Getty Images Holdings, Inc. (NYSE:GETY) Q1 2026 Earnings Call Transcript

Getty Images Holdings, Inc. (NYSE:GETY) Q1 2026 Earnings Call Transcript May 11, 2026

Getty Images Holdings, Inc. misses on earnings expectations. Reported EPS is $-0.01 EPS, expectations were $0.01.

Operator: Good afternoon, and welcome to Getty Images Holdings, Inc. First Quarter 2026 Earnings 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, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.

Steven Kanner: Good afternoon, and thank you for joining our first quarter earnings call. Joining me on today’s call are Craig Peters, Chief Executive Officer; and Jenn Leyden, Chief Financial Officer. Before we begin, we would like to note that due to the ongoing regulatory review process, we will not be able to comment on the first quarter 2026 Shutterstock operating results. We appreciate your understanding. 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 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 a description, limitations and rationale for using each measure can be found in today’s press release and 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 taking the time to join us today. I will start with a brief overview of the quarter and then step back to discuss how we’re positioning the business as market conditions continue to evolve. Jenn will then take you through the full results in more detail. First quarter revenue for 2026 was $226.6 million, up 1.1% reported and down 2.5% on a currency-neutral basis. Adjusted EBITDA was $61.6 million, down versus last year, reflecting a combination of higher cost of revenue due to mix and timing impacts as well as elevated costs associated with our Winter Olympics coverage in the quarter. Consistent with prior commentary on these calls, we are operating in a dynamic market environment, particularly across parts of creative.

Most notable are the secular challenges with agencies and across the microstock category. Agencies, now less than 15% of our total revenue, have been in long-term decline as they contend with shifting media mix, in-housing of production and the adoption of AI. In response to these changes, we continue to rightsize our resources to cover that agency space. Within microstock, we see the category impacted by search engine changes incorporating AI results, the knock-on effects across affiliate integrations who depend on SEO traffic and the emergence of generative AI offerings and bundles. iStock continues to hold up well relative to what we are seeing across the microstock category. This speaks to the quality of our content and the quality of customers that content attracts.

Aligned to this, we are increasingly focusing iStock merchandising and marketing on our high-quality exclusive content and those customers who value it. While it can negatively impact some KPIs in the near term, it is a deliberate shift that should only improve our relative financial performance within this category. But again, it does impact some KPIs. Outside these areas, where the vast majority of our business and subscription revenues reside, we continue to see growth and opportunity. We continue to see strong renewals with our existing customers supported by our high-quality content and coverage and the value we provide in support of their needs. We also continue to draw new customer interest as they try to reach their audiences and execute their commercial strategies.

This was on display at the Milan Cortina Winter Olympics. The Olympics demand operational and logistical expertise across editorial and commercial requirements. Our ability to deploy at global scale, deliver content in real-time and serve a wide range of customers from media organizations to new and old global sponsors continues to differentiate Getty Images in ways that are difficult to replicate. Importantly, these events are not one-off moments. They reinforce long-standing customer relationships and generate downstream demand across editorial, creative and custom solutions. Looking ahead, we see similar multiyear visibility tied to upcoming global tentpole events. As the U.S. approaches the America 250th anniversary, customers are increasingly drawing upon our unique archive, our trusted editorial coverage and custom production capabilities to support programming, brand activations and educational initiatives around this milestone.

This is demand that builds over time and monetizes across multiple parts of our platform. Likewise, our long-standing relationship with FIFA positions us at the center of the upcoming World Cup cycle, where Getty Images serves as both a primary content provider and a strategic partner to federations, broadcasters, brands and sponsors. These events provide clear line of sight into future revenue opportunities tied to scale, access and great certainty. Together, the Olympics, America 250 and the World Cup illustrate how our coverage, our archive and our unique capabilities combined to allow customers to uniquely tap into moments that carry both cultural significance and commercial complexity. I would be remiss if I did not recognize our photographers and editorial teams whose work is at our core and continues to be recognized across the industry.

Their expertise and talent remains central to our value proposition. That commitment was recognized during the quarter with the team earning nearly 90 industry awards of excellence in categories, including news, sport and politics at ceremonies such as the White House News Photographers Association Awards, Picture of the Year International, the SJA British Sports Journalism Awards and the NPPA’s Best of Photojournalism Awards. Turning to the capital structure. Following the recent court decision related to the Alta and CRCM warrant litigation, we satisfied the judgment through a draw on our revolving credit facility. Given the durability of our value proposition, this obligation is fully manageable within our liquidity position and does not change our operating priorities or investment plans.

