Eventbrite Reports Second Quarter 2024 Financial Results
Eventbrite (NYSE: EB) reported a 7% YoY increase in Q2 2024 revenue to $84.6 million, aligning with its outlook.
Net income reached $1.1 million vs. a loss of $2.9 million last year, with a 1.3% net income margin. Gross margin improved to 70.9% from 68.8%. Adjusted EBITDA was $12.8 million, a 15.2% margin.
The company revised its full-year revenue outlook due to pricing adjustments and plans to reduce operating expenses. Q3 2024 revenue is expected to be between $74 million and $77 million.
Eventbrite aims to cut costs by eliminating 100 positions and expects a 10% Adjusted EBITDA margin for FY 2024, excluding restructuring costs.
Despite 16% fewer total tickets sold YoY, the company saw growth in its marketplace-related revenue and increased mobile app adoption.
Eventbrite (NYSE: EB) ha riportato un aumento del 7% anno su anno nel fatturato del secondo trimestre 2024, raggiungendo 84,6 milioni di dollari, in linea con le aspettative.
Il reddito netto ha raggiunto 1,1 milioni di dollari rispetto a una perdita di 2,9 milioni di dollari dell'anno scorso, con un margine di reddito netto dell'1,3%. Il margine lordo è migliorato al 70,9% rispetto al 68,8%. L'EBITDA rettificato è stato di 12,8 milioni di dollari, con un margine del 15,2%.
L'azienda ha rivisto le sue previsioni di fatturato per l'intero anno a causa di aggiustamenti di prezzo e piani per ridurre le spese operative. Si prevede che il fatturato del terzo trimestre 2024 sia compreso tra 74 milioni e 77 milioni di dollari.
Eventbrite mira a ridurre i costi eliminando 100 posizioni e si aspetta un margine EBITDA rettificato del 10% per l'anno fiscale 2024, escludendo i costi di ristrutturazione.
Nonostante il 16% in meno di biglietti totali venduti anno su anno, l'azienda ha visto una crescita nei ricavi legati al marketplace e un aumento nell'adozione dell'app mobile.
Eventbrite (NYSE: EB) reportó un incremento del 7% interanual en los ingresos del segundo trimestre de 2024, alcanzando 84,6 millones de dólares, en línea con sus expectativas.
El ingreso neto alcanzó 1,1 millones de dólares frente a una pérdida de 2,9 millones de dólares el año pasado, con un margen de ingreso neto del 1,3%. El margen bruto mejoró al 70,9% desde el 68,8%. El EBITDA ajustado fue de 12,8 millones de dólares, con un margen del 15,2%.
La compañía revisó su perspectiva de ingresos para todo el año debido a ajustes de precios y planes de reducción de gastos operativos. Se espera que los ingresos del tercer trimestre de 2024 estén entre 74 y 77 millones de dólares.
Eventbrite busca reducir costos eliminando 100 puestos y espera un margen de EBITDA ajustado del 10% para el año fiscal 2024, excluyendo los costos de reestructuración.
A pesar de un 16% menos de boletos totales vendidos interanualmente, la empresa experimentó crecimiento en sus ingresos relacionados con el marketplace y un aumento en la adopción de la app móvil.
이벤트브라이트 (NYSE: EB)는 2024년 2분기 매출이 지난해 대비 7% 증가하여 8,460만 달러에 달했다고 보고했습니다. 이는 회사의 전망과 일치합니다.
순이익은 110만 달러에 달하며, 작년 290만 달러의 손실과 비교됩니다. 순이익 마진은 1.3%에 달했습니다. 총 마진은 68.8%에서 70.9%로 개선되었습니다. 조정된 EBITDA는 1,280만 달러로 15.2% 마진을 기록했습니다.
회사는 가격 조정과 운영 비용 절감을 위해 전체 연간 매출 전망을 수정했습니다. 2024년 3분기 매출은 7400만 달러에서 7700만 달러 사이가 될 것으로 예상됩니다.
