Eventbrite Inc (EB) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Eventbrite, Inc. second-quarter 2024 earnings conference call. (Operator instructions)

大家下午好，歡迎參加 Eventbrite, Inc. 2024 年第二季財報電話會議。（操作員說明）

It is now my pleasure to turn the floor over to your host, Katie Pickett. Ma'am, the floor is yours.

現在我很高興將發言權交給主持人凱蒂·皮克特。女士，地板是你的了。

Good afternoon, and welcome to Eventbrite's second quarter 2024 earnings call. My name is Katie Pickett, Investor Relations. With us today are Julia Hartz, our Co-Founder and Chief Executive Officer; and Lanny Baker, our Chief Operating and Financial Officer.

下午好，歡迎參加 Eventbrite 的 2024 年第二季財報電話會議。我叫凱蒂·皮克特，負責投資人關係。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；以及我們的營運和財務長蘭尼貝克 (Lanny Baker)。

As a reminder, this conference call is being recorded and will be available for replay on Eventbrite 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 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 we 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, August 8, 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聲明。我們提醒您，此類陳述反映了我們截至今天（8 月8 日）的最佳判斷，該判斷基於我們目前已知的因素，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. 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.

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'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. 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 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。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, Katie, and welcome, everyone, to our call. In the second quarter, we delivered results that were in line with our outlook. Revenue grew 7% year-over-year to $84.6 million. Excluding non-routine items, adjusted EBITDA was $8.5 million, representing just over 10% of revenue. While we take good progress toward our consumer growth strategy, we've encountered some challenges with our new creator pricing model that are impacting our short-term performance.

謝謝凱蒂，歡迎大家撥打我們的電話。第二季度，我們交付的業績符合我們的預期。營收年增 7% 至 8,460 萬美元。不包括非常規項目，調整後的 EBITDA 為 850 萬美元，佔營收的 10% 多一點。雖然我們在消費者成長策略方面取得了良好進展，但我們的新創作者定價模式遇到了一些挑戰，這些挑戰影響了我們的短期業績。

In Q2, we saw a 9% decline in paid tickets and a 16% drop in total tickets. Digging deeper into these challenges, we've identified that the pricing model and organizer fees introduced last year are the primary factors affecting our paid ticket performance. Specifically, these changes have led to a reduction in creator count and ticket volume.

第二季度，付費門票數量下降了 9%，門票總數下降了 16%。深入研究這些挑戰，我們發現去年推出的定價模式和組織者費用是影響我們付費門票業績的主要因素。具體來說，這些變化導致創作者數量和門票量減少。

While our initial approach was based on thorough research, the real-world results have provided valuable insights that are now shaping our response. We've learned that our creators are more willing to pay when they see a clear connection between our pricing and their event success on Eventbrite. In response, we're in the midst of refining our approach.

雖然我們最初的方法是基於徹底的研究，但現實世界的結果提供了寶貴的見解，現在正在影響我們的應對措施。我們了解到，當我們的創作者看到我們的定價與他們在 Eventbrite 上的活動成功之間有明確聯繫時，他們會更願意付費。作為回應，我們正在完善我們的方法。

This month, we're rolling out new pricing packaging and streamlined event creation flows that directly address the insights we've gathered. The latter of these improvements is already showing promise. Our new more intuitive event creation process is making it easier for creators to get started on Eventbrite.

本月，我們將推出新的定價包裝和簡化的活動創建流程，直接解決我們收集到的見解。這些改進中的後者已經顯示出希望。我們新的更直觀的活動創建流程使創建者可以更輕鬆地開始使用 Eventbrite。

Additionally, our recent win-back campaign demonstrates the effectiveness of our renewed focus on creator needs, bringing over 140,000 paid tickets back to the platform in Q2 alone.

此外，我們最近的贏回活動證明了我們重新關注創作者需求的有效性，僅第二季度就為平台帶來了超過 140,000 張付費門票。

Looking ahead, we're taking a two-pronged approach to address our creators' diverse needs. Next month, we're reintroducing a free tier with no marketplace fees. We believe this change will help us attract new creators and reconnect with those who have left due to pricing concerns. While we anticipate these improvements will help stabilize our pay ticket volume, we recognize that this is just one step in our broader strategy.

展望未來，我們將採取雙管齊下的方法來滿足創作者的多元需求。下個月，我們將重新推出免費套餐，不收取市場費用。我們相信這項變更將幫助我們吸引新的創作者，並與那些因定價問題而離開的創作者重新建立聯繫。雖然我們預計這些改進將有助於穩定我們的付費票量，但我們意識到這只是我們更廣泛策略的一步。

In parallel, we're developing a premium marketplace here that will offer enhanced event visibility, incentives and support tailored to driving growth for creators. With 35,000 creators currently subscribe to our Pro plan, we've identified a solid base of customers who value and are willing to pay for premium features.

同時，我們正在這裡開發一個優質市場，該市場將提供增強的活動可見度、激勵措施和支持，以推動創作者的成長。目前有 35,000 名創作者訂閱了我們的 Pro 計劃，我們已經確定了重視並願意為高級功能付費的堅實客戶群。

We plan to reward these creators with increased visibility in our marketplace and demand generation tools. This data-driven adjustment aligns more closely with what our creators want and need. And we're making these changes with the goal of regaining momentum in ticket sales, improving creator retention and driving sustainable growth.

我們計劃透過提高市場知名度和需求產生工具來獎勵這些創作者。這種數據驅動的調整更符合我們的創作者的願望和需求。我們做出這些改變的目的是恢復門票銷售動能、提高創作者留任率並推動永續成長。

While we realize the impact to these changes will take time to materialize, we remain committed to continuously learning and adapting our approach to best serve our creator community. By listening to our users and adapting quickly, we're positioning Eventbrite for long-term success in our dynamic market.

雖然我們意識到這些變化的影響需要時間才能顯現出來，但我們仍然致力於不斷學習和調整我們的方法，以最好地為我們的創作者社群服務。透過傾聽用戶的意見並快速適應，我們將 Eventbrite 定位為在充滿活力的市場中取得長期成功。

The revised revenue outlook for the year has led us to make a difficult but necessary decision to reduce our team size. We expect that this restructuring will result in annualized operating expense savings of $30 million by the end of the third quarter. While this decision was not taken lightly, it's a crucial step to maintain our profitability and position Eventbrite for agility as we work to revitalize ticket volume and revenue growth. We fully recognize the impact this has on our team members, and we deeply appreciate their dedication, especially during this phase of our transition.

修改後的今年收入前景使我們做出了一個艱難但必要的決定，以縮小我們的團隊規模。我們預計，到第三季末，此次重組將節省年化營運費用 3,000 萬美元。雖然這項決定並非輕率做出的，但在我們努力重振門票量和收入成長的過程中，這是保持獲利能力並讓 Eventbrite 保持敏捷性的關鍵一步。我們充分認識到這對我們的團隊成員產生的影響，我們深深感謝他們的奉獻精神，特別是在我們過渡的這個階段。

While recognizing these hurdles, we're also focused on the future. Our commitment to our long-term vision remains strong, allowing us to continue making progress on our core strategic priorities. Strengthening the consumer experience and growing the network, attracting and promoting events that drive audience engagement and offering monetizable tools to our creators to help them grow their businesses.

