Eventbrite Inc (EB) 2024 Q3 法說會逐字稿

(Operator Instructions)

（操作員指令）

Good day, everyone and welcome to the Eventbrite Inc third quarter, 2024 earnings conference call.

大家好，歡迎參加 Eventbrite Inc 2024 年第三季財報電話會議。

At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

目前，所有參與者都處於只聽模式，我們將在演講結束後接受您的問題和評論。

It is now my pleasure to turn the floor over to your host, Katie Pickett and Investor Relations at Eventbrite Inc 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 (Katie Pickett) 和 Eventbrite Inc 投資者關係部女士。現在請您發言。

Good afternoon and welcome to Eventbrite's third quarter, 2024 earnings call.

下午好，歡迎參加 Eventbrite 2024 年第三季財報電話會議。

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. 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.

我叫凱蒂皮克特 (Katie Pickett)，是我們的投資人關係人員。今天是我們的聯合創始人兼執行長 Julia Hartz 和我們的營運兼財務長 Lanny Baker。提醒一下，本次電話會議正在錄音，可以在 Eventbrite 的投資者關係網站 investor.eventbrite.com 上重播。

Please also refer to our investor relations website to find our shareholder letter announcing our financial results which was released prior to the call 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 November 7th, 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 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.

在我們開始會議之前，也請參閱我們的投資者關係網站，尋找我們宣布財務績效的股東信。我想提醒您，在今天的電話會議中，我們將就未來事件和財務表現做出前瞻性陳述。我們提醒，此類聲明僅反映我們截至 11 月 7 日的最佳判斷，基於我們目前已知的因素，而實際未來事件或結果可能因多種因素而存在重大差異，其中許多因素是我們無法控制的，因此需要更詳細地討論影響我們未來結果的風險和不確定性。請您參閱我們致股東的信函和提交給美國證券交易委員會的文件中「前瞻性陳述」的部分。

We undertake no obligation to update any forward-looking statements 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. 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. And with that, I'll now turn the call over to Julia.

除非法律要求，否則我們不承擔在電話會議中更新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的責任。在本次電話會議中，我們將介紹非 GAAP 財務指標－調整後的 EBITDA 和調整後的 EBITDA 利潤率。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，也不應該將它們作為我們根據 GAAP 報告的經營業績分析的替代品，在我們的股東信中可以找到與最直接可比的 GAAP 財務指標的對帳表。我們鼓勵您閱讀我們的股東信，其中包含有關 GAAP 和非 GAAP 結果的重要資訊。現在，我將把電話轉給茱莉亞。

Thank you, Katie and welcome, everyone.

謝謝你，凱蒂，歡迎大家。

In the third quarter, we delivered revenue of $77.8 million exceeding our outlook range. Importantly, our strategic actions are driving clear results. New creator acquisition is accelerating following our September pricing changes, our win back campaign is seeing early success and our enhanced product offerings are attracting both creators and consumers.

第三季度，我們實現了 7,780 萬美元的營收，超出了我們的預期範圍。重要的是，我們的策略行動正在取得明顯的成果。繼九月調整價格後，新創作者的招募正在加速，我們的贏回活動取得了早期的成功，我們增強的產品供應正在吸引創作者和消費者。

We've strengthened our financial position while continuing to invest in growth. And the third quarter revenue upside is flowing into our updated full year outlook.

我們在繼續投資於成長的同時，也加強了我們的財務狀況。第三季的營收成長將融入我們最新的全年展望。

I'd like to frame our progress through three key priorities.

我想透過三個主要重點來概括我們的進展。

First, returning to growth in our core ticketing business is our top priority and this begins with attracting more creators and events to our marketplace.

首先，恢復核心票務業務的成長是我們的首要任務，而這首先要吸引更多的創作者和活動進入我們的市場。

Following changes to our pricing model in September, we're observing early signs of stabilization.

繼九月我們的定價模式改變後，我們觀察到了穩定的早期跡象。

Our expanded free tier which allows creators to publish unlimited events without upfront fees has begun to show impact paid events return to year over year growth in the month of launch. We're seeing positive trends in key metrics, creator acquisition event, volume and ticket transactions are improving across both free and paid events.

我們擴大了免費套餐，允許創作者發布無限制的活動且無需預付費用，這一舉措已開始顯現影響，付費活動在推出的月份便恢復了同比增長。我們看到關鍵指標呈現正面趨勢，創作者獲取活動、數量和門票交易無論在免費活動還是付費活動中都在改善。

Our returning creator base is trending more consistently with historical patterns and we believe these improvements combined with our win back initiatives will strengthen our marketplace over time.

我們回歸的創作者群體的趨勢與歷史模式更加一致，我們相信這些改進加上我們的贏回計劃將隨著時間的推移增強我們的市場。

Let me bring this to life with a concrete example of the type of creator we're focused on winning mega events. One of our largest partners in a exemplifies the creative entrepreneurship. We aim to support. They've pioneered an innovative concept called Silent Discos in incredible places, hosting events in unexpected venues like museums, caves, airfields and even cathedrals.

讓我用一個具體的例子來說明這一點，我們關注的是哪一種類型的創造者能夠贏得大型活動。我們最大的合作夥伴之一就體現了創造性創業精神。我們的目標是提供支援。他們在令人難以置信的地方開創了一種名為「無聲迪斯可」的創新概念，在博物館、洞穴、機場甚至大教堂等意想不到的場所舉辦活動。

What's particularly compelling about mega events is how they consistently tap into cultural trends and scale them effectively across multiple markets.

