Financial Data and Key Metrics Changes - Gross Merchandise Sales (GMS) reached $2.4 billion in Q3 2025, representing an 11% growth from the prior year period [25] - Revenue for Q3 was $468 million, up 8% compared to last year, driven by GMS growth but offset by a reduction in take rates [27] - Adjusted EBITDA was $67 million, representing 14% of revenue, up 21% from $56 million in the same period last year [30] Business Line Data and Key Metrics Changes - The company has seen nearly 20% GMS growth over the last 12 months, indicating strong performance across its marketplace [8] - The launch of the Reach Pro product has led to significant adoption among sellers, contributing to market share gains [12] Market Data and Key Metrics Changes - The North American secondary ticketing market has been positively impacted by the company's strategic investments, with the company now approximately four times larger than its nearest competitor based on GMS [11] - The implementation of federally mandated all-in pricing in the U.S. has had an estimated 10% one-time impact on the size of the North American secondary ticketing market [26] Company Strategy and Development Direction - The company aims to become the global destination for live entertainment ticketing by leveraging technology and customer focus to eliminate friction in the live event experience [10] - Direct issuance is seen as a transformative growth vector, allowing enterprise sellers to access the marketplace without exclusivity requirements [18] - The company is also pursuing advertising opportunities, including sponsored listings and partnerships with businesses like Booking.com to enhance customer experience [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for live events and the company's ability to navigate temporary market dynamics, such as the transition to all-in pricing [35] - The company plans to provide annual guidance for 2026 expectations in early 2026, focusing on long-term value creation [36] Other Important Information - The company successfully raised approximately $1 billion through capital markets activities, significantly improving its balance sheet and reducing leverage [37] - The company ended the quarter with $1.4 billion in cash and cash equivalents, with a net debt of $1.1 billion [38] Q&A Session Summary Question: Returns on investments in core resale market share and direct issuance - Management highlighted that investments in market share have yielded positive results, with significant share gains and a dominant position in the point of sale system [40][41] Question: Aligning marketing investments over the medium to long term - Management noted strong receptivity to marketing investments, particularly in the direct issuance business, which aims to enhance revenue for content owners [44][46] Question: Visibility on sponsored listing ad launch and Major League Baseball deal - Sponsored listings are expected to roll out in the second half of Q4, with MLB taking advantage of direct issuance for certain events [48][53] Question: Direct issuance market opportunities - Management sees diverse opportunities across various content types, including sports and live theater, emphasizing the non-competitive nature of their model with primary ticketing [55][56] Question: Impact of all-in pricing and World Cup expectations - Management confirmed that all-in pricing represents a 10% headwind, expected to last until May 2026, and expressed excitement about the World Cup's potential impact on resale [62][63]