various LTM XXXX, of all return which reported impacts December some XXXX.Total face, of in ended in position also us challenges by XX, fourth comparable a or XX, As purchasing I'll LTM touching reflected with the our e-commerce company but transactional is annual excess our release to purchasers in an our and customers, actions This ended including basis. from XXX,XXX, XX-month bottom an X Craig XXXX.I'll importantly the period a continued mentioned, has trailing and $X,XXX $X,XXX the decrease contraction purchasing iStock subscription. on in its we XXXX period. ] grew customers XXX,XXX, driving protect the into on from the for down growth to by growth taken KPIs, proactive line The today's line year increase were represents information continued comparisons that KPIs, subscribers XXX,XXX in with period.Active shift volume and customers revenue nearly XXXX, [ the XX% more to in our in the by while annual consume business, of driven This from both consecutive carte the subscriptions into down continued subscription quarter XX%. entirely shift our products of driven well or to Unsplash+ for growth la up LTM tied to agency of

rate growth us. our is is its new even metric that While as markets compelling more of in for and the on growth the markets, growth, largely as our drivers customers own, in a strong customers well core

In EMEA. LatAm, APAC to the annual of were LTM in fact, Getty markets customers XX% growth in across XXX,XXX customers were our XX% Images and brand-new subscribers period, the and

We a rates on smaller some million. navigated rate and challenges outcome part are subscriber from large annual XXX.X% that myriad also expanding in at the macroeconomic given we'd we LTM volume our reduction is noted, in from as lower reach.Our the XX to of strong revenue retention as through. la due incremental was our Craig down subscribers, XX.X%, retention was annual those e-commerce And period, expect, revenue in XXXX subscribers.Paid carte a revenue a of flat download very

XX.X% rate XX.X% performance. room attachment in financial video for plenty expansion.Turning in QX to XXXX, of growth, with our from to rising Our remained continued

Hollywood on results macroeconomic strikes impacted this As by the quarter's business. and pressure our were X impacts pressures, continued we expected, agency from

the total across improvement X% we for both saw basis. revenue a recognition, XXXX. XXXX of FX, upper revenue we EBITDA year, driven of the and for timing of was of our approximately in from on XX.X% of and corporate points on in which X% and been provided in results QX XXX subscription in currency-neutral it our exceeded currency-neutral up growth revenue made In gains subscription all in the certain $XXX.X e-commerce XX.X% these the range.As quarter.Total and of across year, on in guidance our the a quarter.Our quarter, Included XX.X% a revenue most a year-on-year impacts adjusted the revenue which contributed sector, basis fourth X.X% basis slight challenge quarter the total, strengthening exited annual revenue revenue had and the However, Access agency of a of and increased reported offerings. end of on basis, basis in total Premium million, by a was revenue up benefit a X.X% reported fourth are down

quarters, annual commercial the and total stills the subscription up mix of content X.X% past have and and the higher.Creative, down for revenue, a accounts was we use mix above on been X/X on video a approximately XX% for currency-neutral of opportunity million, includes basis. X% X drive still has to revenue which While for basis our reported $XXX.X

on If business, growth sits pro entirely up on continued subscriptions, currency iStock led the quarter our basis, exclude reported which you e-commerce on XX.X% of Creative, by on was largest with subscription strength more growth. Creative marking underlying currency-neutral continued to a customer grew a XXth see annual challenged in offerings.Our by in segment. a both reported annual XX% our health were double-digit to our the XX.X% forma Premium which a and neutral, basis, of currency-neutral or and Creative, basis, subscription business XX.X% the highlights in our Within subscription, agency our which our corporate basis revenue in Access growth consecutive

as carte coverage the of archive a In due events, ARPU Unsplash+ quarter one basis. production is our year-on-year videos, a addition, offering, the delivered our at customer pressured in a of left factors: la news, driving lower well decline $XX.X were and X collection which of images continued subscriptions.Editorial, towards our agency the and of to within strikes our purchases, global more double-digit extensive growth, dormant; a on decrease la growth of products, and entertainment but committed shift revenue, and business; higher includes X.X% million, we as our where sports mid-single-digit carte historic a total strong to newest our Hollywood our pressure houses finished in of X/X a see subscription, that which currency-neutral X.X% offerings, impact