大型活動尤其引人注目的是它們如何不斷抓住文化趨勢，並有效地在多個市場擴大規模。

Under the leadership of founder Nathan Reed, they've become an important partner by understanding what people want to do and making it happen on a massive scale.

在創辦人 Nathan Reed 的領導下，他們透過了解人們想要做什麼並大規模地實現它，成為了重要的合作夥伴。

This type of strategic inventory not only drives significant ticket volume but also attracts new audiences to our platform, Strengthening our marketplace flywheel.

這種策略性庫存不僅可以帶來可觀的票房，還可以吸引新的觀眾加入我們的平台，從而增強我們的市場飛輪。

The success of creators like mega events validates our strategy of investing in both innovative features and enhanced support capabilities to serve high value creators who can scale rapidly across markets.

大型活動等創作者的成功驗證了我們的策略，即投資創新功能和增強的支援能力，為能夠在各個市場迅速擴展的高價值創作者提供服務。

Building on this type of creator success, we're pursuing an active win back campaign with encouraging results with a steady cadence of targeted email marketing, paid advertising and in product messaging. We're communicating not only about the expanded free tier but also about compelling new features and our growing demand generation capabilities.

基於此類創作者的成功，我們正在進行積極的贏回活動，並透過穩定地開展有針對性的電子郵件行銷、付費廣告和產品訊息傳遞，取得了令人鼓舞的成果。我們不僅宣傳擴大免費套餐，還宣傳引人注目的新功能和不斷增長的需求產生能力。

Since early September former Eventbrite customers, we have won back, have sold more than three quarters of a million paid tickets on our platform and we see significant opportunity ahead. We plan to continue these campaigns into the fourth quarter as we strengthen our sales motion product capability and support offerings.

自 9 月初以來，我們贏回了 Eventbrite 的前客戶，並在我們的平台上銷售了超過 75 萬張付費門票，我們看到了未來巨大的機會。我們計劃在第四季度繼續進行這些活動，同時加強我們的銷售動態產品能力和支援服務。

Our sales team is driving marketplace growth through strategic inventory expansion with new leadership in place. We closed $4.5 million in new bookings this quarter with significant pipeline improvements across music, food and drink and comedy shows. We're particularly encouraged by our momentum and holiday and New Year's Eve events which are key drivers of consumer engagement, complementing our sales efforts. We're transforming our creator support model through technology improvements and adding a second support center. We've achieved an 80% reduction in response times and expanded to 24/7 phone support for premium creators. These enhancements combined with redesigned on boarding and expanded customer success coverage have yielded strong renewal rates among our larger creators.

在新的領導層的帶領下，我們的銷售團隊正透過策略性庫存擴張來推動市場成長。本季我們完成了 450 萬美元的新預訂，音樂、餐飲和喜劇表演的管道得到了顯著改善。我們對我們的發展勢頭以及假期和除夕活動感到特別鼓舞，它們是消費者參與的主要驅動力，並補充了我們的銷售努力。我們正在透過技術改進和增加第二個支援中心來改變我們的創作者支援模式。我們將回應時間縮短了 80%，並為優質創作者提供全天候電話支援。這些增強功能，加上重新設計的入職培訓和擴大的客戶成功覆蓋範圍，在我們的大型創作者中獲得了強勁的續約率。

Our second key priority is enhancing the Eventbrite experience with product capabilities. Two weeks ago, we introduced timed entry which is designed to give creators greater control over managing the flow of attendees.

我們的第二個主要任務是利用產品功能來增強 Eventbrite 體驗。兩週前，我們推出了定時入場制度，旨在讓創作者更好地控制與會人員的流量。

Let me bring to life how this new functionality is already creating value for creators and driving marketplace growth.

讓我生動地展示一下這項新功能是如何為創作者創造價值並推動市場成長的。

Unicorn world created by Patrick and Lauren Mines offers an immersive family friendly adventure complete with lifesize animatronic unicorns and interactive experiences.

由帕特里克和勞倫·邁恩斯創作的獨角獸世界為家庭遊客提供了身臨其境的冒險體驗，其中有真人大小的電子動畫獨角獸和互動體驗。

They're exactly the type of innovative creator who benefits from our new time entry capabilities as they manage large crowds across multiple time slots throughout their event days. Currently hosting events in 3 to 4 cities per month on Eventbrite, they're continually expanding their tour dates to bring their experience to more communities.

他們正是受益於我們新的時間輸入功能的創新創作者，因為他們可以在活動期間管理跨多個時間段的大量人群。他們目前在 Eventbrite 上每月在 3 到 4 個城市舉辦活動，並不斷擴大巡演日期，將他們的經驗帶給更多社區。

The success of creators like unicorn world demonstrates the significant opportunity we see in the experiential events market since launching timed entry in beta. This August we've seen strong initial uptake among larger and more frequent creators, particularly in categories such as music, food, and drink and seasonal events.

獨角獸世界等創作者的成功證明了自推出定時測試版以來，我們在體驗式活動市場中看到的巨大機會。今年 8 月，我們看到規模較大、參與頻率較高的創作者表現出強勁的初始反應，特別是在音樂、食物、飲料和季節性活動等類別。

In total creators who have adopted timed entry have already generated nearly 400,000 tickets validating our strategy of expanding into new segments of the event market with sophisticated ticketing needs.

