Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38658 | |
Entity Registrant Name | EVENTBRITE, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 14-1888467 | |
Entity Address, Address Line One | 95 Third Street, | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94103 | |
City Area Code | 415 | |
Local Phone Number | 692-7779 | |
Title of 12(b) Security | Class A common stock, $0.00001 par value | |
Trading Symbol | EB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001475115 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 80,452,711 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,648,429 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 575,499 | $ 489,200 |
Funds receivable | 28,869 | 48,773 |
Short-term investments, at amortized cost | 56,698 | 153,746 |
Accounts receivable, net | 4,856 | 2,814 |
Creator signing fees, net | 3,601 | 634 |
Creator advances, net | 6,852 | 2,804 |
Prepaid expenses and other current assets | 12,147 | 13,880 |
Total current assets | 688,522 | 711,851 |
Creator signing fees, net noncurrent | 1,553 | 1,303 |
Property and equipment, net | 12,643 | 9,384 |
Operating lease right-of-use assets | 1,000 | 177 |
Goodwill | 174,388 | 174,388 |
Acquired intangible assets, net | 9,132 | 13,314 |
Other assets | 7,282 | 2,913 |
Total assets | 894,520 | 913,330 |
Current liabilities | ||
Accounts payable, creators | 314,718 | 303,436 |
Accounts payable, trade | 1,467 | 1,821 |
Chargebacks and refunds reserve | 8,213 | 8,088 |
Accrued compensation and benefits | 8,534 | 17,522 |
Accrued taxes | 5,712 | 8,796 |
Operating lease liabilities | 1,973 | 1,523 |
Other accrued liabilities | 13,062 | 16,425 |
Total current liabilities | 353,679 | 357,611 |
Accrued taxes, noncurrent | 4,532 | 4,526 |
Operating lease liabilities, noncurrent | 1,423 | 1,768 |
Long-term debt | 358,725 | 357,668 |
Total liabilities | 718,359 | 721,573 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity | ||
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.00001 par value; 1,100,000,000 shares authorized; 96,430,627 shares issued and outstanding as of June 30, 2024; 101,276,416 shares issued and outstanding as of December 31, 2023 | 1 | 1 |
Additional paid-in capital | 1,032,205 | 1,007,190 |
Treasury stock, at cost; 6,787,969 shares of common stock as of June 30, 2024 and no shares as of December 31, 2023 | (37,184) | 0 |
Accumulated deficit | (818,861) | (815,434) |
Total stockholders’ equity | 176,161 | 191,757 |
Total liabilities and stockholders’ equity | $ 894,520 | $ 913,330 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued (in shares) | 96,430,627 | 101,276,416 |
Common stock, shares outstanding (in shares) | 96,430,627 | 101,276,416 |
Treasury stock, common shares (in shares) | 6,787,969 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net revenue | $ 84,551 | $ 78,912 | $ 170,803 | $ 156,826 |
Cost of net revenue | 24,611 | 24,603 | 49,643 | 50,998 |
Gross profit | 59,940 | 54,309 | 121,160 | 105,828 |
Operating expenses | ||||
Product development | 26,057 | 23,486 | 52,741 | 50,050 |
Sales, marketing and support | 24,521 | 15,679 | 45,390 | 32,739 |
General and administrative | 15,816 | 21,826 | 37,053 | 43,544 |
Total operating expenses | 66,394 | 60,991 | 135,184 | 126,333 |
Loss from operations | (6,454) | (6,682) | (14,024) | (20,505) |
Interest income | 7,382 | 6,926 | 14,789 | 12,379 |
Interest expense | (2,806) | (2,786) | (5,606) | (5,538) |
Other income (expense), net | 3,725 | 80 | 2,472 | (873) |
Income (loss) before income taxes | 1,847 | (2,462) | (2,369) | (14,537) |
Income tax provision | 784 | 459 | 1,058 | 1,070 |
Net income (loss) | $ 1,063 | $ (2,921) | $ (3,427) | $ (15,607) |
Net income (loss) per share | ||||
Net income (loss) per share, basic (in dollars per share) | $ 0.01 | $ (0.03) | $ (0.04) | $ (0.16) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.01 | $ (0.03) | $ (0.04) | $ (0.16) |
Weighted-average number of shares outstanding used to compute net income (loss) per share | ||||
Weighted-average number of shares outstanding used to compute net income (loss) per share, basic (in shares) | 96,142 | 99,995 | 95,557 | 99,748 |
Weighted-average number of shares outstanding used to compute net income (loss) per share, diluted (in shares) | 96,290 | 99,995 | 95,557 | 99,748 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock Common Stock-Class A | Common Stock Common Stock-Class B | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2022 | 81,529,265 | 17,640,167 | ||||
Beginning balance at Dec. 31, 2022 | $ 166,555 | $ 1 | $ 0 | $ 955,509 | $ (788,955) | |
