Eventbrite Inc (EB) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Eventbrite's Third Quarter 2023 Earnings Call.

下午好，歡迎參加 Eventbrite 的 2023 年第三季財報電話會議。

Prior to this call, we released our shareholder letter announcing our financial results, which can be found on our website at investor.eventbrite.com.

在此電話會議之前，我們發布了股東信函，宣布了我們的財務業績，您可以在我們的網站 Investor.eventbrite.com 上找到該信函。

Before we get started, I would like to remind you that during today's call, we will be making forward-looking statements regarding future events and financial performance. We caution that such statements reflect our best judgment as of today, November 1, based on factors that are currently known to us and that actual future events or results could differ materially due to several factors, many of which are beyond our control. For a more detailed discussion of the risks and uncertainties affecting our future results, we refer you to the section titled Forward-Looking Statements in our Shareholder Letter and our filings with the SEC. We undertake no obligation to update any forward-looking statements made during the call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law.

在我們開始之前，我想提醒您，在今天的電話會議中，我們將就未來事件和財務表現做出前瞻性陳述。我們提醒您，此類陳述反映了我們截至今天（11 月1 日）的最佳判斷，該判斷基於我們目前已知的因素，並且未來實際發生的事件或結果可能會因多種因素而產生重大差異，其中許多因素超出了我們的控制範圍。有關影響我們未來業績的風險和不確定性的更詳細討論，請參閱我們的股東信中標題為「前瞻性聲明」的部分以及我們向 SEC 提交的文件。我們沒有義務更新在電話會議期間所做的任何前瞻性陳述，以反映今天之後的事件或情況，或反映新資訊或意外事件的發生，除非法律要求。

During this call, we will present adjusted EBITDA, adjusted EBITDA margin and available liquidity, which are non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and have limitations as an analytical tool. You should not consider them in isolation or as a substitute for analysis of our results of operations as reported under GAAP. A reconciliation to the most directly comparable GAAP financial measure is available in our shareholder letter. We encourage you to read our Shareholder Letter, which contains important information about GAAP and non-GAAP results.

在本次電話會議中，我們將介紹調整後的 EBITDA、調整後的 EBITDA 利潤率和可用流動性，這些都是非 GAAP 財務指標。這些非公認會計準則財務指標並非根據公認會計原則制定，作為分析工具有其限制。您不應孤立地考慮它們，也不應將它們視為我們根據 GAAP 報告的營運結果分析的替代品。我們的股東信中提供了與最直接可比較的 GAAP 財務指標的調整表。我們鼓勵您閱讀我們的股東信，其中包含有關 GAAP 和非 GAAP 業績的重要資訊。

And with that, I'll now turn the call over to Julia Hartz, Co-Founder and Chief Executive Officer.

現在，我將把電話轉給聯合創始人兼執行長朱莉婭·哈茨 (Julia Hartz)。

Thank you for joining us today.

感謝您今天加入我們。

We're pleased to report that our third quarter results were strong with noticeable growth in revenue and profitability year-over-year. Additionally, we have successfully rolled out our marketing and demand generation tools to all Eventbrite creators. I'm excited by the momentum we're building towards our transformation into a 2-sided marketplace, which will enable us to create more value in the long term.

我們很高興地報告，我們第三季的業績強勁，營收和獲利能力較去年同期顯著成長。此外，我們也成功向所有 Eventbrite 創作者推出了我們的行銷和需求產生工具。我對我們向雙向市場轉型的勢頭感到興奮，這將使我們能夠在長期內創造更多價值。

Gross ticket sales reached nearly $900 million in Q3. Year-to-date transactions totaled almost $3 billion for our creators. Take rate is now over 9% and revenue grew 21% year-over-year. When comparing year-to-date 2021, we have more than doubled our adjusted EBITDA margin.

第三季門票總銷售額接近 9 億美元。年初至今，我們的創作者交易總額接近 30 億美元。目前，轉換率已超過 9%，營收年增 21%。與 2021 年迄今相比，我們的調整後 EBITDA 利潤率增加了一倍以上。

Our business has a unique position in connecting both audiences and creators of live events of any kind, anywhere. In the third quarter, creators listed, promoted and sold tickets for over 1.5 million events, a number that surpasses any other live events marketplace. There is truly a live experience for everyone on the marketplace. And with our strong brand affinity and trust, we attracted millions of consumers to browse and discover great things to do.

我們的業務在連接任何地點任何類型的現場活動的觀眾和創作者方面擁有獨特的地位。第三季度，創作者列出、推廣和銷售了超過 150 萬場活動的門票，這一數字超過了任何其他現場活動市場。市場上的每個人都可以真正獲得現場體驗。憑藉我們強大的品牌親和力和信任度，我們吸引了數百萬消費者瀏覽和發現精彩的事情。

We're working hand-in-hand with event creators to ensure their events are filled to capacity and they can more easily achieve their revenue goals. Eventbrite is their most trusted partner to power their event growth with both marketing tools and promoted listings that help tap into the consumer opportunity of our marketplace.

我們正在與活動創建者攜手合作，確保他們的活動滿員，並且他們可以更輕鬆地實現收入目標。 Eventbrite 是他們最值得信賴的合作夥伴，透過行銷工具和促銷清單來推動他們的活動發展，幫助挖掘我們市場的消費者機會。

I want to touch on the most meaningful change for our creator experience this quarter before discussing our work to bring more consumers to the marketplace. We've integrated social media advertising and e-mail marketing tools into the core event listing experience. Access to these features is no longer a subscription, but rather a new pricing plan that is offered to creators of free and paid events.

