Eventbrite Inc (EB) 2023 Q4 法說會逐字稿

Yes, good afternoon, and welcome to Eventbrite's fourth-quarter 2023 earnings call. My name is Katherine Chen, Head of Investor Relations. With us today are Julia Hartz, our Co-Founder and Chief Executive Officer; and Lanny Baker, our Chief Financial Officer.

是的，下午好，歡迎參加 Eventbrite 的 2023 年第四季財報電話會議。我叫凱瑟琳‧陳，投資人關係主管。今天與我們在一起的有我們的聯合創始人兼首席執行官 Julia Hartz；以及我們的財務長蘭尼貝克 (Lanny Baker)。

As a reminder, this conference call is being recorded, and will be available for replay on Eventbrite's Investor Relations website at investor.eventbrite.com. Please also refer to our Investor Relations website to find our shareholder letter announcing our financial results, which was released prior to the call.

謹此提醒，本次電話會議正在錄製中，並將在 Eventbrite 的投資者關係網站 Investor.eventbrite.com 上重播。另請參閱我們的投資者關係網站，以尋找我們在電話會議之前發布的宣布財務業績的股東信函。

Before I get started, I would like to remind you that during today's call, we'll be making forward-looking statements regarding future events and financial performance. We caution that such statements reflect our best judgment as of today, February 27, based on the 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.

在開始之前，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聲明。我們提醒您，此類陳述反映了我們截至今天2 月27 日基於我們目前已知的因素做出的最佳判斷，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。

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.

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函和向 SEC 提交的文件中標題為「前瞻性聲明」的部分。

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 any anticipated events, except as required by law.

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，或反映新資訊或任何預期事件的發生，除非法律要求。

During this call, we'll present adjusted EBITDA and adjusted EBITDA margin, 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.

在本次電話會議中，我們將介紹調整後的 EBITDA 和調整後的 EBITDA 利潤率，這是非 GAAP 財務指標。這些非公認會計準則財務指標並非依照公認會計原則編制，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。

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.

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.

現在，我將把電話轉給茱莉亞。

Thank you to everyone joining us to review our fourth quarter and fiscal 2023 results. We took bold action this year to accelerate our two-sided marketplace model. Success meant delivering audience growth to our creators, tapping into new and vast consumer opportunities, and driving increased financial returns for our business. I'm proud of the team for making progress on these priorities.

感謝大家與我們一起回顧我們第四季和 2023 財年的業績。今年我們採取了大膽的行動來加速我們的雙邊市場模式。成功意味著為我們的創作者帶來觀眾成長、挖掘新的、巨大的消費者機會，並為我們的業務帶來更高的財務回報。我為團隊在這些優先事項上的進展感到自豪。

Gross ticket sales totaled $3.6 billion in 2023 as we helped power the global experience economy. Our community grew to over 91 million people who love to go to events and nearly 1 million event creators who trusted Eventbrite to handle ticketing and promotion for over 5 million events last year.

我們協助推動全球體驗經濟，2023 年門票總銷售額達 36 億美元。去年，我們的社群已發展到擁有超過 9,100 萬名熱愛參加活動的人以及近 100 萬名活動創作者，他們信任 Eventbrite 可以處理超過 500 萬場活動的票務和促銷事宜。

We democratized online advertising for our creators with the widespread release of our marketing tools. For consumers, we helped to bring events to life with a richer and more personalized search and discovery experience. Our strong 25% top line growth for the year reflects our ability to serve ticketing, marketing, and event discovery needs.

透過廣泛發布我們的行銷工具，我們為創作者實現了網路廣告的民主化。對於消費者來說，我們透過更豐富、更個人化的搜尋和發現體驗幫助將事件栩栩如生。我們今年 25% 的營收強勁成長反映了我們滿足票務、行銷和活動發現需求的能力。

Looking ahead to 2024, we remain focused on our goal of becoming the go-to marketplace for shared experiences. Thanks to our thoughtful product investments, the creator experience became more differentiated than ever during 2023.

展望 2024 年，我們仍然專注於成為共享體驗的首選市場的目標。由於我們深思熟慮的產品投資，創作者體驗在 2023 年變得比以往更加差異化。

Our focus on generating demand has been a key driver in our marketplace transition. We've become a demand-generation partner by providing marketing tools to all of Eventbrite users. Over 75% of creators we surveyed already consider us a partner in boosting their event success. We believe our brand equity, consumer presence, and ability to influence that marketing outcomes will set us apart from other solutions.

我們對創造需求的關註一直是我們市場轉型的關鍵驅動力。透過向所有 Eventbrite 用戶提供行銷工具，我們已成為需求生成合作夥伴。我們調查的超過 75% 的創作者已經將我們視為促進他們活動成功的合作夥伴。我們相信，我們的品牌資產、消費者影響力以及影響行銷結果的能力將使我們在其他解決方案中脫穎而出。

We're happy with the progress made throughout the year on Eventbrite ads. Our team has worked tirelessly to support a record number of creators who are looking to promote their events in the marketplace. In response to feedback from our creators, we have introduced new ways to tailor event listings, resulting in better ad efficacy and accelerated sign-up rates.

我們對 Eventbrite 廣告全年的進展感到滿意。我們的團隊不知疲倦地工作，為希望在市場上推廣其活動的創作者提供了創紀錄的支持。為了回應創作者的回饋，我們引入了客製化活動清單的新方法，從而提高廣告效果並加快註冊率。

With the implementation of AI-powered event and marketing flows, we drastically decrease the time it takes to create an event listing and marketing campaign. We continue to find new ways to apply conversational AI to serve our customers' needs, and generative AI to make hosting an event intuitive and successful.

隨著人工智慧驅動的活動和行銷流程的實施，我們大大減少了創建活動清單和行銷活動所需的時間。我們不斷尋找新的方法來應用對話式人工智慧來滿足客戶的需求，並應用生成式人工智慧來使舉辦活動直觀而成功。

Each of these product areas focuses on addressing the most urgent need of creators -- to sell more tickets, and improve event success. In 2023, we better positioned our team to deliver that outcome for our customers by repurposing investment resources toward growth enablement. Earlier this year, we restructured our teams to reduce operations overhead.

每個產品領域都專注於滿足創作者最迫切的需求——銷售更多門票並提高活動成功率。2023 年，我們更好地定位我們的團隊，透過重新利用投資資源來促進成長，為我們的客戶提供這項成果。今年早些時候，我們重組了團隊以減少營運費用。

We outsource customer support functions to the Philippines to streamline operations, and scaled our development capacity in Spain and India. We believe this new operating mode will help us execute our proven ticketing playbook more efficiently. By doing this, we can focus on creating more value for our customers and also better target those creators in the future.

我們將客戶支援職能外包給菲律賓以簡化運營，並擴大了我們在西班牙和印度的開發能力。我們相信這種新的營運模式將幫助我們更有效地執行經過驗證的票務策略。透過這樣做，我們可以專注於為客戶創造更多價值，並在未來更好地瞄準這些創造者。

We've already witnessed the advantages of this strategy in our financial performance. Although monetization has increased, we've been able to maintain moderate operational expense growth by improving efficiency and cost management on a daily basis.

