Good afternoon, and welcome to Getty Images' third quarter 2022 earnings conference call. Today's call is being recorded. We have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Steven Kanner, VP of Investor Relations and Treasury at Getty Images. Thank you. You may begin. Good afternoon, and welcome to the Getty Images third quarter 2022 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer, and Jen Leyden, Chief Financial Officer. Before we begin, we would like to remind you that this call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks, uncertainties, and assumptions, which could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are highlighted in the forward-looking statements section of today's press release and in our filings with the SEC. Links to these filings and today's press release can be found on our investor relations website at investors.gettyimages.com. During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA less CapEx, 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. Reconciliation of GAAP to non-GAAP measures as well as the description, limitations, and rationale for using each measure can be found in our filings with the SEC. After our prepared remarks, we'll open the call for your questions. With that, I will hand the call over to our Chief Executive Officer, Craig Peters. Thanks, Steven, and thanks to everyone joining Getty Images third quarter 2022 earnings call. I will address high-level business performance and progress before Jen takes you through the more detailed third quarter financial results. Third quarter reported revenues were $230.5 million. This is down 2.8% year-on-year on a reported basis, but up 2.8% on a currency- neutral basis. Our adjusted EBITDA finished at $77.7 million, down 4.8% year-on-year, but up 2.3% on a currency- neutral basis. As Jen will highlight in more detail, we continued to see positive operating performance. We are driving purchasing customer growth. We are growing our annual subscriptions. Our revenue retention for our annual subscribers continues to exceed 100%. Our customers are deriving more value from our offerings as our paid downloads continue to increase. More customers are downloading video as our video attachment rate continues to increase. From what we see, we believe we are taking market share based on the quality of our offerings. With that operational foundation as a backdrop, our third quarter results were impacted by a number of factors. First and foremost, the strength of the U.S. dollar. We are a global business with almost half of our revenues in local currencies. Like other global businesses, we are seeing the strength of the dollar impact our results. In our case, the impact is almost 6% on our top line revenue growth. We also faced a challenging year-on-year compare in the third quarter due to revenue recognition on certain uncapped subscription deals and due to the shift in timing of the Tokyo 2020 Summer Olympics to Q3 2021 from 2020 due to the pandemic. These items combined to reduce reported revenue growth by 4.6%. Lastly, like other businesses, we are seeing some macroeconomic headwinds. These are most pronounced in certain parts of Europe and within our Agency segment. Again, our overall reporting metrics remain positive, and we continue to see opportunity as our products can be counter-cyclical across many end customers and use cases as we help them create more efficiently and enhance their offerings. Consistent with our history, we're being prudent in our expense and margin management. Within the quarter, we announced several multi-year agreements that speak to how our content enhances our customer offerings. These included Amazon embedding our award-winning imagery within Amazon's Alexa services and their Fire TV software stack. Microsoft including our creative content within Microsoft 365, their new editing service, and the renewal of our long-standing Canva integration. The foundation of Getty Images is in its content. In the quarter, we are extremely excited to renew our exclusive global distribution partnership with BBC Studios to represent their iconic and world-class quality footage. We were so pleased to be named the official house photography partner to the British Academy Film Awards, or BAFTAs, providing us with unique access to their prestigious events. Staying on the U.K. theme, we are extremely proud of our comprehensive coverage of the events surrounding the passing of Queen Elizabeth II. It really spoke to the strength of our Archive, our unique access and coverage capabilities across News, Sport and Entertainment, and our ability to seamlessly support our global customers as they covered the story from all angles. On this side of the Atlantic, collegiate sports continues to evolve, and we're excited to partner with the leading collegiate trademark licensing company, CLC, and leverage our unique capabilities to simplify commercial content licensing for brands and companies across more than 150 CLC affiliated collegiate institutions. On the product front, in October, we launched Unsplash+ to further service the content needs of Unsplash users. Unsplash+ is an