Getty Images Holdings, Inc. · NYSE:GETY
Getty Images — Investor Presentation (May 2024)
48 slides from Getty Images's investor presentation, May 28, 2024
Slide 1: With the Power of Elevated Visual Content
CONFIDENTIAL 1 With the Power of Elevated Visual Content May 28, 2024 Move the World 469262742, wundervisuals
Slide 2: Agenda: Authentic Content, Value Proposition, AI Opportunity, Financial Highlights
2 1 3 4 Our Differentiated Value Proposition Our AI Opportunity Financial Highlights 2 2 The Power of Our Authentic Content Getty Images is a Preeminent Global Content Creator and Marketplace 1454065258, Marco Bottigelli
Slide 3: The Power of Our Authentic Content
1 The Power of Our Authentic Content 1634256861, Willie B. Thomas 3
Slide 4: We Believe in the Power of Visual Content
We Believe in the Power of Visual Content 4
Slide 5: Visuals that Make People Think, Feel, Take Action, or Bear Witness to History
5 Visuals that Make People Think, Feel, Take Action, or Bear Witness to History
Slide 6: An Image That Instantly Tells a Story
An Image That Instantly Tells a Story 1856938959, Pyrosky 6
Slide 7: A Shot That Expands Global Perspective and Transcends Language
7 A Shot That Expands Global Perspective and Transcends Language 463933990, AFP
Slide 8: An Image that Transports You Back to a Moment
8 An Image that Transports You Back to a Moment 515612650, Bettmann
Slide 9: The Big Moment Captured Through a Unique Lens
9 Or The Big Moment Captured Through a Unique Lens 1450119456, Shaun Botterill – FIFA
Slide 10: An AI-Generated Visual Sprung From the Depths of the Imagination
Created with Generative AI by Getty Images 10 An AI-Generated Visual Sprung From the Depths of the Imagination
Slide 11: There's a Story in Every Picture, a Narrative in Every Frame
There’s a Story in Every Picture, a Narrative in Every Frame 11
Slide 12: Our Authentic, Differentiated, High Quality Content Stands Out More than Ever
12 Source: 1 2023 study by eMarketer. 2 2019 study by Performics and Northwestern’s Medill School of Journalism. 3 2024 meta-analysis by We Are Social and Meltwater utilizing data from Kepios. 4 2023 polling by Gallup. 12 …Our Authentic, Differentiated, High Quality Content Stands Out
Slide 13: Our Differentiated Value Proposition
2 Our Differentiated Value Proposition 2146684880, Gregory Shamus
Slide 14: Investing in a Market Leader With an Enduring Competitive Edge
14 1 A Leading Industry Player with Powerful, Optimized Platform 2 Unique and Scaled Creative & Editorial Content Offering 3 Diversified and Loyal Customer Base 4 Subscription-Driven, High-Margin, Durable Financial Profile 5 Experienced Management Team Committed to De-Leveraging 6 Well-Positione
Slide 15: Why Do Creators and Customers Consistently Choose Getty Images?
15 Solutions For a Full Spectrum of Content Needs and Budgets that Mitigate Risk Competitive Royalties with Higher Tiers for Exclusive Content Significant Audience Reach & Scale Creators of Visual Content Customers of Visual Content Why Do Creators and Customers Consistently Choose Getty Images?
