Financial & Operational Highlights Getty Images reported Q1 2025 revenue of $224.1 million, a net loss of $102.6 million, and stable Adjusted EBITDA - CEO Craig Peters stated that Q1 results were consistent with expectations, highlighting gains in the subscription business. CFO Jenn Leyden noted a solid performance despite a challenging environment, emphasizing financial discipline3 Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | Currency Neutral Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $224.1M | $222.3M | +0.8% | +2.6% | | Net (Loss) Income | ($102.6M) | $13.6M | - | - | | Adjusted EBITDA | $70.1M | $70.2M | -0.1% | +2.2% | | Adjusted EBITDA Margin | 31.3% | 31.6% | -30 bps | - | - Annual Subscription Revenue grew to 57.2% of total revenue, up from 54.7% in Q1 2024, indicating a continued shift towards a subscription-based model67 Key Performance Indicators (KPIs) LTM KPIs show active annual subscribers grew 21.2% to 318,000, while total purchasing customers declined 7.9% to 708,000 LTM Key Performance Indicators (as of March 31) | KPI | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total purchasing customers (thousands) | 708 | 769 | (7.9)% | | Total active annual subscribers (thousands) | 318 | 262 | 21.2% | | Paid download volume (millions) | 93 | 95 | (2.7)% | | Annual subscriber revenue retention rate | 92.7% | 90.0% | +270 bps | | Image collection (millions) | 582 | 544 | 6.9% | | Video collection (millions) | 34 | 29 | 16.3% | Liquidity and Balance Sheet Q1 2025 ended with $114.6 million cash, $264.6 million total liquidity, and successful debt refinancing to 2030 - Cash balance was $114.6 million as of March 31, 2025. The year-over-year decrease was largely driven by $55.2 million in voluntary debt paydowns and $12.5 million in refinancing costs12 - The company refinanced its existing term loans, extending the maturity from February 2026 to February 203012 - Total debt was $1.36 billion, composed of a $1.06 billion Term Loan and $300.0 million in senior notes12 Business Highlights Q1 2025 saw Getty Images secure new exclusive partnerships with WWE, MLS, and NWSL, alongside key renewals - Signed new exclusive partnerships with WWE, Major League Soccer (MLS), and the National Women's Soccer League (NWSL)13 - Renewed a long-standing partnership with UEFA and content partnerships with the Boston Globe and MTV1314 - Served as official partners for major entertainment events including the GRAMMYs, BAFTAs, and various Oscar parties13 2025 Financial Outlook Getty Images updated its 2025 full-year guidance, raising revenue and Adjusted EBITDA outlook due to favorable FX Updated 2025 Full Year Guidance | Metric | Updated 2025 Guidance | Prior 2025 Guidance | | :--- | :--- | :--- | | Revenue | $931M - $968M | $918M - $955M | | Revenue YoY, Currency Neutral | -1.0% to 3.0% | -1.0% to 3.0% | | Adjusted EBITDA | $277M - $297M | $272M - $290M | | Adjusted EBITDA YoY, Currency Neutral | -7.9% to -1.4% | -8.0% to -1.7% | - The guidance update reflects revised FX assumptions (Euro at 1.10, GBP at 1.30) and includes approximately $8.0 million in one-off SG&A costs for accelerated SOX compliance efforts15 Merger with Shutterstock Update The proposed Shutterstock merger is under DOJ and CMA regulatory review, with closing still expected in H2 2025 - On April 2, 2025, both Getty Images and Shutterstock received a Request for Additional Information (Second Request) from the U.S. DOJ17 - The UK Competition and Markets Authority (CMA) is also conducting a review of the proposed merger17 - The company continues to expect the transaction to close in the second half of 2025, subject to regulatory clearance and other customary closing conditions19 Consolidated Financial Statements Q1 2025 consolidated statements show $224.1 million revenue, a $102.6 million net loss, and $2.57 billion in total assets Condensed Consolidated