在認識到這些障礙的同時，我們也著眼於未來。我們對長期願景的承諾仍然堅定，使我們能夠在核心策略重點上繼續取得進展。強化消費者體驗並發展網絡，吸引和推廣可提高觀眾參與度的活動，並為我們的創作者提供可獲利的工具，幫助他們發展業務。

On the consumer front, we've seen strong growth in engagement. Our mobile app users increased by 22% year-over-year, contributing to a total of 93 million monthly average users across web and mobile platforms. Improved personalization led to a 17% increase in search and discovery usage, engaging 10 million more consumers in Q2.

在消費者方面，我們看到參與度的強勁成長。我們的行動應用用戶年增 22%，網路和行動平台的月平均用戶總數達到 9,300 萬。個人化的改進使得搜尋和發現的使用量增加了 17%，在第二季度吸引了 1000 萬消費者。

Our new TikTok partnership is already generating over 100 million daily impressions, expanding our reach beyond Eventbrite platforms. These consumer side gains reinforce our strategy and validate our investments as they directly benefit our creators and strengthen our marketplace ecosystem.

我們新的 TikTok 合作關係已經產生了超過 1 億的每日展示次數，將我們的影響力擴展到 Eventbrite 平台之外。這些消費者方面的收益強化了我們的策略並驗證了我們的投資，因為它們直接使我們的創作者受益並加強了我們的市場生態系統。

To bring more compelling event inventory into our marketplace, our sales team is focused on acquiring the right customers who attract bigger audiences and our product team is driving innovation to expand the types of creators we can serve. Bookings of new large creators, such as Mika Events and unicorn World continue to pace well ahead of 2023, with nearly 60% growth in sales bookings in Q2.

為了將更引人注目的活動庫存引入我們的市場，我們的銷售團隊專注於吸引更多受眾的合適客戶，我們的產品團隊正在推動創新，以擴大我們可以服務的創作者類型。Mika Events 和 unicorn World 等新的大型創作者的預訂量在 2023 年之前繼續大幅增長，第二季度的銷售預訂量增長了近 60%。

During the third quarter, we plan to move our time entry tools out of beta into wide release allowing creators of experiences with time thought ticketing such as tourism museum to participate in our marketplace and open up considerable new market opportunities.

在第三季度，我們計劃將我們的時間輸入工具從測試版轉為廣泛發布，讓旅遊博物館等時間思想票務體驗的創造者參與我們的市場，並開闢大量新的市場機會。

To drive audience growth and improve event discovery, we plan to introduce an improved mobile app experience this fall. The mobile app has proven to be the best tool to develop a relationship with Eventbrite consumer audiences as it offers a much more engaging experience.

為了推動受眾成長並改善活動發現，我們計劃於今年秋季推出改進的行動應用程式體驗。該行動應用程式已被證明是與 Eventbrite 消費者受眾建立關係的最佳工具，因為它提供了更具吸引力的體驗。

We've successfully diversified our revenue through Eventbrite ads, which enables creators to expand their audience reach. In Q2, Eventbrite Ads revenue reached $2.9 million, more than doubling year-over-year. The service attracted over 19,500 advertisers, a 20% increase from Q1, marking record growth.

我們透過 Eventbrite 廣告成功實現了收入多元化，使創作者能夠擴大受眾範圍。第二季度，Eventbrite Ads 營收達到 290 萬美元，年增一倍多。該服務吸引了超過 19,500 家廣告商，較第一季成長 20%，創下創紀錄的成長。

Ads are proving valuable beyond direct revenue, about 25% of ads promote free events, which improves overall monetization. Creators using ads show 27% higher revenue per creator and as users demonstrate 10% to 20% higher retention rates and increased engagement. Given these positive trends, we see Eventbrite ads as a promising area for continued growth and enhancement of creator value.

事實證明，廣告的價值超出了直接收入，大約 25% 的廣告宣傳免費活動，從而提高了整體盈利能力。使用廣告的創作者的每位創作者收入提高了 27%，而用戶的留存率和參與度也提高了 10% 到 20%。鑑於這些積極的趨勢，我們將 Eventbrite 廣告視為持續成長和提高創作者價值的有前景的領域。

We are also enhancing two key executive appointments to continue to drive our transformation. Lanny Baker, who has served Eventbrite's Chief Financial Officer since 2019 will take on the expanded role of Chief Operating and Financial Officer. Lanny will oversee Eventbrite's global sales success and support as well as the operations team, which are fundamental to the vibrance of our marketplace and the long-term growth of our business.

我們也加強了兩項關鍵高階主管的任命，以繼續推動我們的轉型。自 2019 年以來一直擔任 Eventbrite 財務長的 Lanny Baker 將擔任營運和財務長。Lanny 將監督 Eventbrite 的全球銷售成功和支援以及營運團隊，這對於我們市場的活力和業務的長期成長至關重要。

Lanny will continue to lead the company's global finance function where he's helped build a highly capable and talented team. Also, I'm pleased to welcome Samantha Wu, who will join Eventbrite as our Chief Marketing Officer, starting in early September. Samantha most recently served as Chief Marketing Officer of Braintrust and previously held marketing leadership roles at Facebook, Visa and American Express. She brings more than two decades of award-winning full-stack marketing experience to Eventbrite and a fresh new perspective as we embark upon the next chapter of growth for the company.

蘭尼將繼續領導公司的全球財務部門，他幫助建立了一支能力強、才華橫溢的團隊。此外，我很高興歡迎 Samantha Wu，她將於 9 月初加入 Eventbrite，擔任我們的行銷長。Samantha 最近擔任 Braintrust 首席行銷官，此前曾在 Facebook、Visa 和 American Express 擔任行銷領導職務。她為 Eventbrite 帶來了二十多年屢獲殊榮的全端行銷經驗，並為我們開啟公司發展的下一個篇章提供了全新的視角。

Finally, I want to thank our outgoing CMO, Tamara Mendelsohn, for her exceptional contributions over the past 15 years. Tamara's leadership has been instrumental in shaping Eventbrite's brand and fostering a vibrant company culture. Tamara's impact on Eventbrite's success and dedication to empowering customers all over the world will leave a lasting legacy.

最後，我要感謝我們即將卸任的行銷長 Tamara Mendelsohn 在過去 15 年中所做的傑出貢獻。Tamara 的領導力在塑造 Eventbrite 品牌和培育充滿活力的公司文化方面發揮了重要作用。Tamara 對 Eventbrite 成功的影響以及為世界各地客戶提供支援的奉獻精神將留下持久的遺產。

As we transition to Lanny's remarks, I want to reaffirm our commitment to our core strategy and our confidence in Eventbrite's future. We operate in a large, growing market with high intent frequent users, and our platform delivers significant value to hundreds of thousands of creators.

