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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from         to

Graphic

GETTY IMAGES HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

  

001-41453
(Commission
File Number)

  

87-3764229
(I.R.S. Employer
Identification Number)

605 5th Ave S. Suite 400

Seattle, WA 98104

(Address of principal executive offices)(Zip Code)

(206) 925-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading
Symbol(s)

    

Name of each exchange
on which registered

Class A Common Stock

GETY

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 10, 2022, 394,771,254 shares of Class A common stock, par value $0.0001 per share of Getty Images Holdings, Inc. were issued and outstanding.

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GETTY IMAGES HOLDINGS, INC.

Form 10-Q

Table of Contents

Page No.

PART I. FINANCIAL INFORMATION

Cautionary Note Regarding Forward-Looking Statements

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

1

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021

2

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021

3

Condensed Consolidated Statements of Redeemable Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2022 and 2021

4

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

46

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

47

Item 6.

Exhibits

48

Signatures

49

i

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PART I – FINANCIAL INFORMATION

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this Quarterly Report on Form 10-Q 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 report, 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 our control.

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 its existing customers;
the user experience of our customers on our website;
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 its staff of inhouse 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 its business strategy;
our inability to effectively manage our growth;
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 risk that our operations in and continued expansion into international markets bring additional business, political, regulatory, operational, financial and economic risks;
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;
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 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 and significant political or civil disturbances in international markets where we conduct business;
the risk that claims, 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;
the risk that the COVID-19 pandemic and efforts to reduce its spread impacts our business, financial condition, cash flows and operation results more significantly than currently expected;
the ability to recognize the anticipated benefits of our business combination with CC Neuberger Principal Holdings II, which may be affected by, among other things, competition and our ability to grow our business and manage growth profitably;
changes in applicable laws or regulations;
risks associated with our reliance on information technology in critical areas of our operations;
costs related to operating as a public company; and

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those factors discussed under the heading “Risk Factors” in our Registration Statement on Form S-1 (File No. 333-266686), declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 15, 2022 (the “S-1 Registration Statement”), and in our other filings with the SEC.

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 report are more fully described under the heading “Risk Factors” in the S-1 Registration Statement and in our other filings with the SEC. The risks described under the heading “Risk Factors” in the S-1 Registration Statement 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 report, 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.

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GETTY IMAGES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

(unaudited)

    

September 30, 

    

December 31, 

2022

2021

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

71,869

$

186,301

Restricted cash

4,533

 

5,228

Accounts receivable – net of allowance of $5,983 and $5,946

124,509

 

143,362

Prepaid expenses

11,864

 

12,778

Taxes receivable

2,644

 

11,992

Other current assets

8,986

 

15,368

Total current assets

224,405

 

375,029

PROPERTY AND EQUIPMENT – NET

163,659

 

170,896

RIGHT OF USE ASSETS

48,318

 

GOODWILL

1,497,843

 

1,503,245

IDENTIFIABLE INTANGIBLE ASSETS – NET

408,743

 

478,852

DEFERRED INCOME TAXES – NET

7,785

 

8,893

OTHER LONG-TERM ASSETS

50,257

 

41,092

TOTAL

$

2,401,010

$

2,578,007

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

  

CURRENT LIABILITIES:

 

  

Accounts payable

$

89,443

$

94,993

Accrued expenses

48,339

 

66,569

Income taxes payable

1,307

 

10,502

Short-term debt – net

 

6,481

Deferred revenue

163,220

 

167,550

Total current liabilities

302,309

 

346,095

LONG-TERM DEBT – NET

1,392,422

 

1,750,990

LEASE LIABILITIES

47,252

 

DEFERRED INCOME TAXES – NET

43,960

 

24,595

UNCERTAIN TAX POSITIONS

37,355

 

42,701

OTHER LONG-TERM LIABILITIES

7,424

 

26,961

Total liabilities

1,830,722

 

2,191,342

Commitments and contingencies (Note 12)

 

  

REDEEMABLE PREFERRED STOCK:

Redeemable Preferred Stock, $0.01 par value, 900,000 shares authorized, 677,484 shares outstanding at December 31, 2021 (aggregate liquidation preference of $685,350). No shares were issued or outstanding at September 30, 2022.

 

685,350

STOCKHOLDERS’ EQUITY (DEFICIT):

 

  

Preferred Stock, $0.0001 par value; 1.0 million shares authorized; no shares issued and outstanding as of September 30, 2022 and December 31, 2021.