我們已經在我們的財務表現中見證了這一策略的優勢。儘管貨幣化有所增加，但我們仍然能夠透過每天提高效率和成本管理來維持適度的營運費用成長。

We aim to continue these gains this year, and strive to achieve even better results. Our decisions reflect our thoughtful transition to the two-sided marketplace model that we believe best serves creators and consumers and creates long-term value for our business. We've made strong progress on our product road map to support our marketplace repositioning over the past year.

今年我們的目標是繼續取得這些成果，爭取取得更好的成績。我們的決定反映了我們向雙向市場模式的深思熟慮的過渡，我們相信這種模式最能服務於創作者和消費者，並為我們的業務創造長期價值。過去一年，我們在產品路線圖上取得了巨大進展，以支持我們的市場重新定位。

Where we now see the biggest opportunities are in honing our go-to-market strategy and continuing to improve our consumer product experience. This means attracting and winning creators who value and amplify our differentiation. It also means enhancing personalization and search and discovery to delight consumers and increase engagement. These are our immediate priorities as we address pay ticket growth, and ensure each lever of our business positively reinforces our growth model.

我們現在看到最大的機會是磨練我們的市場策略並繼續改善我們的消費者產品體驗。這意味著吸引並贏得重視並擴大我們差異化的創作者。它還意味著增強個人化以及搜尋和發現，以取悅消費者並提高參與度。這些是我們解決薪資成長的當務之急，並確保我們業務的每個槓桿都積極強化我們的成長模式。

As we look forward, we plan to evolve our sales and marketing in 2024 to target the events we know our most valuable consumers seek, starting with nightlife. We plan to supplement our value proposition to win this inventory and increase our total addressable market by building new tools that our creators want -- like timed entry, and better business empowerment tools.

展望未來，我們計劃在 2024 年改進我們的銷售和行銷活動，以我們所知最有價值的消費者尋求的活動為目標，從夜生活開始。我們計劃透過建立我們的創作者想要的新工具（例如定時進入和更好的業務授權工具）來補充我們的價值主張，以贏得這個庫存並增加我們的總目標市場。

To make discovering events even easier, we plan to lean into distribution partnerships to put the right event in front of the right person at the right time wherever they are. To encourage repeat purchasing, we plan to evolve how consumers interact with our brand across all critical surface areas, starting with the consumer mobile app.

為了讓發現活動變得更加容易，我們計劃依靠分銷合作夥伴關係，將正確的活動在正確的時間呈現給正確的人，無論他們身在何處。為了鼓勵重複購買，我們計劃從消費者行動應用程式開始，改善消費者在所有關鍵領域與我們品牌互動的方式。

We plan to continue building trust in our marketplace for both creators and consumers by anticipating and protecting against fraud, as well as modernizing our support channels to deliver rapid problem resolution for more customers. We believe that our focus on driving demand for creators, coupled with our consumer roadmap, will yield great benefits for both sides of our marketplace and result in increased ticket growth.

我們計劃透過預測和防範欺詐，以及現代化我們的支援管道，為更多客戶提供快速問題解決方案，繼續為創作者和消費者建立對我們市場的信任。我們相信，我們對推動創作者需求的關注，加上我們的消費者路線圖，將為我們的市場雙方帶來巨大的利益，並導致門票增長的增加。

By leaning into our scale, trusted brand, and powerful operating model, we are confident that we can chart a path forward, which enriches live events, brings the world together through live experiences, and creates value for all stakeholders.

憑藉我們的規模、值得信賴的品牌和強大的營運模式，我們有信心能夠規劃出一條前進的道路，豐富現場活動，透過現場體驗將世界聚集在一起，並為所有利益相關者創造價值。

With that, I'll turn the call over to Lanny to discuss our financial performance and outlook.

接下來，我會將電話轉給蘭尼，討論我們的財務表現和前景。

Thank you Julia. I'll address financial highlights from the fourth quarter and full year before providing more detail on paid ticket performance and our actions there, and then I'll turn to our outlook.

謝謝朱莉婭。我將首先介紹第四季度和全年的財務亮點，然後提供有關付費門票業績和我們在這方面的行動的更多詳細信息，然後我將轉向我們的前景。

Shifting toward becoming a two-sided marketplace has led to meaningful changes in our financial results over the past year. First, we've grown non-ticketing revenue from 2%, to more than 10% of our revenue as of the fourth quarter of 2023. We've done this by deliberately delivering and extracting value associated with the demand generation we provide to creators.

雙向市場的轉變導致我們過去一年的財務表現發生了有意義的變化。首先，截至 2023 年第四季度，我們的非票務收入已從佔收入的 2% 增加到 10% 以上。我們透過故意交付和提取與我們為創作者提供的需求生成相關的價值來做到這一點。

Subscription and per event organizer fees totaled $6.6 million in the fourth quarter, as creators brought 1.4 million events to be ticketed in our marketplace during the quarter. Eventbrite ads revenue was $2.3 million in the fourth quarter, up 28% quarter-over-quarter, as the number of advertisers and spend per advertiser both grew to new highs. Collectively, demand generation -- embodied by marketing tools, organizer fees and Eventbrite ads revenue -- helped us reach a new revenue record in the fourth quarter, and we expect to build on this in 2024.

第四季訂閱費和每場活動組織者費用總計 660 萬美元，創作者在本季度為我們的市場帶來了 140 萬場活動門票。Eventbrite第四季廣告收入為230萬美元，季增28%，廣告商數量和每個廣告商的支出均創出新高。總的來說，需求產生（具體體現為行銷工具、組織者費用和 Eventbrite 廣告收入）幫助我們在第四季度創下了新的收入記錄，我們預計在 2024 年將在此基礎上再接再厲。

Second, we updated our ticketing and service fees in early 2023 to reflect prior product investments and align with industry norms. As a result, we have increased our ticketing take rate and enhanced revenue per ticket by more than 10% during 2023. These gains strengthen our ability to further invest in the consumer side of our marketplace.

其次，我們在 2023 年初更新了票務和服務費用，以反映先前的產品投資並符合行業規範。因此，我們在 2023 年提高了票務利用率，並將每張票的收入增加了 10% 以上。這些收益增強了我們進一步投資市場消費者方面的能力。

And third, the changes in monetization arising from our marketplace strategy have helped our margins reach new highs. Gross margin exceeded 70% for the first time during Q4 compared to 66% a year ago. Our adjusted EBITDA margin also improved. Excluding restructuring costs, reserve adjustments, and other items, we more than doubled our adjusted EBITDA margin year-over-year, reaching 12% for the full year 2023, with 40% of year-to-year revenue growth flowing through to adjusted EBITDA.

第三，我們的市場策略帶來的貨幣化變化幫助我們的利潤率達到了新高。第四季毛利率首次超過 70%，而去年同期為 66%。我們調整後的 EBITDA 利潤率也有所改善。不計重組成本、準備金調整和其他項目，我們的調整後 EBITDA 利潤率同比增長了一倍多，2023 年全年達到 12%，同比收入增長的 40% 流入調整後 EBITDA 。

These encouraging financial benefits arising from our marketplace strategy have to be considered in the overall context of our business however. And we've seen a near-term impact on paid ticket volume from the changes we've introduced.