在討論我們為市場帶來更多消費者的工作之前，我想先談談本季創作者體驗中最有意義的變化。我們已將社群媒體廣告和電子郵件行銷工具整合到核心活動清單體驗中。存取這些功能不再是訂閱，而是向免費和付費活動的創作者提供的新定價方案。

The new pricing model seeks to balance 3 key principles: Firstly, we aim to use the pricing strategy as a tool for positioning. Our goal is to make the audience and demand generation easily accessible to our customers so they can appreciate the value and effectiveness of our marketing tools and advertising products to achieve their goals faster.

新的定價模式力求平衡三個關鍵原則：首先，我們的目標是將定價策略作為定位工具。我們的目標是讓我們的客戶輕鬆接觸受眾和需求生成，以便他們能夠欣賞我們的行銷工具和廣告產品的價值和有效性，從而更快地實現他們的目標。

Secondly, we strive to create a cohesive product experience by combining core ticketing with our new demand generation capability. This will allow us to serve our customers better and provide a seamless experience between our ticketing and marketing solutions. And finally, we're committed to better communicating enterprise value to our customers and creating a fair exchange with creators and consumers.

其次，我們努力將核心票務與我們新的需求產生能力結合，創造一種有凝聚力的產品體驗。這將使我們能夠更好地為客戶服務，並在票務和行銷解決方案之間提供無縫體驗。最後，我們致力於更好地向客戶傳達企業價值，與創作者和消費者建立公平的交流。

We believe that by focusing on these 3 areas, we can significantly enhance the customer experience and achieve our business goals. Our new pricing model has been implemented in all major markets as of October and has contributed approximately $1.5 million in revenue for the third quarter. Our next plan is to introduce more in-product marketing during Q4 to help creators understand and utilize our marketing features in order to enhance the success of their events.

我們相信，透過專注於這三個領域，我們可以顯著增強客戶體驗並實現我們的業務目標。截至 10 月份，我們的新定價模式已在所有主要市場實施，並為第三季貢獻了約 150 萬美元的收入。我們的下一個計劃是在第四季度引入更多的產品內行銷，幫助創作者了解和利用我們的行銷功能，以提高他們的活動的成功率。

Leading with marketing and demand generation at the heart of how we have served creators represents a major step in our marketplace journey. We have a strong conviction that this new go-to-market approach can unlock meaningful growth going forward. Event creators who list their events on Eventbrite can take advantage of our Promoted Listings advertising product to increase visibility among high-intent visitors on our website and mobile app. In response to creator feedback, we've recently added an option to optimize Promoted Listings for click-through traffic instead of impressions alone. Advertisers have responded positively with 80% choosing the traffic option.

將行銷和需求挖掘作為我們服務創作者的核心，是我們市場之旅中的重要一步。我們堅信，這種新的市場進入方式可以帶來有意義的未來成長。在 Eventbrite 上列出其活動的活動創建者可以利用我們的促銷清單廣告產品來提高我們網站和行動應用程式上高意向訪客的可見度。為了回應創作者的回饋，我們最近新增了一個選項來優化推薦清單的點擊流量，而不僅僅是展示次數。廣告商反應積極，80%選擇了流量選項。

During the third quarter, total demand for ad supply on Eventbrite increased by over 70%, indicating that each new feature release is improving product market fit. As we move towards the cost per click model for Eventbrite Ads, we expect to provide even more clarity on return on ad spending for creators, leading to wider adoption.

第三季度，Eventbrite 上的廣告供應總需求增加了 70% 以上，這表明每個新功能的發布都在改善產品的市場契合度。隨著我們轉向 Eventbrite 廣告的每次點擊成本模型，我們希望為創作者提供更清晰的廣告支出回報，從而獲得更廣泛的採用。

During the third quarter, Eventbrite witnessed a 78% increase in total revenue from ads, organizer fees and subscriptions. It's worth noting that this represents the most diverse revenue profile that the company has seen so far, although it's still early days. As Eventbrite continues to grow its higher-margin non-ticketing business, we'll continue to improve the overall take rate and move closer to achieving our long-term financial targets.

第三季度，Eventbrite 來自廣告、組織者費用和訂閱的總收入增加了 78%。值得注意的是，這代表了該公司迄今為止最多樣化的收入狀況，儘管現在還處於早期階段。隨著 Eventbrite 繼續發展其利潤率較高的非票務業務，我們將繼續提高整體採用率，並更接近我們的長期財務目標。

Now let's shift our focus to the demand side of our marketplace and take a look at how we're catering to the needs of consumers. In the third quarter, Eventbrite's reach expanded to almost 32 million attendees. During Q3, we witnessed remarkable traffic on our website and the consumer app where monthly active users surged by 30% compared to the previous year. This is noteworthy because we have observed that app users are typically event enthusiasts with 1 in 5 purchasing a ticket at least once a month.

現在，讓我們將注意力轉向市場的需求方，看看我們如何滿足消費者的需求。第三季度，Eventbrite 的覆蓋範圍擴大到近 3,200 萬名參與者。第三季度，我們的網站和消費者應用程式的流量顯著增加，每月活躍用戶數與去年相比激增 30%。這是值得注意的，因為我們觀察到應用程式用戶通常是活動愛好者，五分之一的人每月至少購買一次門票。

Year-to-date, over 388 million consumer sessions have occurred on Eventbrite as a result of the continued demand for unique and local live experiences. As you might expect, no one has a better pull to what consumers want to do than Eventbrite. Those insights help us point consumers to popular events and drive incremental ticket sales. One example is our September GTFO and Date campaign, where we predicted fall dating trends and teamed up with the bachelorette, Tyler Cameron, to spotlight unique data ideas and drive viral influential content on TikTok and Instagram. Using targeted consumer marketing to embed ourselves in the event discovery process is critical to building our marketplace, and we will continue to invest thoughtfully in this area.

