Getty Images (GETY) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue grew 4.9% year-over-year to $240.5 million, with 5.4% growth on a currency-neutral basis, driven by strong Editorial and Other segment growth, offsetting a decline in Creative revenue.

• Net loss narrowed to $2.5 million from $18.4 million in Q3 2023, reflecting lower litigation expenses and higher operating income, despite a $28.7 million unrealized FX loss.

• Annual subscribers increased nearly 50%, now representing over 50% of total revenue.

• Growth observed across all customer categories and brands, with strong performance in agency, media, and corporate segments.

• 2024 revenue and adjusted EBITDA guidance raised.

Financial highlights

• Adjusted EBITDA reached $80.6 million, up 0.4% year-over-year, with a margin of 33.5%.

• Free cash flow was $(1.8) million, down from $12.8 million in Q3 2023, mainly due to timing of payments and higher interest/taxes.

• Cash balance at quarter-end: $109.9 million, with total available liquidity of $259.9 million and a $150 million undrawn revolver.

• Voluntary debt repayment of $20 million in Q3; $55.2 million year-to-date.

• Net loss for Q3 2024 was $2.5 million; nine months net income: $14.7 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $934–$943 million, up 1.9%–2.9% year-over-year.

• Adjusted EBITDA guidance increased to $292–$294 million, representing a 2.5%–3.1% year-over-year decrease.

• 2024 cash interest expense estimated at $129 million.

• Guidance reflects year-to-date performance, FX impacts, and ongoing legal and macroeconomic risks.

• Liquidity and cash flow expected to be sufficient for at least the next 12 months.