{"id":19,"date":"2026-01-03T08:11:33","date_gmt":"2026-01-03T08:11:33","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketriskus\/?p=19"},"modified":"2026-01-03T08:11:33","modified_gmt":"2026-01-03T08:11:33","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-gety-getty-images-holdings-inc-q3-fy2025-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketriskus\/19","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #GETY | Getty Images Holdings, Inc. Q3 FY2025 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"GETY EN BILANCO\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/ZB3CKgpSjq4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">We Read Getty Images\u2019 100-Page Financial Report So You Didn\u2019t Have To. Here Are 4 Shocking Takeaways.<\/span><\/h1>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"101\"><span class=\"ng-star-inserted\" data-start-index=\"101\">If you\u2019ve spent any time on the internet, you\u2019ve seen it: the subtle \u201cgettyimages\u201d watermark overlaid on a photograph. It\u2019s a symbol of professional, high-quality visual content that has become a ubiquitous part of our digital landscape. But behind that simple brand recognition lies a complex, high-stakes corporate drama.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"424\"><span class=\"ng-star-inserted\" data-start-index=\"424\">By digging into the company&#8217;s latest quarterly financial report\u2014a formal SEC Form 10-Q\u2014we can uncover a fascinating story of ambition, conflict, and immense financial risk. This isn&#8217;t just a company selling pictures; it&#8217;s an empire navigating billion-dollar deals, nine-figure lawsuits, and a technological battle for its very future. Here are the four most surprising and impactful takeaways from that document.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"836\"><b class=\"ng-star-inserted\" data-start-index=\"836\">1. They&#8217;re Spending a Fortune to Merge With Their Biggest Rival\u2014And Regulators Are Watching Closely.<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"936\"><span class=\"ng-star-inserted\" data-start-index=\"936\">Getty Images is in the middle of a massive &#8220;merger-of-equals&#8221; transaction with its primary competitor, Shutterstock. This move aims to consolidate the stock photography market, but the price tag is staggering before the deal is even done. For the first nine months of 2025 alone, Getty has already expensed\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1243\">$38.3 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"1256\">\u00a0in legal, accounting, and other direct costs related to the proposed merger.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1333\"><span class=\"ng-star-inserted\" data-start-index=\"1333\">This isn&#8217;t a simple acquisition, and it&#8217;s facing significant regulatory resistance. The financial report reveals that both the U.S. Department of Justice (DOJ) and the UK&#8217;s Competition and Markets Authority (CMA) are taking a hard look. The DOJ has issued a &#8220;Second Request&#8221; for more information, extending the waiting period, while the CMA has escalated its inquiry to a &#8220;Phase 2 review&#8221; to address competition concerns. The company is burning tens of millions of dollars on a deal that government regulators might ultimately block. This represents a classic &#8216;bet the company&#8217; move, where the potential reward of market dominance is weighed against the immediate cash burn and the significant risk of regulatory rejection. And this massive external bet is happening while the company is also fighting major legal battles on two separate fronts and juggling the billions in debt required to fund it all.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2236\"><b class=\"ng-star-inserted\" data-start-index=\"2236\">2. A Tangle of Lawsuits Could Cost Them Over $100 Million.<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2294\"><span class=\"ng-star-inserted\" data-start-index=\"2294\">Beyond the merger, Getty is navigating a complex and expensive legal battle with former public warrant holders stemming from its transition to a public company. The company has been named as a defendant in an &#8220;Initial Warrant Litigation&#8221; plus\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2537\">fourteen<\/b><span class=\"ng-star-inserted\" data-start-index=\"2545\">\u00a0additional &#8220;Follow-On&#8221; lawsuits.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2578\"><span class=\"ng-star-inserted\" data-start-index=\"2578\">The financial impact is tangible and severe. As of September 30, 2025, the company has established\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2677\">litigation reserves of $115.5 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"2714\">\u00a0related to these cases. A court has already entered a judgment against Getty in the initial cases, awarding damages of $36.9 million to one plaintiff and $51.0 million to another\u2014amounts which Getty is currently appealing. This isn&#8217;t a minor legal nuisance; it&#8217;s a significant financial liability that is diverting substantial resources and creating material risk for the company. This legal quagmire isn&#8217;t just a historical problem; it&#8217;s a nine-figure anchor dragging on the company&#8217;s ability to fund its future-facing bets on market consolidation and technology.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3279\"><b class=\"ng-star-inserted\" data-start-index=\"3279\">3. They Are in a High-Stakes Legal Fight With an AI Giant.<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3337\"><span class=\"ng-star-inserted\" data-start-index=\"3337\">Getty Images has filed a major lawsuit against Stability AI, the creator of the prominent AI image generator Stable Diffusion. The core allegation is that Stability AI engaged in the &#8220;unauthorized reproduction of approximately 12.0 million in images from Getty Images\u2019 websites&#8221; to train its artificial intelligence model. The lawsuit asserts specific claims for copyright infringement, trademark infringement, and unfair competition.