Eventbrite Inc (EB) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Eventbrite Inc. first-quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Eventbrite Inc. 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to turn the floor over to your host Megan Manaster. Megan, the floor is yours.

現在我很高興將發言權交給主持人梅根·馬納斯特 (Megan Manaster)。梅根，現在請你發言。

Good afternoon and welcome to Eventbrite's first-quarter 2025 earnings call. My name is Megan Manaster, Investor Relations. With us today are Julia Hartz, our Co-Founder and Chief Executive Officer; and Anand Gandhi, our Chief Financial Officer.

下午好，歡迎參加 Eventbrite 2025 年第一季財報電話會議。我叫 Megan Manaster，負責投資者關係。今天與我們在一起的是我們的共同創辦人兼執行長 Julia Hartz；以及我們的財務長 Anand Gandhi。

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

小提醒：本次電話會議已錄製，可在 Eventbrite 投資者關係網站 investor.eventbrite.com 重播。此外，您也可以造訪我們的投資者關係網站，查看我們在電話會議前發布的財務業績新聞稿。

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, May 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，我們將對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今天（5 月 8 日）根據目前已知的因素做出的最佳判斷，而實際的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。

For a more detailed discussion of the risks and uncertainties affecting our future results, we refer you to a section titled forward-looking statements in our press release 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，請參閱我們的新聞稿和向美國證券交易委員會提交的文件中標題為前瞻性陳述的部分。除非法律要求，否則我們不承擔更新電話會議期間所作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的義務。

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 for our results of operation 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，這些都是非 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，也不應將它們作為根據 GAAP 報告的經營業績分析的替代。

A reconciliation to the most directly comparable GAAP financial measure is available in our investor presentation, which is available on our Investor Relations website. We encourage you to read our investor presentation, which contains important information about GAAP and non-GAAP results.

我們的投資者介紹中提供了與最直接可比較的 GAAP 財務指標的對帳表，您可以在我們的投資者關係網站上找到該介紹。我們鼓勵您閱讀我們的投資者介紹，其中包含有關 GAAP 和非 GAAP 結果的重要資訊。

And with that, I'll now turn the call over to Julia.

現在，我將把電話轉給茱莉亞。

Thanks, Megan, and thank you to everyone joining our call today. We're off to a solid start this year.

謝謝，梅根，也感謝今天參加我們電話會議的所有人。今年我們有一個好的開始。

In Q1, we delivered $73.8 million in revenue, landing at the high end of our guidance. Adjusted EBITDA came in at $4.6 million representing a 6% margin, right in line with what we told you to expect. But more importantly, we're seeing continued progress in our recovery.

第一季度，我們的營收達到 7,380 萬美元，達到了預期的高點。調整後的 EBITDA 為 460 萬美元，利潤率為 6%，與我們預期的完全一致。但更重要的是，我們看到復甦正在持續進展。

Paid ticket trends improved for a third quarter in a row. While ticket volume was still down 7.7% year over year, it showed clear improvement over Q4, which was down 10%; and Q3, which was down 14%. This was the plan.

付費票務趨勢連續第三個季度有所改善。雖然票務量年比仍下降了 7.7%，但與第四季（下降 10%）和第三季（下降 14%）相比，情況明顯改善。這就是計劃。

We knew this year would still carry the impact of last year's organizer fee reversal. We're managing through it and working to get back to growth in the second half of the year. We're driving consistent momentum across our strategic levers. The consumer flywheel is turning. Our most impactful creators are sticking with us, and we're investing with discipline.

我們知道今年仍將受到去年組織者費用逆轉的影響。我們正在努力克服這一困難，並努力在下半年恢復成長。我們正在透過各種策略手段推動持續的發展動能。消費者飛輪正在轉動。我們最具影響力的創作者一直與我們同在，我們也嚴格地進行投資。

Let's jump into the quarter's highlights, starting with the consumer side. This is the year where we're reintroducing Eventbrite not just as a ticketing tool, but as the place to find something great to do. To deliver on this promise, we launched a new Eventbrite app and brand campaign in Q1, and consumer response has been strong.

讓我們從消費者方面開始，了解本季的亮點。今年，我們重新推出 Eventbrite，它不僅是售票工具，也是一個尋找精彩活動的場所。為了兌現這項承諾，我們在第一季推出了新的 Eventbrite 應用程式和品牌活動，消費者的反應非常強烈。

The app's focus on user preferences, discoverability, and real world connection is making Eventbrite a go-to destination for live experiences. March app installs accelerated post launch, and paid tickets generated from the app were up 11% compared to last year's Q1. Total average monthly app users were up 13% in Q1 year over year.

該應用程式專注於用戶偏好、可發現性和現實世界的聯繫，使 Eventbrite 成為現場體驗的首選目的地。3 月應用程式安裝量在發布後加速成長，應用程式產生的付費票數與去年第一季相比成長了 11%。第一季平均每月應用程式用戶總數年增 13%。

Total Discovery users who are people looking for something to do across our platform on any surface, rose 16% year over year. That matters to our creators because they succeed when more people come to Eventbrite to find events. To build on this growth, we're focused on improving how we match the right event to the right person at the right time, both within our marketplace and across our distribution channels.