今年迄今為止，由於對獨特的本地現場體驗的持續需求，Eventbrite 上已經發生了超過 3.88 億次消費者會話。正如您所料，沒有人比 Eventbrite 更能吸引消費者想做的事情。這些見解幫助我們向消費者引導熱門活動並推動門票銷售增量。一個例子是我們 9 月的 GTFO 和 Date 活動，我們預測了秋季約會趨勢，並與單身女子 Tyler Cameron 合作，突出獨特的數據想法，並在 TikTok 和 Instagram 上推動具有病毒式影響力的內容。使用有針對性的消費者行銷將自己融入事件發現過程對於建立我們的市場至關重要，我們將繼續在這一領域進行深思熟慮的投資。

In Q3, Eventbrite user experience for consumers saw major improvements. Our Android app underwent an important update that simplified the search interface. We also made it easier for users to share event listings, which led to an immediate fivefold increase in shares from our home page. In October, we launched a nightlife discovery experience that aggregates events from different categories under a common theme, making event discovery more closely match real consumer search behavior. Our ML-based personalization and recommendation models are continuously updated, and we're increasing the number of consumer touch points that benefit from these models, which results in increased engagement and conversion.

第三季度，Eventbrite 為消費者提供的使用者體驗得到了重大改善。我們的 Android 應用程式進行了重要更新，簡化了搜尋介面。我們還使用戶更容易分享活動列表，這導致我們主頁的分享量立即增加了五倍。 10月，我們推出了夜生活發現體驗，將不同類別的事件聚合在一個共同的主題下，使事件發現更貼近消費者的真實搜尋行為。我們基於機器學習的個人化和推薦模型不斷更新，我們正在增加受益於這些模型的消費者接觸點的數量，從而提高參與度和轉換率。

Lastly, before I turn the call to Lanny, I want to congratulate our team for being named the most inclusive organization for women in tech in India by Wequity. I'm proud that our values and commitment to equality are rooted so deeply in our culture that they're already recognized even in our newest development hub.

最後，在我打電話給 Lanny 之前，我要祝賀我們的團隊被 Wequity 評為印度科技界對女性最具包容性的組織。我感到自豪的是，我們的價值觀和對平等的承諾深深植根於我們的文化中，甚至在我們最新的開發中心也得到了認可。

Now Lanny will discuss our Q3 results and Q4 outlook.

現在蘭尼將討論我們第三季的業績和第四季的前景。

Thank you, Julia.

謝謝你，茱莉亞。

We delivered continued progress in the third quarter in support of our long-term financial targets. Revenue of $82 million was at the high end of our outlook range, up 21% year-over-year. Gross margin rose to 69%, excluding restructuring costs, thanks to improved ticket volume, increasing marketplace-related revenue and control over fixed costs.

我們在第三季繼續取得進展，以支持我們的長期財務目標。營收為 8,200 萬美元，處於我們預期範圍的上限，年增 21%。由於票務量的增加、市場相關收入的增加以及對固定成本的控制，毛利率上升至 69%（不包括重組成本）。

Adjusted EBITDA was $7 million, excluding restructuring and other nonroutine costs. That yielded an 8% adjusted EBITDA margin for the quarter, up 2 points from the same period last year and bringing our year-to-date adjusted EBITDA margin to 12% on an operating basis. Finally, we ended the third quarter with a strong balance sheet. Available liquidity increased by $15 million during the quarter to $381 million as described in our shareholder letter.

調整後的 EBITDA 為 700 萬美元，不包括重組和其他非常規成本。本季調整後 EBITDA 利潤率為 8%，比去年同期上升 2 個百分點，並使我們年初至今的調整後 EBITDA 利潤率（按營運基準計算）達到 12%。最後，我們以強勁的資產負債表結束了第三季。正如我們的股東信中所述，本季可用流動資金增加了 1500 萬美元，達到 3.81 億美元。

I'll now provide more detail on third quarter results and then discuss our outlook for Q4 and the full year. Total creators, including those hosting free events, exceeded 395,000 in the quarter, and paid creators grew 10% year-over-year to 185,000. Paid events per creator averaged 3 events, down 2% from Q3 of 2022. Total paid events reached 561,000 in Q3, up 8% year-over-year. This paced similarly to overall event growth which supported 1.6 million free and paid live experiences issuing tickets on Eventbrite during Q3.

我現在將提供有關第三季度業績的更多詳細信息，然後討論我們對第四季度和全年的展望。本季創作者總數（包括舉辦免費活動的創作者）超過 395,000 人，付費創作者數量較去年同期增加 10%，達到 185,000 人。每位創作者的付費活動平均為 3 次，較 2022 年第三季下降 2%。第三季付費活動總數達到 561,000 次，年增 8%。這與整體活動成長速度類似，第三季在 Eventbrite 上支援了 160 萬次免費和付費現場體驗發行門票。

Paid tickets per event averaged 41 down from 42 in the same quarter of last year. Total paid ticket volume of 22.9 million was up 4% versus a year ago. Paid tickets grew 5% year-to-year in the United States and 2% year-to-year in the rest of the world. Average ticket price was just over $39 for the third quarter, up slightly from a year ago, and gross ticket sales were $892 million in the quarter. Finally, revenue take rate was 9.1% in the third quarter, another record and more than one full point higher than a year ago. Revenue per ticket was $3.57, which is 17% higher than Q3 2022.