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3771\"><span class=\"ng-star-inserted\" data-start-index=\"3771\">In a parallel case in the UK, a court delivered a critical finding that underscores the strategic importance of this fight.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3894\"><span class=\"ng-star-inserted\" data-start-index=\"3894\">&#8220;&#8230;the ruling delivered a key finding; that, wherever the training and development did take place, Getty Images&#8217; copyright-protected works were used to train Stable Diffusion.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4071\"><span class=\"ng-star-inserted\" data-start-index=\"4071\">This legal war represents a pivotal &#8220;old guard vs. new tech&#8221; battle. Its outcome could have major implications for the future of creative content, intellectual property, and the rapidly evolving world of artificial intelligence. This lawsuit is more than a simple IP dispute; it&#8217;s a strategic imperative for Getty to defend the commercial value of its entire content library against a technology that threatens to commoditize it.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4500\"><b class=\"ng-star-inserted\" data-start-index=\"4500\">4. They&#8217;re Juggling Billions in Expensive, High-Interest Debt.<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4562\"><span class=\"ng-star-inserted\" data-start-index=\"4562\">To fuel the ambitious\u2014and costly\u2014Shutterstock merger described earlier, Getty has been forced to take on billions in extremely expensive debt. A summary of its recent debt activities reveals a company taking on significant leverage:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4794\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"4794\">It refinanced its old term loans in February 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4844\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"4844\">It exchanged a portion of those new loans for\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4890\">11.250% Senior Secured Notes<\/b><span class=\"ng-star-inserted\" data-start-index=\"4918\">\u00a0in May 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4931\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"4931\">It exchanged most of another set of notes for new\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4981\">14.000% Senior Unsecured Notes<\/b><span class=\"ng-star-inserted\" data-start-index=\"5011\">\u00a0in October 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5028\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"5028\">It issued an additional $628.4 million in\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5070\">10.500% Senior Secured Notes<\/b><span class=\"ng-star-inserted\" data-start-index=\"5098\">, also in October 2025, specifically to fund the cash portion of the Shutterstock merger.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5187\"><span class=\"ng-star-inserted\" data-start-index=\"5187\">The interest rates on this debt\u201410.500%, 11.250%, and even 14.000%\u2014are exceptionally high, illustrating the steep price the company is willing to pay for capital. These are not the rates of a stable, low-risk company; they are the price of capital for a business undertaking a highly leveraged transformation, signaling that lenders see both immense potential and substantial risk in Getty&#8217;s strategy.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"5588\"><span class=\"ng-star-inserted\" data-start-index=\"5588\">Conclusion: A Company at a Crossroads<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5625\"><span class=\"ng-star-inserted\" data-start-index=\"5625\">The familiar Getty Images watermark hides a complex reality where colossal corporate bets, tense legal battles, and intricate financial engineering are all deeply intertwined. Getty is simultaneously trying to buy its biggest rival with borrowed money, sue the technology that threatens to make its core product obsolete, and pay off nine-figure lawsuits from past financial decisions. These are not four separate challenges; they are one interconnected high-wire act.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6093\"><span class=\"ng-star-inserted\" data-start-index=\"6093\">As Getty Images simultaneously tries to consolidate the stock photography market while fighting a legal war against the AI industry that threatens to upend it, the question remains: are these bold, expensive moves the key to future dominance or a high-risk gamble with an uncertain payoff?<\/span><\/div>\n<div data-start-index=\"6093\"><\/div>\n<div data-start-index=\"6093\"><\/div>\n<div data-start-index=\"6093\">\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">Briefing Document: Getty Images Holdings, Inc. Q3 2025 Financials and Corporate Developments<\/span><\/h1>\n<h2 class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"92\"><span class=\"ng-star-inserted\" data-start-index=\"92\">Executive Summary<\/span><\/h2>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"109\"><span class=\"ng-star-inserted\" data-start-index=\"109\">This document synthesizes the key financial results, strategic initiatives, and material risks for Getty Images Holdings, Inc. as detailed in its Form 10-Q for the quarter ended September 30, 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"306\"><span class=\"ng-star-inserted\" data-start-index=\"306\">The period is defined by the significant proposed merger-of-equals with Shutterstock, Inc., a transaction that has incurred substantial costs and is undergoing extensive regulatory review in both the United States and the United Kingdom. Financially, Getty Images reported a net income of $21.6 million for Q3 2025, a significant turnaround from a loss in the prior year, largely driven by a favorable foreign exchange gain. However, the nine-month view reveals a substantial net loss of $115.3 million, primarily due to $38.3 million in merger-related costs, a $78.4 million foreign exchange loss on foreign-denominated debt, and a $5.5 million loss on debt extinguishment.