Getty Images Reports Second Quarter 2025 Results
•Q2 Revenue Growth of 2.5%, Currency Neutral Growth of 1.8%
•Q2 Annual Subscription Revenue Growth of 3.7%, Currency Neutral 3.0%
•Annual Subscription Revenue Rose to 53.5% of Total Revenue in Q2
•Reaffirms 2025 Revenue and Adjusted EBITDA Guidance

New York, NY, August 11, 2025 – 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, 2025.

“We delivered solid growth in the second quarter, driven by continued momentum in our subscription business and strong demand for our content and services with acceleration across Corporate, and a return to growth in Media," said Craig Peters, Chief Executive Officer. "Our partnerships, unrivalled access, expertise, exclusive content, comprehensive coverage, best-in-class search and customer service all contribute to an offering which uniquely meets customer needs. We remain confident in our strategy and on track to achieve our 2025 outlook."

“We executed well, delivering our fifth consecutive quarter of revenue growth with healthy operating metrics,” said Jennifer Leyden, Chief Financial Officer. “As we look ahead, we will continue to emphasize execution, fiscal discipline and building momentum into the back half of the year.”

Second Quarter 2025 Financial Summary:
•Revenue for the period was $234.9 million, an increase of 2.5% year over year and 1.8% on a currency neutral basis.
•Creative revenue of $130.8 million, down 5.1% year over year and 5.7% on a currency neutral basis.
•Editorial revenue of $88.3 million, up 5.6% year over year and 4.6% on a currency neutral basis.
•Annual Subscription Revenue as a percentage of total revenue grew to 53.5% from 52.9% in Q2’24.
•Net Loss of $34.4 million, compared to a Net Income of $3.7 million in Q2’24. Included in the Q2’25 results are:
•$57.2 million increase in foreign exchange loss primarily due to revaluation of the Euro Term Loan, and
•$10.9 million decrease in income from operations primarily due to approximately $14.4 million of merger related expenses.
•Net Loss Margin for Q2’25 was 14.6% compared to Net Income Margin of 1.6% in Q2’24.
•On a non-GAAP basis, adjusted Net Income* was $22.2 million, as compared to $7.1 million adjusted Net Income* in the prior year.
•Adjusted EBITDA* of $68.0 million, down 1.2% year over year and 2.2% on a currency neutral basis. Adjusted EBITDA Margin* remained strong at 28.9% for Q2’25 compared to 30.0% in the prior year period.
•Adjusted EBITDA less capex* was $51.9 million, down 3.0% year over year and down 2.8% on a currency neutral basis.

Liquidity and Balance Sheet:
•Net cash provided by operating activities of $6.5 million in Q2’25, compared to $46.4 million in the prior year period. The decrease in cash provided by operating activities was primarily due to merger related costs.
•Free cash flow* of $(9.6) million in Q2’25, compared to $31.1 million in the prior year period.
•Ending cash balance on June 30, 2025 was $110.3 million, down $10.9 million from the ending balance on December 31, 2024 and down $11.4 million from June 30, 2024. The year-on-year decrease reflects voluntary debt paydowns over the past twelve months, quarterly amortization on the Euro term loan, and


outflows related to the refinancing transactions completed in the first half of 2025, partially offset by the benefits of foreign currency. The Company has $150.0 million available through its Revolver, which remains undrawn, for total available liquidity of $260.3 million.
•During the quarter, the company completed a permitted voluntary loan to bond exchange for its $580.0 million of USD fixed rate loans. In total, $539.9 million of loans were exchanged into new fixed rate notes with the same maturity and 11.25% rate as the USD fixed rate loans.
•Total debt was $1.39 billion, which included $539.9 million in Senior Secured Notes, Term Loan balance of $550.3 million, consisting of $40.1 million in USD and $510.2 million in USD equivalent of Euros, converted using exchange rates as of June 30, 2025, and $300.0 million in senior unsecured notes.