當我們轉向 Lanny 的演講時，我想重申我們對核心策略的承諾以及對 Eventbrite 未來的信心。我們在一個龐大且不斷成長的市場中運營，擁有高意向的頻繁用戶，我們的平台為數十萬創作者提供了巨大的價值。

We believe our strategy is sound and adaptable to market dynamics. We have a talented, dedicated team driving our initiatives forward and our recent adjustments demonstrate our ability to listen, learn and evolve. By focusing on creator success, consumer engagement and continuous innovation, we're striving to position Eventbrite to capture the substantial opportunities in our market.

我們相信我們的策略是合理的並且能夠適應市場動態。我們擁有一支才華橫溢、敬業的團隊，推動我們的舉措向前發展，我們最近的調整證明了我們傾聽、學習和發展的能力。透過專注於創作者的成功、消費者的參與和持續創新，我們正在努力使 Eventbrite 能夠抓住我們市場中的大量機會。

We're not just navigating current headwinds. We believe we're building a stronger, more resilient company for the long term. We are energized by the opportunities before us and ready to realize that Eventbrite's full potential.

我們不僅要應付當下的逆風。我們相信，從長遠來看，我們正在建立一家更強大、更有彈性的公司。我們對眼前的機會充滿信心，並準備充分發揮 Eventbrite 的潛力。

With that, I'll turn it over to Lanny to walk you through our second quarter results in more detail and our outlook for the year. Lanny?

接下來，我將把它交給蘭尼，讓您更詳細地了解我們第二季的業績以及我們對今年的展望。蘭尼？

Thank you, Julia. Second quarter revenue of $84.6 million was towards the lower end of our outlook range. Organizer fees and advertising revenue grew significantly in the quarter. However, ticketing revenue, which constitutes the majority of our revenue was softer than we anticipated, down 4% year-to-year.

謝謝你，茱莉亞。第二季營收為 8,460 萬美元，接近我們預期範圍的下限。本季度組織者費用和廣告收入大幅成長。然而，占我們收入大部分的票務收入卻比我們預期的要疲軟，年減了 4%。

A contraction in our creator count related to the implementation of organizer fees is weighing on ticket performance. Paid creators were down 7% compared to a year ago, 177,000 versus 189,000. Events per creator edged up slightly year-over-year and paid tickets per event averaged 40% this quarter compared to 41% a year ago. That reflects a slight mix shift to smaller events. All of that put paid tickets at $21.2 million for the quarter, down 9% year-to-year and below the trajectory we had anticipated going into the second half.

與組織者費用的實施相關的創作者數量的減少正在影響門票的表現。付費創作者數量較去年同期下降 7%，分別為 177,000 人和 189,000 人。每位創作者參加的活動較去年同期略有上升，本季每場活動的付費門票平均為 40%，而去年同期為 41%。這反映了混合活動向小型活動的輕微轉變。所有這些使得本季的付費門票價格為 2,120 萬美元，年減 9%，低於我們對下半年的預期軌跡。

Tying back to ticketing revenue the paid ticket volume decline was partially offset by a higher average ticket price and higher take rate in the quarter. Overall revenue per ticket was $3.98 compared to $3.39 last year. Revenue take rate was 10.1% compared to 8.9% in the year ago period.

與票務收入相關，付費門票數量的下降被本季較高的平均票價和較高的入場率部分抵消。每張門票的總收入為 3.98 美元，而去年為 3.39 美元。營收佔比為 10.1%，去年同期為 8.9%。

The increased contribution from marketplace revenue improved unit economics and monetization, leading to a 71% gross margin in the quarter. Total operating expenses were $66.4 million in the second quarter compared to $61 million in the second quarter a year ago.

市場收入貢獻的增加改善了單位經濟效益和貨幣化，導致本季毛利率達到 71%。第二季總營運費用為 6,640 萬美元，而去年同期為 6,100 萬美元。

Current quarter operating expenses included a $4.4 million benefit from a legal settlement that was recorded in general and administrative costs. Excluding that, total operating expenses were $70.7 million in Q2. Product development and general and administrative costs were down slightly from Q1 to Q2, excluding the legal item just noted. Sales, marketing and support expenses were $24.5 million in Q2, up from $21 million in Q1, reflecting higher chargeback expenses and investments in our sales team.

本季的營運支出包括來自法律和解的 440 萬美元收益，該收益計入一般和管理成本。若不計入該費用，第二季的總營運費用為 7,070 萬美元。產品開發以及一般和管理成本從第一季到第二季略有下降，不包括剛剛提到的法律項目。第二季的銷售、行銷和支援費用為 2,450 萬美元，高於第一季的 2,100 萬美元，反映出我們銷售團隊的退款費用和投資增加。

As reported, adjusted EBITDA was $12.8 million for the quarter. However, that result includes the $4 million benefit from legal settlement. Excluding that benefit, adjusted EBITDA was $8.5 million for the second quarter, representing a 10% margin on an operating basis. Net income was $1.1 million for the quarter compared to a $3 million net loss 1 year ago.

據報道，本季調整後 EBITDA 為 1,280 萬美元。然而，這一結果包括法律和解帶來的 400 萬美元收益。排除此收益，第二季調整後的 EBITDA 為 850 萬美元，營運利潤率為 10%。本季淨利為 110 萬美元，而一年前淨虧損為 300 萬美元。

Turning to the balance sheet. Cash and cash equivalents were $576 million at the end of Q2, down slightly from $580 million in the prior quarter. Eventbrite's available liquidity as defined in our shareholder letter, was $353 million at June and long-term debt was $358 million. In the first 6 months of the year, cash flow from operations totaled $31 million, and we plan to continue to manage our financial position carefully for the business and shareholders.

轉向資產負債表。第二季末現金和現金等價物為 5.76 億美元，略低於上一季的 5.80 億美元。截至 6 月份，Eventbrite 的可用流動資金（如我們的股東信中所定義）為 3.53 億美元，長期債務為 3.58 億美元。今年前 6 個月，營運現金流總計 3,100 萬美元，我們計劃繼續為企業和股東謹慎管理我們的財務狀況。

As of July, we have completed $39 million in share repurchases, reducing shares outstanding by approximately 7% since the start of the year. We anticipate total share repurchases of up to $50 million this year under the $100 million authorization approved in March.

截至 7 月，我們已完成 3,900 萬美元的股票回購，使年初以來已發行股票減少約 7%。根據 3 月批准的 1 億美元授權，我們預計今年的股票回購總額將高達 5,000 萬美元。

As the results reported today indicate, the implementation of organizer fees has disrupted creator acquisition and retention for longer and to a larger degree than we anticipated. Actions we have taken to simplify options, adjust prices, refined marketing and streamlined sign-up have yielded improvements to both acquisition and retention, but have not delivered sufficient lift to alter a weakening trend in creator count and paid tickets.

