Getty Images Holdings, Inc. · NYSE:GETY
Getty Images — SPAC Merger (March 2022)
94 slides from Getty Images's SPAC merger presentation, Mar 18, 2022
Slide 1: Investor Presentation March 17th 2022
Investor Presentation March 17 th 2022
Slide 2: NBA Video
NBA Video Click to view video
Slide 3: Important information and disclaimer
This confidential investor presentation (this “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to an investment in connection with the proposed business combination (the “Business C ombination”) between CC Neuberger Principal
Slide 4: Financial Information
Financial Information The historical financial information regarding Getty Images, Inc. contained in this Presentation has been taken from or prepared based on historical financial statements of Getty Images, Inc.. These historical financial statements provided have only been reviewed under private
Slide 5: Today's Participants
Today’s Participants Craig Peters Chief Executive Officer 16 years of experience at Getty Images with Broader Experience in Media, Sports, and Technology Chinh Chu Founder and CEO 30+ years of investment and private equity experience, including 25 years at Blackstone Tawnya Crawford VP, General Mana
Slide 6: Significant Value Creation Opportunity
Video Upsell Opportunity Attractive Subscription Business Model Corporate Customer Opportunity Partnerships, M&A and NFTs AI / ML & Data Analytics Strong Marketing ROI 1 4 6 2 3 5 x Accelerate recurring growth momentum x Further penetrate and expand enterprise subscriptions and unlock significant fu
Slide 7: Transaction Sources and Uses, Pro Forma Valuation and Ownership
($ in millions) Transaction Sources A m o CCNB2 Cash in Trust 2 CCNB2 FPA PIPE Investors Balance Sheet Cash Total Sources Transaction Uses Existing Debt Paydown KED Preferred Paydo Cash to Balance Transactio T o t a Pro Forma Shares Outstanding Share Price 378 . 1 $10 . 0 0 PF Equity Value $3,781 (+
Slide 8: Section 1: Business Overview
Section 1: Business Overview 8
Slide 9: Preeminent Global Content Creator and Marketplace
Content Consumers 200+ Countries & Territories 2.3bn+ Searches / Year ~46% FY’21 Subscription Revenue 458k+ New Customers / Year 1 Content Creators 300 Content Partners 450 k + Contributors 80k+ Exclusive Contributors 120+ Staff Photographers and Videographers 540+ API Integrations 2 22 Languages 3
Slide 10: Comprehensive product offering and premium library
Note: Searches, Visitors, Assets, Contributors, and Staff data for Getty Inc. are annualized as of Q3’21, excluding Unsplash. 1 Pro forma for Unsplash acquisition, which closed April 1, 2021. 2 Based on FY’21 revenue. 3 Exclusive Content Revenue as of FY’21 4 Please see appendix for a reconciliation
Slide 11: Section 2: Company Highlights
Section 2: Company Highlights
Slide 12: Company Highlights
Company Highlights 1 Vast Demand for Visual Content with Significant Whitespace 2 Compelling Value Proposition to Clients Premium Content Offering Across Creative and Editorial 3 4 Growing Customer Subscription Focus 5 Reinvigorated Go - To - Market Strategy Bolstered by Improved Marketing Deploymen
Slide 13: Overview of Market Opportunity
1 Overview of Market Opportunity 1 Third Party Consultant Study, October 2021. 2020 TAM figure includes North America, EMEA and ROW. 2 InsightSlice, November 2020. 3 Statista Digital Advertising Spending in the U.S. 2019 - 2024, as of May 21, 2021. 4 PubMatic 2020 Global Digital Ad Trends (2020). 5
Slide 14: Compelling Value Proposition to Clients
14 Compelling Value Proposition to Clients Corporations M e d i a Ag e n c i e s ~52% 1 ~29% 1 ~19% 1 Advertising & social media Sales materials & product presentation Company website & content Internal communications Movies, television, and online videos Photo galleries & sets Articles & books Lear
Slide 15: Comprehensive Product Offering Across the Value Spectrum
Comprehensive Product Offering Across the Value Spectrum • Premium creative and editorial content, including video, offered mainly to Enterprises • Preeminent Editorial offering with 50+ premium content partners 1 , a comprehensive archive, and a dedicated team of 295+ 1 • Premium Access plans offer