總探索用戶（即希望在我們的平台上透過任何方式做某事的人）年增了 16%。這對我們的創作者來說很重要，因為當更多的人來到 Eventbrite 尋找活動時，他們就成功了。為了實現這一成長，我們專注於改善如何在我們的市場和分銷管道中，在正確的時間將正確的事件與正確的人匹配起來。

Now let's talk creators. We saw solid momentum on both of our sales and self-sign on channels thanks in large part to powerful creator solutions we're delivering. Our new timed-entry solution launched in late 2024 continues to gain traction. The experience improvements we made are resonating with creators who used to rely on manual workarounds to manage session-based events.

現在讓我們來談談創作者。我們看到，我們的銷售和自簽約管道都呈現強勁勢頭，這在很大程度上要歸功於我們提供的強大的創作者解決方案。我們於 2024 年底推出的全新定時進入解決方案繼續受到青睞。我們所做的體驗改進引起了那些過去依賴手動解決方法來管理基於會話的事件的創作者的共鳴。

Let's bring that to life with a few examples. iBoatNYC is based in New York and has sold more than 110,000 tickets on Eventbrite, over half of those driven directly by our efforts. They use the full suite of tools, Timed Entry to manage big crowds on multi-level yachts, Eventbrite ads to fill seats, and our TikTok integration to reach younger audiences. By automating event creation, they save up to 8 to 10 hours per series. That's a full workday back, time they can now spend focusing on the experience and growing their business.

讓我們用幾個例子來說明這一點。 iBoatNYC 總部位於紐約，在 Eventbrite 上已售出超過 110,000 張門票，其中超過一半直接由我們的努力促成。他們使用全套工具，定時入場來管理多層遊艇上的大量人群，使用 Eventbrite 廣告來填補座位，並使用我們的 TikTok 整合來吸引更年輕的受眾。透過自動化事件創建，他們每個系列可節省高達 8 到 10 個小時。這相當於節省了一整天的工作時間，他們現在可以將時間花在專注於體驗和發展業務上。

In Q1, Eventbrite ads revenue was up 30% year over year. Creators are seeing the impact. One of the clearest examples is ORLOVE. They're known for throwing some of the most exciting parties in the US, producing over 250 events each year across 40 cities. For their national Saint Patrick's Day rollout, they leaned into Eventbrite ads, and it delivered. The campaigns drove high sales with very little manual work. It was so effective they've now built Eventbrite ads into their broader marketing strategy for both current and future events.

第一季度，Eventbrite 廣告收入年增 30%。創作者們正見證其影響。最明顯的例子之一就是ORLOVE。他們因舉辦美國最令人興奮的派對而聞名，每年在 40 個城市舉辦超過 250 場活動。在全國聖派翠克節的推廣活動中，他們藉助了 Eventbrite 廣告，並且取得了成功。這些活動只需很少的手排工作就能帶來高銷售量。由於其效果顯著，他們現在已將 Eventbrite 廣告納入當前和未來活動的更廣泛的營銷策略中。

These creators are proof Eventbrite doesn't just help you sell tickets, it helps you operate smarter, reach more people, and scale what you're best at. And we're making it easier to do that every day. Our sales team is focused on the right segments, helping our largest and most-frequent creators drive even greater retention and revenue.

這些創作者證明 Eventbrite 不僅可以幫助您銷售門票，還可以幫助您更聰明地經營、接觸更多人並擴大您最擅長的領域。我們每天都在努力讓這個過程變得更輕鬆。我們的銷售團隊專注於正確的細分市場，幫助我們最大、最頻繁的創作者實現更高的保留率和收入。

Now let's talk about how we're running the business. We're operating with financial discipline. Q1 operating expenses were down 14% year to year, reflecting cost actions from last year. We held G&A dollars flat by staying tight on costs, and we directed investment to go-to-market functions and scaling consumer engagement and ads where we see the greatest leverage. Our liquidity position remains strong, with $550 million in cash and $240 million in available liquidity, up from $230 million at year end.

現在讓我們來談談我們如何經營業務。我們嚴格遵守財務紀律。第一季營運費用年減 14%，反映了去年的成本行動。我們透過嚴格控製成本來保持 G&A 費用的平穩，並將投資導向市場推廣功能以及擴大消費者參與度和我們認為最具影響力的廣告。我們的流動性狀況依然強勁，擁有 5.5 億美元現金和 2.4 億美元可用流動資金，高於年底的 2.3 億美元。

To sum it up, Q1 played out as expected. The year is off to a steady focus start. We're on track for what we laid out, returning to paid ticket volume growth in the second half of the year and driving long-term profitability.

總而言之，第一季的進展符合預期。新的一年伊始，我們將重點放在的重點將穩步推進。我們正在按照既定計畫進行，下半年付費票務量將恢復成長，並推動長期獲利。

Before I hand it over to Anand, I want to share a quick update on our executive team. As we recently announced, Julia Taylor, our Chief Legal and People Officer; and Vivek Sagi, our Chief Technology Officer, have decided to move on to pursue new opportunities outside of Eventbrite.

在將權力移交給阿南德之前，我想先簡單介紹一下我們的執行團隊的最新情況。正如我們最近宣布的那樣，我們的首席法律和人事長 Julia Taylor 和我們的技術長 Vivek Sagi 已決定繼續在 Eventbrite 之外尋找新的機會。

JT, as we all know her, has been an incredible leader, partner, and champion of our culture. Vivek has played a key role in modernizing our platform, strengthening reliability, and building a solid engineering foundation. I'm deeply grateful for their impact.

