# EDGAR Filing Document

**Accession Number:** 0001475115
**File Stem:** 0001475115-25-000115
**Filing Date:** 2025-11
**Character Count:** 170642
**Document Hash:** 25626a3739f4c484319510c222d89c12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001475115-25-000115.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001475115-25-000115

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250930

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38658
- **FILM NUMBER:** 251458155

**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-20250930

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________________________________________________________________** 

**FORM 10-Q**

**____________________________________________________________________________**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _____ to _____**

**Commission File Number: 001-38658**

**_______________________________________________________________________________**

**EVENTBRITE, INC.**

**(Exact name of registrant as specified in its charter)**

**________________________________________________________________________________**

---

| | |
|:---|:---|
| **Delaware** | **14-1888467** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **95 Third Street, 2nd Floor**<br>**San Francisco, CA 94103**<br>**(Address of principal executive offices) (Zip Code)**<br>**(415) 692-7779**<br>**(Registrant's telephone number, including area code)**<br>**Not applicable**<br>**(Former name, former address and former fiscal year, if changed since last report)** | **95 Third Street, 2nd Floor**<br>**San Francisco, CA 94103**<br>**(Address of principal executive offices) (Zip Code)**<br>**(415) 692-7779**<br>**(Registrant's telephone number, including area code)**<br>**Not applicable**<br>**(Former name, former address and former fiscal year, if changed since last report)** |

---

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, $0.00001 par value | EB | New York Stock Exchange LLC |

---

**_________________________________________________________________**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;**Yes** ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;**Yes** ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐  | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes **☐**&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of October 30, 2025, 82,036,252 shares of Registrant's Class A common stock and 15,638,904 shares of Registrant's Class B common stock were outstanding.

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**EVENTBRITE, INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| **SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS** | **SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS** | [1](#ib0ce75d91b50422e95b62ea89a5b6987_10) |
| **PART I. FINANCIAL INFORMATION** | **PART I. FINANCIAL INFORMATION** |  |
| [Item 1.](#ib0ce75d91b50422e95b62ea89a5b6987_13) | [Unaudited Condensed Consolidated Financial Statements](#ib0ce75d91b50422e95b62ea89a5b6987_16) | [2](#ib0ce75d91b50422e95b62ea89a5b6987_16) |
|  | [Condensed Consolidated Balance Sheets](#ib0ce75d91b50422e95b62ea89a5b6987_19) | [2](#ib0ce75d91b50422e95b62ea89a5b6987_19) |
|  | [Condensed Consolidated Statements of Operations](#ib0ce75d91b50422e95b62ea89a5b6987_22) | [3](#ib0ce75d91b50422e95b62ea89a5b6987_22) |
|  | [Condensed Consolidated Statements of Stockholders' Equity](#ib0ce75d91b50422e95b62ea89a5b6987_25) | [4](#ib0ce75d91b50422e95b62ea89a5b6987_25) |
|  | [Condensed Consolidated Statements of Cash Flows](#ib0ce75d91b50422e95b62ea89a5b6987_28) | [6](#ib0ce75d91b50422e95b62ea89a5b6987_28) |
|  | [Notes to Unaudited Condensed Consolidated Financial Statements](#ib0ce75d91b50422e95b62ea89a5b6987_31) | [8](#ib0ce75d91b50422e95b62ea89a5b6987_31) |
| [Item 2.](#ib0ce75d91b50422e95b62ea89a5b6987_121) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ib0ce75d91b50422e95b62ea89a5b6987_121) | [22](#ib0ce75d91b50422e95b62ea89a5b6987_121) |
| [Item 3.](#ib0ce75d91b50422e95b62ea89a5b6987_154) | [Quantitative and Qualitative Disclosures About Market Risk](#ib0ce75d91b50422e95b62ea89a5b6987_154) | [32](#ib0ce75d91b50422e95b62ea89a5b6987_154) |
| [Item 4.](#ib0ce75d91b50422e95b62ea89a5b6987_157) | [Controls and Procedures](#ib0ce75d91b50422e95b62ea89a5b6987_157) | [32](#ib0ce75d91b50422e95b62ea89a5b6987_157) |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |  |
| [Item 1.](#ib0ce75d91b50422e95b62ea89a5b6987_163) | [Legal Proceedings](#ib0ce75d91b50422e95b62ea89a5b6987_163) | [33](#ib0ce75d91b50422e95b62ea89a5b6987_163) |
| [Item 1A.](#ib0ce75d91b50422e95b62ea89a5b6987_166) | [Risk Factors](#ib0ce75d91b50422e95b62ea89a5b6987_166) | [33](#ib0ce75d91b50422e95b62ea89a5b6987_166) |
| [Item 2.](#ib0ce75d91b50422e95b62ea89a5b6987_169) | [Unregistered Sales of Equity Securities, Use of Proceeds](#ib0ce75d91b50422e95b62ea89a5b6987_169), and Issuer Purchases of Equity Securities | [36](#ib0ce75d91b50422e95b62ea89a5b6987_169) |
| [Item 3.](#ib0ce75d91b50422e95b62ea89a5b6987_172) | [Defaults Upon Senior Securities](#ib0ce75d91b50422e95b62ea89a5b6987_172) | [36](#ib0ce75d91b50422e95b62ea89a5b6987_172) |
| [Item 4.](#ib0ce75d91b50422e95b62ea89a5b6987_175) | [Mine Safety Disclosures](#ib0ce75d91b50422e95b62ea89a5b6987_175) | [36](#ib0ce75d91b50422e95b62ea89a5b6987_175) |
| [Item 5.](#ib0ce75d91b50422e95b62ea89a5b6987_178) | [Other Information](#ib0ce75d91b50422e95b62ea89a5b6987_178) | [36](#ib0ce75d91b50422e95b62ea89a5b6987_178) |
| [Item 6.](#ib0ce75d91b50422e95b62ea89a5b6987_184) | [Exhibits](#ib0ce75d91b50422e95b62ea89a5b6987_184) | [37](#ib0ce75d91b50422e95b62ea89a5b6987_184) |
| [Signatures](#ib0ce75d91b50422e95b62ea89a5b6987_187) | [Signatures](#ib0ce75d91b50422e95b62ea89a5b6987_187) | [38](#ib0ce75d91b50422e95b62ea89a5b6987_187) |

---

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words 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 our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements related to our future financial or operational results; our Convertible Notes (as defined below); our future financial performance, including our revenue, costs of revenue and operating expenses; our anticipated growth and growth strategies; our advance payout program; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to successfully defend litigation brought against us and the potential effect of any current litigation on our business, financial position, results of operations or liquidity.

The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors, including those described in the section titled "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and this Quarterly Report on Form 10-Q. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events.

All forward-looking statements are based on information and estimates available to the Company at the time of this Quarterly Report on Form 10-Q and are not guarantees of future performance. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1. Unaudited Condensed Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **EVENTBRITE, INC.**  | **EVENTBRITE, INC.**  | **EVENTBRITE, INC.**  |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| *(in thousands, except par value amounts and share data)*<br>*(Unaudited)* | *(in thousands, except par value amounts and share data)*<br>*(Unaudited)* | *(in thousands, except par value amounts and share data)*<br>*(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, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value; 1,100,000,000 shares authorized; 96,658,556 shares issued and outstanding as of September 30, 2025; 94,282,883 shares issued and outstanding as of December 31, 2024 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 10,201,720 shares of common stock as of September 30, 2025 and December 31, 2024 | (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 |
| *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* |

---

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EVENTBRITE, INC.** | **EVENTBRITE, INC.** | **EVENTBRITE, INC.** | **EVENTBRITE, INC.** | **EVENTBRITE, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| *(in thousands, except per share data)* | *(in thousands, except per share data)* | *(in thousands, except per share data)* | *(in thousands, except per share data)* | *(in thousands, except per share data)* |
| *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* | *(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 | $0.07 | $(0.04) | $(0.02) | $(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.06 | $(0.04) | $(0.02) | $(0.08) |
| Weighted-average number of shares outstanding used to compute net income (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 96943 | 96498 | 95954 | 95571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 98587 | 96498 | 95954 | 95571 |

---

*(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)*

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**EVENTBRITE, INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

*(in thousands, except share data)* 

*(Unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock-Class A** | **Common Stock-Class A** | **Common Stock-Class B** | **Common Stock-Class B** | **Treasury Stock** | **Treasury Stock** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance at December 31, 2024** | 78635854 | $1 | 15647029 | $— | 10201720 | $(50159) | $1051392 | $(831005) | $170229 |
| Issuance of restricted stock awards | 16215 |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 521972 |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (186975) |  |  |  |  |  | (615) |  | (615) |
| Excise tax on repurchases of common stock |  |  |  |  |  | (127) |  |  | (127) |
| Stock-based compensation |  |  |  |  |  |  | 10378 |  | 10378 |
| Net loss |  |  |  |  |  |  |  | (6611) | (6611) |
| **Balance at March 31, 2025** | 78987066 | $1 | 15647029 | $— | 10201720 | $(50286) | $1061155 | $(837616) | $173254 |
| Issuance of restricted stock awards | 25282 |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 2324482 |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (817899) |  |  |  |  |  | (1822) |  | (1822) |
| Issuance of common stock for 2018 Employee Stock Purchase Plan (ESPP) Purchase | 81998 |  |  |  |  |  | 164 |  | 164 |
| Stock-based compensation |  |  |  |  |  |  | 7708 |  | 7708 |
| Net loss |  |  |  |  |  |  |  | (2107) | (2107) |
| **Balance at June 30, 2025** | 80600929 | $1 | 15647029 | $— | 10201720 | $(50286) | $1067205 | $(839723) | $177197 |
| Issuance of restricted stock awards | 22161 |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 609587 |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (221150) |  |  |  |  |  | (490) |  | (490) |
| Conversion of Class B common stock to Class A common stock | 8125 |  | (8125) |  |  |  |  |  |  |
| Stock-based compensation |  |  |  |  |  |  | 6041 |  | 6041 |
| Net income |  |  |  |  |  |  |  | 6369 | 6369 |
| **Balance at September 30, 2025** | 81019652 | $1 | 15638904 | $— | 10201720 | $(50286) | $1072756 | $(833354) | $189117 |