正如今天報告的結果表明，組織者收費的實施對創作者獲取和保留的干擾時間和程度都超出了我們的預期。我們採取的簡化選項、調整價格、精細化行銷和簡化註冊的行動已經在獲取和保留方面取得了進展，但並沒有帶來足夠的提升來改變創作者數量和付費門票的疲軟趨勢。

Accordingly, we are lowering our business outlook for 2024, and we've taken the steps that Julia described to reduce operating costs in light of near-term headwinds. Based on current information, we anticipate third quarter revenue will be within a range of $74 million to $77 million and full year 2024 revenue will be within a range of $318 million to $325 million.

因此，我們下調了 2024 年的業務前景，鑑於近期的不利因素，我們已採取 Julia 所描述的措施來降低營運成本。根據目前的訊息，我們預計第三季營收將在 7,400 萬美元至 7,700 萬美元之間，2024 年全年營收將在 3.18 億美元至 3.25 億美元之間。

At the midpoint of our revenue outlook, we expect adjusted EBITDA margins, excluding the impact of severance costs and other non-routine items, to be approximately 10% for the year. The bottom line is that as appealing as organizer fees may be from a revenue model and profitability standpoint. This change, as currently implemented has had an unacceptable and outsized impact on marketplace inventory, creator loyalty and ticket point.

在我們收入前景的中點，我們預計今年調整後的 EBITDA 利潤率（不包括遣散費和其他非常規項目的影響）約為 10%。最重要的是，從收入模式和獲利能力的角度來看，組織者費用可能同樣有吸引力。目前實施的這項變更對市場庫存、創作者忠誠度和票點產生了不可接受的巨大影響。

Accordingly, as Julia stated, we're taking immediate steps to relieve the pressure imposed by organizer fees while holding firm to our strategic objective of building a 2-sided marketplace that delivers value to event creators, consumers and shareholders. The reintroduction of a free tier that allows creators to publish events into our marketplace without charge will reduce organizer fees starting in September.

因此，正如茱莉亞所說，我們正在立即採取措施緩解組織者費用帶來的壓力，同時堅持我們的策略目標，即建立一個為活動創造者、消費者和股東提供價值的雙向市場。從 9 月開始，重新引入免費套餐，允許創作者免費將活動發佈到我們的市場中，這將降低組織者的費用。

We will maintain our Pro subscription program for organizers seeking enhanced marketing capabilities, and we expect organizer fees to be less than $1 million per month in the fourth quarter compared to nearly $3 million per month in the second quarter. We anticipate that the new free tier will reaccelerate creator growth and paid ticket volume.

我們將為尋求增強行銷能力的組織者維持 Pro 訂閱計劃，我們預計第四季度組織者費用將低於每月 100 萬美元，而第二季度則接近每月 300 萬美元。我們預計新的免費套餐將重新加速創作者的成長和付費門票數量。

However, we currently have limited visibility into how quickly and by how much these trends will improve in the near term. Our revised outlook contemplates the reduction in organizer fees that I just described and assumes for now a modest associated uplift in paid ticket volume. Beyond these changes, we're focused on several other levers that we believe will help improve creator trust and paid ticket volume. Product performance and site stability are critical to creators relying on Eventbrite during on sales and at Showtime, and we are investing in our infrastructure.

然而，目前我們對這些趨勢在短期內改善的速度和幅度的了解有限。我們修訂後的前景考慮了我剛才描述的組織者費用的減少，並假設目前付費門票數量會適度增加。除了這些變化之外，我們還專注於其他幾個槓桿，我們相信這些槓桿將有助於提高創作者信任度和付費票數。產品效能和網站穩定性對於在銷售和 Showtime 期間依賴 Eventbrite 的創作者至關重要，我們正在投資我們的基礎設施。

Event's quality is vital to our marketplace, and we have implemented detection and deterrence capabilities that lower risks for creators and consumers and reduce costs for Eventbrite. Account service and customer support are essential to create our satisfaction, and we've added capacity, redundancy, training and technology to ensure that we are reachable and responsive when creators or their attendees encounter problems.

Event 的品質對我們的市場至關重要，我們已經實施了檢測和威懾功能，可以降低創作者和消費者的風險，並降低 Eventbrite 的成本。帳戶服務和客戶支援對於創造我們的滿意度至關重要，我們增加了容量、冗餘、培訓和技術，以確保當創作者或其參與者遇到問題時，我們可以聯繫並做出回應。

On the expense side, we've reviewed our product road map, organizational structure and staffing with a focus on continuing support for our strategic transformation, increasing operating efficiency and lowering costs. As we announced today, we've eliminated roughly 100 positions and initiated plans to reduce other non-personnel costs immediately.

在費用方面，我們審查了我們的產品路線圖、組織結構和人員配置，重點是繼續支持我們的策略轉型、提高營運效率和降低成本。正如我們今天宣布的那樣，我們已經裁減了大約 100 個職位，並立即啟動了減少其他非人員成本的計劃。

We anticipate incurring up to $7 million in expenses related to severance and cost reduction actions during the third quarter. And we expect that these actions will reduce the company's total annualized operating costs by $30 million, providing greater operating leverage.

我們預計第三季將產生高達 700 萬美元的與遣散費和成本削減行動相關的費用。我們預計這些行動將使公司的年度總營運成本減少 3000 萬美元，從而提供更大的營運槓桿。

I'll conclude by reiterating three points that Julie made out earlier. First, we have conviction about our strategy to transform Eventbrite from platform to two-sided marketplace. As our progress on ads and consumer engagement indicate, we believe that we are steadily building the assets, expertise and market position to differentiate Eventbrite as a demand generation partner for creators and a trusted source of great experiences for consumers.

最後，我將重申朱莉早些時候提出的三點。首先，我們對將 Eventbrite 從平台轉變為雙向市場的策略充滿信心。正如我們在廣告和消費者參與方面取得的進展所表明的那樣，我們相信我們正在穩步建立資產、專業知識和市場地位，以使Eventbrite 成為創作者的需求生成合作夥伴和消費者值得信賴的優質體驗來源。

Second, we've been candid and clear eyed about how the recent implementation of organizer fees has impacted the health and growth of our marketplace and we're taking strong near-term action to adjust our approach based on data and feedback from creators.

其次，我們坦率而清楚地了解最近實施的組織者費用如何影響我們市場的健康和成長，我們正在採取強有力的近期行動，根據數據和創作者的回饋調整我們的方法。

Simultaneously, we have established that we can compete effectively for high-value, high-volume strategic inventory, and we know how much this matters to the vibrance of our marketplace. Finally, as we've done when we face challenges in the past, Eventbrite is acting promptly to address obstacles and manage the business and expenses efficiently.

同時，我們已經確定我們可以有效地競爭高價值、大批量的策略庫存，我們知道這對我們市場的活力有多重要。最後，正如我們過去面臨挑戰時所做的那樣，Eventbrite 正在迅速採取行動，解決障礙並有效管理業務和費用。

I'll now turn the call over for your questions.

我現在將轉接電話詢問您的問題。

(Operator Instructions)

（操作員說明）

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Thank you. Thanks for taking the questions. I guess first one on the revised outlook. How should we frame this? It would be helpful to have some context on kind of the visibility you feel like you have in terms of the impact from these most recent changes and just kind of how you would characterize the confidence interval around the new outlook ranges.

