Stubhub Holdings, Inc (STUB) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to StubHub's fourth quarter and year-end 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, March 4, 2026.

女士們、先生們，大家好。感謝您的耐心等待。歡迎參加 StubHub 2025 年第四季及全年業績電話會議。（操作員說明）請注意，本次電話會議將於2026年3月4日進行錄音。

I will now turn the call over to Clinton Hooks with StubHub. Please go ahead.

現在我將把電話轉接給 StubHub 的 Clinton Hooks。請繼續。

Thank you, operator, and thank you for joining us to discuss StubHub’s fourth quarter and year-end 2025 results. For reference, our fourth quarter and year-end 2025 earnings release, shareholder letter, and presentation are available under the quarterly results section of our Investor Relations website at investors.stubhub.com.

感謝營運商，也感謝您加入我們，共同探討 StubHub 2025 年第四季和全年業績。作為參考，我們的 2025 年第四季和全年收益報告、股東信和簡報可在投資者關係網站 investors.stubhub.com 的季度業績部分查閱。

Before we begin our formal remarks, we need to remind everyone that the discussion today will include forward-looking statements. These forward-looking statements, which are usually identified by use of words such as will, expect, anticipate, should or other similar phrases are not guarantees of future performance. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect, and therefore, you should exercise caution when interpreting and relying on them.

在我們正式發言之前，我們需要提醒大家，今天的討論將包含前瞻性陳述。這些前瞻性陳述通常使用諸如「將」、「預期」、「預計」、「應該」或其他類似短語來識別，但並不保證未來的表現。這些聲明有許多風險和不確定因素，可能導致實際結果與預期結果有重大差異，因此，您在解讀和依賴這些聲明時應謹慎行事。

Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can make no assurance related to its expectations. Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, unless otherwise required by law. We refer all of you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. We encourage investors to review our regulatory filings, including the annual report on Form 10-K for the year ended December 31, 2025, when it is filed with the SEC.

儘管該公司認為此類前瞻性聲明中所反映的預期是基於合理的假設，但該公司無法對其預期做出任何保證。除非法律另有規定，否則本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險的更詳細討論，請各位參閱我們最近向美國證券交易委員會提交的文件。我們鼓勵投資者查閱我們的監管文件，包括截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告（該報告將在提交給美國證券交易委員會時提交）。

During today’s call, we will also be discussing non-GAAP financial measures, which we believe can be useful in evaluating the company’s financial performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings release, shareholder letter, and investor presentation, as applicable, available on the StubHub Investor Relations website. Please note that unless otherwise noted, our profitability and EBITDA discussions today refer to non-GAAP adjusted EBITDA.

在今天的電話會議上，我們還將討論非GAAP財務指標，我們認為這些指標有助於評估公司的財務表現。這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調整表可在我們的獲利報告、股東信和投資者簡報（如適用）中找到，這些文件可在 StubHub 投資者關係網站上取得。請注意，除非另有說明，我們今天討論的盈利能力和 EBITDA 均指非 GAAP 調整後的 EBITDA。

Joining me today are Eric Baker, our Founder, Chairman, and Chief Executive Officer; and Connie James, our Chief Financial Officer. They will provide opening remarks then take questions.

今天與我一同出席的有我們的創辦人、董事長兼執行長艾瑞克‧貝克，以及我們的財務長康妮‧詹姆斯。他們將作開場致辭，然後回答問題。

With that, I’ll turn it over to Eric.

接下來，我將把麥克風交給艾瑞克。

Good afternoon, everyone, and thank you for joining us today. 2025 was a pivotal year for StubHub. We grew our marketplace, further strengthened our competitive position, transformed our balance sheet, and became a public company.

各位下午好，感謝各位今天參加我們的節目。 2025年對StubHub來說是個具有里程碑意義的一年。我們擴大了市場規模，進一步鞏固了競爭地位，改善了資產負債表，並成為了一家上市公司。

As we enter 2026, StubHub remains a leading global ticketing marketplace for live events with durable advantages, scale and liquidity, structurally strong financial fundamentals, and a diversified global footprint. These fundamentals are built on our core strengths, which continue to drive our competitive advantage.

進入 2026 年，StubHub 仍然是全球領先的現場活動票務市場，擁有持久的優勢、規模和流動性、穩健的財務基本面以及多元化的全球佈局。這些基本要素建立在我們核心優勢之上，而這些核心優勢也持續推動著我們的競爭優勢。

First, our leading marketplace position with a category-defining brand and approximately 50% share of the secondary ticketing market in North America. Second, our proven network effects that create durable competitive advantages. As we attract more buyers through our leading distribution and global reach, sellers add more inventory and selection to our platform, which in turn draws more buyers and further expands our distribution.

首先，我們擁有領先的市場地位，擁有定義類別的品牌，並在北美二級票務市場佔有約 50% 的份額。其次，我們擁有已被證明能夠創造持久競爭優勢的網路效應。隨著我們憑藉領先的分銷管道和全球影響力吸引更多買家，賣家也為我們的平台增加了更多庫存和選擇，這反過來又吸引了更多買家，並進一步擴大了我們的分銷管道。

Third, our asset-light online marketplace model, which delivers consistent take rates, over 80% adjusted gross margins and strong free cash flow conversion. As an online marketplace, we generally do not take inventory risk and incur limited variable costs with each transaction, allowing us to reach large global audiences and generate substantial revenue with modest ongoing capital requirements.

第三，我們採用輕資產的線上市場模式，實現了穩定的佣金率、超過 80% 的調整後毛利率和強勁的自由現金流轉換率。作為線上市場，我們通常不承擔庫存風險，每次交易產生的變動成本也有限，這使我們能夠觸及龐大的全球受眾，並以適度的持續資本需求創造可觀的收入。

Fourth, our extensive data set across millions of global events. Our data on supply, demand, pricing, and user behavior enables differentiated product innovation, marketing optimization, and pricing intelligence that reinforce our market leadership.

第四，我們擁有涵蓋數百萬全球事件的龐大資料集。我們擁有關於供應、需求、定價和用戶行為的數據，能夠實現差異化的產品創新、行銷優化和定價策略，從而鞏固我們的市場領導地位。

Fifth, scale is the defining advantage in our category. As the scale leader in secondary ticketing, our superior liquidity, trusted brand, and operational excellence create sustainable competitive advantages. And finally, an exceptional team with leadership experience built through decades of building and operating our business.

第五，規模是我們這個類別的決定性優勢。作為二級票務領域的規模領導者，我們卓越的流動性、值得信賴的品牌和卓越的營運能力創造了可持續的競爭優勢。最後，我們擁有一支卓越的團隊，他們在數十年的業務建設和營運中積累了豐富的領導經驗。

I’m grateful to work alongside a group of high-caliber employees who show up every day for our customers, improving the product, strengthening trust, and delivering operational excellence at scale. We’re also fortunate to have a deeply experienced management team, leaders who helped build this company from the ground up, raising the bar for StubHub year after year. Together, these strengths position us to capitalize on the expanding live event industry.

我很榮幸能與一群高素質的員工一起工作，他們每天都為我們的客戶服務，改進產品，增強信任，並大規模地實現卓越營運。我們很幸運擁有一支經驗豐富的管理團隊，這些領導者從零開始創建了這家公司，年復一年地提高 StubHub 的標準。這些優勢結合起來，使我們能夠充分利用不斷發展的現場活動產業。

We sit in a unique position at the intersection of technology and live events as we pursue our vision to be the global destination for fans to access live entertainment. We remain relentlessly focused on improving every part of the StubHub experience from discovery and pricing transparency to fulfillment and support, because a better fan experience strengthens trust, drives conversion, and reinforces the marketplace flywheel.

我們身處科技與現場活動的交會點，擁有獨特的優勢，我們致力於成為全球粉絲獲取現場娛樂體驗的首選目的地。我們始終不懈地致力於改善 StubHub 體驗的方方面面，從發現和定價透明度到履行和支持，因為更好的粉絲體驗可以增強信任、提高轉換率並強化市場飛輪效應。

Before I touch on longer-term initiatives, I want to be clear about what is driving our business today. Our results and outlook are driven by our resale marketplace, which constitutes the vast majority of our revenue. In 2025, we delivered $9.2 billion of GMS, continued to grow, gain share, and strengthened our competitive position. We expect that in 2026, StubHub’s financial performance will continue to be driven by this core resale marketplace.

在討論長期計劃之前，我想先先明確一下目前推動我們業務發展的因素。我們的業績和前景主要取決於我們的二手交易市場，該市場貢獻了我們絕大部分的收入。2025年，我們的商品交易總額達到92億美元，持續成長，市佔率不斷擴大，競爭地位得到加強。我們預計，到 2026 年，StubHub 的財務表現將繼續由這個核心轉售市場驅動。

Building on this foundation, our first several months as a public company have provided valuable perspective on our strategy to unlock new market opportunities. We believe direct issuance, non-exclusive, open distribution of originally issued tickets remains a transformational long-term opportunity for StubHub and the broader live event ecosystem. We have made progress through business development with marquee content rights holders across sports and music in multiple geographies, and we believe demand for this distribution model has been validated.

在此基礎上，我們作為一家上市公司的頭幾個月為我們開拓新的市場機會的策略提供了寶貴的視角。我們相信，直接發行、非獨家、公開分發原版門票，對於 StubHub 和更廣泛的現場活動生態系統而言，仍然是一個具有變革意義的長期機會。我們透過與多個地區的體育和音樂領域的主要內容版權持有者開展業務拓展，取得了進展，我們相信這種分銷模式的需求已經得到驗證。

Our experience has reinforced that the largest market potential will come from making direct issuance frictionless to adopt across a much broader range of rights holders. That requires reducing operational friction for partners with varying levels of technological sophistication. And advances in artificial intelligence are materially expanding what is now practical to build on the supply side. By leveraging these advancements, we believe we can bring capabilities to market that would have been difficult to deliver even a year ago, including AI-assisted tools that automate workflows and simplify inventory management.

我們的經驗表明，最大的市場潛力來自於讓直接發行變得輕鬆便捷，讓更廣泛的權利持有者能夠接受。這就需要減少技術水準各異的合作夥伴之間的操作摩擦。人工智慧的進步正在實質地擴展目前在供應端可以實際建造的範圍。我們相信，透過利用這些進步，我們可以將一年前難以實現的功能推向市場，包括可自動執行工作流程和簡化庫存管理的 AI 輔助工具。

For 2026, we are prioritizing building the product foundation required to scale direct issuance broadly. Accordingly, we are shifting from a primarily business development-led strategy to a more product-led strategy, building an AI-enabled, technology-driven ecosystem that enables inventory to be contributed and managed with minimal operational burden.