整體而言，採用定時入場的創作者已經產生了近40萬張門票，這驗證了我們向具有複雜票務需求的活動市場新領域擴張的策略。

This leads me to our third key priority, executing our vision to become the indispensable live experiences marketplace.

這讓我想到了我們的第三個關鍵優先事項，即實現我們的願景，成為不可或缺的現場體驗市場。

These product innovations and early successes reflect our broader vision and are focused on the strategic pillars that will drive our transformation over the longer term.

這些產品創新和早期成功反映了我們更廣泛的願景，並專注於推動我們長期轉型的策略支柱。

First, we're evolving into a consumer centered brand with a particular focus on social scouts. The 21- to 35-year-olds who actively seek out and share unique local experiences. This demographic is twice as likely to discover events through Eventbrite and significantly more likely to attend with friends, creating powerful network effects.

首先，我們正在發展成為一個以消費者為中心的品牌，特別關注社會偵察員。21 至 35 歲之間的人積極尋找並分享獨特的當地體驗。這群人透過 Eventbrite 發現活動的可能性是其他群體的兩倍，而且與朋友一起參加活動的可能性也顯著增加，從而產生了強大的網路效應。

Second, we're building a managed marketplace that matches supply and demand at the local level. This means not just connecting creators and consumers but also ensuring high quality inventory that resonates with our target audience. The success of mega events in unicorn world exemplifies the type of innovative scalable experiences. We aim to bring to more communities.

其次，我們正在建立一個在地方層級匹配供需的管理市場。這不僅意味著連結創作者和消費者，還意味著確保與目標受眾產生共鳴的高品質庫存。獨角獸世界大型活動的成功體現了創新可擴展體驗的類型。我們的目標是將其帶給更多的社區。

Third, we're expanding our distribution and reach to meet consumers where they are. This is where our Tiktok partnership comes in. It's a prime example of how we're extending our platform to reach younger audiences, actively seeking unique experiences to share with friends.

第三，我們正在擴大我們的分銷管道和覆蓋範圍，以滿足消費者的需求。這就是我們與 Tiktok 合作的意義所在。這是我們如何擴展平台以吸引更年輕的受眾、積極尋求與朋友分享的獨特體驗的典型例子。

In the third quarter, the number of consumers coming to Eventbrite to search for local events grew by nearly 20% compared to last year. To further strengthen our consumer experience, we're excited about our plans to introduce a reimagined mobile app to the market. Currently in live beta testing, this new app will launch early next year and is designed to enhance personalization, discovery and consumer engagement.

第三季度，造訪Eventbrite搜尋本地活動的消費者數量與去年同期相比增加了近20％。為了進一步增強我們的消費者體驗，我們很高興計劃向市場推出重新設計的行動應用程式。這款新應用目前正在進行即時 Beta 測試，預計將於明年初推出，旨在增強個人化、發現和消費者參與度。

Notably, we see the greatest consumer engagement and purchase frequency within our mobile app where logged in usage is higher localization and personalization can be stronger and consumer purchase frequency is twice as great as on our web surfaces.

值得注意的是，我們發現行動應用程式中的消費者參與度和購買頻率最高，其中登入使用率更高，在地化和個人化程度可以更高，消費者的購買頻率是我們網頁端的兩倍。

These strategic pillars drive our marketplace flywheel by focusing on creators who host popular events in major cities. We're building a self-reinforcing cycle of growth. The results are clear, creators using our marketing tools show 27% higher revenue and stronger retention.

這些策略支柱透過關注在大城市舉辦熱門活動的創作者來推動我們的市場飛輪。我們正在建立一個自我強化的成長循環。結果很明顯，使用我們的行銷工具的創作者收入提高了 27%，保留率也更高。

More than 10,000 creators now use Eventbrite ads monthly, and 1/10 subscribe to enhanced marketing capabilities. As creators succeed, they become more loyal, attracting more consumers who in turn draw more high-quality creators to our platform as we execute our marketplace transformation. We're also announcing an important leadership update designed to support our next phase of growth.

現在每月有超過 10,000 名創作者使用 Eventbrite 廣告，其中十分之一的創作者訂閱了增強的行銷功能。隨著創作者的成功，他們會變得更加忠誠，從而吸引更多的消費者，而這些消費者反過來又會在我們實施市場轉型時吸引更多高品質的創作者加入我們的平台。我們也宣布了一項重要的領導層更新，旨在支持我們下一階段的發展。

I'm excited to welcome Anand Gandhi as our new Chief Financial Officer, Anan will join us from via to where he helped transform financial performance while more than doubling revenue.

我很高興歡迎 Anand Gandhi 擔任我們的新任財務官，Anan 將從 via 加入我們，在那裡他幫助我們改變財務業績，同時使收入增加一倍以上。

Anon brings valuable perspectives from across the consumer entertainment landscape including Disney Fox Viacom and time, as well as experience scaling high growth platforms. As the CFO of skill share, Anand's appointment enables Lanny to focus on his role as Chief Operating Officer where he'll drive revenue generation and lead our sales and customer experience teams.

Anon 帶來了迪士尼、福斯、維亞康姆和時代等消費娛樂領域的寶貴觀點，以及擴展高成長平台的經驗。作為技能共享的財務官，Anand 的任命使 Lanny 能夠專注於其營運長的角色，他將推動創造收入並領導我們的銷售和客戶體驗團隊。

Lanny has been a valued partner since joining a CFO in 2019. And this transition leverages his strength in driving operational excellence.