Slide 16: Differentiated, Exclusive and Sustainable Creative Offering
Active vs. Passive Approach 85+ Global Creative Team Members Providing Briefing and Art Direction to Exclusive Contributors Note: All data based on FY’21, unless otherwise noted. Revenue split percentages do not add up to 100% due to rounding and Ot her Revenue, which accounts for ~2% of total reven
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Slide 18: Visual GPS
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Slide 19: Creative Insights and Search Data
• 2.3Bn searches each year on our sites • 794k licencing customers • A global insights team conducting proprietary visual research • Regular surveys of 7,000+ consumers in 17 languages across 25 countries Creative Insights from our expert creative visual team Search Data g etty images.com and istock
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Slide 36: Key Partnerships
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Slide 37: Disrupt Aging Collection
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Slide 38: BBC Kids Collection
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Slide 39: GLAAD x Getty Images LGBTQ+ Guidebook
GLAAD x Getty Images LGBTQ+ Guidebook 39
Slide 40: The Disability Collection
The Disability Collection 40
Slide 41: Project #ShowUs
Project #ShowUs 41
Slide 42: Visual GPS
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Slide 43: Unique and Scaled Editorial Offering
Unmatched Scope and Scale of Coverage 160k+ Events per Year Across News, Sport and Entertainment Comprehensive Archive 135mm+ Images Across Geographies, Time Periods and Verticals Award - Winning Specialists 120+ Staff Photographers and Videographers Unique and Scaled Editorial Offering 3 Note: All
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Slide 45: Growing Customer Subscription Focus
~ 36 % ~29% ~ 44 % ~ 46 % 60 % FY1 5 A FY1 7 A FY1 9 A FY2 1 A Long Term Run - Rate Annual Subscription Revenue 1 1 Represents annual subscription product revenue as a percentage of total revenue (excluding certain retired products). 2 Based on annual subscriber retention for FY’21. Note retention i
Slide 46: Efficient New Customer Acquisition Powering High-ROI Growth
Efficient New Customer Acquisition Powering High - ROI Growt h Significant acceleration in acquisition engine efficiency New customers per million dollars of digital marketing spend New customer revenue for every dollar of digital marketing spend 1 Customer acquisition cost (CAC) 2 Strong brands and
Slide 47: Section 3: Value Creation Opportunity
47 Section 3: Value Creation Opportunity
Slide 48: Capturing Growth in the Corporate Segment
Capturing Growth in the Corporate Segment Note: ARPU defined as Average Revenue per Customer. 1 Top 3000 global corporations based on media spend from MediaRadar (April 2021) and internal 2020 Getty Images global spend by OID. Drive corporate penetration and higher ARPU Leverage growing insourcing o
Slide 49: Brand and product content made simple and scalable
Brand and product content made simple and scalable 49
Slide 50: Getty Images Custom Content for Canon
On - brief, product inclusive imagery and video that resonates with consumers and keeps our customers ahead of the curve. Solving customers’ production challenges: • Speed • Cost • Quality • Depth • Differentiation Driving meaningful business outcomes: • Strong AOV • Cost of Revenue as a % of Revenu
Slide 51: Built on the Strength of Getty Images
Built on the Strength of Getty Images Operational experience that customers can trust Data - driven insights that ensure relevance and differentiated creative 450k+ global contributors 80k+ exclusive contributors Getty Images Custom Content for Nongshim 51
Slide 52: Trusted by the world's biggest brands
Clockwise from left, Getty Images Custom Content for: Chipotle, Amway, Toyota, NEC Trusted by the world’s biggest brands
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Slide 54: Custom Content customer testimonials
