Q1 2025 Getty Images Holdings Inc Earnings Call Transcript
Key Points
- Getty Images Holdings Inc (GETY) reported a first-quarter revenue of $224.1 million, representing a growth of 0.8% or 2.6% on a currency-neutral basis.
- The company saw strong growth in its annual subscription business, with subscription revenue making up 57.2% of total revenue, up from 54.7% in the previous year.
- Getty Images Holdings Inc (GETY) secured new exclusive partnerships with major sports organizations like WWE, Major League Soccer, and the National Women's Soccer League.
- The company renewed its long-standing partnership with UEFA and holds an official designation for the Formula 1 series' 75th anniversary season.
- Getty Images Holdings Inc (GETY) was recognized with 115 awards of excellence in various categories, showcasing the talent and expertise of its photographers.
- Adjusted EBITDA for the quarter was $70.1 million, down 0.1% year-over-year, indicating a slight decline in profitability.
- The company's creative revenue decreased by 4.8% year-on-year, with declines in the agency business due to macroeconomic uncertainties.
- Free cash flow was negative $300,000, a significant drop from $7.1 million in the first quarter of 2024, primarily due to merger-related expenses.
- Getty Images Holdings Inc (GETY) faced challenges from the Los Angeles fires, which impacted its entertainment and media business segments.
- The company experienced a slight uptick in net leverage to 4.1 times, reflecting the impact of refinancing and currency fluctuations.
Before we begin, we would like to note that due to the ongoing regulatory review process, we will not be able to comment on the status of the merger with Shutterstock or the first quarter 2025 Shutterstock operating results. We appreciate your understanding, and we'll share updates as soon as we are able.
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 today's press release and in our filings with the SEC. The links to these filings and today's press release can be found on our Investor Relations website at investors.gettyimages.com.
During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted
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