Getty SPAC Presentation Deck
Illustrative Benchmarking Analysis (Cont'd)
gettyimages
Enterprise Value
($ in billions)
EV/CY2022E Revenue
$4.8¹
5.0x
EV / CY2022E Adj. EBITDA
15.2x²
shutter
stock
$4.1
4.9x
19.8x
Etsy
$35.1
12.8x
SMB Marketplaces
GoDaddy fiverr.
Median: 10.5x
44.7x
$15.4
3.7x
15.6x
$5.4
Median: 30.2x
14.5×
gettyimages Please see appendix for a reconciliation of non-GAAP measures.
NM
Upwork
$5.1
8.2x
NM
Creative Economy
A Adobe
$313.5
17.0x
Creative Tools
34.4x
AVI►
$1.7
3.9x
Median: 36.7x
Median: 5.7x
WIX
19.4x
$9.0
5.8x
64.0x
SQUARE
SPACE
$5.2
5.6x
38.9x
1 Getty Images enterprise value includes rollover vested options on a post-exercise basis, assuming net exercise at a $10.00 share price. Does not include unvested rollover options.
IP Monetization
UNIVERSAL
UNIVERSAL MUSIC GROUP WARNER MUSIC GROUP
$52.1
Median: 4.6x
5.0x
$25.2
22.2x
4.2x
Median: 21.3x
20.3x
Information
Economy
The
New York
Times
$6.9
3.1x
Source: Company filings and FactSet as of 12/8/2021.
Note: Multiples over 70.0x are not considered meaningful. Note: Getty Images FY 2022E Revenue and Adj. EBITDA based on midpoint of guidance. FY 2022E Adj. EBITDA includes ~$9mm of public company costs (BOD, D&O, additional
headcount and audit and professional fees).
19.4x
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