自 2019 年加入 CFO 以來，Lanny 一直是寶貴的合作夥伴。這次轉變充分發揮了他推動卓越營運的優勢。

We look forward to welcoming on, on, on November 19.

我們期待著 11 月 19 日的到來。

Let me close with our clear path forward. Our strategic initiatives are delivering tangible results through accelerating event, creation and successful win back campaigns.

最後，請容許我闡述我們明確的前進道路。我們的策略性舉措透過加速活動、創造和成功的贏回活動正在產生實際的成果。

We're well positioned to capture the opportunity ahead with enhanced platform capabilities, strong distribution partnerships and financial discipline.

憑藉著增強的平台能力、強大的分銷合作夥伴關係和財務紀律，我們有能力抓住未來的機會。

We remain confident in our ability to deliver increasing value for creators, consumers and shareholders.

我們堅信我們有能力為創造者、消費者和股東創造越來越多的價值。

I would like to thank our bright wings for their hard work and dedication this year as we set the stage to deliver on our strategy and drive profitable long-term growth.

我要感謝我們優秀的團隊今年的辛勤工作和奉獻精神，為我們實現策略和推動長期獲利成長奠定了基礎。

And with that, I'll turn it over to Lanny to walk you through our third quarter results and our outlook for the fourth quarter, Lanny.

接下來，我將把時間交給 Lanny，讓他向您介紹我們的第三季業績以及我們對第四季度的展望，Lanny。

Thank you, Julia.

謝謝你，茱莉亞。

We reported third quarter revenue of $77.8 million above our $74 million to $77 million outlook range but down 5% versus a year ago, due to ticket volume headwinds that we've called out previously.

我們公佈第三季營收為 7,780 萬美元，高於我們預期的 7,400 萬美元至 7,700 萬美元區間，但較去年同期下降 5%，原因是我們之前指出的票務量逆風。

Ticketing revenue was 11% lower year to year, which was partially offset by a doubling in revenue from organizer fees and event rate, Ads on a combined basis.

票務收入年減 11%，但組織者費用、活動費和廣告等綜合收入翻倍抵消了下降。

Non ticketing revenues represented 12% of revenue for the quarter. The pricing and packaging changes we introduced last year continued to impact ticketing growth in the third quarter.

非票務收入佔本季營收的12%。我們去年推出的定價和包裝變化繼續影響第三季的票務成長。

The total number of paid creators declined 12% from a year ago to 163,000 in the third quarter.

第三季度，付費創作者總數較去年同期下降了 12%，至 163,000 人。

However, as Julia described earlier, the free tier launched in September has begun to benefit creator acquisition and ticket volume comparisons in the quarter. Events per creator increased 3% year over year while tickets per event declined 5% As we issued $19.7 million paid tickets in the quarter down 14% year to year.

然而，正如朱莉婭之前所描述的，9 月推出的免費套餐已開始有利於本季的創作者獲取和票房量比較。每位創作者舉辦的活動數量年增 3%，但每張活動的門票數量下降 5%，因為我們本季發行了價值 1,970 萬美元的付費門票，年減 14%。

The average ticket price increased by 3% year to year to $40.30.

平均票價較去年同期上漲3%，達40.30美元。

And our revenue take rate was 9.8% in the quarter, 60 basis points higher than a year ago.

本季我們的營收率為 9.8%，比去年同期高出 60 個基點。

As a result, revenue per ticket was $3.97 in the third quarter compared to $3.57 a year ago. With the increase in take rate and revenue per ticket coming from the growth of eventbrite ads and organizer fees.

因此，第三季每張票的收入為 3.97 美元，而去年同期為 3.57 美元。隨著 eventbrite 廣告和主辦單位費用的成長，門票的接受率和每張票的收入也隨之增加。

Gross profit was $53.3 million in the third quarter, down 4% year over year for a gross margin of 68.5% compared to 68.3% a year ago. The modest increase in gross margin reflects higher marketplace revenues as well as our focus on cost containment within cost of revenue.

第三季毛利為 5,330 萬美元，年減 4%，毛利率為 68.5%，去年同期為 68.3%。毛利率的適度成長反映了市場收入的增加以及我們對收入成本內成本控制的關注。

Total operating expenses were $62.2 million in the third quarter compared to $67.2 million a year ago.

第三季總營運費用為 6,220 萬美元，去年同期為 6,720 萬美元。

Operating expenses included $5.4 million in reduction in force costs which were partially offset by $3.7 million in adjustments to our full year incentive compensation expense, product development expenses were $22.6 million in the third quarter compared to $23 million a year ago, down slightly as we reduced the team size.

營運費用包括 540 萬美元的人力成本削減，但部分被我們全年激勵薪酬費用 370 萬美元的調整所抵消，第三季度的產品開發費用為 2,260 萬美元，而去年同期為 2,300 萬美元，由於我們縮減了團隊規模，因此費用略有下降。

Sales marketing and support expenses were $23.7 million for the third quarter compared to $21.1 million a year ago.

第三季的銷售、行銷和支援費用為 2,370 萬美元，去年同期為 2,110 萬美元。

As lower marketing expenses were offset by an increase in chargebacks and fraud remediation expenses which totaled $6.8 million in the quarter compared to $1.4 million a year ago in the same period, general and administrative expenses were $15.9 million in the third quarter compared to $23.1 million in the third quarter of 2023 due to lower head count and related expenses associated with the cost savings that we announced in August.