Beginning balance, treasury stock (in shares) at Dec. 31, 2022 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 77,378 | |||||
Issuance of common stock upon exercise of stock options | 463 | 463 | ||||
Issuance of restricted stock awards (in shares) | 10,375 | |||||
Issuance of common stock for settlement of RSUs (in shares) | 551,060 | |||||
Shares withheld related to net share settlement (in shares) | (193,445) | |||||
Shares withheld related to net share settlement | (1,822) | (1,822) | ||||
Stock-based compensation | 12,365 | 12,365 | ||||
Net income (loss) | (12,686) | (12,686) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 81,974,633 | 17,640,167 | ||||
Ending Balance at Mar. 31, 2023 | 164,875 | $ 1 | $ 0 | 966,515 | (801,641) | |
Ending balance, treasury stock (in shares) at Mar. 31, 2023 | 0 | |||||
Beginning balance (in shares) at Dec. 31, 2022 | 81,529,265 | 17,640,167 | ||||
Beginning balance at Dec. 31, 2022 | 166,555 | $ 1 | $ 0 | 955,509 | (788,955) | |
Beginning balance, treasury stock (in shares) at Dec. 31, 2022 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (15,607) | |||||
Ending balance (in shares) at Jun. 30, 2023 | 82,525,053 | 17,640,167 | ||||
Ending Balance at Jun. 30, 2023 | 176,414 | $ 1 | $ 0 | 980,975 | (804,562) | |
Ending balance, treasury stock (in shares) at Jun. 30, 2023 | 0 | |||||
Beginning balance (in shares) at Mar. 31, 2023 | 81,974,633 | 17,640,167 | ||||
Beginning balance at Mar. 31, 2023 | 164,875 | $ 1 | $ 0 | 966,515 | (801,641) | |
Beginning balance, treasury stock (in shares) at Mar. 31, 2023 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 46,035 | |||||
Issuance of common stock upon exercise of stock options | 285 | 285 | ||||
Issuance of restricted stock awards (in shares) | 1,964 | |||||
Issuance of common stock for settlement of RSUs (in shares) | 609,839 | |||||
Shares withheld related to net share settlement (in shares) | (199,245) | |||||
Shares withheld related to net share settlement | (1,379) | (1,379) | ||||
Issuance of common stock for 2018 Employee Stock Purchase Plan (ESPP) Purchase (in shares) | 91,827 | |||||
Issuance of common stock for 2018 Employee Stock Purchase Plan (ESPP) Purchase | 567 | 567 | ||||
Stock-based compensation | 14,987 | 14,987 | ||||
Net income (loss) | (2,921) | (2,921) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 82,525,053 | 17,640,167 | ||||
Ending Balance at Jun. 30, 2023 | $ 176,414 | $ 1 | $ 0 | 980,975 | (804,562) | |
Ending balance, treasury stock (in shares) at Jun. 30, 2023 | 0 | |||||
Beginning balance (in shares) at Dec. 31, 2023 | 101,276,416 | 85,614,983 | 15,661,433 | |||
Beginning balance at Dec. 31, 2023 | $ 191,757 | $ 1 | $ 0 | 1,007,190 | (815,434) | |
Beginning balance, treasury stock (in shares) at Dec. 31, 2023 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock awards (in shares) | 9,665 | |||||
Issuance of common stock for settlement of RSUs (in shares) | 887,751 | |||||
Shares withheld related to net share settlement (in shares) | (305,537) | |||||
Shares withheld related to net share settlement | $ (2,612) | (2,612) | ||||
Repurchase of common stock (in shares) | 2,652,174 | 2,652,174 | ||||
Repurchase of common stock | (15,055) | $ (15,055) | ||||
Stock-based compensation | 14,523 | 14,523 | ||||
Net income (loss) | (4,490) | (4,490) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 83,554,688 | 15,661,433 | ||||
Ending Balance at Mar. 31, 2024 | $ 184,123 | $ 1 | $ (15,055) | 1,019,101 | (819,924) | |
Ending balance, treasury stock (in shares) at Mar. 31, 2024 | 2,652,174 | |||||
Beginning balance (in shares) at Dec. 31, 2023 | 101,276,416 | 85,614,983 | 15,661,433 | |||
Beginning balance at Dec. 31, 2023 | $ 191,757 | $ 1 | $ 0 | 1,007,190 | (815,434) | |
Beginning balance, treasury stock (in shares) at Dec. 31, 2023 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchase of common stock (in shares) | 6,787,969 | |||||
Repurchase of common stock | $ (37,200) | |||||
Net income (loss) | $ (3,427) | |||||
Ending balance (in shares) at Jun. 30, 2024 | 96,430,627 | 80,769,194 | 15,661,433 | |||
Ending Balance at Jun. 30, 2024 | $ 176,161 | $ 1 | $ (37,184) | 1,032,205 | (818,861) | |
Ending balance, treasury stock (in shares) at Jun. 30, 2024 | 6,787,969 | 6,787,969 | ||||
Beginning balance (in shares) at Mar. 31, 2024 | 83,554,688 | 15,661,433 | ||||
Beginning balance at Mar. 31, 2024 | $ 184,123 | $ 1 | $ (15,055) | 1,019,101 | (819,924) | |
Beginning balance, treasury stock (in shares) at Mar. 31, 2024 | 2,652,174 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock awards (in shares) | 11,754 | |||||