Statements of Operations Q1 2025 revenue reached $224.1 million, but a $102.6 million net loss resulted from increased expenses and tax impacts Q1 2025 Statement of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $224,077 | $222,278 | | Income from operations | $27,342 | $41,034 | | Total other expense – net | ($65,321) | ($16,246) | | (Loss) income before income taxes | ($37,979) | $24,788 | | Income tax (expense) benefit | ($64,593) | ($11,201) | | Net (loss) income | ($102,572) | $13,587 | | Diluted (Loss) Income Per Share | ($0.25) | $0.03 | Condensed Consolidated Balance Sheets As of March 31, 2025, total assets were $2.567 billion, with liabilities increasing to $1.925 billion, reducing equity Balance Sheet Summary (in thousands) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $350,335 | $358,815 | | Total assets | $2,566,503 | $2,563,708 | | Total current liabilities | $488,365 | $453,255 | | Total liabilities | $1,925,407 | $1,845,368 | | Total stockholders' equity | $641,096 | $718,340 | Condensed Consolidated Statements of Cash Flows Q1 2025 operating cash flow was $15.4 million, with investing and financing activities leading to a $6.6 million cash decrease Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,384 | $21,528 | | Net cash used in investing activities | ($15,706) | ($14,452) | | Net cash used in financing activities | ($12,547) | ($5,272) | | Net decrease in cash | ($6,631) | ($2,114) | Non-GAAP Financial Measures This section reconciles non-GAAP measures like Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow for clearer performance insights Reconciliation of Adjusted EBITDA Q1 2025 Adjusted EBITDA was $70.1 million, nearly flat year-over-year, with margin slightly compressing to 31.3% Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net (loss) income | ($102,572) | $13,587 | | Adjustments | $172,697 | $56,625 | | Adjusted EBITDA | $70,125 | $70,212 | | Capex | $15,706 | $14,452 | | Adjusted EBITDA less capex | $54,419 | $55,760 | | Adjusted EBITDA margin | 31.3% | 31.6% | Reconciliation of Adjusted Net Income and EPS Q1 2025 Adjusted Net Loss was $58.3 million, or $(0.14) per share, a decline from prior year's Adjusted Net Income Adjusted Net Income Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net (loss) income | ($102,572) | $13,587 | | Total Adjustments | $44,293 | ($2,931) | | Adjusted net (loss) income | ($58,279) | $10,656 | | Adjusted diluted earnings per share | ($0.14) | $0.03 | Reconciliation of Free Cash Flow Q1 2025 free cash flow was negative $(0.3) million, a significant decrease from $7.1 million in Q1 2024 Free Cash Flow Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,384 | $21,528 | | Acquisition of property and equipment | ($15,706) | ($14,452) | | Free Cash Flow | ($322) | $7,076 | Other Financial Data This section details revenue by product category and summarizes the company's balance sheet and liquidity position Revenue by Product Q1 2025 Creative revenue declined 4.8% to $132.2 million, while Editorial grew 4.0% and 'Other' revenue surged 131.7% Q1 Revenue by Product (in thousands) | Product | Q1 2025 Revenue | % of Revenue | YoY % Change | YoY CN % Change | | :--- | :--- | :--- | :--- | :--- | | Creative | $132,175 | 59.0% | (4.8)% | (3.0)% | | Editorial | $82,617 | 36.9% | 4.0% | 5.6% | | Other | $9,285 | 4.1% | 131.7% | 135.5% | | Total | $224,077 | 100.0% | 0.8% | 2.6% | Balance Sheet & Liquidity Details As of March 31, 2025, total liquidity was $264.6 million, with $1.056 billion in term loans and $300.0 million in senior notes Liquidity and Debt Summary (in millions) | Item | March 31, 2025 | | :--- | :--- | | Cash & Cash Equivalents | $114.6 | | Available under Revolving Credit Facility | $150.0 | | Total Liquidity | $264.6 | | Total Balance - Term Loans Outstanding | $1,056.1 | | Senior Notes | $300.0 |
Getty Images (GETY) - 2025 Q1 - Quarterly Results