Fourth quarter net revenue of $87.8 million
grew 23% year-over-year and fiscal year 2023 net revenue grew 25%
to $326.1 million
Marketplace revenue from non-ticketing sources
exceeded 10% of net revenue in the fourth quarter
Gross ticket sales of $3.6 billion and total
ticket volume of 302 million in fiscal year 2023
Eventbrite, Inc. (NYSE: EB), a global events marketplace,
reported its financial results for the fourth quarter and full year
ended December 31, 2023. The Fourth Quarter 2023 Shareholder Letter
can be found on Eventbrite’s Investor Relations website at
https://investor.eventbrite.com.
“We delivered record fourth quarter revenue and strong
double-digit revenue growth for 2023, built on our marketplace
strategy,” said Julia Hartz, Co-Founder and Chief Executive
Officer. “In 2023, we powered over 300 million free and paid
tickets, helping people around the world enjoy more in-person, live
experiences. Looking ahead, we have confidence that our strategic
roadmap will spur this marketplace flywheel, helping creators grow
their audiences and bringing more consumers to the events they
love.”
Fourth Quarter 2023
Highlights
- Net revenue of $87.8 million, up 23% year over year.
Marketplace-related revenue from organizer fees and Eventbrite Ads
grew to over 10% of net revenue.
- Total free and paid ticket volume of 70.6 million tickets
across 1.4 million events.
- Gross margin of 70.1% vs 66.1% a year ago.
- Net loss of ($0.9) million compared to net income of $4.0
million in the same period last year.
- Adjusted EBITDA of $8.8 million, which includes $1.1 million of
restructuring and other charges, and Adjusted EBITDA margin of
10%.1
Fiscal Year 2023
Highlights
- Net revenue of $326.1 million, up 25% year over year.
- Total free and paid ticket volume of 302 million tickets across
5.2 million events.
- Gross margin of 68.4% vs 65.2% a year ago.
- Net loss of ($26.5) million compared to ($55.4) million in the
same period last year.
- Adjusted EBITDA of $28.7 million, which includes $10.1 million
of restructuring and other charges, and Adjusted EBITDA margin of
9%.1
____________________ 1 For more information on these non-GAAP
financial measures, please see "―About non-GAAP financial measures"
and the tables under "―Reconciliation of GAAP to non-GAAP financial
results" included at the end of this release.
Summary consolidated financial results (in thousands, except
percentages, unaudited):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
% Change
2023
2022
% Change
Gross ticket sales
$
871,510
$
868,445
0
%
$
3,560,304
$
3,274,358
9
%
Net revenue
$
87,764
$
71,539
23
%
$
326,134
$
260,927
25
%
Gross profit
$
61,499
$
47,258
30
%
$
223,004
$
170,181
31
%
Gross profit margin
70
%
66
%
68
%
65
%
Net income (loss)
$
(937
)
$
4,013
(123
)%
$
(26,479
)
$
(55,384
)
(52
)%
Net income (loss) margin
(1
)%
6
%
(8
)%
(21
)%
Adjusted EBITDA (non-GAAP) (1)
$
8,797
$
11,071
(21
)%
$
28,655
$
22,323
28
%
Adjusted EBITDA margin (non-GAAP)
10
%
15
%
9
%
9
%
Operating Highlights
Key operating metrics (in thousands, except average ticket value
and percentages, unaudited):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
% Change
2023
2022
% Change
Total tickets
70,570
76,782
(8
)%
301,863
283,596
6
%
Paid tickets
24,103
25,110
(4
)%
93,443
87,056
7
%
Total events
1,446
1,474
(2
)%
5,159
5,029
3
%
Paid events
546
536
2
%
1,819
1,716
6
%
Total creators
380
389
(2
)%
850
798
7
%
Paid creators
183
177
3
%
396
367
8
%
Average ticket value (ATV)
$
36.16
$
34.59
5
%
$
38.10
$
37.61
1
%
Total ticket buyers
29,319
32,199
(9
)%
92,860
89,973
3
%
Outlook
The company expects first quarter 2024 net revenue will be
within a range of $84 to $87 million and full year 2024 net revenue
will be within a range of $359 million to $372 million. The company
expects Adjusted EBITDA margin to be in the low- to mid-teens for
the full year 2024, excluding the impact of restructuring costs,
reserve adjustments, and other items.
