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Getty Images (GETY) - 2023 Q2 - Quarterly Report
2023-08-20 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to GETTY IMAGES HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or ...
Getty Images (GETY) - 2023 Q2 - Earnings Call Transcript
2023-08-15 00:53
Getty Images Holdings, Inc. (NYSE:GETY) Q2 2023 Results Conference Call August 14, 2023 5:00 PM ET Company Participants Steven Kanner - VP, IR and Treasury Craig Peters - CEO Jen Leyden - CFO Conference Call Participants Mark Zgutowicz - The Benchmark Company Cory Carpenter - JPMorgan Tim Nollen - Macquarie Brett Feldman - Goldman Sachs Operator Good afternoon, and welcome to Getty Images Second Quarter 2023 Earnings Conference Call. Today’s call is being recorded. . We have allocated one hour for prepared ...
Getty Images (GETY) - 2023 Q1 - Earnings Call Transcript
2023-05-12 03:01
Getty Images Holdings, Inc. (NYSE:GETY) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Steven Kanner – Vice President-Investor Relations and Treasury Craig Peters – Chief Executive Officer Jen Leyden – Chief Financial Officer Conference Call Participants Ron Josey – Citi Mark Zgutowicz – Benchmark Company Tim Nollen – Macquarie Brett Feldman – Goldman Sachs Cory Carpenter – JPMorgan Operator Good afternoon, and welcome to Getty Images First Quarter 2023 Earnings Conference Cal ...
Getty Images (GETY) - 2023 Q1 - Quarterly Report
2023-05-10 16:00
Company Overview - Getty Images had over 534 million assets available, adding 8-10 million new assets each quarter and conducting over 2.7 billion searches annually[87]. - The company maintains one of the largest privately-owned photographic archives with over 135 million images[88]. - Unsplash launched Unsplash+, an unlimited paid subscription, providing access to unique content in an ad-free environment[97]. Customer Metrics - The company reported 829,000 total purchasing customers for the twelve months ended March 31, 2023, a slight increase from 825,000 in the previous year[108]. - Total active annual subscribers increased to 150,000 for the twelve months ended March 31, 2023, up from 81,000 in the prior year[108]. - Annual subscriber base grew to 135 thousand, reflecting a 66% increase from March 31, 2022[109]. - Paid download volume increased in the LTM ended March 31, 2023, compared to the prior year, indicating continued customer engagement[110]. - Annual subscriber revenue retention rate was 99.8% for the period ended March 31, 2023, compared to the prior year, although it decreased from 99.0% under legacy reporting[111]. Revenue Breakdown - Total revenue for the three months ended March 31, 2023, was $235.6 million, an increase of 2.0% from $230.978 million in the same period of 2022[124]. - Creative content represented 62.2% of revenue for the three months ended March 31, 2023, with 49.4% generated through annual subscription products[92]. - Editorial content accounted for 35.9% of revenue for the same period, with 53.4% derived from annual subscription products[93]. - Editorial revenue increased by 7.5% (11.3% CN) for the three months ended March 31, 2023, driven by higher assignments and subscription offerings[129]. - Other revenue, including music licensing and data licensing, increased by 18.1% (22.4% CN) for the three months ended March 31, 2023[130]. Financial Performance - Net income for the three months ended March 31, 2023, was $3.2 million, a decrease of 87% from $25.1 million in the same period of 2022[124]. - Adjusted EBITDA for Q1 2023 was $76.1 million, slightly down from $77.7 million in Q1 2022, with an adjusted EBITDA margin of 32.3%[144]. - Cash provided by operating activities decreased by 35.3% to $31.9 million in Q1 2023 from $49.4 million in Q1 2022[155]. - Interest expense for Q1 2023 was $30.5 million, up from $29.6 million in Q1 2022, primarily due to term loans and senior notes[135]. - Fair value adjustment losses for swaps and foreign currency exchange contracts were $2.1 million in Q1 2023, compared to gains of $12.1 million in Q1 2022[136]. Business Combination - Getty Images completed a Business Combination that resulted in gross proceeds of approximately $864.2 million, which included $660 million from the issuance of Class A Common Shares[103]. - The Business Combination resulted in aggregate gross proceeds of approximately $864.2 million, with $615.0 million used for redeeming Redeemable Preferred Stock and $300.0 million for repaying a portion of outstanding indebtedness[150]. - The Business Combination significantly reduced balance sheet obligations by about $1.1 billion[150]. Liquidity and Obligations - Total liquidity as of March 31, 2023, included cash and cash equivalents of $116.8 million and availability under the revolving credit facility of $80.0 million[146]. - The company expects to fund operations and planned investing activities for at least the next 12 months from existing cash and cash flows[149]. - Contractual obligations total approximately $2.1 billion, including long-term indebtedness of $1.9 billion[158]. Foreign Currency and Impairment - The company recognized net foreign currency transaction losses of $10.9 million for the three months ended March 31, 2023, compared to gains of $7.0 million for the same period in 2022[184]. - The company evaluates goodwill for impairment annually, with the last assessment indicating significant headroom in excess of 100%[187]. - The company maintains an allowance for doubtful accounts based on historical losses and specific account analysis, with no significant impairments reported during the periods presented[186]. Accounting Policies - Revenue is recognized gross of contributor royalties, with approximately 3% of total revenues for the three months ended March 31, 2023, generated through third-party delegates[175]. - Identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives, with no significant impairments reported during the periods presented[188]. - The company uses the Black-Scholes option pricing model to determine the fair value of stock options, with estimates involving inherent uncertainties[194]. - The Company computes income taxes and accruals for uncertain tax positions under the asset and liability method in accordance with ASC 740[203].
Getty Images (GETY) - 2022 Q4 - Earnings Call Transcript
2023-03-14 04:15
Getty Images Holdings, Inc. (NYSE:GETY) Q4 2022 Earnings Conference Call March 13, 2023 5:00 PM ET Company Participants Steven Kanner - Vice President of Investor Relations & Treasury Craig Peters - Chief Executive Officer Jennifer Leyden - Chief Financial Officer Conference Call Participants Mark Zgutowicz - Benchmark Company Tim Nollen - Macquarie Ron Josey - Citi Brett Feldman - Goldman Sachs Operator Good afternoon and welcome to the Getty Images Fourth Quarter and Full Year 2022 Earnings Conference Cal ...
Getty Images (GETY) - 2022 Q4 - Annual Report
2023-03-13 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-41453 GETTY IMAGES HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware 87-3764229 | ...
Getty Images (GETY) - 2022 Q3 - Earnings Call Transcript
2022-11-16 02:22
Getty Images Holdings, Inc. (NYSE:GETY) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Steven Kanner - Vice President of Investor Relations and Treasury Craig Peters - Chief Executive Officer Jennifer Leyden - Chief Financial Officer Conference Call Participants Ronald Josey - Citigroup Inc. Mark Zgutowicz - The Benchmark Company Brett Feldman - Goldman Sachs Group, Inc. Timothy Nollen - Macquarie Research Operator Good afternoon, and welcome to Getty Images Third Quarter ...
Getty Images (GETY) - 2022 Q3 - Quarterly Report
2022-11-13 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to GETTY IMAGES HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporatio ...
Getty Images (GETY) - 2022 Q2 - Earnings Call Presentation
2022-08-17 18:02
| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements 2 Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of ...
Getty Images (GETY) - 2022 Q2 - Quarterly Report
2022-08-11 16:00
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Delaware 001-41453 87-3764229 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification Number) 605 5th Ave S. Suite 400 Seattle, WA 98104 (Address of principal executive offices) (Zip Code) Registrant ...