* Non-GAAP Net Income (Loss), 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 the impact of the Hollywood strikes.
Last Twelve Months Ended June 30,
20252024Increase / (Decrease)
LTM total purchasing customers (thousands)1
707740(4.4)%
LTM total active annual subscribers (thousands)2
32128213.8 %
LTM paid download volume (millions)3
9395(1.7)%
LTM annual subscriber revenue retention rate4
93.4 %89.4 %400 bps
Image collection (millions)5
5915537.0 %
Video collection (millions) 5
343014.7 %
LTM video attachment rate6
16.7 %15.6 %110 bps
Annual subscription - includes products and subscriptions for 12 months or longer, Unsplash API, and Custom Content.

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 related to an agreement signed with Amazon, 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 2025 and Other Recent Business Highlights:
•Exclusive photography partner to Coachella Valley Music & Arts Festival, The Met Gala, BAFTA Television Awards, and the Tribeca Film Festival. Named Official Photography partner to the British Film Institute.
•Upgraded AI suite of services to generate even higher quality outputs with better prompt adherence, still based on a foundational model only trained from licensed creative content that respects the rights of IP holders and artists.


•Launched bundles of pre-shot modification AI capabilities with image subscriptions on iStock. Customers can now access iStock's pre-shot creative library and clean suite of AI services to use in concert with those images, in one simple plan.

Financial Outlook for Full Year 2025
The following tables summarize Getty Images’ reaffirmed fiscal year 2025 guidance:

2025 Guidance
Revenue$931 million to $968 million
Revenue YoY-0.9% to 3.1%
Revenue YoY, Currency Neutral-1.0% to 3.0%
Adjusted EBITDA$277 million to $297 million
Adjusted EBITDA YoY-7.6% to -1.2%
Adjusted EBITDA YoY, Currency Neutral-7.9% to -1.4%

The guidance has been prepared based on the following foreign currency exchange rates: the Euro at 1.10 and GBP at 1.30, which remains unchanged. In addition, the Adjusted EBITDA guidance continues to include approximately $8.0 million of one-off increases in SG&A, with $5.5 million expected in the second half of the year, as the Company accelerates its SOX compliance efforts in 2025. This acceleration is to prepare for what the Company anticipates being a necessary shift in resources and focus on merger and integration related activities upon the expected close of the transaction with Shutterstock.

Previously Announced Merger Agreement with Shutterstock
On January 7, 2025, Getty Images announced that it entered into a merger agreement with Shutterstock to combine in a merger of equals transaction, creating a premier visual content company.

On April 2, 2025, Getty Images announced that the Company and Shutterstock, Inc had each received a Request for Additional Information and Documentary Material (Second Request) from the U.S. Department of Justice in connection with the proposed merger. Following submission of a briefing paper, on April 22, 2025, the United Kingdom Competition and Markets Authority invited Getty Images to submit a Merger Notice and their review process is ongoing.

Getty Images and Shutterstock intend to continue working cooperatively with the DOJ and the UK Competition Markets Authority to obtain regulatory clearance for the proposed merger as expeditiously as possible. The proposed transaction was approved by Shutterstock stockholders on June 10, 2025 and remains subject to other customary closing conditions.

Both parties continue to expect the transaction to close by the end of 2025.

For additional information associated with the transaction, please see the Company filings from time to time with the Securities and Exchange Commission.

Webcast & Conference Call Information
The Company will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time today, Monday, August 11, 2025, to discuss its second quarter 2025 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 1-800-225-9448 (in the U.S.) or 1-203-518-9708 (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 11159655.