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"980\"><span class=\"ng-star-inserted\" data-start-index=\"980\">To facilitate the Shutterstock merger and strengthen its capital structure, the company executed a series of complex debt refinancing and exchange transactions throughout 2025, culminating in a significant new debt issuance in October 2025. Concurrently, Getty Images faces material financial exposure from ongoing litigation with former public warrant holders, having established a litigation reserve of $115.5 million against this risk. Strategically, the company is actively defending its intellectual property in the age of generative AI through high-profile litigation against Stability AI.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1575\"><span class=\"ng-star-inserted\" data-start-index=\"1575\">Key performance indicators show a mixed operational picture: while the base of active annual subscribers is growing, the total number of purchasing customers has declined, and the annual subscriber revenue retention rate has softened, reflecting a challenging macroeconomic environment and the absence of major quadrennial events that boosted prior-year results.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1937\"><span class=\"ng-star-inserted\" data-start-index=\"1937\">Proposed Merger with Shutterstock, Inc.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1976\"><span class=\"ng-star-inserted\" data-start-index=\"1976\">A central development is the Agreement and Plan of Merger with Shutterstock, Inc., announced on January 6, 2025. This transaction is structured as a merger-of-equals.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2142\"><span class=\"ng-star-inserted\" data-start-index=\"2142\">Transaction Overview<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2162\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2162\">Consideration:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2176\">\u00a0Shutterstock shareholders will receive a combination of cash and Getty Images common stock. Each share of Shutterstock common stock can be exchanged, subject to proration, for one of three options:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2374\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"2374\">$9.50 in cash and 9.17 shares of Getty Images stock.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2426\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"2426\">$28.8487 in cash.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2443\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"2443\">13.67237 shares of Getty Images stock.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2481\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2481\">Ownership Structure:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2501\">\u00a0Following the transaction, existing Getty Images stockholders are expected to own approximately 53.5% of the combined company, with Shutterstock stockholders owning the remaining 46.5% on a fully diluted basis.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2712\"><span class=\"ng-star-inserted\" data-start-index=\"2712\">Regulatory Scrutiny<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2731\"><span class=\"ng-star-inserted\" data-start-index=\"2731\">The merger is subject to significant regulatory review, which has extended the transaction timeline:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2831\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2831\">United States:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2845\">\u00a0On April 2, 2025, both companies received a &#8220;Second Request&#8221; for additional information from the U.S. Department of Justice (DOJ), extending the waiting period under the HSR Act.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3024\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3024\">United Kingdom:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3039\">\u00a0On November 3, 2025, the UK&#8217;s Competition and Markets Authority (CMA) referred the merger to a more in-depth &#8220;Phase 2&#8221; review process after the companies did not offer undertakings to address initial competition concerns.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3261\"><span class=\"ng-star-inserted\" data-start-index=\"3261\">Financial Impact and Milestones<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3292\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3292\">Merger-Related Costs:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3313\">\u00a0Getty Images has expensed significant costs related to the proposed merger, recorded in &#8220;Other operating expenses \u2013 net.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3435\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3435\">Q3 2025:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3443\">\u00a0$9.9 million<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3456\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3456\">Nine Months Ended Sep 30, 2025:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3487\">\u00a0$38.3 million<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3501\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3501\">Stockholder Approval:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3522\">\u00a0Shutterstock\u2019s stockholders approved the merger agreement at a Special Meeting on June 10, 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3619\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3619\">Debt Condition Waiver:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3641\">\u00a0On September 18, 2025, Shutterstock waived a closing condition that required Getty Images to extend the maturity of certain existing debt.