 

Class A common stock, $0.0001 par value: 2.0 billion shares authorized; 394.8 million shares issued and outstanding as of September 30, 2022 and 196.1 million shares issued and outstanding as of December 31, 2021

39

20

Class B common stock, $0.0001 par value: 5.1 million shares authorized; no shares issued and no shares outstanding as of September 30, 2022 and December 31, 2021.

 

Additional paid-in capital

1,926,489

 

935,082

Accumulated deficit

(1,259,427)

 

(1,203,440)

Accumulated other comprehensive loss

(145,182)

 

(78,403)

Total Getty Images Holdings, Inc. stockholders’ equity (deficit)

521,919

 

(346,741)

Noncontrolling interest

48,369

 

48,056

Total stockholders’ equity (deficit)

570,288

 

(298,685)

TOTAL

$

2,401,010

$

2,578,007

See notes to unaudited condensed consolidated financial statements.

1

Table of Contents

GETTY IMAGES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(unaudited)

    

Three Months Ended

    

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

2022

    

2021

REVENUE

$

230,474

$

237,021

$

694,778

$

679,635

OPERATING EXPENSE:

 

  

 

  

Cost of revenue (exclusive of depreciation and amortization shown separately below)

64,040

62,598

 

191,052

 

183,142

Selling, general and administrative expenses

91,571

94,459

 

280,255

 

273,929

Depreciation

12,407

12,720

 

37,298

 

38,551

Amortization

11,566

12,471

 

35,676

 

37,025

Other operating expense (income) – net

532

(223)

 

4,096

 

(373)

Operating expense

180,116

182,025

 

548,377

 

532,274

INCOME FROM OPERATIONS

50,358

54,996

 

146,401

 

147,361

OTHER EXPENSE, NET:

 

 

Interest expense

(29,397)

(31,006)

 

(88,983)

 

(92,173)

Gain on fair value adjustment for swaps and foreign currency exchange contract – net

5,672

3,728

 

22,777

 

12,493

Unrealized foreign exchange gains – net

33,671

14,243

 

71,905

 

26,922

Loss on extinguishment of debt

(2,693)

(2,693)

Net loss on fair value adjustment for warrant liabilities

(161,339)

(161,339)

Other non-operating (expense) income – net

(3,763)

157

 

(3,408)

 

457

Total other expense – net

(157,849)

(12,878)

 

(161,741)

 

(52,301)

(LOSS) INCOME BEFORE INCOME TAXES

(107,491)

42,118

 

(15,340)

 

95,060

INCOME TAX EXPENSE

(10,625)

(8,489)

 

(38,974)

 

(19,162)

NET (LOSS) INCOME

(118,116)

33,629

 

(54,314)

 

75,898

Less:

 

 

Net (loss) income attributable to noncontrolling interest

(62)

113

 

313

 

254

Premium on early redemption of Redeemable Preferred Stock

26,678

26,678

Redeemable Preferred Stock dividend

4,666

18,227

 

43,218

 

52,653

NET (LOSS) INCOME ATTRIBUTABLE TO GETTY IMAGES HOLDINGS, INC.

$

(149,398)

$

15,289

$

(124,523)

$

22,991

Net (loss) income per share attributable to Class A Getty Images Holdings, Inc. common stockholders:

Basic

$

(0.47)

$

0.08

$

(0.52)

$

0.12

Diluted

$

(0.51)

$

0.08

$

(0.59)

$

0.12

Weighted-average Class A common shares outstanding:

Basic

318,152,726

196,082,512

237,235,059

196,082,512

Diluted

323,337,894

197,523,619

238,963,448

197,238,936

See notes to unaudited condensed consolidated financial statements.

2

Table of Contents

GETTY IMAGES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

NET (LOSS) INCOME

 

(118,116)

33,629

(54,314)

75,898

OTHER COMPREHENSIVE LOSS:

 

Net foreign currency translation adjustment losses

 

(33,416)

(13,529)

(66,779)

(22,284)

COMPREHENSIVE (LOSS) INCOME

(151,532)

20,100

(121,093)

53,614

Less: Comprehensive (loss) gain attributable to noncontrolling interest

 

(61)

114

313

253

COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO GETTY IMAGES HOLDINGS, INC.

$

(151,471)

$

19,986

$

(121,406)

$

53,361

See notes to unaudited condensed consolidated financial statements.

