Company Overview - Getty Images Holdings, Inc. is a leading global visual content creator and marketplace, offering a comprehensive range of content solutions to meet diverse customer needs worldwide [5] - The company operates under the brands Getty Images, iStock, and Unsplash, serving customers in nearly every country and collaborating with over 564,000 content creators and more than 320 content partners [5] - Getty Images covers over 160,000 news, sports, and entertainment events annually, maintaining one of the largest privately-owned photographic archives with millions of images [5] Upcoming Financial Results - Getty Images plans to release its second quarter 2024 results after market close on August 9, 2024 [1] - A conference call to discuss the results will be held on August 12, 2024, at 8:30 a.m. Eastern Time [1] Technological Advancements - The company is leveraging generative AI technologies to enhance its creative offerings, allowing customers to generate commercially safe visuals through text-to-image generation [3] - This innovation expands Getty Images' capabilities to meet customer demands for compelling visual content [3] Conference Call Details - The conference call can be accessed via phone or through a simultaneous webcast available on the company's Investor Relations website [2][4] - An audio replay of the call will be available for two weeks following the event [4]

Core Viewpoint - Rakower Law PLLC has initiated five new lawsuits against Getty Images Holdings, Inc. on behalf of public warrant holders, alleging wrongful prevention of warrant exercise based on a false claim regarding SEC registration requirements [1][2]. Group 1: Lawsuits and Legal Actions - The new lawsuits follow a previous case where the court awarded over $51 million in damages to plaintiffs against Getty Images for similar claims [2]. - The new cases include Lapp v. Getty Images Holdings, Inc., Funicular Funds, LP v. Getty Images Holdings, Inc., and MPF Broadway Convexity Fund I, LP, among others [2]. Group 2: Legal Representation - Rakower Law PLLC serves as lead counsel in these lawsuits, with Allen Matkins Leck Gamble Mallory & Natsis LLP acting as co-counsel [2]. - The firm specializes in complex commercial disputes and is based in New York City [3].

Contestants from Getty Images, NVIDIA and TikTok will participate in a showdown of creative prowess in AI image generation with an audience vote for best image This interactive event will provide a unique front-row experience, showcasing the fusion of human creativity and advanced AI technology. Attendees will witness the real-time generation and refinement of images as each contestant strives to produce the most captivating visuals using the Generative AI by Getty Images tool. Media Contact: Julia Holmes j ...

A Media Snippet accompanying this announcement is available by selecting the image or link above NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE:GETY), a preeminent global visual content creator and marketplace, today announced a renewed partnership with premier global media company, Condé Nast, to represent the Condé Nast Collection, featuring over a century's worth of contemporary and vintage artwork from the company's portfolio of prestigious brands dating back to 1892. The editorial partn ...

A Media Snippet accompanying this announcement is available by clicking on this link. NEW YORK, June 03, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE:GETY), a preeminent global visual content creator and marketplace, has once again been named the Official Photographer of the Tribeca Festival, renewing a longstanding partnership with the foremost outlet for independent storytellers. For the fifteenth consecutive festival, Getty Images' award‑winning entertainment photographers will capture high‑quality, diffe ...

Core Insights - FILMPAC has partnered with Getty Images to distribute its latest collection of premium stock footage on gettyimages.com, enhancing the availability of high-quality cinematic content for commercial use [1][2]. Company Overview - FILMPAC is recognized as a leading provider of premium stock footage and production services, focusing on authentic footage tailored for high-end commercial applications [2]. - The company employs an in-house team of award-winning directors, setting a high standard for storytelling and video content creation [2]. Partnership Details - The collaboration with Getty Images aims to meet the significant demand for authentic content that adheres to the quality standards of top agencies and globally recognized brands [3]. - The partnership leverages FILMPAC's creative direction and cinematography expertise alongside Getty Images' extensive distribution network, providing a diverse range of lifestyle footage that captures genuine emotions and character development [2][3]. Future Ambitions - FILMPAC's CEO expressed the company's ambition to utilize powerful data and insights while maintaining high creative standards, aiming to elevate the narratives that clients wish to convey [3].