We continue to maintain the full support of our core shareholders. Turning to the merger. As mentioned last call, the transaction has been cleared without condition in all jurisdictions except the U.K. We continue to engage constructively with the CMA as they complete their review, and we expect a final decision in June. I continue to be excited for what lies ahead. The unique foundational pillars remain as strong as ever, the quality of our content and coverage, the expertise of our staff, the quality of our partners, the commitment of our customers, and the strength of our brands. I continue to see opportunities to grow within our existing customers and to serve new markets given our unique content scale and capabilities. And with that, I’ll turn it over to Jenn to take you through the more detailed financials.

Jennifer Leyden: Q1 revenue was $226.6 million, up 1.1% or down 2.5% on a currency-neutral basis. Included in these results are certain impacts of the timing of revenue recognition, which reduced Q1 growth by approximately 390 basis points. Corporate continues to be a growth driver for us, with revenue up 6%. Media was flat with gains in the Americas offset by production declines in EMEA, while agency continues to be a headwind for us, down 14%, but consistent with recent decline trends. Across our major geographies, our largest market, the Americas, was in growth, up 1.9% on a currency-neutral basis, while EMEA was down 6.9% due to weakness in both agency and production, and APAC was down 11.7%, driven primarily by agency and the absence of revenue from certain known one-time projects in 2025.

Annual subscription revenue was 57.4% of total revenue, up from 57.2% in Q1 of last year and also up from 54.2% in 2025. In total, subscription revenue was up 1.4% or down 2% on a currency-neutral basis. Our annual subscription revenue retention rate was 90% in the Q1 LTM period compared to 92.7% in the corresponding 2025 period. The year-over-year change primarily reflects the absence of certain high-impact media events and certain one-time spend that occurred in the LTM 2025 period that did not recur in the LTM 2026 period. Active annual subscribers totaled 258,000 in the Q1 LTM period compared to 318,000 in the corresponding 2025 period. This decline reflects our deliberate decision to discontinue the iStock free trial new customer acquisition program in June of 2025.

This was done to improve overall subscriber quality and economics. While the program contributed to higher gross subscriber volumes, free trial conversions consistently delivered lower revenue per subscriber, annual subscription renewal rates below 10% and a less attractive customer lifetime value, which weighed on the per unit economics. In addition, as mentioned by Craig, free trial did not play to our core strength, our differentiated high-quality content and coverage, but instead skewed towards lower engagement users that aligned more closely with the broader challenges observed outside of Getty Images. As we’ve discussed on previous calls, we expect to see the impacts of this discontinuation linger through to Q3. While we continue to navigate these impacts, we also continue to see stability in our subscriber counts and renewal rates across Getty Images and Unsplash+ subscribers, where the quality and economics of the subscribers remains strong.

Paid downloads were 92.2 million, essentially flat year-over-year. Creative revenue was $126.2 million, down 4.5% year-on-year and 8% on a currency-neutral basis. Within creative, our custom content solution continued to perform well, supported by growth in video and custom AI sets, up over 250% year-on-year as well as our Unsplash+ subscription now in its fourth year, still with year-on-year growth of approximately 20%. This growth was offset by a few items. First, we had 380 basis points negative impact on creative revenue due to a shift in revenue allocation from creative to editorial as we saw our Premium Access customers download consumption patterns shift to editorial in the quarter, largely driven by our Olympics coverage. Second, as Craig and I both mentioned, we continue to see a drag from agency, which sits almost entirely in creative and was down year-on-year 14%.

Finally, within iStock, traffic was adversely impacted by 2 factors: first, the planned exit from a long-standing affiliate partnership to better optimize efficiency of our marketing spend; and second, internal changes that temporarily impacted our search engine rankings. We have since course corrected. And while normalization will take some time, we do not expect a material impact to the remainder of the year. Editorial revenue was $91.7 million, up 11% year-on-year and 7.1% on a currency-neutral basis, driven by strong demand for global sports coverage, including the Milan Cortina Winter Olympics, also entertainment events and continued strength in our archive. The revenue allocation impacts I just mentioned that negatively impacted creative revenue conversely contributed 620 basis points to editorial growth in the quarter.

