Revenue of $76.5 million was at the upper end
of the company’s outlook range
Consumer reach exceeded 87 million average
monthly active users, with paid ticket volume of 21.6 million
Creator acquisition continued to improve
following the reintroduction of the free tier in September
Eventbrite (NYSE: EB), a global marketplace for shared
experiences, reported its financial results for the fourth quarter
ended December 31, 2024. The Fourth Quarter 2024 Shareholder Letter
can be found on Eventbrite’s Investor Relations website at
https://investor.eventbrite.com.
“In the fourth quarter, we delivered revenue at the upper end of
our outlook range and exceeded our Adjusted EBITDA margin target
for fiscal year 2024,” said Julia Hartz, Co-Founder, Chief
Executive Officer, and Executive Chair. “The strategic decisions we
made in 2024, including refocusing on ticketing growth,
strengthening our creator offering, and enhancing the consumer
experience, are delivering results. Total and free ticket volumes
returned to growth in the quarter, and year-to-year comparisons in
paid tickets, paid transacting creators, and paid events improved
from the third quarter. With a clear roadmap for 2025 and a
disciplined approach to execution, we believe we are
well-positioned to drive sustained improvement, scale our
marketplace, and unlock long-term value.”
Fourth Quarter 2024
Highlights
- Net Revenue of $76.5 million, down 13% year-over-year.
Marketplace-related revenue from organizer fees and Eventbrite Ads
was 8% of total net revenue.
- Total free and paid ticket volume of 72.0 million tickets grew
2% across 1.4 million events.
- Gross Margin of 68.2% vs 70.1% a year ago.
- Net Loss of $8.4 million and Net Loss Margin of 11.0%, compared
to Net Loss of $0.9 million and Net Loss Margin of 1.1% in the same
period last year.
- Adjusted EBITDA of $6.5 million and Adjusted EBITDA margin of
8.5%.1
1 For more information on these non-GAAP financial measures,
please see "―About Non-GAAP Financial Measures" and the tables
under "―Reconciliation of Net Loss to Adjusted EBITDA and the
Calculation of Adjusted EBITDA Margin" included at the end of this
release.
The summary of GAAP and non-GAAP consolidated financial results
are in the table below (in thousands, except percentages,
unaudited):
Three Months Ended December
31,
Year Ended December
31,
2024
2023
% Change
2024
2023
% Change
Gross ticket sales
$
794,197
$
871,510
(9
)%
$
3,283,561
$
3,274,358
—
%
Net revenue
$
76,464
$
87,764
(13
)%
$
325,068
$
326,134
—
%
Gross profit
$
52,145
$
61,499
(15
)%
$
226,563
$
223,004
2
%
Gross profit margin
68
%
70
%
70
%
68
%
Net loss
$
(8,376
)
$
(937
)
794
%
$
(15,571
)
$
(26,479
)
(41
)%
Net loss margin
(11
)%
(1
)%
(5
)%
(8
)%
Adjusted EBITDA (non-GAAP)
$
6,525
$
8,797
(26
)%
$
35,111
$
28,655
23
%
Adjusted EBITDA margin (non-GAAP)
9
%
10
%
11
%
9
%
The key operating metrics of the business are summarized below
(in thousands, except ATV, unaudited):
Three Months Ended December
31,
Year Ended December
31,
2024
2023
% Change
2024
2023
% Change
Total tickets
72,035
70,570
2
%
269,631
301,863
(11
)%
Paid tickets
21,639
24,103
(10
)%
83,834
93,443
(10
)%
Total events
1,352
1,446
(7
)%
4,723
5,159
(8
)%
Paid events
517
546
(5
)%
1,752
1,819
(4
)%
Total creators
353
380
(7
)%
766
850
(10
)%
Paid creators
166
183
(9
)%
368
396
(7
)%
Average ticket value (ATV)
$
36.70
$
36.16
2
%
$
39.17
$
38.10
3
%
Total ticket buyers
31,477
29,319
7
%
86,252
92,860
(7
)%
Business Outlook
Based on current information, the company anticipates net
revenue for the first quarter of 2025 will be within the range of
$71 to $74 million with an Adjusted EBITDA margin percentage in the
mid-single digits, excluding non-routine items.
Full year 2025 will be a transition year as the company laps the
impacts of organizer fees.
Going forward, Ticketing and Ads will essentially comprise
Eventbrite’s revenue. The company expects a continued recovery in
ticketing trends, with paid ticket volume returning to growth in
the second half of the year. Also, the company anticipates
Eventbrite Ads to continue to deliver growth throughout the
year.