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 600,000 content creators and more than 355 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 and machine learning (collectively, “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 impact our entertainment business; the inability to expand our operations into new products, services and technologies and to increase customer and supplier awareness of our 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, trade wars and restrictions, tariffs, devaluation the impact of 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, including pending lawsuits brought against us by former warrant holders, 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 impact of any widespread outbreak of an illness, pandemic or other local or global health issue, natural disasters, or climate change; 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 potential inability to pay dividends for the foreseeable future; the risks associated with additional issuances of Class A common stock without stockholder approval; risks related to our proposed merger with Shutterstock, Inc.; 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 “2024 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 2024 Form 10-K and in our other filings with the SEC. The risks described under the heading “Item 1A Risk Factors” in our 2024 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$234,882 $229,140 $458,959 $451,418 
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization)$65,629 $63,097 $125,838 $123,353 
Selling, general and administrative expenses105,066 101,232 203,334 202,176 
Depreciation15,535 14,689 30,482 29,049 
Amortization573 592 1,139 1,126 
Loss on litigation2,007 2,792 6,350 4,814 
Other operating expenses – net10,512 280 28,914 3,408 
  Total operating expenses199,322 182,682 396,057 363,926 
Income from operations35,560 46,458 62,902 87,492 
Other (expense) income, net:
Interest expense(36,556)(33,890)(69,231)(66,614)
(Loss) on fair value adjustment for swaps – net— — — (1,459)
Foreign exchange (loss) gain – net(54,771)2,439 (79,849)18,861 
Loss on extinguishment of debt— — (5,474)— 
Other non-operating (expense) income – net(1,935)1,180 (4,029)2,695 
Total other expense – net(93,262)(30,271)(158,583)(46,517)
(Loss) income before income taxes(57,702)16,187 (95,681)40,975 
Income tax (expense) benefit23,343 (12,498)(41,250)(23,699)
Net (loss) income(34,359)3,689 (136,931)17,276 
Less:
Net income (loss) attributable to non-controlling interest710 (158)710 (26)
Net (loss) income attributable to Getty Images Holdings, Inc.$(35,069)$3,847 $(137,641)$17,302 
Net (loss) income per share attributable to Class A Getty Images Holdings, Inc. common stockholders:
Basic$(0.08)$0.01 $(0.33)$0.04 
Diluted$(0.08)$0.01 $(0.33)$0.04 
Weighted-average Class A common shares outstanding:
Basic413,741,878408,989,273413,110,883407,312,262
Diluted 413,741,878414,439,239413,110,883414,666,363








GETTY IMAGES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)

June 30,
2025		December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents$110,275 $121,173 
Restricted cash4,105 4,131 
Accounts receivable – net of allowance of $6,100 and $6,164, respectively162,659 151,130 
Prepaid expenses15,463 16,327 
Insurance recovery receivable37,619 45,000 
Taxes receivable10,540 9,577 
Other current assets8,148 11,477 
Total current assets348,809 358,815 
Property and equipment, net 187,178 177,292 
Operating lease right-of-use assets29,241 32,453 
Goodwill1,516,960 1,510,477 
Intangible assets, net of accumulated amortization 416,030 389,906 
Deferred income taxes, net66,355 63,965 
Other assets31,388 30,800 
     Total assets$2,595,961 $2,563,708 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$103,496 $99,320 
Accrued expenses66,686 59,938 
Short-term debt, net21,101 — 
Income taxes payable9,463 10,913 
Litigation reserves114,002 110,994 
Deferred revenue184,934 172,090 
Total current liabilities499,682 453,255 
Long-term debt, net1,341,305 1,314,424 
Lease liabilities25,925 29,034 
Deferred income taxes, net44,803 24,357 
Uncertain tax positions21,711 22,329 
Other long-term liabilities2,523 1,969 
Total liabilities1,935,949 1,845,368 
Commitments & contingencies (Note 12)
Stockholders’ equity:
Class A common stock, $0.0001 par value: 2.0 billion shares authorized; 414.8 million shares issued and outstanding as of June 30, 2025 and 412.3 million shares issued and outstanding as of December 31, 202441 41 
Additional paid-in capital2,027,941 2,017,407 
Accumulated deficit(1,361,123)(1,223,482)
Accumulated other comprehensive loss(55,701)(123,770)
Total Getty Images Holdings, Inc. stockholders’ equity611,158 670,196 
Non-controlling interest48,854 48,144 
Total stockholders’ equity660,012 718,340 
     Total liabilities and stockholders’ equity$2,595,961 $2,563,708 