Other revenue was $8.6 million compared to $9.3 million from Q1 ’25. Revenue less our cost of revenue as a percentage of revenue was 70.8% compared with 73.1% in Q1 2025. The decrease is mainly due to product mix and timing elements as well as higher costs in the quarter tied to our event coverage. SG&A expense was $102.2 million or 45.1% of revenue compared to 43.9% last year. Excluding stock-based compensation, SG&A was $98.8 million in the quarter or 43.6% of revenue compared to 41.8% of revenue in Q1 2025. The increase primarily relates to incentive compensation and annual merit increases, elevated Olympics-related coverage expenses and professional fees, partially offset by lower marketing spend. Adjusted EBITDA was $61.6 million for the quarter, down 12.2% or 15.2% on a currency-neutral basis.

Adjusted EBITDA margin was 27.2% compared to 31.3% in Q1 2025, primarily due to higher cost of revenue and SG&A, impacts which we expect to normalize over the balance of the year, with our adjusted EBITDA margins expected to return to our typical approximate 30% range. CapEx was $16.1 million or 7.1% of revenue, consistent with our expected range of 5% to 7%. Adjusted EBITDA less CapEx was $45.5 million, down 16.3% or 19.4% on a currency-neutral basis. Adjusted EBITDA less CapEx margin was 20.1% compared to 24.3% in Q1 2025. Free cash flow improved to $24 million in Q1 compared with negative $300,000 in Q1 of 2025. The improvement was driven by lower cash interest paid and lower merger cost cash outflows as well as working capital changes related to the timing of receivables and payables.

Free cash flow is stated net of cash interest expense of $26.3 million and cash taxes paid in the quarter of $7.1 million. We ended the quarter with $96.6 million of balance sheet cash, up $6.5 million from Q4 ’25. This sequential increase was driven by free cash flow generation, partially offset by a $6.5 million amortization payment on our euro term loan and the impact of foreign exchange rates. It is worth noting that since the start of 2025, our cash position has been significantly burdened by nearly $115 million of total one-time expenses with those costs driven by our merger process, refinancing transactions, AI-related litigation and our accelerated SOX compliance efforts. The material nature of these expenses is now largely behind us, and we are confident that we will return to healthier levels of free cash flow generation that we have historically seen.

As of March 31, we had total debt outstanding of $1.99 billion, which included $628 million of 10.5% senior secured notes issued in Q4 to fund our pending merger with the proceeds currently held in escrow, $540 million of 11.25% senior secured notes, $481 million of euro term loan converted using exchange rates as of March 31, 2026, with an applicable rate of 8.19%, $295 million of 14% senior unsecured notes, $40 million of USD term loan at an 11.25% fixed rate and $5 million of 9.75% senior unsecured notes. While our $150 million revolver remained undrawn at quarter end, on April 22, following the Second Circuit Court’s denial of our petition for rehearing in the Alta and CRCM warrant litigation, we drew $120 million and used a portion of the proceeds to pay the approximately $110.9 million judgment and associated interest.

We also received approximately $30 million from insurance carriers following the payment. Considering the foreign exchange rates, applicable interest rates and mandatory amortization on our debt balances as of March 31, and the subsequent revolver drawdown at an applicable interest rate of 7.8%, our estimated cash interest for 2026, net of interest earned on cash held in escrow is $194 million. This estimate reflects the first cash interest payment in May related to the $628 million of merger financing currently held in escrow with a second payment due on the merger outside end date of October 6. Now turning to our outlook. Given some of the strong business fundamentals that Craig and I just touched on, our full year revenue and adjusted EBITDA guidance remain unchanged.

We continue to expect revenue of $948 million to $988 million, down 3.4% to up 0.6% year-over-year and down 4.5% to 0.5% currency neutral. We continue to expect adjusted EBITDA of $279 million to $295 million, down 12.9% to 8.1% year-over-year and down 13.9% to 9.1% currency neutral, with our outlook for our adjusted EBITDA margins at just about 30%. Using our current FX rate assumptions, the euro at 1.17 and the GBP at 1.34, we expect approximately $11 million of revenue tailwind for the full year, with $8 million realized in Q1 and the remainder largely in the first half. On adjusted EBITDA, FX represents roughly a $3.6 million full year benefit, including $2.5 million realized in Q1, with the remainder similarly weighted toward the first half of the year.