Issuance of common stock for settlement of RSUs (in shares) | 1,836,278 | |||||
Shares withheld related to net share settlement (in shares) | (604,997) | |||||
Shares withheld related to net share settlement | (3,164) | (3,164) | ||||
Repurchase of common stock (in shares) | 4,135,795 | 4,135,795 | ||||
Repurchase of common stock | (22,129) | $ (22,129) | ||||
Issuance of common stock for 2018 Employee Stock Purchase Plan (ESPP) Purchase (in shares) | 107,266 | |||||
Issuance of common stock for 2018 Employee Stock Purchase Plan (ESPP) Purchase | 454 | 454 | ||||
Stock-based compensation | 15,814 | 15,814 | ||||
Net income (loss) | $ 1,063 | 1,063 | ||||
Ending balance (in shares) at Jun. 30, 2024 | 96,430,627 | 80,769,194 | 15,661,433 | |||
Ending Balance at Jun. 30, 2024 | $ 176,161 | $ 1 | $ (37,184) | $ 1,032,205 | $ (818,861) | |
Ending balance, treasury stock (in shares) at Jun. 30, 2024 | 6,787,969 | 6,787,969 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (3,427) | $ (15,607) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,242 | 6,709 |
Stock-based compensation expense | 29,239 | 26,693 |
Amortization of debt discount and issuance costs | 1,057 | 1,010 |
Unrealized gain on foreign currency exchange | (1,326) | (1,674) |
Accretion on short-term investments | (2,769) | (3,585) |
Non-cash operating lease expenses | 273 | 5,002 |
Amortization of creator signing fees | 401 | 468 |
Changes related to creator advances, creator signing fees, and allowance for credit losses | (2,920) | (1,496) |
Provision for chargebacks and refunds | 14,559 | 5,755 |
Gain on litigation settlement | (3,927) | 0 |
Other | 623 | 908 |
Changes in operating assets and liabilities | ||
Accounts receivable | (2,866) | (763) |
Funds receivable | 20,155 | 24,136 |
Creator signing fees and creator advances | (3,922) | 655 |
Prepaid expenses and other assets | 1,291 | 1,061 |
Accounts payable, creators | 9,712 | 15,789 |
Accounts payable | (366) | (487) |
Chargebacks and refunds reserve | (14,415) | (8,350) |
Accrued compensation and benefits | (8,988) | 985 |
Accrued taxes | (3,840) | (8,596) |
Operating lease liabilities | (991) | (1,933) |
Other accrued liabilities | (4,003) | 1,480 |
Net cash provided by operating activities | 30,792 | 48,160 |
Cash flows from investing activities | ||
Purchases of short-term investments | (112,185) | (150,565) |
Maturities of short-term investments | 212,002 | 85,500 |
Purchases of property and equipment | (403) | (521) |
Capitalized internal-use software development costs | (4,818) | (3,161) |
Net cash provided by (used in) investing activities | 94,596 | (68,747) |
Cash flows from financing activities | ||
Repurchase of common stock | (36,508) | 0 |
Proceeds from exercise of stock options | 0 | 748 |
Taxes paid related to net share settlement of equity awards | (5,776) | (3,201) |
Proceeds from issuance of common stock under ESPP | 454 | 567 |
Principal payments on finance lease obligations | 0 | (1) |
Net cash used in financing activities | (41,830) | (1,887) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,741 | 2,787 |
Net increase in cash, cash equivalents and restricted cash | 86,299 | (19,687) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 489,200 | 540,174 |
End of period | 575,499 | 520,487 |
Supplemental cash flow data | ||
Interest paid | 4,548 | 4,549 |
Income taxes paid, net of refunds | 994 | 323 |
Non-cash investing and financing activities | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1,011 | 0 |
Reduction of right-of-use assets due to modification or exit | 0 | 3,917 |
Other accrued liability recorded for common stock repurchases | $ 536 | $ 0 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Description of Business Eventbrite, Inc. (Eventbrite or the Company) operates a two-sided marketplace that connects millions of creators and consumers every month to share their passions, artistry and causes through live experiences. Creators use the Company's highly-scalable self-service ticketing and marketing tools to plan, promote and sell tickets to their events and event seekers use the Company's website and mobile application to discover and purchase tickets to experiences they love. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal and recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations and cash flows for the interim periods. The condensed consolidated balance sheet at December 31, 2023 has been derived from audited consolidated financial statements as of that date. All intercompany transactions and balances have been eliminated. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and the Consolidated Financial Statements and notes thereto included in Items 7, 7A and 8, respectively, in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). Reclassifications Certain reclassifications may have been made to the Company's prior year’s condensed consolidated financial statements to conform to the Company's current year presentation. These reclassifications had no effect on the Company's previously reported loss before income taxes. Significant Accounting Policies There have been no changes to the Company's significant accounting policies described in the 2023 Form 10-K that have had a material impact on the Company's unaudited condensed consolidated financial statements and related notes . Use of Estimates In order to conform with U.S. GAAP, the Company is required to make certain estimates, judgments and assumptions when preparing its condensed consolidated financial statements. These estimates, judgments and assumptions affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported periods. These estimates include, but are not limited to, the recoverability of creator signing fees and creator advances, chargebacks and refunds reserve, certain assumptions used in the valuation of equity awards, assumptions used in determining the fair value of business combinations, the allowance for credit losses, and indirect tax reserves. The Company evaluates these estimates on an ongoing basis. Actual results could differ from those estimates and such differences could be material to the Company’s condensed consolidated financial statements. Comprehensive Income (Loss) For all periods presented, comprehensive income (loss) equaled net income (loss). Therefore, the condensed consolidated statements of comprehensive income (loss) have been omitted from the unaudited condensed consolidated financial statements. Segment Information The Company’s Chief Executive Officer (CEO) is the chief operating decision maker. The Company's CEO reviews discrete financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates as a single operating segment and has one reportable segment. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company derives its revenues from a mix of marketplace activities. Revenue is primarily derived from ticketing fees and payment processing fees. The Company also derives a portion of revenues from organizer fees and advertising services. The Company's customers are event creators who use the Company's platform to sell tickets and market events to consumers. Revenue is recognized when or as control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Ticketing Revenue For ticketing services, the Company's service provides a platform to the event creator and consumer to transact. The Company's performance obligation is to facilitate and process that transaction and issue the ticket, and ticketing revenue is recognized by the Company when the ticket is sold. The amount that the Company earns for its ticketing services is fixed which typically consists of a flat fee and a percentage-based fee per ticket. As a result, the Company records ticketing revenue on a net basis related to its ticketing service fees. For payment processing services, the Company provides the event creator with the choice of whether to use Eventbrite Payment Processing (EPP) or to use a third-party payment processor, referred to as Facilitated Payment Processing (FPP). Under the EPP option, the Company is the merchant of record and is responsible for processing the transaction and collecting the face value of the ticket and all associated fees at the time the ticket is sold. The Company is also responsible for remitting these amounts collected, less the Company's fees, to the event creator. For EPP services, the Company determined that it is the principal in providing the service as the Company is responsible for fulfilling the promise to process the payment and has discretion in establishing the price of its service. As a result, the Company records revenue on a gross basis related to its EPP service fees. Costs incurred for processing the ticketing transactions are included in cost of net revenues in the condensed consolidated statements of operations. Under the FPP option, the Company is not responsible for processing the transaction or collecting the face value of the ticket and associated fees. In this case, the Company records revenue on a net basis related to its FPP service fees. Revenue is presented net of indirect taxes, customer refunds, payment chargebacks, estimated