이벤트브라이트는 100개의 직위를 없애면서 비용을 절감할 계획이며, 구조 조정 비용을 제외하고 2024 회계연도 조정 EBITDA 마진을 10%로 예상하고 있습니다.
매출 총 티켓 판매가 지난해 대비 16% 감소했음에도 불구하고, 회사는 마켓플레이스 관련 수익이 증가하고 모바일 앱 사용이 증가했습니다.
Eventbrite (NYSE: EB) a annoncé une augmentation de 7% des revenus pour le 2ème trimestre 2024 par rapport à l'année précédente, atteignant 84,6 millions de dollars, conformément à ses prévisions.
Le revenu net a atteint 1,1 million de dollars, contre une perte de 2,9 millions de dollars l'année dernière, avec une marge de revenu net de 1,3%. La marge brute s'est améliorée, passant de 68,8% à 70,9%. L'EBITDA ajusté était de 12,8 millions de dollars, avec une marge de 15,2%.
L'entreprise a révisé sa prévision de revenus pour l'année complète en raison d'ajustements de prix et prévoit de réduire ses dépenses d'exploitation. Les revenus du 3ème trimestre 2024 devraient se situer entre 74 millions et 77 millions de dollars.
Eventbrite vise à réduire les coûts en supprimant 100 postes et s'attend à une marge EBITDA ajustée de 10% pour l'exercice 2024, hors coûts de restructuration.
Malgré une vente totale de billets inférieure de 16% par rapport à l'année dernière, l'entreprise a connu une croissance de ses revenus liés au marché et une adoption accrue de l'application mobile.
Eventbrite (NYSE: EB) berichtete über einen Jahresvergleich von 7% bei den Umsätzen im 2. Quartal 2024, der 84,6 Millionen Dollar erreichte, was mit den Erwartungen übereinstimmt.
Der Nettogewinn betrug 1,1 Millionen Dollar im Vergleich zu einem Verlust von 2,9 Millionen Dollar im Vorjahr, mit einer Nettogewinnmarge von 1,3%. Die Bruttomarge verbesserte sich von 68,8% auf 70,9%. Das bereinigte EBITDA betrug 12,8 Millionen Dollar, was einer Marge von 15,2% entspricht.
Das Unternehmen hat seine Umsatzprognose für das Gesamtjahr aufgrund von Preisänderungen und Plänen zur Reduzierung der Betriebskosten überarbeitet. Für das 3. Quartal 2024 wird ein Umsatz zwischen 74 Millionen und 77 Millionen Dollar erwartet.
Eventbrite plant, die Kosten durch Streichung von 100 Stellen zu senken, und erwartet eine bereinigte EBITDA-Marge von 10% für das Geschäftsjahr 2024, ohne die Umstrukturierungskosten zu berücksichtigen.
Trotz 16% weniger verkaufter Tickets im Jahresvergleich konnte das Unternehmen ein Wachstum in den marktplatzbezogenen Einnahmen und eine erhöhte Nutzung der mobilen App verzeichnen.
- 7% YoY increase in Q2 2024 revenue to $84.6 million.
- Net income of $1.1 million vs. a loss of $2.9 million last year.
- Gross margin improved to 70.9% from 68.8%.
- Adjusted EBITDA of $12.8 million, a 15.2% margin.
- Marketplace-related revenue grew to over 13% of total net revenue.
- Revised full-year revenue outlook downward due to pricing adjustments.
- Gross ticket sales decreased by 6% YoY.
- Total ticket volume decreased by 16% YoY.
- Expected up to $7 million in restructuring expenses in Q3.
- Elimination of 100 positions to reduce costs.