2026 年，我們的首要任務是建立大規模直接發行所需的必要產品基礎。因此，我們正在從以業務發展為主導的策略轉向以產品為主導的策略，建立一個人工智慧賦能、技術驅動的生態系統，使庫存的貢獻和管理能夠最大限度地減少營運負擔。

Development is underway to bring these supply-side products to market. We believe this approach positions direct issuance to become a durable growth engine when the self-serve capability is in place. This strategy shift means we will not be optimizing for immediate revenue growth, but for maximizing our revenue opportunity over the long term.

目前正在進行開發工作，以將這些供應端產品推向市場。我們相信，當自助服務能力到位後，這種方法將使直接發行成為持久成長的引擎。這一策略轉變意味著我們將不再追求短期收入成長，而是追求長期收入機會的最大化。

Similarly, our efforts to build our advertising business are showing promising early results as we leverage our unique advantages. Early partnerships have helped validate the opportunity and are helping inform how we will scale advertising in a way that is truly additive by enhancing relevance and utility for customers.

同樣，我們利用自身獨特的優勢，努力發展廣告業務，也已初見成效。早期的合作關係有助於驗證這一機會，並有助於我們了解如何以真正增值的方式擴大廣告規模，從而提高與客戶的相關性和實用性。

Our advertising business is generating modest revenue today. We are continuing to iterate toward a model that enhances the seller and buyer experience. We are taking a disciplined approach to both initiatives, prioritizing scalable execution. This measured path forward reflects our commitment to maintaining the marketplace experience that defines our competitive advantage while compounding shareholder value over the long term.

我們的廣告業務目前收入不高。我們不斷迭代，力求打造一個能夠提升賣家和買家體驗的模式。我們對這兩項計劃都採取了嚴謹的態度，並優先考慮可擴展的執行方式。這條穩健的發展路徑體現了我們致力於維持市場體驗的承諾，正是這種體驗定義了我們的競爭優勢，同時在長期內不斷提升股東價值。

Finally, a quick note on the regulatory environment. We continue to operate within a generally favorable status quo that supports open functioning resale markets across jurisdictions. That said, public discussion around ticketing has increased in recent months, and we want to be clear about why we believe the secondary ticketing market and StubHub as a scale leader are defensible and durable over the long term.

最後，簡單談談監理環境。我們繼續在整體有利的現狀下運營，這種現狀支持各個司法管轄區內開放且運作良好的二手房市場。話雖如此，近幾個月來，公眾對票務的討論有所增加，我們想明確說明為什麼我們認為二級票務市場和 StubHub 作為規模領導者，在長期內是可防禦和可持續的。

The secondary market solves durable ecosystem needs across a broad diversity of live event content. It is not dependent on any single event type or narrow set of behaviors. A liquid resale market supports the ecosystem in foundational ways by: one, improving the category experience for consumers through trusted, fraud-protected ways to buy and sell tickets with ease and providing flexibility when plans change; two, improving sell-through and pricing confidence in the primary market as consumers are more willing to buy earlier when they know they have a trusted option to resell; three, enabling risk and cash flow management for content rights holders, teams, promoters, and event organizers by providing liquidity and a pathway for inventory to be redistributed through power sellers and season ticket holders.

二級市場滿足了各種現場活動內容的持久生態系統需求。它不依賴任何單一事件類型或狹窄的行為模式。流動性強的轉售市場從根本上支持整個生態系統，具體體現在以下幾個方面：一、透過值得信賴、防詐欺的方式輕鬆買賣門票，並在計劃變更時提供靈活性，從而改善消費者的體驗；二、提高一級市場的銷售率和定價信心，因為消費者知道有值得信賴的轉售管道，他們更願意提前購買；三、透過提供流動性和管道，使庫存能夠透過強力賣家和季票持有者重新分配，從而幫助內容版權所有者、球隊、推廣商和活動組織者進行風險和現金流管理。

And lastly, improving attendance, utilization, and venue economics by helping ensure tickets end up with someone who will attend, driving meaningful ancillary revenue through concessions, parking, merchandise, and a better in-venue experience.

最後，透過確保門票最終落入會參加的人手中，提高出席率、利用率和場館經濟效益，並透過特許經營、停車、商品和更好的場館內體驗來推動有意義的輔助收入。

Even if well-intentioned, we believe altering this vital link in the live event value chain ultimately harms the fan experience and the live event ecosystem overall. Regulatory change in live events is inherently complex. The live events ecosystem is a vast global surface of content and demand profiles, spanning everything from lower demand community events, small club shows, to global music tours and the world’s largest sporting moments across countless jurisdictions and market structures. Any framework that seeks to broadly reshape the resale market would need to account for a wide range of event types, seller profiles, consumer use cases, and enforcement realities, and would need to be implemented across many jurisdictions where live events occur.

即使出發點是好的，我們也認為改變現場活動價值鏈中的這一重要環節最終會損害粉絲體驗和整個現場活動生態系統。現場活動的監管變革本身就非常複雜。現場活動生態系統是一個龐大的全球內容和需求概況，涵蓋了從需求較低的社區活動、小型俱樂部演出到全球音樂巡迴以及世界上規模最大的體育賽事，遍及無數司法管轄區和市場結構。任何旨在全面重塑二手市場的框架都需要考慮到各種事件類型、賣家概況、消費者使用案例和執法現實，並且需要在舉辦現場活動的多個司法管轄區實施。

With that context, we believe public discussion tends to focus on a certain subset of the resale market, resellers that list large quantities of inventory on marketplaces for very high demand concerts at high prices significantly above the original sale price. Based on our internal data, we estimate that approximately 10% of our GMS in 2025 was attributable to these types of high-demand concert ticket sales by resellers.

在這種背景下，我們認為公眾討論往往集中在轉售市場的某個特定子集上，即那些在市場上以遠高於原價的高價出售大量熱門演唱會庫存的轉售商。根據我們的內部數據，我們估計 2025 年我們 GMS 的約 10% 是由於轉售商銷售的這類高需求音樂會門票所致。

Importantly, we believe that StubHub’s durability is reinforced by our diversification and lack of concentration across sellers, content rights holders, buyers, event types, and geographies, providing a level of insulation from potential regulatory changes that may affect any single subset of the market or any single jurisdiction.

重要的是，我們相信 StubHub 的持久性得益於我們在賣家、內容版權持有者、買家、活動類型和地理方面的多元化和缺乏集中性，從而在一定程度上免受可能影響市場任何單一子集或任何單一司法管轄區的潛在監管變化的影響。

Finally, we have a responsibility to continue educating policymakers on the consumer protections and structural benefits that our marketplace provides and are continuing to bolster our government relations efforts to support this. We intend to engage constructively while operating responsibly to best serve fans around the globe.

最後，我們有責任繼續向政策制定者宣傳我們市場提供的消費者保護和結構性益處，並將繼續加強與政府的關係，以支持這項工作。我們計劃以建設性的方式與全球粉絲互動，並以負責任的態度運營，以更好地服務全球粉絲。

We are entering 2026 with a scaled, resilient core resale business, an improved competitive position that supports growth and scaling margins and a transformed balance sheet. We are also continuing to progress toward longer-term upside opportunities. Our commitment is straightforward, set expectations we can deliver upon and execute consistently. We intend to deliver results that reflect the strength and durability of the business.

進入 2026 年，我們擁有規模化、具有韌性的核心轉售業務，競爭地位得到提升，從而支持增長和擴大利潤率，並且資產負債表也已煥然一新。我們也不斷努力尋找更長期的發展機會。我們的承諾很簡單：設定我們能夠實現的目標，並且始終如一地執行。我們力求取得能體現公司實力和持久性的績效。

With that, I’ll turn the call over to Connie to discuss our financial results and guidance.

接下來，我將把電話交給康妮，讓她來討論我們的財務表現和展望。

Thanks, Eric. In 2025, we delivered $9.2 billion of GMS, up 6% year over year. Excluding The Eras Tour, our GMS grew 18% year over year, reflecting the underlying performance of the business. Our growth was driven by continued market share gains in North America, where we expanded our share in North America to approximately 50% of the secondary market. Internationally, our expansion outpaced growth in North America.

謝謝你，埃里克。2025年，我們的商品和服務總額達到92億美元，年增6%。除「時代巡迴演唱會」外，我們的商品和服務銷售額年增 18%，反映了業務的基本面。我們的成長得益於在北美市場佔有率的持續成長，我們在北美的市佔率已擴大到二級市場的約 50%。在國際市場上，我們的擴張速度超過了北美市場的成長速度。

Turning to our income statement. As a reminder, I’ll discuss our financials on an adjusted basis, excluding stock-based compensation and other one-time items. Full reconciliations are available in our earnings release.

接下來來看看我們的損益表。再次提醒大家，我將以調整後的形式討論我們的財務狀況，不包括股票選擇權激勵和其他一次性項目。完整的財務報表已發佈在我們的獲利報告中。

First, on the fourth quarter. Beginning with the fourth quarter 2025, we generated $2.3 billion of GMS, down 8% year over year. This reflected lapping an unusually strong fourth quarter 2024, which benefited from several favorable dynamics, including the conclusion of The Eras Tour, a particularly strong MLB World Series, and the timing of major concert on sales shifting across quarters. Excluding Eras-related comparability, fourth quarter GMS growth was approximately 6%.

首先，在第四季。從 2025 年第四季開始，我們創造了 23 億美元的 GMS，年減 8%。這反映出 2024 年第四季異常強勁，這得益於幾個有利因素，包括「時代巡迴演唱會」的結束、MLB 世界大賽的異常火爆，以及大型演唱會的銷售時間跨季度轉移。剔除 Eras 相關可比較因素，第四季 GMS 成長率約為 6%。

Revenue was $449 million, or 19% of GMS, down 16% year over year. The change was primarily due to lower GMS, partially offset by lapping prior-year direct issuance-related minimum guarantee structures that were treated as principal revenue and that we have since reduced. Additionally, our revenue as a percentage of GMS of 19% reflects our deliberate market share investments through take rate adjustments consistent with our full-year 2025 operating strategy to prioritize competitive positioning.

營收為 4.49 億美元，佔 GMS 的 19%，年減 16%。這項變更主要是由於 GMS 降低，部分被上一年直接發行相關的最低擔保結構所抵消，這些結構被視為本金收入，而我們此後已減少了這些結構。此外，我們的收入佔 GMS 的 19%，反映了我們為實現 2025 年全年營運策略目標而進行的市場份額投資，即透過調整佣金率來優先考慮競爭地位。

Adjusted gross margin was 83%, up from 76% in the prior-year period, reflecting the lapping of those minimum guarantee structures. Adjusted sales and marketing expenses were $234 million, or 52% of revenue, compared to $221 million in the prior-year period, or 41% of revenue. The change reflects our investments to accelerate market share in core resale.

