Company Overview - StubHub, a ticketing marketplace that separated from eBay in 2020, is planning to go public with an IPO expected next month [1] - The company had previously paused its IPO plans in April due to market volatility caused by tariffs [1] - StubHub submitted its IPO prospectus in March, aiming to list on the New York Stock Exchange under the ticker "STUB" [1] Financial Performance - In the first quarter, StubHub reported revenue growth of 10% year-over-year, reaching $397.6 million [2] - Operating income for the same period was $26.8 million, a recovery from a loss of $883,000 in the previous year [2] - However, the net loss widened to $35.9 million from $29.7 million a year ago [2] Market Context - The IPO market has seen a resurgence recently after a period of stagnation due to high inflation and rising interest rates [3] - Several startups have gone public, indicating a more favorable environment for IPOs [3] Historical Background - StubHub was founded in 2000 and was acquired by eBay for $310 million in 2007 [4] - The company was reacquired by co-founder Eric Baker in 2020 for $4 billion through Viagogo [4] - Prior to the IPO process, StubHub sought a valuation of $16.5 billion [4] Competitive Landscape - StubHub faces significant competition in the online ticketing market, particularly from Ticketmaster, Vivid Seats, SeatGeek, and TicketNetwork [5] - For the first quarter, StubHub reported gross merchandise sales (GMS) of $2.08 billion, reflecting a 15% increase year-over-year, though this was a slowdown from 47% growth in the previous quarter [5] - GMS represents the total value paid by buyers for tickets and fulfillment, with initial sales for major concert tours typically occurring towards the end of the year [5]

Q2 2025 Financial Results - Paid tickets were 197 million, a decrease of 7% year-over-year[12, 18, 19] - Gross ticket sales reached $755 million[12] - Net revenue totaled $728 million, down 14% year-over-year[14, 29, 31] - The net loss was $21 million, compared to a net income of $11 million in the prior year, but improved year-over-year excluding a one-time litigation settlement gain in Q2 2024[13, 33, 34] - Adjusted EBITDA was $64 million, with an Adjusted EBITDA margin of 88%[13, 36, 38] - Operating expenses decreased by 16% year-over-year to $554 million[40, 41] Operational Metrics - Paid creators numbered 1683K, a decrease of 5% year-over-year[15, 21, 22] - Average Monthly Active Users (MAUs) were 912 million, a decrease of 2% year-over-year[23, 25] Debt and Liquidity - Debt outstanding was $241 million, a 33% decrease year-over-year[46, 47, 114] - Available liquidity was $248 million, a $7 million increase from Q1 2025[49, 50, 114] 2025 Business Outlook - The company anticipates net revenue for Q3 2025 to be in the range of $70 million to $73 million with an Adjusted EBITDA margin of approximately 7%[52] - For fiscal year 2025, the company expects to achieve monthly year-over-year growth in paid ticket volume by the end of the year and updated the net revenue outlook range to $290 million to $296 million with an Adjusted EBITDA margin outlook of approximately 7%[53]

Core Points - Vivid Seats Inc. announced a 1-for-20 reverse stock split of its Class A and Class B common stock, effective at 5:00 p.m. Eastern Time on August 5, 2025, with trading on a split-adjusted basis starting on August 6, 2025 [1][2] - The reverse stock split was approved by stockholders on July 21, 2025, and will combine every 20 shares of common stock into one share, with fractional shares being compensated in cash [2] - The reverse stock split will not affect stockholders' percentage ownership or voting power, except for fractional shares, and all outstanding warrants and equity-based awards will be proportionately adjusted [2] Company Information - Vivid Seats, founded in 2001, is a leading online ticket marketplace that connects fans with live events, artists, and teams, emphasizing the belief that everyone should "Experience It Live" [5] - The company offers a wide selection of events and tickets in North America and features an industry-leading rewards program where fans earn on every purchase [5] - Vivid Seats has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing [5]

Core Viewpoint - Vivid Seats Inc. is set to report its financial results for the second quarter of 2025 on August 5, 2025, before the U.S. stock market opens, with a management discussion scheduled for 8:30 a.m. ET [1]. Company Overview - Vivid Seats, founded in 2001, is a leading online ticket marketplace that connects millions of buyers with thousands of ticket sellers across a wide range of events in North America [3]. - The company emphasizes the belief that everyone should "Experience It Live," offering a broad selection of events and tickets, along with an industry-leading rewards program where fans earn on every purchase [3]. - Vivid Seats has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing, highlighting its commitment to customer satisfaction [3].