Second quarter revenue grows
Revises full year net revenue outlook reflecting pricing-related adjustments
Announces plan to reduce operating expenses and strengthen long-term results
“Our second-quarter performance, while within our guidance, was pressured by the pricing-related headwinds related to our transition to a two-sided marketplace,” said Julia Hartz, Co-Founder and Chief Executive Officer. “We are taking action to refine the go-to-market strategy and reduce our expense structure to work towards profitability even despite the revised revenue outlook for the year. That said, we are encouraged by the growth in the consumer side of the business, namely in mobile app adoption and tickets driven by Eventbrite’s discovery experiences. I’m confident that leaning into our marketplace strategy will enable long-term growth for creators and an increased engagement of consumers as the desire to gather at live events continues.”
Second Quarter 2024 Highlights
-
Net Revenue of
$84.6 million 7% year-over-year. Marketplace-related revenue from organizer fees and Eventbrite Ads grew to over13% of total net revenue. - Total free and paid ticket volume of 66.8 million tickets across 1.4 million events.
-
Gross Margin of
70.9% vs68.8% a year ago. -
Net income of
$1.1 million 1.3% , which includes a net benefit of$8.2 million $2.9 million -
Adjusted EBITDA of
$12.8 million 15.2% .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.
The summary of GAAP and non-GAAP consolidated financial results are in the table below (in thousands, except percentages, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
Gross ticket sales |
$ |
840,247 |
|
|
$ |
889,930 |
|
|
(6 |
)% |
|
$ |
1,693,997 |
|
|
$ |
1,796,363 |
|
|
(6 |
)% |
Net revenue |
$ |
84,551 |
|
|
$ |
78,912 |
|
|
7 |
% |
|
$ |
170,803 |
|
|
$ |
156,826 |
|
|
9 |
% |
Gross profit |
$ |
59,940 |
|
|
$ |
54,309 |
|
|
10 |
% |
|
$ |
121,160 |
|
|
$ |
105,828 |
|
|
14 |
% |
Gross profit margin |
|
71 |
% |
|
|
69 |
% |
|
|
|
|
71 |
% |
|
|
67 |
% |
|
|
||
Net income (loss) |
$ |
1,063 |
|
|
$ |
(2,921 |
) |
|
136 |
% |
|
$ |
(3,427 |
) |
|
$ |
(15,607 |
) |
|
(78 |
)% |
Net income (loss) margin |
|
1 |
% |
|
|
(4 |
)% |
|
|
|
|
(2 |
)% |
|
|
(10 |
)% |
|
|
||
Adjusted EBITDA (non-GAAP) |
$ |
12,836 |
|
|
$ |
11,313 |
|
|
13 |
% |
|
$ |
23,249 |
|
|
$ |
13,455 |
|
|
73 |
% |
Adjusted EBITDA margin (non-GAAP) |
|
15 |
% |
|
|
14 |
% |
|
|
|
|
14 |
% |
|
|
9 |
% |
|
|
||
Operating Highlights
The key operating metrics of our business are summarized below (in thousands, except average ticket value, unaudited):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|||||||||
Total tickets |
|
66,791 |
|
|
79,805 |
|
(16 |
)% |
|
|
132,611 |
|
|
154,036 |
|
(14 |
)% |
|||
Paid tickets |
|
21,243 |
|
|
23,309 |
|
(9 |
)% |
|
|
42,459 |
|
|
46,487 |
|
(9 |
)% |
|||
Total events |
|
1,415 |
|
|
1,607 |
|
(12 |
)% |
|
|
2,524 |
|
|
2,709 |
|
(7 |
)% |
|||
Paid events |
|
529 |
|
|
563 |
|
(6 |
)% |
|
|
933 |
|
|
936 |
|
(0 |
)% |
|||
Total creators |
|
358 |
|
|
422 |
|
(15 |
)% |
|
|
504 |
|
|
564 |
|
(11 |
)% |
|||
Paid creators |
|
177 |
|
|
189 |
|
(6 |
)% |
|
|
248 |
|
|
253 |
|
(2 |
)% |
|||
Average ticket value (ATV) |
$ |
39.55 |
|
$ |
38.15 |
|
4 |
% |
|
$ |
39.73 |
|
$ |
38.52 |
|
3 |
% |
|||
Total ticket buyers |
|
27,356 |
|
|
32,638 |
|
(16 |
)% |
|
|
48,313 |
|
|
55,675 |
|
(13 |
)% |
|||
Business Outlook
The company has updated its outlook for fiscal year 2024, based on factors that include:
- Lower than anticipated paid ticket volume reflecting reduced creator acquisition and retention
- Planned changes to pricing and packaging plans offered to creators including the introduction of a free tier
As a result, the company now expects fiscal third quarter 2024 revenue to be in the range of
The company has reviewed its product roadmap, organizational structure, and staffing with a focus on continuing support for the strategic transformation, increasing operating efficiency, and lowering costs. Today, the company announced the elimination of roughly 100 positions and initiated plans to reduce other costs. The company expects to incur up to
At the mid-point of its revenue outlook, the company now expects a
*We have 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 gains and losses, and other non-recurring expenses.
