# EDGAR Filing Document

**Accession Number:** 0001475115
**File Stem:** 0001475115-25-000114
**Filing Date:** 2025-11
**Character Count:** 33150
**Document Hash:** bca96efe44dca6be9457e900dcc12b4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001475115-25-000114.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001475115-25-000114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eventbrite, Inc.
- **CENTRAL INDEX KEY:** 0001475115
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 141888467
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38658
- **FILM NUMBER:** 251458097

**BUSINESS ADDRESS:**
- **STREET 1:** 95 THIRD STREET
- **STREET 2:** 2ND FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103
- **BUSINESS PHONE:** (888) 414-5119

**MAIL ADDRESS:**
- **STREET 1:** 95 THIRD STREET
- **STREET 2:** 2ND FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103

?xml version='1.0' encoding='ASCII'? eb-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

___________________________________________________

**FORM 8-K** 

___________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

**November 6, 2025**

_________________________________________________________________________________

**EVENTBRITE, INC.** 

(Exact Name of Registrant as Specified in Charter)

_________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38658** | **14-1888467** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**95 Third Street, 2nd Floor**

**San Francisco, California 94103** 

**(Address of principal executive offices) (Zip Code)** 

**(415) 692-7779** 

**(Registrant's telephone number, include area code)** 

**Not applicable** 

**(Former name or former address, if changed since last report)** 

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.00001 per share | EB | New York Stock Exchange LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp; ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 6, 2025, Eventbrite, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additional supplemental financial information (the "Supplemental Information") has been posted to the Investor Relations section of the Company's website at investor.eventbrite.com.

In the press release, the Company also announced that it would be holding a live webcast on November 6, 2025, at 2:00 p.m. Pacific Time to discuss its financial results for the quarter ended September 30, 2025. A copy of the unofficial transcript of the webcast will be available after the webcast on the Investor Relations section of the Company's website at investor.eventbrite.com.

The Company is making reference to non-GAAP financial information in the press release, the Supplemental Information and the webcast. Reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents are provided in the press release and the Supplemental Information, as applicable.

The information furnished pursuant to Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [99.1](ebq32025earningspressrelea.htm) | [Earnings Press Release, dated November 6, 2025.](ebq32025earningspressrelea.htm) |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | EVENTBRITE, INC. | EVENTBRITE, INC. |
|  | By: | /s/ Julia Hartz |
|  |  | Julia Hartz |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

![eventbritea.jpg](eventbritea.jpg)

**Eventbrite Reports Third Quarter 2025 Financial Results**

*Delivers Net Revenue of $71.7 million, consistent with Outlook*

*Reports Net Income of $6.4 Million, up $10.1 million from Prior Year* 

*Achieves Adjusted EBITDA Margin of 11.7%, Exceeding Guidance*

*Narrows Net Revenue Guidance and Raises Adjusted EBITDA Margin Outlook for Fiscal Year 2025*

**11/6/2025**

**SAN FRANCISCO -- (BUSINESS WIRE) --** Eventbrite (NYSE: EB), a global marketplace for shared experiences, reported its financial results for the third quarter ended September 30, 2025. The Company's Third Quarter Investor Presentation can be found on Eventbrite's Investor Relations website at https://investor.eventbrite.com.

"Our third quarter results reflect our strengthened foundation and the progress we are achieving to set the stage for a promising year to come," said Julia Hartz, Co-Founder, Chief Executive Officer, and Executive Chair. "In the year ahead, we will empower creators, engage consumers, and unlock new opportunities through key initiatives designed to capture the large opportunity ahead and drive value for our shareholders. The work we've done this year positions us to scale our strengths and return to growth with a clear roadmap for 2026 that will drive both expansion and efficiency."

"We once again achieved our revenue outlook and significantly outperformed our margin guidance in the third quarter," said Anand Gandhi, Chief Financial Officer. "We continued to execute effectively while maintaining financial discipline. We delivered meaningful improvement in paid ticket, paid event, and paid creator trends, as well as further structural reductions in operating expenses. Our progress this year positions us well for top-line growth and margin expansion in 2026."