Eventbrite (EB) FY Conference Summary Company Overview - Eventbrite is a leading ticketing platform aiming to evolve into a marketplace for experiences, leveraging two decades of experience in cultivating relationships on both supply and demand sides [4][5][6]. Core Points and Arguments Marketplace Transformation - The transition to a marketplace is seen as a natural progression for Eventbrite, with significant upside potential due to existing strong brand recognition and traffic of 90 million unique users [4][5]. - The relaunch of the brand and app is expected to drive user engagement and demand generation, enhancing the platform's ability to serve creators [5][6][14]. Competitive Landscape - Eventbrite holds approximately 14% of the $28 billion global mid-market events gross bookings, with a fragmented competitive landscape where no single competitor dominates [16][19]. - The company is positioned as the second most trafficked site after Ticketmaster, indicating strong market presence [20]. Industry Growth - The live experiences market is expected to continue growing, driven by increasing consumer interest in human connection and live events [17][18]. - The company anticipates that the market will benefit from tailwinds, suggesting a positive outlook for growth [18]. Financial Discipline and Cost Management - Eventbrite is focused on maintaining operational discipline and controlling expenses, with a goal to return to growth without relying heavily on performance marketing [10][12][55]. - The company aims to grow revenue faster than operating expenses, with a focus on margin expansion through efficient cost management [56]. Revenue Components - Marketplace revenue, which currently makes up about 8% of total revenue, includes premium subscription services and advertising, with advertising expected to become the largest component over time [36][37]. - The take rate is expected to increase as the company grows volume and market share, although the timing and extent of this increase will be carefully managed to maintain positive relationships with creators [47][48]. Creator Engagement and Recovery - The company experienced a loss of creators due to the introduction of organizer fees, which have since been reversed. Efforts are underway to win back lost creators through product enhancements and targeted outreach [25][26][27][30]. - The sales team is expected to play a crucial role in re-engaging creators and driving growth in paid ticket volume [34][35]. Capital Allocation and Financial Position - Eventbrite has $551 million in cash, with $241 million available for liquidity after accounting for creator payables. The company is positioned to manage its debt effectively while exploring non-dilutive financing options [58][60][62]. - The focus is on balancing the cost of debt with the flexibility it provides, with potential share buybacks considered once financial stability is demonstrated [62][63]. Other Important Insights - The company is optimistic about the potential for increased awareness and interest in live experiences, particularly with competitors like Airbnb entering the space, which could benefit Eventbrite [24]. - The emphasis on community features and user engagement within the app is seen as critical for driving demand and enhancing the overall user experience [14][15]. This summary encapsulates the key points discussed during the Eventbrite FY Conference, highlighting the company's strategic direction, market positioning, and financial outlook.