---

------

<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock-Class A** | **Common Stock-Class A** | **Common Stock-Class A** | **Common Stock-Class B** | **Common Stock-Class B** | **Treasury Stock** | **Treasury Stock** | **Treasury Stock** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Amount** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance at December 31, 2023** | 85614983 | $| 1 | 15661433 | $|  | $|  | 1007190 | $| (815434) | 191757 |
| Issuance of restricted stock awards | 9665 |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 887751 |  |  |  |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (305537) |  |  |  |  |  |  |  | (2612) |  |  | (2612) |
| Repurchase of common stock <sup>(1)</sup> | (2652174) |  |  |  |  | 2652174 | (15055) | (15055) |  |  |  | (15055) |
| Stock-based compensation |  |  |  |  |  |  |  |  | 14523 |  |  | 14523 |
| Net loss |  |  |  |  |  |  |  |  |  | (4490) | (4490) | (4490) |
| **Balance at March 31, 2024** | 83554688 | $| 1 | 15661433 | $| 2652174 | $| (15055) | 1019101 | $| (819924) | 184123 |
| Issuance of restricted stock awards | 11754 |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 1836278 |  |  |  |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (604997) |  |  |  |  |  |  |  | (3164) |  |  | (3164) |
| Issuance of common stock for ESPP Purchase | 107266 |  |  |  |  |  |  |  | 454 |  |  | 454 |
| Repurchase of common stock <sup>(1)</sup> | (4135795) |  |  |  |  | 4135795 | (22129) | (22129) |  |  |  | (22129) |
| Stock-based compensation |  |  |  |  |  |  |  |  | 15814 |  |  | 15814 |
| Net income |  |  |  |  |  |  |  |  |  | 1063 | 1063 | 1063 |
| **Balance at June 30, 2024** | 80769194 | $| 1 | 15661433 | $| 6787969 | $| (37184) | 1032205 | $| (818861) | 176161 |
| Issuance of restricted stock awards | 13867 |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock for settlement of RSUs | 638242 |  |  |  |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (227803) |  |  |  |  |  |  |  | (1061) |  |  | (1061) |
| Conversion of Class B common stock to Class A common stock | 13004 |  |  | (13004) |  |  |  |  |  |  |  |  |
| Repurchase of common stock <sup>(1)</sup> | (455314) |  |  |  |  | 455314 | (2244) | (2244) |  |  |  | (2244) |
| Stock-based compensation |  |  |  |  |  |  |  |  | 10750 |  |  | 10750 |
| Net loss |  |  |  |  |  |  |  |  |  | (3768) | (3768) | (3768) |
| **Balance at September 30, 2024** | 80751190 | $| 1 | 15648429 | $| 7243283 | $| (39428) | 1041894 | $| (822629) | 179838 |
| <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  | <sup>(1)</sup> includes a 1% excise tax on repurchases of common stock.  |
| *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* |

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| | | |
|:---|:---|:---|
| **EVENTBRITE, INC.** | **EVENTBRITE, INC.** | **EVENTBRITE, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| *(in thousands, Unaudited)* | *(in thousands, Unaudited)* | *(in thousands, Unaudited)* |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024**<sup>(1)</sup> |
| **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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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

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| | | |
|:---|:---|:---|
| **EVENTBRITE, INC.** | **EVENTBRITE, INC.** | **EVENTBRITE, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| *(in thousands, Unaudited)* | *(in thousands, Unaudited)* | *(in thousands, Unaudited)* |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024**<sup>(1)</sup> |
| **Supplemental cash flow data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $2872 | $5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | $711 | $1229 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $103 | $1112 |
| <sup>(1)</sup>The condensed consolidated statement of cash flows for the nine months ended September 30, 2024 has been revised. For further details refer to "Note 1. Overview and Basis of Presentation." | <sup>(1)</sup>The condensed consolidated statement of cash flows for the nine months ended September 30, 2024 has been revised. For further details refer to "Note 1. Overview and Basis of Presentation." | <sup>(1)</sup>The condensed consolidated statement of cash flows for the nine months ended September 30, 2024 has been revised. For further details refer to "Note 1. Overview and Basis of Presentation." |
| *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* | *(See accompanying Notes to Unaudited Condensed Consolidated Financial Statements)* |

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**EVENTBRITE, INC.** 

**Notes to Unaudited Condensed Consolidated Financial Statements**

**1. Overview and Basis of Presentation** 

**Description of Business** 

Eventbrite, Inc. (Eventbrite or the Company) operates a two-sided marketplace that connects millions of creators and consumers every month, enabling them to share their passions, artistry, and causes through live experiences. Creators utilize the Company's highly-scalable self-service ticketing and marketing tools to plan, promote, and sell tickets to their events. Event seekers use Eventbrite's website and mobile application to discover and purchase tickets to experiences they love.

**Basis of Presentation** 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal and recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations and cash flows for the interim periods. All intercompany transactions and balances have been eliminated.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and the Consolidated Financial Statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). The results for any interim period are not necessarily indicative of the results for the full annual period or any future period.

**Significant Accounting Policies**

There have been no changes to the Company's significant accounting policies described in the 2024 Form 10-K that have had a material impact on the Company's unaudited condensed consolidated financial statements and related notes.

**Revision of Previously Issued Financial Statements in Prior Periods**

The Company has revised certain prior period amounts for the nine months ended September 30, 2024 to correct an error related to foreign currency exchange in the condensed consolidated statement of cash flows for comparative purposes. Based on management's evaluation of both quantitative and qualitative factors, the Company believes that the impact of the error was not significant, individually or in the aggregate, to any previously reported quarterly periods in 2024. Accordingly, the previously issued condensed statement of cash flows has been revised. This correction had no impact on the prior period condensed consolidated balance sheet, condensed consolidated statement of operations or the condensed consolidated statement of stockholders' equity.

**Recently Issued Accounting Pronouncements Not Yet Adopted**

In December 2023, the FASB issued ASU 2023-09, Income Taxes *(Topic 740), Improvements to Income Tax Disclosures*. This update enhances the transparency and usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The guidance also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company is currently evaluating the impact of adopting ASU 2023-09.

**Reclassifications**

The Company reclassified 'Gain (loss) on debt extinguishment' as a separate financial statement line item within the consolidated statements of operations, which was previously included in 'Other income (expense), net' for the three and nine months ended September 30, 2024. These reclassifications within the Company's condensed consolidated statements of operations were made to conform to the current period presentation. These reclassifications had no impact on previously reported total income (loss) before income taxes.

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**Use of Estimates** 

In order to conform with U.S. GAAP, the Company is required to make certain estimates, judgments and assumptions when preparing its condensed consolidated financial statements. These estimates, judgments and assumptions affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported periods. These estimates include, but are not limited to, the recoverability of creator signing fees and creator advances, chargebacks and refunds reserve, certain assumptions used in the valuation of equity awards, assumptions used in determining the fair value of business combinations, the allowance for credit losses, and indirect tax reserves. The Company evaluates these estimates on an ongoing basis. Actual results could differ from those estimates and such differences could be material to the Company's condensed consolidated financial statements.

**Comprehensive Income (Loss)** 

For all periods presented, comprehensive income (loss) equaled net income (loss). Therefore, the condensed consolidated statements of comprehensive income (loss) have been omitted from the unaudited condensed consolidated financial statements.

**Segment Information** 

Operating segments are identified as components of an enterprise about which separate discrete financial information is available and reviewed regularly by the chief operating decision-maker (CODM). The Company's CODM is its Chief Executive Officer (CEO) who reviews discrete financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company's financial performance. The Company generates revenue from services fees and payment processing fees from the sale of paid tickets on the Eventbrite platform, as well as fees associated with advertising and marketplace services. The Company does not separate costs for its different revenue streams and therefore discrete financial information is only available on a consolidated basis. Accordingly, the Company has determined that it operates as a single operating segment and has one reportable segment.

The CODM assesses performance and decides how to allocate resources based on the Company's consolidated net income (loss), gross profit, and gross margin. The CODM uses these metrics to monitor forecast versus actual results, which is used in assessing performance of the Company's single segment and in establishing compensation, whether to reinvest profits, and other factors evaluated by the CODM. The consolidated statements of operations are presented to the CODM without further disaggregation. Significant segment expenses also include depreciation, amortization and stock-based compensation expense, which are disclosed within the consolidated statements of cash flows. The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company does not have any significant intra-entity sales or transfers.

**2. Revenue Recognition** 

The Company derives its revenues from a mix of marketplace activities. Revenue is primarily derived from ticketing fees and payment processing fees. The Company's customers are event creators who use the Company's platform to sell tickets and market events to consumers. Revenue is recognized when or as control of the promised goods or services is transferred to creators, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.

*Ticketing Revenue*

For ticketing services, the Company's service provides a platform to the event creator and consumer to transact. The Company's performance obligation is to facilitate and process that transaction and issue the ticket, and ticketing revenue is recognized by the Company when the ticket is sold. The amount that the Company earns for its ticketing services consists of a flat fee and a fixed percentage-based fee per ticket. The Company records ticketing revenue on a net basis related to its ticketing service fees.

For payment processing services, the Company provides the event creator with the choice of whether to use Eventbrite Payment Processing (EPP) or to use a third-party payment processor, referred to as Facilitated Payment Processing (FPP).

Under the EPP option, the Company is the merchant of record and is responsible for processing the transaction and collecting the face value of the ticket and all associated fees at the time the ticket is sold. The Company is also responsible for remitting these amounts collected, less the Company's fees, to the event creator. For EPP services, the Company determined that it is the principal in providing the service as the Company is responsible for fulfilling the promise to process the payment and has discretion in establishing the price of its service. As a result, the Company records revenue on a gross basis related to its EPP service fees. Costs incurred for processing the ticketing transactions are included in cost of net revenues in the

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condensed consolidated statements of operations. Under the FPP option, the Company is not responsible for processing the transaction or collecting the face value of the ticket and associated fees. In this case, the Company records revenue on a net basis related to its FPP service fees.

Revenue is presented net of indirect taxes, customer refunds, payment chargebacks, estimated uncollectible amounts, creator royalties and amortization of creator signing fees.

If an event is canceled by a creator, then any obligations to provide refunds to event attendees are the responsibility of that creator. If a creator is unwilling or unable to fulfill their refund obligations, the Company may, at its discretion, provide attendee refunds.

*Advertising Revenue*

Advertising revenue represents services that enable creators to promote featured content on the Eventbrite platform or mobile application. The Company considers that it satisfies its performance obligation as it provides the services to customers and recognizes revenue as advertising impressions are displayed to consumers. Advertising revenue is presented net of estimated uncollectible amounts.

*Organizer Fee Revenue*

In June 2023, the Company expanded access to its comprehensive suite of event marketing tools to all creators and introduced new pricing plans and subscription packages to creators when publishing events on the Eventbrite marketplace. Under this pricing plan, the Company charged an organizer fee under two plan options. The Flex plan was charged per event and the Pro plan was a monthly or annual subscription to publish unlimited events.

In September 2024, the Company discontinued the Flex plan and returned to a model that enables creators to publish their events at no cost on the Eventbrite marketplace. Creators continue to have the option to subscribe to the Pro plan, available on an annual or monthly basis, which offers enhanced event marketing capabilities. The Company considers that it satisfies its performance obligation as it provides the subscribed services under the Pro plan and recognizes revenue ratably over the subscription period. Organizer fees are nonrefundable.

**3. Cash, Cash Equivalents and Restricted Cash** 

The Company considers all highly liquid financial instruments, including bank deposits, money market funds and U.S. Treasury securities with an original maturity of three months or less at the date of purchase to be cash equivalents. Due to the short-term nature of the instruments, the carrying amounts reported in the condensed consolidated balance sheets approximate their fair value.

