Getty Images (GETY) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $240.5 million, a 4.9$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$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$2.5 million, compared to a net loss of $18.4 million in Q3 2023, with a net loss margin of 1.1$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]