Getty Images (GETY) Q4 2024 earnings summary

Executive summary

• Q4 revenue grew 9.5% year-over-year to $247.3 million, with full-year revenue up 2.5% to $939.3 million, exceeding guidance midpoint and reflecting a return to growth.

• Adjusted EBITDA for Q4 was $80.6 million (32.6% margin), up 11.7% year-over-year; full-year Adjusted EBITDA was $300.3 million (32.0% margin).

• The company completed a major refinancing, extending $1 billion in term loan maturities to 2030 and improving its debt profile.

• The merger with Shutterstock is pending regulatory and shareholder approvals, with no further updates provided.

• Net income for Q4 was $24.7 million (10.0% margin), down from $39.1 million in Q4'23, impacted by FX gains and an impairment; full-year net income was $39.5 million (4.2% margin), up from $19.6 million in 2023.

Financial highlights

• Q4 adjusted EBITDA margin was 32.6%, up from 31.9% in Q4 2023; full-year margin was 32.0%.

• Free cash flow in Q4 was $24.6 million, up from $18.6 million in Q4 2023; full-year free cash flow was $60.9 million, down from $75.7 million in 2023 due to higher interest and tax payments.

• Ended 2024 with $121.2 million in cash and $1.3 billion in total debt; net leverage fell below 4x, the lowest in over a decade.

• CapEx was $15.1 million in Q4 and $57.4 million for the year, representing 6.1% of revenue.

• Total liquidity at year-end was $271.2 million, including a $150 million undrawn revolver.

Outlook and guidance

• 2025 revenue guidance: $918–$955 million, representing -2.3% to +1.6% year-over-year; currency neutral: -1.0% to +3.0%.

• 2025 adjusted EBITDA guidance: $272–$290 million, down 9.5% to -3.3% year-over-year, including $8 million in one-off SG&A for SOX compliance.

• Guidance includes FX headwinds, event calendar impacts, Los Angeles fires, and estimated 2025 cash interest expense of EUR 133 million.