Cash and cash equivalents balances include the face value of tickets sold on behalf of creators and their share of service charges, which are to be remitted to the creators. Such balances were $322.7 million and $266.0 million as of September 30, 2025 and December 31, 2024, respectively. These ticketing proceeds are legally unrestricted.

In 2024, the Company established a letter of credit to manage and mitigate potential risks related to refunds and chargebacks amounting to $48.0 million. In August 2025, the Company entered into a $60.0 million term loan, the proceeds of which are being held in escrow pursuant to the Credit Agreement described in Note 15, "Debt". These funds will remain in escrow until certain conditions related to the repayment or repurchase of the Company's outstanding notes are satisfied, which the Company expects to meet within twelve months from the balance sheet date. The cash relating to both the letter of credit and the funds held in escrow are classified as restricted cash on the condensed consolidated balance sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2024** |
| Cash and cash equivalents | $402769 | $416531 | $530957 |
| Restricted cash | 107908 | 48000 |  |
| Total cash, cash equivalents and restricted cash | $510677 | $464531 | $530957 |

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**4. Short-term Investments** 

The Company previously invested certain of its excess cash in short-term debt instruments, which consisted of U.S. Treasury bills with original maturities of less than one year. These short-term investments were classified as held-to-maturity and were recorded and held at amortized cost. No fair value impairment was recognized during the nine months ended September 30, 2025 or year ended December 31, 2024.

As of September 30, 2025, the Company does not hold any short-term investments. The following table summarizes the Company's financial instruments that were measured at fair value on a non-recurring basis (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Description** | **Classification** | **Amortized cost** | **Gross unrecognized holding gains** | **Gross unrecognized holdings losses** | **Aggregate fair value** |
| Savings deposits | Cash equivalents | $28601 | $— | $— | $28601 |
| US Treasury securities | Short-term investments | 24959 | 7 |  | 24966 |
|  |  | $53560 | $7 | $— | $53567 |

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**5. Funds Receivable**

Funds receivable represents cash-in-transit from third-party payment processors that is received by the Company within approximately five business days from the date of the underlying ticketing transaction. For periods ending on a weekend or a bank holiday, the funds receivable balance will typically be higher than for periods ending on a weekday, as the Company settles payment processing activity on business days. The funds receivable balance includes the face value of tickets sold on behalf of creators and their share of service charges, which amounts are to be remitted to the creators. Such amounts were $16.3 million and $34.2 million as of September 30, 2025 and December 31, 2024, respectively.

**6. Accounts Receivable, Net** 

Accounts receivable, net is comprised of invoiced amounts to customers who use a third-party facilitated payment processor (FPP) or our advertising services. Bad debt expense was immaterial in all of the periods presented in the condensed consolidated financial statements. The following table summarizes the Company's accounts receivable balance (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Accounts receivable, customers | $1792 | $3111 |
| Allowance for credit losses | (1020) | (924) |
| Accounts receivable, net | $772 | $2187 |

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**7. Creator Signing Fees, Net** 

Creator signing fees are incentives that are offered and paid by the Company to secure exclusive ticketing and payment processing rights with certain creators. Creator signing fees are presented net of reserves on the condensed consolidated balance sheet.

The balance of creator signing fees, net is being amortized on a straight-line basis over a weighted-average remaining contract life of 3.1 years and 4.0 years as of September 30, 2025 and 2024, respectively. The following table summarizes the activity in creator signing fees for the periods indicated (in thousands):

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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** |
| Balance, beginning of period | $6509 | $5154 | $7529 | $1937 |
| Creator signing fees paid | 1602 | 3195 | 3568 | 4046 |
| Amortization of creator signing fees | (674) | (375) | (1680) | (777) |
| Write-offs and other adjustments | (345) | 349 | (2325) | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $7092 | $8323 | $7092 | $8323 |

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Creator signing fees are classified as follows on the condensed consolidated balance sheet as of the dates indicated (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2024** |
| Creator signing fees, net | $2537 | $3954 | $4399 |
| Creator signing fees, net noncurrent | 4555 | 3575 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total creator signing fees | $7092 | $7529 | $8323 |

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**8. Creator Advances, Net** 

Creator advances are incentives that are offered by the Company which provide the creator with funds in advance of the event. These are subsequently recouped by withholding amounts due to the Company from the sale of tickets. Creator advances are presented net of reserves on the condensed consolidated balance sheet.

The following table summarizes the activity in creator advances for the periods indicated (in thousands):

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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** |
| Balance, beginning of period | $6810 | $6852 | $3380 | $2804 |
| Creator advances paid | 2006 | 827 | 6657 | 4502 |
| Creator advances recouped | (1705) | (1617) | (2926) | (2222) |
| Write-offs and other adjustments | (279) | 95 | (279) | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period  | $6832 | $6157 | $6832 | $6157 |

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**9. Accounts Payable, Creators**

Accounts payable, creators consists of unremitted ticket sale proceeds, net of the Company service fees and applicable taxes. Amounts are generally remitted to creators within five business days subsequent to the completion of the related event.

For qualified creators, the Company passes ticket sales proceeds to the creator prior to the event, subject to certain limitations. Internally, the Company refers to these payments as advance payouts. When an advance payout is made, the Company reduces its cash and cash equivalents with a corresponding decrease to its accounts payable, creators. The advance payouts balance at the end of the period may fluctuate due to the timing of events and the creator's payout schedule. As of September 30, 2025 and December 31, 2024, advance payouts outstanding was $118.3 million and $101.2 million, respectively.

**10. Chargebacks and Refunds Reserve**

The terms of the Company's standard merchant agreement obligate creators to reimburse attendees who are entitled to refunds. The Company records estimates for refunds and chargebacks of its fees as contra-revenue. When the Company provides advance payouts, it assumes risk that the event may be canceled, fraudulent or materially not as described, resulting in significant chargebacks and refund requests. See Note 9, "Accounts Payable, Creators." If the creator is insolvent, has spent the proceeds of the ticket sales for event-related costs, has canceled the event, or has engaged in fraudulent activity, the Company may not be able to recover its losses from these events, and such unrecoverable amounts could equal the value of the transaction or transactions settled to the creator prior to the event that is disputed, plus any associated chargeback fees not assumed by the creator. The Company records reserves for estimated advance payout losses as an operating expense classified within sales, marketing and support.

Reserves are recorded based on the Company's assessment of various factors, including the amounts paid and outstanding to creators in conjunction with the advance payout program, macroeconomic conditions, and actual chargeback and refund activity trends. As of September 30, 2025, and December 31, 2024, the chargebacks and refunds reserve was $10.3 million and $10.3 million, respectively. These amounts include reserve balances for estimated advance payout losses of $4.7 million and $5.2 million, respectively.

The Company will adjust reserves in the future to reflect best estimates of future outcomes. The Company cannot predict the outcome of or estimate the possible recovery or range of recovery from these matters. It is possible that the reserve amount will not be sufficient and the Company's actual losses could be materially different from its current estimates.

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**11. Property and Equipment, Net** 

Property and equipment, net consisted of the following as of the dates indicated (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Capitalized internal-use software development costs | $73407 | $70210 |
| Furniture and fixtures | 179 | 179 |
| Computers and computer equipment | 3744 | 3820 |
| Leasehold improvements | 924 | 924 |
| Property and equipment | 78254 | 75133 |
| Less: Accumulated depreciation and amortization | (68765) | (62493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $9489 | $12640 |

---

The Company recorded the following amounts related to depreciation of fixed assets and capitalized internal-use software development costs during the periods indicated (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Depreciation expense | $132 | $154 | $406 | $549 |
| Amortization of capitalized internal-use software development costs | 1974 | 1679 | 6207 | 4344 |

---

**12. Leases**

**Operating Leases**

The Company has operating leases primarily for office space. Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Right-of-use assets also include adjustments related to prepaid or deferred lease payments and lease incentives. In calculating the present value of the lease payments, the Company utilizes its incremental borrowing rate, as the rates implicit in the leases were not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company subleases certain office spaces to third parties when it identifies excess leased capacity. Sublease income is recorded as a reduction in lease expense.

The components of operating lease costs were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Operating lease costs | $150 | $190 | $468 | $463 |
| Sublease income | (23) |  | (86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease costs, net | $127 | $190 | $382 | $463 |

---

As of September 30, 2025, the Company's operating leases had a weighted-average remaining lease term of 0.5 years and a weighted-average discount rate of 4.7%. As of September 30, 2024, the Company's operating leases had a weighted-average remaining lease term of 1.5 years and a weighted-average discount rate of 4.6%.

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As of September 30, 2025, maturities of operating lease liabilities were as follows (in thousands):

---

| | |
|:---|:---|
| | **Operating Leases** |
| The remainder of 2025 | $565 |
| 2026 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total future operating lease payments | 965 |
| Less: Imputed interest | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $964 |

---

**13. Goodwill and Acquired Intangible Assets, Net** 

The carrying amount of the Company's goodwill was $174.4 million as of September 30, 2025 and December 31, 2024. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not record any goodwill impairment during the three and nine months ended September 30, 2025 and 2024.

Acquired intangible assets consisted of the following (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Accumulated Amortization** | **Net Book Value** | **Cost** | **Accumulated Amortization** | **Net Book Value** |
| Developed technology | $22396 | $(22396) | $— | $22396 | $(22396) | $— |
| Customer relationships | 74884 | (74884) |  | 74884 | (69870) | 5014 |
| Tradenames | 1350 | (1350) |  | 1350 | (1350) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired intangible assets, net | $98630 | $(98630) | $— | $98630 | $(93616) | $5014 |

---

The following table set forth the amortization expense recorded related to acquired intangible assets during the periods indicated (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of net revenue | $— | $208 | $— | $619 |
| Sales, marketing and support | 1264 | 1906 | 5014 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total amortization of acquired intangible assets | $1264 | $2114 | $5014 | $6296 |

---

**14. Fair Value Measurement**

The Company measures its financial assets and liabilities at fair value at each reporting date using a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Other inputs that are directly or indirectly observable in the marketplace.

Level 3 – Unobservable inputs that are supported by little or no market activity.

The Company's cash equivalents, restricted cash, funds receivable, accounts receivable, accounts payable and other current liabilities approximate their fair value. All of the Company's financial assets and liabilities are Level 1, except for the Term Loan and Convertible Notes (as defined below). See Note 15, "Debt," for details regarding the fair value of the Company's Term Loan, 0.750% convertible senior notes due 2026 (the 2026 Notes) and 5.000% convertible senior notes due 2025 (the 2025 Notes, and together with the 2026 Notes, the Convertible Notes).