unlimited subscription providing access to unique release content in an ad-free environment and with expanded legal protections. We're excited by the potential of this product and its ability to reach and serve an expanded customer base. We also announced our partnership with BRIA to embed their state-of-the-art AI editing capabilities across our websites and subscriptions. This partnership aligns to our core value propositions of enabling our customers to create at higher levels with greater efficiency. Lastly, the topic of AI Generative content has certainly been in the news. We announced that we would not accept this content on our platform at this time. As our partnership with BRIA demonstrates, it is not because we are Luddites. While the customer demand is still very much unknown, we believe AI Generative content capabilities are likely to have a place. Our current stance is driven by the very real unsettled questions about the Copyright for this imagery and whether the proper permissions were obtained with respect to the content, Metadata, and the likenesses of individuals on which these models were trained. These questions present real risk for those using these services and the associated content. Getty Images has always focused on eliminating risk for our customers. We look forward to working to help resolve some of these risks and exploring how ethical and responsible development and adoption of these capabilities can further unlock and enhance the power of our Imagery and creative customers. With that, I'll hand the call over to Jen, who will take you through the more detailed financials. As Craig highlighted, we continued to execute well and delivered solid performance in Q3 across both our financial and our operating metrics. I'd like to begin by discussing some of our key operating metrics or KPIs that underpin our financial performance. Please note, today's press release contains information on all of our KPIs, but I'll highlight just a few here. All KPI metrics are as of the trailing twelve months or TTM period ended September 30, 2022, with comparison to the comparable TTM period ended September 30, 2021. In addition, beginning with Q3 results, we did make two updates to our customer data reporting. First, we completed the integration of data from our LATAM, Turkey, and Israel regions, which was previously not reported in our KPIs. Second, we updated the method used to aggregate our customer data to better align with our internal sales CRM systems. We have not restated historical periods given an immaterial impact across all of these KPIs. That said, I will highlight the impact of the change on total active annual subscribers and annual subscriber revenue retention rate KPIs. While these reporting changes do have some impact on our KPIs and the year-on-year comparison, I'd point out that our Q3 KPI metrics trended positively even absent these two reporting changes. First, total purchasing customers, which measures every customer who made a purchase with us in the past 12 months, rose to 837,000 from 766,000, a year-on-year increase of 9.3%. Next, total active annual subscribers finished at 107,000, up from 70,000, an increase of approximately 53% over the corresponding period in 2021. Absent the reporting changes I mentioned, this increase would have still been 43%. This is a very strong performance that is correlated to our growing mix of revenue in Annual Subscription products, which grew to over 49% of total revenue. For our customers on those Annual Subscription products, which are defined as products with a duration of 12 months or longer, we retained the revenue at an impressive 103%, up 70 basis points from the prior year period. Excluding those reporting changes, it would have been 101%. We increased our Paid Download volume by approximately 7.4% to 94 million, driven by growth across both Editorial and Creative. Finally, our Video Attachment Rate moved up to 12.7%, an increase from 12.1% in Q3 2021. This is an important metric for us because it highlights the opportunity at hand. We believe we'll drive further growth in this metric by continuing to prove awareness about our video offerings across all of our channels, deepening our high-value differentiated video content in partnership with our Contributors, and identifying opportunities as we help our customers find solutions for their content needs. Turning now to our financial performance. As Craig mentioned, our results this quarter were impacted by Foreign Currency headwinds from a stronger US Dollar relative to Foreign Currency, in particular, the Euro and the Pound. These headwinds drove meaningful differences between our reported and Currency-Neutral performance. We expect this to be an ongoing factor for the remainder of 2022. Total revenue was down low single digits or 2.8% in the quarter compared to the prior year, due in large part to 560 basis points of Foreign Currency headwinds. Absent those FX pressures, we grew revenue by 2.8% in Q3. As Craig noted, our results also reflect challenging year-on-year comparisons due to certain impacts of the timing of Revenue Recognition and the shift of the Tokyo