Earnings Webcast Information
Event: Eventbrite Second Quarter 2024 Earnings Conference Call
Date: Thursday, August 8, 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 its inception, Eventbrite has been at the center of the experience economy, transforming how 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 events in 2023, Eventbrite is where people worldwide 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
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 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)
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
575,499 |
|
|
$ |
489,200 |
|
Funds receivable |
|
28,869 |
|
|
|
48,773 |
|
Short-term investments, at amortized cost |
|
56,698 |
|
|
|
153,746 |
|
Accounts receivable, net |
|
4,856 |
|
|
|
2,814 |
|
Creator signing fees, net |
|
3,601 |
|
|
|
634 |
|
Creator advances, net |
|
6,852 |
|
|
|
2,804 |
|
Prepaid expenses and other current assets |
|
12,147 |
|
|
|
13,880 |
|
Total current assets |
|
688,522 |
|
|
|
711,851 |
|
Creator signing fees, net noncurrent |
|
1,553 |
|
|
|
1,303 |
|
Property and equipment, net |
|
12,643 |
|
|
|
9,384 |
|
Operating lease right-of-use assets |
|
1,000 |
|
|
|
177 |
|
Goodwill |
|
174,388 |
|
|
|
174,388 |
|
Acquired intangible assets, net |
|
9,132 |
|
|
|
13,314 |
|
Other assets |
|
7,282 |
|
|
|
2,913 |
|
Total assets |
$ |
894,520 |
|
|
$ |
913,330 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable, creators |
$ |
314,718 |
|
|
$ |
303,436 |
|
Accounts payable, trade |
|
1,467 |
|
|
|
1,821 |
|
Chargebacks and refunds reserve |
|
8,213 |
|
|
|
8,088 |
|
Accrued compensation and benefits |
|
8,534 |
|
|
|
17,522 |
|
Accrued taxes |
|
5,712 |
|
|
|
8,796 |
|
Operating lease liabilities |
|
1,973 |
|
|
|
1,523 |
|
Other accrued liabilities |
|
13,062 |
|
|
|
16,425 |
|
Total current liabilities |
|
353,679 |
|
|
|
357,611 |
|
Accrued taxes, noncurrent |
|
4,532 |
|
|
|
4,526 |
|
Operating lease liabilities, noncurrent |
|
1,423 |
|
|
|
1,768 |
|
Long-term debt |
|
358,725 |
|
|
|
357,668 |
|
Total liabilities |
|
718,359 |
|
|
|
721,573 |
|
Stockholders’ equity |
|
|
|
||||
Common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
1,032,205 |
|
|
|
1,007,190 |
|
Treasury stock at cost |
|
(37,184 |
) |
|
|
— |
|
Accumulated deficit |
|
(818,861 |
) |
|
|
(815,434 |
) |
Total stockholders’ equity |
|
176,161 |
|
|
|
191,757 |
|
Total liabilities and stockholders’ equity |
$ |
894,520 |
$ |
913,330 |
|||
Condensed Consolidated Statement of Operations
(in thousands, except share and per share amounts; unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
$ |
84,551 |
|
|
$ |
78,912 |
|
|
$ |
170,803 |
|
|
$ |
156,826 |
|
Cost of net revenue |
|
24,611 |
|
|
|
24,603 |
|
|
|
49,643 |
|
|
|
50,998 |
|
Gross profit |
|
59,940 |
|
|
|
54,309 |
|
|
|
121,160 |
|
|
|
105,828 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Product development |
|
26,057 |
|
|
|
23,486 |
|
|
