Getty Images Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Getty Images Holdings, Inc. reported a return to full-year growth in 2024, driven by premium content and strong partnerships, while focusing on sustainable customer value and investment in core assets [2][19]. Financial Performance Summary - Fourth Quarter 2024 revenue reached $247.3 million, marking a 9.5% increase year-over-year and an 8.5% increase on a currency-neutral basis [6][7]. - Annual subscriber revenue grew by 11.8% in Q4, representing 54.9% of total revenue, up from 53.8% in Q4 2023 [6][7]. - Full-year 2024 revenue increased by 2.5% to $939.3 million, with creative revenue declining by 4.5% and editorial revenue increasing by 7.9% year-over-year [6][7]. Profitability Metrics - 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% compared to 17.3% in the prior year [7][30]. - Adjusted EBITDA for Q4 2024 was $80.6 million, up 11.7% year-over-year, with an adjusted EBITDA margin of 32.6%, an increase from 31.9% in Q4 2023 [7][43]. Liquidity and Balance Sheet - As of December 31, 2024, the company had an ending cash balance of $121.2 million, down from $136.6 million a year earlier, with total debt amounting to $1.314 billion [16][34]. - The company has $150.0 million available through its undrawn Revolver, resulting in total available liquidity of $271.2 million [16]. Key Performance Indicators (KPIs) - Total purchasing customers decreased by 10.3% to 717,000, while active annual subscribers increased by 33.4% to 314,000 [11][12]. - The annual subscriber revenue retention rate improved to 92.9%, up from 92.4% in 2023 [12]. Financial Outlook for 2025 - The company projects revenue for 2025 to be between $918 million and $955 million, reflecting a year-over-year decline of 2.3% to an increase of 1.6% [18]. - Adjusted EBITDA is expected to range from $272 million to $290 million, indicating a year-over-year decline of 9.5% to 3.3% [18]. Merger Agreement - On January 7, 2025, Getty Images announced a merger agreement with Shutterstock, aiming to create a premier visual content company, pending regulatory approvals and stockholder consent [19].