Summer Olympics into Q3 2021 as a result of the pandemic. These two items total approximately 460 basis points. Our Annual Subscription Revenue as a percentage of our total revenue grew to 49.4% in Q3, up from 47.1% in Q3 2021, and also up from our 2021 finish, which was 45.6%. The progress this quarter was driven by further gains across our Premium Access, iStock, and Custom Content offerings. As these numbers suggest, we continue to see strong momentum in our Subscription business, and we see further opportunity for expansion with these products, including our newest subscription offering, Unsplash+. Our subscriptions offer our customers the right content for their visual needs with access to unmatched quality, depth, and breadth across our image, video, and music content library. Creative revenue was $145.2 million, down 2.1% and up 3.2% on a Currency-Neutral basis. Within Creative, our Annual Subscription products delivered a strong performance led by Premium Access, our largest subscription product. Our overall E-Commerce business posted solid results, with the biggest gain seen in our iStock subscriptions, partially offset by softer results in our A La Carte products. Overall, we continue to add customers, and absent the Foreign Currency headwinds, we delivered growth across each of our major geographical regions. We also saw 53.7% growth or 60.2% Currency-Neutral growth in our Custom Content subscription offerings as our corporate customers increasingly see the value proposition of this product for their business. Custom Content leverages Getty Images' global network of photographers and videographers to create customized, cost-effective, and exclusive project-specific content to meet the specific needs of our customers. Editorial revenue was $81.8 million in Q3, down 3% year-on-year and up 3.1% on a Currency-Neutral basis. Reflecting a return to a more normalized Currency-Neutral growth rate for our Editorial business, this was a solid result driven by our Entertainment and Archive verticals, partially offset by those tougher year-on-year comparison sports, which, as previously mentioned, are due to the delay of sporting events, most notably the Tokyo Olympics, into Q3 2021. Revenue grew across all major geographies on a Currency-Neutral basis, with year-on-year growth of 2.8% in the Americas, 0.7% in EMEA, and 9.2% in APAC. Revenue Less our Cost of Revenue as a percentage of revenue remains consistently strong at 72.2% in Q3. This was down from 73.6% in Q3 2021, with that decrease driven primarily by the revenue recognition timing impacts I mentioned earlier. Our total SG&A expense of $91.6 million, which is inclusive of Stock-Based Compensation of $2.8 million, was down $2.9 million this quarter, with our expense rate improving by 20 basis points to 39.7% of revenue from 39.9% last year, primarily driven by higher bonus expense in 2021. Adjusted EBITDA was $77.7 million for the quarter, down 4.8% or $3.9 million year-on-year. On a Currency-Neutral basis, Adjusted EBITDA increased 2.2%. Our Adjusted EBITDA Margin was 33.7%, down from 34.4% in Q3 2021 due primarily to FX pressure on our top-line revenue, but still in line with our historically strong margins. CapEx was $15.7 million, up $4.3 million year-over-year, driven by costs associated with our London office relocation, acquisition of imagery related to the launch of our Unsplash+ subscription product, and our cyclical purchases of camera equipment for our editorial photographer staff. CapEx as a percentage of revenue was 6.8% compared to 4.8% in the prior year period. Adjusted EBITDA less CapEx was $62 million, down $8.2 million year-over-year, representing a decrease of 11.7% or 5.4% on a Currency-Neutral basis. Adjusted EBITDA less CapEx margin was 26.9%, down from 29.6% in Q3 2021. Free Cash Flow was $33.2 million in Q3 compared to $31.2 million in Q3 2021. Free Cash Flow is stated net of Cash Interest Expense of $35.8 million and Cash Taxes paid in the quarter of $4.7 million. Turning to our Balance Sheet. We ended the quarter with $71.9 million of Balance Sheet Cash. This is a decrease of $71.4 million from Q3 2021 and a decrease of $114.4 million from our ending balance on December 31st. This significant decrease in our cash balance was driven in large part by the voluntary Q3 $300 million pay down of our USD Term Loan. This debt pay down meaningfully reduced our net leverage to 4.3x from 5.1x as of December 31, 2021. Net of that Q3 debt pay down as of September 30th, we had Total Debt Outstanding of $1.399 billion. This includes $300 million of 9.75% senior notes, $690 million of USD Term Loans with an applicable interest rate of 7.625% and EUR 409 million of Euro Term Loans converted using exchange rates as of September 30th, 2022, with an applicable rate of 5.625%. As of September 30th, taking into consideration the applicable interest rates on our debt balance and the effect of $355 million of interest rate swap agreements, our Annualized Estimated Cash Expense is $104 million. That said, our Actual Annual Interest Expense remains subject to changes in the interest rate environment, which we outline in more detail