Slide 16: We Are Uniquely Positioned at the Center of the Creative Economy
16 Asset Type Plans & Pricing Go-to-Market Asset Rights Free & Low-Cost Creative Stills Capped / No Indemnification Primarily E-Commerce & Online Service Free (Ads), Subscriptions, Paid API Integrations Budget-Conscious Stills, Video, and Generative AI Capped Indemnification With Option
Slide 17: Powerful Creative & Editorial Content
17 ~1/ 3 ~2/ 3 Powerful Creative & Editorial Content 34 % 66 % Editorial Creative Royalty-Free Photos, Illustrations, and Videos Underpinned by Exclusive Content Non-Exclusive Content Exclusive Content 110 Dedicated Staff Photographers & Videographers 80K+ Exclusive Contributors 70+ Exclusive Conten
Slide 18: High Quality Creative Library with Breadth and Depth for Any Use Case
18 High Quality Creative Library with Breadth and Depth for Any Use Case Comprehensive Custom Content Offering Custom Market Research and In-House Visual Expertise Via VisualGPS ~2/3 Of 2023 Revenue From Creative 7,000+ Consumers Engaged Through the VisualGPS Platform Global Insights Team Collaborat
Slide 19: 19
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Slide 20: 1216206166, simonkr
1216206166, simonkr 20
Slide 21: The Power of Our Editorial Business
21 The Power of Our Editorial Business ~1/3 Of 2023 Revenue From Editorial Unique Scope & Scale of Coverage Award-Winning Specialists 70+ Premium Content Partners Comprehensive Archive Deep Expertise & Capabilities Exclusive Rights & Access 160K+ Annual Events Across News, Sports, and En
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Slide 23: Exclusive Content Underpins Competitive Differentiation and Drives ~2/3 of Revenue
23 Exclusive Content Underpins Competitive Differentiation and Drives ~2/3 of Revenue For many customers, Getty Images is the preferred visual content partner because of our exceptional access to exclusive content that cannot be obtained anywhere else. In a world of infinite imagery, we help our cus
Slide 24: Management Team
24 Craig Peters Chief Executive Officer Over 16 Years of Experience at Getty Images with Broader Experience in Media, Sports, and Technology 2139231507, Ben Solomon Michael Teaster SVP, Chief of Staff 30 Years with Getty Images Mikael Cho Co-Founder & CEO of Unsplash Founded Unsplash in 2017 wit
Slide 25: Key Initiatives Positioned Us for Capital-Light Growth
44 % 53 % 2019A 2023A 7.0 x 4.2 x 2019A 2023A $ 200 $ 244 2019A 2023A $ 245 $ 301 2019A 2023A 25 Since our 2019 financing, we have reoriented our strategy and made significant investments to position us for capital-light growth Progressed Key Initiatives Which Resulted in Tangible Business Enhanceme
Slide 26: Our AI Opportunity
31Our AI Opportunity Created with Generative AI by Getty Images 26
Slide 27: Elevating Creativity
27 Elevating Creativity Commercially Scalable Commercially Safe & Legally Protected Compensates Creators End to End Solution Created with Generative AI by Getty Images Power of AI Powerful Pre-Shot Content Powered by NVIDIA Partnering with trusted industry leader, NVIDIA, our AI Generator pairs
Slide 28: Our Approach to Generative AI vs Other Model Services
28 Other Generative AI Model Services Unclear Legal Protection and Data Sourcing Potential Output Degradation & Contamination With Unreleased Content Not Trained on Getty Images High Quality Content Fully Permissioned, Indemnified Content Generation Expansive Library of Training Data With High Q
Slide 29: The Future of AI at Getty Images
The Future of Al at Getty Images The following is for illustrative purposes only and the final user experience may vary. All content shown in this video that is Al generated content was created by Generative Al by Getty Images/iStock. All content in this video that is pre-shot content is available f
Slide 30: Generative AI by Getty Images
30 Generative AI by Getty Images Builds on the Millions of Images in Our Vast Pre-Shot Library, Opening up Incredible Opportunities for Brands and Marketers to Elevate Their Creativity and Expand Efficiencies Throughout the Creative Process. This Powerful Combination of Carefully Crafted Imagery and
Slide 31: Our Proprietary Search Infrastructure
31 Our Proprietary Search Infrastructure Natural Language Queries Natural Language Processing (NLP) & Machine Learning to Contextualize Queries Augment Retrieval With Metadata Attached to Each Asset Dynamic Image Placement Algorithms to Improve Result Relevance Enhanced Search Available Cross-Pl
Slide 32: Our Core Business Remains Healthy in the Age of AI