然而，我們的市場策略所產生的這些令人鼓舞的經濟效益必須在我們業務的整體背景下加以考慮。我們已經看到我們推出的變化對付費門票量產生了短期影響。

Paid tickets were down 4% in the fourth quarter versus the prior year, even as total revenue was up 23% year to year to $88 million, which was the midpoint of our Q4 business outlook range. Paid ticket volume is expected to be lower year to year in the first quarter of 2024 as well. And this has been factored into our business outlook for the quarter and the full year.

儘管總營收年增 23% 至 8,800 萬美元（這是我們第四季業務前景範圍的中點），但第四季的付費門票較去年同期下降了 4%。預計 2024 年第一季的付費門票量也將年減。這已納入我們本季和全年的業務前景。

When organizer fees were widely implemented in September, October of 2023, this was the first time Eventbrite had imposed any charge associated with accessing our marketplace and our audience reach. The larger objective here was to shift our model and our go-to-market, and to reposition Eventbrite as a marketplace, delivering attendees for creators and serving up great live experiences for consumers.

當組織者費用於 2023 年 9 月、10 月廣泛實施時，這是 Eventbrite 首次收取與訪問我們的市場和受眾範圍相關的任何費用。這裡更大的目標是改變我們的模式和進入市場的方式，並將 Eventbrite 重新定位為一個市場，為創作者提供與會者並為消費者提供出色的現場體驗。

We continue to have conviction in this strategy, and we are focusing on attracting creators of high-quality events who seek audience growth, and showcasing the appealing events that feed strong consumer demand in order to improve paid ticket volume in 2024.

我們仍然堅信這項策略，專注於吸引尋求觀眾成長的高品質活動創作者，並展示滿足強勁消費者需求的有吸引力的活動，以提高 2024 年的付費門票量。

Nonetheless, we see recent paid ticket volume trends having a near-term impact, and I want to turn to what this means for our immediate operating priorities, and then our business outlook for the coming year. We are pursuing three main levers to improve pay ticket growth. And in a marketplace mode, these efforts play on and reinforce each other.

儘管如此，我們看到最近的付費門票量趨勢會產生短期影響，我想談談這對我們當前的營運重點以及我們來年的業務前景意味著什麼。我們正在尋求三個主要槓桿來提高薪資成長。在市場模式下，這些努力相互影響、相互促進。

First, highly visible, high volume, in-demand events are central to our marketplace, and we have focused inbound and outbound sales to target these strategic accounts. Our sales team closed 24% more new accounts in the second half of 2023 than in the same period last year. And that momentum remains strong in early 2024. With changes we've made to monetization, we can be very competitive and profitable in the sales channel today, and we're leaning in here.

首先，引人注目、數量大、需求旺盛的活動是我們市場的核心，我們將入站和出站銷售的重點放在這些策略客戶身上。我們的銷售團隊在 2023 年下半年關閉的新客戶比去年同期增加了 24%。到 2024 年初，這股勢頭依然強勁。透過我們對貨幣化所做的改變，我們今天在銷售管道中具有非常強的競爭力和盈利能力，而且我們正在向這裡傾斜。

Next, we're focused on the Self-Sign On channel, and making adjustments to move past what we believe is a temporary disruption in creator acquisition tied to the implementation of organizer fees. We intend to improve landing pages and sign-up flows; better explain and simplify our new pricing tiers through product marketing; and in some cases, adjust pricing. For instance, introducing annual plans for institutions that prefer to be billed in advance, and new rates for nonprofits.

接下來，我們將重點放在自簽名管道，並進行調整，以克服我們認為與實施組織者費用相關的創作者獲取暫時中斷的情況。我們打算改善登陸頁面和註冊流程；透過產品行銷更好地解釋和簡化我們的新定價層級；在某些情況下，調整定價。例如，為喜歡提前計費的機構引入年度計劃，以及為非營利組織引入新費率。

Then on the consumer side, our near term priorities are elevating the visibility of top events, either via Eventbrite ads or through algorithm updates. We're also steering users to the personalization and ease of our mobile app, and investing in SEO and distribution partnerships to expand top of funnel traffic.

然後在消費者方面，我們近期的首要任務是透過 Eventbrite 廣告或演算法更新來提高熱門事件的可見度。我們還引導用戶使用我們的行動應用程式的個人化和易用性，並投資於搜尋引擎優化和分銷合作夥伴關係以擴大漏斗頂部的流量。

Combined, these actions are expected to improve paid ticket volume growth as the year unfolds. Based on current information, we anticipate revenue of $359 million to $372 million for full year 2024. The midpoint of that range would equate to 12% revenue growth over 2023.

結合起來，這些行動預計將在今年提高付費門票量的成長。根據目前的訊息，我們預計 2024 年全年營收為 3.59 億美元至 3.72 億美元。該範圍的中點相當於 2023 年營收成長 12%。

For the first quarter of 2024, our business outlook anticipates revenue in a range of $84 million to $87 million, or 10% year-to-year revenue growth at the midpoint for the first quarter. There are a number of assumptions reflected in our quarterly and full year revenue outlook, including the following.

對於 2024 年第一季度，我們的業務展望預計營收在 8,400 萬美元至 8,700 萬美元之間，即第一季中點營收年增 10%。我們的季度和全年收入展望反映了許多假設，包括以下內容。

Paid ticket volume is expected to be lower year to year in the first half and down slightly to up modestly for the full year. As comparisons become easier, we move beyond the initial marketplace changes and we execute on our product, marketing, and sales priorities.

預計上半年付費票券量將年減，全年付費票券量將小幅下降至小幅上升。隨著比較變得更加容易，我們超越了最初的市場變化，並執行我們的產品、行銷和銷售優先事項。

Average ticket prices are expected to increase low single digits year over year, providing a similar sized benefit to ticketing revenue on top of the volume dynamics just described. Organizer fees will cycle fully into revenue for the first time in Q1, Q2, and Q3 of 2024, and are anticipated to contribute to revenue growth for the full year in the process.

平均門票價格預計將逐年增長低個位數，除了剛才描述的銷售動態之外，還將為門票收入帶來類似規模的收益。主辦單位費用將在 2024 年第一季、第二季和第三季首次完全轉化為收入，預計在此過程中將有助於全年收入成長。

And Eventbrite ads revenue is expected to scale further as we improve reach, targeting, and efficiency, and realize higher adoption rates among creators.

隨著我們提高覆蓋範圍、定位和效率，並實現更高的創作者採用率，Eventbrite 廣告收入預計將進一步擴大。

We plan to manage expenses tightly to focus on improving paid tickets and executing the marketplace strategy. We anticipate adjusted EBITDA margins in the low-to-mid 10s for the year 2024. Again, excluding potential impact from reserve adjustments and other items.

我們計劃嚴格管理費用，專注於改善付費門票和執行市場策略。我們預計 2024 年調整後 EBITDA 利潤率將在 10 左右。再次排除準備金調整和其他項目的潛在影響。

Product and development expenses, which as a percentage of revenue are already in line with our long-term model, are expected to grow faster than revenue for the full year as we build out consumer and marketplace functionality. Sales, marketing, and support expenses, which grew rapidly in the second half of 2023 in support of the marketplace shift, are expected to grow modestly quarter over quarter during 2024, and we plan to manage general and administrative expenses as tightly as possible in order to drive operating leverage.

