Revenue Performance - Q4 2024 revenue increased by 9.5% year over year to $247.3 million, with currency neutral growth of 8.5%[6] - Annual subscriber revenue grew by 11.8% in Q4 2024, representing 54.9% of total revenue, up from 53.8% in Q4 2023[5] - Full year 2024 revenue increased by 2.5% to $939.3 million, with creative revenue down 4.5% and editorial revenue up 7.9% year over year[6] - Revenue for Q4 2024 was $247.3 million, an increase of 9.5% from $225.9 million in Q4 2023[26] - Total revenue for the twelve months ended December 31, 2024, reached $939.3 million, up from $916.6 million in the previous year, reflecting a growth of 2.5%[26] - Total revenue for the year ended December 31, 2024, reached $939,287,000, up 2.5% from $916,555,000 in 2023[40] - The Creative segment generated $552,828,000 in revenue for the year, a decrease of 4.5% from $578,739,000 in 2023[40] - The Editorial segment saw revenue increase by 7.9% to $345,932,000 for the year ended December 31, 2024, compared to $320,643,000 in 2023[40] Profitability - Net income for Q4 2024 was $24.7 million, down from $39.1 million in Q4 2023, with a net income margin of 10.0%[6] - Adjusted EBITDA for Q4 2024 was $80.6 million, up 11.7% year over year, with an adjusted EBITDA margin of 32.6%[6] - Net income attributable to Getty Images Holdings, Inc. for Q4 2024 was $24.4 million, down from $39.1 million in Q4 2023, a decrease of 37.5%[26] - Net income for the year ended December 31, 2024, was $39,472,000, a significant increase from $19,577,000 in 2023, representing a growth of 101.5%[30] - Adjusted EBITDA for the year ended December 31, 2024, was $300,271,000, slightly down from $301,442,000 in 2023, indicating a margin of 32.0%[35] - Free Cash Flow for the year ended December 31, 2024, was $60,900,000, compared to $75,700,000 in 2023, reflecting a decrease of 19.6%[38] Customer Metrics - Total purchasing customers decreased by 10.3% to 717,000, while active annual subscribers increased by 33.4% to 314,000[11] Guidance and Future Outlook - The company expects 2025 revenue guidance between $918 million and $955 million, reflecting a year-over-year decline of 2.3% to growth of 1.6%[13] - The company highlighted risks related to competition, technology adaptation, and international market expansion in its forward-looking statements[21] Debt and Liquidity - Total debt as of December 31, 2024, was $1.314 billion, including $300 million in senior notes and a term loan balance of $1.014 billion[12] - The company has $150 million available through its revolver, resulting in total available liquidity of $271.2 million[12] - The total balance of term loans outstanding was $1,014,400,000 as of December 31, 2024, down from $1,100,600,000 in 2023[41] Assets and Liabilities - The company reported a total of $1.51 billion in goodwill as of December 31, 2024, slightly up from $1.50 billion in 2023[28] - Total assets decreased to $2.56 billion in 2024 from $2.60 billion in 2023, a decline of 1.5%[28] - Total liabilities decreased to $1.85 billion in 2024 from $1.92 billion in 2023, a reduction of 3.6%[28] - The company’s cash and cash equivalents decreased to $121.2 million in 2024 from $136.6 million in 2023, a decline of 11.0%[28] - Cash and cash equivalents at the end of the period were $125,304,000, down from $140,850,000 at the end of 2023[30] Operating Expenses - Operating expenses for Q4 2024 totaled $211.4 million, compared to $185.1 million in Q4 2023, representing an increase of 14.2%[26] - The company reported a net cash provided by operating activities of $118,320,000 for the year, down from $132,716,000 in 2023[30] - The company incurred $57,450,000 in capital expenditures for the year ended December 31, 2024, compared to $56,999,000 in 2023[30] Merger Announcement - Getty Images announced a merger agreement with Shutterstock on January 7, 2025, to create a premier visual content company[14] Shareholder Information - The weighted-average Class A common shares outstanding increased to 411.4 million in Q4 2024 from 403.6 million in Q4 2023[26]
Getty Images (GETY) - 2024 Q4 - Annual Results