Press Release Details

• Revenue Growth of 1.5%, Currency-Neutral Growth of 2.1%
• Editorial Business Back in Strong Growth of 4.1%, Currency-Neutral Growth of 4.6%
• Annual Subscription Revenue Grew 5.2%, Represents 52.9% of Total Revenue
  

NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Getty Images Holdings, Inc. (“Getty Images” or the “Company”) (NYSE: GETY), a preeminent global visual content creator and marketplace, today reported financial results for the second quarter ended June 30, 2024.

“We returned to growth in the second quarter, with gains across Getty Images, iStock and Unsplash, driven by increased annual subscribers and paid downloads,” said Craig Peters, Chief Executive Officer for Getty Images. “Our partnerships and unique access, expertise, exclusive content, comprehensive coverage and best-in-class search and customer service continue to set us apart. We are leading in responsible AI, both through our partnership with NVIDIA and our efforts to bring responsibly trained, commercially safe generative AI to our customers. I am excited to build on this momentum in the second half of 2024.”

“We executed and delivered a return to growth that together with healthy underlying key metrics provides a strong foundation for the second half of 2024,” said Jenn Leyden, Chief Financial Officer. “As we look ahead, we will remain fiscally conservative, continue to invest in the business, and are confident in our ability to return to full-year topline growth in 2024.”

Second Quarter 2024 Financial Summary:

• Revenue for the period was $229.1 million, an increase of 1.5% year-over-year and 2.1% on a currency-neutral basis.
  • Creative revenue was $137.9 million, a decrease of 2.4% year-over-year and 1.8% on a currency-neutral basis.
  • Editorial revenue was $83.6 million, an increase of 4.1% year-over-year and 4.6% on a currency-neutral basis.
  • Annual Subscription Revenue¹ as a percentage of total revenue grew to 52.9%, up from 51.1% in Q2'23.
• Net Income of $3.7 million, compared to Net Loss of $4.3 million in Q2'23. Included in Q2'24 results is a $2.4 million unrealized gain primarily related to the change in fair value of the Company’s Euro term loan, compared to an unrealized loss of $3.2 million in Q2'23. Net Income Margin for Q2'24 was 1.6% compared to Net Loss Margin of 1.9% in Q2'23.
• Adjusted EBITDA^* of $68.8 million, down 5.4% year over year and down 4.7% on a currency-neutral basis. Adjusted EBITDA Margin^* remained healthy at 30.0% and 32.2% for Q2'24 and Q2'23, respectively.
• Adjusted EBITDA less capex^* was $53.4 million, down 9.1% year over year and down 8.5% on a currency-neutral basis.
  

Liquidity and Balance Sheet:

• Net cash provided by operating activities of $68.0 million in Q2'24, compared to $73.8 million in the prior year period.
• Free cash flow^* of $31.1 million in Q2'24, compared to $27.9 million in the prior year period.
• Ending cash balance on June 30, 2024 was $121.7 million, down $14.9 million from the ending balance on December 31, 2023 and up $0.4 million from June 30, 2023. We have $150.0 million available through our Revolver which remains undrawn, for total available liquidity of $271.7 million.
• Total debt was $1.350 billion, which included $300.0 million in senior notes and a term loan balance of $1.050 billion, consisting of $601.8 million in USD and $448.5 million in USD equivalent of Euros, converted using exchange rates as of June 30, 2024.

^* Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA less capex, and Free Cash Flow are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section below.

Key Performance Indicators (KPIs)

Our KPIs outlined below are the metrics that provide management with the most immediate understanding of the drivers of business performance and our ability to deliver shareholder return, track to financial targets and prioritize customer satisfaction. KPI comparisons for the last twelve months ended June 30, 2024 reflect Hollywood strike impact.

	Last Twelve Months Ended June 30,
	2024		2023		Increase / (Decrease)
LTM total purchasing customers (thousands)1	740		830		(10.8)%
LTM total active annual subscribers (thousands)2	282		182		54.7%
LTM paid download volume (millions)3	95		94		0.9%
LTM annual subscriber revenue retention rate4	89.4%		98.5%		-910 bps
Image collection (millions)5	553		513		7.7%
Video collection (millions) 5	30		26		17.5%
LTM video attachment rate6	15.6%		13.5%		+210 bps

Annual subscription - includes all products with a duration of 12 months or longer