“We had over 1,000 images from our Custom briefs – if we did a traditional shoot, there is no way we would have access to this amount of quality images...“ - Global Apparel Company “The image quality is excellent, as one would expect, but I also became acutely aware of how Getty’s customized content
Slide 55: Capitalizing on Secular Tailwinds in Video
• Increased Video Demand and Cross Promotion on Website Experiences • Expanded Sales Emphasis Across Production Segment Continued Investment In... x Image Partners x Owned Editorial x User Generated Content + 19 % FY’21 YoY Growth Capitalizing on Secular Tailwinds in Video Attractive Customer Trends
Slide 56: Video Penetration Leading to Positive Customer Outcomes
1 Represents the % implied growth between total LTM and NTM spend for yearly first purchase video cohorts. Video Penetration Leading to Positive Customer Outcomes 5 1 % % Growth in Spend After First Video Purchase 1 9 6 % 2 0 14 2 0 20 % Mix of Existing Customer Growers/Decliners After First Video P
Slide 57: Marketing spend upside from compelling unit economics
~6% ~ 15% Marketing Spend as % of Total Revenue 1 Source: Company filings and company information. 1 Getty Images and Shutterstock based on 2021 financials. 2 Illustrative revenue opportunity based on unit economics of FY 2021 CAC of ~$104 and $684 average revenue per customer in year 3, based on co
Slide 58: Vast Opportunity to Increase Penetration Across High Growth Markets
Vast Opportunity to Increase Penetration Across High Growth Markets North Am eri c a : 52% $476mm E M E A : 33% $303mm I n d i r ec t: 3% $26mm Source: Company Information and Shutterstock financials. Note: Percentages may not add up to 100% due to rounding. 1 Based on 2021 revenue. Getty Images rev
Slide 59: Unsplash image asset platform
59 59 Unsplash is the image asset platform for the creative long - tail A f fo r d a b le P r e m i u m L o n g - t ail En t er p r i s e SM B Cu s tom e r s Offering Note: Data for Unsplash as of Q4 2021, unless otherwise noted. 1 Includes site and API downloads, and reflects the average monthly do
Slide 60: Strong Brand Equity and Global Footprint
60 • Approximately half of traffic from direct or branded SEO. • Significant footprint of API platform integrations: — +16k partners — Nearly 50% of total Unsplash downloads in 2021 Strong Brand Equity and Global Footprint Example: Unsplash.com Organic Google Search Top Placement Google Search Febru
Slide 61: Monetization: Advertising (Direct Ads)
Direct Ads: Reach over 288 million content creators per year. Monetization: Advertising 61
Slide 62: Monetization: Advertising (Native Ads)
Monetization: Advertising Native Ads: Reach targeted audiences in places you can’t buy traditional impressions. 62
Slide 63: Monetization: Advertising
• Advertisers: leading creative platforms including Microsoft, Mailchimp, Squarespace; other Fortune 500 brands in the largest brand advertising verticals (CPG, Consumer Tech, Food&Bev) • Average campaign size growth: +110% year over year (2020 - 2021) Monetization: Advertising 6 6 3 3
Slide 64: Monetization: API Freemium
• Unsplash offers a complete self - serve API - entry point for developers to start incorporating stock images. • Q4 2021: Rolled out API monetization model for highest consuming platforms. — +40 partners signed immediately • Will drive additional API revenue by satisfying demand with expanded conte
Slide 65: Monetization: Affiliate with planned Consumer Subscription
• Currently offering expanded content and protections via iStock Affiliate model. • Planned transition from Affiliate to Consumer Subscription model. • On - site subscription will provide Unsplash users more cohesive experience. 64 65 Monetization: Affiliate with planned transition to Consumer Subsc
Slide 66: Additional Growth Opportunities: Partnerships, M&A, Web 3.0, Data
Unique Position and Assets Provide Additional Growth Opportunities Partnerships and M&A Assets • Brands • Content • Customer base • Website traffic • Salesforce • Technology platform • Data Opportunities • New content libraries • Expanded content types • Geographic penetration • Category acceleratio
Slide 67: Data Signals and Refinement