每場活動的平均付費門票為 41 張，低於去年同期的 42 張。付費門票總量為 2,290 萬張，比去年同期成長 4%。美國的付費門票年增 5%，世界其他地區的付費門票年增 2%。第三季的平均票價略高於 39 美元，較去年同期略有上升，該季度的門票總銷售額為 8.92 億美元。最後，第三季的營收利用率為9.1%，再創歷史新高，比一年前高出整整一個百分點。每張門票的收入為 3.57 美元，比 2022 年第三季成長 17%。

Investments in the core product that support better pricing explain approximately 70% of the year-to-year increase in revenue per ticket. While the strong growth of ad revenue and organizer fees accounts for about 30% of the improvement in revenue per ticket in Q3. As we continue to build Eventbrite's ability to help creators market events and grow attendance, we see additional opportunity to strengthen that monetization.

每張門票收入同比增長的約 70% 歸因於對支持更優惠定價的核心產品的投資。而廣告收入和主辦單位費用的強勁成長約佔第三季每張門票收入改善的30%。隨著我們不斷增強 Eventbrite 的能力，幫助創作者行銷活動並增加參與人數，我們看到了加強盈利的更多機會。

Turning to the P&L. We're encouraged by the early advances we made in our financial model as we pursue the marketplace transformation. Better monetization of total activity on the Eventbrite, including monetization of free events, combined with the favorable paid event pricing actions that we took earlier this year, have significantly improved overall unit economics. The benefits are twofold: structurally higher gross margins and greater financial resources to fund growth-driving investments. We plan to continue to invest thoughtfully in our core product and into new marketing and advertising features as we expect these to help further improve unit economics and take rate in the future.

轉向損益表。在我們追求市場轉型的過程中，我們在財務模式方面所取得的早期進步讓我們深受鼓舞。 Eventbrite 上總活動的更好貨幣化（包括免費活動的貨幣化），再加上我們今年早些時候採取的有利的付費活動定價行動，顯著改善了整體單位經濟效益。好處是雙重的：結構性較高的毛利率和更多的財政資源來資助成長驅動型投資。我們計劃繼續對我們的核心產品以及新的行銷和廣告功能進行深思熟慮的投資，因為我們預計這些功能將有助於進一步提高未來的單位經濟效益和轉換率。

Demand generation and market price related revenue exceeded 5% of net revenue during this quarter. We're pleased to see the diversification of our revenue profile beyond ticketing and expect to make continued progress as we focus on accelerating these areas. Newly introduced organizer fees associated with marketing tools and listing events on Eventbrite contributed $1.5 million in revenue in Q3. And revenue from Eventbrite ads was nearly $2 million, up more than 40% from Q2 levels. Boost contributed the balance of non-ticketing revenue in the quarter, and Boost subscribers will be migrated to subscription organizer plans during Q4.

本季與需求產生和市場價格相關的收入超過淨收入的 5%。我們很高興看到我們的收入狀況在票務之外實現多元化，並期望在專注於加速這些領域的過程中不斷取得進展。新推出的與行銷工具和 Eventbrite 上的清單活動相關的組織者費用在第三季貢獻了 150 萬美元的收入。 Eventbrite 廣告收入接近 200 萬美元，比第二季成長超過 40%。 Boost 貢獻了本季的非票務收入餘額，Boost 訂閱者將在第四季度遷移到訂閱組織者計劃。

Now I'll turn to our expenses and profitability, which we will continue to present on an operating basis, excluding nonroutine items and restructuring charges. Regarding the restructuring, we're tracking to plan and expect total restructuring costs of less than $20 million for the year. Consistent with our initial expectations, we anticipate roughly $13 million to $14 million in annual operating costs to be free from our expense base, a portion of which we intend to reinvest in talent and product.

現在我將談談我們的費用和盈利能力，我們將繼續在營運基礎上提供這些數據，不包括非常規項目和重組費用。關於重組，我們正在追蹤計劃，預計今年的重組總成本將低於 2000 萬美元。與我們最初的預期一致，我們預計每年約有 1,300 萬至 1,400 萬美元的營運成本可以從我們的支出基礎中扣除，其中一部分我們打算再投資於人才和產品。

Gross margin performance remained strong at 69% for Q3. This is more than 3 points of improvement compared to the same period last year and continues to climb toward the higher end of our long-term target range of 68% to 70%. Our total operating expenses of $67 million in the third quarter were up 17% compared to a year ago, while supporting revenue growth of more than 20%.

第三季毛利率表現依然強勁，達 69%。與去年同期相比，這一數字提高了 3 個多點，並繼續向我們長期目標範圍 68% 至 70% 的高端攀升。第三季我們的總營運費用為 6,700 萬美元，年增 17%，同時支援收入成長超過 20%。

Product development and general and administrative expenses, both provided operating leverage and margin growth during the quarter. Product and development expenses grew 3% year-over-year, representing 28% of revenue. We've successfully shifted a meaningful proportion of our product development and engineering teams to Spain and India. And that gives us flexibility to invest in an increasingly efficient manner. We expect to manage these expenses within 27% to 30% of revenue as we execute on our product road map with an eye on achieving profitable and sustainable growth.