謝謝。感謝您提出問題。我想第一個是關於修改後的前景。我們應該如何建構這個框架？就您對這些最近變化的影響的感受以及您如何描述新展望範圍的置信區間而言，了解一些背景資訊將會很有幫助。

Should we view this as, is there some pretty meaningful changes? Do you have limited visibility, but you have kind of factored in some conservatism to capture that or do you have a higher level of conviction and we should think about it as maybe a tighter range of potential outcomes? So, just a little help or context around kind of how much visibility you feel like you have into these new outlook ranges.

我們是否應該將此視為是否有一些非常有意義的變化？你的可見性是否有限，但你是否考慮了一些保守主義來捕捉這一點，或者你是否有更高水平的信念，我們應該將其視為可能是更嚴格的潛在結果範圍？因此，請提供一點幫助或背景信息，了解您對這些新的前景範圍的了解程度。

And then second, Lanny, you gave some helpful color on how the mechanics of this are going to flow through here. But maybe, I guess a clarifying question and then I will ask you for some elaboration. The clarifying question is, I think you said organizer fees, you will stop charging by the end of September, less than $1 million in 4Q. I just wanted to confirm that.

其次，蘭尼，你對這個機制將如何在這裡流動提供了一些有用的說明。但也許，我想有一個澄清的問題，然後我會請你做一些詳細說明。需要澄清的問題是，我想你說的是組織者費用，你將在 9 月底停止收取，第四季不到 100 萬美元。我只是想確認這一點。

And then as we think about this in a post organizer fee era, do you have a Pro plan? I guess how does that compare to boost in terms of what we should think about that business or subscription generating? And maybe just in terms of the revenue build, how you see these changes kind of rolling through geographically, a little bit more detail in terms of how we should think about the mechanics here over the next couple of quarters would be helpful. Thanks guys. Sorry, I know there is a lot.

然後，當我們在後組織者收費時代思考這個問題時，您有專業計劃嗎？我想，就我們應該如何看待業務或訂閱生成而言，這與成長相比如何？也許就收入建設而言，您如何看待這些變化在地理上的滾動，在我們應該如何考慮未來幾季的機制方面提供更多細節會有所幫助。謝謝你們。抱歉，我知道有很多。

Thanks Cam or Cameron, sorry. Our prior outlook has, as we had expressed, anticipated that paid ticket volume would recover in the second half and be about even for the full year with where we were in 2023. Based on current expectations, we are anticipating that paid ticket volume will continue to soften in the second half of 2023 and will be down in the low-double digit percentages for the full year of 2024.

謝謝卡姆或卡梅倫，抱歉。正如我們所表達的，我們先前的展望預計付費門票量將在下半年恢復，全年與 2023 年持平。根據目前的預期，我們預計付費票券量將在 2023 年下半年繼續疲軟，並在 2024 年全年下降至兩位數百分比。

Within that is the current trend that we are seeing in our paid ticket volume and our creator count, the creator count that we have today, the inventory that we have on the site and looking into our funnel, what we anticipate for coming months. Note that as we move through the year, the year earlier comparisons get a little bit easier in the fourth quarter given the introduction a year ago of the organizer fees.

其中，我們在付費門票數量和創作者數量、我們今天擁有的創作者數量、我們網站上的庫存以及我們的漏斗中看到的當前趨勢，以及我們對未來幾個月的預期。請注意，隨著一年的推移，鑑於一年前引入了組織者費用，第四季度的去年同期比較變得更加容易一些。

And within the outlook that we have provided, we have anticipated a very modest initial uplift in paid ticket volume related to the introduction of the free tier. That free tier will be introduced within a month. And let me talk, you asked about it, about the outlook we have for organizer fees and how that will play out. There is a free tier today for smaller events.

根據我們提供的前景，我們預計與免費套餐的推出相關的付費門票量最初會出現非常溫和的增長。該免費套餐將在一個月內推出。讓我談談，你問過這個問題，關於我們對組織者費用的前景以及它將如何發揮作用。今天有針對小型活動的免費套餐。

There will be shortly a free tier for events of any size. We anticipate that those who are paying on a per event basis today will move into the free tier. And we may see and we anticipate seeing some migration of current subscribers into the free tier as well.

很快就會為任何規模的活動提供免費套餐。我們預計那些今天按事件付費的用戶將進入免費套餐。我們可能會看到並且預計會看到當前訂閱者也會遷移到免費套餐。

So, the organizer fees, which were approaching $3 million per month in the third quarter, more than $8 million of revenue for the quarter, we anticipate that those will be in the neighborhood of $1 million a month by the fourth quarter and $2 million to $3 million of organizer fee revenue by the time we get to the fourth quarter, coming from creators on the subscription plan on our premium plan staying with that plan, it has enhanced marketing support. Looking longer term, we will introduce a market visibility premium here.

因此，第三季的組織者費用接近每月300 萬美元，該季度的收入超過800 萬美元，我們預計到第四季度，這些費用將接近每月100 萬美元，到第四季度將達到每月200 萬美元。從長遠來看，我們將在這裡引入市場知名度溢價。

I will let Julia talk about that.

我會讓茱莉亞談談這件事。

Yeah, sure. So, we talked about the 2-tier approach that we will be taking the free-tier that removes the barriers to entry, allowing creators to list their events without fees, which we think is really important, especially for our self-sign-on business. And the second is a premium subscription tier that will offer enhanced marketplace visibility, demand generation tools and targeted support.

是的，當然。因此，我們討論了 2 層方法，我們將採用免費層，消除進入障礙，允許創作者免費列出他們的活動，我們認為這非常重要，特別是對於我們的自登入商業。第二個是高階訂閱層，它將提供增強的市場視覺性、需求產生工具和有針對性的支援。

And I would point out the differences from this year to boost as directly tying into our marketplace dynamics. We have developed a different type of exposure that creators can access by being in the marketplace. We have also strengthened the demand generation with discovery usage being up 17%.

我想指出與今年的差異，因為它直接與我們的市場動態有關。我們開發了一種不同類型的曝光方式，創作者可以透過進入市場來獲得這種曝光。我們也加強了需求生成，發現使用率成長了 17%。

Our overall growth of users at 93 million across web and mobile, our consumer app users being up 22%, so we are leveraging the exposure that events will have in the marketplace, combining it with the strength of Eventbrite ads and driving the value proposition of not only can you gain greater visibility by subscribing to the premium tier in the future, you also get more tailored support to help you lean into that growth.

我們的網路和行動用戶整體成長了9,300 萬，我們的消費者應用程式用戶成長了22%，因此我們正在利用活動在市場上的曝光度，將其與Eventbrite 廣告的優勢相結合，推動以下活動的價值主張：您不僅可以透過訂閱未來的高級套餐獲得更大的知名度，還可以獲得更多量身定制的支持，幫助您實現成長。

We have been able to segment our creators over the last year as we observe their behavior, and we know that there is a very strong willingness to pay for demand generation, greater visibility and also an appreciation of the tools that we give to run better marketing campaigns.