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"3780\"><span class=\"ng-star-inserted\" data-start-index=\"3780\">Q3 2025 Financial Performance Analysis<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3818\"><span class=\"ng-star-inserted\" data-start-index=\"3818\">Summary of Operations<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"3839\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3839\"><span class=\"ng-star-inserted\" data-start-index=\"3839\">(In thousands)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3853\"><span class=\"ng-star-inserted\" data-start-index=\"3853\">Three Months Ended Sep 30, 2025<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3884\"><span class=\"ng-star-inserted\" data-start-index=\"3884\">Three Months Ended Sep 30, 2024<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3915\"><span class=\"ng-star-inserted\" data-start-index=\"3915\">Nine Months Ended Sep 30, 2025<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3945\"><span class=\"ng-star-inserted\" data-start-index=\"3945\">Nine Months Ended Sep 30, 2024<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3975\"><b class=\"ng-star-inserted\" data-start-index=\"3975\">Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3982\"><span class=\"ng-star-inserted\" data-start-index=\"3982\">$240,044<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3990\"><span class=\"ng-star-inserted\" data-start-index=\"3990\">$240,545<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3998\"><span class=\"ng-star-inserted\" data-start-index=\"3998\">$699,003<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4006\"><span class=\"ng-star-inserted\" data-start-index=\"4006\">$691,963<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4014\"><b class=\"ng-star-inserted\" data-start-index=\"4014\">Income from Operations<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4036\"><span class=\"ng-star-inserted\" data-start-index=\"4036\">$45,114<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4043\"><span class=\"ng-star-inserted\" data-start-index=\"4043\">$57,436<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4050\"><span class=\"ng-star-inserted\" data-start-index=\"4050\">$108,016<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4058\"><span class=\"ng-star-inserted\" data-start-index=\"4058\">$144,928<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4066\"><b class=\"ng-star-inserted\" data-start-index=\"4066\">Net Income (Loss)<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4083\"><b class=\"ng-star-inserted\" data-start-index=\"4083\">$21,618<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4090\"><b class=\"ng-star-inserted\" data-start-index=\"4090\">($2,527)<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4098\"><b class=\"ng-star-inserted\" data-start-index=\"4098\">($115,313)<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4108\"><b class=\"ng-star-inserted\" data-start-index=\"4108\">$14,749<\/b><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4115\"><b class=\"ng-star-inserted\" data-start-index=\"4115\">Diluted EPS<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4126\"><span class=\"ng-star-inserted\" data-start-index=\"4126\">$0.05<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4131\"><span class=\"ng-star-inserted\" data-start-index=\"4131\">($0.01)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4138\"><span class=\"ng-star-inserted\" data-start-index=\"4138\">($0.28)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4145\"><span class=\"ng-star-inserted\" data-start-index=\"4145\">$0.04<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4150\"><span class=\"ng-star-inserted\" data-start-index=\"4150\">Revenue Breakdown<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4167\"><span class=\"ng-star-inserted\" data-start-index=\"4167\">Total revenue was nearly flat in Q3 2025 at $240.0 million (-0.2% reported, -2.0% currency neutral). For the nine-month period, revenue grew 1.0% to $699.0 million (+0.7% currency neutral).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4356\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4356\">Creative:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4365\">\u00a0Revenue increased 8.4% in Q3 2025, driven by Premium Access subscriptions, including a significant multi-year agreement with upfront revenue recognition. For the nine-month period, Creative revenue declined 0.6% due to reduced spending from agency customers and lower Unsplash revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4651\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4651\">Editorial:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4661\">\u00a0Revenue decreased 3.7% in Q3 2025. This was primarily due to a tough comparison against the prior-year period, which included major quadrennial events like the UEFA European Championship and the Paris Olympics. For the nine-month period, Editorial revenue increased 1.7%, driven by growth in subscriptions.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4968\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4968\">Other:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4974\">\u00a0Revenue fell 58.5% in Q3 2025, driven by the non-recurrence of a large, expanded data licensing deal signed in Q3 2024 that had significant upfront revenue recognition. However, for the nine-month period, Other revenue grew 20.1% due to new data access and licensing agreements.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"5253\"><span class=\"ng-star-inserted\" data-start-index=\"5253\">Profitability and Key Expense Drivers<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5290\"><span class=\"ng-star-inserted\" data-start-index=\"5290\">The swing from a significant nine-month net loss in 2025 to a net profit in Q3 2025 highlights the volatility of key non-operating items.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5427\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5427\">Operating Income:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5444\">\u00a0Declined 25.5% for the nine-month period to $108.0 million, primarily due to the sharp increase in &#8220;Other operating expenses \u2013 net,&#8221; which contains the $38.3 million in merger-related costs.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5635\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5635\">Foreign Exchange (FX) Impact:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5664\">\u00a0FX volatility has been a primary driver of bottom-line results.