產品開發以及一般和管理費用均提供了本季的營運槓桿和利潤成長。產品和開發費用年增 3%，佔營收的 28%。我們已成功地將很大一部分產品開發和工程團隊轉移到西班牙和印度。這使我們能夠靈活地以越來越高效的方式進行投資。在執行產品路線圖時，我們希望將這些費用控制在收入的 27% 至 30% 以內，並著眼於實現盈利和可持續增長。

General and administrative expenses were up 13% year-over-year. Included here are some transitory and duplicative costs that we anticipated in our restructuring plan. As those costs abate in the coming year, we expect to drive general and administrative costs closer to the 22% to 24% of revenue range that we've outlined in our long-term model.

一般及行政費用較去年同期成長 13%。這裡包括我們在重組計劃中預期的一些暫時性和重複性成本。隨著來年這些成本的減少，我們預計一般和管理成本將接近我們在長期模型中概述的收入範圍的 22% 至 24%。

With these parts of the company and our restructuring delivering strong operating leverage, we stepped up our investment in sales, marketing and support in Q3 to accelerate our marketplace repositioning. We believe the timing was opportune, occurring just ahead of the seasonal holiday period. And we ran creator and consumer campaigns in tandem to elevate brand awareness and drive demand generation.

憑藉公司的這些部門和我們的重組帶來了強大的營運槓桿，我們在第三季度加大了對銷售、行銷和支援的投資，以加速我們的市場重新定位。我們認為時機恰到好處，正好發生在季節性假期之前。我們同時開展了創作者和消費者活動，以提高品牌知名度並推動需求的產生。

Results from this marketing blitz are looking encouraging, particularly for consumer, and we're adapting to what we've learned for future initiatives. We also expanded our sales team and made steady progress on relocating our customer support teams into lower-cost international regions. Sales, marketing and support expenses grew 45% year-over-year in Q3, so we do not intend to grow at that rate longer term.

這次行銷閃電戰的結果看起來令人鼓舞，尤其是對消費者而言，我們正在根據我們所學到的知識來適應未來的舉措。我們還擴大了銷售團隊，並在將客戶支援團隊遷移到成本較低的國際地區方面取得了穩步進展。第三季銷售、行銷和支援費用年增 45%，因此我們不打算長期以這個速度成長。

Turning to our business outlook for the final quarter and the full year of 2023. Based on current information, we currently anticipate fourth quarter revenue to be in a range between $86 million and $90 million. At the midpoint of that range, revenue growth will be 23% for the fourth quarter and it would lead to a new all-time record in quarterly revenue. Our Q4 outlook anticipates a growing revenue contribution from organizer fees and Eventbrite ads with modest year-to-year comparisons in paid ticket volume. For the full year, we're tightening our revenue outlook range, and we currently anticipate 2023 revenue in the range of $324 million to $328 million or 24% growth at the midpoint compared to 2022.

談到我們對 2023 年最後一個季度和全年的業務展望。根據目前的信息，我們目前預計第四季度的收入將在 8600 萬美元至 9000 萬美元之間。在此範圍的中點，第四季度的收入成長將為 23%，這將創造季度收入的新紀錄。我們對第四季度的展望預計，主辦單位費用和 Eventbrite 廣告的收入貢獻將不斷增長，而付費門票數量與去年同期相比則不大。對於全年，我們正在收緊我們的收入前景範圍，目前預計 2023 年收入將在 3.24 億美元至 3.28 億美元之間，與 2022 年相比，中位數成長 24%。

As we've indicated previously, factors that would tend to move results toward the upper end of the business outlook range include stronger paid ticket volume as well as more successful product and marketing activity, especially as it relates to organizer fees and Eventbrite ads. Factors that would tend to shift results towards the lower end of the outlook range include macroeconomic factors, reduced demand for events on our platform or disruption arising from the introduction of new fees and our shift toward a marketplace model.

正如我們之前指出的，傾向於將業績推向業務前景範圍上限的因素包括付費門票量的增加以及更成功的產品和行銷活動，特別是與組織者費用和 Eventbrite 廣告相關的因素。傾向於將結果轉向前景範圍下限的因素包括宏觀經濟因素、對我們平台上活動的需求減少或引入新費用以及我們向市場模式的轉變而造成的干擾。

Based on the revenue outlook just described, we expect adjusted EBITDA margins, excluding the impact of restructuring charges, reserve adjustments and other nonroutine items, to be in the range of 12% to 13% for the full year of 2023, significantly improved from 5% in 2022 and on track with our goal of reaching a 20% adjusted EBITDA margin at a point in 2024.

根據剛才所描述的營收前景，我們預計 2023 年全年調整後 EBITDA 利潤率（不包括重組費用、準備金調整和其他非常規項目的影響）將在 12% 至 13% 之間，較 5 年大幅提高% 的目標是在2022 年實現2024 年調整後EBITDA 利潤率達到20%。

And now I'll turn the call over to the operator for the question-and-answer portion of our call.

現在我將把電話轉給接線員來進行電話問答部分。

(Operator Instructions) Your first question comes from the line of Justin Patterson from KeyBanc.