產品和開發費用佔收入的百分比已經符合我們的長期模型，隨著我們建立消費者和市場功能，預計全年的成長速度將快於收入。為支持市場轉變，銷售、行銷和支援費用在 2023 年下半年快速成長，預計在 2024 年逐季溫和成長，我們計劃盡可能嚴格管理一般和管理費用，以便推動營運槓桿。

Stock-based compensation is a focus as we make progress toward profitability. As we've shifted more teams to new locations and substituted other forms of incentive and reward, SBC as a percentage of revenue declined by three percentage points in 2023 versus 2022. And we plan to take more steps to continue that progress in 2024 and beyond.

隨著我們在獲利方面取得進展，以股票為基礎的薪酬是一個重點。隨著我們將更多團隊轉移到新地點並取代其他形式的激勵和獎勵，2023 年 SBC 佔收入的百分比比 2022 年下降了三個百分點。我們計劃在 2024 年及以後採取更多措施繼續取得這項進展。

In summary, we had a solid 2023, in which we achieved our overall financial objectives as we made significant strides in our marketplace strategy. In the process, we introduced changes in our go-to-market that we believe are both necessary and appropriate to unlock Eventbrite's full potential. That potential lies in doing more for creators than ticketing and payment processing, and it centers on leveraging our unmatched scale, our brand recognition, and technical capabilities to attract consumers and drive demand for creators' events.

總而言之，我們的 2023 年表現穩健，隨著我們在市場策略方面取得重大進展，我們實現了整體財務目標。在這個過程中，我們對市場推廣進行了一些改變，我們認為這些改變對於釋放 Eventbrite 的全部潛力是必要且適當的。這種潛力在於為創作者做更多的事情，而不僅僅是票務和支付處理，它的核心是利用我們無與倫比的規模、品牌認知度和技術能力來吸引消費者並推動創作者活動的需求。

We are fully focused on returning to paid ticket volume growth as we execute our strategy. I'll now turn the call to the operator for Q&A.

在執行我們的策略時，我們完全專注於恢復付費門票數量的成長。我現在將把電話轉給接線員進行問答。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Hi. Thank you very much. A couple of questions from me. Maybe one on the -- on creator retention. Is that is that the metric that's being affected, or is it the new creator sign-ups that is more affected because of the increase in take rate?

你好。非常感謝。我有幾個問題。也許是關於創作者保留的。這是受到影響的指標，還是新的創作者註冊由於採用率的增加而受到更大的影響？

And the other is a related question. So with the with your efforts focused on sort of getting the paid creators that have more in-demand events, how long do you think that effort has to be in place for it to kind of start showing up in the numbers and moving the needle?

另一個是相關的問題。因此，隨著您的努力集中在吸引擁有更多熱門活動的付費創作者上，您認為這種努力必須到位多久才能開始出現在數字中並取得進展？

Thanks for your question. I'll address the first one, which was around retention and the impacts of the introduction of organizer fees, sorry. When we introduced the organizer fees, we anticipated that there would be some near-term impact in the marketplace.

謝謝你的提問。我將解決第一個問題，即關於保留和引入組織者費用的影響，抱歉。當我們引入組織者費用時，我們預計會對市場產生一些短期影響。

We did this in mind, recognizing that there was a likely near term opportunity cost to ticket volume and greater growth. But on the other side of that, there was the long-term benefit of extracting value for the investments we've made -- significant investments -- in the performance of the product, and the strength of the brand, the trust and safety of our marketplace, and really, most importantly, the demand generation that we bring to events on the platform.

我們考慮到了這一點，認識到門票量和更大增長可能存在近期機會成本。但另一方面，我們在產品性能、品牌實力、客戶的信任和安全方面所做的投資（重大投資）也能帶來長期利益。來的需求。

And we've seen that, and the impact in the short term has been some churn of creators who, for the first time, have faced fees to list their events on Eventbrite. It's impacted our self sign-on acquisition funnel. As we talked about, we're taking steps to improve the clarity of our messaging, the marketing on the self-sign on side, and in time we believe will return to the kind of growth that we've seen in the past.

我們已經看到了這一點，短期內的影響是一些創作者的流失，他們第一次需要支付費用才能在 Eventbrite 上列出他們的活動。它影響了我們的自登入獲取管道。正如我們所討論的，我們正在採取措施提高資訊的清晰度和自簽名行銷，我們相信最終會恢復到我們過去看到的那種增長。

I want to point out that and we certainly have seen of the vast majority of creators embrace our organizer fees. And one surprise for us has been that there has been stronger adoption of the subscription version of those organizer fees, than the a-la-carte event by event organizer fees. And we take that to be a reflection of the partnership that is established between Eventbrite and those creators of events on our platform.

我想指出的是，我們當然已經看到絕大多數創作者接受我們的組織者費用。讓我們感到驚訝的是，與按活動組織者收費的點菜活動相比，訂閱版本的組織者費用得到了更廣泛的採用。我們認為這反映了 Eventbrite 與我們平台上的活動創建者之間建立的合作夥伴關係。

On the strategic inventory side, in terms of the paid creators, it's more in-demand events. This is really seen through both channels -- self-sign on and sales. And while our sales efforts are focused on a smaller number of creators who are hosting larger events in top tier metros based on aggregate consumer data that we can mine to look for things that we know people will want to do, the beauty of this business is that we also see high-quality consumer popular inventory coming through our self-sign on channel, which is very much lower cost of acquisition channel.

在策略庫存方面，就付費創作者而言，更多的是按需活動。這確實可以透過兩個管道看到——自我登入和銷售。雖然我們的銷售工作主要集中在少數創作者身上，他們根據匯總的消費者數據在頂級都市舉辦大型活動，我們可以挖掘這些數據來尋找我們知道人們想做的事情，但這項業務的美妙之處在於我們也看到高品質的消費者流行庫存透過我們的自簽名管道而來，這是獲取成本低得多的管道。

And so combined when we think across both of those channels and then we look at the market through metros, and again, through the consumer data that we have, we're starting to get better at merchandising those events, making sure they are highly listed in any discovery or browse surface, and then also engaging those customers to be buying ads on the site so that those promoted listings are again, front and center.

因此，當我們考慮這兩個管道，然後透過地鐵審視市場，並再次透過我們擁有的消費者數據時，我們開始更好地推銷這些活動，確保它們被高度列出在任何發現或瀏覽介面中，然後也吸引這些客戶在網站上購買廣告，以便這些促銷清單再次成為首要和中心。

This is a flywheel approach to a marketplace that's not uncommon, but it's pretty early days for us to be oriented this way. And so I would say that we will get better and better at finding that signal throughout the year.

這是一種進入市場的飛輪方法，並不罕見，但我們以這種方式定位還為時過早。所以我想說，我們在這一年裡會越來越好找到這個訊號。

And then we also see a latency of about 45 days on average between when a customer puts their tickets on sale and when that event happens. So roughly speaking, across all of our events, it's a pretty fast feedback loop. And what we found is that we can then take the data of what's selling and what's working, and reorient our sales and our marketing efforts towards finding more of those creators in again, the metrics that we really care about.

我們還發現，從客戶出售門票到活動發生之間，平均存在約 45 天的延遲。粗略地說，在我們所有的活動中，這是一個相當快速的回饋循環。我們發現，我們可以獲得正在銷售和有效的數據，並重新調整我們的銷售和行銷工作，以再次找到更多的創作者，這是我們真正關心的指標。

Thank you.

