Getty Images Holdings, Inc.GETY

Getty Images Holdings, Inc. Leases Disclosure

10-KFiled Mar 17, 20252 min read
LEASES
The Company’s leases relate primarily to office facilities that expire on various dates from 2025 through 2034, some of which include one or more options to renew. All of the Company’s leases are classified as operating leases. Operating leases are included in “Right of use assets” in the consolidated balance sheets. Current portion of the lease liabilities are included in “Accrued expenses” and non-current portion of lease liabilities are included in “Lease liabilities” in the consolidated balance sheets. Operating lease costs, including insignificant costs related to short-term leases, were $8.4 million, $8.9 million and $10.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Additional information related to the Company’s leases as of and for the years ended December 31, 2024 and 2023, are as follows (in thousands, except for the lease term and discount rate):
As of December 31, 2024As of December 31, 2023
Right of use asset$32,453 $41,098 
Lease liabilities, current11,252 9,780 
Lease liabilities, non-current29,034 39,858 
Total lease liabilities$40,286 $49,638 
Weighted average remaining lease term5.3 years5.9 years
Weighted average discount rate5.7 %5.7 %
Cash paid for amounts included in lease liabilities$12,359 $13,391 
Right of use asset obtained in exchange for lease obligations$727 $2,591 
Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
Year ended December 31,
2025$12,150 
20266,691 
20275,215 
20284,262 
20293,938 
Thereafter 18,493 
Total undiscounted lease payments50,749 
Less: imputed interest(10,463)
Total lease liabilities $40,286 
Due to hybrid working arrangements, the Company has continued to assess its office needs and subleased several office locations during the year ended December 31, 2024 and 2023. These agreements were considered to be operating leases. The Company has not been legally released from the primary obligations under the original leases and therefore the Company continues to account for the original lease separately. The Company recorded no ROU asset impairment charge for the year ended December 31, 2024 and $314 thousand for the year ended December 31, 2023, which was the amount by which the carrying value of the lease ROU assets exceeded the fair values. Estimates of the fair values are based on the discounted cash flows of estimated net rental income for the office spaces subleased. The ROU asset impairment charge is included in “Other operating (income) expense - net” on the Consolidated Statement of Operations. Rent income from the sublessees is included in the Consolidated Statement of Operations on a straight-line basis as an offset to rent expense associated with the original operating lease included in “Selling, general and administrative expenses” on the Consolidated Statement of Operations.
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About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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