uncollectible amounts, creator royalties and amortization of creator signing fees. As part of its commercial agreements, the Company offers upfront payments to qualifying creators entering into new or renewed ticketing arrangements in order to incentivize them to organize certain events on the Company's platform or obtain exclusive rights to ticket their events. If an event is canceled by a creator, then any obligations to provide refunds to event attendees are the responsibility of that creator. If a creator is unwilling or unable to fulfill their refund obligations, the Company may, at its discretion, provide attendee refunds. Advertising Revenue Advertising revenue represents services that enable creators to promote featured content on the Eventbrite platform or mobile application. The Company considers that it satisfies its performance obligation as it provides the services to customers and recognizes revenue as advertising impressions are displayed to consumers. Organizer Fee Revenue In the second quarter of 2023, the Company expanded access to its comprehensive suite of event marketing tools to all creators and introduced new pricing plans and subscription packages to creators when publishing events on the Eventbrite marketplace. Under the new pricing plans, the Company charges an organizer fee under two plan options. The Flex plan is charged per event. The Company considers that it satisfies its performance obligation as it provides services to creators to publish their event on the Eventbrite marketplace and recognizes revenue, based on the ticket capacity selected, at that point-in-time. The Pro plan is a monthly or annual subscription to publish unlimited events. The Company considers that it satisfies its performance obligation as it provides the subscribed services under the plan and recognizes revenue ratably over the subscription period. Organizer fees are nonrefundable. Creator signing fees are incentives that are offered and paid by the Company to secure exclusive ticketing and payment processing rights with certain creators. Creator signing fees are presented net of reserves on the condensed consolidated balance sheet. The benefit the Company receives by securing exclusive ticketing and payment processing rights with certain creators from creator signing fees is inseparable from the customer relationship with the creators and accordingly the amortization of these fees is recorded as a reduction of revenue in the condensed consolidated statements of operations. As of June 30, 2024, the balance of creator signing fees, net is being amortized over a weighted-average remaining contract life of 2.6 years on a straight-line basis. The write-offs and other adjustments for the three and six months ended June 30, 2024 include a reserve release to reflect losses recovered from a litigation settlement in June 2024. The following table summarizes the activity in creator signing fees for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,933 $ 1,948 $ 1,937 $ 1,748 Creator signing fees paid 630 30 851 30 Amortization of creator signing fees (207) (258) (401) (468) Write-offs and other adjustments 2,798 849 2,767 1,259 Balance, end of period $ 5,154 $ 2,569 $ 5,154 $ 2,569 Creator signing fees are classified as follows on the condensed consolidated balance sheet as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Creator signing fees, net $ 3,601 $ 634 $ 989 Creator signing fees, net noncurrent 1,553 1,303 1,580 Total creator signing fees $ 5,154 $ 1,937 $ 2,569 |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid financial instruments, including bank deposits, money market funds and U.S. Treasury securities with an original maturity of three months or less at the date of purchase to be cash equivalents. Due to the short-term nature of the instruments, the carrying amounts reported in the condensed consolidated balance sheets approximate their fair value. Cash and cash equivalents balances include the face value of tickets sold on behalf of creators and their share of service charges, which are to be remitted to the creators. Such balances were $288.5 million and $259.2 million as of June 30, 2024 and December 31, 2023, respectively. These ticketing proceeds are legally unrestricted, and the Company invests a portion of ticketing proceeds in U.S. Treasury bills with original maturities less than one year. These amounts due to creators are included in accounts payable, creators on the condensed consolidated balance sheets. During 2023, the Company issued letters of credit relating to contracts entered into with other parties under lease agreements and other agreements which were collateralized with cash. This cash was classified as noncurrent restricted cash on the condensed consolidated balance sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Cash and cash equivalents $ 575,499 $ 489,200 $ 519,598 Restricted cash — — 889 Total cash, cash equivalents and restricted cash $ 575,499 $ 489,200 $ 520,487 |