謝謝。

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Okay. Thank you so much. So maybe just to follow up on that line of questioning in event pay tickets. Maybe you can just help us trying to reconcile the growth that you saw in paid events. I think that was up 2% growth, in paid creators that was up 3%, but paid ticket was down 4%. Does that imply that you guys saw a bigger churn on the maybe larger creators and maybe larger events?

好的。太感謝了。所以也許只是為了跟進活動付費門票中的問題。也許您可以幫助我們嘗試協調您在付費活動中看到的成長。我認為成長了 2%，付費創作者成長了 3%，但付費門票下降了 4%。這是否意味著你們看到更大的創作者和更大的活動發生了更大的流失？

And then maybe as even as you added more events, maybe smaller events and maybe smaller venues, et cetera. So maybe just help us maybe work through that or understand that better.

然後也許你會添加更多的活動，也許是更小的活動，也許是更小的場地，等等。所以也許只是幫助我們解決這個問題或更好地理解它。

And then, Lanny, in the past, you had spoken about adjusted EBITDA margins being north of 20% by the fourth quarter -- by end of 2024, I think. Does that guide still hold? Is that still contemplated in your annual guide as we look at linearity of margin improvements throughout the year? Thank you.

然後，蘭尼，您過去曾談到，到第四季度（我認為到 2024 年底），調整後的 EBITDA 利潤率將超過 20%。那個指南還有效嗎？當我們研究全年利潤率改善的線性時，你們的年度指南中是否仍然考慮到了這一點？謝謝。

Yes. I can start from that paid ticket side. So you know, when we rolled out our new market place fees, we expected that there would be some shift in the size of events that are happening on the platform. Actually, we haven't seen as much change as we had originally anticipated, and we're really tightly wired to understand the changes and be able to react accordingly.

是的。我可以從付費票那一側開始。所以你知道，當我們推出新的市場費用時，我們預期平台上發生的事件規模會發生一些變化。事實上，我們並沒有看到像我們最初預期的那麼多的變化，而且我們確實非常了解這些變化並能夠做出相應的反應。

But I do think that we have seen some -- right now, as we're speaking, there is this adjustment or transition that's happening because we are, for the first time, charging a fee for the marketing tools and demand-generation tools that we offer to our customers. And we're continuing to build momentum behind that demand generation value prop as we go to market more explicitly with it.

但我確實認為我們已經看到了一些——現在，正如我們所說，正在發生這種調整或轉變，因為我們第一次對行銷工具和需求產生工具收取費用。當我們更明確地進入市場時，我們將繼續在需求創造價值支柱背後建立動力。

So we're dedicating our go to market motions toward the popular and in demand events that I just spoke about, and we're also taking actions to increase the trust and safety in our marketplace. So making sure that fraudulent events aren't in the marketplace, make it really building the well-lit marketplace that we know we want to scale.

因此，我們將進入市場的動議專門針對我剛才談到的受歡迎和需求的活動，並且我們還採取行動來提高市場的信任和安全性。因此，確保市場中不存在詐欺事件，才能真正建構我們想要擴大規模的光明市場。

So what are we doing about the obvious, yes, paid ticket differences or slowdown right now? We're rolling out marketing tools and really focusing on making sure that all of our creators now that they have access to these marketing tools, know the benefits and are adopting the tools. We're about mid-10s percentage of creators using these tools, and we continue to see that creators using the marketing tools are significantly outperforming on a same-store basis -- roughly 60% or so increase.

那麼，我們現在正在採取什麼措施來應對明顯的付費機票差異或放緩呢？我們正在推出行銷工具，並真正專注於確保我們所有的創作者現在都可以使用這些行銷工具，了解其好處並正在採用這些工具。使用這些工具的創作者比例約為 10 左右，而且我們繼續看到使用行銷工具的創作者在同店基礎上的表現明顯優於 - 大約增加了 60% 左右。

We're also making strides in our demand-generation messaging to our customers. We recently ran a survey across our customer base and 75% of creators we surveyed view us as a demand-generation partner. So that's great on positioning. And then now we're focusing our heightened emphasis on head inventory.

我們在向客戶傳遞需求資訊方面也取得了長足的進步。我們最近對客戶群進行了一項調查，75% 的受訪創作者將我們視為需求產生合作夥伴。所以這對定位很有幫助。現在我們更加重視頭部庫存。

So we expanded our sales team by 50% in the second half of last year, and that sales team has closed 24% more customers in the second half year over year. We're seeing that momentum continue into the early part of this year. So deals that we have targeted and closed, are again, are focused on top metros --so San Francisco, New York, London, LA, et cetera -- and these deals are on average, 15% larger already than the prior three quarters of the year.

因此，去年下半年我們的銷售團隊規模擴大了 50%，而該銷售團隊在下半年的客戶數量較去年同期增加了 24%。我們看到這種勢頭持續到今年年初。因此，我們瞄準並完成的交易再次集中在頂級都會區——舊金山、紐約、倫敦、洛杉磯等——這些交易平均比前三個季度增加了 15%今年的。

So there is some good momentum we can definitely lean in there more. We can remain disciplined and close profitable sales deals because we have the benefit of this demand-generation capability. Because we have the scale, and because we can show these customers that we can help them sell more tickets.

因此，我們絕對可以進一步依靠一些好的勢頭。我們可以保持紀律並完成有利可圖的銷售交易，因為我們受益於這種需求產生能力。因為我們有規模，而且因為我們可以向這些客戶展示我們可以幫助他們賣出更多門票。

So I have a lot of confidence in us being able to increase paid ticket sell-through on Eventbrite by doing two things really well. Creating better opportunity for this highly popular event content to sell out; and second, being able to increase our retention and engagement of consumers. And that's an area of investment for us, particularly through the mobile app.

因此，我對我們能夠透過做好兩件事來增加 Eventbrite 上的付費門票銷售量充滿信心。為這非常受歡迎的活動內容創造更好的銷售機會；其次，能夠提高消費者的保留率和參與度。這對我們來說是一個投資領域，特別是透過行動應用程式。

With respect to the EBITDA margins, our long-term target is 20% or better and we can control the EBITDA margin. And we do believe that's in our future. We've made considerable progress over the last year and really over the last three years on the profitability of the company. Our current outlook on 2024 does not anticipate us getting to that 20% target during this year.

對於EBITDA利潤率，我們的長期目標是20%或更好，我們可以控制EBITDA利潤率。我們確實相信這就是我們的未來。在過去的一年和過去的三年裡，我們在公司的獲利能力方面取得了長足的進步。我們目前對 2024 年的展望並不認為我們會在今年實現 20% 的目標。

The way that we will get there is by resuming stronger core ticketing growth. We've built a much more efficient engine. Revenue per ticket, gross profit per ticket, is stronger today than it's ever been and then blending in more of the high-margin non ticketing revenue from organizer fees and advertising and the like.

我們實現這一目標的方法是恢復更強勁的核心票務成長。我們建造了一個更有效率的引擎。如今，每張門票的收入、每張門票的毛利比以往任何時候都要強勁，而且還融入了更多來自組織者費用和廣告等的高利潤非票務收入。

We'll control corporate overhead, and we'll utilize the lower-cost locations that we've built into our system around the world to continue to drive long-term margin expansion. In the meantime, we will also continue to invest in our product, and our marketing, and our sales. And so that long-term target is still within -- we have a line of sight to that, but it will not happen in 2024.