在過去的一年裡，我們透過觀察創作者的行為，對他們進行了細分，我們知道他們非常願意為需求產生、更大的知名度以及對我們為更好的營銷而提供的工具進行付費的意願活動。

Helpful. Thank you both.

有幫助。謝謝你們倆。

Justin Patterson, KeyBanc Capital.

賈斯汀·帕特森，KeyBanc Capital。

Great. Thank you. First, maybe just touching on the new organizer or the new fee structure in general. Just curious, maybe diving a little bit more into what drove the decision to roll back those organizer fees and simplify the fee structure, what was really the typical point in making that decision? And then maybe just updated thoughts on monetization overall.

偉大的。謝謝。首先，也許只是談談新的組織者或新的整體費用結構。只是好奇，也許更深入地了解是什麼促使我們決定降低組織者費用並簡化費用結構，做出該決定的真正典型要點是什麼？然後也許只是更新了對整體貨幣化的想法。

And then second, just touching on maybe some of the sales-driven creator growth, I would love to hear more about the success of that kind of as we are entering the quarter in, building up the sales force. It seems like you have done pretty well getting large creators. I think they are up 60% year-over-year in 2Q. So, how we should expect that to impact creative growth and ticket growth and any investments we should be mindful of associated with that. Thanks.

其次，也許只是談到一些銷售驅動的創作者成長，我很想聽到更多關於在我們進入本季度、建立銷售團隊時此類成功的信息。看來你們在吸引大創作者方面做得很好。我認為第二季度同比增長了 60%。那麼，我們應該如何預期這會影響創意成長和門票成長，以及我們應該注意與之相關的任何投資。謝謝。

Thanks Justin. So, the decision to roll forward with a new structure and reintroduce a free tier was really driven by the clear data and feedback from our creators as we have implemented this new structure, while based our initial structure on thorough research. As I have said, the real-world results have provided these valuable insights, and we are taking action based on what we see in our creator responses to this structure.

謝謝賈斯汀。因此，推出新結構並重新引入免費套餐的決定實際上是由我們的創建者提供的清晰數據和反饋推動的，因為我們已經實施了這個新結構，同時我們的初始結構基於徹底的研究。正如我所說，現實世界的結果提供了這些有價值的見解，我們正在根據我們在創作者對此結構的反應中看到的內容採取行動。

I think like just in plain speak, the event capacity gate in the current structure is, it's too complex and doesn't align with the value that we deliver for creators. And we have seen that in the creator churn and the p-ticket volume depression as we have moved through these changes, and we have settled into this new structure.

我認為，簡單來說，目前結構中的事件容量門太複雜，與我們為創作者提供的價值不符。當我們經歷這些變化時，我們已經看到創作者流失和 p 票量下降，並且我們已經適應了這種新結構。

So, what we have done is offered different release sales that give us the confidence that a free tier will pick up the creators who are more price sensitive. But we have also understood the value that our creators will put in the demand that we can drive and the value of the marketplace visibility. So, we have learned that they have a willingness to pay for value, but they need to see that clear connection between the pricing and their event success on Eventbrite, which we don't feel the current structure serves well.

因此，我們所做的是提供不同的發行銷售，這讓我們有信心免費套餐將吸引對價格更敏感的創作者。但我們也了解我們的創造者將在我們可以推動的需求中投入的價值以及市場知名度的價值。因此，我們了解到，他們願意為價值付費，但他們需要看到定價與 Eventbrite 上的活動成功之間的明確聯繫，我們認為當前的結構不能很好地發揮作用。

And so, as a two-sided marketplace, I think the health of our creator ecosystem is absolutely crucial, and we know that the fundamental unit of a ticket and the consumer is the most important place for us to lean into. And we just didn't feel that the event capacity structure in the end led us to that right place.

因此，作為一個雙向市場，我認為我們創作者生態系統的健康絕對至關重要，我們知道門票和消費者的基本單位是我們最重要的依靠。我們只是覺得活動容量結構最終沒有帶我們到正確的地方。

So, we are changing that, and we are going to be leaning into the creator of loyalty that we have as well as showing creators that we can help them sell more tickets and really providing that value over time. The final thing I will say is that I think that we, even though we are going through this pretty rough transition, I think we pulled a very strong command of where we can provide value for creators.

因此，我們正在改變這一點，我們將向我們擁有的忠誠度創造者傾斜，並向創作者展示我們可以幫助他們銷售更多門票，並隨著時間的推移真正提供這種價值。我要說的最後一件事是，我認為，儘管我們正在經歷這個相當艱難的過渡，但我認為我們在可以為創作者提供價值的方面擁有非常強大的控制權。

And again, it's much more towards building that demand and visibility and helping them achieve greater growth by virtue of being on the marketplace and the validity that our brand affords them and less so sort of having a more structure of imposed fee just to use Eventbrite in general. So, I think we have appreciated that through this experience, and it will be reflected in our evolved structure going forward.

再說一遍，更多的是為了建立需求和知名度，並幫助他們透過市場和我們的品牌為他們提供的有效性來實現更大的成長，而不是為了在使用 Eventbrite 時採取更多的強加費用結構。一般的。因此，我認為透過這次經歷，我們已經認識到這一點，並將反映在我們未來不斷發展的結構中。

Lanny, do you want to talk about the sales-driven creator growth, and then, yes, anything else around organizer fees?

蘭尼，你想談談銷售驅動的創作者成長嗎？

I think you covered up on organizer fees, so we can take more questions if they are there. On the sales side of our business, which really is going after the strategic inventory, we look closely at consumer demand across our surfaces by metro and by category and then send our outbound sales teams out to try to acquire inventory in those categories where we have the strongest demand.

我認為您掩蓋了組織者費用，因此如果有的話我們可以提出更多問題。在我們業務的銷售方面，實際上是在追求戰略庫存，我們按地鐵和類別密切關注我們各個區域的消費者需求，然後派遣我們的外向銷售團隊嘗試獲取我們擁有的那些類別中的庫存。的需求。

And having that window into consumer demand has proven to be a very effective tool for us as we compete in the marketplace to bring creators into Eventbrite. The sales organization is under new leadership as of about three months ago and building some strong momentum. We are getting stronger on coordination between sales, onboarding, support and service. And in time, we are starting to see improvements in customer satisfaction as a result.

事實證明，了解消費者需求的窗口對我們來說是一個非常有效的工具，因為我們在市場上競爭，將創作者引入 Eventbrite。大約三個月前，銷售組織已經有了新的領導階層，並且正在形成一些強勁的勢頭。我們在銷售、入職、支援和服務之間的協調方面正在變得更加強大。隨著時間的推移，我們開始看到客戶滿意度的提高。

Our new bookings during the quarter through our sales team were up about 60% year-on-year. And when we look at new bookings, there are only a portion of sort of a mid-teens portion of our tickets come from brand new bookings through the sales channel. Those sales relationships tend to be 3-year and 4-year agreements in most cases. But it's encouraging to have that momentum.