由於較低的營銷費用被退款和欺詐補救費用的增加所抵消，本季度總計 680 萬美元，而去年同期為 140 萬美元，第三季度的一般和行政費用為 1590 萬美元，而 2023 年第三季度為 2310 萬美元，原因是員工人數減少以及與我們 8 月宣布的成本節約相關的費用。

Net loss was $3.8 million for the third quarter of 2024. Compared with a net loss of $9.9 million in the same period in 2023, net loss in this quarter included $5.4 million in reduction in force costs as well as a $300,000 loss on debt extinguishment.

2024 年第三季淨虧損為 380 萬美元。與 2023 年同期 990 萬美元的淨虧損相比，本季的淨虧損包括 540 萬美元的人力成本削減以及 30 萬美元的債務清償損失。

Adjusted EBITDA as reported was $5.8 million in the third quarter.

據報道，第三季調整後的 EBITDA 為 580 萬美元。

I should note that figure includes $5.4 million in severance and other costs associated with the reduction in force that we undertook during the quarter.

我應該指出，該數字包括 540 萬美元的遣散費以及與我們在本季度裁員相關的其他費用。

Excluding those costs adjusted for the quarter would have been $10.8 million.

除去本季調整後的成本，金額為 1,080 萬美元。

Turning to the balance sheet, cash and cash equivalents were $531 million at the end of the third quarter, down from $576 million. At the end of the second quarter, Eventbrite's available liquidity as defined in our shareholder letter was $237 million at the end of the third quarter. Compared to $353 million at the end of the second quarter, reflecting the repurchase of $120 million in convertible notes. Long-term debt was reduced to $240 million from $359 million a quarter ago.

談到資產負債表，第三季末的現金和現金等價物為 5.31 億美元，低於 5.76 億美元。截至第二季末，Eventbrite 的可用流動資金（按照我們致股東信的定義）為第三季末的 2.37 億美元。相較於第二季末的 3.53 億美元，反映了 1.2 億美元的可轉換票據的回購。長期債務從上一季的 3.59 億美元減少至 2.4 億美元。

In the first nine months of this year, cash flow from operations totaled $86 million after retiring $120 million of our 2025 convertible notes. Our focus now returns to our share repurchase program. We remain committed to buying back up to $50 million in stock this year, under our $100 million authorization.

今年前九個月，在贖回 1.2 億美元的 2025 年可轉換債券後，經營活動現金流總計 8,600 萬美元。我們的重點現在回到我們的股票回購計劃。我們仍承諾今年將以我們 1 億美元的授權回購價值高達 5,000 萬美元的股票。

We've already completed $39 million in share of purchases year-to-date, reducing shares outstanding by approximately 7% since the start of the year.

今年迄今，我們已經完成了 3,900 萬美元的購買份額，自年初以來流通股減少了約 7%。

Turning to our outlook the company expects fourth quarter, 2024 revenue to be within a range of $74million to $77 million and full year 2024 revenue to be within a range of $322 million to $326 million.

談到我們的展望，公司預計 2024 年第四季的營收將在 7,400 萬美元至 7,700 萬美元之間，2024 年全年營收將在 3.22 億美元至 3.26 億美元之間。

At the midpoint of our revenue outlook range, we expect full year adjusted EBITDA margin excluding the impact of severance costs and other non-routine items to be approximately 10% as we look to next year, it's a bit early to provide a specific financial outlook. However, there are a number of factors providing encouragement as we're planning for the year.

在我們的收入預期範圍的中點，我們預計全年調整後的 EBITDA 利潤率（不包括遣散費和其他非常規項目的影響）約為 10%，展望明年，現在提供具體的財務前景還為時過早。然而，在我們制定新的一年的計劃時，有許多因素給我們帶來鼓舞。

By introducing our free tier, we've improved creator acquisition and event trends by delivering new features. We're expanding our market opportunity and serving new creators and consumers by engaging with creators and clearly communicating the value of our offerings through win back campaigns.

透過推出免費套餐，我們透過提供新功能改善了創作者獲取和事件趨勢。我們正在透過與創作者接觸並透過贏回活動清楚地傳達我們產品的價值，從而擴大我們的市場機會並為新的創作者和消費者提供服務。

We're bringing creators back to the platform by growing our strategic inventory through our sales channel. We're adding valuable inventory and driving the flywheel of our marketplace by strengthening our customer care and support.

我們透過銷售管道增加策略性庫存，將創作者帶回平台。我們正在增加有價值的庫存，並透過加強客戶服務和支援來推動市場飛輪的發展。

We are focused on customer satisfaction and retention and we're operating with discipline and generating solid cash flow which has enabled us to reduce leverage while also returning cash to shareholders.

我們專注於客戶滿意度和保留率，並嚴格遵守紀律，產生穩健的現金流，這使我們能夠降低槓桿率，同時向股東返還現金。

And with that, I'll turn the call over to our operator to take your questions.

說完這些，我將把電話轉給我們的接線生來回答您的問題。

Certainly, everyone at this time, we will be conducting a question-and-answer session if you have any questions or comments, please press star one on your phone at this time.

當然，各位，此時我們將進行問答環節，如果您有任何問題或意見，請在此時按手機上的星號 1。

We do ask that while posing your question. Please pick up your handset. If you're listening on speaker phone to provide optimum sound quality.

我們在提出您的問題時確實問了這個問題。請拿起你的聽筒。如果您使用揚聲器電話收聽，則可提供最佳音質。

Once again, if you have any questions or comments, please press star one on your phone.

再次強調，如果您有任何問題或意見，請按手機上的星號鍵。

Please hold while we poll for questions.