我們將控制公司管理費用，並將利用我們在全球系統中建立的低成本地點來繼續推動長期利潤率擴張。同時，我們也將繼續投資於我們的產品、行銷和銷售。因此，長期目標仍然在我們的視線之內，但它不會在 2024 年實現。

Okay. Thank you both.

好的。謝謝你們倆。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thank you. This is Sergio on for Justin. So a few questions for us.

偉大的。謝謝。這是賈斯汀的塞爾吉奧。有幾個問題想問我們。

On the 2024 guidance on the revenue growth on the guidance implies some deceleration there. So just hoping you could give us some detail on what gives you confidence in these demand-generation products, and the reaccelerating ticket growth. I think you mentioned that three priorities earlier in the prepared remarks. So maybe if you could provide more color there and what gives you confidence?

關於 2024 年收入成長的指導，該指導意味著存在一定程度的減速。因此，希望您能給我們一些詳細信息，說明是什麼讓您對這些需求生成產品以及重新加速的門票增長充滿信心。我認為您在之前準備好的發言中提到了三個優先事項。那麼，也許您可以在那裡提供更多顏色，什麼給您信心？

And then on the -- follow-up on the lower ticket volume, slower growth from the organizer fees. Just wondering how that has played out versus your expectations? And on anything you could maybe provide on how you plan to show the value, and introducing these new tools to these advertisers.

然後是——門票量下降、主辦單位費用成長放緩的後續情況。只是想知道這與您的預期相比效果如何？您可以提供有關您計劃如何展示價值的任何內容，並向這些廣告商介紹這些新工具。

Have these advertisers either churned, or are filling the friction to sign up? So how you're just functionally putting the product in front of them for them to try, thank you.

這些廣告商是否已經流失，或是正在填補註冊的障礙？那麼，您如何將產品功能性地放在他們面前供他們嘗試，謝謝。

Sure, thank you for the questions. So on our demand generation proposition and really what we're focusing on for our creators, we come into this year with two very distinct value propositions that we really haven't had in the past. So think about marketing tools, the ability for creators to use our aggregate consumer data to build look-alike audiences and deploy social paid advertising effectively.

當然，謝謝你的提問。因此，就我們的需求生成主張以及我們真正關注的創作者而言，今年我們提出了兩個非常獨特的價值主張，這是我們過去從未有過的。因此，請考慮行銷工具，即創作者利用我們匯總的消費者資料來建立相似受眾並有效部署社交付費廣告的能力。

And you imagine that we can increase the surface area options for those ads were seeing 5x to 6x ROA on the product already, and much stronger adoption now that we are offering it across the board. We've seen mid-10s adoption so far, and we've only been in market for a few months.

您可以想像我們可以增加這些廣告的表面積選項，我們已經在產品上看到了 5 倍到 6 倍的 ROA，而且現在我們全面提供它，採用率也更高。到目前為止，我們已經看到了十多歲的採用率，而我們進入市場才幾個月。

So we think that there is some considerable upside in helping creators become better marketers, and look to Eventbrite help them spend their marketing budget, which is typically 40% to 50% of the face value of their ticket. We see the strengthening of our own gross margins in offering features like Eventbrite ads. We are targeting our highest value creators, both with ticketing and advertising for the first time in the company's history.

因此，我們認為幫助創作者成為更好的行銷人員有相當大的好處，並希望 Eventbrite 幫助他們花費行銷預算，這通常是門票面額的 40% 到 50%。我們看到，透過提供 Eventbrite 廣告等功能，我們自己的毛利率得到了加強。我們將票務和廣告的目標瞄準了最高價值的創造者，這在公司歷史上是第一次。

So as we improve things like consumer traffic, and relevance and personalization, we improve consumer engagement and we expand the ad inventory options throughout the Eventbrite discovery experience. That's also going to boost the adoption of Eventbrite ads, which is a much stronger gross profit product for us.

因此，當我們改善消費者流量、相關性和個人化等方面時，我們就會提高消費者參與度，並在整個 Eventbrite 發現體驗中擴展廣告庫存選項。這也將促進 Eventbrite 廣告的採用，這對我們來說是一個更強勁的毛利產品。

So all told, marketing tools and Eventbrite ads is already about 10% of our revenue mix. As we continue to scale paid ticketing, we think that combination is pretty killer, and that's what gives me confidence for this year and beyond.

總而言之，行銷工具和 Eventbrite 廣告已經約占我們收入組合的 10%。隨著我們繼續擴大付費票務規模，我們認為這種組合非常具有殺傷力，這給了我今年及以後的信心。

And thinking about the ticket volume impact and the introduction of organizer fees, we weighed carefully the short term opportunity cost of some disruption to our ticket volume against, as I said earlier, the long-term value of extracting more for the investment we've made in our product and for the demand generation that we drive.

考慮到門票量的影響和引入組織者費用，我們仔細權衡了門票量受到一定影響的短期機會成本，以及正如我之前所說的，為我們的投資獲取更多收益的長期價值。為了滿足我們所推動的需求而製造的。

In the fourth quarter, that revenue balance, if you look at the paid tickets, perhaps the negative impact on paid tickets versus the additional revenue from organizer fees, it was a positive trade-off for us on a revenue dollar for dollar revenue in the fourth quarter, and it will be so again in the first quarter of this year. And those organizer fees are higher margin revenues than the ticketing revenue.

在第四季度，收入平衡，如果你看看付費門票，也許是付費門票的負面影響與組織者費用的額外收入相比，這對我們來說是一個積極的權衡，以美元收入換取美元收入第第四季如此，今年第一季也將如此。這些組織者費用的利潤收入高於門票收入。

Now, most importantly, we will rebuild the strength of the paid ticket volume, and we'll get paid ticket volume back to growth through the things that we talked about. And as we do, that will come with the improved monetization of the model overall that is earning us credit for the demand generation the tools we're providing that're helping creators with their success.

現在，最重要的是，我們將重建付費門票量的實力，透過我們所討論的事情，我們將讓付費門票量恢復成長。正如我們所做的那樣，這將伴隨著整個模型貨幣化的改進，這將為我們贏得需求生成的信譽，我們提供的工具正在幫助創作者取得成功。

Dae Lee, JPMorgan.

大李，摩根大通。

Great. Thanks for taking the question. Back to the personal, and I know you address this on the call already. But how far along are you guys in cycling through some of these some organizer fee introduction related problems? And secondly, I mean, it seems like, organizer fees, as long as the creators of using all of the features that come with it, it's good value for them. Sort of wondering like why do you think some creators aren't fully utilizing from some of the features that come come along with it?

偉大的。感謝您提出問題。回到個人問題，我知道您已經在電話中談到了這個問題。但是，你們在解決這些與組織者費用介紹相關的問題上走了多遠？其次，我的意思是，組織者費用似乎是，只要創作者使用它附帶的所有功能，這對他們來說是很有價值的。有點想知道為什麼你認為有些創作者沒有充分利用它附帶的一些功能？

Its it just a matter of not just realizing it's there or is there something else related to that?

這只是一個不只是意識到它的存在的問題還是有其他與之相關的事情？

And then in terms of the paid ticket volume growth trends, are you seeing any changes in the competitive landscape that's affecting that as well? Thank you.