¹ The count of total customers who made a purchase within the reporting period based on billed revenue.
² The count of customers who were on an annual subscription product during the reporting period.
³ A count of the number of paid downloads by our customers in the reporting period. Excludes downloads from Editorial Subscriptions, Editorial feeds and certain API structured deals, including bulk unlimited deals. Excludes downloads starting in Q3’22 tied to a two-year deal signed with Amazon in July 2022, as the magnitude of the potential download volume over the deal term could result in significant fluctuations in this metric without corresponding impact to revenue in the same period.
⁴ This calculates retention of total revenue for customers on an annual subscription product, comparing the customer’s total billed revenue (inclusive of both annual subscription and non-annual subscription products) in the LTM period to the prior LTM period. ​
⁵ A count of the total images and videos in our content library as of the reporting date.​
⁶ A measure of the percentage of total paid customer downloaders who are video downloaders.

Second Quarter 2024 and Other Recent Business Highlights:

• Best-in-class-coverage of the Paris 2024 Olympics, shooting and editing more than 5 million images from over 70 sports across men's and women's competitions, ready-to-license and available to Getty Images’ global customer base in close to real-time. Once again the International Olympic Committee’s ("IOC") designated Official Photographic Agency, providing an unrivaled service to the IOC and its family of sponsors including NBC Universal Comcast, Coca-Cola, Proctor & Gamble, Visa, Toyota, AB InBev and Samsung Electronics.
• In partnership with NVIDIA, launched an updated model for its commercially safe generative AI services and tools. New model provides lightning-fast generation speeds and higher-quality visuals to help brands easily bring commercially safe AI to production.
• Partnership with PicsArt to bring its customers responsible AI.
• Renewed and extended its long-term partnership with Canva to provide Canva’s customers with access to millions of Getty Images’ award-winning creative image and video assets, while collaborating to develop responsibly trained, commercially safe generative AI.
• Following the Motorsport Images acquisition in April, already over 300,000 assets up on gettyimages.com and servicing new commercial partners such as McLaren Racing and Aston Martin.
  

Financial Outlook for Full Year 2024

The following tables summarize Getty Images’ updated fiscal year 2024 guidance:

	Updated 2024 Guidance	Prior 2024 Guidance
Revenue	$924 million to $943 million	$928 million to $947 million
Revenue YoY	0.9% to 2.9%	1.3% to 3.3%
Revenue YoY, Currency Neutral	1.0% to 3.0%	1.0% to 3.0%
Adjusted EBITDA	$290 million to $294 million	~$298 million
Adjusted EBITDA YoY	(3.8)% to (2.5)%	~(1.2)%
Adjusted EBITDA YoY, Currency Neutral	(3.6)% to (2.3)%	~(1.5)%

Guidance has been updated to reflect the impact of foreign currency exchange rates on both Revenue and Adjusted EBITDA. The update also reflects incremental integration related expenses that are more one time in nature, and higher than estimated employee health insurance costs. Despite these unplanned impacts, the guidance reflects strong operating efficiency with Adjusted EBITDA margins expected to be above 31%.

Webcast & Conference Call Information
The Company will host a conference call and live webcast with the investment community at 8:30 a.m. EDT, Monday, August 12, 2024 to discuss its second quarter 2024 results. The live webcast will be accessible through the Investor Relations section of the Company’s website at https://investors.gettyimages.com/. To access the call through a conference line, dial 1-800-245-3047 (in the U.S.) or 1-203-518-9765 (international callers). The conference ID for the call is GETTYQ2. A replay of the conference call will be posted shortly after the call and will be available for fourteen days following the call. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 11156500.

About Getty Images

Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first-place people turn to discover, purchase and share powerful visual content from the world’s best photographers and videographers. Getty Images works with almost 570,000 content creators and more than 340 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography.

Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end‑to‑end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for.

For company news and announcements, visit our Newsroom.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.