within our SEC filings. Before turning to guidance, I do want to reiterate that following the business combination, we are in a much stronger financial position. We have reduced our total liabilities by approximately $1.1 billion, including the redemption of our preferred equity and the USD Term Loan debt pay down. Altogether, we believe this new structure, combined with our company's ability to generate high levels of free cash and consistently strong Adjusted EBITDA Margins, will enable us to continue to improve our leverage while strategically investing in our growth, continuing to execute against our long-term priorities and driving shareholder value. Turning to our outlook for the full year 2022, we continue to expect currency neutral revenues of $955 million-$980 million, representing year-on-year growth of 4%-6.7%. This remains unchanged from our prior guidance. Taking into consideration the estimated impact of the stronger US Dollar and broader FX volatility, this equates to total reported revenue guidance of $929 million-$953 million, for a growth of 1.1%-3.8% over 2021. We continue to expect Adjusted EBITDA on a currency neutral basis of $310 million-$320 million, which translates to year-on-year growth of 0.2%-3.5%. This also remains unchanged from our prior guidance. Including the estimated impact of ongoing FX headwinds, we expect Adjusted EBITDA of $297 million-$307 million, for a year-on-year decline of 4%-0.9%. Please note the estimated FX impacts include an assumption that FX rates remain consistent with those as of November 1st, 2022. In addition, embedded within our guidance are the incremental costs tied to operating as a public company. With that, operator, we're happy to open up the call for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Your first question comes from Ron Josey with Citi. Please go ahead. Great. Thanks for taking the question. Craig, I've got two, actually. Craig, one for you. Just, I wanted to follow up on your commentary around Macro. I think you highlighted some pressures from agency revenue in Europe, but then also the counter-cyclicality of the business. Would love to hear the puts and takes here and adoption of corporates as you think about maybe the mix shift in the business and why, you know, it is counter-cyclical. And, Jen, thanks for the updates on the financials, on the Balance Sheet. Just help us there. Are there any updated plans around the debt size in terms of retiring more debt over the next several years? Is that pulled forward or still about the same timeline? Thank you. Great. No, thanks. Thanks, Ron, and I'll take the first and then throw to Jen on your second. With respect to Macro, yeah, I think, you know, we called out some softness in certain geos, most notably within Europe, as well as the agency segment of the business. You know, we did highlight some counter-cyclical. I think if you really think about the core of our business, it's about saving customers money, right? Relative to alternative methods of producing or sourcing imagery. I think that shows up, you know, clearly within the call-out to Custom Content. You know, that is a product that's growing. It's growing strong. It's focused in on the corporate market, and it's one that is much more cost-efficient for companies in order to produce libraries of be spoke content that is specific to their products or specific to their brands. We think that those types of products can play very well into a downturn. I would also highlight, you know, clearly some of our options on things like iStock and Unsplash that kind of play into the broader SMB and freelance world that clearly also tend to benefit from counter-cyclical trends, as we saw over the COVID period. Jen, do you wanna pick up on the Balance Sheet side of things for debt? Sure. Thanks for the question, Ron. Yeah, we definitely remain committed to continuing to pay down debt. Our long-term goal of getting net leverage down to about 2.5-3 times over a 24-36 month period is still the goal. As you know, this business generates tremendous Free Cash Flow. We'll continue to prioritize that debt pay down, obviously with an eye to broader Macro and Economic conditions when we make those decisions. Thank you, Craig. Thank you, Jen. Sure. Next question, Mark Zgutowicz with The Benchmark Company. Please go ahead. Thank you. Hi, Craig and Jen. Good evening. Just two questions, one on Custom Content. Craig, you were just talking about the counter-cyclicality there. I'm just curious if you could maybe talk just generally speaking about demand that you're seeing there, and as you sort of think about the Incremental Investments you're making there, particularly, on the Outbound Sales, side of the equation, sort of how you're, sort of contemplating that build-out or that investment as you know, look to, some of the Macro, pressures out there. Thanks. Great. Well, I think, Mark, thanks for the question. You know, the beautiful thing about the Custom Content portion of our business is it really leverages all of the fundamental and foundational elements of Getty Images. We are selling that product through our existing established