Q2 2024 Getty Images Holdings Inc Earnings Call Transcript
Key Points
- Getty Images Holdings Inc (GETY) returned to growth in Q2 2024 with revenue of $229.1 million, a year-on-year increase of 1.5% on a reported basis and 2.1% on a currency-neutral basis.
- The company saw growth across its Getty Images, iStock, and Unsplash brands, with strong utilization reflected by growth in paid downloads.
- Getty Images Holdings Inc (GETY) continues to innovate in AI, launching an updated model of its commercially safe Generative AI services and tools in partnership with NVIDIA.
- The company reported a strong rebound in its editorial business, with a 4.1% year-on-year increase in editorial revenue, driven by major events and a favorable year-on-year comparison due to the Hollywood strikes.
- Getty Images Holdings Inc (GETY) added 100,000 active annual subscribers, representing a 55% growth over the corresponding 2023 LTM period, with over 60% being first-time purchasing customers.
- Adjusted EBITDA for the quarter was $68.8 million, down 5.4% on a reported basis and 4.7% currency-neutral, with an EBITDA margin of 30%, down from 32.2% in Q2 2023.
- The company continues to see softness from its agency and production customers, impacting both creative and editorial revenues, particularly in video.
- Total purchasing customers decreased to 740,000 from 830,000 in the comparable LTM period, reflecting a lower volume of Ă la carte transactions.
- The annual subscriber revenue retention rate declined to 89.4% from 98.5% in the comparable LTM period, driven by factors such as the Hollywood strike and lower retention among smaller e-commerce subscribers.
- Getty Images Holdings Inc (GETY) reported an increase in SG&A expenses, excluding stock-based compensation, to $97.2 million, or 42.4% of revenue, up from $89.6 million or 39.7% of revenue in Q2 2023, reflecting planned reinvestments and higher commissions.
Good morning, and welcome to Getty Images second quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images. Thank you. You may begin.
Good afternoon, and welcome to the Getty Images second quarter 2024 earnings call. Joining me on today's call are Craig Peters, Chief Executive Officer; and Jen Leyden, Chief Financial Officer.
Before we begin, we would like to remind you that this call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks, uncertainties, and assumptions, which could cause our actual results to differ materially from these statements.
These risks, uncertainties, and assumptions are highlighted in the forward-looking statements section of Friday's
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