那麼就付費門票量成長趨勢而言，您是否看到競爭格局發生了任何變化，從而對其產生影響？謝謝。

Okay. With the introduction of the organizer fees, yes, I think from the creators perspective, this is the first time that there has been a fee associated with listing your event on Eventbrite. And that has there's some natural market digestion with that.

好的。隨著主辦單位費用的推出，是的，我認為從創作者的角度來看，這是第一次在 Eventbrite 上列出您的活動需要付費。這有一些自然的市場消化。

The vast majority of creators have, as you said, paid very affordable fees and stayed on the platform to continue to produce events and sell tickets. And there has been some impact.

正如您所說，絕大多數創作者支付了非常實惠的費用，並留在平台上繼續製作活動和出售門票。並且已經產生了一些影響。

It's been greater on the free ticket side where Eventbrite has been free in all respects in the past. And today we have a fee to list even free events, and we believe we'll cycle through this introduction of the organizer fees. So I think it will probably take up, we feel, throughout the first quarter into the second quarter, and we'll be able to cycle past this disruption into the second half of this year.

免費門票方面的表現更好，Eventbrite 過去在各方面都是免費的。今天，我們甚至要收取費用才能列出免費活動，我們相信我們將循環介紹組織者費用。因此，我認為，我們認為，這可能會持續整個第一季到第二季度，我們將能夠渡過這種幹擾，直到今年下半年。

And then on the feature side, in terms of adoption of marketing tools and Eventbrite ads, I really think that's a combo of us continuing to strengthen our demand gen messaging, and certainly with our recent creator survey showing that the vast majority of our creators surveyed agree that we help them sell tickets, we think that's a good leading indicator that we can continue to connect them with the tools that they need to not only become better marketers themselves -- because frankly, they know their communities.

然後在功能方面，就行銷工具和 Eventbrite 廣告的採用而言，我真的認為這是我們繼續加強需求產生訊息傳遞的組合，當然，我們最近的創作者調查顯示，絕大多數創作者接受了調查同意我們幫助他們賣票，我們認為這是一個很好的領先指標，表明我們可以繼續將他們與他們所需的工具聯繫起來，不僅使他們自己成為更好的營銷人員- 因為坦率地說，他們了解他們的社區。

So they should be the ones as super heroes, but also to understand that they can unlock the value of buying a promoted listing space and essentially through Eventbrite ads in the marketplace. I think it's awareness, and then it's building trust by showing results.

因此，他們應該是超級英雄，但也要明白，他們可以釋放購買促銷清單空間的價值，本質上是透過市場上的 Eventbrite 廣告。我認為這是意識，然後透過展示結果來建立信任。

And so we are contemplating different ways to be able to allow our creators to test these tools, so we have a free trial today with our Pro subscription. We'll also look to see if we can incentivize our larger creators and the creators of popular consumer inventory to be leveraging these tools and on a free trial basis to induce adoption of the tools.

因此，我們正在考慮採用不同的方式來讓我們的創作者測試這些工具，因此今天我們可以透過 Pro 訂閱進行免費試用。我們還將研究是否可以激勵較大的創作者和流行消費者庫存的創作者利用這些工具並在免費試用的基礎上吸引人們採用這些工具。

In terms of the ticket volume trends that we're seeing and any any changes in the competitive landscape, no major changes have occurred other than us observing that some of the mid-market sales-driven companies continue to slow down and be challenged because the unprofitable nature of the deals are closing are starting to wear their balance sheets.

就我們所看到的門票量趨勢以及競爭格局的任何變化而言，除了我們觀察到一些中端市場銷售驅動的公司繼續放緩並受到挑戰之外，沒有發生重大變化，因為即將完成的交易的無利可圖性質開始磨損其資產負債表。

We are leaning in and being very thoughtful, very aggressive, but also disciplined. We run a profitable sales model. We think we have the best platform and technology out there. We think, combined with our marketplace value proposition, and ability to drive demand, we are the superior solution.

我們正在努力，非常深思熟慮，非常積極進取，但也遵守紀律。我們運行盈利的銷售模式。我們認為我們擁有最好的平台和技術。我們認為，結合我們的市場價值主張和推動需求的能力，我們是卓越的解決方案。

So we're going back out and into the market to engage customers that we know well, customers that we're new, and I'm really excited about some of our wins. We recently partnered and closed Bar Pop in Perth, Australia; Gingerline in London; and the Calgary Folk Festival. And this is all within the last few weeks.

因此，我們將重返市場，吸引我們熟悉的客戶和新客戶，我對我們的一些勝利感到非常興奮。我們最近在澳洲珀斯合作並關閉了 Bar Pop；倫敦的 Gingerline；和卡加利民俗節。而這一切都是在過去幾週內發生的。

These are indicative of the customers that we'll continue to engage in. We're going to be fierce competition for especially entertainment, nightlife, and music in the metros we really care about.

這些顯示我們將繼續接觸的客戶。我們將在我們真正關心的地鐵裡，尤其是娛樂、夜生活和音樂方面展開激烈的競爭。

Understood. Thank you.

明白了。謝謝。

Cameron Manson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Thanks. Hi, everyone. Aew, if I can. First, you haven't mentioned it, so I'm assuming that the answer is no to this, but I am curious if consumer demand, if you're seeing any softness there reflected in the paid ticket growth?

謝謝。大家好。哇，如果可以的話。首先，你沒有提到這一點，所以我假設答案是否定的，但我很好奇消費者需求是否會在付費門票成長中反映出來？

And then on the margin trajectory, as we think about into next year, I think aa ads and organizer fees continue to scale that take rate and gross margins would improve off of 4Q levels. You just did a 68% gross margin on full-year '23.

然後，在利潤率軌跡上，正如我們對明年的考慮，我認為廣告和組織者費用繼續擴大，收入率和毛利率將比第四季度的水平有所改善。您剛剛在 23 年全年實現了 68% 的毛利率。

So you see a couple of basis points, I think, at least -- or say a couple of hundred basis points -- of improvement, I think year over year going into '24 to help you kind of deliver that 12% to low to mid-10s adjusted EBITDA guidance for the year.

因此，我認為，你至少會看到幾個基點——或者幾百個基點——的改進，我認為進入 24 年，年復一年可以幫助你實現 12% 的低至本年度10 年代中期調整後的EBITDA 指引。

I just want to make sure I'm thinking about that right. It seems like even outside of OpEx, there should be 200 bips of tailwind there on the margin trajectory.

我只是想確保我的想法是正確的。看來即使在營運支出之外，利潤率軌跡上也應該有 200 個基點的順風。

And then I was wondering if you could help contextualize the 91 million people buying on the platform this year. Sorry if I missed it, but curious how much that was up year-over-year? And then as we think about your focus on demand gen, where do you think that can go over time? Thanks.

然後我想知道您是否可以幫助了解今年在該平台上購物的 9,100 萬人。抱歉，如果我錯過了，但好奇同比增長了多少？然後，當我們考慮您對需求產生的關注時，您認為隨著時間的推移，這會走向何方？謝謝。

Right. So on the consumer demand side, we are seeing steady resilient growth in consumer interest. And I think that was indicative of the very broad nature of the inventory on our platform. We really benefit from being the largest mid-market ticketing marketplace that has multiple categories, multiple geos, and with 5 million events, there's a lot of variety in there. And we still see the mid-market as strong and growing.

