Financial Performance - Gross Merchandise Sales (GMS) reached $2.4 billion, an 11% increase year-over-year, with a 24% growth excluding the impact of the Taylor Swift "Eras" Tour[5] - Revenue for the quarter was $468 million, up 8% year-over-year, representing 19% of GMS[5] - Net loss amounted to $1.3 billion, primarily due to a one-time stock-based compensation charge of $1.4 billion related to the IPO[5] - Adjusted EBITDA was $67 million, reflecting a 21% increase year-over-year and a 14% margin[5] - The company reported a basic net loss per share of $4.27 for the quarter[12] - For the three months ended September 30, 2025, the company reported a net loss of $1,294,609, compared to a net loss of $33,012 for the same period in 2024, representing a significant increase in losses[29] - Revenue for the three months ended September 30, 2025, was $468,113, an increase of 7.5% from $433,779 in the same period of 2024[29] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,493, which is 14% of revenue, compared to 13% of revenue in the same period of 2024[29] IPO and Capital Structure - The company successfully completed its IPO, raising approximately $1 billion in gross proceeds and listing on the NYSE in September 2025[5] - StubHub reduced its debt by approximately $750 million, resulting in a net leverage ratio of 3.9x trailing twelve months Adjusted EBITDA[5] - Total liabilities decreased to $3,149,822 thousand as of September 30, 2025, from $3,715,843 thousand on December 31, 2024, showing a reduction of 15.2%[14] - Net leverage ratio improved to 3.9x as of September 30, 2025, compared to 6.7x as of December 31, 2024[38] - The principal amount of senior credit facilities was $1,685,640,000 as of September 30, 2025[38] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $1,392,458 thousand, up from $1,000,965 thousand at the end of 2024, reflecting a 39.1% increase[14] - The company reported a net cash provided by operating activities of $181,436 thousand for the nine months ended September 30, 2025, down from $410,935 thousand in 2024[16] - Cash flows from financing activities resulted in a net cash provided of $224,542 thousand for the nine months ended September 30, 2025, compared to a net cash used of $38,496 thousand in 2024[16] - For the three months ended September 30, 2025, net cash provided by operating activities was $3,795,000, compared to $19,320,000 in the previous quarter[37] - Free cash flow for the three months ended September 30, 2025, was $(4,600,000), a decrease from $9,716,000 in the previous quarter[37] - Total TTM free cash flow as of September 30, 2025, was $5,601,000, down from $20,803,000 in the previous quarter[37] Expenses and Costs - Total costs and expenses for the quarter were $1.8 billion, significantly impacted by the stock-based compensation charge[12] - The company incurred $1,405,248 in stock-based compensation expense during the three months ended September 30, 2025, compared to $1,426 in the same period of 2024[35] - Cost of revenue for the three months ended September 30, 2025, was $100,514, up from $79,562 in the same period of 2024[32] - Operations and support expenses for the three months ended September 30, 2025, were $22,508, compared to $15,584 in the same period of 2024[33] - Sales and marketing expenses for the three months ended September 30, 2025, were $281,136, an increase from $220,964 in the same period of 2024[34] - General and administrative expenses for the three months ended September 30, 2025, were $1,425,733, significantly higher than $99,355 in the same period of 2024[35] Assets and Deficits - Total assets increased to $5,600,780 thousand as of September 30, 2025, up from $5,093,585 thousand on December 31, 2024, representing a growth of 9.9%[14] - The company’s accumulated deficit increased to $(2,875,290) thousand as of September 30, 2025, compared to $(1,504,669) thousand at the end of 2024, indicating a growing financial challenge[14]
StubHub Holdings(STUB) - 2025 Q3 - Quarterly Results