**<u>Third Quarter 2025 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Net revenue of $71.7 million, declined 8% year-over-year as anticipated, driven in part by the elimination of organizer fees, and was in the middle of the Company's quarterly outlook range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Eventbrite Ads continued to grow rapidly, up 38% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Net income of $6.4 million compared to net loss of $3.8 million in the same period last year, reflecting $12.6 million in lower operating expenses and a gain of $5.8 million on partial extinguishment of 2026 convertible notes recognized in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA of $8.4 million and Adjusted EBITDA margin of 11.7% exceeded the Company's outlook range.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Paid ticket volume of 19.1 million, declined 3% year-over-year, improving 400 basis points from the quarter ended June 30, 2025 and representing the Company's fourth consecutive quarter of improvement in year-over-year trends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Paid creators of 162,000, declined less than 1% year-over-year, improving 400 basis points from the quarter ended June 30, 2025 and representing the Company's fourth consecutive quarter of improvement in year-over-year trends.

<sup>1</sup> For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of Net Income (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 is in the table below (in thousands, except percentages, unaudited):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Paid tickets | 19071 | 19736 | (3) % | 58341 | 62195 | (6) % |
| Gross ticket sales | $748318 | $795367 | (6) % | $2278190 | $2489364 | (8) % |
| Net revenue | $71743 | $77801 | (8) % | $218334 | $248604 | (12) % |
| Gross profit | $48714 | $53258 | (9) % | $147248 | $174418 | (16) % |
| Gross profit margin | 68% | 68% |  | 67% | 70% |  |
| Net income (loss) | $6369 | $(3768) | \* | $(2349) | $(7195) | (67) % |
| Net income (loss) margin | 9% | (5) % |  | (1) % | (3) % |  |
| Adjusted EBITDA (non-GAAP) | $8416 | $5337 | 58% | $19420 | $28586 | (32) % |
| Adjusted EBITDA margin (non-GAAP) | 12% | 7% |  | 9% | 11% |  |

---

\* Not meaningful

**<u>Business Outlook</u>**

For the fourth quarter 2025, the Company expects net revenue in the range of $71.5 million to $74.5 million and an Adjusted EBITDA margin of approximately 8% to 9%, excluding non-routine items.

For fiscal year 2025, the Company updated its revenue outlook range to $290 million to $293 million. As a result of the Company's significant reductions in operating expenses, it raised its full-year Adjusted EBITDA margin outlook to approximately 8% to 9%, excluding non-routine items.

The Company has 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.

**<u>Earnings Webcast Information</u>**

Event: Eventbrite Third Quarter 2025 Earnings Conference Call

Date: Thursday, November 6, 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.

**<u>About Eventbrite</u>**

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 over 83 million paid tickets to over 4.7 million events, 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.

**<u>Eventbrite Investor Relations</u>**<br><u>investors@eventbrite.com</u>

------

**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 ability to return to growth; the Company's capital structure; 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 the impact of the macroeconomic and geopolitical environment, including but not limited to, tariffs, expanded trade controls, taxes, conflicts around the world, inflation and changes in interest rates, and related shifts in consumer behavior and spending, and other factors more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, 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 and paid creators. 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 Sheet** |  |  |
| *(in thousands, unaudited)* |  |  |
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $402769 | $416531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds receivable | 17922 | 37629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 107908 | 48000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, at amortized cost |  | 24959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 772 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creator signing fees, net | 2537 | 3954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creator advances, net | 6832 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 13585 | 15856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 552325 | 552496 |
| Creator signing fees, net, noncurrent | 4555 | 3575 |
| Property and equipment, net | 9489 | 12640 |
| Operating lease right-of-use assets | 529 | 823 |
| Goodwill | 174388 | 174388 |
| Acquired intangible assets, net |  | 5014 |
| Other assets | 3300 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $744586 | $752301 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, creators | $338985 | $300174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, trade | 778 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chargebacks and refunds reserve | 10319 | 10315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation and benefits | 10375 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued taxes | 4269 | 5932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 119618 | 29781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 964 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued liabilities | 9771 | 11868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 495079 | 366373 |
| Accrued taxes, noncurrent | 5042 | 4278 |
| Operating lease liabilities, noncurrent |  | 377 |
| Long-term debt | 55243 | 210938 |
| Other liabilities | 105 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 555469 | 582072 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (50286) | (50159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1072756 | 1051392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (833354) | (831005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 189117 | 170229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $744586 | $752301 |