經調整後的毛利率為 83%，高於去年同期的 76%，反映了最低擔保結構的到期。經調整後的銷售和行銷費用為 2.34 億美元，佔營收的 52%，而去年同期為 2.21 億美元，佔營收的 41%。這項變化反映了我們為加速擴大核心二手房市場份額而進行的投資。

Adjusted EBITDA was $63 million, representing a 14% margin. This reflects the impact of our market share investments as we deliberately prioritize capturing market share and our continued investment in direct issuance capabilities during their early partnership development phase.

調整後 EBITDA 為 6,300 萬美元，利潤率為 14%。這反映了我們市場份額投資的影響，因為我們有意識地優先考慮獲取市場份額，並在早期合作夥伴關係發展階段持續投資於直接發行能力。

For the full-year 2025, revenue for the year was $1.7 billion, 19% of GMS, compared to $1.8 billion in 2024. The performance was impacted primarily due to direct issuance-related minimum guarantee structures in the prior period and the impact of our market share investments on take rates.

2025 年全年營收為 17 億美元，佔 GMS 的 19%，而 2024 年為 18 億美元。業績受到上期直接發行相關最低擔保結構的影響，以及我們的市佔率投資對認購率的影響。

Adjusted gross margin for the year was 83%, up 200 basis points from 2024. The improvement reflects the lapping of the costs associated with minimum guarantee structures. The full-year gross margin is representative of our current operational profile and demonstrates the structural advantages of our asset-light marketplace model where we facilitate transactions.

本年度調整後毛利率為 83%，較 2024 年成長 200 個基點。這項改善反映了最低擔保結構相關成本的逐步降低。全年毛利率代表了我們目前的營運狀況，並反映了我們輕資產市場模式的結構優勢，在這種模式下，我們為交易提供便利。

Adjusted sales and marketing expenses were $943 million, or 54% of revenues, compared to $828 million, or 47% of revenues in 2024. The increase reflected two primary drivers. First, our investments to accelerate market share and core resale where we deliberately prioritize market share capture. Second, our continued investment in building direct issuance capabilities during their early partnership development phase.

經調整後的銷售和行銷費用為 9.43 億美元，佔收入的 54%，而 2024 年為 8.28 億美元，佔收入的 47%。這一增長主要反映了兩個驅動因素。首先，我們進行投資以加速市場份額和核心轉售，其中我們特意優先考慮市場份額的獲取。其次，我們在他們早期合作夥伴發展階段持續投資，以建立直接發行能力。

Adjusted ops and support costs were $57 million, down from $59 million, flat as a percentage of revenue at 3%, reflecting improved operating efficiency. Adjusted G&A costs were $223 million, 13% of revenue, down from $250 million or 14% of revenue in 2024. The reduction reflects improved operating leverage as we continue to scale the business, including a reduction in professional service fees.

經調整後的營運和支援成本為 5,700 萬美元，低於 5,900 萬美元，佔收入的百分比為 3%，與上年持平，反映出營運效率的提高。經調整後的一般及行政費用為 2.23 億美元，佔營收的 13%，低於 2024 年的 2.5 億美元，佔營收的 14%。隨著我們不斷擴大業務規模，包括降低專業服務費，營運槓桿得到改善，此次費用減少也反映了這項改善。

Adjusted EBITDA was $232 million, equal to 13% of revenue. This result reflects two primary factors. First, the deliberate investments we made during the year, both in market share acceleration and in building longer-term initiatives. These investments successfully positioned us to achieve approximately 50% of North American secondary ticketing market share, establishing a foundation that supports fiscal '26 margin expansion.

調整後 EBITDA 為 2.32 億美元，相當於營收的 13%。這一結果反映了兩個主要因素。首先，我們在這一年中進行了有意識的投資，包括加速市場份額成長和建立長期計劃。這些投資成功地使我們獲得了北美二級票務市場約 50% 的份額，為 2026 財年的利潤率擴張奠定了基礎。

Finally, I want to highlight two factors impacting our net income. Our GAAP results for the full year include a non-recurring, non-cash expense of $1.4 billion related to stock-based compensation granted prior to our IPO. The expense was triggered by the completion of our IPO. Accounting standards require recognition of these previously granted awards when their IPO-related performance conditions are satisfied.

最後，我想重點介紹影響我們淨收入的兩個因素。我們全年的 GAAP 業績包括 14 億美元的非經常性、非現金支出，與我們在 IPO 之前授予的股票選擇權有關。這筆費用是由於我們完成首次公開發行（IPO）而產生的。會計準則要求，當這些先前授予的獎勵的IPO相關績效條件得到滿足時，必須予以確認。

In addition, we incurred a non-recurring, non-cash income tax expense of approximately $480 million related to the establishment of a valuation allowance on the deferred tax assets. Both stock-based compensation and valuation allowance expenses are excluded from our adjusted EBITDA calculations and have no impact on our cash flow or cash position.

此外，由於對遞延所得稅資產提列估價準備，我們產生了約 4.8 億美元的非經常性、非現金所得稅支出。股票選擇權費用和估值準備金支出均不計入我們調整後的 EBITDA 計算中，對我們的現金流量或現金狀況沒有影響。

Turning to cash flow, I want to spend a minute on how cash is generated in our marketplace model. First, our cash conversion cycle benefits from the timing mechanics of ticketing. We collect funds from buyers at checkout while seller payouts occur later, often closer to or after the event date. This timing difference creates a recurring balance of seller proceeds on our balance sheet and contributes to our cash generation.

談到現金流，我想花一分鐘時間談談我們的市場模式是如何產生現金的。首先，我們的現金週轉週期受惠於票務系統的時序機制。我們在買家結帳時收取款項，而賣家的付款則稍後進行，通常在活動日期臨近或之後。這種時間差異會在我們的資產負債表上產生持續的賣方收益餘額，並有助於我們的現金流量。

Our business is also structurally asset light. We don’t generally take inventory risk, and capital expenditures remain modest relative to the size of our business. We also benefit from net operating losses that reduce cash taxes in the medium term.

我們的業務結構也屬於輕資產模式。我們通常不承擔庫存風險，而且相對於我們企業的規模而言，資本支出仍然很適中。我們也受惠於淨營業虧損，這在中期內可以減少現金稅。

Finally, because of the seasonality of live events and the timing of major tours and sports calendars, free cash flow can be variable quarter to quarter. For this reason, we evaluate free cash flow on full year and trailing 12-month periods rather than any single quarter.

最後，由於現場活動的季節性以及重大巡迴賽和體育賽事日程的安排，自由現金流可能會因季度而異。因此，我們評估全年和過去 12 個月的自由現金流，而不是評估任何一個季度的自由現金流。

In 2025, our free cash flow represented nearly 70% conversion of adjusted EBITDA. This figure also includes interest costs during the period, which have since been reduced as a result of our debt repayments.

到 2025 年，我們的自由現金流相當於調整後 EBITDA 的近 70%。該數字還包括該期間的利息成本，但由於我們償還了債務，這些成本已經減少。

Turning to the balance sheet, in 2025, we reduced our total debt by approximately 35% through the repayment of approximately $900 million of our US-denominated term loans, bringing our total debt down to $1.5 billion at year-end. We also ended the year with approximately $1.2 billion of cash and cash equivalents, or $494 million net of payments due to sellers. As we scale, we expect the business to continue generating strong cash flow, and our priority remains maintaining a strong balance sheet and reducing leverage over time.

從資產負債表來看，2025 年，我們透過償還約 9 億美元的美元定期貸款，將總債務減少了約 35%，使年底總債務降至 15 億美元。年底時，我們持有約 12 億美元的現金及現金等價物，扣除應付給賣方的款項後淨額為 4.94 億美元。隨著公司規模的擴大，我們預計業務將繼續產生強勁的現金流，而我們的首要任務仍然是保持穩健的資產負債表並隨著時間的推移降低槓桿率。

Turning to our fiscal year '26 guidance. Before I discuss the specifics, I want to address why we are providing annual rather than quarterly guidance. The live event market is seasonal and can be variable quarter to quarter, where the timing of major concert on-sales and event schedules can shift across quarters from year to year. This can create lumpiness in quarterly growth rates, even when underlying business momentum is steady.

接下來談談我們2026財年的業績預期。在討論具體細節之前，我想先說明為什麼我們提供的是年度業績指引而不是季度業績指引。現場活動市場具有季節性，並且每個季度都會有所不同，主要演唱會門票的開售時間和活動日程安排可能會逐年發生變化。即使基本面業務發展勢頭穩定，這也會導致季度成長率出現波動。

Fourth quarter '24 and fourth quarter '25 GMS illustrate this dynamic clearly. Fourth quarter 24 benefited from unusually favorable timing, including the finale of The Eras Tour and a concentrated set of major concert on-sales, contributing to an exceptionally strong period in year-over-year GMS growth of 47%.

2024 年第四季和 2025 年第四季的 GMS 數據清楚地說明了這種動態。2024 年第四季受益於異常有利的時機，包括「時代巡迴演唱會」的落幕和一系列集中的大型演唱會門票銷售，促成了該季度同比 GMS 增長 47% 的異常強勁增長。

Fourth quarter '25 reflected the inverse. Our GMS was down 8% year over year, driven by the lapping of this unusually strong comparison and by major concert on-sales being more spread across quarters. Neither quarter on its own provides a representative view of the business. In fact, our market share was higher in the period GMS declined than in the period GMS grew significantly. For these reasons, we believe our business is best evaluated on an annual and last 12 months basis.

2025年第四季的情況則相反。我們的 GMS 年減 8%，這是由於去年同期異常強勁的基數效應以及大型演唱會門票銷售分散在各個季度所致。這兩個季度單獨來看都無法代表企業的經營狀況。事實上，在 GMS 下降的時期，我們的市佔率比 GMS 大幅成長的時期更高。基於以上原因，我們認為最好以年度和過去 12 個月為基準來評估我們的業務。

Our guidance is grounded in what we control and what we believe we can execute with high confidence. For 2026, this reflects the earnings power of our core resale marketplace and includes disciplined operating expenses to support direct issuance and advertising without assuming any material revenue contribution from either initiative.