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the quarter ended March 31, 2024, show a decrease in total assets to $2.59 billion from $2.60 billion at year-end 2023, with net income increasing to $13.6 million due to unrealized foreign exchange gains, despite a revenue decline [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $2.585 billion, a slight decrease from $2.602 billion at December 31, 2023, while total liabilities decreased and stockholders' equity increased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,585,453** | **$2,601,761** | | Cash and cash equivalents | $134,198 | $136,623 | | Goodwill | $1,499,432 | $1,501,814 | | **Total Liabilities** | **$1,896,308** | **$1,920,331** | | Long-term debt, net | $1,384,938 | $1,398,658 | | **Total Stockholders' Equity** | **$689,145** | **$681,430** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2024, revenue decreased to $222.3 million, but net income attributable to the company significantly increased to $13.5 million, primarily driven by a $16.4 million unrealized foreign exchange gain Q1 Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $222,278 | $235,642 | | Income from operations | $41,034 | $49,452 | | Net income attributable to Getty Images | $13,455 | $2,696 | | Diluted EPS | $0.03 | $0.01 | - A significant driver of the net income increase was the swing in unrealized foreign exchange gains, which were **$16.4 million in Q1 2024** compared to a loss of **$10.9 million in Q1 2023**[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2024, net cash provided by operating activities decreased to $21.5 million from $31.9 million in the prior year, resulting in a total cash, cash equivalents, and restricted cash decrease of $2.1 million Q1 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $21,528 | $31,915 | | Net cash used in investing activities | $(14,452) | $(15,525) | | Net cash used in financing activities | $(5,272) | $(47) | | **Net (decrease) increase in cash** | **$(2,114)** | **$18,884** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue disaggregation, debt structure, legal proceedings including a lawsuit from former warrant holders and litigation against Stability AI, and subsequent events such as the acquisition of Motorsport Images and a voluntary debt prepayment Q1 2024 Revenue by Product and Region (in thousands) | Category | Q1 2024 Revenue | | :--- | :--- | | **By Product** | | | Creative | $138,858 | | Editorial | $79,429 | | **By Region** | | | Americas | $124,408 | | EMEA | $72,915 | | APAC | $24,955 | - The company is appealing a court judgment in favor of former public warrant holders totaling approximately **$87.9 million** plus pre-judgment interest[64](index=64&type=chunk) - Getty Images is actively pursuing litigation against Stability AI in both the US and the UK for alleged unauthorized reproduction of millions of its images to train AI models[65](index=65&type=chunk)[66](index=66&type=chunk) - On April 1, 2024, the company acquired Motorsport Images for **$15.0 million in cash** and approximately **1.2 million shares of stock**[71](index=71&type=chunk) - On May 3, 2024, the company made a voluntary prepayment of **$30.0 million** on its USD term loans[74](index=74&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 5.7% year-over-year revenue decline to softness in Creative non-subscription business and residual impacts from the 2023 Hollywood strikes, while highlighting strong growth in e-commerce subscriptions and a focus on converting customers to subscription models [Business Overview](index=25&type=section&id=Business%20Overview) Getty Images is a global visual content creator and marketplace serving over 750,000 purchasing customers across its Getty Images, iStock, and Unsplash brands, with a strategic shift towards a subscription model now comprising approximately 55% of total revenue - The company operates through three main brands: Getty Images (premium content for enterprises), iStock (budget-conscious e-commerce for SMBs), and Unsplash (free and paid subscriptions for prosumers)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - Subscriptions now account for approximately **55% of total revenue**, reflecting a strategic shift towards recurring revenue models[108](index=108&type=chunk) Q1 2024 Revenue Contribution by Product Line | Product Line | % of Q1 2024 Revenue | | :--- | :--- | | Creative | 62.5% | | Editorial | 35.7% | | Other | 1.8% | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) For Q1 2024, revenue decreased 5.7% to $222.3 million, with Creative non-subscription revenue declining significantly, partially offset by increased subscription revenue, while operating income decreased and amortization expense saw a substantial 92.6% reduction Q1 2024 vs Q1 2023 Results of Operations (in thousands) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $222,278 | $235,642 | (5.7)% | | Income from operations | $41,034 | $49,452 | (17.0)% | | Net income | $13,587 | $3,203 | NM | - The **5.7% revenue decline** was consistent on both a reported and currency-neutral basis, with the timing of revenue recognition negatively impacting year-over-year growth by approximately **360 basis points**[127](index=127&type=chunk) - Creative revenue decline was driven by a **$13.2 million drop in non-subscription revenue**, particularly from Agency customers, partially offset by a **$5.6 million increase in creative subscription revenue**, fueled by a **27.7% rise in iStock subscriptions**[127](index=127&type=chunk) - Amortization expense decreased by **92.6% to $0.5 million** from **$7.2 million**, as several intangible assets became fully amortized in the prior year[137](index=137&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had $134.2 million in cash and cash equivalents and $150.0 million available under its revolving credit facility, with net cash from operations decreasing to $21.5 million due to lower Adjusted EBITDA and higher interest and tax payments - Primary sources of liquidity are cash on hand (**$134.2 million**), cash from operations, and an undrawn **$150.0 million** revolving credit facility[150](index=150&type=chunk) - Net cash provided by operating activities decreased by **32.5% year-over-year**, from **$31.9 million in Q1 2023** to **$21.5 million in Q1 2024**[153](index=153&type=chunk)[155](index=155&type=chunk) [Key Performance Indicators and Non-GAAP Financial Measures](index=42&type=section&id=Key%20Performance%20Indicators%20and%20Non-GAAP%20Financial%20Measures) For the LTM ending March 31, 2024, total purchasing customers decreased by 7.2%, while total active annual subscribers grew significantly by 79.0%, and Adjusted EBITDA for Q1 2024 was $70.2 million, with a slight decrease in margin Key Performance Indicators (LTM Ended March 31) | KPI | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total purchasing customers (thousands) | 769 | 829 | (7.2)% | | Total active annual subscribers (thousands) | 262 | 147 | 79.0% | | Annual subscriber revenue retention rate | 90.0% | 99.8% | -980 bps | Adjusted EBITDA Reconciliation (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $13,587 | $3,203 | | **Adjusted EBITDA** | **$70,212** | **$76,265** | | Adjusted EBITDA margin | 31.6% | 32.4% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's 5-year interest rate swap with a notional amount of $355.0 million matured in February 2024 and has not been replaced, with no other material changes in market risk exposures since the 2023 Annual Report on Form 10-K - A **$355.0 million** interest rate swap used to hedge variable interest rate risk matured on February 19, 2024, and has not been replaced[181](index=181&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[183](index=183&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2024[184](index=184&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings and claims incidental to its business, which it does not currently anticipate will have a material adverse impact on its financial results - The company is subject to legal proceedings but does not currently expect them to have a material adverse impact, with further details provided in Note 11 of the financial statements[186](index=186&type=chunk)[187](index=187&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes have occurred to the risk factors disclosed in the company's 2023 Form 10-K[188](index=188&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - The exhibits filed with this report include certifications from the CEO and CFO as required by Sections 302 and 906 of the Sarbanes-Oxley Act[192](index=192&type=chunk) [Signatures](index=49&type=section&id=SIGNATURES) The report was duly signed on May 9, 2024, by the company's Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer - The Form 10-Q was signed on May 9, 2024, by Craig Peters (CEO), Jennifer Leyden (CFO), and Chris Hoel (CAO)[196](index=196&type=chunk)[197](index=197&type=chunk)

