Q3 2025 Performance - Gross Merchandise Sales (GMS) reached $2.4 billion, an 11% year-over-year increase[16] - Excluding the impact of the Eras Tour, GMS growth would have been 24% year-over-year[16] - Revenue totaled $468 million, reflecting an 8% year-over-year growth[18] - Adjusted EBITDA was $67 million, a 21% increase year-over-year, with a 14% margin[19] Strategic Initiatives and Financial Position - Successfully completed an IPO and used the proceeds to pay down $750 million in debt[11] - The debt repayment is projected to save approximately $75 million in annual cash debt service costs[11, 46] - Net leverage decreased to 3.9x post-IPO[46] Market Opportunity and Scale - The company estimates a total addressable market of $194 billion today, with a future potential of $726 billion including adjacent categories[38] - Trailing twelve-month (TTM) GMS reached $9.4 billion[34] - The company has consistently maintained an approximately 20% service fee per transaction[32]
StubHub Holdings(STUB) - 2025 Q3 - Earnings Call Presentation