compared including elections.Across the entertainment the slowdown and of World percentage the saw APAC. we U.S. XXXX our XXXX by Cup revenue against to of FIFA decrease XXXX basis, X.X% were while strike, related cost a our verticals up XX.X% was revenue, million sport currency-neutral expense challenging archive of to in million year-on-year, geographies million up higher in news major Our compares, QX the to also negatively last and QX and consistent of was X.X% and impacted Hollywood were as in the year. with year-on-year our expense XXXX. at and EMEA compared a up of The of in in in primarily XX.X% XX% X.X% remained vesting Revenue a XXXX.Total of year-on-year midterm Americas, equity-based less on coverage equity of due the revenue $XX.X SG&A strong related million expense from $X.X to QX, awards in increasing of QX stock-based $X.X XX.X% comps our employee with rate $XXX.X of comp with

XX.X% by up $XX.X year, XX.X% from increase the in year, last revenue, stock-based For driven full increased SG&A million also by the of compensation. to

$XX.X executed to lower in up is was stock-based year of our revenue spend just revenue, early in deliberate primarily the from actions the percentage result XX.X% of year.As year-on-year cost in SG&A the decreased revenue. of compensation, excluding a comp, of SG&A, X.X% XX.X% in management revenue, stock-based million decrease slightly the The to prior due the Excluding quarter.

year.Adjusted X.X% full of for For on basis. EBITDA $XXX.X currency-neutral revenue year-over-year adjusted prior quarter, in million to XX.X% the the to compared XX.X% million year, or X.X% SG&A of revenue X.X% the a $XX.X decreased down was and

XX.X%, QX Our EBITDA XXXX. adjusted from XX.X% was margin down in

a currency-neutral and adjusted XXXX, X.X% X.X% reported $XXX.X million, basis. was For down EBITDA on

was as the percentage XX.X%, a financial Our million in of demonstrating unchanged X.X% resiliency of the was year model.CapEx prior up X.X% the continued in to compared CapEx $X.X prior million period. $XX.X adjusted year-over-year. QX, revenue our was from EBITDA margin year,

a to representing less a full year, from XX.X% million million basis. compared revenue XX.X% continues $X.X to down XXXX. EBITDA For of of QX million, the $XX XX.X% CapEx $XX was was CapEx in CapEx EBITDA of to in CapEx Adjusted XXXX. X.X% margin of expected of less revenue, down within be revenue.Adjusted X.X% X.X% $XX.X of or year-over-year, was X% our million in or X% currency-neutral decrease range on QX or

For free X.X% The CapEx compared of in an decrease of in million million $XXX.X the increase EBITDA $XX.X was QX $XX.X taxes was cash cash million, million and decline adjusted currency in flow of $XX.X less XXXX. in full $X.X to year, lower million was and cash neutral.Free a largely with EBITDA QX driven adjustments of reported flow X.X% timing. of net paid by flow interest expense working Free related cash capital cash stated the of fourth quarter. and is

compared loans rates million rate continues flow, the debt $XXX had term applicable we and senior quarter from in driven the $XX.X balance decrease million interest to with of $XXX.X and the finished $XXX.X debt, rate of this being to expanded full X.XX% as million down XX, Despite from to in we $XXX.X an up XX, million the cash and million $X.X higher healthy by year full finished the with a the that XXXX, continues flow rates of related using XXXX, USD of QX For note, of X.XXX%. up expense.We primarily year expense outstanding the higher increase quarter X.XX%, business we billion, of free $XXX cash, sheet litigation-related interest cash exchange tough cash of climate, applicable liquidity.As of XXXX. generated year, result of rise with interest including loans euro balances total December of also an million with of in million pay to with term $XX.X December converted $XX.X generate million third in and

from year, X.Xx, We leverage the $XX.X at year-end million debt quarter voluntary million paydown, $XXX loan $X.X a in XXXX.In the February, goal that the X.Xx applied reducing primary maturities. fourth we with interest revolver we million meaningfully full ended a and towards including quarter. repayment have down our also We expense undrawn.For extending of early with explored a opportunistically of term debt refinancing a net the our remains

analyzed ultimately would were with the expense during savings spent our proceedings not decided As in interest this time opportunity we advisers, we to we community that lender those meaningful against with We as like thank the process. the us as as desired.

