Getty Images (GETY) - 2024 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2024 was $222.3 million, a decrease of 5.7% year-over-year[7] - Total revenue for Q1 2024 decreased by 5.7% to $222.3 million compared to $235.6 million in Q1 2023[40] - Creative segment revenue declined by 5.2% to $138.9 million, contributing 62.5% of total revenue[40] - Editorial segment revenue decreased by 6.2% to $79.4 million, representing 35.7% of total revenue[40] - Other segment revenue dropped by 11.7% to $4.0 million, accounting for 1.8% of total revenue[40] - Full-year 2024 revenue guidance remains unchanged at $928 million to $947 million, with a year-over-year growth of 1.3% to 3.3%[17] Subscription Growth and Revenue - Active Annual Subscribers grew by 79% to 262,000[6] - Annual Subscription Revenue increased to 55.4% of Total Revenue, up from 50.7% in Q1'23[6] Profitability and Cash Flow - Net Income for Q1 2024 was $13.6 million, compared to $3.2 million in Q1'23[7] - Adjusted EBITDA for Q1 2024 was $70.2 million, down 7.9% year-over-year[7] - Free cash flow for Q1 2024 was $7.0 million, compared to $16.4 million in the prior year period[7] Debt and Liquidity - Total debt was $1.386 billion, including $300.0 million in senior notes and a term loan balance of $1.086 billion[15] - Cash and cash equivalents stood at $134.2 million as of March 31, 2024, down from $136.6 million at the end of 2023[41] - Total liquidity, including available credit, was $284.2 million as of March 31, 2024, slightly lower than $286.6 million at the end of 2023[41] - Total term loans outstanding decreased to $1,086.3 million as of March 31, 2024, compared to $1,100.6 million at the end of 2023[41] - The revolving credit facility, effective since May 2023, provides $150.0 million in available credit and matures in May 2028[42] - Senior notes remained unchanged at $300.0 million as of March 31, 2024[41] Strategic Initiatives and Partnerships - Acquired Motorsport Images in early April, expanding the company's automotive imagery and video offerings[16] - Expanded generative AI offerings in partnership with NVIDIA, including the launch of Generative AI by iStock tool[16]