32 Our Core Business Remains Healthy in the Age of AI LTM Total Purchasing Customers (Thousands) 46 % 49 % 53 % 2021 2022 2023 LTM Total Active Annual Subscribers (Thousands) Subscriptions as a % of Total Revenue LTM Paid Download Volume (Millions) Source: Company filings as of Dec-2023. 1 Represent
Slide 33: Financial Highlights
51Financial Highlights 1170614184, Ducan Raban/Popperfoto
Slide 34: The Enduring Strength of the Getty Images Platform
34 Stable Revenue & Long-Term Growth Strong Cash Generation Customer Acquisition Efficiency Consistent. High Margin Profile Total Revenue1 Unlevered Pre-Tax Free Cash Flow1 71 % 73 % 2019 2023 Gross Margin Source: Company filings as of Dec-2023 and internal financial records. Note: Unlevered Pre
Slide 35: Summary Financial Overview
459 503 516 532 597 585 579 276 296 294 266 14 307 326 321 16 13 13 15 15 17 $749 $815 $823 $811 $919 $926 $917 FY17A FY18A FY19A FY20A FY21A FY22A FY23A Creative Editorial Other % Growth: Revenue1 Note: Dollars in millions. Revenue for FY17 – FY20 excludes certain retired products; see Pages
Slide 36: Adjusted EBITDA and Unlevered Pre-Tax FCF
$ 103 $ 158 $ 200 $ 226 $ 260 $ 246 $ 244 FY17A FY18A FY19A FY20A FY21A FY22A FY23A $167 $211 $245 $271 $309 $305 $301 22% 26% 30% 33% 34% 33% 33% FY17A FY18A FY19A FY20A FY21A FY22A FY23A % margin Note: Adjusted EBITDA and Unlevered Pre-Tax FCF are non-GAAP measures. Please see “Disclaimer.&
Slide 37: Key Performance Indicators
656 688 672 715 794 835 799 FY17A FY18A FY19A FY20A FY21A FY22A FY23A 30 45 53 59 75 129 236 FY17A FY18A FY19A FY20A FY21A FY22A FY23A 98.7% 101.3% 97.5% 87.9% 104.5% 100.1% 92.4% FY17A FY18A FY19A FY20A FY21A FY22A FY23A Note: The Company launched Unsplash+ during the three months ended December 31
Slide 38: Consistent Growth Across All Key Performance Indicators
1 A measure of the percentage of total paid customer downloaders who are video downloaders. The underlying calculation of this metric was changed vs. previously reported metrics. This change was made to exclude the impact of downloader activity from our free trial subscriptions which are skewed enti
Slide 39: Pay Down Debt to De-lever the Business
~4.2 x ~2.5x – 3.0x 2023 Target Pay Down Debt to De-lever the Business Investment in Marketing to Drive Growth Investment in Data Capabilities and Technology to Drive Product Innovation Opportunistically Evaluate M&A Balance Capital Structure and Shareholder Return Priorities for Cash Flo
Slide 40: Q1 2024: Fading Residual Headwinds Position Us For Growth
($mm) Q1 2024 Q1 2023 Revenue $ 222 $ 236 % YoY Reported Growth (5.7)% 2.0 % ⠀Revenue less Cost of Revenue⠀ $ 162 $ 172 Margin % 72.9 % 73.1 % Adjusted EBITDA $ 7 0 $ 7 6 Adjusted EBITDA as % of Total Revenue 31.6 % 32.4% Unlevered Pre-Tax Free Cash Flow1 $ 5 6 $ 6 1 40 Q1 2024: Fading
Slide 41: Poised for Return to Growth
41 Hollywood Writers and Actors Strike Resolved Major 2024 Editorial Events Summer Olympic Games U.S. Presidential Election Copa América UEFA European Championship Macro Improvements & Tailwinds AI Revenue Streams Corporate Segment Expansion Video Consumption International Expansion Long-Te
Slide 42: Thank You
42 Thank You 1609807673, d3sign
Slide 43: Appendix
Appendix Created with Generative AI by Getty Images
Slide 44: Non-GAAP Reconciliation
($mm) 2017A 2018A 2019A 2020A 2021A 2022A 2023A LTM as of Q1 2024A Reported Revenues $ 838 $ 868 $ 847 $ 814 $ 919 $ 926 $ 917 $ 903 (-) Retired Products (89) (53) (24) (3) 0 0 0 0 Revenue (Excl. Retired Products) $ 749 $ 815 $ 823 $ 811 $ 919 $ 926 $ 917 $ 903 Adjusted Revenue Growth % 9 % 1 % (1)%
Slide 45: Quarterly Revenue by Segment
⠀2021⠀ ⠀2021⠀ ⠀2021⠀ ⠀2021⠀ ⠀2022⠀ ⠀2022⠀ ⠀2022⠀ ⠀2022⠀ ⠀2023⠀ ⠀2023⠀ ⠀2023⠀ ⠀2023⠀ ⠀2024⠀ ⠀Q1⠀ ⠀
Slide 46: Disclaimer
46 Disclaimer This presentation has been prepared for informational purposes only and is being provided by Getty Images Holdings, Inc. (the “Company”) and its consolidated subsidiaries, which includes Getty Images, Inc. for use by a limited number of parties. By accepting delivery of t
Slide 47: Disclaimer (Cont'd)
47 Disclaimer (Cont’d) Forward-Looking Statements Certain statements included in this Presentation 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
Slide 48: Disclaimer (Cont'd)
48 Disclaimer (Cont’d) These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Presentation are more fully described under the heading “Item 1A. Risk Factors” in our most recently filed Annual Report on Form
Getty Images Holdings — Investor Presentation (May 2024) on 6ix