GETTY IMAGES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Six Months Ended
June 30,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(136,931)$17,276 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization31,621 30,175 
Foreign currency gain (losses) on foreign denominated debt57,141 (15,128)
Equity-based compensation8,311 13,148 
Debt extinguishment5,474 — 
Deferred income taxes – net26,118 8,725 
Uncertain tax positions(618)(1,854)
Non-cash fair value adjustment for swaps— 1,459 
Amortization of debt issuance costs4,318 1,283 
Non-cash operating lease costs6,286 6,049 
Other6,233 1,494 
Changes in assets and liabilities:
Accounts receivable(6,610)14,391 
Accounts payable5,165 (5,440)
Accrued expenses(3,142)3,400 
Insurance recovery receivable7,381 2,124 
Litigation reserves3,008 2,699 
Lease liabilities, non-current(7,257)(6,118)
Income taxes receivable/payable(1,165)(3,965)
Interest payable9,616 (2)
Deferred revenue6,842 (3,058)
Other139 1,313 
Net cash provided by operating activities21,930 67,971 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment(31,817)(29,833)
Acquisition of a business, net of cash acquired— (14,906)
Net cash used in investing activities(31,817)(44,739)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt1,040,872 — 
Debt refinancing costs(39,196)(2,205)
Prepayment of debt(1,024,278)(35,200)
Proceeds from common stock issuance1,303 5,256 
Cash paid for settlement of employee taxes related to equity-based awards— (2,625)
Net cash used in financing activities(21,299)(34,774)
Effects of exchange rates fluctuations20,262 (3,076)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(10,924)(14,618)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period125,304 140,850 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period$114,380 $126,232 







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 (4) Adjusted EBITDA less capex Margin, (5) Adjusted Net Income and Adjusted Earnings Per Share and (6) 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, Adjusted EBITDA less capex and Adjusted EBITDA less capex Margin    
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net (loss) income$(34,359)$3,689 $(136,931)$17,276 
Add/(less) non-GAAP adjustments:
Depreciation and amortization16,108 15,281 31,621 30,175 
Other operating expense – net10,512 280 28,914 3,408 
Loss on litigation2,007 2,792 6,350 4,814 
Interest expense36,556 33,890 69,231 66,614 
Fair value adjustments, foreign exchange and other non-operating (income) expense 1
56,706 (3,619)83,878 (20,097)
Loss on extinguishment of debt— — 5,474 — 
Income tax (benefit) expense(23,343)12,498 41,250 23,699 
Equity-based compensation expense, net of capitalization3,787 4,013 8,311 13,148 
Adjusted EBITDA67,974 68,824 138,098 139,037 
Capex16,114 15,380 31,817 29,833 
Adjusted EBITDA less capex51,860 53,444 106,281 109,204 
Net (loss) income margin(14.6)%1.6 %(29.8)%3.8 %
Adjusted EBITDA margin28.9 %30.0 %30.1 %30.8 %
Adjusted EBITDA less capex margin22.1 %23.3 %23.2 %24.2 %
(1) Fair value adjustments for our swaps and foreign currency exchange contracts, foreign exchange gains (losses) and other insignificant non-operating related expenses (income).
Reconciliation of Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings Per Share are non-GAAP financial measures that we use to provide a more meaningful comparison of our core operating results from period to period. These measures exclude the impact of certain items that we believe are not indicative of our core operating performance. These adjustments include, but are not limited to, foreign exchange gains (losses), net and other non-recurring items. The following