Data Signals Customer Signals • Search Phrases • Image and Video Impressions and Interactions • Asset Detail Page Views • Comps and Downloads • Customer data including industry, geography, trends Large Volumes through Getty Images, iStock and API • 2.3 billion searches annually through Getty Images
Slide 68: How we use our data
How we use our data 2 Content 1 Search Algorithms 3 Customers Inform Contributor community about market demand • Changes in subject matter desired by customers • Style trends within the industry • Combined with proprietary research to create industry - leading insights Controls positioning within se
Slide 69: Customer Tools: Interest Over Time
Customer Tools 69 Note: Interest Over Time is a feature within a data tool that Getty Images is working to develop in 2022
Slide 70: Customer Tools: Interest By Industry
Customer Tools 70 Note: Interest By Industry is a feature within a data tool that Getty Images is working to develop in 2022
Slide 71: Customer Tools: Interest By Country
Customer Tools 71 Note: Interest By Country is a feature within a data tool that Getty Images is working to develop in 2022
Slide 72: Our Mission and Culture and Values
Our Mission: Move the world Our Culture and Values: We are trustworthy, transparent, and honest We always raise the bar We collectively bring solutions We care, are kind, courteous, and respectful We reject biased behavior and discrimination We are inclusive of different voices, perspectives, and ex
Slide 73: Our Goal: To Be One Of The Best Places To Work Globally
Our Goal: To Be One Of The Best Places To Work Globally Passion for Mission and Colleagues Professional D e v e l o p m e n t Diversity and Inclusion Social R es p on s ib il i t y Rewards and Recognition F l e x i b i l i t y L eadershi p Principles 73
Slide 74: A Deep and Substantive Commitment to Diversity and Inclusion
Example: A Deep and Substantive Commitment to Diversity and Inclusion D&I Vision - A Getty Images whose employees, contributors, and imagery reflects the diversity of our customers and markets around the globe. Our culture enables individuals to come to work as themselves, be treated with respect an
Slide 75: HBCU Partnerships and Grant Program
1366677299, Claflin University Example: HBCU Partnerships and Grant Program • Initial program funding via Getty Family trusts and Stand Together • Grants to secure HBCU’s visual history — Preservation — Digitization — Metadata • Content representation by Getty Images — Expanded story - telling — Rev
Slide 76: Employee Flexibility
Example: Employee Flexibility 76 • Implemented Flexible Working Principles prior to COVID - 19 • Significant technology investments in support of employee flexibility — Laptops — Home monitors — VOIP systems — Communication applications (e.g., Zoom, Slack, etc.) • Training and information access in
Slide 77: Translating to Business Impact: Employee Engagement
Translating to Business Impact: Employee Engagement 81.3% 61.6% 68.9% 70.5% 72.7% 73.3% 2016 CENSUS 2017 CENSUS 2018 CENSUS 2019 CENSUS 2020 CENSUS 2021 CENSUS Getty Images Employee Engagement Favorability Company Average – O.C. Tanner 2022 Global Culture Report Highly Engaged Benchmark – Quantum An
Slide 78: Section 4: Financial Overview
Section 4: Financial Overview 78
Slide 79: Financial Highlights
Financial Highlights Highly Durable, Recurring Subscription Base with Strong Retention Rates 1 2 Sustainable Long - Term Financial Algorithm and Ability to Further De - lever Strong Margins and FCF Conversion 5 3 Favorable Operating Metrics as Compared to Key Industry Peers and Competitors 4 Resilie
Slide 80: Summary Financial Overview
459 503 518 533 597 276 296 295 267 307 1 4 1 5 $955 $7 4 9 $8 1 5 16 $8 2 5 13 $8 1 2 13 $9 8 0 $919 F Y 1 7 A F Y 1 8 A F Y 1 9 A F Y 2 0 A F Y 2 1 A F Y 2 2 E 1% Creative (2%) E d i t o r i a l O t h e r 13% % Growth: Note: All figures exclude certain retired products. Please see appendix for a r
Slide 81: Adj. EBITDA and Free Cash Flow