我們的指導原則是基於我們能夠控制的因素以及我們有信心能夠執行的因素。2026 年，這反映了我們核心轉售市場的盈利能力，並包括嚴格的營運費用，以支持直接發行和廣告，但並不假設這兩項舉措會有任何實質性的收入貢獻。

For 2026, we expect to grow GMS to between $9.9 billion and $10.1 billion, representing 9% growth at the midpoint, and expand adjusted EBITDA to between $400 million and $420 million as our marketplace flywheels strengthen and operating leverage increases at scale.

預計到 2026 年，GMS 將成長至 99 億美元至 101 億美元之間，中位數為 9%，隨著市場飛輪效應增強和規模化營運槓桿作用提高，調整後 EBITDA 將擴大至 4 億美元至 4.2 億美元之間。

Our GMS growth formula is straightforward. North American market growth, incremental market share gains, plus international growth. Let me dive into each of these segments. First, North American secondary market growth. This market has historically grown at low double-digit rates. While there will continue to be a comparability impact from the Olin pricing transition until we lap its implementation in May, we believe underlying growth in the market remains strong.

我們的GMS成長公式很簡單。北美市場成長、市佔率逐漸擴大，以及國際市場成長。讓我逐一分析這些部分。首先是北美二手市場成長。該市場歷來以較低的兩位數成長率成長。儘管在 5 月 Olin 定價過渡完成之前，其對可比性仍會產生影響，但我們相信市場的潛在成長仍然強勁。

Second, market share gains in North America. We have a demonstrated track record of outgrowing the market in recent years. For 2026, we expect to continue gaining share while reducing these investments and increasing customer acquisition efficiency.

其次，在北美市場獲得份額。近年來，我們已經取得了超越市場平均的業績。預計到 2026 年，我們將繼續擴大市場份額，同時減少投資並提高客戶獲取效率。

Last, international growth. International markets account for approximately 15% of our GMS. We expect GMS and international markets to grow at an accelerated rate, benefiting from earlier-stage market development.

最後，國際成長。國際市場約占我們商品和服務總額的 15%。我們預計，由於早期市場發展，GMS和國際市場將加速成長。

Overall, our adjusted EBITDA guidance assumes the economic engine that has long defined StubHub remains consistent, take rates in the 20% range, over 80% adjusted gross margin, and improving operating efficiency as we scale. Given the structural strength of our unit economics, an important driver of earnings power is how efficiently we scale operating expenses, particularly adjusted sales and marketing, our largest expense line. To that end, our 2026 plan reflects two key strategic refinements.

總體而言，我們調整後的 EBITDA 預期假設長期以來定義 StubHub 的經濟引擎保持不變，佣金率在 20% 左右，調整後的毛利率超過 80%，並且隨著規模的擴大，營運效率不斷提高。鑑於我們單位經濟效益的結構優勢，獲利能力的一個重要驅動因素是我們如何有效地擴大營運支出，特別是調整後的銷售和行銷支出（我們最大的支出項目）。為此，我們的 2026 年計畫體現了兩項關鍵的策略改進。

First, we are evolving our direct issuance strategy towards a more scalable technology-enabled model, which naturally reduces investment intensity. And second, we are raising customer acquisition efficiency in core resale. Acquisition efficiency is an input we control, and our improved scale and conversion allows us to earn higher returns on marketing spend while growing.

首先，我們正在將直接發行策略轉向更具可擴展性的技術賦能模式轉變，這自然會降低投資強度。其次，我們正在提高核心轉售業務的客戶獲取效率。獲取效率是我們可控的投入，我們不斷提高的規模和轉換率使我們能夠在成長的同時獲得更高的行銷支出回報。

In 2025, we deliberately lowered acquisition efficiency, spending more per transaction to accelerate market share gains. The goal was to strengthen the marketplace in durable ways. As our share of transactions increased, our competitive position improved, and we created advantages that continue to compound through improved conversion.

2025 年，我們有意降低收購效率，增加單筆交易支出，以加速市場佔有率的成長。目標是以持久的方式加強市場。隨著我們交易份額的增加，我們的競爭地位得到改善，我們創造了優勢，並透過提高轉換率不斷增強這些優勢。

Higher conversion means each marketing dollar generates more transactions and more gross profit than it did previously. As a result, in 2026, we believe that we can raise acquisition efficiency while continuing to grow and take share. Together, these refinements reflect how a scaled marketplace model influx. As conversion improves and our competitive position strengthens, we can allocate marketing dollars more efficiently while growing, expanding EBITDA through operating leverage and generating strong free cash flow.

更高的轉換率意味著每一美元的行銷投入都能比以前產生更多的交易和更高的毛利。因此，我們相信到 2026 年，我們可以在提高收購效率的同時，繼續成長並擴大市場份額。這些改進共同反映了規模化市場模式的湧入。隨著轉換率的提高和我們競爭地位的增強，我們可以更有效地分配行銷資金，同時實現成長，透過經營槓桿擴大 EBITDA，並產生強勁的自由現金流。

With that, we will now open the call to Q&A. Operator?

接下來，我們將進入問答環節。操作員？

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作說明）道格·安穆斯，摩根大通。

You’re gaining share in resale. You talked about hitting kind of around the 50% level. Does the 9% growth in GMS just assume the core resale market is growing slower than you previously expected in 2026 or is there something else going on?

你在轉售市場中獲得了更多份額。你之前提到大概能達到 50% 左右的水平。GMS 9% 的成長是否僅假設 2026 年核心二手車市場的成長速度低於您先前的預期，還是另有其他原因？

Sure. Doug, thank you for the question. Appreciate it. Around growth, and let me revisit just sort of the general framework around growth and how we think about it, and then I’ll hand it to Connie to get in some of the specifics.

當然。道格，謝謝你的提問。謝謝。圍繞著成長，讓我重新回顧成長的整體框架以及我們如何看待成長，然後我將把具體細節交給康妮來闡述。

So again, as we’ve sort of said, we’re very -- our market has been very strong. More people are going to live events. They’re going to a greater breadth of events. They’re doing it all across the world. So the North American market’s been strong.

所以，正如我們之前所說，我們的市場非常強勁。越來越多的人開始參加現場活動。他們將參加更多類型的活動。他們在世界各地都在這樣做。所以北美市場表現強勁。

As we’ve said too, we continue to gain share in the market as we’re inflecting margins. So that’s happening. And then we’re seeing increased throughput internationally, these global events that are taking place and people traveling. So there’s a lot of great tailwinds in the market, which is allowing us to grow and grow while we take share.

正如我們之前所說，隨著利潤率的提高，我們的市佔率也不斷擴大。事情就是這樣發生的。然後我們看到國際吞吐量增加，這些全球性事件正在發生，人們也在旅行。因此，市場有許多利好因素，這使我們能夠不斷發展壯大，同時不斷擴大市場份額。

But with that, let me throw it over to Connie for the details.

那麼，接下來就交給康妮來詳細介紹吧。

Yeah. Thanks, Doug. Good to be with you. I’ll just touch on the GMS drivers. There’s really three key ones which you’ve picked up on a couple of them.

是的。謝謝你，道格。很高興和你在一起。我只簡單提一下GMS驅動程式。實際上有三個關鍵點，你已經注意到其中幾個了。

So first, the market growth, as Eric mentioned. We benefit from operating in a really healthy overall North America secondary market that has consistently grown lo -double digits. That said, what we know to be true is that we’re going to continue to have this all-in pricing overhang for the first five months. We do anticipate continuing to accrete some modest share gains and then layer on top of that international growth. So all of that, call it, ladders up to be 8% to 10% GMS.

首先，正如艾瑞克所提到的，是市場成長。我們受益於北美整體二級市場的健康發展，該市場一直保持著低兩位數的成長。也就是說，我們知道的是，在接下來的五個月裡，這種綜合價格過高的情況將會持續存在。我們預計市場份額將繼續穩步成長，並在此基礎上實現國際成長。所以所有這些，姑且稱之為階梯式增長，最終達到 8% 到 10% 的 GMS。

Then what I would also add is, again, it’s anchored in what we’re seeing today. The good news is quarter to date, we’re seeing really healthy top-line growth, expanding margins, all supportive of our full-year guide.

然後我還要補充一點，它同樣根植於我們今天所看到的事物。好消息是，本季迄今為止，我們看到營收成長非常健康，利潤率不斷擴大，所有這些都支持我們的全年業績指引。

If I could just follow up on direct issuance. You’ve kind of talked in the past about like '26 being a potentially industry inflection point. Now, obviously, there’s a strategy shift that’s taking place. I guess what has changed most here in your view on the outlook and progress for direct issuance?

如果我能直接跟進發行事宜就好了。你之前曾談到 2026 年可能是產業的轉捩點。現在，很顯然，戰略正在轉變。我想請問，在您看來，對於直接發行債券的前景和進展，最大的變化是什麼？

Sure. Thank you for the question, Doug. Let me walk you through what’s evolved on direct issuance and what we’ve seen and why we’ve made this deliberate decision to shift to the product development for this year.

當然。謝謝你的提問，道格。讓我帶您了解直接發行方式的發展歷程，以及我們所看到的，並解釋為什麼我們決定今年將產品開發轉向直接發行。

So just for everyone, again, to set the context, direct issuance for us is this belief in this open distribution. Content is going to want to come, sell their tickets directly over StubHub, and use our data and distribution to do so. We’ve had great success we had with folks like the Yankees, Ambassador Theatre Group, and others to prove this out. And as in the past six months, as we’ve gone out and we’ve been excited about it, there’s a lot of, we believe, demand and enthusiasm for it.

所以，為了讓大家再次了解狀況，直接發行對我們來說是一種開放分發的信念。內容創作者會希望透過 StubHub 直接售票，並利用我們的數據和分發管道來實現這一目標。我們與洋基隊、大使劇院集團等機構的合作取得了巨大成功，證明了這一點。就像過去六個月一樣，我們一直積極推廣，並為此感到興奮，我們相信，市場對它有很多需求和熱情。

And quite frankly, we’ve been very excited about how broad and deep that is, by which I mean there’s a long tail of different types of events and a great breadth of them. What we have found, Doug, in going through it with the team is that really, we think one of the key unlocks to unlock it even faster is eliminating friction on the product side, making it easy for people to use the product and technology because the will is there, everything makes sense. And that really unlocks more of what we talked about with the number of customers we had seen, where you have this like self-serve ecosystem, which is a great solution for the customer. It’s also a great business model that scales very nicely.