我們都知道，JT 是一位出色的領導者、合作夥伴和我們文化的捍衛者。Vivek 在實現我們平台的現代化、增強可靠性和建立堅實的工程基礎方面發揮了關鍵作用。我非常感謝他們的影響。

Just as important, both JT and Vivek have built strong teams that will carry their work forward. That includes Lisa Gorman, who was recently promoted to General Counsel. As we kick off searches for our next executive teammates, I want to personally thank JT and Vivek for the legacy they're leaving behind and for helping develop leaders who are ready to step up.

同樣重要的是，JT 和 Vivek 都建立了強大的團隊來推動他們的工作向前發展。其中包括最近晉升為總法律顧問的麗莎·戈爾曼 (Lisa Gorman)。在我們開始尋找下一任執行團隊成員之際，我要親自感謝 JT 和 Vivek 留下的遺產，並感謝他們幫助培養準備上任的領導者。

Now I turn it over to Anand to walk through our Q1 financials and outlook.

現在我請阿南德介紹我們的第一季財務狀況和前景。

Thanks, Julia. We delivered on our outlook for Q1 with net revenue and adjusted EBITDA, each at the top end of our guidance range. Our ongoing efforts to strengthen the business continued to yield results with the trend in paid ticket volume improving again for the third consecutive quarter.

謝謝，朱莉婭。我們實現了對第一季的預期，淨收入和調整後的 EBITDA 均處於我們指導範圍的上限。我們持續加強業務的努力持續取得成效，付費票量連續第三個季度呈現改善趨勢。

The progress we're achieving gives us confidence in our plan for the year. And as a result, we are reaffirming our full-year financial outlook. I will walk you through our first-quarter results and then share more about our expectations for the year. All of the financial comparisons I will reference are on a year-over-year basis unless indicated otherwise.

我們所取得的進展使我們對今年的計劃充滿信心。因此，我們重申全年財務展望。我將向您介紹我們的第一季業績，然後分享我們對今年的更多期望。除非另有說明，我將引用的所有財務比較都是以同比計算的。

Starting with net revenue. Net revenue of $73.8 million was at the high end of our outlook range of $71 million to $74 million. This was down 14% year over year in large part due to the elimination of organizer fees, which, as expected, significantly reduced marketplace revenue. This was partially offset by the continued rapid growth in Eventbrite ads, which was up 30%.

從淨收入開始。淨收入為 7,380 萬美元，處於我們預期的 7,100 萬美元至 7,400 萬美元範圍的高端。這一數字與去年同期相比下降了 14%，主要是因為取消了組織者費用，正如預期的那樣，這大幅減少了市場收入。但 Eventbrite 廣告的持續快速成長（成長了 30%）部分抵銷了這一成長。

Paid ticket volume of 19.6 million reflected continued sequential improvement in year-over-year trends, declining at a slower rate of 7.7%. A meaningful improvement compared to the year-over-year declines of 10.2% and 13.6% in Q4 and Q3 of 2024, respectively. Also, we're seeing continued sequential improvement in year-over-year trends in paid creators, paid events, and paid buyers.

付費票量為 1,960 萬張，年比趨勢持續改善，下降速度放緩至 ​​7.7%。與 2024 年第四季和第三季分別下降 10.2% 和 13.6% 相比，這是一個有意義的改善。此外，我們看到付費創作者、付費活動和付費買家的年比趨勢持續改善。

Now looking at gross profit. Gross profit was $49 million, representing a gross margin of 67% compared to 71% a year ago. The margin contraction was expected due to the elimination of the higher-margin organizer fees.

現在來看毛利。毛利為 4,900 萬美元，毛利率為 67%，去年同期為 71%。由於取消了利潤率較高的組織者費用，利潤率的下降是意料之中的。

Now turning to operating expenses. OpEx was $59 million in Q1, down 14%, which was our lowest OpEx quarter since 2022. Also, this represents our fifth consecutive quarter of OpEx reductions due to our continued focus on expense discipline. Stock-based compensation declined 27% to $10 million in Q1, reflecting our intentional equity management.

現在談談營運費用。第一季營運支出為 5,900 萬美元，下降 14%，這是自 2022 年以來營運支出最低的季度。此外，由於我們持續關注費用控制，這是我們連續第五個季度削減營運支出。第一季股票薪酬下降 27% 至 1,000 萬美元，反映了我們有意的股權管理。

We reduced product development expenses from $27 million a year ago to $21 million and reduced general administrative expenses from $21 million to $17 million. Sales, marketing, support expenses were $22 million, up modestly from $21 million in part due to strategic investment in our revenue generating sales team.

我們將產品開發費用從一年前的 2,700 萬美元減少到 2,100 萬美元，並將一般管理費用從 2,100 萬美元減少到 1,700 萬美元。銷售、行銷和支援費用為 2,200 萬美元，較 2,100 萬美元略有成長，部分原因是我們對創收銷售團隊進行了策略性投資。

Now looking at profitability. Net loss was $6.6 million compared to $4.5 million a year ago. Adjusted EBITDA was $4.6 million, representing an adjusted EBITDA margin of 6.2%. This was at the upper end of our outlook and marks our 15th consecutive quarter of positive adjusted EBITDA.