Revenue Performance - Revenue for Q1 2024 was $222.3 million, a decrease of 5.7% year-over-year[7] - Total revenue for Q1 2024 decreased by 5.7% to $222.3 million compared to $235.6 million in Q1 2023[40] - Creative segment revenue declined by 5.2% to $138.9 million, contributing 62.5% of total revenue[40] - Editorial segment revenue decreased by 6.2% to $79.4 million, representing 35.7% of total revenue[40] - Other segment revenue dropped by 11.7% to $4.0 million, accounting for 1.8% of total revenue[40] - Full-year 2024 revenue guidance remains unchanged at $928 million to $947 million, with a year-over-year growth of 1.3% to 3.3%[17] Subscription Growth and Revenue - Active Annual Subscribers grew by 79% to 262,000[6] - Annual Subscription Revenue increased to 55.4% of Total Revenue, up from 50.7% in Q1'23[6] Profitability and Cash Flow - Net Income for Q1 2024 was $13.6 million, compared to $3.2 million in Q1'23[7] - Adjusted EBITDA for Q1 2024 was $70.2 million, down 7.9% year-over-year[7] - Free cash flow for Q1 2024 was $7.0 million, compared to $16.4 million in the prior year period[7] Debt and Liquidity - Total debt was $1.386 billion, including $300.0 million in senior notes and a term loan balance of $1.086 billion[15] - Cash and cash equivalents stood at $134.2 million as of March 31, 2024, down from $136.6 million at the end of 2023[41] - Total liquidity, including available credit, was $284.2 million as of March 31, 2024, slightly lower than $286.6 million at the end of 2023[41] - Total term loans outstanding decreased to $1,086.3 million as of March 31, 2024, compared to $1,100.6 million at the end of 2023[41] - The revolving credit facility, effective since May 2023, provides $150.0 million in available credit and matures in May 2028[42] - Senior notes remained unchanged at $300.0 million as of March 31, 2024[41] Strategic Initiatives and Partnerships - Acquired Motorsport Images in early April, expanding the company's automotive imagery and video offerings[16] - Expanded generative AI offerings in partnership with NVIDIA, including the launch of Generative AI by iStock tool[16]

A Media Snippet accompanying this announcement is available by clicking on this link. NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Getty Images (NYSE:GETY), a preeminent global visual content creator and marketplace, today announced that its award-winning photographers, editors and operations staff will capture stunning imagery from every ceremony and event at the Olympic Games Paris 2024. Getty Images will deploy a team of 140 photographers and editors, using innovative and proprietary technology to shoot ...

NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) -- Getty Images Holdings, Inc. ("Getty Images") (NYSE:GETY) a preeminent global visual content creator and marketplace, announced today that the company intends to release its first quarter 2024 results after market close on Thursday, May 9, 2024, followed by a conference call at 4:30 p.m. (Eastern Time) that same day to discuss the company's results. The conference call can be accessed live over the phone by dialing 1-800-225-9448, or for international callers, 1-2 ...