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Sep 30, 2024
Getty Images Q3 2024 Earnings Report
Getty Images reported strong third quarter 2024 results with growth across all customer categories and an increase in subscribers.
Key Takeaways
Getty Images reported strong performance in the third quarter of 2024, with revenue increasing by 4.9% year-over-year to $240.5 million and Adjusted EBITDA up 0.4% to $80.6 million. The company saw growth across all customer categories and a nearly 50% increase in annual subscribers.
Revenue grew by 4.9% year-over-year, reaching $240.5 million, and 5.4% on a currency neutral basis.
Adjusted EBITDA was $80.6 million, a 0.4% increase year-over-year, with a strong margin of 33.5%.
Net Loss was $2.5 million, a significant improvement from a Net Loss of $18.4 million in the prior year period.
Annual subscribers increased by nearly 50%, and annual subscriber revenue now represents 52.4% of total revenue.
Revenue by Segment
Forward Guidance
Getty Images has updated its fiscal year 2024 guidance, reflecting strong year-to-date financial performance and current foreign currency exchange rates. The company is confident in its ability to execute on its differentiated content and customer focus.
Positive Outlook
- Revenue guidance raised to $934 million to $943 million, up from $924 million to $943 million.
- Revenue YoY growth projected at 1.9% to 2.9%, an increase from 0.9% to 2.9%.
- Currency Neutral Revenue YoY growth projected at 1.6% to 2.6%, up from 1.0% to 3.0%.
- Adjusted EBITDA guidance raised to $292 million to $294 million, up from $290 million to $294 million.
- Adjusted EBITDA YoY currency neutral growth projected at (3.4)% to (2.8)%, an improvement from (3.6)% to (2.3)%.
Challenges Ahead
- Adjusted EBITDA YoY growth is still projected to be negative, ranging from (3.1)% to (2.5)%.
- The guidance reflects the impact of foreign currency exchange rates, which can introduce volatility.
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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