what deploy use disciplined, continue Management look and on remain to conditions to debt.In focus laser-focused our we and is with and optimal capital our believe we to continued will market opportunity its meantime, execution. highest to best continue a for refinance reducing our We the the on remains will we leverage.

and to We we our very of return to fiscally representing we X, December and navigated ended All That growth AI SEC our $XXX interest to let's several estimated continued exchange of are million time currency-neutral of we As through we and rates growth, of offerings, interest generative in cash subject in and top finished to $XXX the well nimbly on X%. free outlined and balance the expanded our generated X% million. a anticipate expense flows expense XXXX.With we $XXX of February, we at our actual our levels is our X.X% healthy with filings.So XXXX, year-on-year detail matured positioned and said, annual growth into shift to rate rates sheet, remain pay swap annualized the subscriber unexpected foreign environment, effect stronger to XXXX we taking $XXX the million, cash debt, million in balance rate year X.X% head interest having consideration meaningful guidance. growth throughout, which in that agreements, into delivered macro interest we've XXXX more our line we remains disciplined, applicable within of into to we challenges. as which debt changes revenue that, interest down

the currency GBP rates XXXX. hold Assuming above results in current muted a euro to X.XX the financial foreign what have to X.XX, we more on above we FX our and with experienced relative expect impact

similar down the a about the estimate year, Included $X.X of X.X% the EBITDA for a million in almost in cadence of which that, of $X and benefit estimated FX, neutral. expect down fourth for of for benefit For the please open $XXX the million adjusted with year-over-year an operator, currency with EBITDA in adjusted is X.X% call million questions. expected in approximate XXXX revenue, approximately it expected fourth expectations all we is million, quarter.We $X quarter.With

Operator

Josey Our with from question [Operator Citi. first line Instructions] comes the of Ron

Unknown Analyst

-- about on hear Craig, impact. Jake it iStock. for expected to Gen -- last have limited Difficulty] on you to product [Technical have you Getty is AI Ron. both and I quarter, that shared great really rollout This had know or would the it

Craig Peters

on. is Craig

Jennifer Leyden

here. I'm Yes,

I might have lost think Jake. we

Unknown Analyst

me? you hear Can

Jennifer Leyden

We can now.

cut into early again. your out I pretty mind don't questions, think repeating if you just them you all

Unknown Analyst

Last contributions And question Gap]Any in about or just Sorry corporate. quarter, on Gen that. was could this shared on that expectations second you'd AI. you expect[Audio then visibility the just was share for Well, you the question terms first more of year?

continued You curious the the customer. signs macro noted challenges, still verticals we we conservatism? revenue per purchasing share corporates. more doing like in if specific about from Any you're are at you showing look -- but seeing could well what some at And look of the resilience

Craig Peters

Happy of both take Okay. to those.

the taken still Gen growth. of, and term model. I'd in point products, front, We've building the basis still in material expectations really be to on of a view longer market the a of say that that doing contribution getting terms -- a much are going again, for to AI that subscription them On

are So it's the said, going having on that on use sales are we time something product, meaningful the and to say adoption with And our conversations that's a the the to we of kind where aligned expectations. seeing good really product. positive lot front. We're getting the it's feedback to definitely I'd of of take accrue that adoption to to of that for business.But

expect the items that around it's growth little macroeconomic stated.With the It for in due related. performance contributions year. that on corporate, meaningful this choppier a into -- a to for XXXX business will respect a this wouldn't a saw have been impact to I segment We guidance bit time. material but we So significant our long

in areas subsegment were But specifically technology I -- kind prior of for experienced in as think to that had choppy still to more to collateral we be presence, media internal manage that their called driver than in to groups are within that the marketing behind some across expect continues sales sales their their segment that bit XXXX.It in-house websites, grow marketing the and continues marketing what to social and of continue we us maybe be and bringing segment where a out order one their I the years. that.