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**15. Debt** 

As of September 30, 2025 and December 31, 2024, the Company's outstanding long-term debt was comprised of the following components (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Term Loan** | **2026 Notes** | **2025 Notes** | **Total** |
| Outstanding principal balance | $60000 | $87750 | $30000 | $177750 |
| Less: Debt issuance costs | (2425) | (422) | (42) | (2889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying amount, long-term debt | $57575 | $87328 | $29958 | $174861 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Term Loan** | **2026 Notes** | **2025 Notes** | **Total** |
| Outstanding principal balance | $— | $212750 | $30000 | $242750 |
| Less: Debt issuance costs |  | (1812) | (219) | (2031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying amount, long-term debt | $— | $210938 | $29781 | $240719 |

---

Long-term debt is presented on the condensed consolidated balance sheets as both current and noncurrent liabilities, based on the portion of principal payments due within the next twelve months and those due thereafter. The following table summarizes the classification of outstanding long-term debt as of the dates indicated (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Current portion of long-term debt | $119618 | $29781 |
| Long-term debt | 55243 | 210938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying amount, long-term debt | $174861 | $240719 |

---

The following tables set forth the total interest expense recognized related to the Term Loan and Convertible Notes for the periods indicated (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash interest expense | $1284 | $1628 | $2827 | $6176 |
| Amortization of debt issuance costs | 334 | 456 | 965 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | $1618 | $2084 | $3792 | $7688 |

---

The following table summarizes the Company's contractual obligation to settle commitments related to the Term Loan and Convertible Notes as of September 30, 2025 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Payments due by Year** | **Payments due by Year** | **Payments due by Year** | **Payments due by Year** | **Payments due by Year** | **Payments due by Year** |
| | **Total** | **2025** | **2026** | **2027** | **2028** | **2029** |
| Term Loan | $60000 | $750 | $3750 | $6000 | $19500 | $30000 |
| Interest obligations on Term Loan <sup>(2)</sup> | 11897 | 1014 | 3890 | 3537 | 3003 | 453 |
| 2026 Notes | 87750 |  | 87750 |  |  |  |
| Interest obligations on 2026 Notes <sup>(1)</sup> | 658 |  | 658 |  |  |  |
| 2025 Notes | 30000 | 30000 |  |  |  |  |
| Interest obligations on 2025 Notes <sup>(1)</sup> | 750 | 750 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The 2026 Notes and 2025 Notes bear interest at a fixed rate of 0.750% and 5.000% per year, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Term Loan bears interest at a variable rate of Term SOFR plus 2.50%. Amounts presented in the table for future periods reflect interest payments calculated using an assumed annual rate of 6.67%, in effect as of September 30, 2025.

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*Term Loan*

On August 6, 2025, the Company entered into a Credit Agreement (the Credit Agreement) by and among the Company, as borrower, certain subsidiaries of Eventbrite, Inc., as guarantors, Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as administrative and collateral agent and Morgan Stanley Senior Funding, Inc., Silicon Valley Bank, a division of First-Citizens Bank & Trust Company and Axos Bank, as joint lead arrangers and bookrunners, which provided for a four-year, $60.0 million senior secured term loan facility (the Term Loan), the full amount of which was borrowed by the Company on such date. The proceeds of the Term Loan will be held in escrow until the full amount of the 2025 Notes and an agreed portion of the 2026 Notes are repaid or repurchased and the remaining portion of the 2026 Notes is cash collateralized. Following the release from escrow, the proceeds may be used for general corporate purposes.

At the Company's election, loans under the Credit Agreement bear interest at either (a) a term SOFR rate or (b) Base Rate (defined in a customary manner), in each case plus, until August 6, 2026, an applicable margin of 2.50% per annum for term SOFR loans and 1.50% per annum for Base Rate loans, and thereafter the applicable margin will vary depending on the Company's consolidated net total leverage ratio, ranging from 1.50% per annum for Base Rate loans and 2.50% per annum for term SOFR loans if the Company's consolidated net total leverage ratio is greater than 0.50 to 1.00, down to 1.25% per annum for Base Rate loans and 2.25% per annum for term SOFR loans if the Company's consolidated net total leverage ratio is equal to or less than 0.50 to 1.00. The Term Loan matures on August 6, 2029. The principal amount of the Term Loan amortizes on quarterly basis in amounts equal to 5% or the initial principal amount in the first year, 10% of the initial principal amount in each of the second and third years and 75% of the initial principal amount in the fourth year. Interest is payable quarterly in arrears on the last day of each interest period in the case of term SOFR rate loans, or on the last business day of each March, June, September and December in the case of Base Rate loans.

The Company incurred total debt issuance and debt discount cash costs of approximately $2.5 million, inclusive of the upfront fee equal to 0.50% of the loan amount payable at closing. The debt issuance costs and discount allocated to the Term Loan are recorded as a reduction to the carrying amount of the debt and are being accreted over the contractual term of the loan using the effective interest rate method.

Optional prepayments of borrowings under the Credit Agreement are permitted at any time, in whole or in part, without premium or penalty, subject to customary breakage costs.

The Term Loan and other obligations under the Credit Agreement are (a) guaranteed by each of the Company's wholly-owned material domestic restricted subsidiaries, subject to certain exceptions, and (b) secured by substantially all of the assets of the Company and the subsidiary guarantors, including a pledge of all the capital stock of material domestic subsidiaries held directly by the Company and the subsidiary guarantors, subject to certain customary exceptions and limitations.

The Credit Agreement contains customary events of default and certain covenants applicable to the Company and its restricted subsidiaries, including, without limitation, limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, including sale-leaseback transactions, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the Credit Agreement requires the Company to maintain a maximum consolidated net total leverage ratio ranging from 3.25 to 1.00 to 2.00 to 1.00, a minimum fixed charge coverage ratio of 1.10 to 1.00 and minimum revenue of $270.0 million. The Company was in compliance with all covenants as of September 30, 2025.

The fair value of the Term Loan, which is classified as a Level 2 instrument within the fair value hierarchy, was $62.5 million as of September 30, 2025. The fair value was estimated using a discounted cash-flow model that incorporates observable SOFR rates.

*2026 and 2025 Notes*

The effective interest rate of the 2026 Notes is 1.3%. The Company recorded cash interest of $1.1 million and $1.2 million and amortization of debt issuance costs of $0.7 million and $0.8 million related to the 2026 Notes during the nine months ended September 30, 2025 and September 30, 2024, respectively.

The effective interest rate of the 2025 Notes is 5.8%. The Company recorded cash interest of $1.1 million and $5.0 million, and amortization of debt issuance costs of $0.2 million and $0.7 million related to the 2025 Notes during the nine months ended September 30, 2025 and September 30, 2024, respectively.

The fair value of the 2026 Notes and 2025 Notes, which are classified as Level 2 instruments within the fair value hierarchy, was $84.0 million and $29.9 million respectively, as of September 30, 2025, and $186.5 million and $29.8 million,

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respectively, as of December 31, 2024. The fair value of the Convertible Notes is determined using observable market prices on the last business day of the period.

*Note Repurchases*

On August 21, 2024, the Company announced that it had entered into separate, privately negotiated repurchase transactions (collectively, the 2025 Repurchases) with certain holders of the Company's outstanding 2025 Notes, pursuant to which the Company repurchased $120 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $120.5 million, which included accrued and unpaid interest on such 2025 Notes. The 2025 Repurchases resulted in a $0.3 million loss on extinguishment in the third quarter of 2024.

On August 6, 2025, the Company entered into separate, privately negotiated repurchase agreements (collectively, the 2026 Repurchases) with certain holders of the Company's outstanding 2026 Notes, pursuant to which the Company repurchased $125.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of approximately $118.9 million, which included accrued and unpaid interest on such 2026 Notes. The 2026 Repurchases resulted in a $5.8 million gain on extinguishment in the third quarter of 2025.

Gains and losses on debt extinguishment are presented as a separate financial statement line item within the consolidated statements of operations and included as an adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities in our condensed consolidated statements of cash flows.

The Company had previously entered into capped call transactions with certain financial institutions in connection with the issuance of the 2025 and 2026 Notes. All of these transactions remain in effect notwithstanding the 2025 Repurchases and the 2026 Repurchases.

**16. Commitments and Contingencies**

The Company's principal contractual commitments primarily consist of obligations under its Term Loan and Convertible Notes (including both principal and contractual interest payments), operating leases for office facilities, and non-cancellable purchase commitments. For further details regarding the Company's long-term debt arrangements, refer to Note 15, "Debt." Information regarding operating lease commitments for office space is provided in Note 12, "Leases.

During the nine months ended September 30, 2025, the Company has entered into purchase commitments totaling approximately $63.9 million, which are expected to be incurred over the next five years. These commitments primarily relate to site hosting services and, to a lesser extent, business technology software that supports the Company's information technology infrastructure, including identity management, data analytics, and cloud security services. The commitments were made in the ordinary course of business and are expected to be satisfied through the Company's ongoing operations.

Except as described above, there were no material changes to the Company's contractual obligations from those previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024.

**Litigation and Loss Contingencies** 

From time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, breach of contract claims, tax and other matters. Future litigation may be necessary to defend the Company or its creators.

The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable. The Company's assessment of losses is re-evaluated each accounting period and is based on all available information, including impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to each case. Nevertheless, it is possible that additional future legal costs including settlements, judgments, legal fees and other related defense costs could have a material adverse effect on the Company's business, consolidated financial position, results of operations or liquidity.

**Contract Litigation**

On May 11, 2020, SH Entretenimento S.A. (Sem Hora) filed a complaint in the 41st Civil Court of São Paulo against the Company and Eventbrite Brasil Gestao De Eventos Ltda., seeking indemnification for breach of contract. On December 18,

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2023, a judge issued a verdict in Sem Hora's favor and awarded Sem Hora (i) BRL3.8 million for breach of contract claims, (ii) BRL0.5 million as moral damages and (iii) compensation for lost profits, yet to be liquidated. The Company filed an appeal before the São Paulo State Court of Appeals (TJSP). On May 27, 2025, the TJSP upheld the first decision on the merits rendered by the lower court, except with respect to moral damages, reducing the amount of moral damages to BRL0.3 million. The TJSP also ruled that interest would accrue beginning on the Company's alleged noncompliance with the contractual obligations. On August 13, 2025, the Company filed a Special Appeal with the Superior Court of Justice in Brasília. On October 15, 2025, the Company obtained a decision admitting the processing of the Special Appeal.

Management has estimated a range of possible loss for this matter between $0.5 million and $2.1 million. As no amount within this range is considered a better estimate, the Company has accrued the minimum estimated amount of $0.5 million as of September 30, 2025 in accrued liabilities on the condensed consolidated balance sheet. The ultimate resolution of this matter could result in a loss outside of the currently accrued amount. While the Company believes its accrual is appropriate based on currently available information, the estimated amount of loss could change as the litigation progresses, and any such change could be material to the Company's financial condition and results of operations.

**Tax Matters**

The Company is currently under audit in certain jurisdictions with regard to indirect tax matters. The Company establishes reserves for indirect tax matters when it determines that a loss is probable and can be reasonably estimated. As of September 30, 2025, and December 31, 2024, the Company has recognized reserves of $0.4 million and $0.5 million, respectively, reflecting management's best estimates of potential liabilities, inclusive of interest and penalties.