F Y 17A F Y 18 A F Y 19 A F Y 20 A F Y 21 A F Y 22 E Note: Please see appendix for a reconciliation of non - GAAP measures. 1 Adj. EBITDA is defined as public company adjusted for non - recurring and certain retired products. Adj. EBITDA margin based on revenue excluding certain retired products. 2
Slide 82: Reported Growth is Accelerating
8.2% 4.3% 0.5% 3.6% 2.6% CAGR 2017 - 2019 FY19 vs. FY21 Impact of Excluding COVID Affected Products Impact of Excluding Certain Retired Products Reported Growth is Accelerating Creative has accelerated from 6% to 15% growth, driven by simplicity of RF Stills and growth in Video Adjusting for COVID i
Slide 83: Differentiated on Business and Performance
Differentiated on Business and Performance Source: Company Management, Public filings. Note: Data as of FY’21, unless otherwise noted. 1 Getty Images’ growth is adjusted for certain retired product impacts and the acquisition of Unsplash; Getty Images’ reported rev enue growth was 13.2%; Shutterstoc
Slide 84: Getty Images Excels Across Key Performance Indicators
6 56 6 88 6 72 7 15 7 94 FY 1 7 A FY 1 8 A FY 1 9 A FY 2 0 A FY 2 1 A Total Active Annual Subscribers 2 LTM Annual Subscriber Revenue Retention Rate 3 30 45 53 59 75 FY 1 7 A FY 1 8 A FY 1 9 A FY 2 0 A FY 2 1 A 98 . 7 % 1 0 1 . 3 % 97 . 5 % 87 . 9 % 1 04 . 5 % FY 1 7 A FY 1 8 A FY 1 9 A FY 2 0 A FY
Slide 85: Getty Images Excels Across Key Performance Indicators (Cont'd)
1 Attachment is calculated as % of downloaders who downloaded video from all offerings (inclusive of subscription and non - subscription products). Getty Images Excels Across Key Performance Indicators (Cont’d) 322 362 400 426 458 F Y 17 A F Y 18 A F Y 19 A F Y 20 A F Y 21 A 7 9 12 17 20 F Y 17 A F
Slide 86: Predictable and Adaptable Financial Model
~46% 1 of subscription revenue with a global customer success sales team dedicated to maintaining and upselling renewals Getty Images has a Predictable and Adaptable Financial Model Consistently strong revenue retention rates across both subscription and non - subscription products Accelerating new
Slide 87: Long-Term Financial Algorithm to Drive Value
Getty Images has a Long - Term Financial Algorithm to Drive Value Long - Term Organic Growth Model Revenue Growth Adj. EBITDA Growth Adj. EBITDA Margin Capex as a % of Revenue 5% - 7%+ 8% - 11% Mid 30%’s 5.5% - 6% Revenue Less Cost of Revenue (as % of Revenue) Low 70%’s “Odd - Even” Year Growth Cycl
Slide 88: Capital structure and cash flow priorities
~3.2x 2 3 ~2.5x – 3.0x Pro Forma Ta r ge t Target Net Debt / Adj. EBITDA 4 Investment in Marketing to Drive Growth Investment in Data Capabilities and Technology to Drive Product Innovation Oppo r t u n i s ti c a l l y Evaluate M&A Balance Capital Structure and Shareholder Return Priorities for Cas
Slide 89: Investment highlights: differentiation, tailwinds, entry valuation
Strong Competitive D i f f e r e n t i a t i o n • Blue - chip company with scarcity value • Highest quality, exclusive content library, including partnerships with leading media, entertainment and sports properties to serve diverse enterprise, SMB, and prosumer customer base • Marketplace with stro
Slide 90: Click to view video
Click to view video
Slide 91: Appendix
Appendix ID #, Photographer Name 91
Slide 92: GAAP vs. Non-GAAP Reconciliation
GAAP vs. Non - GAAP Reconciliation 1 Represents the removal of the historical revenue and cost of revenue as a % of revenue for certain retired products (e.g., Rights Managed, Thinkstock, Unauthorized Use). 2 Non - recurring expense related to the impairment of long - lived assets, accretion on leas
Slide 93: Risk Factors
The risks presented below are certain of the general risks related to the business, industry and ownership structure of Griffey Global Holdings, Inc. and its subsidiaries (collectively, the “Company”) and are not exhaustive. The list below is qualified in its entirety by disclosures contained in fut
Slide 94: Risk Factors (Cont'd)
Risk Factors (Cont’d) Risks Relating to Legal and Regulatory Matters • An increase in government regulation of the industries and markets in which we operate, including with respect to the internet and e - commerce, could have a negative impact on our business. • Our operations may expose us to grea