Eventbrite(US:EB)2025-11-06 21:04Financial Position - As of September 30, 2025, cash and cash equivalents were $402.8 million, while restricted cash amounted to $107.9 million, totaling $510.7 million[50]. - The company reported funds receivable of $16.3 million as of September 30, 2025, down from $34.2 million as of December 31, 2024[53]. - Accounts receivable, net, was $772,000 as of September 30, 2025, compared to $2.2 million as of December 31, 2024[54]. - The balance of creator signing fees, net, was $7.1 million as of September 30, 2025, reflecting an increase from $5.2 million at the beginning of the period[56]. - As of September 30, 2025, the balance of creator advances was $6,832 thousand, an increase from $6,157 thousand as of December 31, 2024[58]. - The outstanding advance payouts as of September 30, 2025, were $118.3 million, up from $101.2 million as of December 31, 2024[60]. - The chargebacks and refunds reserve remained stable at $10.3 million as of September 30, 2025, consistent with the amount as of December 31, 2024[62]. - The net property and equipment value decreased to $9,489 thousand as of September 30, 2025, from $12,640 thousand as of December 31, 2024[64]. - The carrying amount of goodwill was $174.4 million as of September 30, 2025, unchanged from December 31, 2024[68]. - The total operating lease liabilities as of September 30, 2025, were $964 thousand after accounting for imputed interest[67]. - As of September 30, 2025, the Company's total outstanding long-term debt was $174.861 million, down from $240.719 million as of December 31, 2024, representing a decrease of approximately 27.4%[15]. Revenue Recognition - The company recognized ticketing revenue when tickets are sold, which includes a flat fee and a fixed percentage-based fee per ticket[39]. - The company’s advertising revenue is recognized as advertising impressions are displayed to consumers[44]. - The company operates as a single operating segment, generating revenue primarily from service fees and payment processing fees[36]. - The Company generates revenue primarily from ticketing fees and payment processing fees, recognizing revenue when control of the promised goods or services is transferred[38]. - Total net revenue for the three months ended September 30, 2025, was $71.743 million, a decrease from $77.801 million in the same period of 2024[115]. - Revenue from the United States for the three months ended September 30, 2025, was $50.6 million, down from $56.3 million in 2024, representing a decline of approximately 10.0%[115]. Expenses and Costs - Operating lease costs for the three months ended September 30, 2025, were $150 thousand, down from $190 thousand in the same period of 2024[66]. - The total amortization of acquired intangible assets for the nine months ended September 30, 2025, was $5,014 thousand, compared to $6,296 thousand for the same period in 2024[69]. - The depreciation expense for the three months ended September 30, 2025, was $132 thousand, a decrease from $154 thousand in the same period of 2024[64]. - Stock-based compensation expense for the nine months ended September 30, 2025, totaled $23.6 million, compared to $39.484 million for the same period in 2024[109]. - For the three months ended September 30, 2025, total stock-based compensation expense was $5.9 million, compared to $10.2 million for the same period in 2024, reflecting a decrease of approximately 42.3%[109]. Debt and Financing - The Company entered into a $60 million senior secured term loan facility on August 6, 2025, with the full amount borrowed and held in escrow until certain notes are repaid[75]. - The effective interest rate for the 2026 Notes is 1.3%, while the effective interest rate for the 2025 Notes is 5.8%[82][83]. - The Company repurchased $125 million of the 2026 Notes for approximately $118.9 million, resulting in a $5.8 million gain on extinguishment in Q3 2025[87]. - The Company has contractual obligations under its Term Loan and Convertible Notes, including a maximum consolidated net total leverage ratio ranging from 3.25 to 1.00 to 2.00 to 1.00, and minimum revenue of $270 million[80]. - The fair value of the Term Loan was estimated at $62.5 million as of September 30, 2025, using a discounted cash-flow model[81]. - The Company incurred total interest expense of $3.792 million for the nine months ended September 30, 2025, compared to $7.688 million for the same period in 2024, reflecting a decrease of approximately 50.7%[15]. - The Company recorded cash interest of $1.1 million related to the 2026 Notes during the nine months ended September 30, 2025[82]. - The Company accrued a minimum estimated amount of $0.5 million related to a legal matter as of September 30, 2025, with a potential loss range between $0.5 million and $2.1 million[98]. Income and Tax - The company reported a net income of $6.369 million for the three months ended September 30, 2025, compared to a net loss of $3.768 million for the same period in 2024[111]. - The Company recorded an income tax benefit of $0.1 million for the three months ended September 30, 2025, compared to an income tax expense of $0.2 million for the same period in 2024[112]. - Basic net income per share for the three months ended September 30, 2025, was $0.07, while diluted net income per share was $0.06, compared to a loss of $0.04 per share in 2024[111]. Stock and Share Repurchase - The company has a share repurchase program authorized for up to $100 million, with approximately $50 million remaining available for future repurchases as of September 30, 2025[102]. - The balance of outstanding RSUs, RSAs, and PSUs as of September 30, 2025, was 15,492,135, with a weighted-average grant date fair value of $3.75 per share[108]. - Total unrecognized stock-based compensation expense related to stock awards was $30.6 million as of September 30, 2025, to be recognized over a weighted-average period of 1.8 years[108]. - The Company has approximately $50.0 million remaining available for future repurchases under its share repurchase program approved on March 14, 2024[102].