The Company does not believe that any ultimate liability resulting from any of these matters will have a material adverse effect on its business, consolidated financial position, results of operations or liquidity. However, the outcome of these matters is inherently uncertain. Therefore, if one or more of these matters were resolved against the Company for amounts in excess of management's expectations, the Company's financial statements, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

**Indemnification** 

In the ordinary course of business, the Company enters into contractual arrangements under which the Company agrees to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from the Company's online ticketing platform or the Company's acts or omissions. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, the Company's obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has indemnification agreements with its directors and executive officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.

**17. Stockholders' Equity**

**Common Stock Repurchase**

On March 14, 2024, the Company announced that its board of directors approved a share repurchase program with authorization to purchase up to $100.0 million of the Company's Class A common stock, which does not have an expiration date. As of September 30, 2025, approximately $50.0 million remained available and authorized for future repurchases. No shares were repurchased during the nine months ended September 30, 2025. Shares repurchased under this program are reflected in treasury stock in the Company's condensed consolidated financial statements.

**Equity Incentive Plans**

In August 2018, the 2018 Stock Option and Incentive Plan (2018 Plan) was adopted by the board of directors and approved by the stockholders and became effective in connection with the IPO. The 2018 Plan replaced the 2010 Stock Plan (2010 Plan) as the board of directors determined not to make additional awards under the 2010 Plan. The 2010 Plan will continue to govern outstanding equity awards granted thereunder.

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The 2018 Plan allows for the granting of options, stock appreciation rights, restricted stock awards (RSAs), restricted stock units (RSUs), unrestricted stock awards, performance-based restricted stock units (PSUs), dividend equivalent rights and cash-based awards. Every January 1, the number of shares of stock reserved and available for issuance under the 2018 Plan will cumulatively increase by five percent of the number of shares of Class A and Class B common stock outstanding on the immediately preceding December 31, or a lesser number of shares as approved by the board of directors.

As of September 30, 2025, there were 5,066,307 options issued and outstanding under the 2010 Plan and 3,481,837 options issued and outstanding under the 2018 Plan (collectively, the Plans). As of September 30, 2025, 10,092,917 shares of Class A common stock were available for grant under the 2018 Plan.

Stock options granted typically vest over a four-year period from the date of grant. Options awarded under the Plans are exercisable for up to ten years.

***Stock Option Activity***

Stock option activity for the nine months ended September 30, 2025 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding options** | **Weighted average exercise price** | **Weighted average remaining contractual term (years)** | **Aggregate intrinsic value (thousands)** |
| Balance as of December 31, 2024 | 10975592 | $12.28 | 3.8 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled | (2427448) | 12.69 |  |  |
| Balance as of September 30, 2025 | 8548144 | 12.16 | 3.2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested and exercisable as of September 30, 2025 | 8296400 | 12.22 | 3.1 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested and expected to vest as of September 30, 2025 | 8541173 | $12.17 | 3.2 | $— |

---

The aggregate intrinsic value in the table above represents the difference between the fair value of Class A common stock and the exercise price of outstanding, in-the-money stock options at September 30, 2025.

As of September 30, 2025, the total unrecognized stock-based compensation expense related to stock options outstanding was $1.2 million, which will be recognized over a weighted-average period of 0.9 years. There were no options granted during the nine months ended September 30, 2025.

***Stock Award Activity***

Stock award activity, which includes RSUs, PSUs and RSAs, for the nine months ended September 30, 2025 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding RSUs, RSAs and PSUs** | **Weighted-average grant date fair value per share** | **Weighted average remaining contractual term (years)** | **Aggregate intrinsic value (thousands)** |
| Balance as of December 31, 2024 | 13672689 | $6.21 | 1.3 | $45936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Awarded | 9702003 | 2.30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Released | (3521834) | 7.47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canceled | (4360723) | 5.28 |  |  |
| Balance as of September 30, 2025 | 15492135 | 3.75 | 1.2 | 39040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested and expected to vest as of September 30, 2025 | 14732398 | $3.76 | 1.2 | $37126 |

---

As of September 30, 2025, the total unrecognized stock-based compensation expense related to stock awards, was $30.6 million, which will be recognized over a weighted-average period of 1.8 years.

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**Stock-based Compensation Expense**

Stock-based compensation expense recognized in connection with stock options, RSUs, RSAs, PSUs and the ESPP during each of the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of net revenue | $76 | $151 | $243 | $430 |
| Product development | 2777 | 4732 | 10216 | 17766 |
| Sales, marketing and support | 1261 | 1484 | 4003 | 5768 |
| General and administrative | 1783 | 3879 | 9138 | 15520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5897 | $10246 | $23600 | $39484 |

---

The Company capitalized stock-based compensation expense related to capitalized software costs amounting to $0.1 million and $0.5 million during the three and nine months ended September 30, 2025, respectively, compared to $0.5 million and $1.6 million in 2024, respectively.

**18. Net Income (Loss) Per Share** 

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potentially dilutive securities outstanding for the period.

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 income (loss) | $6369 | $(3768) | $(2349) | $(7195) |
| Weighted-average shares used in computing earnings per share, basic | 96943 | 96498 | 95954 | 95571 |
| Weighted-average shares used in computing earnings per share, diluted | 98587 | 96498 | 95954 | 95571 |
| Net income (loss) per share, basic | $0.07 | $(0.04) | $(0.02) | $(0.08) |
| Net income (loss) per share, diluted | $0.06 | $(0.04) | $(0.02) | $(0.08) |

---

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
| Shares related to 2025 and 2026 Notes | 5529 | 10011 |
| Stock options to purchase common stock | 8548 | 11226 |
| Restricted stock units | 15094 | 13284 |
| ESPP | 83 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shares of potentially dilutive securities | 29254 | 34703 |

---

For the 2025 Notes and 2026 Notes, the Company calculated the potential dilutive effect under the if-converted method. The potential additional shares from the full conversion of the 2025 Notes and 2026 Notes are 2.4 million shares and 3.1 million shares, respectively. These shares are excluded from the diluted net income (loss) per share calculation because their effect would be anti-dilutive.

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**19. Income Taxes**

The Company recorded an income tax benefit of $0.1 million and income tax expense of $1.5 million for the three and nine months ended September 30, 2025, compared to income tax expense of $0.2 million and $1.3 million for the three and nine months ended September 30, 2024. The decrease in income tax expense was primarily attributable to the insignificant non-routine tax expenses recorded in the prior year and changes in the mix of taxable earnings.

The differences in the tax provision for the periods presented and the U.S. federal statutory rate is primarily due to foreign taxes in profitable jurisdictions and the recording of a full valuation allowance on the Company's net deferred tax assets.

The computation of the provision for income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date earnings from recurring operations and adjusting for discrete tax items recorded in the period.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA provides for significant U.S. tax law changes and modifications including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. The enactment of OBBBA resulted in an immaterial impact on the income tax provision due to the Company's valuation allowance and the Company does not expect that portions of OBBBA with future effective dates will have a material impact.

**20. Geographic Information**

The following table presents the Company's total net revenue by geography based on the currency of the underlying transaction (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| United States | $50642 | $56335 | $157135 | $181431 |
| United Kingdom | 8026 | 7975 | 22986 | 17094 |
| International | 13075 | 13491 | 38213 | 50079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenue | $71743 | $77801 | $218334 | $248604 |

---

Excluding the United Kingdom, no other individual country within international net revenue exceeded 10% of total consolidated net revenue for any periods presented.

Substantially all of the Company's long-lived assets are located in the United States.

**21. Related Party Transaction**

On May 19, 2025, the Company entered into an agreement with Decagon AI, Inc., (Decagon), a customer support artificial intelligence (AI) platform. A-Star Partners Fund I, LP, a Delaware limited partnership, holds a minority stake in Decagon. A-Star Partners Fund I, LP is a fund managed by A-Star Partners, LLC, a venture capital firm in which Kevin Hartz is a managing member and owner. Mr. Hartz is the co-founder, former chief executive officer and former chair of the Company, and is married to Julia Hartz, the Company's co-founder, chief executive officer and executive chair. The Company agreed to a one-year term with Decagon AI, Inc., for a fee of $0.3 million payable by the Company to Decagon.

Additionally, on May 30, 2025, the Company entered into an agreement with RegCheck, Inc. d/b/a Andera.ai, an audit AI platform. A-Star Partners Fund II, LP, a Delaware limited partnership, holds a minority stake in Andera.ai. A-Star Partners Fund II, LP is a fund managed by A-Star Partners, LLC, the venture capital firm in which Mr. Hartz is a managing member and owner. The Company entered into an agreement with Andera.ai which provides for payments by the Company to Andera.ai of approximately $0.3 million per year for a three year term.

These related party transactions have been reviewed and approved by the audit committee of the Company's board of directors.

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and with the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (2024 Form 10-K) filed with the United States Securities and Exchange Commission (SEC) on February 27, 2025. In addition to historical condensed consolidated financial information, the following discussion and analysis contains forward-looking statements that are based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" in our 2024 Form 10-K and this Quarterly Report on Form 10-Q. References herein to "Eventbrite," the "Company," "we," "us" or "our" refer to Eventbrite, Inc. and its subsidiaries, unless the context requires otherwise.*

**Overview**

Eventbrite's mission is to bring the world together through live experiences. Since inception, we have been at the center of the experience economy, helping transform the way people discover and organize events. Our two-sided marketplace connects millions of creators and consumers every month to share their passions, artistry and causes through live experiences. Creators use our highly-scalable self-service ticketing and marketing tools to plan, promote and sell tickets to their events and event seekers use our website and mobile application to discover and purchase tickets to experiences they love.

**Key Business Metrics and Non-GAAP Financial Measures**

We monitor key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to revenue, net income (loss) and other results under generally accepted accounting principles (GAAP), the following tables set forth key business metrics and non-GAAP financial measures we use to evaluate our business. We believe these metrics and measures are useful to facilitate period-to-period comparisons of our business performance. We believe that the use of Adjusted EBITDA is helpful to our investors as this metric is used by management in assessing the health of our business and our operating performance, making operating decisions, evaluating performance and performing strategic planning and annual budgeting. This measure is not prepared in accordance with GAAP and has limitations as an analytical tool, and you should not consider this in isolation or as substitutes for analysis of our results of operations as reported under GAAP. You are encouraged to evaluate the adjustments and the reasons we consider them appropriate.

***Paid Ticket Volume***

Paid ticket volume is measured by the number of tickets sold on our platform that generate ticket fees, referred to as paid ticket volume. We consider paid ticket volume an important indicator of the underlying health of the business. The table below sets forth the paid ticket volume for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)** |
| Paid ticket volume | 19071 | 19736 | 58341 | 62195 |

---

In the three months ended September 30, 2025, our paid ticket volume was 58% for events in the United States and 42% internationally, compared to 59% and 41% respectively in the same period of 2024. For the nine months ended September 30, 2025 the paid ticket volume for events in the United States was 59% and 41% internationally, compared to 60% and 40% for the same period of 2024.