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5728\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5728\">Q3 2025:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5736\">\u00a0A net FX\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5746\">gain<\/b><span class=\"ng-star-inserted\" data-start-index=\"5750\">\u00a0of $1.5 million.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5767\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5767\">Q3 2024:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5775\">\u00a0A net FX\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5785\">loss<\/b><span class=\"ng-star-inserted\" data-start-index=\"5789\">\u00a0of $28.7 million.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5807\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5807\">YTD 2025:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5816\">\u00a0A net FX\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5826\">loss<\/b><span class=\"ng-star-inserted\" data-start-index=\"5830\">\u00a0of $78.4 million, largely due to fluctuations in the EUR impacting Euro-denominated term loans.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5926\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5926\">YTD 2024:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5935\">\u00a0A net FX\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5945\">loss<\/b><span class=\"ng-star-inserted\" data-start-index=\"5949\">\u00a0of $9.8 million.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5966\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5966\">Debt Refinancing Costs:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5989\">\u00a0The company recognized a\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6015\">$5.5 million loss on extinguishment of debt<\/b><span class=\"ng-star-inserted\" data-start-index=\"6058\">\u00a0in the first nine months of 2025 related to its term loan refinancing. An additional $6.0 million in third-party costs related to the refinancing were expensed as &#8220;Other non-operating income (expense) \u2013 net.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6267\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6267\">Interest Expense:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6284\">\u00a0Increased 4.3% to $105.0 million for the nine-month period, reflecting changes in the company&#8217;s debt structure and higher rates.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"6413\"><span class=\"ng-star-inserted\" data-start-index=\"6413\">Debt Restructuring and Strategic Financing<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6455\"><span class=\"ng-star-inserted\" data-start-index=\"6455\">Getty Images undertook a comprehensive overhaul of its capital structure in 2025 to extend maturities and prepare for the Shutterstock merger.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6597\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6597\">February 2025 Refinancing:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6623\">\u00a0The company replaced its 2019 USD and EUR Term Loans by entering into a Refinancing Amendment that provided:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6732\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"6732\">$580.0 million in new 2025 USD Term Loans.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6774\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"6774\">\u20ac440.0 million in new 2025 EUR Term Loans.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6816\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"6816\">Both new tranches mature in February 2030.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6858\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6858\">May 2025 Debt Exchange:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6881\">\u00a0The company exercised an option to exchange a portion of the new 2025 USD Term Loans. It issued\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6978\">$539.9 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"6992\">\u00a0of\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6996\">11.250% Senior Secured Notes due 2030<\/b><span class=\"ng-star-inserted\" data-start-index=\"7033\">\u00a0in exchange for an equivalent amount of the term loans.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7089\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7089\">October 2025 Subsequent Financing Activities:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7134\">\u00a0After the quarter&#8217;s end, the company executed two major transactions to finance the Shutterstock acquisition:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7244\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7244\">Note Exchange:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7258\">\u00a0Exchanged $294.7 million of its 2019 Senior Unsecured Notes for newly issued\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7336\">14.000% Senior Unsecured Notes due 2028<\/b><span class=\"ng-star-inserted\" data-start-index=\"7375\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7376\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7376\">New Debt Issuance:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7394\">\u00a0Closed an offering of\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7417\">$628.4 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"7431\">\u00a0aggregate principal amount of\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7462\">10.500% Senior Secured Notes due 2030<\/b><span class=\"ng-star-inserted\" data-start-index=\"7499\">. The proceeds are held in escrow and are intended to fund the cash portion of the merger consideration and refinance Shutterstock&#8217;s debt.