The company expects the elimination of organizer fees to result
in an approximately $20 million revenue headwind compared to
2024.
As a result of the continued recovery in ticketing revenue and
the elimination of organizer fees, the company expects full year
net revenue will be within a range of $295 million to $310 million.
The company expects an Adjusted EBITDA margin percentage in the
mid-single digits, excluding non-routine items, with the decline in
year-over-year margin primarily driven by the loss of high-margin
organizer fee revenue.
We have not provided an outlook for GAAP net loss or GAAP net
loss margin or reconciliations of expected Adjusted EBITDA to GAAP
net loss or expected Adjusted EBITDA margin to GAAP net loss
margin, because GAAP net loss and GAAP net 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 stock-based compensation expense, foreign exchange
rate gains and losses, and other non-recurring expenses.
Earnings Webcast
Information
Event: Eventbrite Fourth Quarter 2024 Earnings Conference Call
Date: Thursday, February 27, 2025 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 its
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
empowers anyone to host and discover live experiences. In 2024,
Eventbrite distributed 270 million tickets to over 4.7 million
events across a global community of 89 million monthly average
users, helping people find 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 “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
expectations with respect to its operating model and marketplace
strategy; 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, ticket
buyers, average ticket value, 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,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
416,531
$
489,200
Funds receivable
37,629
48,773
Short-term investments, at amortized
cost
24,959
153,746
Accounts receivable, net
2,187
2,814
Creator signing fees, net
3,954
634
Creator advances, net
3,380
2,804
Restricted cash
48,000
—
Prepaid expenses and other current
assets
15,856
13,880
Total current assets
552,496
711,851
Creator signing fees, noncurrent
3,575
1,303
Property and equipment, net
12,640
9,384
Operating lease right-of-use assets
823
177
Goodwill
174,388
174,388
Acquired intangible assets, net
5,014
13,314
Other assets
3,365
2,913
Total assets
$
752,301
$
913,330
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable, creators
$
300,174
$
303,436
Accounts payable, trade
1,407
1,821
Chargebacks and refunds reserve
10,315
8,088
Accrued compensation and benefits
4,825
17,522
Accrued taxes
5,932
8,796
Current portion of long-term debt
29,781
—
Operating lease liabilities
2,071
1,523
Other accrued liabilities
11,868
16,425
Total current liabilities
366,373
357,611
Accrued taxes, noncurrent
4,278
4,526
Operating lease liabilities,
noncurrent
377
1,768
Long-term debt
210,938
357,668
Other liabilities
106
—
Total liabilities
582,072
721,573
Commitments and contingent liabilities
Stockholders’ equity
Common stock
1
1
Treasury stock at cost
(50,159
)
—
Additional paid-in capital
1,051,392
1,007,190
Accumulated deficit
(831,005
)
(815,434
)
Total stockholders’ equity
170,229
191,757
Total liabilities and stockholders’
equity
$
752,301
$
913,330
Condensed Consolidated
Statement of Operations
(in thousands, per share amounts;
unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Net revenue
$
76,464
$
87,764
$
325,068
$
326,134
Cost of net revenue
24,319
26,265
98,505
103,130
Gross profit
52,145
61,499
226,563
223,004
Operating expenses:
Product development
19,956
25,203
95,283
98,294
Sales, marketing and support
22,930
20,772
92,014
74,574
General and administrative
17,076
24,588
70,059
91,269
Total operating expenses
59,962
70,563
257,356
264,137
Loss from operations
(7,817
)
(9,064
)
(30,793
)
(41,133
)
Interest income
4,398
7,547
25,243
27,495
Interest expense
(1,102
)
(2,826
)
(8,792
)
(11,185
)
Other income (expense), net
(2,962
)
3,565
930
335
Loss before income taxes
(7,483
)
(778
)
(13,412
)
(24,488
)
Income tax provision
893
159
2,159
1,991
Net loss
$
(8,376
)
$
(937
)
$
(15,571
)
$
(26,479
)
Net loss per share, basic and diluted
$
(0.09
)
$
(0.01
)
$
(0.17
)
$
(0.26
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
94,273
101,097
93,029
100,299
Condensed Consolidated
Statements of Cash Flows
(in thousands; unaudited)
Year Ended December
31,
2024
2023
Cash flows from operating
activities
Net loss
$
(15,571
)
$
(26,479