***Adjusted EBITDA***

Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes and in evaluating acquisition opportunities. 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.

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

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.

The following table presents our Adjusted EBITDA for the periods indicated and a reconciliation of our Adjusted EBITDA to the most comparable GAAP measure, net income (loss), for each of the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 |

---

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. Our Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. 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-recurring items. When evaluating our performance, you should consider Adjusted EBITDA alongside other financial performance measures, including our net income (loss) and other GAAP results.

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

**Results of Operations** 

The following tables set forth our condensed consolidated results of operations data and such data as a percentage of net revenue for the periods presented (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statements of Operations** | **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;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;Total operating expenses | 49616 | 62210 | 164214 | 197394 |
| &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;Income (loss) before income taxes | 6247 | (3560) | (858) | (5929) |
| Income tax (benefit) provision  | (122) | 208 | 1491 | 1266 |
| Net income (loss) | $6369 | $(3768) | $(2349) | $(7195) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statements of Operations, as a percentage of net revenue** | **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 | 100% | 100% | 100% | 100% |
| Cost of net revenue | 32% | 32% | 33% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 68% | 68% | 67% | 70% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development | 23% | 29% | 26% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, marketing and support | 27% | 30% | 28% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 19% | 20% | 22% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 69% | 80% | 75% | 79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (1)% | (12)% | (8)% | (9)% |
| Interest income | 5% | 8% | 5% | 8% |
| Interest expense | (2)% | (3)% | (2)% | (3)% |
| Gain (loss) on debt extinguishment | 8% | —% | 3% | —% |
| Other income (expense), net | (1)% | 2% | 1% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | 9% | (5)% | —% | (2)% |
| Income tax (benefit) provision  | —% | —% | 1% | 1% |
| Net income (loss) | 9% | (5)% | (1)% | (3)% |

---

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

***Net Revenue***

We currently generate revenues primarily from service fees and payment processing fees from the sale of paid tickets on our platform. Our ticketing fee structure typically consists of a flat per ticket fee and a percentage of the price of each ticket sold by a creator. We also derive a portion of revenues from fees associated with advertising and other marketplace services. Net revenue excludes sales taxes and value-added taxes (VAT) and is presented net of estimated customer refunds, chargebacks and amortization of creator signing fees.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| &nbsp;&nbsp;Total net revenue | $71743 | $77801 | $(6058) | (8)% | $218334 | $248604 | $(30270) | (12)% |

---

Net revenue decreased during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 primarily due to a decrease in ticketing revenue due to a lower paid ticket volume and a reduction in revenue from organizer fees. Revenue for the three and nine months ended September 30, 2025 reflects changes to organizer fees effective September 2024.

***Cost of Net Revenue***

Cost of net revenue consists of variable costs related to payment processing fees and fixed costs related to making our platform generally available. Our fixed costs consist primarily of expenses associated with the operation and maintenance of our platform, including website hosting fees and platform infrastructure costs, amortization of capitalized software development costs and customer support costs. Cost of net revenue also includes the amortization expense related to our acquired developed technology assets.

Generally, we expect cost of net revenue to fluctuate as a percentage of net revenue in the near- to mid-term primarily driven by the fixed costs absorption relative to total net revenue and our geographical revenue mix. Our payment processing costs for credit and debit card payments are generally lower outside of the United States due to a number of factors, including lower card network fees and lower cost alternative payment networks. Consequently, if we generate more revenue internationally, we expect that our overall payment processing costs will decline as a percentage of total revenue. Processing fees are the largest component of cost of net revenue, therefore as our total net revenue increases or decreases our cost of net revenue as a percentage of net revenue will similarly fluctuate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| &nbsp;&nbsp;Cost of net revenue | $23029 | $24543 | $(1514) | (6)% | $71086 | $74186 | $(3100) | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of total net revenue | 32% | 32% |  |  | 33% | 30% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin | 68% | 68% |  |  | 67% | 70% |  |  |

---

Cost of net revenue decreased during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 primarily due to reduced processing fees.

Gross margin remained consistent for the three months ended September 30, 2025 compared to the prior year. Gross margin decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to changes to organizer fees in September 2024, including the discontinuation of the higher-margin organizer fees.

***Operating Expenses***

Operating expenses consist of product development, sales, marketing and support and general and administrative expenses. The most significant recurring cost across these categories is personnel-related expenses, including stock-based compensation.

As our total net revenue increases or decreases, to the extent our operating expenses are not equally affected, our operating expenses as a percentage of net revenue will similarly fluctuate.

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<u>[**Table of Contents**](#ib0ce75d91b50422e95b62ea89a5b6987_7)</u>

*Product development* 

Product development expenses consist primarily of employee-related costs, which include salaries, bonuses, benefits, and stock-based compensation. Additionally, these expenses cover third-party infrastructure costs incurred in the development of our platform, such as software subscription fees. We remain committed to balancing cost management with strategic investments to ensure sustainable growth and value creation for our platform.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Product development | $16643 | $22586 | $(5943) | (26)% | $55741 | $75327 | $(19586) | (26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total net revenue | 23% | 29% |  |  | 26% | 30% |  |  |

---

Product development expenses decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024, primarily due to lower personnel costs, including stock-based compensation. The decrease was also due to $3.5 million of expenses in the prior year related to a reduction in force.

*Sales, marketing and support*

Sales, marketing and support expenses consist primarily of costs associated with our employees involved in selling and marketing our products and in public relations and communication activities, in addition to marketing programs spend. For our sales teams, this also includes commissions. Sales, marketing and support expenses are driven by investments to grow and retain creators and attendees on our platform, and improve the customer experience. Additionally, we classify certain creator-related expenses, including instances in which we issue refunds to consumers on behalf of creators and reserves for estimated advance payout losses, as sales, marketing and support expenses.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Sales, marketing and support | $19594 | $23694 | $(4100) | (17)% | $61516 | $69084 | $(7568) | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total net revenue | 27% | 30% |  |  | 28% | 28% |  |  |

---

Sales, marketing and support expenses decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024, primarily due to a reduction in chargeback activity reflecting improved transaction trends and the absence of losses recognized in the prior year and advanced payout adjustments. These decreases were partially offset by higher personnel costs, including stock-based compensation, driven by investments in the sales organization.

*General and administrative*

General and administrative expenses consist of personnel costs, including stock-based compensation, and professional fees for finance, accounting, legal, risk, human resources and other corporate functions. Our general and administrative expenses also include accruals for sales and business taxes, as well as reserves and impairment charges related to creator upfront payments. Over the long-term, we anticipate general and administrative expenses to decline as a percentage of net revenue as we grow and scale our business.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| General and administrative | $13379 | $15930 | $(2551) | (16)% | $46957 | $52983 | $(6026) | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total net revenue | 19% | 20% |  |  | 22% | 21% |  |  |

---

General and administrative expenses decreased during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by a decrease in personnel costs, including stock-based compensation. The decrease was also due to $1.5 million of expenses in the prior year related to a reduction in force.

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General and administrative expenses decreased during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven a decrease in personnel costs, including stock-based compensation, decreased professional services costs, also reflects $1.5 million incurred in the prior year related to a reduction in force, which was offset by a $4.4 million creator upfront reserve release that was recorded in the prior year. This release was associated with a loss recovery from a litigation settlement finalized in June 2024.

***Interest Income***

Interest income consists primarily of interest earned on our cash, cash equivalents, marketable securities and amounts held on behalf of customers.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Interest income | $3712 | $6056 | $(2344) | (39)% | $11427 | $20845 | $(9418) | (45)% |
| &nbsp;&nbsp;Percentage of total net revenue | 5% | 8% |  |  | 5% | 8% |  |  |

---

Interest income decreased during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to lower interest rates and a lower balance of short-term investments in U.S. Treasury bills.

***Interest Expense***

Interest expense consists primarily of cash interest expense, amortization of debt discount, and issuance costs on our Convertible Notes and Term Loan.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Interest expense | $1618 | $2084 | $(466) | (22)% | $3792 | $7690 | $(3898) | (51)% |
| &nbsp;&nbsp;Percentage of total net revenue | 2% | 3% |  |  | 2% | 3% |  |  |

---

Interest expense decreased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to the repurchase of portions of our outstanding Convertible Notes. We repurchased $120.0 million aggregate principal amount of the 2025 Notes in August 2024 and $125.0 million aggregate principal amount of the 2026 Notes in August 2025, which reduced our debt outstanding and lowered our interest expense in the current periods.

***Gain (loss) on debt extinguishment***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Gain (loss) on debt extinguishment | $5821 | $(315) | $6136 | \* | $5821 | $(315) | $6136 | \* |
| &nbsp;&nbsp;Percentage of total net revenue | 8% | —% |  |  | 3% | —% |  |  |

---

In August 2024, we completed privately negotiated repurchases of our outstanding 2025 Notes, repurchasing $120.0 million aggregate principal amount for an aggregate cash payment of $120.5 million, which included accrued and unpaid interest. We recognized a loss on extinguishment of $0.3 million in connection with these repurchases during three months ended September 30, 2024.

In August 2025, we executed similar privately negotiated repurchases of our outstanding 2026 Notes, repurchasing $125.0 million aggregate principal amount for an aggregate cash payment of $118.9 million, which included accrued and unpaid interest. We recognized a gain on extinguishment of $5.8 million in connection with these repurchases during three months ended September 30, 2025.

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***Other Income (Expense), Net***

Other income (expense), net consists primarily of foreign exchange rate remeasurement gains and losses recorded from consolidating our subsidiaries each period-end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Other income (expense), net | $(766) | $1735 | $(2501) | (144)% | $2652 | $4207 | $(1555) | (37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total net revenue | (1)% | 2% |  |  | 1% | 2% |  |  |

---

Other income decreased during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by foreign currency rate measurement fluctuations.

Other income decreased during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven by foreign currency rate measurement fluctuations, offset by a $3.9 million gain awarded from a favorable litigation settlement in June 2024.

***Income Tax (Benefit) Provision***

Income tax provision consists primarily of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business. The differences in the tax provision for the periods presented and the U.S. federal statutory rate is primarily due to foreign taxes in profitable jurisdictions and the recording of a full valuation allowance on our deferred tax assets in certain jurisdictions including the United States. The computation of the provision for income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date earnings from recurring operations and adjusting for discrete tax items recorded in the period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **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,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** | **(in thousands except percentages)** |
| Income tax (benefit) provision | $(122) | $208 | $(330) | (159)% | $1491 | $1266 | $225 | 18% |
| &nbsp;&nbsp;Percentage of total net revenue | —% | —% |  |  | 1% | 1% |  |  |

---

The provision for income taxes remained generally consistent for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. On July 4, 2025, the OBBBA was enacted. The OBBBA provides for significant U.S. tax law changes and modifications including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. The enactment of OBBBA resulted in an immaterial impact on the income tax provision due to the Company's valuation allowance and the Company does not expect that portions of OBBBA with future effective dates will have a material impact.