坦白說，我們對它的廣泛性和深度感到非常興奮，我的意思是，它涵蓋了各種類型的事件，而且範圍非常廣。道格，我們和團隊一起研究後發現，要更快地實現目標，關鍵在於消除產品方面的摩擦，讓人們更容易使用產品和技術，因為有意願使用，一切都變得有意義。這確實釋放了我們之前討論過的更多潛力，例如我們看到的客戶數量，以及這種自助服務生態系統，這對客戶來說是一個很好的解決方案。它也是一個擴展性很好的優秀商業模式。

And so, as we looked at and we sat down, we said, really with what’s going on, we should focus in '26 on developing that product, particularly with the fact that given everything going on with AI, there’s a real chance to advance those tools quickly and to get them to a good place. As a result, that does mean that we are deliberately shifting to a longer-term focus. We think will create more value in the long term rather than focusing on the short-term revenue creation this year.

因此，當我們審視並坐下來討論時，我們說，鑑於目前的情況，我們應該在 2026 年專注於開發該產品，特別是考慮到人工智慧領域正在發生的一切，我們有機會快速推進這些工具的發展，並使它們達到良好的狀態。因此，這意味著我們正在有意地將焦點轉向更長遠的規劃。我們認為，從長遠來看，這樣做會創造更大的價值，而不是專注於今年的短期收入成長。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe a two-parter if I can. In terms of learning on some of the key dynamics from ramping marketing and gaining market share in '25, can you talk a little bit about what the key lessons learned from that were? And how it informs the theme you’re talking about tonight with respect to being more effective with acquisition and growth investments in '26? And if possible, a way to frame sort of that effectiveness either quantitatively or qualitatively in '26 relative to maybe some of the return profile in '25. Thanks so much.

如果可以的話，也許會分成兩個部分。就2025年透過加大行銷力度和獲取市場份額所學到的一些關鍵動態而言，您能否談談從中吸取的主要經驗教訓是什麼？那麼，這與你今晚所談論的關於在 2026 年更有效地進行收購和成長投資的主題有何關聯呢？如果可能的話，能否找到一種方法，將 2026 年的這種有效性，無論是定量的還是定性的，與 2025 年的一些回報情況進行比較？非常感謝。

Sure. Eric, thank you for the question. Appreciate it. Let me give you an overview about some of what you’re asking about. How do we think about this core secondary engine and what does that mean in terms of getting these inflections. I’ll give you my sense of that, and then Connie can give you more of the financial detail as well.

當然。艾瑞克，謝謝你的提問。謝謝。讓我給你概述一下你所問的一些問題。我們如何看待這個核心輔助引擎，以及這對於獲得這些轉折點意味著什麼。我會把我的看法告訴你，然後康妮也可以給你更多財務細節。

So I think as you recall, our whole fundamental thesis that was from our lived experience is that we saw that if you can get -- if you have the StubHub asset and you run it the right way, and you can get the market share back and hit the right point of relative market share, you accelerate all these different flywheels that you get and network effects because you’re in a marketplace business.

所以，我想你可能還記得，我們​​整個基本論點源於我們的親身經歷，那就是我們發現，如果你能獲得 StubHub 這樣的資產，並且以正確的方式運營它，你就能重新奪回市場份額，並達到合適的相對市場份額，你就能加速所有這些不同的飛輪效應和網絡效應，因為你身處一個市場業務中。

So whether that’s you’ve got more data, the conversion goes up, the liquidity flywheel, all these good things happen. Therefore, what we’ve seen and what you see in marketplace businesses is that you’re able to hit a point where you get this beautiful thing where you’re able to grow and take share while increasing your margins, which is why it’s such a great business to be in.

所以，無論你是擁有更多數據，還是轉換率上升，流動性飛輪效應都會發生，所有這些好事都會發生。因此，我們在市場業務中看到的，也是你們看到的，是你們能夠達到一個臨界點，從而獲得一種美妙的局面：你們能夠發展壯大，搶佔市場份額，同時提高利潤率，這就是為什麼這是一個如此美好的行業。

That’s not just something that we’ve observed about marketplaces, be it the Airbnb and others of the world. That’s our lived experience that we’ve seen in building these businesses and what we saw at Viagogo.

這不僅是我們對市場平台（無論是 Airbnb 還是其他類似的平台）的觀察。這是我們在創造這些企業的過程中所累積的親身經歷，也是我們在 Viagogo 所看到的。

To your point, what we said is in 2025, we really were focused on finishing off and pushing this concept of the market share and doing some of those things. And we really believe, and as our thesis was, that we would see we would get to this relative market share, be three times greater than other people and start seeing this virtuous cycle occur.

正如您所說，我們之前說過，到 2025 年，我們將真正專注於完善和推進市場份額這一概念，並完成一些相關工作。我們堅信，正如我們的理論所言，我們將達到這個相對市場份額，比其他公司大三倍，並開始看到這種良性循環的發生。

As Connie, I’m sure, will walk you through, not to steal her thunder, you can see what we’re now saying in our guidance, we’re seeing that we will be able to grow, continue to take share, and inflect the margins. And I think as Connie will tell you, we sit here now whatever it is in March, observing that this is in fact happening.

我相信康妮會向你詳細介紹，我不想搶她的風頭，但你可以從我們的指導方針中看出，我們看到我們將能夠發展壯大，繼續擴大市場份額，並改變市場格局。我想康妮會告訴你，我們現在坐在這裡，不管三月是幾月份，都在觀察著這一切確實正在發生。

So with that, let me turn it over to Connie.

那麼，接下來就交給康妮吧。

Yeah. I think that’s exactly right, Eric. And also thanks, Eric, for joining the call today. If you step back and really think about it, we were explicit that '25 would be a period of accelerated investment in particular into these relative market share. We were really pleased with the outcome, having secured about half of the market.

是的。我覺得你說得完全正確，艾瑞克。也感謝 Eric 今天參加電話會議。如果你冷靜下來仔細想想，我們當時明確表示，2025 年將是加速投資的時期，尤其是在這些相對市場份額方面。我們對結果非常滿意，因為我們佔據了大約一半的市場。

So what you would have seen is an elevated period of sales and marketing. Late December, we decided to call it turn the dials, given the flywheels and the benefits that Eric explained started to show up, and that has continued. So we are seeing better efficiency coming through, which is resulting in these expanded margins, which Eric mentioned we’re seeing as we sit here two-thirds of the way for the first quarter.

所以你會看到銷售和行銷活動進入了一個高峰期。12 月下旬，我們決定將其命名為“撥動旋鈕”，因為飛輪效應和埃里克解釋的好處開始顯現，而且這種情況一直持續下去。因此，我們看到效率有所提高，從而帶來了利潤率的擴大，正如艾瑞克所提到的，我們在第一季已經過去三分之二的時候看到了這一點。

So all of that, again, gives us confidence of the stickiness and the benefits that we’ve seen and supports the full-year guide.

所以，所有這些再次增強了我們對使用者黏性和我們所看到的益處的信心，並支持了全年指南。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Just wondering what you’re thinking about for the concert season this year. You mentioned you had some comments on that in November and also the World Cup impact, then I have a follow-up. And how that’s incorporated in your guidance.

想知道你今年對音樂會季有什麼計劃。您提到您在 11 月就此發表了一些評論，也談到了世界盃的影響，那麼我有一個後續問題。以及這如何融入你的指導中。

Sure. I’ll just give you a couple comments, generally, Justin. And thank you for the question, for being on the call, and then Connie can talk. Obviously, as we said, in terms of the concert season, we’ve seen a number of very exciting concerts going on sale in January and whatnot, and that’s been great. Obviously, the World Cup is a wonderful event, that sort of epitomizes the fact that we have this global platform.

當然。賈斯汀，我通常會給你幾點建議。謝謝你的提問，也謝謝你參加電話會議，現在輪到康妮發言了。顯然，正如我們所說，就音樂會季而言，我們看到一月份有很多非常精彩的音樂會門票開始發售，這真是太棒了。顯然，世界盃是一項精彩的賽事，它某種程度上體現了我們擁有這樣一個全球平台的事實。

I do think as Connie will walk you through some of the guidance lastly, I think she’ll probably also touch on why we guide annually. And I think it’s sort of key in what we hope to articulate before because there’s sometimes a little bit of lumpiness of when things go on sale.

我認為，康妮最後會為大家講解一些指導內容，她可能還會談到我們為什麼每年都要進行指導。我認為這在我們希望事先闡明的內容中起著關鍵作用，因為商品上市時有時會有些不規則。

But with that, let me turn it over to Connie.

那麼，現在就讓我把麥克風交給康妮吧。

Yeah. Thanks, Eric, and appreciate you jumping on the call, Justin. I think as we sit here today, things look really healthy. We typically look at the overall opportunity for the year. We call it Tier 1, Tier 2, Tier 3 events. In relation to your question, specifically around World Cup, what we have seen in terms of our forecast assumptions is that we’ve decided to include that as a Tier 1 category.

是的。謝謝艾瑞克，也謝謝賈斯汀接聽電話。我認為就目前來看，情況非常健康。我們通常會著眼於全年的整體機會。我們稱之為一級賽事、二級賽事、三級賽事。關於您的問題，特別是關於世界盃的問題，根據我們的預測假設，我們決定將其列為一級類別。

To be explicit, The Eras Tour was in a league of itself. As and when the World Cup continues to progress, we’ll continue to keep you updated.

確切地說，「時代巡迴演唱會」是獨一無二的。隨著世界盃的進行，我們將繼續為您帶來最新消息。

In addition, I think you had a question just around how does perhaps some seasonality, or as Eric talked, lumpiness occur from a concert perspective, and perhaps that just relates to what we saw in the fourth quarter. You’re absolutely right. There can be movement. But again, the good news is when you look at it on an annualized basis, it tends to normalize. So where we sit from today, the overall market looks really healthy.

此外，我認為你還有一個問題，那就是從音樂會的角度來看，一些季節性因素，或者像埃里克所說的，一些不規律的因素是如何產生的，也許這與我們第四季度看到的情況有關。您說得完全正確。可能會有移動。但好消息是，從年度角度來看，這種情況往往會趨於正常。所以從目前的情況來看，整體市場看起來非常健康。

Great. Good to hear. And any updates on the US secondary regulatory environment and/or have you learned anything so far from the Ticketmaster trial and opening arguments? Anything you might have learned from that? Thank you.

偉大的。很高興聽到這個消息。關於美國二級市場監管環境的最新進展，以及/或您從 Ticketmaster 案的審判和開庭陳述中學到了什麼？你從中學到了什麼？謝謝。

Yeah. No, thank you for the question, Justin, and let me walk you through how we think about regulatory, and then I can touch on the trial that’s going on. So the first thing is that from the -- just to give people sort of our orientation is started this business 25 years ago basically to give consumers a safe, secure way to buy tickets, and so that you wouldn’t have fraud, you wouldn’t have problems.