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
15,104
13,760
Stock-based compensation expense
49,688
55,056
Non-cash operating lease expense
617
5,137
Amortization of debt discount and issuance
costs
1,837
2,088
Gain on litigation award
(3,927
)
—
Loss on debt extinguishment
314
—
Unrealized (gain) loss on foreign currency
exchange
2,548
(2,703
)
Accretion on short-term investments
(3,405
)
(7,362
)
Amortization of creator signing fees
1,193
980
Changes related to creator advances,
creator signing fees, and allowance for credit losses
(127
)
(1,340
)
Provision for chargebacks and refunds
27,507
12,435
Other
551
1,161
Changes in operating assets and
liabilities, net of impact of acquisitions:
Accounts receivable
(1,295
)
(1,352
)
Funds receivable
10,554
(4,692
)
Creator signing fees and creator
advances
(4,728
)
(1,108
)
Prepaid expenses and other assets
1,499
(1,894
)
Accounts payable, creators
1,281
(8,599
)
Accounts payable, trade
(395
)
822
Chargebacks and refunds reserve
(25,827
)
(17,483
)
Accrued compensation and benefits
(12,697
)
5,887
Accrued taxes
(3,676
)
(8,707
)
Operating lease liabilities
(2,106
)
(2,999
)
Other accrued liabilities
(3,366
)
6,410
Net cash provided by operating
activities
35,573
19,018
Cash flows from investing
activities
Purchase of short-term investments
(136,809
)
(370,160
)
Maturities of short-term investments
269,001
308,000
Purchases of property and equipment
(600
)
(1,097
)
Capitalized internal-use software
development costs
(7,675
)
(6,073
)
Net cash provided by (used in) investing
activities
123,917
(69,330
)
Cash flows from financing
activities
Principal repayment of debt
obligations
(120,450
)
—
Repurchase of common stock
(49,652
)
—
Proceeds from exercise of stock
options
—
1,297
Purchases under employee stock purchase
plan
702
1,137
Taxes paid related to net share settlement
of equity awards
(8,068
)
(7,342
)
Net cash used in by financing
activities
(177,468
)
(4,908
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(6,691
)
4,246
Net decrease in cash, cash equivalents and
restricted cash
(24,669
)
(50,974
)
Cash, cash equivalents and restricted
cash
Beginning of period
489,200
540,174
End of period
$
464,531
$
489,200
Supplemental cash flow data
Interest paid
$
6,096
$
9,086
Income taxes paid, net of refunds
$
1,726
$
902
Noncash investing and financing
activities
Reduction of right of use asset due to
modification or exit
$
—
$
3,917
Operating lease right-of-use assets
obtained in exchange for operating lease liabilities
$
1,112
$
—
Purchases of property and equipment,
accrued but unpaid
$
—
$
30
Reconciliation of Net Loss to Adjusted
EBITDA and the Calculation of Adjusted EBITDA Margin
(in thousands; unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Net loss(1)
$
(8,376
)
$
(937
)
$
(15,571
)
$
(26,479
)
Add:
Depreciation and amortization
3,915
3,826
15,104
13,760
Stock-based compensation
10,204
13,895
49,688
55,056
Interest income
(4,398
)
(7,547
)
(25,243
)
(27,495
)
Interest expense
1,102
2,826
8,792
11,185
Employer taxes related to employee equity
transactions
223
140
1,112
972
Other (income) expense, net
2,962
(3,565
)
(930
)
(335
)
Income tax provision (benefit)
893
159
2,159
1,991
Adjusted EBITDA
$
6,525
$
8,797
$
35,111
$
28,655
Net revenue
$
76,464
$
87,764
$
325,068
$
326,134
Adjusted EBITDA margin
9
%
10
%
11
%
9
%
(1) Net loss and Adjusted EBITDA includes
reduction in force costs totaling $5.6 million in the year ended
December 31, 2024, and restructuring costs totaling $16.3 million
in the year ended December 31, 2023.
About Non-GAAP Financial Measures
We believe that the use of Adjusted EBITDA and Adjusted EBITDA
margin is helpful to investors in understanding and evaluating
results of operations and useful measures for period-to-period
comparisons of the company's business performance as they are
metrics used by management in assessing the health of the company’s
business and 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, interest income, employer taxes related
to employee transactions, other (income) expense net, which
consists of 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 future results will be unaffected by these expenses
or any unusual or non-routine items. When evaluating performance,
you should consider Adjusted EBITDA alongside other financial
performance measures, including 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), net
income (loss) margin, and other GAAP results.
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