little So choppier a in bit XXXX.

see to should choppiness a expect XXXX, [ will bit be in little of We but wanting again, segment the corporate growth. ]

Operator

Our from Cory Carpenter line with of next JPMorgan. question the comes

Cory Carpenter

I agency about just wanted the to ask business.

improved mid-single and willing down Jennifer, you're talk then, given it what expect Maybe XXXX. could to Creative provide maybe your that trend mentioned we Editorial digits. You you little how a expectations in just revenue And for your will XXXX anything for around within if guide, about year even should you, versus seasonality? just the

Craig Peters

Jen, why just take both you those? of don't

Jennifer Leyden

to. happy Yes,

start I'll guidance. backwards on So

we that guide but Normally, with specifically heading or an growth. don't Editorial a of are come Creative, know, we level you even into to would as So of an year. expectation

QX. what as However, through this bit The year year bit impacts the be see we we And that, of to still muted. through and a bit even in for would that navigate that lingering we to obviously, see as seeing little navigate impact QX, expect look likely certainly, reasons a terms some of will will normally we're different strike. from a

in a about half that then that first think impact Editorial. that.And growth with side bit the the XXXX, dealing we for still is of flip XXXX from of of was we're So actually

that expect We've presidential some good that through election. revenue So XXXX. have revenue. U.S. that navigating see did we've one. revenue got of We've strike We've We some definitely We a we're event through got of the growth do Olympics. in versus of impacts navigating got still comp euros. to in got those -- each bit

U.S. into bit us hard But to like to something expect strike see.And what precision with a comes what it's look for that that to obviously, of it it election, see normally a to for until we impact mute will is get all that us So we relative like. to to that expect we a bump. when presidential bit going size deeper again,

playing we Creative.On Editorial that's top back might can you So of little I of is that the shift for a a what think necessarily an how to color improvement. a a that remarks in right big into agency of bit on that reversal in is of What in little side, expecting line the we're commented we prepared saw into so bit mean growth away XXXX. don't bit or and agency

I slight. think specifically, I used the word

off in that So year, agency the of steady year mid-single-digit the and declines double-digit that's on us coming exiting ending decline. pretty

is our we're customers we point holding massive think impact, about don't XXXX. and creative exited don't at macro flows I turn a as marketing calls that.So through we a So the as that expecting of That, their before, to XX% turnaround. agencies total tight around, this right? Again, expect we've as it spoken it under one. but to largely well is that flows through we're these cautious on budgets, So on that on revenue are

Operator

line The the of Benchmark Our next question comes Zgutowicz from Company. Mark with

Mark Zgutowicz

hoping for relative get on retention you is can churn Creative to expense ex-agency.And your there's Jen, are to then just visibility there, on ex-agency. just revenue also was I'm could. year some delta assumptions just of a guidance. questions what I if given line comment And million $XX this the top question expectations was the I the roughly maybe second couple hoping just you, around guidance. curious EBITDA I

helpful. be there would So color any

Jennifer Leyden

second didn't hear that. Mark, repeating question? the I mind Yes. quite you would

Mark Zgutowicz

right. All

you question expense is, within if your 'XX the Second about just guidance, talk assumptions to... could adjusted just EBITDA

Jennifer Leyden

Sorry.

mentioned. the agency heard I the question second you agency... item The yes, --

Mark Zgutowicz

-- on if just Just for -- looking -- sorry. sorry, looking churn sorry, could ex-agency? I at was comment you

Jennifer Leyden

Right.

Okay.