Short-term Investments
Short-term Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | Short-term Investments The Company invests certain of its excess cash in short-term debt instruments which consist of U.S. Treasury bills with original maturities less than one year. All short-term investments are classified as held-to-maturity and are recorded and held at amortized cost. Investments are considered to be impaired when a decline in fair value is deemed to be other-than-temporary. Once a decline in fair value is determined to be other-than-temporary, the carrying value of an instrument is adjusted to its fair value on a non-recurring basis. No such fair value impairment was recognized during the six months ended June 30, 2024 or year ended December 31, 2023. The following tables summarize the Company's financial instruments that were measured at fair value on a non-recurring basis (in thousands): June 30, 2024 Description Classification Amortized cost Gross unrecognized holding gains Gross unrecognized holdings losses Aggregate fair value Savings deposits Cash equivalents $ 125,697 $ — $ — $ 125,697 US Treasury securities Cash equivalents 28,315 — (1) $ 28,314 US Treasury securities Short-term investments 56,698 — (3) 56,695 $ 210,710 $ — $ (4) $ 210,706 December 31, 2023 Description Classification Amortized cost Gross unrecognized holding gains Gross unrecognized holdings losses Aggregate fair value Savings deposits Cash equivalents $ 51,487 $ — $ — $ 51,487 US Treasury securities Short-term investments 153,746 17 (12) 153,751 $ 205,233 $ 17 $ (12) $ 205,238 |
Funds Receivable
Funds Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Funds Receivable | Funds ReceivableFunds receivable represents cash-in-transit from third-party payment processors that is received by the Company within approximately five |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net is comprised of invoiced amounts to customers who use a third-party facilitated payment processor (FPP) or our advertising services. In evaluating the Company’s ability to collect outstanding receivable balances, the Company considers various factors including the age of the balance, the creditworthiness of the customer and the customer’s current financial condition. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. Bad debt expense was immaterial in all of the periods presented in the condensed consolidated financial statements. The following table summarizes the Company’s accounts receivable balance (in thousands): June 30, 2024 December 31, 2023 Accounts receivable, customers $ 6,018 $ 3,524 Allowance for credit losses (1,162) (710) Accounts receivable, net $ 4,856 $ 2,814 |
Creator Signing Fees, Net
Creator Signing Fees, Net | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Creator Signing Fees, Net | Revenue Recognition The Company derives its revenues from a mix of marketplace activities. Revenue is primarily derived from ticketing fees and payment processing fees. The Company also derives a portion of revenues from organizer fees and advertising services. The Company's customers are event creators who use the Company's platform to sell tickets and market events to consumers. Revenue is recognized when or as control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Ticketing Revenue For ticketing services, the Company's service provides a platform to the event creator and consumer to transact. The Company's performance obligation is to facilitate and process that transaction and issue the ticket, and ticketing revenue is recognized by the Company when the ticket is sold. The amount that the Company earns for its ticketing services is fixed which typically consists of a flat fee and a percentage-based fee per ticket. As a result, the Company records ticketing revenue on a net basis related to its ticketing service fees. For payment processing services, the Company provides the event creator with the choice of whether to use Eventbrite Payment Processing (EPP) or to use a third-party payment processor, referred to as Facilitated Payment Processing (FPP). Under the EPP option, the Company is the merchant of record and is responsible for processing the