|
52,741 |
|
|
|
50,050 |
|
Sales, marketing and support |
|
24,521 |
|
|
|
15,679 |
|
|
|
45,390 |
|
|
|
32,739 |
|
General and administrative |
|
15,816 |
|
|
|
21,826 |
|
|
|
37,053 |
|
|
|
43,544 |
|
Total operating expenses |
|
66,394 |
|
|
|
60,991 |
|
|
|
135,184 |
|
|
|
126,333 |
|
Loss from operations |
|
(6,454 |
) |
|
|
(6,682 |
) |
|
|
(14,024 |
) |
|
|
(20,505 |
) |
Interest income |
|
7,382 |
|
|
|
6,926 |
|
|
|
14,789 |
|
|
|
12,379 |
|
Interest expense |
|
(2,806 |
) |
|
|
(2,786 |
) |
|
|
(5,606 |
) |
|
|
(5,538 |
) |
Other income (expense), net |
|
3,725 |
|
|
|
80 |
|
|
|
2,472 |
|
|
|
(873 |
) |
Income (loss) before income taxes |
|
1,847 |
|
|
|
(2,462 |
) |
|
|
(2,369 |
) |
|
|
(14,537 |
) |
Income tax provision |
|
784 |
|
|
|
459 |
|
|
|
1,058 |
|
|
|
1,070 |
|
Net income (loss) |
$ |
1,063 |
|
|
$ |
(2,921 |
) |
|
$ |
(3,427 |
) |
|
$ |
(15,607 |
) |
Net income (loss) per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
Diluted |
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
Weighted-average number of shares outstanding used to compute net income (loss) per share |
|
|
|
|
|
|
|
||||||||
Basic |
|
96,142 |
|
|
|
99,995 |
|
|
|
95,557 |
|
|
|
99,748 |
|
Diluted |
|
96,290 |
|
|
99,995 |
|
95,557 |
|
99,748 |
||||||
Condensed Consolidated Statements of Cash Flows
(in thousands; unaudited)
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(3,427 |
) |
|
$ |
(15,607 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
7,242 |
|
|
|
6,709 |
|
Stock-based compensation expense |
|
29,239 |
|
|
|
26,693 |
|
Amortization of debt discount and issuance costs |
|
1,057 |
|
|
|
1,010 |
|
Unrealized gain on foreign currency exchange |
|
(1,326 |
) |
|
|
(1,674 |
) |
Accretion on short-term investments |
|
(2,769 |
) |
|
|
(3,585 |
) |
Non-cash operating lease expenses |
|
273 |
|
|
|
5,002 |
|
Amortization of creator signing fees |
|
401 |
|
|
|
468 |
|
Changes related to creator advances, creator signing fees, and allowance for credit losses |
|
(2,920 |
) |
|
|
(1,496 |
) |
Provision for chargebacks and refunds |
|
14,559 |
|
|
|
5,755 |
|
Gain on litigation settlement |
|
(3,927 |
) |
|
|
— |
|
Other |
|
623 |
|
|
|
908 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(2,866 |
) |
|
|
(763 |
) |
Funds receivable |
|
20,155 |
|
|
|
24,136 |
|
Creator signing fees and creator advances |
|
(3,922 |
) |
|
|
655 |
|
Prepaid expenses and other assets |
|
1,291 |
|
|
|
1,061 |
|
Accounts payable, creators |
|
9,712 |
|
|
|
15,789 |
|
Accounts payable |
|
(366 |
) |
|
|
(487 |
) |
Chargebacks and refunds reserve |
|
(14,415 |
) |
|
|
(8,350 |
) |
Accrued compensation and benefits |
|
(8,988 |
) |
|
|
985 |
|
Accrued taxes |
|
(3,840 |
) |
|
|
(8,596 |
) |
Operating lease liabilities |
|
(991 |
) |
|
|
(1,933 |
) |
Other accrued liabilities |
|
(4,003 |
) |
|
|
1,480 |
|
Net cash provided by operating activities |
|
30,792 |
|
|
|
48,160 |
|
Cash flows from investing activities |
