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Mar 31, 2024
Getty Images Q1 2024 Earnings Report
Getty Images reported a decrease in revenue and adjusted EBITDA for the first quarter of 2024, while net income increased significantly due to an unrealized gain.
Key Takeaways
Getty Images reported a revenue of $222.3 million for the first quarter of 2024, a 5.7% decrease year-over-year. Net income increased to $13.6 million from $3.2 million in Q1 2023, primarily due to an unrealized gain on its euro term loan. Adjusted EBITDA was $70.2 million, down 7.9% year-over-year.
Active Annual Subscribers grew by 79% to 262,000.
Annual Subscription Revenue increased to 55.4% of total revenue, up from 50.7% in Q1'23.
Net Income significantly increased to $13.6 million from $3.2 million in Q1'23, driven by an unrealized gain on the euro term loan.
Adjusted EBITDA decreased by 7.9% year-over-year to $70.2 million, with Adjusted EBITDA Margin remaining strong at 31.6%.
Getty Images
Getty Images
Getty Images Revenue by Segment
Revenue by Segment
Creative Revenue
CapyFin.comEditorial Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Getty Images reaffirms its fiscal year 2024 guidance, expecting revenue between $928 million and $947 million, and Adjusted EBITDA around $298 million.
Positive Outlook
- Reaffirms outlook with expected return to topline growth in 2024.
- Anticipates revenue growth of 1.3% to 3.3% year-over-year.
- Anticipates currency-neutral revenue growth of 1.0% to 3.0% year-over-year.
- Strategic partnership with NVIDIA continues to expand generative AI offerings.
- Recent acquisition of Motorsport Images augments existing offerings and deep partner relationships.
Challenges Ahead
- Adjusted EBITDA is expected to decrease by approximately 1.2% to 1.5% year-over-year.
- Guidance has not been updated to reflect recent volatility in foreign currency exchange rates.
- The company will continue to monitor FX markets and update guidance when it has better visibility.
- Anticipated early headwinds in 2024, though the company expects them to turn to tailwinds.
- The company is unable to provide a quantitative reconciliation of non-GAAP measures to GAAP due to variability and difficulty in forecasting.
Revenue & Expenses
Visualization of income flow from segment revenue to net income