是的。不，謝謝你的提問，賈斯汀。讓我先帶你了解我們是如何看待監管問題的，然後再談談正在進行的試驗。首先，為了讓大家了解我們的業務方向，我們25年前創辦這家公司，主要是為了提供消費者安全可靠的購票方式，這樣就不會出現詐欺或問題。

And so we are, by definition, sort of we serve the consumer, we serve the fan, and that’s what we do. And what I would say is we try and work as cooperatively with legislators and regulators, because of I believe certainly that in good faith, they have the same thing. They work for their citizens. They want people to have a good experience. They’re working for the fan to make sure they can get into their events and get in there without having any problems. And so that makes sense.

所以，從定義上講，我們服務消費者，服務粉絲，這就是我們所做的。我想說的是，我們會努力與立法者和監管機構合作，因為我相信，出於善意，他們的想法也是一樣的。他們為公民服務。他們希望人們擁有良好的體驗。他們努力為粉絲服務，確保粉絲能夠順利參加活動，沒有任何問題。所以這說得通。

Obviously, we mentioned all-in pricing earlier. That’s a great example where we worked and lobbied for that because we believe it’s great for the fan and the consumer, even if it was a short-term headwind, as Connie said, because in the long term, anything that’s good for the fan and the consumer is good for StubHub. And that’s how we think about it.

顯然，我們之前已經提到過全包價格。這是一個很好的例子，我們為此努力遊說，因為我們相信這對球迷和消費者來說是件好事，即使像康妮說的那樣，這會在短期內帶來一些不利影響，因為從長遠來看，任何對球迷和消費者有利的事情對 StubHub 都是有利的。我們就是這麼想的。

Now, let me talk about the general regulatory environment today as it stands in some of the chatter that’s out there. We generally -- first thing for people to understand is that we’re in a very positive environment. It’s legal to resell tickets. People are enthused about it. There’s no issue going on today that that is sort of hindering that in any meaningful way.

現在，讓我談談目前普遍存在的監管環境以及外界的一些討論。通常來說，人們首先需要明白的是，我們身處在一個非常正面的環境。轉售門票是合法的。人們對此充滿熱情。目前沒有任何問題會對這件事造成實質的阻礙。

What we are talking about now is why is that the case and why has it been the case for decades. And I think there’s two things that people need to understand. One is that, as I said, we’re providing a service that’s great for fans to give them access and eliminate fraud. And two is that it’s actually very good for the content ecosystem.

我們現在要討論的是，為什麼會發生這種情況，以及為什麼這種情況已經持續了幾十年。我認為有兩件事人們需要理解。一方面，正如我所說，我們提供的服務對粉絲來說非常棒，可以讓他們獲得訪問權限並消除詐欺行為。第二點是，它實際上對內容生態系統非常有益。

So in two ways. One is that if they’re selling tickets, if people have a safe, secure way to resell what they can’t use, it’s going to make it easier to sell the ticket in the first place. Secondly, is if you can unload tickets and put it in the hands of someone who can use it, you’re more likely to fill the seats in the arena. So for all those reasons, that’s why it has looked this way.

所以有兩種方式。一方面，如果他們要賣票，如果人們有安全可靠的方式轉售他們用不上的票，那麼一開始賣票就會更容易。其次，如果你能把票轉手給需要的人，你就更有可能填滿體育館的座位。所以，基於以上種種原因，它變成了現在這個樣子。

Now, let me get to your question, twofold. One is, well, what is the regulatory? What’s the chatter? Are there concerns? What could they be? How do we think about it?

現在，讓我來回答你的問題，問題包含兩方面。第一個問題是，監理是什麼？大家都在聊什麼？是否存在任何擔憂？它們會是什麼呢？我們如何看待這個問題？

So when you look at it today, Justin, all the real public discussion has really focused on what we see as a very narrow set of the market, which is for very high demand concerts where people are concerned, or there are people who buy up tickets for those concerts in bulk and then sell them at a markup in bulk. They sell a number of tickets. So that’s really where the focus has been.

所以，賈斯汀，你今天來看，所有真正的公眾討論都集中在我們認為非常狹窄的市場領域，也就是那些需求量非常高的演唱會，有些人會大量購買這些演唱會的門票，然後加價批量出售。他們賣出了很多票。所以，這才是我們關注的重點。

To give you a sense of how we -- because we think about this a lot, just what that surface is for our company as we approximate it to the best of our belief, you look at it, that’s about 10% of our global GMS. And that’s 10% of our -- when I say global GMS for those types of events, that’s across everything, across jurisdictions, across locations, across types of concerts, across different primary ticketing companies.

為了讓您了解我們是如何看待這個問題的——因為我們經常思考這個問題，就我們公司而言，我們盡最大努力去估算這個表面值，您看，這大約占我們全球 GMS 的 10%。這占我們全球 GMS 的 10%——當我說這類活動的全球 GMS 時，指的是涵蓋所有方面，包括所有司法管轄區、所有地點、所有類型的音樂會以及所有不同的主要票務公司。

So we have a very diverse catalog. That’s just to give people a sense of surface. I know that’s important to them and so forth.

所以我們的產品目錄非常豐富。那隻是為了給人一個表面印象。我知道這對他們來說很重要等等。

Finally, in terms of the Live Nation trial that’s going on, I think it’s important for people to hopefully understand. Let me give you context for that. The DOJ going to trial with them is talking about Ticketmaster being a monopoly in primary tickets, primarily. They’ve also talked about whether or not they tie things together, but let’s stick with the monopoly power. I think it is the main focus.

最後，關於正在進行的 Live Nation 審判，我認為重要的是讓人們了解情況。讓我來幫你解釋一下背景。美國司法部即將對他們提起訴訟，主要指控 Ticketmaster 在一級票務領域存在壟斷地位。他們也討論過是否要將事物連結起來，但我們還是堅持壟斷權力吧。我認為這是重點。

To us, that’s really fundamentally, if you listen to what they’re talking about, is the need for more open distribution. They’re basically talking about what we’ve called direct issuance and open distribution, which is that isn’t the best outcome for any consumer and quite frankly, for content to allow them to take a ticket and distribute it ubiquitously, non-exclusively, and have the outlets compete to give the best service to the fan.

對我們來說，如果你仔細聽他們談論的內容，你會發現這根本上是需要更開放的發行管道。他們基本上是在談論我們所說的直接發行和開放分發，坦白說，這對任何消費者來說都不是最佳結果，對內容創作者來說也不是最佳結果，他們不應該允許發行商獲得門票並普遍、非獨家地分發，讓各個渠道競爭，為粉絲提供最好的服務。

We’re all for that. We support that. We’re obviously working for the fan the same way other people do.

我們完全贊成。我們支持這一點。顯然，我們和其他人一樣，都是在為粉絲服務。

All that being said, what we’ve also said is we do not bake in or anticipate any changes to what the status quo is. I’m in no position to predict what may or may not happen in a courtroom or between the governments and Live Nation. We’ll see how it plays out. If anything was to come to pass that was to push forward more of this open distribution agenda, that would only be great for fans and therefore great for StubHub, but we will see.

綜上所述，我們也說過，我們不會考慮或預期現狀會有任何改變。我無法預測法庭上或政府與 Live Nation 之間可能發生或不會發生的事情。我們拭目以待。如果有什麼事情能夠推動這種開放發行方式的進一步發展，那對粉絲來說當然是好事，對 StubHub 來說也是好事，但我們拭目以待。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

I'll just ask one question. On the advertising initiatives that you’ve had, that is in advertising revenue. So you started rolling that out in the fourth quarter. Can you talk about what kind of traction? You just mentioned it briefly in your opening remarks. How much revenue you’ve been able to generate so far? What the demand looks like in '26? How much you’re baking into your outlook for '26?

我只問一個問題。關於你們所進行的廣告活動，也就是廣告收入。所以你們從第四季開始推出這項計劃。能談談是什麼樣的牽引力嗎？您在開場白中只是簡單地提到了這一點。到目前為止，你們已經創造了多少收入？2026年的需求狀況如何？你對2026年的展望有多少預期？

I know it’s helpful on the top line, but particularly on the bottom line too. So just how much contribution you expect from there and when do you think you’ll have a fully rolled out the way you’d like it to be, advertising option? Is that this year or is that still -- is that more like a '27 event? Thank you.

我知道這對提高營收有幫助，但對提高利潤尤其有幫助。那麼，您預計從中獲得多少收益？您認為何時才能完全按照您的意願推出廣告選項？那是今年的事，還是──那更像是 2027 年的活動？謝謝。

Thank you, Mark. Appreciate the question. Thanks for being on the call. Let me give you first on the advertising piece, what has evolved, and how we’ve made some deliberate decisions in terms of how we’re thinking about the strategy and timing there. I’ll walk you through that, and then Connie can address sort of how that fits into guidance.

謝謝你，馬克。感謝您的提問。感謝您參加通話。首先讓我談談廣告方面的情況，以及我們是如何針對廣告策略和時機做出一些深思熟慮的決定的。我會一步步向你解釋，然後康妮可以談談這如何融入指導工作。

So advertising, big opportunity for us. We know that we have a great group of users and folks on the site that have a very passionate and clear intent that people want to reach. We also know we have a bunch of sellers on the platform who have a perishable item and they want to get their ticket in front of the right buyer. So there’s a lot of demand and interest for that.

所以，廣告對我們來說是一個巨大的機會。我們知道，我們網站上有一群非常棒的用戶和人士，他們有著非常熱情和明確的目標，那就是讓人們了解我們想要達成的目標。我們也知道，平台上有很多賣家出售易腐物品，他們希望把自己的商品賣給合適的買家。所以這方面的需求和興趣都很大。

We always said that we have to get that right in terms of the customer experience, the experience for the buyer and the seller, and in how it fits in our business before we’re going to scale it up. And therefore, we did what we said we were going to do, which is in the fourth quarter, we started rolling out the ad product, sponsored listings as well. And we saw a good reaction from sellers to that. We started generating revenue and testing.

我們一直強調，在擴大規模之前，我們必須確保客戶體驗、買家和賣家的體驗以及它如何融入我們的業務。因此，我們按照計劃做了，也就是在第四季開始推出廣告產品和贊助清單。我們看到賣家對此反應良好。我們開始產生收入並進行測試。

What we realized -- or in our thinking is we said, gosh, it’s very important that we get this right to maximize the experience for the long term and maximize the business model for the long term so that we create maximum value for the participants in our ecosystem as well as for our shareholders. And in doing that, we’ve come to the determination that we want to spend more time working that through, working the product through, and experimenting with it in this coming year. And that’s the conscious decision we made, which we think will drive more value over the long term even at the sacrifice of near-term revenue.