sales team. We are fulfilling that product through our exclusive contributor base that is leveraging, you know, all of the Systems and Technology that we've put in place in order to kind of not only communicate out briefs to them but field their briefs and then go through the editing process. It's one that we can be very competitive in terms of the pricing with that product relative to alternative methods of delivery. The quality is extremely high in terms of what gets delivered back. The creativity is extremely high and it does it consistent with our margin models. You know, as we book revenue into that product, it has a very high contribution margin, again, 'cause it's leveraging all of the existing Infrastructure and Teams and staff that we have embedded within the business. Got it. Perhaps a second question for either you or Jen. On average, revenue per customer, you know, there's some nuances in looking at that number itself, with the A La Carte, I guess, subscription or move from A La Carte to subscription. I'm just curious, if you can tell us how we perhaps should look at that trend line, you know, growth either quarter-over-quarter or year-over-year, and sort of how we should think about how that transition is going and impacting that particular metric. Thanks. Yeah. Well, you know, we have three brands. We have the Getty Images brand, which is very much focused in on the Enterprise. We have the iStock brand that is focused in on small and medium-sized businesses. Now with the launch of Unsplash+, we have a brand and product offering in the subscription base that's focused in on kind of freelancers and that creative long tail. The per customer economics of those can differ significantly. As you would expect, the Enterprise spend per customer can be quite high. The iStock spend per small business and medium-sized customer is gonna be down from that. The new Unsplash offering is gonna be lower. I think one of the things that as we kind of put these out, you're gonna see, you know, basically higher growth in Annual Subscribers. You're gonna see higher growth in purchasing customers. And probably over time, that's gonna basically result in lower spend per customer. But, you know, in each and every case, we wanna be growing customers across each of those three brands and Growing Annual Commitment and Ultimately ARPU and LTV across each of those brands. However, we do see the volume of customer growth, you know, being historically driven higher through the iStock brand, and that will, with the launch of Unsplash+, will come in even more robustly, given the volume of potential customers that sit out in that space. As we kind of move forward, we'll continue to try to give you some commentary over that. I think generally, we add more new customers into the iStock. Increasingly, we'll add more new customers into the Unsplash, and that's gonna, over time, drop that revenue per customer figure on an aggregate basis. Yeah. I mean, the one other thing I'd add, Mark, is just, you know, if you take a look at our numbers, you know, this quarter, we remain consistently, if you're just looking at revenue per customer, on average, we remain consistently north of $1,000. Even absent some of those dynamics, that's a pretty consistent metric for us this quarter. I think one of the things that we really try to report in on is that Revenue Retention per subscriber, that Annual Revenue Retention per subscriber. Historically, we've given you some guidance between kind of our top clients and maybe what sits down more into the iStock world. We'll try to continue to give you some guidance there. The good news in all of this is we've kinda mentioned our operational metrics were really strong in the quarter. We saw, you know, new purchasing customers. We saw, you know, a lot of ads into Annual Subscriptions at really strong economics. We saw really strong Revenue Retention within our Annual Subscription base, and we increasingly see that video consumption and take-up over time. We know that our customers are getting value out of the subscriptions, not just through those renewal metrics, but also through the downloads that they're consuming. These are active customers that are consuming the product. Got it. Both of your comments are very helpful. Thank you. Next question comes from Brett Feldman with Goldman Sachs. Please go ahead. Yeah, thanks. Two questions, if you don't mind. The first one is, I believe that the Unsplash product is predominantly ad supported. I was hoping you could just remind us at a sort of aggregate level, what degree of revenue exposure you have to advertising and maybe any context you can provide in terms of what the trend lines have been like in that business. We've obviously seen some broader weakness across various Advertising Markets. On the guidance, how do you think about the swing factors between what is at the low end and what's at the high end? Putting aside currency, just thinking about, you know, pure operations, you know, what are the better outcomes versus the more challenging outcomes? It looks like, on the FX Adjusted Annual Guidance, at the midpoint, you'd have pretty