Core Insights - The WNBA is experiencing a significant rise in fan interest and ticket demand, with a 49% year-over-year increase in average ticket prices, indicating a growing relevance and reach for women's basketball [2][3] Ticket Demand and Pricing - The average ticket price for WNBA games has increased by 49% year-over-year, reflecting heightened demand for women's basketball [2] - The most in-demand tickets for the 2025 season include the WNBA All Star Game priced at $533, followed by the Indiana Fever's game against the Golden State Valkyries at $519 [5][7] Fan Engagement and Travel - Fans are traveling an average of 346 miles to attend WNBA games, which is a 12% increase compared to the previous year [3] - The Las Vegas Aces lead the league in average travel distance, with fans traveling an impressive 578 miles to see them play [10][14] Team Popularity - The Indiana Fever have emerged as the most favored team in the U.S., dominating in 13 states, followed by the Las Vegas Aces in 8 states and the Connecticut Sun in 6 states [6][8] - The Indiana Fever are featured in four of the top five most in-demand games for the 2025 season, highlighting their strong fan engagement [4][6] Impact of New Talent - The Dallas Wings experienced a 920% spike in website traffic after winning the 2025 WNBA Draft Lottery and selecting Paige Bueckers as the No. 1 overall pick, indicating a significant boost in fan interest [9] - The average ticket prices for Dallas Wings games have increased by 74% year-over-year, showcasing the impact of new talent on franchise popularity [9]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $73.8 million, which is at the high end of the guidance range and represents a 14% year-over-year decline primarily due to the elimination of organizer fees [6][20] - Adjusted EBITDA was $4.6 million, reflecting a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [6][23] - Operating expenses decreased by 14% year-over-year to $59 million, the lowest since 2022, indicating a focus on expense discipline [14][22] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year-over-year, but showed improvement compared to previous quarters, which were down 10% and 13.6% [7][20] - Eventbrite Ads revenue increased by 30% year-over-year, indicating strong performance in this segment [12][20] - The Timed Entry solution continues to gain traction, contributing to the overall growth strategy [10][39] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year-over-year, with Discovery users rising by 16% [9] - The company is focusing on high-intent categories such as music, food and drink, and performing arts, which are expected to drive further growth [43] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a platform for discovering live experiences, not just ticketing, through a new app and brand campaign [8] - There is a strong emphasis on improving user engagement and conversion rates through app enhancements and strategic partnerships, such as with TikTok [31][56] - The focus on high-quality creators and events is seen as a key driver for future growth, with a strategy to educate creators on optimizing their event listings [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, with expectations for returning to paid ticket volume growth in the second half of the year [15][19] - The company is monitoring macroeconomic conditions but believes it has resilience due to its pricing model and the nature of its services [58] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [16][18] - Liquidity remains strong, with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [15][24] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app-based users is intentional, as app users show higher retention and engagement compared to web users [30] Question: What is the outlook for stock-based compensation? - The CFO indicated that the current stock-based compensation is a good run rate for the remainder of the year, with potential improvements [33] Question: What is driving the growth in Eventbrite Ads? - Management highlighted that Eventbrite Ads is integrated into the marketplace and is performance-driven, leading to a 30% year-over-year growth [36] Question: What is the performance of the Eventbrite app in terms of event categories? - Management noted strong growth in categories where they executed their strategy, particularly in music and performing arts [43] Question: What are the expectations for timed entry events? - Management stated that timed entry expands the addressable market, focusing on attractions and experiences that occur frequently [44] Question: How is the TikTok partnership performing? - Management mentioned that social sharing tools for creators are crucial for driving demand, with TikTok being a significant platform for this strategy [46] Question: What is the philosophy behind the app redesign? - The redesign aims to make Eventbrite the easiest place to find live experiences, enhancing user engagement and conversion to ticket sales [56]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $73.8 million, at the high end of guidance, but down 14% year over year primarily due to the elimination of organizer fees [5][19] - Adjusted EBITDA was $4.6 million, representing a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [22] - Operating expenses decreased by 14% year over year to $59 million, the lowest since 2022, reflecting ongoing expense discipline [13][21] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year over year, showing improvement from previous quarters where declines were 10% and 13.6% [6][19] - Eventbrite Ads revenue increased by 30% year over year, indicating strong adoption and effectiveness among creators [11][34] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year over year, with discovery users rising by 16% [8][30] - The company is focusing on improving event matching to enhance user experience and engagement across its platform [9] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a destination for live experiences, not just ticketing, through a new app and brand campaign [7] - There is a strategic focus on high-intent users and enhancing the app experience to drive ticket sales and creator engagement [29][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to