Getty Images came into this earnings print already under pressure, with the stock down sharply over the past month and then dropping a further 35.18% to about US$0.29 in the latest session. That move reflects a blunt verdict from the market on one thing above all: the balance sheet strain around heavy debt and thin liquidity now sits at the center of the Getty Images story.

Q2 free cash flow swung to a large loss as the company absorbed a US$110.9 million litigation payment and cash on hand fell to US$51.6 million against roughly US$2.1b of total debt. Management has suspended guidance and hired advisers to review financing options, which sets the stage for the rest of this earnings breakdown.

Concerned by Getty Images Holdings’ heavy…