（操作員說明）您的第一個問題來自 KeyBanc 的 Justin Patterson。

Two if I can. First, it sounds like you're making a more concerted push on demand generation products into Q4 and beyond. How should we think about that influencing ticket volumes over the coming quarters once we do have more things like macro risk and geopolitical risk in play. So that's question one. And then question two, just -- as we think about 2024, I would love for you to just revisit the factors to get to 20% operating margin or adjusted EBITDA margin during the course of the year. Is that assuming a certain level of ticket growth, organizer fee benefits? Or is that more cost containment?

如果可以的話，兩個。首先，聽起來你們正在第四季及以後更加協調地推動按需生成產品。一旦我們確實面臨更多宏觀風險和地緣政治風險等因素，我們應該如何考慮這對未來幾季門票量的影響。這是問題一。然後是第二個問題，當我們考慮 2024 年時，我希望您能夠重新審視在這一年中實現 20% 營業利潤率或調整後 EBITDA 利潤率的因素。假設門票成長達到一定水平，主辦單位費用會受益嗎？或者說這是更多的成本控制？

Thanks, Justin. Appreciate the question.

謝謝，賈斯汀。感謝這個問題。

On the demand side, we are making a much bigger push into consumer demand, really focusing on thinking through how we can meet the consumer where they are and put the right event in front of them at the right time. The investments that we're making are really around product-led growth. So ensuring that our first and foremost on our supply side in the marketplace that our demand generation, value proposition is crystal clear to the creators who are coming to Eventbrite. That's really the genesis of why we have brought marketing tools to the front door of the Eventbrite experience. And we're also focused on ensuring that we have strategic inventory in localized markets that meet the needs of the consumer demand that we see. We get a lot of data around what consumers want to do. And we believe that we can use that data to really train and focus our team on acquiring the best inventory to meet those demands.

在需求方面，我們正在大力推動消費者需求，真正專注於思考如何滿足消費者的需求，並在正確的時間向他們展示正確的活動。我們所做的投資實際上是圍繞著產品主導的成長。因此，確保我們在市場供應方面的首要任務是，我們的需求產生和價值主張對於來到 Eventbrite 的創作者來說是非常清楚的。這就是我們將行銷工具引入 Eventbrite 體驗的真正初衷。我們也致力於確保我們在本地市場擁有戰略庫存，以滿足我們所看到的消費者需求。我們獲得了大量關於消費者想要做什麼的數據。我們相信，我們可以利用這些數據來真正培訓我們的團隊，並使我們的團隊專注於獲取最佳庫存來滿足這些需求。

And then on the consumer side, we think about the consumer experience as one that's rooted in personalization, the ability to search and discover any events that meets one's needs and the vast opportunity of distribution on the platform. Eventbrite ticketed 1.5 million-plus events in the quarter and being able to syndicate those events out to partner sites is a big part of our go-forward strategy and one that we think helps put the right event in front of the right consumer at the right time, wherever they are.

然後在消費者方面，我們認為消費者體驗植根於個人化、搜尋和發現任何滿足個人需求的事件的能力以及平台上的巨大分發機會。 Eventbrite 在本季度舉辦了超過 150 萬場活動，能夠將這些活動聯合到合作夥伴網站是我們前進策略的重要組成部分，我們認為這有助於將正確的活動呈現在正確的消費者面前時間，無論他們身在何處。

So that's just a high level of what we're thinking about in terms of reinforcing the marketplace and looking at the world through the consumer lens. But what we think that will contribute to ticket volume is really driving towards that range of double-digit ticket volume growth consistently, and that's where we think we should be in our long-term goals.

因此，這只是我們在加強市場和透過消費者視角看待世界方面所考慮的高水準問題。但我們認為這對門票量的貢獻實際上正在推動門票量持續兩位數的成長，這就是我們認為我們的長期目標應該達到的目標。

Justin, this is Lanny. And I can address your question about 2024 adjusted EBITDA margins. What we've communicated is that we expect to surpass 20% adjusted EBITDA margins before the end of 2024, and there are multiple factors that lead us to that conviction.

賈斯汀，這是蘭尼。我可以回答您有關 2024 年調整後 EBITDA 利潤率的問題。我們傳達的訊息是，我們預計在 2024 年底前調整後 EBITDA 利潤率將超過 20%，並且有多種因素促使我們做出這項信念。

Number one is paid ticket volume growth and overall ticket volume growth. As ticket volume grows, it tends to move our gross margins upward as you've already seen over the last couple of years as we manage the fixed costs within cost of revenue and get leverage there. Secondly, our revenue mix is diversifying as we said in this quarter, 5% of revenue came from non-ticketing revenue sources, and we expect that to grow as a percentage and in absolute dollars, as we go into 2024. Those revenues that are non-ticketing revenues tend to be significantly higher gross margin and operating margin revenues for us. I'm talking about advertising revenues, organizer fees, the benefit of the work we've done on the product that has allowed us to take a little bit stronger pricing actions in the marketplace. All of those things are dramatically improving the revenue unit economics.

第一是付費門票量成長和整體門票量成長。隨著門票量的增長，我們的毛利率往往會上升，正如您在過去幾年中所看到的那樣，因為我們在收入成本內管理固定成本並在那裡獲得槓桿作用。其次，我們的收入結構正在多元化，正如我們在本季度所說，5% 的收入來自非票務收入來源，我們預計，隨著我們進入 2024 年，這一比例和絕對金額將會增長。對我們來說，非票務收入往往明顯高於毛利率和營業利潤率收入。我說的是廣告收入、組織者費用，以及我們在產品上所做工作的好處，這些工作使我們能夠在市場上採取更強硬的定價行動。所有這些都極大地改善了單位收入經濟效益。

We'll also benefit from the relocation that we've undertaken this year in the sort of heart of our engineering and product resources to lower-cost markets. We've now got more than 100 members of our team in India, a brand-new development hub. And we're also growing our organization in Spain very quickly as well. We've relocated our customer support and payment operations teams to lower-cost markets that will allow us to serve our scaling creator base as well as the very important consumer side of the marketplace that Julia talked about a moment ago. So when we turn back to the long-term operating targets that we've set forth over 1.5 years ago, we have a lot of confidence that we'll continue to gain leverage against both the gross margins, the product development costs, sales and marketing and G&A, and that's our path to getting to that 20% or better adjusted EBITDA margin.