正確的。因此，在消費者需求方面，我們看到消費者興趣穩定成長。我認為這表明我們平台上的庫存非常廣泛。作為最大的中端市場票務市場，我們確實受益匪淺，該市場擁有多個類別、多個地理位置，並且擁有 500 萬個活動，種類繁多。我們仍然認為中端市場強勁且不斷成長。

Consumer purchasing power is resilient, with the average ticket price being about $40, we'll continue to keep very close eye on consumer trends. We know that in sub upper ends of the market, there are differences in how creators are thinking about driving demand, and they're looking for more efficient ways to sell tickets.

消費者購買力具有彈性，平均票價約40美元，我們將持續密切關註消費者趨勢。我們知道，在次高端市場，創作者在推動需求方面的想法存在差異，他們正在尋找更有效的門票銷售方式。

So we know that we have the right solution when creators are starting to feel the pinch, because maybe producing their event might be marginally more expensive, or they're getting nervous about consumer demand.

因此，我們知道，當創作者開始感到手頭拮据時，我們有正確的解決方案，因為製作他們的活動可能會稍微昂貴一些，或者他們對消費者需求感到緊張。

We're the perfect antidote to that. So what we're doing is focusing on the appeal of our marketplace on a local basis. Really driving home the message that we have the events people want and showcasing them readily through search and discovery, personalization, distribution and Eventbrite ads.

我們是解決這個問題的完美解藥。因此，我們正在做的就是關注我們市場在當地的吸引力。真正傳達這樣的訊息：我們擁有人們想要的活動，並透過搜尋和發現、個人化、分發和 Eventbrite 廣告輕鬆展示它們。

And our consumer reach was at record levels in 2023, so over 92 million consumers transacted a free or paid ticket, which was up 7% year over year.

2023 年，我們的消費者覆蓋率達到創紀錄水平，超過 9,200 萬消費者交易了免費或付費門票，較去年同期成長 7%。

On the -- on your question about margin trajectory, Cameron, you're right. As we layer in more of the non ticketing revenue from advertising and organizer fees, those have a really favorable effect on gross margin. So as we've gone from 2% of revenue from those sources to now north of 10%. And we expect to continue to grow the share of revenue coming from those higher-margin demand generation-related services.

關於你關於利潤軌跡的問題，卡梅倫，你是對的。隨著我們從廣告和組織者費用中增加更多的非票務收入，這些對毛利率產生了非常有利的影響。因此，我們從這些來源獲得的收入從 2% 增加到現在的 10% 以上。我們預期來自那些利潤率較高的需求產生相關服務的收入份額將持續增加。

That will continue to have a very favorable effect on gross margins. And so I think the way you're thinking about it is similar to what we are contemplating in the outlook that we've provided. We've, in the past, talked about a incremental profitability range that goes from 25% to 50% of revenue growth flowing down to the bottom line. And our outlook for this year would be at the lower end of that range, but within that long-term target.

這將繼續對毛利率產生非常有利的影響。因此，我認為您的思考方式與我們在提供的前景中所考慮的方式類似。我們過去曾討論過增量獲利範圍，即營收成長的 25% 至 50% 流向利潤。我們今年的前景將處於該範圍的下限，但在該長期目標之內。

And I think you're understanding the margin trajectory in the same way that we're thinking about it as we described the outlook.

我認為您對利潤率軌跡的理解與我們在描述前景時思考它的方式相同。

Okay. Thanks, guys.

好的。多謝你們。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. Thanks for taking my questions. Just a couple for me. One is, why is product development costs still rising if you've gone to lower cost markets as far as development goes?

你好。感謝您回答我的問題。對我來說只是一對。一是，如果您已進入成本較低的市場進行開發，為什麼產品開發成本仍在上升？

And the second is, on the last earnings call, you had made comments about churn not seeing churn, or churn not being elevated. And then theme of this call is that there was churn as far as the organizers are concerned.

第二個是，在上次財報電話會議上，您曾發表過有關客戶流失率未見客戶流失率或客戶流失率未上升的評論。這次電話會議的主題是，就組織者而言，存在流失。

And I'm just wondering, how far along are you from the learning curve as to why the yield those organizers left, and how you're going about get them back? In the competitive nature of the landscape. As far as these prices goes, where costs are concerned, so that this doesn't happen when you go into your peak moment of of the year? Thank you.

我只是想知道，對於那些組織者離開的原因，你距離學習曲線還有多遠，以及你將如何讓他們回來？在競爭的本質中。就這些價格而言，考慮到成本，這樣當您進入一年中的高峰時刻時就不會發生這種情況？謝謝。

Sure. On product development costs, we're continuing to invest in the consumer side of our product experience, particularly our mobile app. The personalization, search, discovery, leveraging the data to bring to life a consumer experience. That's really rich.

當然。在產品開發成本方面，我們將繼續投資於消費者方面的產品體驗，特別是我們的行動應用程式。個人化、搜尋、發現，利用數據來實現消費者體驗。真是有錢。

Our mobile app users today are a little bit more than 10% of the total monthly usage. And we think there's a lot of room to drive that up, and we're excited to do that, because the users of the mobile app typically purchase 30% to 35% more tickets in a period. It's a superior experience.

如今，我們的行動應用程式用戶佔每月總使用量的 10% 多一點。我們認為有很大的空間可以推動這一成長，我們很高興這樣做，因為行動應用程式的用戶通常會在一段時間內多購買 30% 到 35% 的門票。這是一種優越的體驗。

It's the way -- it's where Gen Z and millennials, Gen X, are, and we're driving folks in that direction with our product investments. So we are investing more on the consumer product experience, and we'll continue to do that because we think it drives repeat purchase volume. It drives consumer loyalty. It drives demand generation. And ultimately, those are the things that creators most want when they're looking for a partner like we want to be for them.

這就是 Z 世代和千禧世代、X 世代所處的方式，我們正在透過我們的產品投資推動人們朝這個方向發展。因此，我們正在增加對消費者產品體驗的投資，並且我們將繼續這樣做，因為我們認為這會推動重複購買量。它提高了消費者的忠誠度。它推動需求的產生。最終，這些是創作者在尋找像我們這樣的合作夥伴時最想要的東西。

As we look at the impact of the organizer fees, as we've come into this in the start of this year, recently, we've seen more impact from the organizer fees, and that's been, in fact, included and reflected in our outlook.

當我們研究組織者費用的影響時，正如我們在今年年初開始考慮的那樣，最近，我們看到組織者費用產生了更多的影響，事實上，這已經包含並反映在我們的外表。

Ithink you'll see paid ticket volume be down in the probably high single digits in the first quarter of this year from where it was down about 4% in the prior quarter. And we'll begin a recovery from that point. I think we have a pretty good sense of understanding what the issues have been.

我認為今年第一季付費票券量可能會比上一季下降 4% 左右，下降到可能較高的個位數。我們將從那時開始恢復。我認為我們非常了解問題所在。

You can imagine that we're doing surveys and focus groups and research on that, and have a pretty good bead on the things that we need to do to adjust. I described some of them earlier, and we'll be executing on those.

你可以想像我們正在做調查、焦點小組和研究，並且對我們需要做的調整有很好的了解。我之前描述了其中一些，我們將執行這些。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。