本季我們銷售團隊的新預訂量年增約 60%。當我們查看新預訂時，我們的門票中只有一部分是透過銷售管道進行的全新預訂。在大多數情況下，這些銷售關係往往是為期 3 年和 4 年的協議。但有這樣的勢頭是令人鼓舞的。

About a quarter of those new bookings this year are customers who had previously left the Eventbrite platform coming back now to be part of our marketplace. And that progress has meant that, for instance, in the second quarter, the year-over-year comparisons improved by about 6 percentage-points in terms of ticket volume through our sales channel.

今年新增預訂中約有四分之一是之前離開 Eventbrite 平台的客戶，現在又回到了我們的市場。這項進展意味著，例如，在第二季度，我們銷售管道的門票量比去年同期提高了約 6 個百分點。

So, we are encouraged by the progress that we have there. We think we have a strong go-to-market strategy. And in terms of investments, they tend to be fairly manageable and lower-risk investments in bringing on additional salespeople where we see market opportunity. We have grown the sales force over the last year, though most of that growth occurred 12 months ago rather than more recently.

因此，我們對在那裡取得的進展感到鼓舞。我們認為我們擁有強大的市場進入策略。就投資而言，它們往往是相當易於管理且風險較低的投資，可以在我們看到市場機會的地方引進更多銷售人員。去年我們擴大了銷售隊伍，儘管大部分成長發生在 12 個月前而不是最近。

And as we look at results that we continue to strengthen those numbers, we may add a bit to our sales force, but not in a way that will be problematic. The payback on that is pretty strong. We have also seen very good sales rep productivity gains year-over-year.

當我們看到我們繼續加強這些數字的結果時，我們可能會增加一些銷售隊伍，但不會以一種會出現問題的方式。這樣做的回報是相當強勁的。我們也看到銷售代表的生產力逐年提高。

Great. Thank you.

偉大的。謝謝。

(Operator instructions)

（操作員說明）

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. So, the first question I had was just given the trajectory of what you are seeing in the ticket volume, what took you so long to actually recognize this, you have to revert back to a free model? Why a whole year?

你好。所以，我的第一個問題是你在門票量中看到的軌跡，是什麼讓你花了這麼長時間才真正認識到這一點，你必須恢復到免費模式？為什麼是一整年？

Thanks. We saw, as we said earlier this year, we expected some disruption to our paid ticket volume when we introduced the organizer fees. And more recently, the impact on creator acquisition and retention has been greater than we anticipated. And frankly, that impact has gone on longer than we anticipated.

謝謝。正如我們今年早些時候所說，當我們引入組織者費用時，我們預計我們的付費門票數量會受到一些幹擾。最近，對創作者獲取和保留的影響比我們預期的要大。坦白說，這種影響持續的時間比我們預期的要長。

Over the last six months, nine months, we have fielded an array of changes to our organizer fee model, including changing pricing levels, simplifying packages, streamlining onboard, each of which has had a positive impact on acquisition and in some cases, retention as well.

在過去的六個月、九個月裡，我們對組織者的收費模式進行了一系列的改變，包括改變定價水平、簡化套餐、精簡船上人員，每一項都對吸引人產生了積極的影響，在某些情況下，也對保留產生了積極影響。

But in aggregate, they have not been sufficient to turn a trend that has continued to soften. And as we have looked at it over the last few weeks, months, it's become clear that larger, more significant bolder action is appropriate. And we are excited to introduce look forward to introducing a free tier across all of that capacity level.

但總的來說，它們還不足以扭轉持續疲軟的趨勢。正如我們在過去幾週、幾個月中所觀察到的那樣，很明顯，採取更大規模、更重要、更大膽的行動是適當的。我們很高興推出所有容量等級的免費套餐。

And my other question was, do you have a go-to-market kind of strategy here as to telling all the creators, hey, this is we have done our pricing tiers?

我的另一個問題是，你們是否有一個進入市場的策略來告訴所有創作者，嘿，我們已經完成了定價層級？

We sure do. We have been executing different marketing campaigns and win-back strategies with creators to a degree of success that tells us we have the ability to attract back creators who decided to leave Eventbrite for pricing concerns. We have seen hundreds of thousands of paid tickets come back to the platform through our current extended free trial communication. And we also have new functionality that we are rolling out directed at these creators who have decided to lead the platform and we know they have beyond pricing concerns, but also feature desires and wants from us.

我們當然會。我們一直在與創作者一起執行不同的行銷活動和贏回策略，並取得了一定程度的成功，這表明我們有能力重新吸引因定價問題而決定離開 Eventbrite 的創作者。透過我們目前的擴展免費試用通信，我們已經看到數十萬張付費門票回到了平台。我們也針對這些決定領導該平台的創作者推出了新功能，我們知道他們不僅關心價格問題，還對我們提出了功能需求和需求。

So, we have a high degree of confidence that we can win back and capture a portion of the market that has moved away from Eventbrite during this time as well as build into new creator markets, specifically around timed entry, time slot ticketing that opens up a new high-volume market for us, which is exciting. And then finally, as we continue to lean into the consumer engagement and the growth of consumers on the platform, this opens up a new go-to-market strategy for us. We are not only are we able to announce that Eventbrite is free to use, but also show the real value of being in the marketplace backed up by data and a vastly improved consumer experience.

因此，我們非常有信心能夠贏回並佔領在此期間從 Eventbrite 轉移出去的一部分市場，並建立新的創作者市場，特別是圍繞定時入場、開放的時段票務等市場對我們來說這是一個新的大容量市場，這令人興奮。最後，隨著我們繼續關註消費者參與度和平台上消費者的成長，這為我們開闢了新的市場策略。我們不僅能夠宣布 Eventbrite 可以免費使用，還能展示在數據支援和大幅改善的消費者體驗的市場中的真正價值。

Okay. Thank you.

好的。謝謝。

Naved Khan, B. Riley Securities.

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

Yeah. Thanks a lot. I joined a little late, so I don't know if this has been covered, but on TikTok partnership, how are you planning to monetize the integration of the partnership? Would the creators be paying an extra fee on a ticket sale or would they have to pay to get promoted on TikTok? How would that work? And then maybe just any kind of commentary in terms of economics would you be sharing in the ad sales or sales of tickets.

是的。多謝。我加入得有點晚，所以我不知道這是否已被涵蓋，但在 TikTok 合作夥伴關係上，你們打算如何透過合作夥伴關係的整合來貨幣化？創作者是否會在門票銷售上支付額外費用，或者他們必須付費才能在 TikTok 上獲得推廣？那會如何運作呢？然後，也許您會在廣告銷售或門票銷售中分享經濟學方面的任何評論。

Thank you, Naved. On the TikTok integration, it's early days. So, it's a distribution partnership wherein anyone, not just an Eventbrite creator, but any creator on TikTok and any user of Eventbrite can anchor a ticket listing in TikTok content videos predominantly. What we see interesting here is the order of magnitude exposure that our events are getting in the traffic that it's driving based on the fact that any creator, micro influencer to a very popular TikTok creator, wants to be able to promote content.

