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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%.
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.
Historical Earnings Impact
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