|
|
|
||||
Purchases of short-term investments |
|
(112,185 |
) |
|
|
(150,565 |
) |
Maturities of short-term investments |
|
212,002 |
|
|
|
85,500 |
|
Purchases of property and equipment |
|
(403 |
) |
|
|
(521 |
) |
Capitalized internal-use software development costs |
|
(4,818 |
) |
|
|
(3,161 |
) |
Net cash provided by (used in) investing activities |
|
94,596 |
|
|
|
(68,747 |
) |
Cash flows from financing activities |
|
|
|
||||
Repurchase of common stock |
|
(36,508 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
— |
|
|
|
748 |
|
Taxes paid related to net share settlement of equity awards |
|
(5,776 |
) |
|
|
(3,201 |
) |
Proceeds from issuance of common stock under ESPP |
|
454 |
|
|
|
567 |
|
Principal payments on finance lease obligations |
|
— |
|
|
|
(1 |
) |
Net cash used in financing activities |
|
(41,830 |
) |
|
|
(1,887 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
2,741 |
|
|
|
2,787 |
|
Net increase in cash, cash equivalents and restricted cash |
|
86,299 |
|
|
|
(19,687 |
) |
Cash, cash equivalents and restricted cash |
|
|
|
||||
Beginning of period |
|
489,200 |
|
|
|
540,174 |
|
End of period |
$ |
575,499 |
$ |
520,487 |
|||
Reconciliation of Net Income (Loss) to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin
(in thousands; unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss)(1) |
$ |
1,063 |
|
|
$ |
(2,921 |
) |
|
$ |
(3,427 |
) |
|
$ |
(15,607 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
3,649 |
|
|
|
3,193 |
|
|
|
7,243 |
|
|
|
6,708 |
|
Stock-based compensation |
|
15,276 |
|
|
|
14,599 |
|
|
|
29,238 |
|
|
|
26,693 |
|
Interest income |
|
(7,382 |
) |
|
|
(6,926 |
) |
|
|
(14,789 |
) |
|
|
(12,379 |
) |
Interest expense |
|
2,806 |
|
|
|
2,786 |
|
|
|
5,606 |
|
|
|
5,538 |
|
Employer taxes related to employee equity transactions |
|
365 |
|
|
|
203 |
|
|
|
792 |
|
|
|
559 |
|
Other (income) expense, net |
|
(3,725 |
) |
|
|
(80 |
) |
|
|
(2,472 |
) |
|
|
873 |
|
Income tax provision |
|
784 |
|
|
|
459 |
|
|
|
1,058 |
|
|
|
1,070 |
|
Adjusted EBITDA |
$ |
12,836 |
|
|
$ |
11,313 |
|
|
$ |
23,249 |
|
|
$ |
13,455 |
|
|
|
|
|
|
|
|
|
||||||||
Net revenue |
$ |
84,551 |
|
|
$ |
78,912 |
|
|
$ |
170,803 |
|
|
$ |
156,826 |
|
Adjusted EBITDA margin |
|
15 |
% |
|
|
14 |
% |
|
|
14 |
% |
|
|
9 |
% |
(1) Net income (loss) and Adjusted EBITDA includes loss recovery from a legal settlement and minimal restructuring costs totaling
About Non-GAAP Financial Measures
We believe that the use of Adjusted EBITDA and Adjusted EBITDA margin 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, 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 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), net income (loss) margin and our other GAAP results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808107627/en/
Eventbrite Investor Relations
investors@eventbrite.com
Source: Eventbrite
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