我們正在調查問題，請稍候。

Thank you. Your first question is coming from Cameron Manson Perone from Morgan Stanley. Your line is live.

謝謝。您的第一個問題來自摩根士丹利的 Cameron Manson Perone。您的線路處於通電狀態。

Thank you. First, I was wondering if you guys could provide some more color in terms of, you know, for the paid creators who left the platform during the kind of organizer fee transition, any color on where you think those paid creators went when they left the platform. And you know, you talked about some of the initiatives that have worked well to bring them back onto the platform.

謝謝。首先，我想知道你們是否可以提供更多細節，對於在組織者費用轉換期間離開平台的付費創作者，你們認為這些付費創作者離開平台後去了哪裡。而且您知道，您談到了一些行之有效的舉措，以使他們重返該平台。

And any additional commentary just on what's proven most effective so far in winning them back and any new initiatives to accelerate that win back rate. Thanks.

您能談談目前為止最有效的贏回客戶的方法以及任何可以加速贏回率的新舉措嗎？謝謝。

Yeah, thanks, Cameron.

是的，謝謝，卡梅倫。

You know, I think that the I want to be specific about what we're seeing.

你知道，我想具體說明我們所看到的情況。

We, you know, rolled out this free tier on September 4 and we expected to see sort of waves of impact to the business. The first being our free creators who we think the pricing change was a bigger concern for those who are hosting free events.

您知道，我們在 9 月 4 日推出了這個免費套餐，我們預計會對業務產生一定的影響。首先是我們的免費創作者，我們認為價格變化是那些舉辦免費活動的人更關心的問題。

The second was new creator acquisition. And that being a potential barrier to the new creator, self-sign on funnel.

第二個是獲取新的創作者。這對新創作者來說是一個潛在的障礙，即在頻道上進行自我簽名。

And then the third being, returning paid creators, the customers that we acquire and retain and service through our sales channel, whether we are acquiring them net new through sales contracts or we're converting self-sign on customers to sales contracts are independent of the pricing changes.

第三個是回歸的付費創作者，即我們透過銷售管道獲得、保留和服務的客戶，無論我們是透過銷售合同獲得新客戶，還是將自簽客戶轉換為銷售合同，都與價格變化無關。

So, when we're thinking about winning back and where our self-sign on paid customers went, we're seeing that they went to a variety of different homegrown solutions or start up competitors. We're not seeing a ton of, of top of the market, major competitors that we track regularly.

因此，當我們考慮贏回我們的自簽約付費客戶時，我們發現他們已經轉向了各種不同的自主研發解決方案或新創競爭對手。我們在定期追蹤的市場頂級企業和主要競爭對手中並沒有看到很多。

So we feel very confident that we can win back these creators and how we're doing that and we're doing it through a series of marketing channel activations. We're giving creators a chance to re connect with Eventbrite, incentivizing them to come back to the platform with the pricing change. But we're also using this interaction to update them on all the things that we have rolled out in the last year to make the platform stronger and to create a better marketplace for them.

因此，我們非常有信心能夠贏回這些創作者，而我們的做法是透過一系列行銷管道啟動來實現的。我們為創作者提供了與 Eventbrite 重新建立聯繫的機會，激勵他們透過價格調整重返該平台。但我們也利用這種互動來向他們通報我們去年推出的所有產品，以使平台更加強大並為他們創造更好的市場。

So, whether that's, you know, our social integration with TikTok ability to integrate their event link native to TikTok videos or it's the enhanced service and support that we have, we rolled out 24 7 phone support to premium customers, or it's the ability to use Eventbrite for timed entry events and it just much sleeker and more efficient end to end experience. These are the types of things that we're able to now use to incentivize customers to come back.

因此，無論是我們與 TikTok 的社交整合，將其原生活動鏈接整合到 TikTok 視頻中的能力，還是我們提供的增強型服務和支持，我們都為高級客戶推出了 24/7 電話支持，或者是使用 Eventbrite 進行定時入場活動的能力，而且它只是更加流暢、更高效的端到端體驗。我們現在可以利用這些方法來激勵顧客回來。

And we feel very strongly about our current results. We saw, you know, three quarters of a million tickets come from customers that we've won back already in the platform since early September and we're just getting started.

我們對目前的業績感到非常滿意。您知道，我們看到自 9 月初以來，已有 75 萬張門票來自我們在平台上贏回的客戶，而這僅僅是我們的起步階段。

That's really helpful. Thank you, Julia.

這真的很有幫助。謝謝你，茱莉亞。

Thank you.

謝謝。

Your next question is coming from Justin Patterson from Keyban capital Markets. Your line is live.

您的下一個問題來自 Keyban 資本市場的賈斯汀·帕特森 (Justin Patterson)。您的線路處於通電狀態。

Thank you. This is Miles Jakubiak on for Justin.

謝謝。這是 Miles Jakubiak 為 Justin 主持的節目。

Maybe just another one on creators. Assuming most of the creators that you're seeing come back a little bit quicker on the free side. But how should we think about this impacting paid creative growth in the four Q? And then just as we see a full quarter of the reintroduction of the free tier in four Q.

也許這只是關於創作者的另一個問題。假設您看到的大多數創作者都會在免費方面更快地回歸。但是，我們該如何看待這對第四季的付費創意成長的影響呢？然後，正如我們所看到的，第四季有整整四分之一的公司重新推出了免費套餐。

Anything we should keep in mind from a financial side for the quarter specifically on take rates, we expect that to kind of step down incrementally and, and rebase at, at a new level in four Q, any color on that would be helpful. Thanks.