現在來看獲利能力。淨虧損為 660 萬美元，去年同期為 450 萬美元。調整後的 EBITDA 為 460 萬美元，調整後的 EBITDA 利潤率為 6.2%。這是我們預期的上限，標誌著我們連續第 15 個季度實現正調整後 EBITDA。

Now turning to our balance sheet. Cash, cash equivalents, and restricted cash totaled $551 million, up $86 million from the end of 2024. When deducting for creator payables, our available liquidity was $241 million at the end of Q1, which is an $11 million increase from the end of 2024.

現在轉向我們的資產負債表。現金、現金等價物和受限現金總額為 5.51 億美元，比 2024 年底增加 8,600 萬美元。扣除創作者應付款項後，我們第一季末的可用流動資金為 2.41 億美元，比 2024 年底增加了 1,100 萬美元。

We're mindful of our outstanding convertible notes. We're confident in our ability to manage these maturities given our available liquidity and our consistent track record of generating positive adjusted EBITDA. We're also proactively evaluating options to secure incremental liquidity, and we're prioritizing non-dilutive alternatives.

我們留意到我們尚未償還的可轉換票據。鑑於我們可用的流動性以及我們持續產生正調整後 EBITDA 的記錄，我們有信心管理這些到期債務。我們也積極評估確保增量流動性的選項，並優先考慮非稀釋性替代方案。

Now turning to our outlook for 2025. Based on current performance, we continue to expect full-year 2025 net revenue in the range of $295 million to $310 million, with an adjusted EBITDA margin in the mid-single digits. As we look to Q2, we expect net revenue in the range of $70 million to $73 million and an adjusted EBITDA margin in the range of 3% to 4%.

現在來展望一下 2025 年。根據目前的業績，我們繼續預計 2025 年全年淨收入將在 2.95 億美元至 3.1 億美元之間，調整後的 EBITDA 利潤率將在中等個位數。展望第二季度，我們預計淨收入將在 7,000 萬美元至 7,300 萬美元之間，調整後的 EBITDA 利潤率將在 3% 至 4% 之間。

We attribute the sequential declines in revenue and margin to a few factors including Easter week landing in April, creating a headwind for Q2 ticket sales; some larger planned Q2 events shifting to later in the year; and lower ticket prices consistent with historical quarter-over-quarter trends. We believe these Q2 factors will normalize, and we're confident that our progress across the business, combined with our continued financial discipline will enable us to deliver improved revenue and margin trends in the second half of 2025.

我們將收入和利潤率的連續下降歸因於幾個因素，包括四月份的復活節週，對第二季度門票銷售造成阻力；一些計劃在第二季度舉行的大型活動推遲到今年晚些時候；以及門票價格下降與歷史季度環比趨勢一致。我們相信這些第二季的因素將會正常化，我們相信，我們整個業務的進步加上我們持續的財務紀律將使我們能夠在 2025 年下半年實現更好的收入和利潤趨勢。

Now to recap. As Julia highlighted, our decisive actions and effective execution have delivered meaningful improvements in ticketing trends and product enhancements that are accelerating our marketplace transformation. Our strong operational execution and our continued financial discipline are setting the stage for long-term profitable growth. We have a promising year ahead and we look forward to sharing more with you at our next earnings.

現在回顧一下。正如朱莉婭所強調的，我們的果斷行動和有效執行為票務趨勢和產品增強帶來了有意義的改善，從而加速了我們的市場轉型。我們強大的營運執行力和持續的財務紀律為長期獲利成長奠定了基礎。我們期待著新的一年，並期待在下次收益報告中與您分享更多。

And with that, now I'll turn it back to the operator for Q&A.

現在我將把時間交還給接線員進行問答。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始回答問題。（操作員指示）

Cameron Mansson-Perrone, Morgan Stanley.

摩根士丹利的卡梅倫·曼森-佩羅內。

Hi, thanks. Yeah, first on the app, MAU growth, that's still a modest portion of the total MAUs, but it is nicely outpacing. Is a shift to more app-based MAUs and intentional strategy that you guys are pursuing?

你好，謝謝。是的，首先在應用程式方面，MAU 的成長雖然只佔總 MAU 的一小部分，但成長速度很快。你們正在追求的是否是轉向更多基於應用程式的 MAU 和有意為之的策略？

And then maybe just some help on kind of how user behavior differs between creators and attendees using the app relative to those on the web. So if that is a strategy, we can help better understand how that influences the business or impacts the business. Thanks.

然後也許只是一些關於使用應用程式的創作者和參與者與網路上的使用者行為有何不同的幫助。因此，如果這是一種策略，我們可以幫助更好地了解它如何影響業務或對業務產生影響。謝謝。

Yeah. Thanks, Cameron. So our intention around the consumer-side investments in the marketplace is to really focus on the app, our app users are up healthily year over year and they're more retentive and engaging than our total buyer behavior.

是的。謝謝，卡梅倫。因此，我們在市場消費者端投資方面的意圖是真正關注應用程序，我們的應用程式用戶逐年健康增長，並且他們比我們的整體購買者行為更具留存率和參與度。

And so when we think about the redesigned app and the pillars that we used when we re-launched the app really focusing on simplification, discoverability, personalization, and also making event discovery more social, we were thinking about how we could be disciplined in investing in consumer side growth, but also go to the highest intent, most valuable users, and that's really where we're leaning in. Those users are three times more likely to buy a ticket than web users, and while they are a smaller subset, we think that we can learn a lot from these signals in app discovery.