我們也將受益於今年將我們的工程和產品資源核心轉移到低成本市場的舉措。現在，我們在印度這個全新的開發中心擁有超過 100 名團隊成員。我們在西班牙的組織也正在快速發展。我們已將客戶支援和支付營運團隊遷移到成本較低的市場，這將使我們能夠為不斷擴大的創作者群體以及朱莉婭剛才談到的市場中非常重要的消費者方面提供服務。因此，當我們回到 1.5 年前製定的長期營運目標時，我們非常有信心，我們將繼續在毛利率、產品開發成本、銷售和利潤方面獲得優勢。行銷和一般行政費用，這是我們實現20 % 或更好的調整後EBITDA 利潤率的途徑。

(Operator Instructions) And your next question comes from the line of Cameron Mansson-Perrone from Morgan Stanley.

（操作員說明）您的下一個問題來自摩根士丹利的 Cameron Mansson-Perrone。

One, the kind of dovetail on Justin's question about the 20% growth expectation next year, the back half year, a lot of what appears to be driving the growth has really been the benefits that you've seen from some of your value-add tools, but I think mostly -- and you can correct me if I'm wrong, but I think mostly the price increase this year rolling through and really that combined impact on take rate and ARPU improvement. I'd be curious to hear as we think about the like 5 factor model, whether you see, you mentioned trying to get 10% ticket volume growth. So how you think about those 5 factors in terms of driving the growth in '24? And how they may change given that you're probably not going to increase price every year, how those might change in terms of what drove growth this year versus what you see driving the growth next year?

一，與賈斯汀關於明年下半年 20% 增長預期的問題相吻合，許多看似推動增長的因素實際上是您從某些增值中看到的好處工具，但我認為主要是- 如果我錯了，您可以糾正我，但我認為主要是今年的價格上漲，以及對採用率和ARPU 改善的綜合影響。當我們考慮類似的 5 因素模型時，我很想聽聽您是否提到要達到 10% 的門票量成長。那麼，您如何看待這 5 個推動 24 年成長的因素？考慮到您可能不會每年都提高價格，它們可能會如何變化，在推動今年成長的因素與您認為推動明年成長的因素方面，這些因素可能會如何變化？

And then secondly, if I can, paid creators were up nicely year-over-year, but it ticked down a little bit sequentially. I'd be curious to hear if there's anything that you call out in terms of just general timing or seasonality that we should keep in mind?

其次，如果可以的話，付費創作者比去年同期成長良好，但逐年略有下降。我很想知道您是否提出了我們應該牢記的一般時間或季節性方面的任何內容？

Sure. Cameron, I'll address your question about the revenue growth formula. As you know, we've laid out a formula for our platform. That will evolve as we become more and ultimately become fully a 2-sided marketplace model. But the core underlying dynamics of our growth equation to get to 20-plus percent revenue growth are high single digit to low double-digit growth in creators, which is where we were in this quarter, low single-digit to mid-single-digit growth in events per creator. We were down a little bit there this quarter. Tickets per event growing in the mid-single digits to high single digits as we help creators find more audience. Paid tickets -- sorry, the price per ticket, which is really set by creators rather than us, we think that's a low single-digit to mid-single-digit growth dynamic. And then in the long term, we think the take rate is a low single digit to mid-single digit year-over-year growth. .

當然。卡梅倫，我將回答您有關收入增長公式的問題。如您所知，我們已經為我們的平台製定了一個公式。隨著我們變得更加成熟並最終成為完全的雙向市場模型，這種情況將會不斷發展。但我們實現 20% 以上收入成長的成長方程式的核心基本動力是創作者的高個位數到低兩位數的成長，這就是我們本季的情況，低個位數到中個位數的成長每個創作者的活動數量增加。本季我們的業績略有下降。隨著我們幫助創作者找到更多觀眾，每場活動的門票數量將從中個位數增加到高個位數。付費門票——抱歉，每張門票的價格實際上是由創作者而不是我們設定的，我們認為這是一個低個位數到中個位數的成長動力。從長遠來看，我們認為採用率的年成長率為低個位數到中個位數。 。

So this year, you're absolutely right. The take rate has been a big inflection for us. We took a pricing step in January of 2023, that really is predicated upon the work that we've done on the product to tighten up the functionality and the product market fit to the needs of our most valuable creators. And I'm really happy to say that that price increase effected earlier this year has gone very, very well.

所以今年，你是完全正確的。接受率對我們來說是一個很大的改變。我們在 2023 年 1 月採取了定價措施，這實際上是基於我們在產品上所做的工作，以加強功能和產品市場，以滿足我們最有價值的創作者的需求。我真的很高興地說，今年稍早實施的價格上漲進展非常非常順利。

We have then rolled out Eventbrite Ads and Boost, which has now become available to everybody behind the introduction of the organizer fees. So as much as -- it really is -- it's in tandem with a product change, and that is that we've baked marketing tools into the core value proposition. And we know from feedback from our creators in response to even what we've done recently, that this is absolutely value that they are seeking from us in -- as a service provider to them and helping them grow those events. So for this year, in 2023, the formula does look like double-digit growth in creators and double-digit growth in the take rate.