從本季度的財務角度來看，我們應該牢記任何事，特別是利率，我們預計利率將逐步下降，並在第四季度重新調整到一個新的水平，任何關於這方面的詳細信息都會有所幫助。謝謝。

Absolutely. So let me take your first question and I'll be clear about our path forward. And why we're confident in the growth trajectory around creators while we're not providing specific 2025 guidance today, I want to share the concrete evidence that we're seeing across our key growth drivers.

絕對地。所以請讓我回答你的第一個問題，然後我會明確我們前進的道路。為什麼我們對創作者的成長軌跡充滿信心，儘管我們今天沒有提供具體的 2025 年指導，但我想分享我們在關鍵成長動力中看到的具體證據。

So, the first is the marketplace transformation that we are in the midst of is really showing, showing early success. I talked about our expr our expanded free tier. And, and so I don't need to go back over that. But our you know, I didn't mention that our win back campaigns have brought over 13,000 creators back to the platform already.

首先，我們正處於的市場轉型確實正在顯現早期的成功。我談到了我們擴展的免費套餐。所以我不需要再重複這件事了。但您知道，我沒有提到我們的挽回活動已經讓超過 13,000 名創作者重返該平台。

And this is again in over just about two months of work. Revenue per paid ticket is staying strong. It's just shy of $4. So, we're happy about that. We'll continue to focus on driving adoption of Eventbrite ads, which is a great way to lock in our customers and show them the benefit of the marketplace. Our sales team is just starting to be fully ramped, and I was happy with the, you know, over $4.5 million in new bookings this quarter. They're really focusing as the tip of the spear on that strategic inventory that is so important to driving consumer loyalty and repeat purchasing. I talked about the time to entry feature, but I also wanted to, to hit on the consumer reach.

這又耗時約兩個多月。每張付費門票的收入保持強勁。價格略低於 4 美元。所以我們對此感到高興。我們將繼續致力於推動 Eventbrite 廣告的採用，這是鎖定客戶並向他們展示市場優勢的好方法。我們的銷售團隊剛開始全面投入工作，我對本季超過 450 萬美元的新訂單感到非常高興。他們真正關注的是戰略庫存，這對於推動消費者忠誠度和重複購買至關重要。我談到了進入時間功能，但我也想達到消費者覆蓋範圍的目的。

So that continues to expand. We saw 92.5 million monthly active users, a 20% increase in local event searches and mobile app users were up almost 20% year over year and why that matters is because that experience is only going to continue getting better as we roll out our reimagined consumer app. And that's driving pure discovery and demand to our creators' events. We're driving almost half of the tickets today. And we think as we continue to demonstrate strength here, creator adoption of not only our value-added services like Eventbrite ads where we see 10,000 users already, but also our enhanced marketing capabilities.

因此，這一數字仍在持續擴大。我們每月有 9,250 萬活躍用戶，本地活動搜尋量增加了 20%，行動應用用戶量同比增長了近 20%，這之所以重要是因為隨著我們推出重新設計的消費者應用程序，這種體驗只會變得越來越好。這推動了我們創作者活動的純粹發現和需求。今天我們已經處理了近一半的罰單。我們認為，隨著我們繼續展現實力，創作者不僅會採用我們的增值服務，例如 Eventbrite 廣告（我們已經擁有 10,000 名用戶），還會採用我們增強的行銷能力。

And you know, our marketing tools will continue to grow our revenue and will continue to grow creator retention. So again, we think, you know that the near term has been noisy, we know that there are transition impacts to our metrics, but the underlying health of our marketplace is strong and improving. Lanny, do you want to take a second?

你知道，我們的行銷工具將繼續增加我們的收入，並將繼續提高創作者的保留率。因此，我們再次認為，您知道短期內情況一直很混亂，我們知道我們的指標會受到轉型影響，但我們市場的基本健康狀況是強勁且正在改善。蘭尼，你想花一點時間嗎？

Sure, I can talk about the take rate questions you're looking into the fourth quarter. There are really three components of the take rate. Number one is the fees that we get on our ticketing business. And that is a function of the discounting that we may or may not do refund activity, etcetera. And I think what you'll see on the core ticketing take rate is stability there.

當然，我可以談談您在第四季度所關注的接受率問題。接受率實際上由三個部分組成。第一是我們從票務業務中獲得的費用。這是一種折扣功能，我們可能會或可能不會進行退款活動等等。我認為你會看到核心票務收取率保持穩定。

On the second driver of our take rate is the growth of our Eventbrite advertising product and bet between where we are today. And a year ago, we had about seven or 8% of our gross ticket fees or sorry of our marketplace activity. Seven or 8% of GT was participating in ads a year ago today. It's 11% or 12% of the GTs participating in ads.

我們的收費率的第二個驅動因素是我們的 Eventbrite 廣告產品的成長以及我們目前所處的境地。一年前，我們的總票價費用（或市場活動費用）約佔 7% 或 8%。一年前，GT 有 7% 或 8% 參與了廣告業務。參與廣告的 GT 佔 11% 或 12%。

And when we see customers turn on Eventbrite ads, we typically see a revenue lift on a per creator or per event basis in the neighborhood of 25% to 30%. So, continuing to drive additional penetration and uptake and success for creators with the Eventbrite ads product is a really important long-term driver of our take rate because it's a big step up in take rate on a per vendor per creator basis.