These forward-looking statements are subject to a number of risks and uncertainties, including: our inability to continue to license third-party content and offer relevant quality and diversity of content to satisfy customer needs; our ability to attract new customers and retain and motivate an increase in spending by our existing customers; our ability to grow our subscriptions business; the user experience of our customers on our websites; the extent to which we are able to maintain and expand the breadth and quality of our content library through content licensed from third-party suppliers, content acquisitions and imagery captured by our staff of in-house photographers; the mix of and basis upon which we license our content, including the price-points at, and the license models and purchase options through, which we license our content; the risk that we operate in a highly competitive market; the risk that we are unable to successfully execute our business strategy or effectively manage costs; our inability to effectively manage our growth; our inability to maintain an effective system of internal controls and financial reporting; the risk that we may lose the right to use “Getty Images” trademarks; our inability to evaluate our future prospects and challenges due to evolving markets and customers’ industries; the legal, social and ethical issues relating to the use of new and evolving technologies, such as Artificial Intelligence (“AI”), including statements regarding AI and innovation momentum; the increased use of AI applications such as generative AI technologies that may result in harm to our brand, reputation, business, or intellectual property; the risk that our operations in and continued expansion into international markets bring additional business, political, regulatory, operational, financial and economic risks; our inability to adequately adapt our technology systems to ingest and deliver sufficient new content; the risk of technological interruptions or cybersecurity breaches, incidents, and vulnerabilities; the risk that any prolonged strike by, or lockout of, one or more of the unions that provide personnel essential to the production of films or television programs, such as the 2023 strike by the writers’ union and the actors' unions and including its lingering effects, could further impact our entertainment business; the inability to expand our operations into new products, services and technologies and to increase customer and supplier awareness of new and emerging products and services, including with respect to our AI initiatives; the loss of and inability to attract and retain key personnel that could negatively impact our business growth; the inability to protect the proprietary information of customers and networks against security breaches and protect and enforce intellectual property rights; our reliance on third parties; the risks related to our use of independent contractors; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, higher interest rates, devaluation the impact of recent bank failures on the marketplace and the ability to access credit and significant political or civil disturbances in international markets where we conduct business; the risk that claims, judgements, lawsuits and other proceedings that have been, or may be, instituted against us or our predecessors could adversely affect our business; the inability to maintain the listing of our Class A common stock on the New York Stock Exchange; volatility in our stock price and in the liquidity of the trading market for our Class A common stock; the lingering effect of the COVID-19 pandemic; changes in applicable laws or regulations; the risks associated with evolving corporate governance and public disclosure requirements; the risk of greater than anticipated tax liabilities; the risks associated with the storage and use of personally identifiable information; earnings-related risks such as those associated with late payments, goodwill or other intangible assets; our ability to obtain additional capital on commercially reasonable terms; the risks associated with being an “emerging growth company” and “smaller reporting company” within the meaning of the U.S. securities laws; risks associated with our reliance on information technology in critical areas of our operations; our inability to pay dividends for the foreseeable future; the risks associated with additional issuances of Class A common stock without stockholder approval; costs related to operating as a public company; and other risks and uncertainties identified in “Item 1A Risk Factors” of our most recently filed Annual Report on Form 10-K (the “2023 Form 10-K”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described under the heading “Item 1A Risk Factors” in our 2023 Form 10-K and in our other filings with the SEC. The risks described under the heading “Item 1A Risk Factors” in our 2023 Form 10-K and other filings with the SEC are not exhaustive. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, the statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us, as applicable, as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

GETTY IMAGES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenue	$	229,140			$	225,675			$	451,418			$	461,317
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	63,097			$	63,354			$	123,353			$	126,640
Selling, general and administrative expenses		101,232				101,454				202,176				203,677
Depreciation		14,689				13,540				29,049				26,563
Amortization		592				7,260				1,126				14,467
Loss on litigation		2,792				6,269				4,814				6,441
Other operating expenses – net		280				332				3,408				611
Total operating expenses		182,682				192,209				363,926				378,399
Income from operations		46,458				33,466				87,492				82,918
Other (expense) income, net:
Interest expense		(33,890	)			(31,683	)			(66,614	)			(62,180	)
Loss on fair value adjustment for swaps – net		—				(640	)			(1,459	)			(2,725	)
Unrealized foreign exchange gains (loss) – net		2,439				(3,165	)			18,861				(14,087	)
Other non-operating income – net		1,180				634				2,695				1,122
Total other expense – net		(30,271	)			(34,854	)			(46,517	)			(77,870	)
Income (loss) before income taxes		16,187				(1,388	)			40,975				5,048
Income tax expense		(12,498	)			(2,889	)			(23,699	)			(6,122	)
Net income (loss)		3,689				(4,277	)			17,276				(1,074	)
Less:
Net (loss) income attributable to non-controlling interest		(158	)			(214	)			(26	)			293
Net income (loss) attributable to Getty Images Holdings, Inc.	$	3,847			$	(4,063	)		$	17,302			$	(1,367	)
Net income (loss) per share attributable to Class A Getty Images Holdings, Inc. common stockholders:
Basic	$	0.01			$	(0.01	)		$	0.04			$	—
Diluted	$	0.01			$	(0.01	)		$	0.04			$	—
Weighted-average Class A common shares outstanding:
Basic		408,989,273				397,417,290				407,312,262				396,368,132
Diluted		414,439,239				397,417,290				414,666,363				396,368,132

