Getty Images Holdings, Inc. Q3 FY2024 earnings call

• Third quarter performance was strong with revenue growth across Getty Images, iStock and Unsplash+. - Subscription business saw outstanding performance, growing subscribers by nearly 50% vs comparable LTM period. - Editorial revenue returned to growth after 4 consecutive quarters of decline, driven by major events. - Creative revenue had a decline but with strong signals for sustained growth, including agency business returning to growth. - Success in cross-selling Custom Content and AI partnerships like with Sony Pictures for Venom series promotion.

Revenue was $240.5 million, up 4.9% year-on-year on a reported basis and 5.4% on a currency-neutral basis. Adjusted EBITDA was $80.6 million, up 0.4% on a reported basis and 0.8% on a currency-neutral basis with an EBITDA margin of 33.5%. Subscription business accounts for more than 50% of revenue. Editorial revenue was $92.8 million, up 16.1% year-on-year and 16.3% on a currency-neutral basis. Creative revenue was $133.7 million, down 7.9% year-on-year and 7.4% on a currency-neutral basis. Other revenue was $14.1 million, an increase of $9.9 million or about 240% from Q3 2023.

• Increased reported revenue guidance range to $934 million to $943 million, representing year-on-year growth of 1.9% to 2.9% or 1.6% to 2.6% currency-neutral. - Increased adjusted EBITDA guidance range to $292 million to $294 million, a year-on-year decrease of 3.1% to 2.5% or 3.4% to 2.8% currency-neutral, assuming FX rates remain consistent with those as of November 1, 2024.

• Financial performance subject to various risks, uncertainties and assumptions which could cause actual results to differ materially from forward-looking statements. - Debt-related risks, including cash interest expense and net leverage. - Impact of foreign exchange rates on financial results.

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