The company has not provided an outlook for GAAP net income
(loss) or GAAP net income (loss) margin or reconciliations of
expected Adjusted EBITDA to GAAP net income (loss) or expected
Adjusted EBITDA margin to GAAP net income (loss) margin, because
GAAP net income (loss) and GAAP net income (loss) margin on a
forward-looking basis are not available without unreasonable
efforts due to the potential variability and complexity of the
items that are excluded from Adjusted EBITDA and Adjusted EBITDA
margin, such as share-based compensation expense, foreign exchange
loss, and other non-recurring expenses.
Earnings Webcast
Information
Event: Eventbrite Fourth Quarter and Fiscal Year 2023 Earnings
Conference Call Date: Tuesday, February 27, 2024 Time: 2:00 p.m.
Pacific Time (5:00 p.m. Eastern Time) Live Webcast Site:
https://investor.eventbrite.com
An archived webcast of the conference call will be accessible on
Eventbrite’s Investor Relations page,
https://investor.eventbrite.com.
About Eventbrite
Eventbrite is a global events marketplace that serves event
creators and event goers in nearly 180 countries. Since inception,
Eventbrite has been at the center of the experience economy,
transforming the way people organize and attend events. The company
was founded by Julia Hartz, Kevin Hartz and Renaud Visage, with a
vision to build a self-service platform that would make it possible
for anyone to create and sell tickets to live experiences. With
over 300 million tickets distributed for over 5 million total
events in 2023, Eventbrite is where people all over the world
discover new things to do or new ways to do more of what they love.
Eventbrite has also earned industry recognition as a top employer
with special designations that include a coveted spot on Fast
Company’s prestigious The World’s 50 Most Innovative Companies and
Fast Company’s Brands That Matter lists, the Great Place to Work®
Award in the U.S., and Inc.'s Best-Led Companies honor. Learn more
at www.eventbrite.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that involve substantial risks and uncertainties. All
statements other than statements of historical fact could be deemed
forward-looking, including, but not limited to, statements
regarding the future performance of Eventbrite, Inc. and its
consolidated subsidiaries (the “Company”); the Company’s business
model and investments to support growth, including the impact on
results; the Company’s expectations regarding the development of
its platform and products; the Company’s long-term growth strategy,
creator growth, pursuit of profitability, and value creation; the
Company’s expectations with respect to its operating model; and the
Company’s expectations described under “Business Outlook” above. In
some cases, forward-looking statements can be identified by terms
such as “may,” “will,” “appears,” “shall,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
or “continue,” or the negative of these words or other similar
terms or expressions that concern the Company’s expectations,
strategy, plans, or intentions. Such statements are subject to a
number of known and unknown risks, uncertainties, assumptions, and
other factors that may cause the Company’s actual results,
performance, or achievements to differ materially from results
expressed or implied in this press release, including those more
fully described in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. Further information on
potential risks that could affect actual results will be included
in the subsequent periodic and current reports and other filings
that the Company makes with the Securities and Exchange Commission
from time to time. Investors are cautioned not to place undue
reliance on these statements. Actual results could differ
materially from those expressed or implied. All forward-looking
statements are based on information and estimates available to the
Company at the time of this release, and are not guarantees of
future performance, and reported results should not be considered
as an indication of future performance. Except as required by law,
the Company assumes no obligation to update any of the statements
in this press release.
Disclaimer Regarding Ticketing, Creator and Event
Metrics
This press release includes certain measures related to our
ticketing business, such as paid tickets, paid creators, and paid
events. We believe that the use of these metrics is helpful to our
investors as these metrics are used by management in assessing the
health of our business and our operating performance. These metrics
are based on what we believe to be reasonable estimates for the
applicable period of measurement. There are inherent challenges in
measuring these metrics, and we regularly review and may adjust our
processes for calculating our internal metrics to improve their
accuracy. You should not consider these metrics in isolation or as
substitutes for analysis of our results of operations as reported
under GAAP.
