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Jun 30, 2024
Getty Images Q2 2024 Earnings Report
Getty Images reported a return to growth in the second quarter of 2024, driven by increased annual subscribers and paid downloads, with revenue reaching $229.1 million.
Key Takeaways
Getty Images reported a return to growth in the second quarter of 2024, with revenue increasing by 1.5% year-over-year to $229.1 million. Net income was $3.7 million, a significant improvement from a net loss of $4.3 million in the prior year period. Adjusted EBITDA was $68.8 million, down 5.4% year-over-year.
Revenue increased by 1.5% year-over-year to $229.1 million, and 2.1% on a currency neutral basis.
Net income improved significantly to $3.7 million from a net loss of $4.3 million in Q2 2023.
Annual Subscription Revenue grew 5.2%, representing 52.9% of total revenue.
Adjusted EBITDA was $68.8 million, down 5.4% year-over-year, with a healthy margin of 30.0%.
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 updated its fiscal year 2024 guidance to reflect the impact of foreign currency exchange rates and incremental integration-related expenses, while maintaining strong operating efficiency.
Positive Outlook
- Revenue guidance of $924 million to $943 million, representing 0.9% to 2.9% year-over-year growth.
- Currency neutral revenue growth guidance of 1.0% to 3.0%.
- Adjusted EBITDA guidance of $290 million to $294 million.
- Adjusted EBITDA margins expected to be above 31%.
- Confidence in returning to full-year topline growth in 2024.
Challenges Ahead
- Updated revenue guidance is slightly lower than prior guidance of $928 million to $947 million.
- Updated Adjusted EBITDA guidance is lower than prior guidance of ~$298 million.
- Adjusted EBITDA YoY growth is projected to be negative, ranging from (3.8)% to (2.5)%.
- Impact of foreign currency exchange rates on both Revenue and Adjusted EBITDA.
- Incremental integration related expenses that are more one-time in nature and higher than estimated employee health insurance costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income