因此，當我們考慮重新設計的應用程式以及我們重新推出應用程式時所使用的支柱時，我們真正關注的是簡化、可發現性、個性化，以及使事件發現更加社交化，我們正在思考如何才能在投資消費者方面的增長方面保持紀律性，同時也能滿足最高意圖、最有價值的用戶，而這正是我們真正傾向的。這些用戶購買機票的可能性是網路用戶的三倍，儘管他們只是一小部分，但我們認為我們可以從應用程式發現中的這些訊號中了解到很多資訊。

Overall, Discovery users are up 16% year over year, so we know that writ large we're doing a better job of putting that right event in front of the right person at the right time wherever they are. And I want to really commend the team that they've done a really nice job of balancing both focused, intense work on our consumer app and that end-to-end journey and that that work continues even post the rebrand.

總體而言，Discovery 用戶數量同比增長了 16%，因此我們知道，從總體上看，我們正在更好地將正確的事件在正確的時間呈現給正確的人，無論他們身在何處。我要真誠地讚揚這個團隊，他們在平衡對消費者應用程式的專注、高強度工作和端到端旅程方面做得非常好，而且即使在品牌重塑之後，這項工作仍在繼續。

But also extending Eventbrite's inventory out into the world where people are searching for things to do. So especially social media with our partnership with TikTok and other platforms, we're really focused on connecting the dots for people so that wherever you're looking for something to do, Eventbrite's there and our omnipresence is really driving the liquidity in our marketplace.

同時也將 Eventbrite 的庫存擴展到人們正在尋找活動的世界。因此，特別是在社交媒體方面，透過與 TikTok 和其他平台的合作，我們真正專注於為人們連接各個點，這樣無論你想在哪裡做某事，Eventbrite 都會出現，而我們的無處不在確實推動了我們市場流動性的提升。

In terms of creator behavior, we're starting to educate our creators on how their events are showing up in the app and how they can optimize their listings in the app to make it even more high converting. And we don't see any major, you know, derivations in terms of how creators are going to be thinking about when they put their events on sale. But we do hope to continue to educate them through our reporting and analytics dashboard around how effective mobile-app consumers are and why they should really lean into making that experience better for their users.

在創作者行為方面，我們開始教育創作者他們的活動如何在應用程式中顯示，以及他們如何優化應用程式中的清單以使其轉換率更高。並且，對於創作者在出售其活動時會如何考慮，我們並沒有看到任何重大的衍生。但我們確實希望透過我們的報告和分析儀表板繼續教育他們，讓他們了解行動應用消費者的效率以及為什麼他們應該真正致力於為用戶提供更好的體驗。

That's helpful. One other -- just quick housekeeping item. But Anand, I'm curious, the 1Q SBC, is that a good run rate for the remainder of the year or just anything in terms of from a stock-based comp perspective what we should expect as we move through '25?

這很有幫助。還有一個——只是快速整理物品。但阿南德，我很好奇，第一季的 SBC 是否是今年剩餘時間的良好運作率，或者從股票補償的角度來看，我們在 25 年應該期待什麼？

Thanks, Cameron. Yeah, that is a good run rate for the year. If anything, we might see some improvements. I would say, in general, given the fact that this vesting is over multiple years, it's not exactly a straight line pattern, and there's a little jaggedness in the progression, but, we don't -- we see this at the high end, most likely, of the quarterly SBC for the year.

謝謝，卡梅倫。是的，對於今年來說這是一個很好的運行率。如果有的話，我們可能會看到一些改進。我想說，一般來說，考慮到這種歸屬是跨多年的，它並不完全是一條直線模式，並且在進展過程中有一些鋸齒狀，但是，我們不會 - 我們很可能在年度季度 SBC 的高端看到這種情況。

Got it. And then one more if I can, but on the ads growth, I'd be curious or would love to hear just a little bit more detail on what's helping sustain that. I think 30% was similar to the growth we saw last quarter.

知道了。如果可以的話，我再問一個問題，但關於廣告成長，我很好奇或想聽更多細節，了解是什麼幫助維持了這種成長。我認為 30% 與我們上個季度看到的成長相似。

So any additional color on what's supporting that. And then as we think about the continued growth in marketplace revs, any additional color around -- you called out higher incrementals, but any additional color on kind of how the incrementals for marketplace compared to the core ticketing business. That'd be helpful.

那還有什麼可以佐證這一點的嗎？然後，當我們考慮市場收入的持續成長時，您提到了更高的增量，但是對於市場增量與核心票務業務相比如何，您有什麼額外的說明嗎？那將會很有幫助。

Absolutely. So Eventbrite Ads is working really for our creators because it's native to the marketplace. It's performance-driven and it's creator-led. It's not just an add-on; it's a part of the core monetization engine. And so as we get better at educating our creators and putting the Ads tool in the right place within their event-creation and lifecycle process, we think that we'll continue to grow adoption.