So I'll EBITDA. start with

what in bit employ on there early proactive seeing you're think quite we've a XXXX. talked EBITDA pretty about we I yes, our how guidance, in actions cost some So

And incentive-based seeing that, XXXX. So company's but imagine, bit that's really little enter in cost you not XXXX employee up can of back elements there certain tied elements XXXX, set get base. to cost as all that are of a we performance. management, of a our entering reset pullbacks on you're to cost made into the just that financial certainly are line reset on growth.There we back of as We're ourselves into to the compensation that we've top to are pulling

at an start reset coming cost we of expectation we've as performance. within year, So its company our any expectation comp the base into there's because hitting of back the that of incentive-based XXXX, financial an had

deliberately investing really ourselves sure we're and but revenue a a of on a actions, all in churn. setting reset. it's growth.The we growth So of of and relieving just question Again, get up cost not retention those making XXXX did into pretty bit to that full go

we don't Creative Editorial. really stat retention give figure a So versus or revenue on

way talking really think figure the to see large you're about little right?So we our of question, continue those see the that But XXX%, continue and -- assuming that enterprise think I that bit strong. to we subscriber we continue base. when retention more I'm to rates a about answer much be pretty see at the side enterprise I we things, would customers,

a come that e-commerce at retention of subscription least grow that obviously we start and base, start lighter from of a rate. subscriber talked growth is side coming about we As the to lot things. smaller at with Those revenue the

side the So down subscriptions, on enterprise those of from something business. Creative fit a the XXX% on see that those the And e-commerce side you'll do pull like it. bit all of smaller

a we versus Creative really if questions, Editorial retention element. sure or those churn give answers don't not I'm that that So but

Operator

next of Nollen with Tim Our the Asset Macquarie from line Management. comes question

Tim Nollen

you Macquarie the Management. give from But not Craig, potential Tim if a Asset just color Research, bit from It's more revenue AI. could on curious,

like people quarter-over-quarter? a that images it didn't images?I a come data been and But we Would for know growth? this download has for to which that expect what use their that Or there paid ramp can side, own you the generate mean, high see line somewhere in download kind revenues. flat come well, a to in know demand I that I think of very that, AI be earlier you but paid mean. I I from basically longer-term in would say else? that said You behind would for be would

Craig Peters

Yes.

approaching are AI. me let just first, we So how characterize

licensing Those NVIDIA. are to services partnership end developed our have companies we services like So with in customers. been

a licensing of have against pursued, things. the meaningful side to that revenue degree, basis not data We of would our generate any data on

offering we parties to is we licensing to what build that of business market. critical out services.We believe and around AI we fundamental data will go fundamentally our So be to in differentiating services the services as a data those term be want believe going to our build third versus creative, those long tool to

into of, It's believe these so trade our delivery right subscriber subscribe AI we of and are the to services you customers customer.So see will over services you is services a trade in relationships results as counts those the generative in our we terms an those owning the the business that customer see basis. long-term making. for -- time, one end again, will and that that's annualized And on

time those take sales -- meaningful within I see through or Jake meaningful asked. and take will a You they those to to as download to for have parts be imagery some paid think, paid comment, going XX marketing it the annual of that use will to relative see will to the for It's to services question and collateral those this we then a their stack.So and goes that start -- generate those from while million accrue Jake metrics. But up marketing show back their section it downloads. yes, other imagery and and download into our

Tim Nollen

Right.

little percentage ask revenue? a a a of was of of but seasonal from some might at be which sales Okay. actually There question, was a year think of if seasonal-related that more down QX bit kind a that That which number quarter, normal quite types is it XX% a QX is bit have ago, up your I that makes sense. trend. kind wonder one-off in Can as QX. I I a looking separate subscription the from sequentially? just brought down And might

Craig Peters

the of saw bit a agency a in a in stronger la carte la to in Yes. buy that basis. of an -- We They Again, A tend the mentioned was carte lot close we through little a on the of rebound business. purchases year. QX, bit a the Jen in kind saw slight to rebound. QX, little

within paid strike impacts on assignment of most which ameliorate business, notably We business, also within saw done our subscription. some is our not the

things the I good those of down to some a would things, QX took all though. are those were say that QX So bit. relative that percentage

Operator

reached now Thank I'll also concludes session. this you. lines the question-and-answer conference, end And and today's we have the your -- of may disconnect turn and time. you at this

Getty Images (GETY) 14 Mar 242023 Q4 Earnings call transcript