當我們看到客戶開啟 Eventbrite 廣告時，我們通常會看到每個創作者或每個活動的收入增加約 25% 到 30%。因此，繼續透過 Eventbrite 廣告產品為創作者推動額外的滲透率、吸收率和成功率，是推動我們收取率的一個真正重要的長期動力，因為這是每個供應商每個創作者的收取率的一大進步。

And then finally, the organizer fees, which is, which would be the biggest difference between the third quarter and the fourth quarter. Organizer fees were, you know, as we said before, we expect them to be in the $1million to $2 million in the fourth quarter. And that'll be down from where they were in the third quarter and in the second quarter.

最後，組織者費用是第三季和第四季之間最大的差異。正如我們之前所說，我們預計第四季的組織者費用將達到 100 萬至 200 萬美元。這將比第三季和第二季的水平有所下降。

So that will provide a little bit of an unwind on a, on a quarter-to-quarter basis on the take rate. But the other dynamics remain fully in place and and should continue to be very strong looking further into the future. We believe there is opportunity for premium services. Our pro plan subscriber base is, is holding up well. And, and that'll be an additional longer-term driver, but your question is specifically about the fourth quarter.

因此，這將在季度間基礎上對接受率帶來一點放鬆。但其他動力仍然完好無損，而且在未來仍將保持強勁。我們相信優質服務仍有機會。我們的專業計劃用戶群保持良好。這將是另一個長期驅動力，但您的問題具體是關於第四季度的。

So hopefully that's helpful. Thanks.

希望這會有所幫助。謝謝。

Yeah, that's helpful. Thank you both.

是的，這很有幫助。謝謝你們兩位。

Thank you. Your next question is coming from Naved Khan from B Riley Securities. Your line is live.

謝謝。您的下一個問題來自 B Riley Securities 的 Naved Khan。您的線路處於通電狀態。

Hi, it's Ryan. I'm from Naved. Thanks for taking my question.

你好，我是瑞安。我來自 Naved。感謝您回答我的問題。

So, I wanted to ask about Tiktok and last quarter, you had gave some guidance that there is $100 million daily impressions. I wanted to understand if that has changed at all. And then also if there was an event category that it was specifically benefiting, or you saw a difference in trends between. So, thanks.

所以，我想問一下關於 Tiktok 的問題，上個季度，您曾經給出一些指導，說每天的展示次數有 1 億美元。我想了解情況是否已經改變了。然後，如果有一個事件類別特別受益，或者您看到兩者之間的趨勢存在差異。所以，謝謝。

Absolutely. So,Tiktok is one of several distribution partners that we work with to put the right event in front of the right person at the right time wherever they may be. And as we've seen more and more of our target consumer, which is really 21- to 35-year-olds, we call them social scouts. They are out searching for events around them and they're searching on social platforms. We felt it was the most natural partnership to allow our creators to take benefit of that market share of consumer eyeballs.

絕對地。因此，Tiktok 是我們合作的眾多分銷合作夥伴之一，旨在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。而且，我們的目標消費者年齡層越來越大，實際上是 21 至 35 歲的人，我們稱他們為「社會偵察員」。他們出去尋找周圍的事件並在社交平台上搜尋。我們認為這是最自然的合作關係，可以讓我們的創作者從消費者眼球的市場份額中獲益。

And so, we, I we just we are integrated with TikTok to allow for creators to embed or actually allow for anyone to embed a native link to an event listing on video and on TikTok posts.

因此，我們剛剛與 TikTok 整合，以允許創作者嵌入或實際上允許任何人在影片和 TikTok 貼文上嵌入指向事件清單的原生連結。

And so, the daily impressions that we reported last quarter have remained relatively stable. We're continuing to work with TikTok on how the event listings and live experiences can be served up to the TikTok community and other places perhaps search and other organic ways that people are looking for things to do.

因此，我們上個季度報告的每日印象保持相對穩定。我們將繼續與 TikTok 合作，研究如何將活動清單和現場體驗提供給 TikTok 社群和其他地方，或許是透過搜尋和其他人們尋找活動自然的方式。

And we're, we remain really confident, and you know, encouraged by what we're seeing. And we're also doing a fair amount of education for our creator community on how they can leverage TikTok both organically and through paid advertising to be able to reach a new audience and really, you know, gain traction for their events in terms of the categories that we see getting, you know, the the lion's share of attention on TikTok. It's really, I don't think it would be surprising to you to know that there are categories that we see really popular on Eventbrite for our core consumer.

我們仍然充滿信心，而且我們看到的成果也讓我們備受鼓舞。我們也對創作者社群進行了大量的教育，告訴他們如何利用 TikTok，既可以透過自然的方式，也可以透過付費廣告來接觸新的受眾，並真正為他們的活動吸引關注，就我們看到的在 TikTok 上獲得最大關注的類別而言。確實，我認為，如果您知道 Eventbrite 上的某些類別確實非常受我們的核心消費者的歡迎，您就不會感到驚訝。

So, music being cheap among them, food and drink, events, community and culture, events. Those categories have seen relatively strong growth through this period and remain our most popular categories in the marketplace.

因此，其中音樂、食物和飲料、活動、社區和文化等都很便宜。這些類別在此期間表現出相對強勁的成長勢頭，並且仍然是我們在市場上最受歡迎的類別。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.(Operator Instructions)

謝謝大家。今天的活動到此結束。現在您可以斷開連接並享受美好的一天。謝謝您的參與。