絕對地。因此，Eventbrite Ads 確實對我們的創作者有用，因為它是市場原生的。它是由績效驅動並由創造者主導的。它不僅僅是一個附加元件；它是核心貨幣化引擎的一部分。因此，隨著我們更好地教育我們的創作者並將廣告工具放在他們的事件創建和生命週期過程中的正確位置，我們認為我們將繼續增加採用。

Happy with the 30% year-over-year growth because it is a clear signal that there is product market fit. And when we think about how can we -- beyond education and really helping our creators onboard to the tool, how can we grow ads better? Well, first is expand the high-intent placement. So there are surfaces on Eventbrite where ads are not yet embedded and where we know they will convert, and we're continuing to roll a road map against that work stream. We also want to give creators better tools to see better ROI. So, things like ticket sales, ad objectives.

對 30% 的同比增長感到滿意，因為這清楚地表明產品已經適應市場。當我們思考除了教育和真正幫助我們的創作者使用該工具之外，我們如何更好地發展廣告？嗯，首先是擴大高意向性投放。因此，Eventbrite 上還存在一些尚未嵌入廣告但我們知道它們會轉換的表面，我們正在繼續針對該工作流程製定路線圖。我們也希望為創作者提供更好的工具，以獲得更好的投資報酬率。因此，諸如門票銷售、廣告目標等。

And then finally, the third thing that we're focused on improving consistently is the relevance of the ads that we're showing to consumers when they're searching whatever surface they're searching on, whether it's desktop, mobile web, or app. We want consumers to see the most relevant ads, which will, of course, drive the best outcome for our creators.

最後，我們持續關注的第三件事是，當消費者在桌面、行動網路或應用程式等任何平台上進行搜尋時，我們向他們展示的廣告的相關性。我們希望消費者看到最相關的廣告，這當然會為我們的創作者帶來最好的結果。

So I think the bottom line really is that ads are growing because they help creators sell more tickets and more creators are seeing the effectiveness, and that really aligns perfectly with how we think about scaling the marketplace monetization. We'll really focus on marketing and promotion and driving demand within our monetization picture. This year, we also are focusing on opening up core ticketing volume growth through new segments like Timed Entry, which is a relatively new capability on Eventbrite that brings a lot of opportunity, growing nearly 40%.

所以我認為，最重要的是，廣告之所以在增長，是因為它們可以幫助創作者銷售更多門票，而且越來越多的創作者看到了其有效性，這與我們對擴大市場貨幣化的看法完全一致。我們將真正專注於行銷和推廣，並推動我們貨幣化範圍內的需求。今年，我們也致力於透過定時入場等新領域開拓核心票務量成長，這是 Eventbrite 上一個相對較新的功能，帶來了許多機會，成長了近 40%。

We think that we have a lot of room to grow there, and we're just getting started. Visibility into the sales pipeline is very positive. And combined, Timed-Entry creators who are hyper-frequent and regular customers and Eventbrite Ads makes a lot of sense. So I'm excited about the combination of that.

我們認為我們在那裡有很大的發展空間，而且我們才剛起步。銷售管道的可見度非常積極。綜合起來，定時入場創作者（他們是超頻繁和常客）和 Eventbrite 廣告非常有意義。所以我對於這種結合感到非常興奮。

That's all helpful. Thank you, both.

這些都很有幫助。謝謝你們兩位。

Naved Khan, B. Riley Securities.

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

This is Ryan Powell on for Naved. So first question I wanted to ask is, on the Eventbrite App redesign, if there's anything to call out in terms of event category performance since launch? And then second, for traction on Timed Entry, wondering what percent of overall events those are now and what the long-term expectations for that could be? Thank you.

這是 Naved 的 Ryan Powell。所以我想問的第一個問題是，關於 Eventbrite 應用程式的重新設計，自推出以來，在活動類別表現方面有什麼值得注意的嗎？其次，對於定時入場活動的吸引力，想知道現在這些活動佔總活動的百分比是多少，以及對這些活動的長期預期是什麼？謝謝。

Sure. Thanks so much, Ryan. So on the Eventbrite App, in terms of category performance, we're not breaking that out right now. But what we -- what I can tell you is that we've seen some strong growth within the categories where we have executed our It-Lists strategy. And it's sort of a self-fulfilling prophecy, but we're focusing on the most highly liquid categories in the key metros where we see the most-focused buyer intent.

當然。非常感謝，瑞安。因此，在 Eventbrite 應用程式上，就類別表現而言，我們目前不會對其進行細分。但我們——我可以告訴你們的是，我們在實施 It-Lists 策略的類別中看到了一些強勁的成長。這有點像是一種自我實現的預言，但我們關注的是主要大都市中流動性最高的類別，在這些大都市中，我們看到了最集中的買家意圖。

And so the categories like music, food and drink, community and culture, and performing arts are the ones that I think you should keep an eye on. We're continuing to lean in there. And again, we are running a strategy that's scaling right now where we partner with local influencers to have them help curate the best events in those categories, and we're seeing a really nice conversion rate from that curation.

因此，我認為您應該關注音樂、食物和飲料、社區和文化以及表演藝術等類別。我們將繼續向那裡靠攏。再次強調，我們正在實施一項正在擴大規模的策略，我們與當地有影響力的人合作，讓他們幫助策劃這些類別中的最佳活動，我們看到這種策劃的轉換率確實很高。

And then, on the Timed Entry side, a little too early to start sharing numbers there, but what -- how I would think about it is that Timed Entry expands our addressable market. So I'd look beyond the traditional categories to a more like attractions and installed experiences that are happening hyper frequently. So what I mean by that is there's sessions. There are several time sessions throughout the day. They're happening 7 days a week, 365 days a year. That's really the market we're focused on. And this is the first time that Eventbrite has really stepped into this segment of live experiences.

