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Getty Images Holdings Inc. Class A (GETY0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Getty Images' financial performance, reporting revenue of $939.3 million for the year, a 2.5% increase from the previous year's $916.6 million. The increase was driven by a 7.9% rise in Editorial revenue, partially offset by a 4.5% decline in Creative revenue.
Cost of revenue was $253.1 million, representing 26.9% of total revenue, a slight decrease from 27.3% in the prior year. Selling, general, and administrative expenses increased by 1.3% to $407.8 million.
The company reported a net income of $39.5 million, a significant improvement from the previous year's net income of $19.6 million. This was partly due to a decrease in litigation losses and a foreign exchange gain of $36.1 million.
Getty Images continues to focus on expanding its subscription offerings, with annual subscriptions now making up more than half of total revenue. The company also highlighted its ongoing investment in technology, including the launch of Generative AI by Getty Images and iStock.
The filing also provides an update on the company's proposed merger with Shutterstock, Inc., which is expected to close following regulatory approvals and stockholder votes.
Getty Images' liquidity remains strong, with $121.2 million in cash and cash equivalents and an undrawn revolving credit facility. The company anticipates that existing cash and cash flows from operations will be sufficient to fund its ordinary course operations for the foreseeable future.
The company also disclosed ongoing litigation, including lawsuits related to former public warrant holders, and noted that it has insurance coverage for certain claims.
The filing outlines the company's risk factors, including competition, reliance on third-party content, and potential impacts from evolving AI technologies.
Getty Images' Board of Directors is committed to maintaining strong corporate governance practices, with a focus on risk management and compliance with regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Getty Images Holdings Inc. Class A annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.