As a reminder, the expected year-over-year decline in revenue and adjusted EBITDA continues to be driven primarily by the timing of revenue recognition related to the 2 large multiyear licensing agreements we signed in the fourth quarter of 2025. The accelerated revenue recognized last year creates a difficult comparison in 2026, particularly in the fourth quarter and more than offsets the benefit we would otherwise expect from the even year editorial calendar in 2026. To put that dynamic into context, excluding the approximate $40 million of accelerated revenue recognized in Q4 2025, our fiscal 2026 revenue outlook would reflect underlying growth of 0.7% to 4.9% year-over-year or down 0.5% to up 3.7% on a currency-neutral basis. On that same basis, adjusted EBITDA would be down 2.4% to up 2.9% or down 3.6% to up 1.7% on a currency-neutral basis.

The key takeaway is that absent these unusually challenging year-over-year timing comparisons, we continue to expect solid growth across our core business. On the cost side, our guidance includes approximately $6.9 million in one-off increases in SG&A as we continue our accelerated SOX compliance efforts. This is up from $5.6 million in our prior guidance with offsetting reductions in other SG&A expenses. All other merger-related costs are excluded from this guidance as they are considered one-time in nature and therefore, are excluded from adjusted EBITDA. Finally, while our guidance reflects the trends and information available to us as of today, any broader impacts that could result from changes in global macroeconomic conditions remain uncertain and may not be fully reflected in this outlook.

With that, operator, please open up the call for questions.

Operator: [Operator Instructions] We’ll take our first question from Ron Josey with Citi.

Ronald Josey: Jenn, I wanted to ask a little bit more on just guidance and the revenue split between creative and editorial. And given the trends we saw in 1Q, we wanted to ask specifically the confidence in full year guidance, which was maintained. Obviously, I wanted to hear the drivers of what’s making that confidence as high as it is. And then can you remind us again just going through specifically the delta or some of the moves between creative and editorial? And then Craig, on the acquisition, you mentioned a final decision in June. Just talk to us about next steps or what we can expect here going forward.

Q&A Session

Jennifer Leyden: Craig, do you want to kick off? Go ahead.

Craig Peters: Okay. So I’ll start on the acquisition and then leave the guidance and the revenue split to Jenn. So thanks, Ron, for the questions. On the acquisition front, the timeline of the CMA, if you remember, we are down to the U.K. We’ve been unconditionally cleared against the transaction in every other jurisdiction. But we are down to the CMA in the U.K. Their process has an end date. They’ve gone through their extension already as an end date of June 14. So we expect on or before to hear that back in terms of their finding with respect to what they term an SLC, so a significant lessening of competition within the editorial space or not. And what they would require with respect to a remedy of that if they find it. So we’ll have knowns on those fronts by then, and then we can determine whether that remedy is one that’s acceptable to the parties and one that the parties can deliver.

It’s been a long road. We’ve spent a decent amount of capital in pursuit of this. We’re continuing to pursue this. We believe in the value creation unlocked by this merger. We don’t agree with any lessening of competition in the marketplace. It’s unfortunate that at this point, we are down to looking at a business in the U.K., that is GBP 3.5 million of revenue that is at question here. That’s the size per the Shutterstock Q1 10-Q of the amount of revenue that’s actually at question relative to a GBP 2 billion roughly of revenue between the transactions. But the good news is we’re seeing the light at the end of the tunnel, and we should have clarity on where they stand with respect to both that SLC, whether it exists or does not, and then what would or would not be required in order to remedy that.

Jenn, do you want to pick up on the guidance and the revenue splits?

Jennifer Leyden: Yes. So I’ll start with the normalization. So you might remember, Ron, we’ve talked about this before, specifically when we’ve got big editorial event calendars. So obviously, Q1 for us was a bigger quarter with respect to editorial, and that’s the Milan Olympics and also seeing a bit of political spend in the quarter. So we’ve talked about this before, primarily in Premium Access, which is our largest subscription that has editorial and creative in these quarters or periods where we’ve got this big events, it’s really nothing more than customers shifting some of their download consumption patterns in favor of editorial content. And you can imagine why that would be in the case of really spectacular images coming out of Milan.