paid ticket volume growth in the second half of the year, despite ongoing challenges from last year's organizer fee reversal [6][14] - The company is monitoring macroeconomic conditions but believes it has resilience due to its pricing model and the nature of its services [57][58] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [15][16] - The liquidity position remains strong with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [14][23] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app users is intentional, as app users are more engaged and likely to purchase tickets compared to web users [28][30] Question: What is the outlook for stock-based compensation? - Management indicated that the Q1 stock-based compensation is a good run rate for the remainder of the year, with potential improvements [32] Question: What is driving the growth in Eventbrite Ads? - The growth is attributed to the ads being native to the marketplace and performance-driven, with ongoing education for creators on effective usage [34][36] Question: What is the performance of the Eventbrite app in terms of event categories? - Management noted strong growth in categories where they executed their strategy, particularly in music, food and drink, and performing arts [41] Question: What is the strategy for increasing paid creator accounts? - Management highlighted that while the overall number of paid creators is recovering slowly, there is growth in high-quality segments that are more monetizable [48][50] Question: What is the philosophy behind the app redesign? - The redesign aims to enhance user engagement and conversion to ticket sales, making Eventbrite the easiest place to find live experiences [55] Question: Is there an impact from macro conditions on the full-year outlook? - Management stated that they are not currently seeing clear impacts from macro pressures but are monitoring the situation closely [57][58]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $73.8 million, which is at the high end of the guidance range and represents a 14% year-over-year decline primarily due to the elimination of organizer fees [6][20] - Adjusted EBITDA was $4.6 million, reflecting a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [6][23] - Operating expenses decreased by 14% year-over-year to $59 million, the lowest since 2022, indicating a focus on expense discipline [15][22] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year-over-year, showing improvement from previous quarters where declines were 10% and 13.6% [7][20] - Eventbrite Ads revenue increased by 30% year-over-year, demonstrating strong performance and adoption among creators [13][20] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year-over-year, with discovery users rising by 16% [10][20] - The company is focusing on improving event matching within its marketplace to enhance user experience and engagement [11] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a platform for discovering live experiences, not just ticketing, through a new app and brand campaign [8] - There is a strategic focus on enhancing the consumer app experience, which is expected to drive higher engagement and ticket sales [30][60] - The introduction of timed entry capabilities is seen as a significant opportunity for growth, expanding the addressable market [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, reaffirming the full-year financial outlook despite macroeconomic uncertainties [19][61] - The company is monitoring market sentiment closely but believes it has resilience due to its pricing structure and the nature of its offerings [61][62] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [17] - The liquidity position remains strong, with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [16][24] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app-based users is intentional, as app users show higher engagement and conversion rates compared to web users [30] Question: What is supporting the growth in Eventbrite Ads? - The growth is attributed to the native integration of ads within the marketplace, which is performance-driven and creator-led, indicating strong product-market fit [36] Question: What is the strategy for increasing paid creator accounts? - While the overall number of paid creators is recovering slowly, there is growth in high-quality segments, particularly among large and frequent creators [52] Question: What are the goals of the app redesign? - The redesign aims to enhance user engagement and conversion to ticket sales, making Eventbrite the go-to platform for discovering live experiences [60] Question: How is the company addressing macroeconomic conditions? - Management noted that they are not currently seeing significant impacts from macro pressures and believe their business model offers resilience [61][62]

Q1 2025 Results - Paid tickets reached 19.6 million, a 7.7% year-over-year decrease, showing a 250 basis points improvement from Q4 2024's 10.2% decline[19] - Gross ticket sales totaled $775 million, down 9% year-over-year[11] - Net revenue was $73.8 million, a 14% decrease year-over-year, attributed to lower marketplace revenue (-48% Y/Y) and ticketing revenue (-9% Y/Y)[27] - Net loss amounted to $6.6 million, compared to a $4.5 million net loss in the prior year[31] - Adjusted EBITDA was $4.6 million, with an Adjusted EBITDA margin of 6.2%[34] - Operating expenses decreased by 14% year-over-year to $59.2 million[37] User Engagement - Average Monthly Active Users (MAUs) reached 87.6 million, a 3% year-over-year increase, driven by app MAUs growth after the rebrand and app refresh[23] - Average app monthly active users increased 13% year-over-year[21] Financial Position - Available liquidity stood at $241 million after repaying $120 million principal of 2025 notes[43, 42] - Total debt outstanding is $358 million[42] - Stock-based compensation decreased by 27% year-over-year[40] Business Outlook - The company anticipates Q2 2025 net revenue to be in the range of $70 million to $73 million with an Adjusted EBITDA margin in the 3% to 4% range[46] - The company expects fiscal year 2025 net revenue in the range of $295 million to $310 million with an Adjusted EBITDA margin in the mid-single digit percentage range[47]