Revenue Performance - Revenue for Q3 2024 was $240.5 million, a 4.9% year-over-year increase, with currency neutral growth of 5.4%[3] - Revenue for Q3 2024 increased to $240.5 million, up 4.9% from $229.3 million in Q3 2023[20] - Updated 2024 revenue guidance is $934 million to $943 million, representing a year-over-year growth of 1.9% to 2.9%[9] - The company raised its 2024 guidance for both revenue and Adjusted EBITDA due to strong performance and foreign currency rates[2] - Total revenue for the nine months ended September 30, 2024, was $691.963 million, a 0.2% increase compared to $690.616 million for the same period in 2023[32] - Creative revenue for the nine months ended September 30, 2024, was $410.445 million, a 5.2% decrease compared to $432.927 million for the same period in 2023[32] - Editorial revenue for the nine months ended September 30, 2024, was $255.827 million, a 4.5% increase compared to $244.911 million for the same period in 2023[32] - Other revenue for the nine months ended September 30, 2024, was $25.691 million, a 101.1% increase compared to $12.778 million for the same period in 2023[32] Subscriber Growth - Annual subscribers grew nearly 50%, with annual subscriber revenue representing 52.4% of total revenue[1] - LTM total active annual subscribers increased by 47.7% to 298,000, compared to 202,000 in the prior year[8] Profitability and Loss - Net loss for Q3 2024 was $2.5 million, compared to a net loss of $18.4 million in Q3 2023, with a net loss margin of 1.1%[3] - Net income for Q3 2024 improved to a loss of $2.5 million, compared to a loss of $18.4 million in Q3 2023[20] - Basic and diluted net loss per share for Q3 2024 was $0.01, compared to $0.05 in Q3 2023[20] - Net income for the nine months ended September 30, 2024, was $14.749 million, compared to a net loss of $19.522 million for the same period in 2023[23] Adjusted EBITDA - Adjusted EBITDA for Q3 2024 was $80.6 million, up 0.4% year-over-year, with an Adjusted EBITDA margin of 33.5%[3] - Adjusted EBITDA guidance for 2024 is $292 million to $294 million, with a year-over-year decline of 3.1% to 2.5%[9] - Adjusted EBITDA for the nine months ended September 30, 2024, was $219.666 million, compared to $229.292 million for the same period in 2023[28] - Adjusted EBITDA margin for the nine months ended September 30, 2024, was 31.7%, compared to 33.2% for the same period in 2023[28] Cash Flow and Liquidity - Free cash flow for Q3 2024 was $(1.8) million, compared to $12.8 million in the prior year period[4] - Cash and cash equivalents decreased to $109.9 million as of September 30, 2024, from $136.6 million as of December 31, 2023[21] - Free Cash Flow for the nine months ended September 30, 2024, was $36.301 million, compared to $57.123 million for the same period in 2023[30] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $78.624 million, compared to $98.991 million for the same period in 2023[23] - Total liquidity stood at $259.9 million as of September 30, 2024, compared to $286.6 million as of December 31, 2023[33] - Restricted cash was $4.5 million as of September 30, 2024, $4.2 million as of December 31, 2023, and $4.3 million as of September 30, 2023[33] Debt and Financial Position - Total debt as of September 30, 2024, was $1.349 billion, including $300.0 million in senior notes and a term loan balance of $1.049 billion[5] - Long-term debt decreased to $1.35 billion as of September 30, 2024, from $1.4 billion as of December 31, 2023[21] - Term loans outstanding (USD tranche) decreased to $581.8 million as of September 30, 2024, from $637.0 million as of December 31, 2023[33] - Term loans outstanding (EUR tranche) increased to $467.6 million as of September 30, 2024, from $463.6 million as of December 31, 2023[33] - Total term loans outstanding decreased to $1,049.4 million as of September 30, 2024, from $1,100.6 million as of December 31, 2023[33] - Senior notes remained unchanged at $300.0 million as of September 30, 2024, December 31, 2023, and September 30, 2023[33] - Face value of debt is 419 million EUR, converted using the FX spot rate of 1.11 as of September 30, 2024[34] - Revolving credit facility of $150.0 million remains unchanged as of September 30, 2024, December 31, 2023, and September 30, 2023[33] Operating Expenses and Assets - Total operating expenses for Q3 2024 decreased to $183.1 million from $225.4 million in Q3 2023, primarily due to lower litigation costs[20] - Total assets slightly decreased to $2.59 billion as of September 30, 2024, from $2.60 billion as of December 31, 2023[21] - Total liabilities decreased to $1.85 billion as of September 30, 2024, from $1.92 billion as of December 31, 2023[21] - Stockholders' equity increased to $731.3 million as of September 30, 2024, from $681.4 million as of December 31, 2023[22] - Acquisition of property and equipment for the nine months ended September 30, 2024, was $42.323 million, compared to $41.868 million for the same period in 2023[23] Share Information - Weighted-average Class A common shares outstanding increased to 410.5 million in Q3 2024 from 399.7 million in Q3 2023[20]
Getty Images (GETY) - 2024 Q3 - Quarterly Results