我們意識到——或者說，我們當時的想法是，天哪，我們必須把這件事做好，才能最大限度地提升長期體驗，最大限度地提升長期商業模式，從而為我們生態系統中的參與者以及我們的股東創造最大價值。因此，我們決定在接下來的一年裡花更多的時間來完善產品，並進行試驗。這就是我們經過深思熟慮後做出的決定，我們認為即使犧牲短期收入，長遠來看也能創造更大的價值。

With that backdrop, I’ll turn it over to Connie, who can more specifically address your question about how that filters through guidance.

基於以上背景，我將把發言權交給康妮，她可以更具體地回答你關於指導是如何落實的問題。

Thanks, Eric, and appreciate you jumping on the line, Mark. In relation to how much revenue did we have in the fourth quarter, again, a very small modest amount. As Eric mentioned, we’re still in testing mode on a small portion of the surface, albeit again, super excited about the longer-term opportunity.

謝謝埃里克，也謝謝馬克接聽電話。至於我們第四季的收入，同樣非常少。正如艾瑞克所提到的，我們目前仍在小範圍的表面上進行測試，不過，我們對長期的發展前景感到非常興奮。

And then we’ve been really explicit about ensuring that our guide is anchored in what we see in relation to today. So we’ve taken the approach to have a very modest amount of revenue flowing through. You can think, call it tens of millions for this year. That being said, as that continues to progress and change, we’ll provide you with updates.

然後，我們非常明確地確保我們的指南以我們今天所看到的實際情況為基礎。因此，我們採取了讓少量收入流入市場的方法。你可以估計，今年的金額將達到數千萬美元。也就是說，隨著情況的不斷發展和變化，我們將為您提供最新資訊。

John Blackledge, TD Cowen.

John Blackledge，TD Cowen。

It’s Logan Whalley on for John. A question around agentic commerce. Could you discuss your early learnings from your partnership with OpenAI and ChatGPT? And looking forward, how do you expect to compete with other marketplaces in a world where people could be using chatbots to purchase tickets and other goods? Thank you.

是 Logan Whalley 代替 John。關於代理型商業的一個問題。能否談談您與 OpenAI 和 ChatGPT 合作的早期經驗？展望未來，在人們可能使用聊天機器人購買門票和其他商品的世界裡，您打算如何與其他市場競爭？謝謝。

Hey, thank you. Thank you for the question, Logan. Appreciate it. I think you’re asking about AI and how we think about that, what our experience has been in different ways. So let me start by sort of just setting the table for how we’re thinking about that, how we think we’re positioned.

嘿，謝謝。謝謝你的提問，洛根。謝謝。我認為你是在問人工智慧以及我們如何看待它，我們從不同角度獲得的經驗。那麼，首先讓我來介紹一下我們是如何看待這個問題的，以及我們認為自己所處的定位。

So the first thing is obviously, AI is a transformational technological development, across the world, across society. It’s a big thing. there’ll be a lot of, I’m sure disruption. And with disruption, comes risk and opportunity. So we spend a lot of time thinking about this and how we mitigate risks and how we seize opportunities.

所以首先很明顯，人工智慧是一項變革性的技術發展，它影響著全世界和社會。這是件大事。我敢肯定，會帶來很多混亂。改變既帶來風險，也帶來機會。因此，我們花了很多時間思考這個問題，以及如何降低風險和抓住機會。

And I think as we’ve looked at and thought about it, I’ll tell you how we think about, we think we’re very well positioned for what’s going on if we execute and innovate appropriately. The first thing that is important to note is we’re in the live event end market. So that is a pretty good end market to be in. We’re very optimistic that it’ll be a long time before you’re watching AI robots participate in the Super Bowl, and people want to go to live events. so that’s a good thing.

我認為，經過我們的觀察和思考，我來告訴你我們的想法，我們認為，如果我們能夠適當地執行和創新，我們就能很好地應對當前的情況。首先要指出的是，我們身處現場活動終端市場。所以這是一個相當不錯的終端市場。我們非常樂觀地認為，人工智慧機器人參加超級盃比賽還需要很長時間，而且人們仍然想去現場觀看比賽。所以這是一件好事。

The second thing is that we are a marketplace business, and we think as a marketplace business, with the complexity that we have operationally, that is also a good place to be. But let me be more specific to probably some of the questions you had and about how we think about it. There’s what we call the marketplace operations layer, and then there’s an experience layer to it. I’ll tell you how we think about each.

第二點是，我們是一家市場平台企業，我們認為，作為一家市場平台企業，考慮到我們營運的複雜性，這也是一個不錯的定位。但我想更具體地回答你們可能會提出的一些問題，以及我們是如何看待這個問題的。我們稱之為市場營運層，然後還有體驗層。我會告訴你我們是如何看待每一種情況的。

On the marketplace operations of our business, we think is not something that’s easily replicable, so to speak, just by an agent in terms of you’ve got very fragmented supply, you’ve got to have trusted fulfillment, payments, fraud prevention, customer support, financial protections. And quite frankly, AI will help us as the largest player with the most data excel at providing the best experience for customers in that. So we think that’s good.

就我們業務的市場運作而言，我們認為這不是代理商能夠輕易複製的，因為供應非常分散，而且必須有值得信賴的履行、支付、詐欺預防、客戶支援和財務保護。坦白說，人工智慧將幫助我們這些擁有最多數據量的最大玩家，在為客戶提供最佳體驗方面做到卓越。所以我們認為這很好。

On the experience side, and as you note, there are people who are going to be making purchases through chat and agent-based interfaces with us. And we’ve been at the forefront of doing a number of things, as you mentioned, with some of our partners. What we’re excited about is that by having the most data on our platform about you as a user, if we are able to, what we’re working on is weaving AI into the product, we can create that great experience for you at StubHub that’s unmatched anywhere else.

從體驗方面來說，正如您所指出的，有些人將透過聊天和基於代理的介面與我們進行購買。正如您所提到的，我們與一些合作夥伴一起，一直走在做很多事情的前沿。我們感到興奮的是，透過在我們的平台上擁有最多關於您作為用戶的數據，如果我們能夠做到，我們正在努力將人工智慧融入產品中，我們可以在 StubHub 為您創造其他任何地方都無法比擬的絕佳體驗。

We also think that it is a unique emotive experience where humans, relative to other things, are more likely to want to have the experience of even looking at what event they want to go to, discovering those things. It’s not like, find me the cheapest toilet paper, so to speak. So for all those reasons, we think there’s a lot of opportunity.

我們也認為，這是一種獨特的情感體驗，相對於其他事物而言，人類更有可能想要體驗去了解自己想參加的活動，去發現這些活動。這不像是在問我「給我找最便宜的衛生紙」那樣。綜上所述，我們認為存在著許多機會。

I’d also say on that discovery layer, it’s creating more demand at the top of the funnel. So you’re adding more ways to get people in in a great fashion. And so we think that’s great. And we think that at the top of the funnel, what we found is they want to make sure they’re directing people to a trusted brand that has the customer service and execution, which is key because it’s not just driving someone to content where if you get the content, you’re done and there’s nothing else to it. So we think there are a lot of tailwinds.

我還要說，在發現層，它會在銷售漏斗的頂端創造更多需求。所以你們正在增加更多吸引人們參與的絕佳方式。所以我們認為這很棒。我們認為，在行銷漏斗的頂端，我們發現他們希望確保將人們引導到一個值得信賴的品牌，該品牌擁有良好的客戶服務和執行力，這至關重要，因為這不僅僅是把人引向內容，如果獲得了內容，那就完成了，沒有其他事情了。所以我們認為有很多有利因素。

The last thing I would say, and Connie may add something here, is as with everyone, I’m sure everyone knows, there’s tremendous cost efficiencies and productivity gains for anyone who applies this the right way, which we’re very focused on. That’s why it’s very important to us to be taking advantage of AI every way we can in what we do. We take it, as I say, extremely seriously because anytime there’s a big disruption, there’s big opportunity.

最後我想說的是，康妮可能也會補充一些內容，就像大家一樣，我相信大家都知道，如果能正確應用這項技術，就能獲得巨大的成本效益和生產力提升，而這正是我們非常關注的。因此，對我們來說，在工作中盡可能地利用人工智慧非常重要。正如我所說，我們對此極為重視，因為任何時候出現重大變革，都蘊藏著巨大的機會。

But if you don’t work with purpose and with innovation, of course there’s risk. And so we’re working hard every day to do that. But maybe on the efficiency side, I’ll let Connie add a couple things if she has it.

但如果你工作時沒有目標和創新精神，當然會有風險。因此，我們每天都在努力實現這一目標。但從效率方面來說，如果康妮有的話，我會讓她添加一些東西。

Yeah, absolutely. Just happy to build on what Eric said, which is, again, we’re excited about the technology, a huge number of benefits across the board. One of them clearly being cost efficiency. The team’s already done a phenomenal job in terms of ops and support, really thinking about how we can create a level of efficiency.

是的，絕對的。很高興能補充艾瑞克所說的內容，那就是，我們再次對這項技術感到興奮，它在各個方面都帶來了巨大的好處。其中之一顯然是成本效益。團隊在營運和支援方面已經做得非常出色，他們一直在思考如何提高效率。

But perhaps even more importantly, how can we continue to delight the customer with a better way to interact. So seeing some really early traction there, and obviously more to come. And then more broadly, even just from an engineering perspective, we know there’s a huge opportunity. So again, a tremendous number of benefits. Excited about the technology and how it plays out.

但或許更重要的是，我們如何以更好的互動方式繼續取悅客戶。所以我們看到這方面已經取得了一些初步進展，而且顯然未來還會有更多進展。更廣泛地說，即使僅僅從工程角度來看，我們也知道這是一個巨大的機會。所以，再次強調，好處多不勝數。我對這項技術及其應用前景感到興奮。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Eric, maybe, more broadly, with primary ticketers pushing initial prices ever higher via dynamic pricing, can you comment on whether this is squeezing the volumes or margin spreads historically available to you in the secondary market?

Eric，或許更廣泛地說，隨著一級票務機構透過動態定價不斷推高初始價格，您能否評論一下，這是否會擠壓二級市場以往可獲得的票量或利潤空間？

And maybe number two, apologize if I missed this, but can you quantify the GMS growth and progress made in international markets during the fourth quarter? Are there any specific remaining regulatory hurdles regarding Viagogo’s global presence? Thanks.

或許還有第二個問題，如果我錯過了這一點，請見諒，您能否量化一下第四季度國際市場GMS的成長和進展？Viagogo在全球的業務拓展還存在哪些具體的監管障礙？謝謝。

Sure. Thank you. Thank you for the question. So a couple different things in there. So let me try and make sure I address or give you a sense on the different things you’re talking about.