table reconciles Net Income (Loss) and Earnings (Loss) Per Share, the most directly comparable GAAP measures, to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share for the periods presented:            
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net (loss) income(34,359)3,689 (136,931)17,276 
Add/(less) non-GAAP adjustments:
Equity-based compensation expense3,787 4,013 8,311 13,148 
Tax effect of equity-based compensation expense1
(964)(1,020)(2,117)(3,355)
Loss on litigation2,007 2,792 6,350 4,814 
Tax effect of loss on litigation, net of recovery1
(522)(726)(1,652)(1,253)
Foreign exchange 54,771 (2,439)79,849 (18,861)
Tax effect on foreign exchange (loss) gain – net1
(15,329)753 (22,449)5,135 
Acquisition related costs14,376 — 32,419 1,100 
Tax effect of acquisition related costs1
(3,688)— (8,382)(286)
Loss on debt extinguishment and expensed financing costs2,857 — 11,508 — 
Tax effect of loss on debt extinguishment and expensed financing costs1
(743)— (2,993)— 
Adjusted net income (loss)$22,193 $7,062 $(36,087)$17,718 
Earnings per share: — — 
Diluted earnings per share $(0.08)$0.01 $(0.33)$0.04 
Adjusted diluted earnings per share $0.05 $0.02 $(0.09)$0.04 
Weighted average diluted shares413,741,878 414,439,239 413,110,883 414,666,363 
(1) Statutory tax rates used to calculate the tax effect of the adjustments.

Reconciliation of Free Cash Flow
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Net cash provided by operating activities6,546 $46,443 $21,930 $67,971 
Acquisition of property and equipment$(16,111)$(15,381)$(31,817)$(29,833)
Free Cash Flow$(9,565)$31,062 $(9,887)$38,138 








OTHER FINANCIAL DATA
Revenue by Product
(In thousands, except percentages)Three Months Ended
June 30,		increase / (decrease)
2025% of revenue2024% of revenue$ change% change
CN % change
Creative130,824 55.7 %137,897 60.2 %(7,073)(5.1)%(5.7)%
Editorial88,342 37.6 %83,619 36.5 %4,723 5.6 %4.6 %
Other15,716 6.7 %7,624 3.3 %8,092 106.1 %105.5 %
Total revenue$234,882 100.0 %$229,140 100.0 %$5,742 2.5 %1.8 %
(In thousands, except percentages)Six Months Ended
June 30,
increase / (decrease)
2025% of revenue2024% of revenue$ change% change
CN % change
Creative262,998 57.3 %276,739 61.3 %(13,741)(5.0)%(4.3)%
Editorial170,959 37.2 %163,048 36.1 %7,911 4.9 %5.1 %
Other25,002 5.4 %11,631 2.6 %13,371 115.0 %114.6 %
Total revenue$458,959 100.0 %$451,418 100.0 %$7,541 1.7 %2.1 %
Certain prior year amounts have been reclassified to conform to the current year presentation.

Balance Sheet & Liquidity
($ millions) June 30, 2025December 31, 2024June 30, 2024
Cash & Cash Equivalents1
 $110.3 $121.2 $121.7 
Available under Revolving Credit Facility2
$150.0 $150.0 $150.0 
Total Liquidity $260.3 $271.2 $271.7 
Old Term Loans Outstanding - USD Tranche$— $579.2 $601.8 
Old Term Loans Outstanding - EUR Tranche3
 $— $435.2 $448.5 
New Term Loans Outstanding - USD Tranche$40.1 $— $— 
New Term Loans Outstanding - EUR Tranche3
$510.2 $— $— 
Total Balance - Term Loans Outstanding4
$550.3 $1,014.4 $1,050.3 
Short-term debt, net4
 $21.1 $— $— 
Senior Unsecured Notes$300.0 $300.0 $300.0 
Senior Secured Notes$539.9 $— $— 

1 Excludes restricted cash of $4.1 million as of June 30, 2025, $4.1 million as of December 31, 2024 and $4.5 million as of June 30, 2024.
2 Our Revolving Credit Facility was effective May, 2023 and matures May, 2028.
3 Face Value of Debt is €440.0 million as of June 30, 2025 converted using FX spot rate of 1.17 on and face value of debt of 419M EUR as of both December 31, 2024 and June 30, 2024 converted using the FX spot rate as of 1.01 and 1.07, respectively, as of those dates.
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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Julia Holmes
Julia.Holmes@gettyimages.com