Getty Images (GETY - Free Report) reported third-quarter 2023 earnings of 4 cents per share, which beat the Zacks Consensus Estimate by 33.33%. The company reported break-even earnings in the year-ago quarter.
It reported revenues of $229.3 million, which declined 0.5% year over year but beat the consensus mark by 0.55%.
On a trailing 12-month basis, total purchasing customers declined 1.3% year over year to 826K.
On a trailing 12-month basis, total active annual subscribers jumped 88.4% year over year to 202K. Over the same period, paid download volume was 95 million, up 1%.
Getty Images had 525 million images in its collection as of Sep 30, 2023.
Quarter Details
Creative revenues accounted for 63.3% of revenues. The figure of $145.2 million was unchanged year over year.
Editorial revenues accounted for 34.9% of revenues. Segment revenues declined 2.3% year over year to $79.9 million in the reported quarter.
Other revenues surged 22.2% year over year to $4.1 million and contributed 1.8% of reported revenues.
Adjusted EBITDA was $80.3 million, up 3.4% year over year.
In third-quarter 2023, selling, general and administrative expenses increased 6.2% year over year to $97.3 million.
Operating income declined 92.2% year over year to $3.9 million.
Balance Sheet
As of Sep 30, 2023, cash and cash equivalents were $113.5 million. Getty Images has $150 million available through its revolver.
As of Sep 30, total debt was $1.383 billion, which included $300 million in senior notes and a term loan balance of $1.083 billion.
In third-quarter 2023, net cash provided by operating activities was $25.2 million. Free cash flow was $12.8 million.
Outlook
For 2023, Getty Images expects revenues between $900 million and $910 million.
Adjusted EBITDA is now expected between $287 million and $295 million.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
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While NVIDIA sports a Zacks Rank #1 (Strong Buy), ASANA and Snowflake carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Getty Images (GETY - Free Report) reported third-quarter 2023 earnings of 4 cents per share, which beat the Zacks Consensus Estimate by 33.33%. The company reported break-even earnings in the year-ago quarter.
It reported revenues of $229.3 million, which declined 0.5% year over year but beat the consensus mark by 0.55%.
On a trailing 12-month basis, total purchasing customers declined 1.3% year over year to 826K.
On a trailing 12-month basis, total active annual subscribers jumped 88.4% year over year to 202K. Over the same period, paid download volume was 95 million, up 1%.
Getty Images had 525 million images in its collection as of Sep 30, 2023.
Quarter Details
Creative revenues accounted for 63.3% of revenues. The figure of $145.2 million was unchanged year over year.
Editorial revenues accounted for 34.9% of revenues. Segment revenues declined 2.3% year over year to $79.9 million in the reported quarter.
Other revenues surged 22.2% year over year to $4.1 million and contributed 1.8% of reported revenues.
Adjusted EBITDA was $80.3 million, up 3.4% year over year.
In third-quarter 2023, selling, general and administrative expenses increased 6.2% year over year to $97.3 million.
Operating income declined 92.2% year over year to $3.9 million.
Balance Sheet
As of Sep 30, 2023, cash and cash equivalents were $113.5 million. Getty Images has $150 million available through its revolver.
As of Sep 30, total debt was $1.383 billion, which included $300 million in senior notes and a term loan balance of $1.083 billion.
In third-quarter 2023, net cash provided by operating activities was $25.2 million. Free cash flow was $12.8 million.
Outlook
For 2023, Getty Images expects revenues between $900 million and $910 million.
Adjusted EBITDA is now expected between $287 million and $295 million.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
NVIDIA (NVDA - Free Report) , ASANA (ASAN - Free Report) and Snowflake (SNOW - Free Report) are some better-ranked stocks that investors can consider in the broader sector.
While NVIDIA sports a Zacks Rank #1 (Strong Buy), ASANA and Snowflake carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA’s shares have jumped 239.8% year to date. NVDA is set to report its third-quarter fiscal 2024 results on Nov 21.
ASANA shares have gained 52.3% year to date. ASAN is set to report its third-quarter fiscal 2024 results on Dec 5.
Snowflake shares have returned 15.5% year to date. SNOW is set to report its third-quarter fiscal 2024 results on Nov 29.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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