So for Q1, the impact of that, again, download/revenue allocation mix was a drag on creative of about 375 basis points and then a lift on editorial of just over 600 basis points. So we’ll see a bit of that as we continue through what is a big editorial year for us, certainly as we go into the World Cup and as we expect to see some political lift heading into midterms towards the end of the year. Does that answer that question?

Ronald Josey: It does in terms of the mix. And then your comment towards the end of the year helps to talk to the guidance side.

Jennifer Leyden: Yes. So I mean the key thing to remember here is, hopefully, you got the message from Craig and my prepared remarks, the strong fundamentals of the business really have not changed. So when we talk about things like corporate being in really good upper mid-digit growth, when we talk about the subscription business growing, when we talk about custom content having its biggest quarter, frankly, it’s ever had since we rolled that solution out several years ago at this point, continued growth in Unsplash, we’re still seeing all of the good fundamentals in this business. So when you look at Q1, the big storylines there for revenue are really going to be that revenue recognition impact, our accounting item 606. So that had a bigger drag on Q1 revenue.

But we expect to see largely that 606 impact for the year end up where we would have expected it to be in our prior guidance. So a little bit of a timing element there, Q1, but no change to the full year impact from that item. As we think about what sits within guidance, again, nothing really different than what we spoke to last quarter with 2026 guidance. Creative, roughly low single-digit decline. Editorial, roughly flat, and other would be — other revenue would be in mid-single-digit decline. But again, a lot of those declines are because of that big, big chunky revenue we got in Q4 of last year. So normalizing that gets creative to about flat, that gets editorial to low single-digit growth, and that would get that other revenue back up into double-digit growth.

So same trends there with the splits of creative, editorial and other cost, all of that really in line with what we spoke to, previously. Lower margin quarter for us for sure. But again, on the gross margin side, that’s really a function of that 606 revenue recognition element as well as a bit of product mix, but we expect to — certainly, by the time we get to H2, we should be back up in the 71% range in gross margin. And we should see our EBITDA margins in the second half of the year get back up into that 29%, 30% range.

Operator: [Operator Instructions] We will move next with Mark Zgutowicz with Benchmark.

Mark Zgutowicz: A couple, Craig, for you and then a couple for Jenn, if I could. Craig, on the ’26 guidance, if you could maybe just update us on your willingness to sign AI licensing deals that’s sort of predicated within that guidance? And then how should we be thinking about recurring revenue opportunities tied to AI content licensing, materializing over the next 12 months or so as opposed to just pure licensing deals? And then, Craig, you also mentioned in your prepared remarks about rightsizing agency support, now that the segment is roughly 15% of revenue. I’m just curious if that means OpEx savings or redistributed headcount to other parts of your business. And then, Jenn, just curious what Premium Access net dollar retention was in 1Q and whether you expect an improving NDR in 2Q is predicated within your ’26 guidance?

And then also tied to NDR, just how you would characterize iStock and Unsplash headwinds there? Is it the same? Or are you potentially seeing lessening headwinds from iStock and Unsplash?

Craig Peters: Great. Thanks, Mark. So I’ll pick up on the AI with respect to ’26. And then I’ll touch on some of the iStock elements and then pass — and agency, and then I’ll pass over to Jenn to add to that. So on the AI licensing front, we do some level of AI licensing across the business. We did very little in Q1. We expect that to probably be more of a second half contributor to the revenue pie. But it’s not one that’s been as sizable when you look at others in the marketplace. It hasn’t been as sizable in terms of revenue stream for Getty as we’ve been more selective in the licensing that we’ve done. What I would say is we’re more focused in, and we talked about this in some of our Q4 commentary and some of our Q3 commentary about integrating our product into large language models and AI experiences, where ultimately drawing on the history represented in our archive or the coverage represented in our editorial offering, it’s an important element of delivering context and accuracy to those individuals using these AI services.

So we referenced Perplexity. We referenced other deals that have yet to be named other than that. And that continues to be our focus. How do we really embed Getty Images and the quality of its coverage and imagery and the depth of its archive into those models. So yes, we will do some limited AI licensing. Again, that was very low in Q1. We expect that to kind of phase out towards the second half. But we’re really focused in on those integrations into the platforms themselves, which is very akin to how our content is used today across all third-party licensing. There can be some acceleration of that given 606, as Jenn mentioned, but it’s still fundamentally content licensing. We’re using our content to deliver it to our customers so they can produce a more compelling service.