Condensed Consolidated Balance
Sheets
(in thousands; unaudited)
December 31,
2023
2022
Assets
Current assets
Cash and cash equivalents
$
489,200
$
539,299
Funds receivable
48,773
43,525
Short-term investments, at amortized
cost
153,746
84,224
Accounts receivable, net
2,814
2,266
Creator signing fees, net
634
645
Creator advances, net
2,804
721
Prepaid expenses and other current
assets
13,880
12,479
Total current assets
711,851
683,159
Restricted cash
—
875
Creator signing fees, noncurrent
1,303
1,103
Property and equipment, net
9,384
6,348
Operating lease right-of-use assets
177
5,179
Goodwill
174,388
174,388
Acquired intangible assets, net
13,314
21,907
Other assets
2,913
2,420
Total assets
$
913,330
$
895,379
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable, creators
$
303,436
$
309,313
Accounts payable, trade
1,821
1,032
Chargebacks and refunds reserve
8,088
13,136
Accrued compensation and benefits
17,522
11,635
Accrued taxes
8,796
12,515
Operating lease liabilities
1,523
2,810
Other accrued liabilities
16,425
10,538
Total current liabilities
357,611
360,979
Accrued taxes, noncurrent
4,526
8,820
Operating lease liabilities,
noncurrent
1,768
3,345
Long-term debt
357,668
355,580
Other liabilities
—
100
Total liabilities
721,573
728,824
Stockholders’ equity
Common stock
1
1
Additional paid-in capital
1,007,190
955,509
Accumulated deficit
(815,434
)
(788,955
)
Total stockholders’ equity
191,757
166,555
Total liabilities and stockholders’
equity
$
913,330
$
895,379
Condensed Consolidated Statement of
Operations
(in thousands, except share and per share
amounts; unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net revenue
$
87,764
$
71,539
$
326,134
$
260,927
Cost of net revenue
26,265
24,281
103,130
90,746
Gross profit
61,499
47,258
223,004
170,181
Operating expenses:
Product development
25,203
23,038
98,294
86,346
Sales, marketing and support
20,772
7,426
74,574
49,292
General and administrative
24,588
22,377
91,269
81,285
Total operating expenses
70,563
52,841
264,137
216,923
Loss from operations
(9,064
)
(5,583
)
(41,133
)
(46,742
)
Interest income
7,547
4,025
27,495
6,432
Interest expense
(2,826
)
(2,808
)
(11,185
)
(11,269
)
Other income (expense), net
3,565
8,546
335
(3,679
)
Loss before income taxes
(778
)
4,180
(24,488
)
(55,258
)
Income tax provision
159
167
1,991
126
Net loss
$
(937
)
$
4,013
$
(26,479
)
$
(55,384
)
Net loss per share, basic and diluted
$
(0.01
)
$
0.04
$
(0.26
)
$
(0.56
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
101,097
98,956
100,299
98,305
Condensed Consolidated Statements of
Cash Flows
(in thousands; unaudited)
Year Ended December
31,
2023
2022
Cash flows from operating
activities
Net loss
$
(26,479
)
$
(55,384
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
13,760
14,860
Stock-based compensation expense
55,056
53,356
Non-cash operating lease expense
5,137
3,423
Amortization of debt discount and issuance
costs
2,088
2,016
Unrealized (gain) loss on foreign currency
exchange
(2,703
)
6,013
Accretion on short-term investments
(7,362
)
(298
)
Amortization of creator signing fees
980
1,189
Changes related to creator advances,
creator signing fees, and allowance for credit losses
(1,340
)
(2,727
)
Provision for chargebacks and refunds
12,435
8,126
Other
1,161
835
Changes in operating assets and
liabilities, net of impact of acquisitions:
Accounts receivable
(1,352
)
(2,221
)
Funds receivable
(4,692
)
(25,550
)
Creator signing fees and creator
advances
(1,108
)
4,405
Prepaid expenses and other assets
(1,894
)
4,734
Accounts payable, creators
(8,599
)
31,358
Accounts payable, trade
822
(57
)
Chargebacks and refunds reserve
(17,483
)
(16,385
)
Accrued compensation and benefits
5,887
725
Accrued taxes
(8,707
)
(3,170
)
Operating lease liabilities
(2,999
)
(4,301
)
Other accrued liabilities
6,410
(12,337
)
Net cash provided by operating
activities
19,018
8,610
Cash flows from investing
activities
Purchase of short-term investments
(370,160
)
(83,926
)
Maturities of short-term investments
308,000
—
Purchases of property and equipment
(1,097
)
(1,425
)
Capitalized internal-use software
development costs
(6,073
)
(3,026
)
Cash paid for acquisitions, net of cash
acquired
—
(1,125
)
Net cash used in investing activities
(69,330
)
(89,502
)
Cash flows from financing
activities
Proceeds from exercise of stock
options
1,297
3,146
Purchases under employee stock purchase
plan
1,137
1,437
Taxes paid related to net share settlement
of equity awards
(7,342
)
(6,591
)