當然。謝謝。謝謝你的提問。裡麵包含好幾樣不同的東西。那麼，讓我盡量確保我能解答或讓您了解您所說的不同面向。

So I think a question there about primary ticketers and sort of how they use dynamic pricing and how that may impact the business. And then you had some specific questions on international specifically. Let me try to answer those as best I can and then flip it over to Connie for more of the nitty-gritty.

所以我認為這裡存在一個關於一級票務商的問題，他們如何使用動態定價，以及這可能會對業務產生怎樣的影響。然後，您也提出了一些關於國際事務的具體問題。讓我盡力回答這些問題，然後把話題交給康妮，讓她來處理更具體的細節。

So I think in terms of the primary companies and these different policies they’ve talked about with dynamic pricing and other things that they’re doing, I just want to set the context for everyone. Again, doing this for 25 years, we’ve been competing with the Ticketmaster and other primary companies for many, many years, for decades. And they obviously have always had an interest in trying to control more of that system and capture things. Again, they don’t work for the fan the same way that we do, and there’s nothing wrong with that. They just have a different business in terms of what they want to do.

所以，就主要公司以及他們所談論的動態定價和其他措施而言，我想為大家交代一下背景。再說一遍，我們從事這項工作已經25年了，幾十年來，我們一直在與Ticketmaster和其他主要公司競爭。而且他們顯然一直對試圖控制系統的更多部分並攫取利益很感興趣。再說一遍，他們為粉絲工作的方式和我們不一樣，但這並沒有什麼不好。他們只是經營理念不同，想做的事也不同。

And so this concept of dynamically pricing and doing other things has been around for a long, long time. So I would just put that into that context. And therefore, both historically and today, we have not seen any impact from those types of policies on our business. It continues, again, we’ve got a broad and deep catalog. We’re serving a real need for consumers, and we think a real need for the ecosystem.

因此，動態定價和其他一些做法的概念已經存在很長時間了。所以我會把它放在那個背景下去理解。因此，無論從歷史角度或今天來看，我們都沒有看到這類政策對我們的業務產生任何影響。繼續說道，我們擁有豐富而深入的商品目錄。我們正在滿足消費者的實際需求，我們認為這也是生態系統的實際需求。

So we haven’t -- and that’s just to give you the historical take of that’s -- not only today, but on decades of experience of something that has been around.

所以我們沒有——這只是為了給你一個歷史性的看法——不僅是今天，而且是基於幾十年來一直存在的經驗。

Internationally, before I throw over to Connie, what I would say is that international is just a phenomenal opportunity for us. One thing I also -- getting back into sort of the history of it, is that Viagogo, which I started, it was an international company. And so we have a heritage in our DNA in servicing things internationally. We had to be able to service the languages, the jurisdictions, the payments.

在把麥克風交給康妮之前，我想說的是，國際市場對我們來說是一個絕佳的機會。還有一點——回到它的歷史——我創辦的 Viagogo 是一家國際公司。因此，我們在國際服務領域擁有與生俱來的傳統。我們必須能夠滿足不同的語言、司法管轄區和支付方式的要求。

And so as events become more and more international, it’s phenomenal. As things move to Asia and Latin America, it’s phenomenal. I think there’s definitely a lot of -- speaking about our friends who are in the promotion business, as they always talk about, there’s tremendous opportunity in those markets, and we think that’s great.

因此，隨著賽事越來越國際化，這真是太了不起了。隨著業務拓展到亞洲和拉丁美洲，情況就變得非常驚人了。我認為肯定有很多機會——說到我們從事推廣行業的朋友，他們總是說，這些市場蘊藏著巨大的機會，我們認為這很棒。

So we’re bullish on it. In terms of any more specifics that we can or can’t comment on, I will throw it over to Connie.

所以我們看好它。至於我們能或不能評論的更多細節，我將交給康妮來回答。

Great. Thanks. And just to address your question in relation to what was the fourth-quarter growth rate in the international business. We don’t break it out specifically, but what I can tell you is that it was growing at multiples of the North America. As Eric mentioned, we have a phenomenal footprint operating in over 200 countries and really continue to be excited about the opportunity.

偉大的。謝謝。至於您提出的關於國際業務第四季成長率的問題，我想回答一下。我們沒有具體列出數據，但我可以告訴你的是，它的成長速度是北美的數倍。正如艾瑞克所提到的，我們在 200 多個國家擁有龐大的業務網絡，我們對未來的發展機會感到非常興奮。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

I wanted to go back to the marketing efficiency. As we think about the EBITDA guide for 2026, should we compare marketing levels for 2026 to 2024? Is that the right level of normalization? Or can you provide us with any other clues as we think about that expense normalizing?

我想回到行銷效率的老路上去。在考慮 2026 年 EBITDA 指引時，我們是否應該將 2026 年的行銷水準與 2024 年的行銷水準進行比較？這種標準化程度合適嗎？或者，當我們考慮費用正常化問題時，您能否提供其他線索？

And you guys made gains in 2025 with ReachPro. Can you help us better understand what are the benefits of that? And then how do you approach making additional gains? Or how aggressive do you want to be with that product this year? Thank you so much.

你們在 2025 年透過 ReachPro 取得了進展。您能幫我們更能理解這樣做的好處嗎？那麼，你要如何才能獲得更多收益呢？或者，今年你想在該產品上投入多大的資源？太感謝了。

Thank you for the question. It sounds like you had some questions about the guide around some of the marketing stuff and some questions around ReachPro. So let me try and address the level of the product stuff in ReachPro a little bit, and then I’ll give it over to Connie to tie out on some other things.

謝謝你的提問。聽起來你對指南中的一些行銷內容以及 ReachPro 有一些疑問。那麼，讓我先簡單介紹一下 ReachPro 的產品層面，然後我會把其他一些事情交給 Connie 來補充。

So yeah, just so everyone understands, ReachPro is a point-of-sale system that sellers can use to manage their tickets and manage their flow. It’s just basically like software tools. It’s not anything that we’re selling or whatnot, but it becomes a default for people to use.

所以，為了讓大家都明白，ReachPro 是一個銷售點系統，賣家可以用它來管理他們的票務和流程。它基本上就像軟體工具一樣。這並不是我們銷售的任何東西，但它卻成了人們的預設選擇。

When you get that default in the operating system, it has tremendous benefits data-wise. People make you the first port of call, so it’s very helpful in terms of getting some permanent benefit in terms of share and whatnot. We basically, as part of the share gains we got, we’re able to deploy ReachPro, and I think Connie will talk about how we’ve accreted tremendous share in that and have a great trajectory. That is also in a good place where, again, one of the benefits of the flywheels is once you become 3 times larger than someone else and more efficient and you have a superior tool, you can get continued acceleration of people adopting it, which has continued benefits for our system and for our customers.

如果作業系統預設啟用該設置，那麼在資料方面會有巨大的好處。人們會把你當作首選求助對象，所以這對獲得股份等方面的永久性利益非常有幫助。基本上，作為我們獲得的市場份額的一部分，我們能夠部署 ReachPro，我認為 Connie 會談到我們如何在該領域積累了巨大的市場份額，並擁有良好的發展軌跡。這也處於一個有利的位置，再次強調，飛輪效應的好處之一是，一旦你的規模比別人大三倍，效率更高，並且擁有更優越的工具，你就可以不斷加速人們採用它，這對我們的系統和我們的客戶都有持續的好處。

But let me throw it over to Connie because I think you had some questions about marketing.

但我想把這個問題交給康妮，因為我覺得你對行銷有一些疑問。

Yeah. I think before we go into the details of marketing, it’s probably worthwhile just to step back and think about the broader building blocks of the guide that just might help provide a bit more context. We did touch on growth, which we know we have three drivers, again, operating in a really healthy overall North America secondary market, but noting again the overhang of volume pricing in those first five months.

是的。我認為在深入探討行銷細節之前，或許值得退後一步，思考一下本指南的更廣泛的組成部分，這或許有助於提供更多背景資訊。我們確實談到了成長，我們知道成長有三個驅動因素，再次強調，在北美整體二級市場中營運非常健康，但再次注意到前五個月的批量定價過高。

In addition, we do anticipate continuing to accrete modest share gains. And then, as we just discussed, we’ve got a tremendous international business that you can layer on top. What’s also important to recall is if you step back and you think about last year, we were explicit about taking a point of take and investing it in order to accelerate market share.

此外，我們預計市場份額將繼續穩步增長。然後，正如我們剛才討論的，我們還有一個龐大的國際業務可以疊加在其上。同樣重要的是要記住，如果你回顧去年，我們會明確地確定一個切入點並進行投資，以加速市場份額的成長。

Again, incredibly pleased with the progress we made in capturing nearly half of the market. But as we move forward, we would expect take to be more consistent with what we’ve seen historically, call it in that 20% range.

再次強調，我們對所取得的進展感到無比滿意，我們成功佔領了近一半的市佔率。但隨著時間的推移，我們預計其表現將更加符合歷史水平，大概在 20% 的範圍內。

And then specifically, I think you were touching on, well, what should we expect in relation to marketing efficiency. Again, last year it was a period where we had a deliberate decision to invest, which ran sales and marketing as a percentage of revenue at a bit of an elevated rate. You would have seen at the first quarter we were at 55%. By the end of Q4, we’re about 52% normalized. And what I would say is you should continue to see increased benefits flowing through.

然後，我認為你特別提到了，我們應該對行銷效率抱持什麼樣的預期。同樣，去年我們做出了有意識的投資決定，導致銷售和行銷費用佔收入的比例略高。第一季我們達到了 55%。到第四季末，我們已實現約 52% 的正常化。我想說的是，您應該會繼續看到越來越多的好處陸續到來。

So all of that, call it, ladders up into expanding margins at the bottom line.

所以，所有這些，說到底，都會逐步提高最終的利潤率。

Thank you, everyone. That does conclude our question-and-answer session. I’d like to hand the call back to Eric Baker for any additional or closing remarks.

謝謝大家。我們的問答環節到此結束。我謹將電話交還給埃里克·貝克，請他作補充或總結發言。

I just want to say thank you to everyone. I appreciate folks making the time and taking the interest, and we appreciate it greatly. So thank you very much.

我只想對大家說聲謝謝。我感謝大家抽出時間並對此表示關注，我們對此非常感激。非常感謝。

And again, that does conclude today’s conference. We would like to thank you all for your participation. You may now disconnect.

至此，今天的會議就結束了。感謝各位的參與。您現在可以斷開連線了。