GETTY IMAGES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)(In thousands, except share and par value data)
	June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	121,702			$	136,623
Restricted cash		4,530				4,227
Accounts receivable – net of allowance of $6,475 and $6,526, respectively		121,293				138,730
Prepaid expenses		13,820				15,798
Insurance recovery receivable		46,491				48,615
Taxes receivable		9,951				9,758
Other current assets		12,615				11,253
Total current assets		330,402				365,004
Property and equipment, net		179,272				179,378
Operating lease right-of-use assets		36,498				41,098
Goodwill		1,514,752				1,501,814
Intangible assets, net of accumulated amortization		397,928				403,805
Deferred income taxes, net		69,120				69,400
Other assets		38,563				41,262
Total assets	$	2,566,535			$	2,601,761
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	96,823			$	102,525
Accrued expenses		48,332				43,653
Income taxes payable		10,420				11,325
Litigation reserves		100,847				98,149
Deferred revenue		169,396				176,349
Total current liabilities		425,818				432,001
Long-term debt, net		1,349,391				1,398,658
Lease liabilities		34,223				39,858
Deferred income taxes, net		30,024				21,580
Uncertain tax positions		22,919				24,772
Other long-term liabilities		1,951				3,462
Total liabilities		1,864,326				1,920,331
Stockholders' equity:
Class A common stock, $0.0001 par value: 2.0 billion shares authorized; 410.1 million shares issued and outstanding as of June 30, 2024 and 405.0 million shares issued and outstanding as of December 31, 2023		41				40
Additional paid-in capital		2,005,180				1,983,276
Accumulated deficit		(1,245,713	)			(1,263,015	)
Accumulated other comprehensive loss		(105,478	)			(87,076	)
Total Getty Images Holdings, Inc. stockholders’ equity		654,030				633,225
Non-controlling interest		48,179				48,205
Total stockholders’ equity		702,209				681,430
Total liabilities and stockholders’ equity	$	2,566,535			$	2,601,761

GETTY IMAGES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
	Six Months Ended June 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	17,276			$	(1,074	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		29,049				26,563
Amortization		1,126				14,467
Unrealized exchange (losses) gains on foreign denominated debt		(15,128	)			9,065
Equity-based compensation		13,148				18,009
Deferred income taxes – net		8,725				(5,796	)
Uncertain tax positions		(1,854	)			(3,010	)
Non-cash fair value adjustment for swaps - net		1,459				2,725
Amortization of debt issuance costs		1,283				1,960
Non-cash operating lease costs		6,049				3,920
Other		1,494				1,524
Changes in assets and liabilities:
Accounts receivable		14,391				6,706
Accounts payable		(5,440	)			1,420
Accrued expenses		3,400				(5,243	)
Insurance recovery receivable		2,124				—
Litigation reserves		2,699				—
Lease liabilities, non-current		(6,118	)			(4,215	)
Income taxes receivable/payable		(3,965	)			(1,163	)
Interest payable		(2	)			(130	)
Deferred revenue		(3,058	)			5,616
Other		1,313				2,439
Net cash provided by operating activities		67,971				73,783
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment		(29,833	)			(29,452	)
Acquisition of a business, net of cash acquired		(14,906	)			—
Net cash used in investing activities		(44,739	)			(29,452	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt issuance costs		(2,205	)			(1,137	)
Prepayment of debt		(35,200	)			(25,200	)
Proceeds from common stock issuance		5,256				4,898
Cash paid for settlement of employee taxes related to equity-based awards		(2,625	)			(2,993	)
Cash paid for equity issuance costs		—				(150	)
Net cash used in financing activities		(34,774	)			(24,582	)
Effects of exchange rates fluctuations		(3,076	)			3,439
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(14,618	)			23,188
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period		140,850				102,394
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period		126,232				125,582

Non-GAAP Financial Measures
In order to assist investors in understanding the core operating results that our management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Adjusted EBITDA, (2) Adjusted EBITDA Margin, (3) Adjusted EBITDA less capex and (4) Free Cash Flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

The Company believes that these measures are relevant and provide useful information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. We also evaluate our revenue on an as reported (U.S. GAAP) and currency neutral basis. We believe presenting currency neutral information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided below.