Other
—
(71
)
Net cash (used in) provided by financing
activities
(4,908
)
(2,079
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
4,246
(13,014
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(50,974
)
(95,985
)
Cash, cash equivalents and restricted
cash
Beginning of period
540,174
636,159
End of period
$
489,200
$
540,174
Reconciliation of Net Income (Loss) to
Adjusted EBITDA and the Calculation of Adjusted EBITDA
Margin
(in thousands; unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net loss(1)
$
(937
)
$
4,013
$
(26,479
)
$
(55,384
)
Add:
Depreciation and amortization
3,826
3,801
13,760
14,860
Stock-based compensation
13,895
12,738
55,056
53,356
Interest income
(7,547
)
(4,025
)
(27,495
)
(6,432
)
Interest expense
2,826
2,808
11,185
11,269
Employer taxes related to employee equity
transactions
140
115
972
849
Other (income) expense, net
(3,565
)
(8,546
)
(335
)
3,679
Income tax provision (benefit)
159
167
1,991
126
Adjusted EBITDA(1)
$
8,797
$
11,071
$
28,655
$
22,323
Net revenue
$
87,764
$
71,539
$
326,134
$
260,927
Adjusted EBITDA margin
10
%
15
%
9
%
9
%
(1)
Net Loss and Adjusted EBITDA includes
restructuring and other costs totaling $1.1 million in the fourth
quarter of 2023 and $(7.7) million benefit in the fourth quarter of
2022. Net Loss and Adjusted EBITDA includes restructuring and other
costs totaling $10.1 million in fiscal 2023 and $(10.3) million
benefit in fiscal 2022.
About Non-GAAP Financial Measures
We believe that the use of Adjusted EBITDA, Adjusted EBITDA
margin and Available Liquidity is helpful to our investors in
understanding and evaluating our results of operations and useful
measures for period-to-period comparisons of our business
performance as they are metrics used by management in assessing the
health of our business and our operating performance, making
operating decisions, and performing strategic planning and annual
budgeting. These measures are not prepared in accordance with GAAP
and have limitations as an analytical tool, and you should not
consider them in isolation or as a substitute for analysis of our
results of operations as reported under GAAP. In addition, other
companies may not calculate non-GAAP financial measures in the same
manner as we calculate them, limiting their usefulness as
comparative measures. You are encouraged to evaluate the
adjustments and the reasons we consider them appropriate. Some
amounts in this press release may not add due to rounding.
Adjusted EBITDA
We calculate Adjusted EBITDA as net income (loss) adjusted to
exclude depreciation and amortization, stock-based compensation
expense, interest expense, loss on debt extinguishment, direct and
indirect acquisition related costs, employer taxes related to
employee transactions and other (income) expense net, which
consisted of interest income, foreign exchange rate gains and
losses, and income tax provision (benefit). Adjusted EBITDA should
not be considered as an alternative to net income (loss) or any
other measure of financial performance calculated and presented in
accordance with GAAP.
Some of the limitations of Adjusted EBITDA include (i) Adjusted
EBITDA does not properly reflect capital spending that occurs off
of the income statement or account for future contractual
commitments, (ii) although depreciation and amortization are
non-cash charges, the underlying assets may need to be replaced and
Adjusted EBITDA does not reflect these capital expenditures and
(iii) Adjusted EBITDA does not reflect the interest and principal
required to service our indebtedness. In evaluating Adjusted
EBITDA, you should be aware that in the future we expect to incur
expenses similar to the adjustments in this release. Our
presentation of Adjusted EBITDA should not be construed as an
inference that our future results will be unaffected by these
expenses or any unusual or non-routine items. When evaluating our
performance, you should consider Adjusted EBITDA alongside other
financial performance measures, including our net income (loss) and
other GAAP results.
Adjusted EBITDA Margin
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by
net revenue. Because of the limitations described above, you should
consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other
financial performance measures, including net income (loss) and our
other GAAP results.
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Relations investors@eventbrite.com
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