謝謝你，納維德。TikTok 整合還處於早期階段。因此，這是一種分銷合作夥伴關係，任何人，不僅僅是 Eventbrite 創作者，而是 TikTok 上的任何創作者和 Eventbrite 的任何用戶，都可以主要在 TikTok 內容影片中錨定票務列表。我們在這裡看到有趣的是，我們的活動在流量中獲得的曝光量是基於這樣一個事實：任何創作者（從非常受歡迎的 TikTok 創作者到微型影響者）都希望能夠推廣內容。

And so, I think that the core of this distribution strategy is top of funnel growth, how we drive more traffic back to event listings and how we help anyone understand that they can be a curator of live experiences, which is content in itself. And so, we will continue to work with TikTok. They have been an excellent partner in building out different ways that we can expose real-life events. They are hungry for this content and the ability to allow their creators to promote them.

因此，我認為這種分銷策略的核心是漏斗成長的頂部，我們如何將更多流量帶回活動列表，以及我們如何幫助任何人了解他們可以成為現場體驗的策展人，而現場體驗本身就是內容。因此，我們將繼續與 TikTok 合作。他們是我們建立不同方式來曝光現實生活事件的優秀夥伴。他們渴望這些內容以及允許其創作者推廣它們的能力。

In terms of monetization, how I would think about it is as this distribution partnership shows real traction for driving tickets to events, it will be considered increased visibility for anyone using Eventbrite. And so, I can imagine a world where as we continue to develop out more distribution partnerships like this one with leading platforms where people are looking for content and looking to shared content and searching for things to do that we would consider elevating that into the premium tier.

在貨幣化方面，我的想法是，由於這種分銷合作夥伴關係顯示出對推動活動門票的真正吸引力，因此對於任何使用 Eventbrite 的人來說，這將被視為提高了知名度。因此，我可以想像這樣一個世界：隨著我們繼續與領先的平台建立更多的分銷合作夥伴關係，人們在這些平台上尋找內容、共享內容並尋找可以做的事情，我們會考慮將其提升為溢價層。

Today, we are not directly monetizing it. We are using it to drive increased ticket sales, but we aren't adding additional monetization tactic on top of it while we develop out the winning strategy.

今天，我們並沒有直接將其貨幣化。我們用它來增加門票銷量，但在製定致勝策略時，我們並沒有在此基礎上添加額外的貨幣化策略。

Understood. And then on the advertising sales, did you share a number of how much advertising revenue was in the quarter?

明白了。關於廣告銷售，您是否分享了該季度的廣告收入是多少？

Yeah. Advertising revenue in the second quarter of 2024 was $2.9 million as we recorded. That's about 125% from where it was a year earlier and reflects a very strong quarter and strong continued momentum on advertiser count. In fact, quarter-over-quarter, this was the best growth we have seen in advertiser count for that product.

是的。根據我們記錄，2024 年第二季的廣告收入為 290 萬美元。與一年前相比，這一數字約為 125%，反映了本季的強勁表現以及廣告商數量的強勁持續勢頭。事實上，從季度環比來看，這是我們所看到的該產品廣告商數量的最佳增長。

And anything in terms of the mobile refresh in terms of timeline and when we can expect to see the results of that?

關於行動刷新的時間安排以及我們何時可以看到結果？

Yeah. So, we will be re-launching or releasing rather, the next version of our mobile app for consumers in the fall timeline. And we are really focusing on three things there. The first is simplicity, elevating the quality of the consumer experience. It's been quite a while since we have updated the core experience in our mobile app. And this is where we see the highest engagement and growth with consumers today.

是的。因此，我們將在秋季為消費者重新啟動或發布下一個版本的行動應用程式。我們真正關注的是三件事。首先是簡單性，提升消費者體驗的品質。我們已經有一段時間沒有更新行動應用程式的核心體驗了。這就是我們今天與消費者互動度最高、成長最快的地方。

So, we believe by simplifying the design and increasing the quality of the experience overall, we will be investing in a high-return surface area for consumer engagement. The second thing is accessibility, we want everyone to be able to use the mobile app not only to find great things to do, but also to understand within their social graph where people are going and drive curated discovery through things like social guides and again, teeing off of the influencer market really helping people curate and share events in their local interest in local markets.

因此，我們相信，透過簡化設計並提高整體體驗質量，我們將投資於高回報的表面區域以促進消費者參與。第二件事是可訪問性，我們希望每個人都能夠使用行動應用程序，不僅可以找到很棒的事情要做，還可以了解他們的社交圖譜中人們的去向，並透過社交指南等內容推動有組織的發現，影響力市場的起步確實可以幫助人們在當地市場策劃和分享符合當地興趣的活動。

And the third thing is being able to expand and extend the creator's own event brand through the consumer app and bring that to life in a way that's both interactive, media-rich, but signifies a much more elevated storefront for our creators and give them that connection to the broader audience that we have been able to open up through distribution partnerships, so, TikTok that drives back to the app, etcetera.

第三件事是能夠透過消費者應用程式擴展和擴展創作者自己的活動品牌，並以一種互動、媒體豐富的方式將其變為現實，但對我們的創作者來說意味著一個更高的店面，並為他們提供我們能夠透過分銷合作夥伴關係與更廣泛的受眾建立聯繫，因此，TikTok 又回到了應用程式等。

So, overall, it's a refresh, it's an elevated design and better experience, and it's a high return surface for us to invest in the consumer engagement strategy.

因此，總的來說，這是一次刷新，這是一種提升的設計和更好的體驗，對於我們投資於消費者參與策略來說，這是一個高回報的表面。

Got it. Last question, if I may. So, just coming back to TikTok, are you baking in - what are you baking in terms of contribution in your guidance?

知道了。最後一個問題，如果可以的話。那麼，回到 TikTok，您是否正在考慮 - 您在指導中的貢獻方面正在考慮什麼？

Maybe it's a new partnership that has just launched, and we, on that basis, we are not incorporating large near-term impact from the integration with TikTok in terms of paid ticket volume. As Julia said, it's an important extension of the visibility as being part of our marketplace provides.

也許這是一個剛啟動的新合作關係，在此基礎上，我們不會將與 TikTok 整合對付費票務量產生的短期影響納入考慮。正如朱莉婭所說，作為我們市場的一部分，這是可見性的重要延伸。

And in the intermediate and long-term, we have confidence we can convert that to being a drug repay tickets, but we are literally in just the first weeks, and it's too early for us to really have a beat on the paid ticket volume. And on that basis, we are not including anything in our outlook for that at the moment.

從中期和長期來看，我們有信心可以將其轉化為藥物償還門票，但我們實際上還處於最初幾週，對於我們來說，要真正在付費門票數量上取得突破還為時過早。在此基礎上，我們目前沒有將任何內容納入我們的展望中。

Understood. Thank you.

明白了。謝謝。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝。我們的問答環節到此結束。各位，今天的活動到此結束。此時您可能會斷開連接並度過美好的一天。感謝您的參與。