I’ll just quickly touch on the cost realization of agency, and then I’ll come back just to some context on iStock and what we’re doing there. Agency — so yes, we have both sales and service headcount in support of the agencies. They tend to be very transaction-driven. That has equated to a higher level of sales and service for that segment relative to other segments that might be more annual or multiyear agreements. So we did do a small layoff in Q1 to mitigate that resource relative to the volume coming in and the declines that we’ve seen in that. We’ll continue to manage that segment accordingly. But that is one that we did do some headcount reduction across sales and service in Q1 in order to manage to the volumes that we’re seeing today.

We did not redeploy that across the balance of the organization. Within iStock, I think it’s a little bit of important context. We’ve had a business, and we’ve always talked about this with you that our iStock business is different than generally what we would term as the microstock or mid-stock space. Our iStock business is one where 70-plus percent of our revenues come from Signature content, which is our exclusive content. About 2/3 of the business sits in subscriptions. That’s annual subscriptions and monthly subscriptions. And what Jenn was referencing is we’re making some changes. And those changes are based on what we’re seeing in the market more broadly, and the strength of what we’re seeing on the Signature side. So we see — on the Signature side of things, we see about a 2x spend in the year for a Signature customer relative to an Essentials customer.

And we make about 3x the revenue overall, again, going back to that more than 70% of our revenue. But then we see just fundamentally different cohort value downstream. So it’s not just year 1, the retention value of a Signature customer is so much higher than Essentials. And Jenn gave you some of the statistics of less than 10% retention for free trial subscribers. And those free trial subscribers largely accrued to our Essentials subscription. And some of that’s due to just changes in Google’s algorithm pointing towards AI searches, which has a knock-on effect in terms of the prominence of free websites that used to drive traffic to us on an affiliate basis, but also the proliferation of AI. And we’re seeing the durability of Signature relative to those search dynamics, relative to consumption, relative to AI.

So what we’re doing is making a very conscious shift of shifting iStock more aggressively to those quality-conscious customers at much higher economics. But what that means is from a count perspective, our counts go down in terms of subscriber counts and purchasing customer accounts. And ultimately, though, that’s going to pay out in our revenue and retention. And so those are some of the changes just to give you a little bit more context and double-click on some of those. But I’ll pass over to Jenn to add anything that she might want.

Jennifer Leyden: Yes. Mark, so back on the retention question. So I think I’ll broadly just say we’re at 90% in Q1. And I think we’ve spoken to certainly last quarter, probably the quarter prior to that as well, that free trial subscription cancellation, really, that’s having a continued drag on this rate and that we expect to see that drag lap sort of the anniversarying of the cessation of that program in Q2, but probably into Q3. So I think we hold that once we get into that Q3, certainly Q4 period, we’ll start to see this metric bump back up just as a result of all of that noise really coming out of this metric. So that’s going to be, call it, 2 to 3 points improvement on this rate just once we get through, again, the anniversarying of the discontinuation of that program.

But I’d say in addition to that, and you asked about Premium Access, the real key thing there, again, there’s a drag here from that free trial. We’ve always got a bit of a drag when we’ve got subscriber spend in a prior period outside of their subscription for big, whether that be editorial events or big one-time events, we’ve got a bit of that here. That’s probably about a 2-point drag year-on-year. But key here is when you think about the — again, we speak to the core fundamentals. Premium Access, our largest subscription, again, the retention rate in Q1 was 100%. So it doesn’t, obviously, get much healthier than that. We see the iStock annuals really around that 80% range, Unsplash well over 90% retention. So there are some very, very healthy metrics underlying what we report as 90%.

But again, that 90% still has that drag from free trial and has a bit of timing just with respect to subscriber spend in the prior periods outside of their subscription. But overall, the underlying stats here are really healthy.

Operator: And this concludes our Q&A session. I will now turn the call over to Steven Kanner for closing comments.

Steven Kanner: Thank you again for joining us today and for your continued interest in our company. As always, our team is available to follow up on any additional inquiries you may have after the call. We look forward to staying connected and updating you on our progress in the quarters ahead. Have a great rest of the day.

Craig Peters: Thank you.

Operator: Thank you. And this brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect.