Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity Registrant Name | GETTY IMAGES HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-41453 | |
Entity Tax Identification Number | 87-3764229 | |
Entity Address, Address Line One | 605 5th Ave S. Suite 400 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98104 | |
City Area Code | 206 | |
Local Phone Number | 925-5000 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | GETY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 408,593,823 | |
Entity Central Index Key | 0001898496 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 134,198 | $ 136,623 |
Restricted cash | 4,538 | 4,227 |
Accounts receivable – net of allowance of $6,439 and $6,526, respectively | 138,441 | 138,730 |
Prepaid expenses | 16,117 | 15,798 |
Insurance recovery receivable | 47,684 | 48,615 |
Taxes receivable | 9,789 | 9,758 |
Other current assets | 12,850 | 11,253 |
Total current assets | 363,617 | 365,004 |
Property and equipment, net | 178,226 | 179,378 |
Operating lease right-of-use assets | 38,744 | 41,098 |
Goodwill | 1,499,432 | 1,501,814 |
Intangible assets, net of accumulated amortization | 397,399 | 403,805 |
Deferred income taxes, net | 69,235 | 69,400 |
Other assets | 38,800 | 41,262 |
Total assets | 2,585,453 | 2,601,761 |
Current liabilities: | ||
Accounts payable | 91,837 | 102,525 |
Accrued expenses | 36,407 | 43,653 |
Income taxes payable | 13,941 | 11,325 |
Litigation reserves | 99,539 | 98,149 |
Deferred revenue | 180,603 | 176,349 |
Total current liabilities | 422,327 | 432,001 |
Long-term debt, net | 1,384,938 | 1,398,658 |
Lease liabilities | 36,899 | 39,858 |
Deferred income taxes, net | 24,837 | 21,580 |
Uncertain tax positions | 24,610 | 24,772 |
Other long-term liabilities | 2,697 | 3,462 |
Total liabilities | 1,896,308 | 1,920,331 |
Stockholders' equity: | ||
Class A common stock, $0.0001 par value: 2.0 billion shares authorized; 407.3 million shares issued and outstanding as of March 31, 2024 and 405.0 million shares issued and outstanding as of December 31, 2023 | 41 | 40 |
Additional paid-in capital | 1,993,009 | 1,983,276 |
Accumulated deficit | (1,249,560) | (1,263,015) |
Accumulated other comprehensive loss | (102,682) | (87,076) |
Total Getty Images Holdings, Inc. stockholders’ equity | 640,808 | 633,225 |
Non-controlling interest | 48,337 | 48,205 |
Total stockholders’ equity | 689,145 | 681,430 |
Total liabilities and stockholders’ equity | $ 2,585,453 | $ 2,601,761 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 6,439 | $ 6,526 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 2,000 | 2,000 |
Common stock, issued (in shares) | 407.3 | 405 |
Common stock, outstanding (in shares) | 407.3 | 405 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 222,278 | $ 235,642 |
Operating expenses: | ||
Cost of revenue (exclusive of depreciation and amortization) | 60,256 | 63,286 |
Selling, general and administrative expenses | 100,944 | 102,223 |
Depreciation | 14,360 | 13,023 |
Amortization | 534 | 7,207 |
Loss on litigation | 2,022 | 172 |
Other operating expenses – net | 3,128 | 279 |
Total operating expenses | 181,244 | 186,190 |
Income from operations | 41,034 | 49,452 |
Other (expense) income, net: | ||
Interest expense | (32,724) | (30,497) |
Loss on fair value adjustment for swaps – net | (1,459) | (2,085) |
Unrealized foreign exchange gains (loss) – net | 16,422 | (10,922) |
Other non-operating income – net | 1,515 | 488 |
Total other expense – net | (16,246) | (43,016) |
Income before income taxes | 24,788 | 6,436 |
Income tax expense | (11,201) | (3,233) |
Net income | 13,587 | 3,203 |
Net income attributable to non-controlling interest | 132 | 507 |
Net income attributable to Getty Images Holdings, Inc. | $ 13,455 | $ 2,696 |
Net income per share attributable to Class A Getty Images Holdings, Inc. common stockholders: | ||
Basic (in dollars per share) | $ 0.03 | $ 0.01 |
Diluted (in dollars per share) | $ 0.03 | $ 0.01 |
Weighted-average Class A common shares outstanding: | ||
Basic (in dollars per share) | 405,635,000 | 395,307,000 |
Diluted (in dollars per share) | 414,893,000 | 408,641,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 13,587 | $ 3,203 |
Other comprehensive income (loss): | ||
Net foreign currency translation adjustment (losses) gains | (15,606) | 8,380 |
Comprehensive (loss) income | (2,019) | 11,583 |
Less: Comprehensive gain attributable to non-controlling interest | 132 | 507 |
Comprehensive (loss) income attributable to Getty Images Holdings, Inc. | $ (2,151) | $ 11,076 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Total Getty Images Holdings, Inc. Stockholders’ Equity | Class A Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-controlling Interest |
Beginning balance (in shares) at Dec. 31, 2022 | 394,771,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 593,048 | $ 545,081 | $ 39 | $ 1,936,324 | $ (1,282,354) | $ (108,928) | $ 47,967 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 3,203 | 2,696 | 2,696 | 507 | |||
Net foreign currency translation adjustment gains (losses) in comprehensive income (loss) | 8,380 | 8,380 | 8,380 | ||||
Issuance of common stock in connection with equity-based compensation arrangements (in shares) | 2,082,000 | ||||||
Issuance of common stock in connection with equity-based compensation arrangements | 2,639 | 2,639 | 2,639 | ||||
Equity-based compensation activity | 6,840 | 6,840 | 6,840 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 396,853,000 | ||||||
Ending balance at Mar. 31, 2023 | 614,110 | 565,636 | $ 39 | 1,945,803 | (1,279,658) | (100,548) | 48,474 |
Beginning balance (in shares) at Dec. 31, 2023 | 404,971,000 | ||||||
Beginning balance at Dec. 31, 2023 | 681,430 | 633,225 | $ 40 | 1,983,276 | (1,263,015) | (87,076) | 48,205 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 13,587 | 13,455 | 13,455 | 132 | |||
Net foreign currency translation adjustment gains (losses) in comprehensive income (loss) | (15,606) | (15,606) | (15,606) | ||||
Issuance of common stock in connection with equity-based compensation arrangements (in shares) | 2,904,000 | ||||||
Issuance of common stock in connection with equity-based compensation arrangements | 2,196 | 2,196 | $ 1 | 2,195 | |||
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares) | (571,000) | ||||||
Common shares withheld for settlement of taxes in connection with equity-based compensation | (2,492) | (2,492) | (2,492) | ||||
Equity-based compensation activity | 10,030 | 10,030 | 10,030 | ||||
Ending balance (in shares) at Mar. 31, 2024 | 407,304,000 | ||||||
Ending balance at Mar. 31, 2024 | $ 689,145 | $ 640,808 | $ 41 | $ 1,993,009 | $ (1,249,560) | $ (102,682) | $ 48,337 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 13,587 | $ 3,203 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 14,360 | 13,023 |
Amortization | 534 | 7,207 |
Unrealized exchange (losses) gains on foreign denominated debt | (11,708) | 9,489 |
Equity-based compensation | 9,134 | 6,132 |
Deferred income taxes – net | 3,422 | (40) |
Uncertain tax positions | (163) | 1,222 |
Non-cash fair value adjustment for swaps - net | 1,459 | 2,085 |
Amortization of debt issuance costs | 743 | 1,031 |
Non-cash operating lease costs | 2,913 | 1,878 |
Other | 632 | 723 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,051) | (5,721) |
Accounts payable | (8,877) | 657 |
Accrued expenses | (212) | (5,079) |
Insurance recovery receivable | 931 | 0 |
Litigation reserves | 1,390 | 0 |
Lease liabilities, non-current | (2,957) | (2,022) |
Income taxes receivable/payable | 145 | (2,015) |
Interest payable | (7,317) | (7,573) |
Deferred revenue | 7,883 | 7,833 |
Other | (2,320) | (118) |
Net cash provided by operating activities | 21,528 | 31,915 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (14,452) | (15,525) |
Net cash used in investing activities | (14,452) | (15,525) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt issuance costs | (2,201) | 0 |
Repayment of debt | (2,600) | (2,600) |
Proceeds from common stock issuance | 2,021 | 2,639 |
Cash paid for settlement of employee taxes related to equity-based awards | (2,492) | 0 |
Cash paid for equity issuance costs | 0 | (86) |
Net cash used in financing activities | (5,272) | (47) |
Effects of exchange rates fluctuations | (3,918) | 2,541 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,114) | 18,884 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period | 140,850 | 102,394 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period | $ 138,736 | $ 121,278 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Note 1 - Description of the Company and Basis of Presentation Description of the Company Unless otherwise noted, references in these notes to the unaudited condensed consolidated financial statements to “ Getty Images, ” “ Company, ” “ we, ” “ our, ” and “ us, ” refer to Getty Images Holdings, Inc. and its subsidiaries. Getty Images Holdings, Inc. is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of customers around the globe, no matter their size. Through Getty Images, iStock, and Unsplash brands, websites, and APIs, the Company serves customers in almost every country. It is one of the first places people turn to discover, purchase, and share powerful visual content from the world’s best photographers and videographers. The Company brings content to media outlets, advertising agencies, and corporations and increasingly serves individual creators and prosumers. Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future period or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Certain prior year amounts have been reclassified to conform to the current year's presentation. The loss on litigation incurred during the three months ended March 31, 2023, previously included in “Selling, general, and administrative expenses,” has been reclassified to its line item on the condensed consolidated statements of operations. Certain prior year disaggregated revenue amounts have been reclassified to conform to the current year presentation. All intercompany accounts and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies There have been no changes to the significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2024 that have had a material impact on the Company’s condensed consolidated financial statements and related notes. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Allowance for Doubtful Accounts Accounts receivable, net, are trade receivables net of reserves for allowances for doubtful accounts totaling $6.4 million as of March 31, 2024, and $6.5 million as of December 31, 2023. The Company recorded net bad debt expenses of $0.3 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. The allowance for doubtful accounts is calculated based on current expected credit losses, which includes consideration of historical losses, existing economic conditions, and analysis of specific older account balances of customer and delegate accounts. Trade receivables are written off when collection efforts have been exhausted. Unrealized Foreign Exchange Gains (Loss) - net We recognized foreign exchange gains - net of $16.4 million for the three months ended March 31, 2024 compared with net losses of $10.9 million for the three months ended March 31, 2023. These changes are primarily driven by fluctuations in the EUR related to our EUR term loans. Minority Investments without Readily Determinable Fair Value The carrying amount of the minority investments, which is included within “Other long-term assets” on the condensed consolidated balance sheets, was $9.7 million and $10.0 million as of March 31, 2024, and December 31, 2023, respectively. The Company uses the measurement alternative for these equity investments, and their carrying value is reported at cost, adjusted for impairments, or any observable price changes in ordinary transactions with identical or similar investments. Revenue related to content consumed by the minority investees was not material during the three months ended March 31, 2024, and 2023. On a quarterly basis, the Company evaluates the carrying value of its long-term investments for impairment, which includes an assessment of revenue growth, earnings performance, working capital, and general market conditions. As of March 31, 2024, no adjustments to the carrying values of the Company’s long-term investments were identified as a result of this assessment. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard-setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the issued standards that are not yet effective will not have a material impact on its condensed consolidated financial statements and disclosures upon adoption. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 3 - Revenue Revenue is derived from licensing rights to use images, video footage, and music delivered digitally online. Digital content licenses are generally purchased on a monthly or annual subscription basis, whereby a customer either pays for a predetermined quantity of content or for access to the Company’s content library that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. Also, a significant portion of revenue is generated through the sale and subsequent use of credits. Various amounts of credits are required to license digital content. on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For uncapped digital content subscriptions, the Company has determined that access to the existing content library and future digital content updates represent two separate performance obligations. As such, a portion of the total contract consideration related to access to the existing content library is recognized as revenue at the commencement of the contract when control of the content library is transferred. The remaining contractual consideration is recognized as revenue ratably over the term of the contract when updated digital content is transferred to the licensee, in line with when the control of the new content is transferred. Disaggregation of Revenue The following tables provide information about disaggregated revenue by major product line, primary geographic market, and timing of revenue recognition. Revenue by major product : Three Months Ended March 31, (In thousands) 2024 2023 Creative $ 138,858 $ 146,460 Editorial 79,429 84,661 Other 3,991 4,521 Total Revenue $ 222,278 $ 235,642 Revenue by region: Three Months Ended March 31, (In thousands) 2024 2023 Americas $ 124,408 $ 137,206 EMEA 72,915 71,747 APAC 24,955 26,689 Total Revenue $ 222,278 $ 235,642 The March 31, 2024 deferred revenue balance will be earned as content is downloaded, services are provided, or upon the expiration of subscription-based products, and nearly all is expected to be earned within the next twelve months. During the three months ended March 31, 2024, the Company recognized revenue of $70.2 million that had been included in deferred revenue as of January 1, 2024. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 4 - Derivative Instruments The Company was party to an interest rate swap agreement entered into to reduce the economic impact of interest rate fluctuations on outstanding debt. The swap matured in February 2024. Derivative financial instruments were not held or issued for trading purposes. The interest rate swap of $1.5 million was included in “Other current assets” on the Condensed Consolidated Balance Sheet at December 31, 2023. The Company recognized a net loss of $1.5 million and a net loss of $2.1 million on the derivative instruments for the three months ended March 31, 2024 and 2023, respectively. The amounts are included in “Loss on fair value adjustment for swaps – net” on the Condensed Consolidated Statements of Operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 - Fair Value of Financial Instruments The Company’s financial instruments consist of cash equivalents, interest rate swaps, and debt. Assets and liabilities measured at fair value on a recurring basis (cash equivalents and interest rate swaps) and a nonrecurring basis (debts) are categorized in the tables below. The fair value of the Company’s money market funds is based on quoted active market prices and is determined using the market approach. The fair values of the Company’s interest rate swap contracts are based on market quotes provided by the counterparty. Quotes by the counterparty are calculated based on observable current rates and forward interest rate curves. The Company recalculates and validates this fair value using publicly available market inputs using the market approach. The fair value of the Company’s Term Loans and Senior Notes are based on market quotes provided by a third-party pricing source. The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of March 31, 2024: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds (cash equivalents) $ 57,916 $ — $ — $ 57,916 Liabilities: Term Loans — 1,088,193 — 1,088,193 Senior Notes — 299,769 — 299,769 The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of December 31, 2023: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds (cash equivalents) $ 57,062 $ — $ — $ 57,062 Derivative assets: Interest rate swaps — 1,459 — 1,459 Liabilities: Term Loans — 1,104,237 — 1,104,237 Senior Notes — 302,250 — 302,250 |
Other Assets and Liabilities
Other Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets And Liabilities Disclosure [Abstract] | |
Other Assets and Liabilities | Note 6 - Other Assets and Liabilities The following table summarizes the Company's other long-term assets: (In thousands) As of March 31, As of December 31, Long term note receivable from a related party $ 24,000 $ 24,000 Minority and other investments 12,202 12,454 Equity method investment (1) 855 2,852 Long term deposits 1,509 1,526 Other 234 430 $ 38,800 $ 41,262 (In thousands) As of March 31, As of December 31, Accrued compensation and related costs $ 16,906 $ 16,933 Lease liabilities 10,301 9,780 Interest payable (2) 2,625 9,942 Accrued professional fees 5,661 6,045 Other 914 953 $ 36,407 $ 43,653 (2) The decrease in interest payable from December 31, 2023 to March 31, 2024 is primarily driven by the timing |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 - Debt Debt included the following: (In thousands) As of March 31, As of December 31, Senior Notes $ 300,000 $ 300,000 USD Term Loans 634,400 637,000 EUR Term Loans (1) 451,878 463,588 Less: issuance costs and discounts amortized to interest expense (1,340) (1,930) Long-term debt – net $ 1,384,938 $ 1,398,658 (1) The table above converted the EUR Term Loans to USD using currency exchange rates as of those dates. The Company was compliant with all debt covenants and obligations at March 31, 2024 and December 31, 2023. |
Equity-based Compensation
Equity-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-based Compensation | Note 8 - Equity-based Compensation Equity Incentive Plan Under the Getty Images Holdings, Inc. 2022 Equity Incentive Plan (“2022 Plan”), the Company has awarded restricted stock units subject to time-based vesting, performance stock units subject to time-based vesting and achieving future performance criteria, and stock options subject to time-based vesting. The Company granted 1.0 million awards under the 2022 Plan during three months ended March 31, 2024. Under the 2022 Plan, up to 51.1 million shares of Class A common stock are reserved for issuance, of which 8.9 million are available to be issued as of March 31, 2024. The Getty Images Holdings, Inc. Earn Out Plan (“Earn Out Plan”) provides for the grant of restricted stock units, which generally vest upon grant. Under the Earn Out Plan, up to 6.0 million shares of Class A common stock are reserved for issuance, of which 6.0 million were issued as of March 31, 2024. The Company granted 1.4 million awards under the Earn Out Plan during three months ended March 31, 2024. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 9 - Earnings per Share Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Diluted loss per share of Class A common stock adjusts basic loss per share for the potentially dilutive impact of stock options. The following table sets forth the computation of basic and diluted loss per share of Class A common stock: Three Months Ended March 31, (In thousands, except per share amounts) 2024 2023 Net income $ 13,587 $ 3,203 Less: Net income attributable to non-controlling interest 132 507 Net income attributable to Getty Images Holdings, Inc. - Basic $ 13,455 $ 2,696 Weighted-average Class A common stock outstanding: Basic 405,635 395,307 Effect of dilutive securities 9,258 13,334 Diluted 414,893 408,641 Net income per share of Class A common stock attributable to Getty Images Holdings, Inc. common stockholders: Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 - Income Taxes The provision for income taxes for interim periods is determined using an estimate of the Company’s annual effective rate as prescribed under ASC 740 “Income Taxes” (“ASC 740”). Any changes to the estimated annual rate are recorded in the interim period in which the changes occur. The Company recorded an income tax expense of $11.2 million and $3.2 million for the three months ended March 31, 2024 and 2023, respectively. The increase in tax expense compared to the prior year is primarily due to increases in pre-tax income (loss) and a release of valuation allowance in the prior year. The Company’s effective income tax rate is 45.2% and 50.2% for the three months ended March 31, 2024 and 2023, respectively. The most significant drivers of the difference between the 2024 statutory U.S. federal income tax rate of 21.0% and the Company’s effective tax rate are primarily due to jurisdictions with losses for which no tax benefit can be recognized and foreign withholding tax expense not analogous to pre-tax income. |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | Note 11 - Legal Proceedings and Contingencies The Company has been named as a defendant in two lawsuits filed by former public warrant holders in the United States District Court for the Southern District of New York, Alta Partners, LLC v. Getty Images Holdings, Inc., Case No. 1:22-cv-08916 (filed October 19, 2022), and CRCM Institutional Master Fund (BVI) LTD, et al. (together the “Plaintiffs”) v. Getty Images Holdings, Inc., Case No. 1:23-cv-01074 (filed February 8, 2023). The Plaintiffs generally allege breaches of the Warrant Agreement, dated August 4, 2020, and alternative claims for violations of the federal securities laws, including claims under the Securities Act of 1933 and/or the Securities Exchange Act of 1934. The complaints seek, among other things, an award of money damages. On February 17, 2023, the Court consolidated the actions for purposes of discovery. The Company filed answers to the complaints, and discovery closed on August 28, 2023. On September 11, 2023, all parties filed cross-motions for summary judgment, which were fully briefed on October 2, 2023. On October 27, 2023, the Court issued its decision on the cross-motions for summary judgment and entered judgment in favor of Plaintiffs on their breach of contract claims in the amount of $36.9 million for Alta Partners, LLC and $51.0 million for the CRCM plaintiffs, plus, in each case, pre-judgment interest of 9% per annum. The Court entered judgment in favor of the Company on all other claims asserted by Plaintiffs. The Company has appealed that portion of the Court’s judgment in favor of Plaintiffs. Alta has cross appealed that portion of the Court’s judgment in favor of the Company. The parties are currently briefing the appeals. Getty Images (US), Inc. is a plaintiff in a lawsuit filed in the United States District Court for the District of Delaware against Stability AI, Inc. The case, Getty Images (US), Inc. v. Stability AI, Inc., Case No. 1:23-cv-00135-GBW (filed February 3, 2023), arises out of the defendant’s alleged unauthorized reproduction of approximately 12 million in images from Getty Images’ websites, along with the accompanying captions and associated metadata, and use of the copied content in connection with Stability AI’s generative artificial intelligence model known as Stable Diffusion. Getty Images (US), Inc. has asserted claims for copyright infringement; removal, alteration and/or falsification of copyright management information; trademark infringement; unfair competition; trademark dilution; and deceptive trade practices. The Complaint seeks, among other things, monetary damages and injunctive relief. The defendant has not yet responded to the Complaint. On May 2, 2023, the defendants moved to dismiss or, in the alternative, to transfer the case to the Northern District of California. The defendants’ motion is premised on their contention that Stability AI, Ltd. is not subject to personal jurisdiction in Delaware. Getty Images served jurisdictional discovery requests on Defendants on May 12, 2023, and the parties agreed to extend Getty Images (US), Inc.’s time to respond to the motion to dismiss while the parties engage in discovery relating to the defendants’ activities within Delaware and other states in the U.S. On January 26, 2024, the court dismissed the defendants’ motion to dismiss without prejudice with leave to re-file upon the completion of jurisdictional discovery. Arising out of similar alleged facts, Getty Images (US), Inc., Getty Images International U.C., Getty Images (UK) Limited, Getty Images Devco UK Limited and iStockphoto LP are Claimants in proceedings issued in the High Court of England & Wales against Stability AI Limited on January 16, 2023, claim number IL2023-000007, which, together with the Particulars of Claim (the Claimants’ statement of case) were served on the defendant on May 12, 2023. The Claimants assert claims for copyright infringement, infringement of database rights, trademark infringement, passing off and breach of the terms and conditions of the Claimants’ websites and seeks, amongst other things, monetary damages, injunctive relief and legal costs. In June 2023, Stability filed a motion to strike certain portions of the claim and grant summary judgment on Getty Images’ secondary infringement claim. The court conducted a hearing on the issues in October 2023. Following the hearing, the Judge issued an order denying Stability’s motion in its entirety and granted costs to Getty Images. The order became final and public in late January 2024. Stability has requested an appeal against that decision. The case schedule has been set for the next stages of the litigation, including disclosures and any additional changes to the parties' claims or defense. A trial date has been set for June 2025. Although we cannot be certain of the outcome of any litigation or the disposition of any claims, nor the amount of damages and exposure, if any, that we could incur, we currently believe that the final disposition of all existing matters will not have a material adverse effect on our business, results of operations, financial condition or cash flows. Further, in the ordinary course of our business, we are also subject to periodic threats of lawsuits, investigations and claims. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. In the ordinary course of business, the Company enters into certain types of agreements that contingently require the Company to indemnify counterparties against third-party claims. The nature and terms of these indemnifications vary from contract to contract, and generally a maximum obligation is not stated. Because management does not believe a material liability is probable, no related liabilities were recorded at March 31, 2024 and December 31, 2023. The Company has open tax audits in various jurisdictions and some of these jurisdictions require taxpayers to pay assessed taxes in advance or at the time of appealing such assessments. One such jurisdiction is Canada, where one of the Company’s subsidiaries, iStockphoto ULC, recently received tax assessments from the Canada Revenue Agency (“CRA”) asserting additional tax is due. The position taken by the CRA is related to the transactions between iStockphoto ULC and other affiliates within the Getty Images group for the 2015 Canadian income tax return filed. The Company believes the CRA position lacks merit and intends to appeal and vigorously contest these assessments. As part of the appeal process in Canada, the Company may be required to pay a portion of the assessment amount, which the Company estimates could be up to $17.2 million in 2024. Such required payment is not an admission that the Company believes it is subject to such taxes. The Company believes it is more likely than not it will prevail on appeal, however, if the CRA were to be successful in the appeal process, the Company estimates the maximum potential outcome could be up to $25.1 million. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events Acquisition On April 1, 2024, the Company entered into a Unit Purchase Agreement with Motorsport Images LLC and Motorsport.com, Inc., to purchase 100% of the outstanding membership interests in Motorsport Images LLC, a Florida limited liability accompany (“Motorsport Images”) for $15.0 million in cash and approximately 1.2 million shares of the Company's Class A common stock. The Company incurred $1.1 million of acquisition costs related to the purchase, which were recorded in “Other operating expenses” for the three months ended March 31, 2024. Motorsport Images has an extensive library of historic and contemporary motorsports photos and videos covering major racing events worldwide. With the addition of Motorsport Images’ photographic talent and premium motorsport content, this acquisition augments the Company’s customer offering in the motorsport area, bringing a greater depth and breadth of content and services . Management is currently finalizing the allocation of the purchase price to the assets acquired and liabilities assumed. The preliminary allocation is expected to be complete for the quarter ending June 30, 2024. The financial results of Motorsport Images will be consolidated beginning on the acquisition date. Debt prepayment On Ma y 3, 2024, the Company made a voluntary prepayment of $30.0 million on its outstanding USD term loans. This prepayment was made using cash on hand and did not result in any prepayment penalties. The prepayment will reduce our principal balance and interest expense on the term loan. As of March 31, 2024, the balance outstanding on the term loan facility was $634.4 million . |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 13,587 | $ 3,203 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The trading arrangements described below were entered into during an open insider trading window and were in compliance with our insider trading policies and procedures. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations. Trading Arrangements Name and Title Actions Date Adopted / Terminated Rule 10b5-1 Total Shares to be Sold Expiration Date Mikael Cho, Senior Vice President, CEO - Unsplash Terminated 3/26/2024 x 108,987 10/24/2024 Mikael Cho, Senior Vice President, CEO - Unsplash Adopted 3/26/2024 x 1 10/31/2024 Gene Foca, Senior Vice President, Chief Marketing and Revenue Officer Adopted 3/18/2024 x 2 12/19/2024 Grant Farhall, Senior Vice President, Chief Product Officer Adopted 3/18/2024 x 185,653 12/19/2024 Jennifer Leyden, Senior Vice President, Chief Financial Officer Adopted 3/29/2024 x 15,000 12/19/2024 Lizanne Vaughan, Senior Vice President, Chief People Officer Adopted 3/29/2024 x 300,000 12/19/2024 1 This plan provides for the sale of up to 19,267 shares plus the sale of the net shares that Mr. Cho will receive from the vesting of up to 36,055 outstanding awards of restricted stock units granted prior to the adoption of his current Rule 10b5-1 Plan until the plan’s end date on October 31, 2024. 2 This plan provides for the sale of up to 260,262 shares, plus the sale of up to 1,668,570 shares upon exercise of outstanding options, plus the sale of the net shares that Mr. Foca will receive from the vesting of up to 55,211 outstanding awards of restricted stock units granted prior to the adoption of his current Rule 10b5-1 Plan until the plan’s end date on December 19, 2024. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Gene Foca [Member] | |
Trading Arrangements, by Individual | |
Name | Gene Foca |
Title | Senior Vice President, Chief Marketing and Revenue Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/18/2024 |
Arrangement Duration | 276 days |
Grant Farhall [Member] | |
Trading Arrangements, by Individual | |
Name | Grant Farhall |
Title | Senior Vice President, Chief Product Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/18/2024 |
Arrangement Duration | 276 days |
Aggregate Available | 185,653 |
Jennifer Leyden [Member] | |
Trading Arrangements, by Individual | |
Name | Jennifer Leyden |
Title | Senior Vice President, Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/29/2024 |
Arrangement Duration | 265 days |
Aggregate Available | 15,000 |
Lizanne Vaughan [Member] | |
Trading Arrangements, by Individual | |
Name | Lizanne Vaughan |
Title | Senior Vice President, Chief People Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/29/2024 |
Arrangement Duration | 265 days |
Aggregate Available | 300,000 |
Mikael Cho November 2023 Plan [Member] | Mikael Cho [Member] | |
Trading Arrangements, by Individual | |
Name | Mikael Cho |
Title | Senior Vice President, CEO - Unsplash |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | 3/26/2024 |
Aggregate Available | 108,987 |
Mikael Cho March 2024 Plan [Member] | Mikael Cho [Member] | |
Trading Arrangements, by Individual | |
Name | Mikael Cho |
Title | Senior Vice President, CEO - Unsplash |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/26/2024 |
Arrangement Duration | 219 days |
Mikael Cho March 2024 Trading Arrangement, Common Stock [Member] | Mikael Cho [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 19,267 |
Mikael Cho March 2024 Trading Arrangement, Restricted Stock Units [Member] | Mikael Cho [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 36,055 |
Gene Foca, Trading Arrangement, Common Stock [Member] | Gene Foca [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 260,262 |
Gene Foca, Trading Arrangement, Stock Options [Member] | Gene Foca [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 1,668,570 |
Gene Foca, Trading Arrangement, Restricted Stock Units [Member] | Gene Foca [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 55,211 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements include the accounts of Getty Images and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future period or the entire year. |
Estimates and Assumptions | The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Allowance for Doubtful Accounts | The allowance for doubtful accounts is calculated based on current expected credit losses, which includes consideration of historical losses, existing economic conditions, and analysis of specific older account balances of customer and delegate accounts. Trade receivables are written off when collection efforts have been exhausted. |
Minority Investments without Readily Determinable Fair Value | The carrying amount of the minority investments, which is included within “Other long-term assets” on the condensed consolidated balance sheets, was $9.7 million and $10.0 million as of March 31, 2024, and December 31, 2023, respectively. The Company uses the measurement alternative for these equity investments, and their carrying value is reported at cost, adjusted for impairments, or any observable price changes in ordinary transactions with identical or similar investments. Revenue related to content consumed by the minority investees was not material during the three months ended March 31, 2024, and 2023. |
Recently Issued Accounting Pronouncements | From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard-setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the issued standards that are not yet effective will not have a material impact on its condensed consolidated financial statements and disclosures upon adoption. |
Revenue | Revenue is derived from licensing rights to use images, video footage, and music delivered digitally online. Digital content licenses are generally purchased on a monthly or annual subscription basis, whereby a customer either pays for a predetermined quantity of content or for access to the Company’s content library that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. Also, a significant portion of revenue is generated through the sale and subsequent use of credits. Various amounts of credits are required to license digital content. on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For uncapped digital content subscriptions, the Company has determined that access to the existing content library and future digital content updates represent two separate performance obligations. As such, a portion of the total contract consideration related to access to the existing content library is recognized as revenue at the commencement of the contract when control of the content library is transferred. The remaining contractual consideration is recognized as revenue ratably over the term of the contract when updated digital content is transferred to the licensee, in line with when the control of the new content is transferred. |
Fair Value of Financial Instruments | The Company’s non-financial assets and liabilities, which include goodwill and long-lived assets held and used, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur or if an annual impairment test is required, the Company would evaluate the non-financial assets and liabilities for impairment. If an impairment was to occur, the asset or liability would be recorded at its estimated fair value. |
Earnings per Share | Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Diluted loss per share of Class A common stock adjusts basic loss per share for the potentially dilutive impact of stock options. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Product | Revenue by major product : Three Months Ended March 31, (In thousands) 2024 2023 Creative $ 138,858 $ 146,460 Editorial 79,429 84,661 Other 3,991 4,521 Total Revenue $ 222,278 $ 235,642 Revenue by region: Three Months Ended March 31, (In thousands) 2024 2023 Americas $ 124,408 $ 137,206 EMEA 72,915 71,747 APAC 24,955 26,689 Total Revenue $ 222,278 $ 235,642 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Instrument Assets Recorded at Fair Value | The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of March 31, 2024: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds (cash equivalents) $ 57,916 $ — $ — $ 57,916 Liabilities: Term Loans — 1,088,193 — 1,088,193 Senior Notes — 299,769 — 299,769 |
Financial Instrument Liabilities Recorded or Disclosed at Fair Value | The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of December 31, 2023: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Money market funds (cash equivalents) $ 57,062 $ — $ — $ 57,062 Derivative assets: Interest rate swaps — 1,459 — 1,459 Liabilities: Term Loans — 1,104,237 — 1,104,237 Senior Notes — 302,250 — 302,250 |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets And Liabilities Disclosure [Abstract] | |
Other Long-Term Assets | The following table summarizes the Company's other long-term assets: (In thousands) As of March 31, As of December 31, Long term note receivable from a related party $ 24,000 $ 24,000 Minority and other investments 12,202 12,454 Equity method investment (1) 855 2,852 Long term deposits 1,509 1,526 Other 234 430 $ 38,800 $ 41,262 |
Accrued Expenses | The following table summarizes the Company's accrued expenses: (In thousands) As of March 31, As of December 31, Accrued compensation and related costs $ 16,906 $ 16,933 Lease liabilities 10,301 9,780 Interest payable (2) 2,625 9,942 Accrued professional fees 5,661 6,045 Other 914 953 $ 36,407 $ 43,653 (2) The decrease in interest payable from December 31, 2023 to March 31, 2024 is primarily driven by the timing |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt included the following: (In thousands) As of March 31, As of December 31, Senior Notes $ 300,000 $ 300,000 USD Term Loans 634,400 637,000 EUR Term Loans (1) 451,878 463,588 Less: issuance costs and discounts amortized to interest expense (1,340) (1,930) Long-term debt – net $ 1,384,938 $ 1,398,658 (1) The table above converted the EUR Term Loans to USD using currency exchange rates as of those dates. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted loss per share of Class A common stock: Three Months Ended March 31, (In thousands, except per share amounts) 2024 2023 Net income $ 13,587 $ 3,203 Less: Net income attributable to non-controlling interest 132 507 Net income attributable to Getty Images Holdings, Inc. - Basic $ 13,455 $ 2,696 Weighted-average Class A common stock outstanding: Basic 405,635 395,307 Effect of dilutive securities 9,258 13,334 Diluted 414,893 408,641 Net income per share of Class A common stock attributable to Getty Images Holdings, Inc. common stockholders: Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, allowance | $ 6,439 | $ 6,526 | |
Bad debt expense | 300 | $ 500 | |
Unrealized foreign exchange gains (loss) – net | 16,422 | $ (10,922) | |
Carrying amount of minority investments | 38,800 | 41,262 | |
Non-controlling Interest | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying amount of minority investments | $ 9,700 | $ 10,000 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized | $ 70.2 |
Revenue - Revenue by Product (D
Revenue - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 222,278 | $ 235,642 |
Creative | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 138,858 | 146,460 |
Editorial | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 79,429 | 84,661 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 3,991 | $ 4,521 |
Revenue - Revenue by Region (De
Revenue - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 222,278 | $ 235,642 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 124,408 | 137,206 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 72,915 | 71,747 |
APAC | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 24,955 | $ 26,689 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Loss recognized on derivatives | $ 1,500 | $ 2,100 | |
Interest rate swap | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset | $ 1,500 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Recurring | ||
Assets: | ||
Money market funds (cash equivalents) | $ 57,916 | $ 57,062 |
Recurring | Interest rate swap | ||
Assets: | ||
Derivative assets: Interest rate swaps | 1,459 | |
Nonrecurring | ||
Liabilities: | ||
Term Loans | 1,088,193 | 1,104,237 |
Senior Notes | 299,769 | 302,250 |
(Level 1) | Recurring | ||
Assets: | ||
Money market funds (cash equivalents) | 57,916 | 57,062 |
(Level 1) | Recurring | Interest rate swap | ||
Assets: | ||
Derivative assets: Interest rate swaps | 0 | |
(Level 1) | Nonrecurring | ||
Liabilities: | ||
Term Loans | 0 | 0 |
Senior Notes | 0 | 0 |
(Level 2) | Recurring | ||
Assets: | ||
Money market funds (cash equivalents) | 0 | 0 |
(Level 2) | Recurring | Interest rate swap | ||
Assets: | ||
Derivative assets: Interest rate swaps | 1,459 | |
(Level 2) | Nonrecurring | ||
Liabilities: | ||
Term Loans | 1,088,193 | 1,104,237 |
Senior Notes | 299,769 | 302,250 |
(Level 3) | Recurring | ||
Assets: | ||
Money market funds (cash equivalents) | 0 | 0 |
(Level 3) | Recurring | Interest rate swap | ||
Assets: | ||
Derivative assets: Interest rate swaps | 0 | |
(Level 3) | Nonrecurring | ||
Liabilities: | ||
Term Loans | 0 | 0 |
Senior Notes | $ 0 | $ 0 |
Other Assets and Liabilities -
Other Assets and Liabilities - Other Long-Term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets And Liabilities Disclosure [Abstract] | ||
Long term note receivable from a related party | $ 24,000 | $ 24,000 |
Minority and other investments | 12,202 | 12,454 |
Equity method investment | 855 | 2,852 |
Long term deposits | 1,509 | 1,526 |
Other | 234 | 430 |
Other long-term assets | 38,800 | $ 41,262 |
Dividends declared from equity method investee | $ 2,200 |
Other Assets and Liabilities _2
Other Assets and Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets And Liabilities Disclosure [Abstract] | ||
Accrued compensation and related costs | $ 16,906 | $ 16,933 |
Lease liabilities | 10,301 | 9,780 |
Interest payable | 2,625 | 9,942 |
Accrued professional fees | 5,661 | 6,045 |
Other | 914 | 953 |
Accrued expenses | $ 36,407 | $ 43,653 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Less: issuance costs and discounts amortized to interest expense | $ (1,340) | $ (1,930) |
Long-term debt – net | 1,384,938 | 1,398,658 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 300,000 | 300,000 |
USD Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 634,400 | 637,000 |
EUR Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 451,878 | $ 463,588 |
Equity-based Compensation (Deta
Equity-based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Equity-based compensation, net of forfeitures | $ 10 | $ 6.8 |
Stock-based compensation expense capitalized | $ 0.9 | $ 0.7 |
Equity Incentive Plan 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards granted in period | 1,000,000 | |
Number of shares available for issuance | 51,100,000 | |
Number of shares available to be issued | 8,900,000 | |
Earn Out Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares available for issuance | 6,000,000 | |
Number of shares granted in period | 1,400,000 | |
Number of incremental shares issued | 6,000,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 13,587 | $ 3,203 |
Net income attributable to non-controlling interest | 132 | 507 |
Net income attributable to Getty Images Holdings, Inc. | $ 13,455 | $ 2,696 |
Weighted-average Class A common stock outstanding: | ||
Basic (in dollars per share) | 405,635,000 | 395,307,000 |
Effect of dilutive securities | 9,258,000 | 13,334,000 |
Diluted | 414,893,000 | 408,641,000 |
Net income per share of Class A common stock attributable to Getty Images Holdings, Inc. common stockholders: | ||
Basic (in dollars per share) | $ 0.03 | $ 0.01 |
Diluted (in dollars per share) | $ 0.03 | $ 0.01 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 11,201 | $ 3,233 |
Effective income tax rate | 45.20% | 50.20% |
Legal Proceedings and Conting_2
Legal Proceedings and Contingencies (Details) image in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 27, 2023 USD ($) | Mar. 31, 2024 USD ($) lawsuit | Dec. 31, 2023 USD ($) | Feb. 03, 2023 image | |
Loss Contingencies [Line Items] | ||||
Loss contingency accrual | $ 0 | $ 0 | ||
Number of pending lawsuits | lawsuit | 2 | |||
Number of alleged unauthorized images | image | 12 | |||
United States District Court For The Southern District Of New York, Alta Partners, LLC V. Getty Images Holdings, Inc., Case | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, amount awarded to plaintiff | $ 36,900,000 | |||
Loss contingency, pre-judgement, per annum, interest rate | 0.09 | |||
CRCM Institutional Master Fund (BVI) LTD, Et Al. V. Getty Images Holdings, Inc., Case | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, amount awarded to plaintiff | $ 51,000,000 | |||
Loss contingency, pre-judgement, per annum, interest rate | 0.09 | |||
Tax Assessment, Canada Revenue Agency | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, amount sought by plaintiff | $ 17,200,000 | |||
Tax Assessment, Canada Revenue Agency | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, amount sought by plaintiff | $ 25,100,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | May 03, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Motorsport Images LLC | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash paid for business acquisition | $ 15,000 | |||
Shares issued as part of business acquisition consideration | 1,200 | |||
Acquisition costs | $ 1,100 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
USD Term Loans | ||||
Subsequent Event [Line Items] | ||||
Long-term debt, gross | $ 634,400 | $ 637,000 | ||
USD Term Loans | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Debt prepayment | $ 30,000 |