**Liquidity and Capital Resources** 

As of September 30, 2025, we had cash and cash equivalents of $402.8 million, funds receivable of $17.9 million, and restricted cash of $107.9 million. Our cash and cash equivalents include bank deposits and money market funds held by financial institutions. Our funds receivable represents cash-in-transit from credit card processors that is received to our bank accounts within five business days of the underlying ticket transaction. In 2024, we established a letter of credit amounting to $48.0 million in order to manage and mitigate potential risks related to refunds and chargebacks. In August 2025, we entered into a $60.0 million term loan, the proceeds of which are being held in escrow pursuant to the Credit Agreement. These escrowed proceeds, together with the cash securing the letter of credit, are classified as restricted cash on the condensed consolidated balance sheets. The escrowed funds will remain restricted until certain conditions related to the repayment or repurchase of our outstanding notes are satisfied.

As of September 30, 2025, approximately 25% of our cash was held outside of the United States. We do not expect to incur significant taxes related to these amounts. The cash was held primarily to fund our foreign operations and on behalf of, and to be remitted to, creators. Collectively, our cash and cash equivalents balances represent a mix of cash that belongs to us and cash that is due to creators.

Amounts due to creators, which totaled $339.0 million as of September 30, 2025, are presented on our condensed consolidated balance sheets as accounts payable, creators. These ticketing proceeds are legally unrestricted. For qualified

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creators, we remit ticket sales proceeds prior to the event, subject to certain limitations. Internally, we refer to these payments as advance payouts. When we provide advance payouts, we assume risk that an event may be canceled, fraudulent, or materially different from what was described, resulting in significant chargebacks or refund requests. Our standard merchant agreement obligates creators to repay us for ticket sales advanced under such circumstances. If a creator is insolvent, has spent the proceeds of ticket sales on event-related costs, cancels the event, or engages in fraudulent activity, we may not be able to recover those advance payout losses. Such unrecoverable amounts could equal the value of ticket sales or amounts previously settled to the creator for events that have been postponed, canceled, or disputed.

We record estimates for losses related to chargebacks and refunds based on various factors, including the amounts paid and outstanding to creators under the advance payout program, macroeconomic conditions, and actual chargeback and refund activity trends. Due to the influence of macroeconomic conditions—such as shifts in consumer behavior, inflation, increased labor costs, and higher interest rates—our reserve estimates are subject to uncertainty, and actual losses could differ materially from our current estimates. We will adjust our recorded reserves in future periods to reflect our best estimates of future outcomes. We may pay in cash a portion of, all of, or an amount greater than the $10.3 million provision recorded as of September 30, 2025.

In June 2020, we issued the 2025 Notes, and in March 2021, we issued the 2026 Notes. Unless earlier converted or redeemed, the 2025 Notes mature and are due for repayment on December 1, 2025, and the 2026 Notes mature on September 15, 2026. Under certain circumstances, holders may surrender their notes of a series for conversion prior to the applicable maturity date. Upon conversion, the notes may be settled in cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at our election.

During the third quarter of 2024, we entered into separate, privately negotiated repurchases pursuant to which we repurchased $120 million aggregate principal amount of the 2025 Notes. On August 6, 2025, we entered into the 2026 Repurchases with certain holders of our outstanding 2026 Notes. Pursuant to the 2026 Repurchases, we repurchased $125.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $118.9 million, which included accrued and unpaid interest. The 2026 Repurchases resulted in a $5.8 million gain on extinguishment recognized in the third quarter of 2025.

Also on August 6, 2025, we entered into a Credit Agreement that provides for a four-year, $60.0 million senior secured Term Loan facility. The proceeds of the Term Loan are being held in escrow until the full amount of the 2025 Notes and an agreed portion of the 2026 Notes are repaid or repurchased, and the remaining portion of the 2026 Notes is cash-collateralized. Following the release from escrow, the proceeds may be used for general corporate purposes. Borrowings under the Term Loan bear interest at a term SOFR rate plus an applicable margin of 2.50% per annum.

In March 2024, our board of directors approved a share repurchase program authorizing the purchase of up to $100.0 million of our Class A common stock. The authorization does not obligate us to repurchase any specific number of shares, has no expiration date, and may be modified, suspended, or discontinued at any time at our discretion. Through September 30, 2025, we repurchased 10,201,720 shares of our Class A common stock for an aggregate amount of $50.0 million. As of September 30, 2025, approximately $50.0 million remained available and authorized for future repurchases.

On July 4, 2025, the OBBBA was enacted, introducing significant changes to U.S. tax law. Among other provisions, OBBBA makes permanent several key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, immediate expensing of domestic research costs, and limitations on business interest expense deductions. The enactment of OBBBA had an immaterial impact on our income tax provision for the nine months ended September 30, 2025, primarily as a result of our valuation allowance. We do not expect provisions of OBBBA with future effective dates to have a material impact on our financial position, results of operations, or liquidity.

We believe that our existing cash, together with cash generated from operations, will be sufficient to meet our anticipated cash needs for at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial resources sooner than we currently expect.

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**Cash Flows**

Our cash flow activities were as follows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $78550 | $80856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing activities | 22040 | 124644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing activities | (64145) | (166129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

***Comparison of Nine Months Ended September 30, 2025 and 2024***

***Cash Flows from Operating Activities***

The net cash provided by operating activities of $78.6 million for the nine months ended September 30, 2025 was primarily due to our net loss of $2.3 million, adjusted for non-cash charges of $44.0 million primarily driven by stock-based compensation expense, and changes in our operating assets and liabilities that provided $36.9 million in cash, primarily driven by timing of accounts payable to creators and funds receivable.

The net cash provided by operating activities of $80.9 million for the nine months ended September 30, 2024 was primarily due to our net loss of $7.2 million, adjusted for non-cash charges of $65.3 million primarily driven by stock-based compensation expense and changes to our operating assets and liabilities that used $22.8 million in cash, primarily driven by timing of accounts payable to creators and funds receivable.

***Cash Flows from Investing Activities***

Net cash provided by investing activities of $22.0 million for the nine months ended September 30, 2025 primarily consisted of $25.0 million maturity of short-term investments.

Net cash provided by investing activities of $124.6 million for the nine months ended September 30, 2024 primarily consisted of $269.0 million maturity of short-term investments, offset by a $136.8 million in purchases of short-term investments.

***Cash Flows from Financing Activities***

Net cash used in financing activities of $64.1 million during the nine months ended September 30, 2025 was primarily due to $118.9 million repurchase of the 2026 Notes, offset by the $60 million issuance of the new Term Loan.

Net cash used in financing activities of $166.1 million during the nine months ended September 30, 2024 was primarily due to the $120.5 million repurchase of the 2025 Notes, $39.3 million repurchase of our Class A common stock and $6.8 million in taxes paid related to net share settlement of equity awards.

***Effect of exchange rate changes on cash, cash equivalents and restricted cash***

The effect of exchange rate changes on cash, cash equivalents and restricted cash on our condensed consolidated statements of cash flows relates to certain of our assets, primarily cash balances held on behalf of creators that are denominated in currencies other than the functional currency. These cash assets held for creators are directly offset by a corresponding liability to creators. During the nine months ended September 30, 2025 and 2024 we recorded an increase of $9.7 million and $2.4 million, respectively, in cash, cash equivalents and restricted cash, primarily due to the weakening of the U.S. dollar. The impact of the effect of exchange rate changes are primarily attributed to creator cash balances, which can serve as a natural hedge for the effect of exchange rates on accounts payable, creators presented within operating activities.

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**Contractual Obligations and Commitments**

Our principal commitments consist of obligations under the Convertible Notes (including principal and coupon interest) and operating leases for office space, as well as non-cancellable purchase commitments. See Note 16, "Commitments and Contingencies" to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

***Off-Balance Sheet Arrangements***

We do not currently have any off-balance sheet arrangements and did not have any such arrangements as of September 30, 2025.

**Critical Accounting Policies and Estimates** 

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances, and we evaluate our estimates and assumptions on an ongoing basis. We are not aware of any specific event or circumstance that would require an update to our estimates or assumptions or a revision of the carrying value of assets or liabilities as of the date of filing of this Quarterly Report on Form 10-Q. These estimates and assumptions may change in the future, however, as new events occur and additional information is obtained. Our actual results could differ from these estimates.

Our significant accounting policies are discussed in the "Notes to Consolidated Financial Statements, Note 2 "Significant Accounting Policies" in the 2024 Form 10-K. There have been no significant changes to these policies that have had a material impact on our unaudited condensed consolidated financial statements and related notes.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Sensitivity** 

We are exposed to market risk from changes in interest rates primarily related to our holdings of cash, cash equivalents, short-term investments, and our outstanding variable-rate Term Loan. As of September 30, 2025, we had cash and cash equivalents of $402.8 million and restricted cash of $107.9 million. The primary objective of our investment approach is to preserve capital principal and provide liquidity. Borrowings under the Term Loan facility bear interest at a variable rate based on term SOFR plus an applicable margin. As the Term Loan carries a variable interest rate, our interest expense will fluctuate based on changes in market rates. A 10% change in the level of market interest rates would not have a material effect on our business, financial conditions or results of operations. In addition, our Convertible Notes are subject to fixed annual interest charges. These Convertible Notes therefore are not exposed to financial or economic risk associated with changes in interest rates. However, the fair value of these Convertible Notes may fluctuate when interest rates change or can be affected when the market price of our Class A common stock fluctuates. We carry the Convertible Notes at face value less unamortized issuance cost on our balance sheet, and we present the fair value for required disclosure purposes only.

**Foreign Currency Risk** 

Many creators live or operate outside the United States, and therefore, we have significant ticket sales denominated in foreign currencies, most notably the British Pound, Euro, Canadian Dollar and Australian Dollar. Our international revenue, as well as costs and expenses denominated in foreign currencies, expose us to the risk of fluctuations in foreign currency exchange rates against the U.S. dollar. Accordingly, we are subject to foreign currency risk, which may adversely impact our financial results. The functional currency of our international subsidiaries is the U.S. dollar. Movements in foreign exchange rates are recorded in other income (expense), net in our consolidated statements of operations. We have experienced and will continue to experience fluctuations in foreign exchange gains and losses related to changes in exchange rates. If our foreign-currency denominated assets, liabilities, revenues or expenses increase, our results of operations may be more significantly impacted by fluctuations in the exchange rates of the currencies in which we do business. A 10% increase or decrease in individual currency exchange rates would not have a material impact on our consolidated results of operations.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of the principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report.