然後，在定時進入方面，現在開始分享數字還為時過早，但是我認為定時進入擴大了我們可尋址的市場。因此，我會超越傳統的類別，尋找更像頻繁發生的景點和安裝體驗的東西。所以我的意思是有會議。全天有多個時段。這些活動每週 7 天、每年 365 天都在發生。這確實是我們關注的市場。這也是 Eventbrite 首次真正涉足現場體驗這一領域。

So it's early. We will continue to update you as we have more metrics that we want you to start baking into your models. We do have dedicated sales members focused on Timed Entry, which is also relatively new. And so that's what drives my confidence in both Timed Entry and then also what we're seeing in curation and discovery.

所以還早。當我們有更多指標希望您開始將其融入您的模型中時，我們將繼續向您更新。我們確實有專門的銷售人員專注於定時進入，這也是相對較新的。這就是我對定時進入以及我們在策展和發現方面所看到的信心的來源。

Thank you, that's all very helpful. And then on the TikTok partnership, is there anything to call out there on transfer impressions and conversion rates?

謝謝，這些都很有幫助。那麼關於與 TikTok 的合作，在傳輸印象和轉換率方面有什麼需要注意的嗎？

I don't have any new news for you other than the adoption of social sharing tools for creators is continuing to be a cornerstone to our strategy for driving demand and why creators are staying at a higher rate. We're really focused on helping higher-value creators in that 100-to-1,000-attendee range find ways to drive demand and build audience. And we're seeing a higher retention rate because of that in that segment.

除了為創作者提供社交共享工具繼續成為我們推動需求策略的基石以及創作者保持較高比率的原因之外，我沒有什麼新消息可以告訴您。我們真正專注於幫助 100 到 1,000 名與會者範圍內的高價值創作者找到推動需求和吸引觀眾的方法。因此，我們看到該領域的留存率更高。

So I think that as we continue to build these blocks around how we can help creators be the best marketers and promoters of their events, we are really focused on the most important platforms that we need to integrate with, and TikTok is a great example. But there are certainly others out there, and we continue to work on those partnerships.

因此，我認為，隨著我們繼續圍繞如何幫助創作者成為其活動的最佳行銷者和推廣者來建立這些模組，我們真正關注的是我們需要整合的最重要的平台，而 TikTok 就是一個很好的例子。但肯定還有其他公司，我們將繼續致力於建立這些合作關係。

All very helpful. Thank you.

一切都非常有幫助。謝謝。

(Operator Instructions) Hamed Khorsand, BWS Financial.

（操作員指示） Hamed Khorsand，BWS Financial。

Hi. So my first question was, I was just trying to understand what you're trying to do as far as taking up the paid-creator count. There was a lot of talk last quarter that you were optimistic about that number. It went down this quarter. So if you could just provide a little bit more insight into that strategy.

你好。所以我的第一個問題是，我只是想了解您在佔用付費創作者數量方面想做什麼。上個季度有很多傳言說你對這個數字持樂觀態度。本季有所下降。因此，如果您能對該策略提供更多見解的話。

Yes. I think that as we look at the year and how it plays out, we are encouraged by the trajectory that we're seeing. The overall number of paid creators is, yes, still recovering. But as I touched on this in the previous answer, a little bit. Importantly, we're seeing growth in the right segments.

是的。我認為，當我們回顧這一年以及它的發展時，我們所看到的發展軌跡令我們感到鼓舞。確實，付費創作者的總數仍在恢復中。但正如我在前面的回答中提到的那樣，有一點。重要的是，我們看到了正確領域的成長。

So in Q1, we saw improvement in large and frequent creators who publish events that are between 100 and 1,000 attendees. And that's really the heart of our strategy and our most monetizable cohort. So while the headline creator count, it may look slower to rebound, what matters is that activity is shifting toward higher quality supply. And we found that these creators, not only are they selling more tickets more regularly, but they're also adopting features like Timed Entry and adopting and paying for ads and retaining at higher rates, and that's exactly what we want to see.

因此，在第一季度，我們看到大型且頻繁的創作者有所改善，他們發布的活動參與者人數在 100 到 1,000 人之間。這確實是我們策略的核心，也是我們最具獲利能力的族群。因此，儘管從頭條創作者數量來看，反彈速度可能看起來較慢，但重要的是活動正在轉向更高品質的供應。我們發現，這些創作者不僅更頻繁地銷售更多門票，而且還採用定時入場等功能，並採用和支付廣告費用，以更高的比率保留，這正是我們希望看到的。

So, creator and event growth is obviously very important to us and are leading indicators, and it's -- but it's not the only path to inflecting paid tickets. We're also seeing improvements in repeat-creator retention, in ticket volume per event and in buyer conversion, particularly on the mobile app as we discussed.

因此，創作者和活動的成長對我們來說顯然非常重要，並且是領先指標，但這並不是改變付費門票的唯一途徑。我們也看到重複創作者保留率、每場活動的門票數量和買家轉換率都有所提高，特別是我們在行動應用程式上討論過的情況。

So I think these are all key drivers. And together, they're powering this recovery. And I think that as Eventbrite continues to be top of mind for creators who are hosting local relevant events, and we're doing a much better job at helping them drive demand to their events. And we could see that in our -- in the sentiment analysis and in the feedback that we're getting from them.