然後，我們推出了 Eventbrite Ads 和 Boost，現在每個人都可以使用主辦單位費用。因此，事實上，它與產品的變化是同步的，也就是說，我們已經將行銷工具納入了核心價值主張中。我們從創作者對我們最近所做的事情的反饋中得知，這絕對是他們向我們尋求的價值——作為他們的服務提供者並幫助他們發展這些活動。因此，對於今年，即 2023 年，這個公式看起來確實是創作者數量實現兩位數增長，觀看率也實現兩位數增長。

I think where that positions us going forward is to do all the things we've been talking about, focusing on growth from a marketplace perspective, which means obtaining the inventory on our market that consumers want the most, attractive, in-person, hyper-relevant, local, engaging content, bring that on to the platform. And then secondly, present that content to consumers in an extremely compelling way through personalization, through search and discovery and through distribution, as Julia talked about.

我認為我們前進的方向是做我們一直在談論的所有事情，從市場角度關注增長，這意味著在我們的市場上獲得消費者最想要的、有吸引力的、面對面的、超級的庫存-相關的、本地的、引人入勝的內容，將其帶到平台上。其次，正如朱莉婭所說，透過個人化、搜尋和發現以及分發，以極具吸引力的方式向消費者展示內容。

So as we go forward, I think you'll see the sort of the gears of our model shift and flex a little bit with more growth coming from the consumer and paid ticket volume, and you're right, next year will not be as great of a year likely year-over-year on the take rate. We'll continue to have growth from ad revenue, which drives that. But the key going forward is really that paid ticket volume.

因此，隨著我們前進，我認為您會看到我們模型的齒輪類型發生了一些變化和彎曲，更多增長來自消費者和付費門票數量，您是對的，明年不會像現在這樣就採用率而言，今年可能是最好的一年。我們將繼續從廣告收入中獲得成長，這將推動這一成長。但未來的關鍵實際上是付費門票數量。

Got it. And then anything on the -- just to create the sequential creator growth that we could keep in mind timing on?

知道了。然後還有什麼——只是為了創造我們可以牢記時機的連續創作者成長嗎？

No, I think sequentially, coming off of the second quarter to the third quarter, we've seen a little bit seasonal pattern in the total creator numbers. And in the paid creators, we grew that -- I guess free creators and paid creators and total creators grew 10% plus year-over-year in the quarter. So we're happy with the growth that we saw, particularly in light of all the other changes that we're making in the marketplace, and pretty difficult performance at this time of year.

不，我認為從第二季度到第三季度，我們在創作者總數中看到了一些季節性模式。在付費創作者方面，我們有所成長——我猜免費創作者、付費創作者以及創作者總數在本季度同比增長了 10% 以上。因此，我們對所看到的成長感到滿意，特別是考慮到我們在市場上所做的所有其他變化，以及每年這個時候相當困難的表現。

As we have no further questions at this time, I will now turn the call over to Julia Hartz, Co-Founder and Chief Executive Officer, for closing comments.

由於我們目前沒有其他問題，我現在將把電話轉給聯合創始人兼執行長朱莉婭·哈茨 (Julia Hartz)，以徵求結束意見。

I wanted to make one final note before we close our call. Eventbrite is founded on the principle of providing a platform for all to organize event. And recently, there have been discussions regarding our policies on moderating event content. We want to emphasize that the vast majority of the 6 million events in the last year listed on our platform comply with the community guidelines in terms of service that we've made available on our website. However, in the rare instances where a more thorough review is needed, we handle each case with careful consideration.

在我們結束通話之前，我想做最後一點說明。 Eventbrite 成立的原則是提供所有人一個組織活動的平台。最近，人們就我們管理活動內容的政策進行了討論。我們想強調的是，去年我們平台上列出的 600 萬個活動中的絕大多數都遵守我們在網站上提供的服務方面的社群準則。然而，在極少數需要更徹底審查的情況下，我們會仔細考慮來處理每個案例。

Our mission is to foster constructive and respectful conversations by bringing people together in person to support a common cause or express their belief. However, we strongly prohibit using hate language, incitement or threat of harm in our community and at those events. We carefully consider our content moderation policies to ensure they align with our community value. If any events or activities violate these policies, we take prompt and appropriate action to maintain a safe and welcoming space for all.

我們的使命是透過將人們聚集在一起支持共同的事業或表達他們的信仰來促進建設性和尊重的對話。但是，我們強烈禁止在我們的社區和此類活動中使用仇恨語言、煽動或傷害威脅。我們仔細考慮我們的內容審核政策，以確保它們符合我們的社區價值觀。如果任何事件或活動違反這些政策，我們將立即採取適當的行動，為所有人維護一個安全、溫馨的空間。

Finally, regarding the allegations that terrorist organizations use our platform, we want to clarify that this is false. We firmly condemn terrorism and any event that support it are removed from our platform.

最後，關於恐怖組織使用我們平台的指控，我們想澄清這是錯誤的。我們堅決譴責恐怖主義，並從我們的平台上刪除任何支持恐怖主義的活動。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that does conclude our conference for today.

謝謝。女士們、先生們，今天的會議到此結束。