healthy sequential revenue growth in the fourth quarter, but it looks like EBITDA would still probably step down. I'm just wondering if you can maybe explain the dynamic there, in terms of what's going on operating expenses in the fourth quarter. Thank you. Sure. Jen, I'll let Jen pick up on the last with respect to the fourth quarter and guidance there. I'll pick up on the Unsplash side of things. Unsplash, up until October, was predominantly an Ad Model. We do run kind of Site Ads on the platform, but we also run kind of Integrated Advertising, kind of very native advertising within this. It's been a really strong part of the Unsplash business model in terms of, you know, how unique that model is and the value it delivers back to our customers. While it's not a material portion of our revenue, it's well north of five. Well, less than 5% of our business. It has been one that's been showing strong growth throughout the year, and we see good, strong renewals within that. We've been certainly monitoring the ad business more broadly. I would say we haven't seen those trends within the Unsplash portion. We're really excited to add the subscription model into Unsplash, as I announced we'd launched in October, and excited to bring that new monetization online to that platform to continue its growth overall. Yeah. Jen, do you wanna jump in on? Yeah. On that guidance question. It's a good question, the swing factors, and the range. I mean, even though you said kind of ignoring Macro and FX, I think those are some of the swing factors for us that we think about. I think the most important one internally for us, which is largely always our answer, is execution, and just executing against our plans in the fourth quarter as we close out the year. Your question on just kind of what the implied guidance is there for Q4. You know, you're right. Looking at the revenue implied guidance there, it's really kind of maintaining what we're doing. There are no implied heroics there for Q4 to hit that guidance. On the EBITDA side of things, we do have a little bit more of a conservative view to our revenue, less cost of revenue, as a percentage of revenue figure. That's purely because we do have some of the larger sporting events, most notably the World Cup in Q4. That's a little bit of a higher cost revenue base for us. We've factored that in, as well as just again, that continued FX impact flowing through top line down to that EBITDA bottom line guidance number. Got it. Thank you. You're welcome. Next question, Tim Nollen with Macquarie. Please go ahead. Hi. Thanks very much. I've got two or three as well. First off, maybe 'cause we're new, I guess we're all fairly new at covering this as a public company. Would you mind walking us through a bit of what are the seasonal versus perhaps structural and/or cyclical effects on some of your KPIs? I'm noticing, for example, your total purchasing customers were down sequentially in the quarter, if I got that right. Your Active Annual Subscribers were up quite a lot, and your Subscriber Retention Rate was also up, although maybe it was a little bit down given some of those accounting changes or reporting changes you mentioned. I'm just kind of curious, are there seasonal factors we should know about in here? Or could you point to any structural or cyclical effects on those? I've got one or two more after that. No, thanks, Tim. On the seasonal front, I wouldn't say that there's seasonal items at a level of a quarter. Clearly, we see some, a little bit more when we look at things on a month-to-month basis. I think one of the interplays, though, that does come in is that Purchasing Customer Metric and then Annual Subscriber Growth. As we drive more customers into Annual Subscriptions, obviously their purchasing volume in any given quarter goes down because they're typically buying once from us on an Annual Subscription, and so that it reduces the volume of purchases that would be made by customers in corresponding. There is some interplay there. It's, you know, one that we drive the business to a net increase in overall spend per customer. Obviously, we love the economics servicing those annual customers in terms of the ability to grow them, upsell them, cross-sell them, and do that on a very efficient basis through our Sales and Customer Service Teams. Okay. Yeah, that makes sense. Thanks. One more. Looking at your subscription rate, 49%, and also your video attachment rate, both of them going up, I wonder if you could speak to what the trends might be and what numbers those might eventually get to thinking in terms of, you know, a recession in front of us, whatever scope that may be, often can accelerate trends. If these are important trends for you, I'm just wondering, you know, what might we expect to see in both of those two lines for the next, you know, let's say year. Well, I think there are certainly elements that we think could be driven and accelerated in any economic climate. Just to start, you know, when we think about subscriptions in this business, we've talked about how we see a lot of opportunity to continue to drive the business towards Annual Subscriptions. We've