所以我認為這些都是關鍵驅動因素。他們共同推動經濟復甦。我認為，Eventbrite 繼續成為舉辦在地相關活動的創作者的首選，我們在幫助他們推動活動需求方面做得更好。我們可以在我們的情緒分析和從他們那裡得到的回饋中看到這一點。

Okay, than you.

好的，那你也一樣。

(Operator Instructions) Dae Lee, JPMorgan.

（操作員指示）摩根大通 Dae Lee。

Great, thanks for taking my questions. I have two. So first one, a follow-up on the app redesign. So just curious on the philosophy behind it, like what you're trying to accomplish relative to the app design that you had previously? Is it more user engagement and time spent or trying to achieve a different action from the consumers using your app?

太好了，感謝您回答我的問題。我有兩個。首先，跟進應用程式的重新設計。所以我只是好奇它背後的哲學，例如相對於您之前的應用程式設計，您想要實現什麼？是增加用戶參與度和花費時間，還是試圖從使用您的應用程式的消費者那裡獲得不同的行動？

And then secondly, on your full-year guide, appreciate you guys reiterating that. But just curious if that's more of you not seeing an impact from macro conditions or you are seeing some signs, but you just feel more confident in your strategy to deliver against your full-year target? Thank you.

其次，關於你們的全年指南，感謝你們重申這一點。但我只是好奇，這是否更多的是您沒有看到宏觀條件的影響，或者您看到了一些跡象，但您對實現全年目標的策略更有信心？謝謝。

Thanks, Dae. So the goal of the app redesign is really simple. It's to make Eventbrite the easiest and most relevant place to find live experiences. And what we want to do is turn that engagement of easily finding something to do into real business for our creators.

謝謝，Dae。因此，應用程式重新設計的目標非常簡單。這是為了讓 Eventbrite 成為尋找現場體驗最簡單、最相關的場所。我們想要做的就是將這種輕鬆找事做的參與轉化為創作者的真正業務。

So we think about the consumer investment through the lens of what's actually going to make the creator more successful. And as we think about how we then convert that into business results, we think that it ties directly to the -- not only our ability to attract more sales-led acquisition, which is accelerating, but also to reactivate our self-sign on channel, which is a very attractive channel for us and is a near-term focus.

因此，我們從什麼才能真正讓創作者更成功的角度來考慮消費者的投資。當我們思考如何將其轉化為業務成果時，我們認為這不僅與我們吸引更多銷售主導型收購的能力直接相關，這種能力正在加速，而且還與我們重新激活我們的自簽名渠道的能力直接相關，這對我們來說是一個非常有吸引力的渠道，也是我們近期的重點。

And then, finally, as we attract more new creator types through features like Timed Entry, that only reinforces the flywheel and also improves the category and inventory on the app. And so as we think about pushing the app more and more into our buyers' hands through things like ticket access, this gives us the great opportunity to then connect them to the personalization that we know will help them think of Eventbrite as a place to go to find things to do. And so I would say engagement and conversion to ticket sales are the two core metrics that we're looking at on behalf of our creators.

最後，隨著我們透過定時進入等功能吸引更多新的創作者類型，這只會強化飛輪並改善應用程式上的類別和庫存。因此，當我們考慮透過門票訪問等方式將應用程式越來越多地推到買家手中時，這為我們提供了絕佳的機會，將他們與個性化聯繫起來，我們知道這將有助於他們將 Eventbrite 視為一個尋找活動的地方。因此我想說，參與度和門票銷售轉換率是我們代表創作者關注的兩個核心指標。

And to your second question there, about macro environment and what does that mean for our full-year outlook? So right now, we're not seeing clear impact from macro pressure. We're very aware of the overall sentiment of the market. Understandably, we're cautious, and we're going to continue to monitor that closely. But we do think, we're in a place that has some resilience here given our price points and the fact that we're not a category that requires a lot of additional investment in terms of purchasing hotel or a flight.

您的第二個問題是關於宏觀環境，這對我們的全年展望意味著什麼？因此目前我們還沒有看到宏觀壓力的明顯影響。我們非常了解市場的整體情緒。可以理解，我們非常謹慎，我們將繼續密切關注。但我們確實認為，考慮到我們的價格點以及我們不需要像購買酒店或航班那樣進行大量額外投資這一事實，我們在這裡具有一定的彈性。

So we think we have elements that suggest that we can be more resilient in times of macro uncertainty. At the same time, we are monitoring and we realize that as the macro situation worsens materially, it is possible to have an impact on customer sentiments and we're going to pay close attention to that.

因此，我們認為，我們有理由相信，在宏觀不確定時期，我們可以更具韌性。同時，我們正在監控並意識到，隨著宏觀情勢的嚴重惡化，可能會對客戶情緒產生影響，我們將密切關注這一點。

Okay, thank you.

好的，謝謝。

Thank you. This does conclude our question-and-answer session for today and also concludes today's conference call. Thank you for your participation. You may disconnect at this time have a wonderful day.

謝謝。今天的問答環節到此結束，今天的電話會議也到此結束。感謝您的參與。現在您可以斷開連接，祝您度過美好的一天。