3

Table of Contents

GETTY IMAGES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands except share amounts)

(unaudited)

Total

Accumulated

Getty Images

Redeemable

Additional

Other

Holdings, Inc.

 

Total

Preferred Stock

Class A Common Stock

Class B Common Stock

Paid-In

Accumulated

Comprehensive

Stockholders’

Noncontrolling

 

Stockholders’

  

Shares

  

Amount

  

  

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

Deficit

  

Loss

  

Equity (Deficit)

  

Interest

  

Equity (Deficit)

BALANCE — December 31, 2021

677,484

$

685,350

153,313,505

$

1,533

$

 

$

933,569

 

$

(1,203,440)

 

$

(78,403)

$

(346,741)

 

$

48,056

$

(298,685)

Retroactive application of recapitalization

42,781,797

 

(1,513)

 

 

1,513

 

 

 

BALANCE — December 31, 2021, after effect of recapitalization (Note 3)

677,484

$

685,350

196,095,302

$

20

$

 

$

935,082

 

$

(1,203,440)

 

$

(78,403)

$

(346,741)

 

$

48,056

$

(298,685)

Net loss

 

 

 

 

24,899

 

24,899

 

208

25,107

Other comprehensive income

 

 

 

 

 

(3,878)

(3,878)

 

(1)

(3,879)

Cumulative effect of accounting change- adoption of ASU 2019-12 (see Note 2)

 

 

 

 

(1,360)

 

(1,360)

 

(1,360)

Issuance of common stock in connection with option exercises

11,991

 

 

 

29

 

 

29

 

29

Equity-based compensation activity

 

1,741

 

 

1,741

 

1,741

Redeemable Preferred Stock dividend

18,631

18,847

 

(18,847)

 

 

(18,847)

 

(18,847)

BALANCE — March 31, 2022

696,115

$

704,197

196,107,293

$

20

$

 

$

918,005

 

$

(1,179,901)

 

$

(82,281)

$

(344,157)

 

$

48,263

$

(295,894)

Net loss

 

 

 

 

38,528

 

38,528

 

167

38,695

Other comprehensive income

(29,485)

(29,485)

(29,485)

Equity-based compensation activity

1,390

1,390

1,390

Redeemable Preferred Stock dividend

19,478

19,705

(19,705)

(19,705)

(19,705)

BALANCE — June 30, 2022

715,593

$

723,902

196,107,293

$

20

$

$

899,690

$

(1,141,373)

$

(111,766)

$

(353,429)

$

48,430

$

(304,999)

Net loss

(118,054)

(118,054)

(62)

(118,116)

Other comprehensive income

(33,416)

(33,416)

1

(33,415)

Issuance of common stock in connection with option exercises

1,555,961

120

120

120

Common shares withheld for settlement of taxes in connection with equity-based compensation

(679,914)

(6,267)

(6,267)

(6,267)

Equity-based compensation activity

2,806

2,806

2,806

Redeemable Preferred Stock dividend

4,666

(4,666)

(4,666)

(4,666)

Premium on early redemption of Redeemable Preferred Stock

26,678

(26,678)

(26,678)

(26,678)

Redemption of Redeemable Preferred Stock for
cash and share consideration

(715,593)

(755,246)

15,000,000

2

140,248

140,250

140,250

Issuance of Class A and Class B common stock upon Business Combination and PIPE Investment, net

107,068,311

10

5,140,000

1

688,269

688,280

688,280

Issuance of Class A common stock upon exercise of Private Placement Warrants

11,555,996

1

232,852

232,853

232,853

Issuance of Class A common stock upon exercise of Public Warrants

10,201

121

121

121

Issuance of Class A common stock upon vesting of Earn-out shares

58,999,956

6

(6)

Conversion of Class B common stock to Class A common Stock

5,140,000

(5,140,000)

(1)

(1)

(1)

BALANCE — September 30, 2022

$

394,757,804

$

39

$

$

1,926,489

$

(1,259,427)

$

(145,182)

$

521,919

$

48,369

$

570,288

See notes to unaudited condensed consolidated financial statements.

4

Table of Contents

GETTY IMAGES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands except share amounts)

(unaudited)

Total

Accumulated

Getty Images

Redeemable

Additional

Other

Holdings, Inc.

 

Total

Preferred Stock

Class A Common Stock

Class B Common Stock

Paid-In

Accumulated

Comprehensive

Stockholders’

Noncontrolling

 

Stockholders’

  

Shares

  

Amount