been making some changes and optimizations on the iStock front to put those products more front and center. Similarly, we just launched again what is a focused Annual Subscription on Unsplash. We're driving that number up into the right, and we're using A/B testing and such in order to optimize on that to the benefits of, like I said, ARPU and LTV. That's what we're seeing right now. We think that could be something that we see some level of acceleration over time, again, as people are looking for alternative sources to content, and our services make a lot of sense in that economic climate, and they wanna lock in what is lower per download pricing. So that's you know one area of business that we're driving to. What can it get to? You know, I've always thought we have certain parts of our business like segment agency segment that you know it doesn't lend itself to subscription given their Business Model. We have you know new customers coming into the business that don't tend to start in Annual Subscriptions. They might start in A La Carte or monthly. We kind of think we can push that up towards around 60% or so in the coming years. You know, kind of think about it asymptoting towards that type of level over the next, call it, five years. On the Video side of things, you know, I think that's one where we know a large portion of our customers intend to use video, are using video, but still aren't using our video offering. We think as budgets become tighter and time frames become constrained, we think our offering can play incredibly well across those needs. So we expect to kind of continue to tick that up and to the right. It's been going up at about a percentage point a year. We've taken actions that have tried to accelerate that a bit more, and that includes bundling, you know, video into our subscriptions. We're now testing mixed grids on search returns between video and stills. You know, clearly, we're orienting a lot of our sales force towards video intensives and markets like Broadcast and Production. We expect that to continue to go up and to the right. Where does it, you know, asymptote to? I don't know that. I would expect it to be a very long-term trend that can drive growth into this business. Ultimately, you know, I don't see a business that isn't producing video at some level, and I don't see a business that doesn't have some, you know, need for our content, and where we can't benefit them in one scenario. Ultimately, I think it goes, you know, we're talking, you know, very, very high percentage of our customers are using video. I don't think it's one that it transforms that dramatically overnight, although there are things that we are working on to drive that more aggressively. Tim, if I can just chime in here. You rightly pointed out that the KPI for purchasing customers looks like a sequential step down, Q2- Q3. That is actually some of that customer grouping change. If we, you know, looked at that without that change, it's actually a sequential growth. That's a bit of that noise in some of our reporting changes there. Okay. I get it. Thanks. Could I add one more question, please? That's about this BRIA arrangement. It's interesting talking about bringing this, you know, this business in with the AI editing capability, but then also, you know, talking about how you're not gonna accept AI content on your platform from, I guess, from outside. Maybe if you just explain a bit more what BRIA does for you and how it's different from that, you know, aspect of it that you're concerned about. Sure. Well, BRIA is, it's a platform that is basically an Editing platform. It doesn't create imagery from training sets, and from text inputs and to generate completely, you know, standalone imagery. What it can do is it can take existing imagery and allow that to be easily transformed. A very simple example that's now live with our subscribers is we can allow our customers to remove backgrounds from imagery, very quickly, extremely high quality, and take what used to take a lot of work at a pixel-by-pixel basis using editing tools and allows them to do that at the snap of a finger. Now, you can think about how over time we could allow for objects to be inserted into an image, objects to be removed from an image. Those could be brands, those could be products, et cetera. Allowing the customer to take an image and do what has historically been quite time-consuming and in some cases, capability prohibitive, and allow them to do that very quickly. We think we have an amazing corpus of imagery that is incredibly unique, that delivers a high degree of quality, delivers on conceptual relevance and audience relevance and authenticity, and allow our customers to take that image as they always have and produce it into the specific imagery that best meets their needs. That's what BRIA really does. It's not a text-to-image generation platform. It's really a platform that allows an existing image to be quickly and easily transformed at high quality. Great. Thanks very much. Thank you. We've come to the end of the Q&A session. This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation. Thank you.