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"7637\"><span class=\"ng-star-inserted\" data-start-index=\"7637\">Significant Legal and Regulatory Matters<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"7677\"><span class=\"ng-star-inserted\" data-start-index=\"7677\">Warrant Holder Litigation<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7702\"><span class=\"ng-star-inserted\" data-start-index=\"7702\">The company is defending numerous lawsuits filed by former public warrant holders alleging breach of the Warrant Agreement. This represents a material financial risk.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7868\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7868\">Initial Litigation:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7887\">\u00a0A judgment was entered against the company for approximately $87.9 million plus 9% pre-judgment interest. The company is appealing this decision.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8033\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8033\">Follow-On Litigation:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8054\">\u00a0Fourteen additional lawsuits have been filed. In two of these cases (the Berner\/Lapp Actions), a judgment was entered against the company for $7.8 million, which is also being appealed. The remaining twelve cases are in discovery.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8285\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8285\">Financial Position:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8304\">\u00a0As of September 30, 2025, the company has recorded a\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8358\">litigation reserve of $115.5 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"8394\">\u00a0and has a related\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8413\">insurance recovery receivable of $37.2 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"8459\">.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"8460\"><span class=\"ng-star-inserted\" data-start-index=\"8460\">Litigation Against Stability AI<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8491\"><span class=\"ng-star-inserted\" data-start-index=\"8491\">Getty Images is actively pursuing legal action against generative AI company Stability AI for intellectual property infringement.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8620\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8620\">U.S. Lawsuit:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8633\">\u00a0Getty Images (US), Inc. filed a lawsuit in California against Stability AI, alleging unauthorized reproduction of approximately 12 million images, captions, and metadata to train the Stable Diffusion model. Claims include copyright infringement, trademark infringement, and unfair competition.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8927\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"8927\">U.K. Lawsuit:<\/b><span class=\"ng-star-inserted\" data-start-index=\"8940\">\u00a0A trial in the High Court of England &amp; Wales concluded in June 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9009\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9009\">Ruling:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9016\">\u00a0On November 4, 2025, the Court found in favor of Getty Images on its trademark infringement claims.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9116\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9116\">Key Finding:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9128\">\u00a0While Getty Images was unsuccessful on its secondary copyright infringement claim, the ruling established that &#8220;Getty Images&#8217; copyright-protected works were used to train Stable Diffusion.&#8221;<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"9318\"><span class=\"ng-star-inserted\" data-start-index=\"9318\">Canada Revenue Agency (CRA) Tax Dispute<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9357\"><span class=\"ng-star-inserted\" data-start-index=\"9357\">A subsidiary, iStockphoto ULC, is contesting tax assessments from the CRA related to its 2015 income tax return.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9469\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9469\">Potential Payment:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9487\">\u00a0As part of the appeal process, the company may be required to pay up to\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9560\">$19.0 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"9573\">\u00a0in 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9582\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9582\">Maximum Exposure:<\/b><span class=\"ng-star-inserted\" data-start-index=\"9599\">\u00a0If the appeal is unsuccessful, the company estimates the maximum potential outcome could be up to\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"9698\">$27.7 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"9711\">.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"9712\"><span class=\"ng-star-inserted\" data-start-index=\"9712\">Key Performance Indicators (LTM ended September 30, 2025)<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"9769\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9769\"><span class=\"ng-star-inserted\" data-start-index=\"9769\">Key Performance Indicator<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9794\"><span class=\"ng-star-inserted\" data-start-index=\"9794\">LTM Ended Sep 30, 2025<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9816\"><span class=\"ng-star-inserted\" data-start-index=\"9816\">LTM Ended Sep 30, 2024<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9838\"><span class=\"ng-star-inserted\" data-start-index=\"9838\">Change<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9844\"><span class=\"ng-star-inserted\" data-start-index=\"9844\">Total purchasing customers (thousands)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9882\"><span class=\"ng-star-inserted\" data-start-index=\"9882\">703<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9885\"><span class=\"ng-star-inserted\" data-start-index=\"9885\">719<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9888\"><span class=\"ng-star-inserted\" data-start-index=\"9888\">(2.3)%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9894\"><span