Based on that evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that the information required for disclosure in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to Company management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during the quarter ended September 30, 2025 which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Effectiveness of Disclosure Controls and Procedures**

In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

See Note 16, "Commitments and Contingencies" to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

**Item 1A. Risk Factors** 

*There have been no material changes from the risk factors set forth in Part I, Item 1A, of our 2024 Form 10-K, except for the following risk factors, which supplement the risk factors previously disclosed and should be considered in conjunction with the risk factors set forth in the 2024 Form 10-K. You should carefully consider the risks and uncertainties described in the 2024 Form 10-K, together with all of the other information in the 2024 Form 10-K and this Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our unaudited condensed consolidated financial statements and related notes, and other documents that we file with the U.S. Securities and Exchange Commission. The risks and uncertainties described in the 2024 10-K and this Quarterly Report on Form 10-Q may not be the only ones we face. If any of the risks actually occur, our business, results of operations, financial condition and prospects could be harmed. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your investment.*

***We may not be able to generate sufficient cash flows or raise the additional capital necessary to fund our operations or other liquidity needs.***

As of December 31, 2024, we had cash and cash equivalents of $416.5 million, of which $266.0 million was cash held on behalf of and due to our creators. Our net revenues were $325.1 million and $326.1 million for the year ended December 31, 2024 and 2023, respectively, and the net cash provided by operating activities was $35.6 million and $19.0 million for the year ended December 31, 2024 and 2023, respectively.

We may need to raise additional funds, and we may not be able to obtain additional debt or equity financing on favorable terms, if at all. Our ability to obtain financing will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and capital market conditions, including increased interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of credit from banks or other lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investor confidence in us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions and requirements of the agreement governing our new credit facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our results of operations.

We cannot assure you that our business will generate sufficient cash flow from operations, or that we will be able to obtain financing, in an amount sufficient to fund our operations or other liquidity needs.

***If we raise additional equity financing, our security holders may experience significant dilution of their ownership interests, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our Class A common stock and Class B common stock.***

In June 2020, we issued $150.0 million aggregate principal amount of 5.000% convertible senior notes due 2025 (2025 Notes), of which $120 million aggregate principal amount was repurchased in August 2024, and in March 2021, we issued $212.75 million aggregate principal amount of 0.750% convertible senior notes due 2026 (2026 Notes and, together with the 2025 Notes, the Convertible Notes). On August 6, 2025 we entered into a credit agreement which provided for a four-year, $60.0 million senior secured term loan facility. The Convertible Notes, the term loan and any additional funding from debt financings may make it more difficult for us to operate our business because a portion of our cash generated from internal operations will be used to make principal and interest payments on the indebtedness and we are, or may be, obligated to abide by restrictive covenants contained in the debt financing agreements. See the risk factor below titled "Substantial levels of indebtedness could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness" for additional information.

If we need additional capital and cannot raise it on acceptable terms, if at all, we may not be able to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and enhance our platform and solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to expand our technology development, sales and marketing organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to expand to other geographical locations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract new creators, consumers and a catalog of locally relevant, high-quality events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hire, train and retain employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to competitive pressures or unanticipated working capital requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursue acquisition opportunities.

Our inability to do any of the foregoing could reduce our ability to compete successfully and could have an adverse effect on our business, financial condition and results of operations.

***Substantial levels of indebtedness could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness.***

Although we repurchased $120 million of the aggregate principal amount of the 2025 Notes in August 2024, we have substantial outstanding debt, and we may incur additional indebtedness to meet future financing needs. The credit agreement governing our new term loan facility contains customary events of default and certain covenants applicable to us and our restricted subsidiaries, including, without limitation, limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, including sale-leaseback transactions, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the credit agreement requires us to maintain a maximum consolidated net total leverage ratio ranging from 3.25 to 1.00 to 2.00 to 1.00, a minimum fixed charge coverage ratio of 1.10 to 1.00 and minimum revenue of $270.0 million. Our ability to comply with such covenants in future periods will depend on our ongoing financial and operating performance.

Our substantial levels of indebtedness increase the possibility that we may not generate enough cash flow from operations to pay, when due, the principal of, interest on or other amounts due in respect of, these obligations. Other risks relating to long-term indebtedness include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased vulnerability to general adverse global and regional economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a need to divert a significant portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited ability to obtain additional financing, on terms we find acceptable, if needed, for working capital, capital expenditures, expansion plans and other investments, which may adversely affect our ability to implement our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited flexibility in planning for, or reacting to, changes in our businesses and the markets in which we operate or to take advantage of market opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diluting the interests of our existing stockholders as a result of issuing shares of our Class A common stock upon conversion of the Convertible Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a competitive disadvantage compared to our competitors that have less debt or have better access to capital.

Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. Our business may not generate sufficient funds, and we may otherwise be unable to maintain sufficient cash reserves, to pay amounts due under our indebtedness, including the Convertible Notes and the term loan, and our cash needs may increase in the future. In addition, any future indebtedness that we may incur may contain financial and other restrictive covenants that limit our ability to operate our business, raise capital or make payments under our other indebtedness. If we fail to comply with these covenants or to make payments under our indebtedness when due, then we would be in default under that indebtedness, which could, in turn, result in that and our other indebtedness becoming immediately payable in full.

***Provisions in the indentures governing the Convertible Notes or credit agreement governing the term loan could delay or prevent an otherwise beneficial takeover of us.***

Certain provisions in the Convertible Notes, the indentures governing the Convertible Notes and the credit agreement governing the term loan could make a third-party attempt to acquire us more difficult or expensive. For example, if a takeover constitutes a fundamental change (as defined in the indentures governing the Convertible Notes), then noteholders will have the right to require us to repurchase their Convertible Notes for cash. In addition, if a takeover constitutes a make-whole fundamental change (as defined in the indentures governing the Convertible Notes), then we may be required to temporarily increase the conversion rate. Pursuant to the credit agreement governing our term loan, the occurrence of a change of control (as defined in the credit agreement) is an event of default giving the lenders the right to accelerate the obligations due with respect to our term loan. In any case, and in other cases, our obligations under the Convertible Notes and the indentures governing the

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Convertible Notes or the credit agreement governing our term loan could increase the cost of acquiring us or otherwise discourage a third-party from acquiring us or removing incumbent management, including in a transaction that noteholders or holders of our common stock may view as favorable.

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**Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities**

**Unregistered Sales of Equity Securities**

There were no sales of unregistered equity securities during the three months ended September 30, 2025.

**Issuer Purchases of Equity Securities**

There were no issuer purchases of equity securities during the three months ended September 30, 2025:

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information**

**Director and Officer 10b5-1 Trading Plans (10b5-1 Plans)**

There were no written trading arrangements under Rule 10b5-1 that were adopted, terminated or modified by our directors or officers during the three months ended September 30, 2025.

There were no "non-Rule 10b5-1 trading arrangements," as defined in item 408(c) of Regulation S-K, adopted, terminated or modified by our directors or officers during the three months ended September 30, 2025.

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**Item 6. Exhibits** 

The exhibits listed on the accompanying Exhibit Index are filed or incorporated by reference as part of this Quarterly Report on Form 10-Q.

**Exhibit Index**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Description of Exhibits** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
|<br>**Exhibit<br>Number** | **Description of Exhibits** | **Form** | **Exhibit Number** | **Date Filed** |
| [3.1](https://www.sec.gov/Archives/edgar/data/1475115/000119312518259351/d593770dex32.htm) | [Amended and Restated Certificate of Incorporation.](https://www.sec.gov/Archives/edgar/data/1475115/000119312518259351/d593770dex32.htm) | S-1/A | 3.2 | August 28, 2018 |
| [3.2](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001475115/000147511524000129/eb-20240606.htm) | [Certificate of Amendment to Amended and Restated Certificate of Incorporation](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001475115/000147511524000129/eb-20240606.htm) | 8-K | 3.1 | June 12, 2024 |
| [3.3](https://www.sec.gov/Archives/edgar/data/1475115/000119312522310071/d423371dex31.htm) | [Second Amended and Restated Bylaws.](https://www.sec.gov/Archives/edgar/data/1475115/000119312522310071/d423371dex31.htm) | 8-K | 3.1 | December 21, 2022 |
| [4.1](https://www.sec.gov/Archives/edgar/data/1475115/000119312518268628/d618448dex41.htm) | [Form of Class A Common Stock Certificate.](https://www.sec.gov/Archives/edgar/data/1475115/000119312518268628/d618448dex41.htm) | S-1/A | 4.1 | September 7, 2018 |
| [10.1†^](https://www.sec.gov/Archives/edgar/data/1475115/000147511525000105/creditagreementdatedaugust.htm) | [Credit Agreement, dated August 6, 2025, by and among the Company, the guarantors party thereto from time to time, the lenders party thereto from time to time, Morgan Stanley Senior Funding, Inc., as syndication agent, Axos Bank, as documentation agent, and Silicon Valley Bank, as administrative and collateral agent.](https://www.sec.gov/Archives/edgar/data/1475115/000147511525000105/creditagreementdatedaugust.htm) | 8-K | 10.1 | August 7, 2025 |
| [31.1](ex311certification-q32025.htm) | [Certification of the Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex311certification-q32025.htm) |  |  | Filed herewith |
| [31.2](ex312certification-q32025.htm) | [Certification of the Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex312certification-q32025.htm) |  |  | Filed herewith |
| [32.1\*](ex321certification-q32025.htm) | [Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex321certification-q32025.htm) |  |  | Filed herewith |
| 101.INS | Inline XBRL Instance Document |  |  | Filed herewith |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  | Filed herewith |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  | Filed herewith |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  | Filed herewith |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  | Filed herewith |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  | Filed herewith |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |  |  | Filed herewith |

---

# Indicates compensatory plan

\*The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.

† Portions of the exhibit, marked by brackets, have been omitted in accordance with Item 601(b)(10) of Regulation S-K because the omitted information (i) is not material and (ii) is the type of information that the Company treats as private or confidential.

^ Portions of this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish a copy of all omitted schedules and exhibits to the Securities and Exchange Commission upon its request.

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**Signatures**

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

---

| | | |
|:---|:---|:---|
| | **Eventbrite, Inc.** | **Eventbrite, Inc.** |
| November 6, 2025 | By: | /s/ Julia Hartz |
|  |  | **Julia Hartz** |
|  |  | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |
| November 6, 2025 | By: | /s/ Anand Gandhi |
|  |  | **Anand Gandhi** |
|  |  | Chief Financial Officer |
|  |  | *(Principal Accounting and Financial Officer)* |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Julia Hartz, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Eventbrite, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2025

---

| |
|:---|
| /s/ Julia Hartz |
| Julia Hartz |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Accounting and Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Anand Gandhi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Eventbrite, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2025

---

| |
|:---|
| /s/ Anand Gandhi |
| Anand Gandhi |
| Chief Financial Officer |
| (Principal Accounting and Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certifications of Chief Executive Officer and Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350**

**As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), Julia Hartz, Chief Executive Officer of Eventbrite, Inc. (the "Company"), and Anand Gandhi, Chief Financial Officer of the Company, each hereby certifies that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, to which this Certification is attached as Exhibit 32.1 (the "Periodic Report"), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2025

---

| |
|:---|
| /s/ Julia Hartz |
| Julia Hartz |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

---

| |
|:---|
| /s/ Anand Gandhi |
| Anand Gandhi |
| Chief Financial Officer |
| (Principal Accounting and Financial Officer) |

---

<br>