The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EBITDA less capex

(In thousands)		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Net income		$	3,689			$	(4,277	)		$	17,276			$	(1,074	)
Add/(less) non-GAAP adjustments:
Depreciation and amortization			15,281				20,800				30,175				41,030
Loss on litigation1			2,792				6,269				4,814				6,441
Other operating expense – net			280				332				3,408				611
Interest expense			33,890				31,683				66,614				62,180
Fair value adjustments, foreign exchange and other non-operating (income) expense 2			(3,619	)			3,171				(20,097	)			15,690
Income tax expense			12,498				2,889				23,699				6,122
Equity-based compensation expense, net of capitalization			4,013				11,876				13,148				18,009
Adjusted EBITDA		$	68,824			$	72,743			$	139,037			$	149,009
Capex			15,380				13,927				29,833				29,452
Adjusted EBITDA less capex			53,444				58,816				109,204				119,557
Net income margin			1.6	%		(1.9		)%			3.8	%		(0.2		)%
Adjusted EBITDA margin			30.0	%			32.2	%			30.8	%			32.3	%

¹ Beginning in the third quarter 2023 reporting period, the Company reclassified historical legal fees associated with our warrant litigation from “Selling, general and administrative expenses” to “Loss on litigation” within the Condensed Consolidated Statements of Operations, and revised its Adjusted EBITDA calculation.
² Fair value adjustments for our swaps, foreign exchange gains (losses) and other insignificant non-operating related expenses (income).

Reconciliation of Free Cash Flow

		Three Months Ended June 30,								Six Months Ended June 30,
​(In thousands)			2024				2023				2024				2023
Net cash provided by operating activities​		$	46,443			$	41,868			$	67,971			$	73,783
Acquisition of property and equipment​			(15,381	)			(13,927	)			(29,833	)			(29,452	)
Free Cash Flow​		$	31,062			$	27,941			$	38,138			$	44,331

OTHER FINANCIAL DATA

Revenue by Product

		Three Months Ended June 30,														increase / (decrease)
(In thousands)			2024			% of revenue				2023			% of revenue			$ change				% change			CN % change
Creative		$	137,897			60.2	%		$	141,256			62.6	%		$	(3,359	)		(2.4	)%		(1.8	)%
Editorial			83,619			36.5	%			80,306			35.6	%			3,313			4.1	%		4.6	%
Other			7,624			3.3	%			4,113			1.8	%			3,511			85.4	%		86.5	%
Total revenue		$	229,140			100.0	%		$	225,675			100.0	%		$	3,465			1.5	%		2.1	%

		Six Months Ended June 30,														increase / (decrease)
(In thousands)			2024			% of revenue				2023			% of revenue			$ change				% change			CN % change
Creative		$	276,736			61.3	%		$	287,716			62.4	%		$	(10,980	)		(3.8	)%		(3.5	)%
Editorial			163,048			36.1	%			164,968			35.8	%			(1,920	)		(1.2	)%		(1.1	)%
Other			11,634			2.6	%			8,633			1.9	%			3,001			34.8	%		35.2	%
Total revenue		$	451,418			100.0	%		$	461,317			100.0	%		$	(9,899	)		(2.1	)%		(1.9	)%

Balance Sheet & Liquidity

(In millions)		June 30, 2024				December 31, 2023				June 30, 2023
Cash & Cash Equivalents1		$	121.7			$	136.6			$	121.3
Available under Revolving Credit Facility2		$	150.0			$	150.0			$	150.0
Liquidity		$	271.7			$	286.6			$	271.3
Term Loans Outstanding - USD Tranche		$	601.8			$	637.0			$	662.2
Term Loans Outstanding - EUR Tranche3		$	448.5			$	463.6			$	456.1
Total Balance - Term Loans Outstanding4		$	1,050.3			$	1,100.6			$	1,118.3
Senior Notes		$	300.0			$	300.0			$	300.0

¹ Excludes restricted cash of $4.5 million as of June 30, 2024, $4.2 million as of December 31, 2023 and $4.3 million as of June 30, 2023.
² Our Revolving Credit Facility was effective May, 2023 and matures May, 2028.
³ Face Value of Debt is 419M EUR. Converted using the FX spot rate as of June 30, 2024 of 1.07, December 31, 2023 of 1.11, and June 30, 2023 of 1.09.
⁴ Represents face value of debt, not GAAP carrying value.

Investor Contact:
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Steven Kanner
Investorrelations@gettyimages.com

Media Contact:

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Anne Flanagan
Anne.flanagan@gettyimages.com