class=\"ng-star-inserted\" data-start-index=\"9894\">Total active annual subscribers (thousands)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9937\"><span class=\"ng-star-inserted\" data-start-index=\"9937\">304<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9940\"><span class=\"ng-star-inserted\" data-start-index=\"9940\">298<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9943\"><span class=\"ng-star-inserted\" data-start-index=\"9943\">+1.7%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9948\"><span class=\"ng-star-inserted\" data-start-index=\"9948\">Paid download volume (millions)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9979\"><span class=\"ng-star-inserted\" data-start-index=\"9979\">93<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9981\"><span class=\"ng-star-inserted\" data-start-index=\"9981\">94<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9983\"><span class=\"ng-star-inserted\" data-start-index=\"9983\">(1.3)%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"9989\"><span class=\"ng-star-inserted\" data-start-index=\"9989\">Annual subscriber revenue retention rate<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10029\"><span class=\"ng-star-inserted\" data-start-index=\"10029\">90.3%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10034\"><span class=\"ng-star-inserted\" data-start-index=\"10034\">92.2%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10039\"><span class=\"ng-star-inserted\" data-start-index=\"10039\">(190 bps)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10048\"><span class=\"ng-star-inserted\" data-start-index=\"10048\">Image collection (millions)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10075\"><span class=\"ng-star-inserted\" data-start-index=\"10075\">600<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10078\"><span class=\"ng-star-inserted\" data-start-index=\"10078\">563<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10081\"><span class=\"ng-star-inserted\" data-start-index=\"10081\">+6.7%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10086\"><span class=\"ng-star-inserted\" data-start-index=\"10086\">Video collection (millions)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10113\"><span class=\"ng-star-inserted\" data-start-index=\"10113\">35<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10115\"><span class=\"ng-star-inserted\" data-start-index=\"10115\">31<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10117\"><span class=\"ng-star-inserted\" data-start-index=\"10117\">+13.2%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10123\"><span class=\"ng-star-inserted\" data-start-index=\"10123\">Video attachment rate<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10144\"><span class=\"ng-star-inserted\" data-start-index=\"10144\">16.4%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10149\"><span class=\"ng-star-inserted\" data-start-index=\"10149\">16.4%<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10154\"><span class=\"ng-star-inserted\" data-start-index=\"10154\">0 bps<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10159\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"10159\">The decline in total purchasing customers is attributed to a shift away from \u00e0 la carte transactions toward annual subscription products.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10296\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"10296\">The increase in active annual subscribers reflects the strategic focus on more committed revenue streams, particularly driven by Unsplash+ subscriptions.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10449\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"10449\">The decrease in the annual subscriber revenue retention rate is primarily due to the non-recurrence of high-impact political and sporting events that drove significant spend in the prior LTM period.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"10647\"><span class=\"ng-star-inserted\" data-start-index=\"10647\">Other Notable Developments<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10673\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"10673\">U.S. Tax Legislation:<\/b><span class=\"ng-star-inserted\" data-start-index=\"10694\">\u00a0The &#8220;One Big Beautiful Bill Act&#8221; (OBBBA) was enacted on July 4, 2025. The company expects these tax law changes to reduce its annual U.S. tax liability by approximately $4.0 million to $7.0 million in 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"10901\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"10901\">Insider Trading Plans:<\/b><span class=\"ng-star-inserted\" data-start-index=\"10923\">\u00a0During Q3 2025, several executives and a director adopted Rule 10b5-1 trading arrangements to sell shares of company stock over a predetermined period. Those adopting plans include Director Chinh Chu and Senior Vice Presidents Gene Foca, Ken Mainardis, and Peter Orlowsky.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>We Read Getty Images\u2019 100-Page Financial Report So You Didn\u2019t Have To. Here Are 4 Shocking Takeaways. If you\u2019ve spent any time on the internet, you\u2019ve seen it: the subtle \u201cgettyimages\u201d watermark overlaid on a photograph. It\u2019s a symbol of&#8230; <\/p>\n","protected":false},"author":1,"featured_media":20,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5],"class_list":["post-19","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earningsanalysis","tag-gety"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/19","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/comments?post=19"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/19\/revisions"}],"predecessor-version":[{"id":21,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/19\/revisions\/21"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media\/20"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media?parent=19"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/categories?post=19"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/tags?post=19"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}