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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%.
Revenue by Segment
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)%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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