---

------

---

| |
|:---|
| **Condensed Consolidated Statement of Operations** |
| *(in thousands, except share and per share amounts; unaudited)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net revenue | $71743 | $77801 | $218334 | $248604 |
| Cost of net revenue | 23029 | 24543 | 71086 | 74186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 48714 | 53258 | 147248 | 174418 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development | 16643 | 22586 | 55741 | 75327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales, marketing and support | 19594 | 23694 | 61516 | 69084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 13379 | 15930 | 46957 | 52983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 49616 | 62210 | 164214 | 197394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (902) | (8952) | (16966) | (22976) |
| Interest income | 3712 | 6056 | 11427 | 20845 |
| Interest expense | (1618) | (2084) | (3792) | (7690) |
| Gain (loss) on debt extinguishment | 5821 | (315) | 5821 | (315) |
| Other income (expense), net | (766) | 1735 | 2652 | 4207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 6247 | (3560) | (858) | (5929) |
| Income tax (benefit) provision | (122) | 208 | 1491 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $6369 | $(3768) | $(2349) | $(7195) |
| Net income (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $&nbsp;&nbsp;&nbsp;&nbsp;0.07&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $&nbsp;&nbsp;&nbsp;&nbsp;0.06&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Weighted-average number of shares outstanding used to compute net income (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | &nbsp;&nbsp;&nbsp;&nbsp;96943&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;96498&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;95954&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;95571&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | &nbsp;&nbsp;&nbsp;&nbsp;98587&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;96498&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;95954&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;95571&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

---

| | | |
|:---|:---|:---|
| **Condensed Consolidated Statements of Cash Flows** | | |
| *(in thousands, Unaudited)* |  |  |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(2349) | $(7195) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11627 | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 23600 | 39484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 965 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt extinguishment | (5821) | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on foreign currency exchange | (3235) | (779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion on short-term investments | (41) | (3112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expenses | 468 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of creator signing fees | 1680 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes related to creator advances, creator signing fees, and allowance for credit losses | 1057 | (2434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for chargebacks and refunds | 12770 | 21015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on litigation settlement |  | (3927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 889 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 622 | (1731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds receivable | 20512 | 18686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creator signing fees and creator advances | (4959) | (6327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2336 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, creators | 31767 | 49853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (629) | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chargebacks and refunds reserve | (12784) | (20461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 5550 | (12016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | (1894) | (4315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1658) | (1561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | (1923) | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 78550 | 80856 |
| **Cash flows from investing activities** |  |  |
| Purchases of short-term investments |  | (136808) |
| Maturities of short-term investments | 25000 | 269001 |
| Purchases of property and equipment | (65) | (585) |
| Capitalized internal-use software development costs | (2895) | (6964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 22040 | 124644 |
| **Cash flows from financing activities** |  |  |
| Repayment of debt obligations | (118853) | (120450) |
| Proceeds from issuance of debt | 60000 |  |
| Debt issuance costs | (2529) |  |
| Repurchase of common stock |  | (39296) |
| Taxes paid related to net share settlement of equity awards | (2927) | (6837) |
| Proceeds from issuance of common stock under ESPP | 164 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (64145) | (166129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9701 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash, cash equivalents and restricted cash | 46146 | 41757 |
| **Cash, cash equivalents and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 464531 | 489200 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $510677 | $530957 |

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| |
|:---|
| **Reconciliation of Net Income (Loss) to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin** |
| *(in thousands; unaudited)* |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net income (loss) | $6369 | $(3768) | $(2349) | $(7195) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3370 | 3946 | 11627 | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5897 | 10246 | 23600 | 39484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (3712) | (6056) | (11427) | (20845) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1618 | 2084 | 3792 | 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer taxes related to employee equity transactions | 51 | 97 | 422 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt extinguishment | (5821) | 315 | (5821) | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | 766 | (1735) | (2652) | (4207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) provision | (122) | 208 | 1491 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Significant and non-recurring legal matters |  |  | 737 |  |
| Adjusted EBITDA | $8416 | $5337 | $19420 | $28586 |

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**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 income, interest expense, employer taxes related to employee equity transactions, (gain) loss on debt extinguishment, other (income) expense, net, income tax provision, and significant and non-recurring legal matters, net of insurance recoveries. 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.

Effective with the second fiscal quarter of 2025, we revised our definition of Adjusted EBITDA to include certain significant and non-recurring legal matters, net of insurance recoveries, that we consider to be non-recurring and not reflective of our ongoing operations. This change better aligns Adjusted EBITDA with how management evaluates our core operating performance. This updated definition has been applied prospectively, beginning with the three months ended June 30, 2025. Prior period results have not been recast, as the change does not impact any previously reported amounts.

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 loss, net loss margin, and other GAAP results.

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