Core Insights - StepStone Group has made a significant investment in StubHub, acquiring nearly 7.6 million shares valued at approximately $127.3 million, which represents 59.9% of its reportable U.S. equity assets as of September 30 [2][3][10] Company Overview - StubHub is a leading technology platform in the secondary ticketing industry, facilitating transactions for sports, concerts, theater, and live events across more than 200 countries [6][9] - The company generates revenue primarily through transaction fees charged to buyers and sellers for each ticket sold on its platform [9] - As of the latest market close, StubHub's share price is $13.95, with a market capitalization of $5.1 billion and a revenue of $1.8 billion for the trailing twelve months (TTM) [4][6] Financial Performance - StubHub reported gross merchandise sales of $2.4 billion, an 11% increase year-over-year, with revenue rising 8% to $468 million [11] - Adjusted EBITDA increased by 21% to $67 million, with margins expanding to 14%, indicating improved operating leverage [11] - The company used IPO proceeds to reduce debt by approximately $750 million, lowering net leverage to 3.9 times trailing adjusted EBITDA, which strengthens its balance sheet [12] Market Position - StubHub's competitive advantage lies in its broad international reach and established brand, positioning it as a key player in the global event ticket resale market [6] - The secondary ticketing market is cyclical and sentiment-driven, but demand for live events has shown resilience even amid tightening discretionary spending [10]