transaction and collecting the face value of the ticket and all associated fees at the time the ticket is sold. The Company is also responsible for remitting these amounts collected, less the Company's fees, to the event creator. For EPP services, the Company determined that it is the principal in providing the service as the Company is responsible for fulfilling the promise to process the payment and has discretion in establishing the price of its service. As a result, the Company records revenue on a gross basis related to its EPP service fees. Costs incurred for processing the ticketing transactions are included in cost of net revenues in the condensed consolidated statements of operations. Under the FPP option, the Company is not responsible for processing the transaction or collecting the face value of the ticket and associated fees. In this case, the Company records revenue on a net basis related to its FPP service fees. Revenue is presented net of indirect taxes, customer refunds, payment chargebacks, estimated uncollectible amounts, creator royalties and amortization of creator signing fees. As part of its commercial agreements, the Company offers upfront payments to qualifying creators entering into new or renewed ticketing arrangements in order to incentivize them to organize certain events on the Company's platform or obtain exclusive rights to ticket their events. If an event is canceled by a creator, then any obligations to provide refunds to event attendees are the responsibility of that creator. If a creator is unwilling or unable to fulfill their refund obligations, the Company may, at its discretion, provide attendee refunds. Advertising Revenue Advertising revenue represents services that enable creators to promote featured content on the Eventbrite platform or mobile application. The Company considers that it satisfies its performance obligation as it provides the services to customers and recognizes revenue as advertising impressions are displayed to consumers. Organizer Fee Revenue In the second quarter of 2023, the Company expanded access to its comprehensive suite of event marketing tools to all creators and introduced new pricing plans and subscription packages to creators when publishing events on the Eventbrite marketplace. Under the new pricing plans, the Company charges an organizer fee under two plan options. The Flex plan is charged per event. The Company considers that it satisfies its performance obligation as it provides services to creators to publish their event on the Eventbrite marketplace and recognizes revenue, based on the ticket capacity selected, at that point-in-time. The Pro plan is a monthly or annual subscription to publish unlimited events. The Company considers that it satisfies its performance obligation as it provides the subscribed services under the plan and recognizes revenue ratably over the subscription period. Organizer fees are nonrefundable. Creator signing fees are incentives that are offered and paid by the Company to secure exclusive ticketing and payment processing rights with certain creators. Creator signing fees are presented net of reserves on the condensed consolidated balance sheet. The benefit the Company receives by securing exclusive ticketing and payment processing rights with certain creators from creator signing fees is inseparable from the customer relationship with the creators and accordingly the amortization of these fees is recorded as a reduction of revenue in the condensed consolidated statements of operations. As of June 30, 2024, the balance of creator signing fees, net is being amortized over a weighted-average remaining contract life of 2.6 years on a straight-line basis. The write-offs and other adjustments for the three and six months ended June 30, 2024 include a reserve release to reflect losses recovered from a litigation settlement in June 2024. The following table summarizes the activity in creator signing fees for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,933 $ 1,948 $ 1,937 $ 1,748 Creator signing fees paid 630 30 851 30 Amortization of creator signing fees (207) (258) (401) (468) Write-offs and other adjustments 2,798 849 2,767 1,259 Balance, end of period $ 5,154 $ 2,569 $ 5,154 $ 2,569 Creator signing fees are classified as follows on the condensed consolidated balance sheet as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Creator signing fees, net $ 3,601 $ 634 $ 989 Creator signing fees, net noncurrent 1,553 1,303 1,580 Total creator signing fees $ 5,154 $ 1,937 $ 2,569 |
Creator Advances, Net
Creator Advances, Net | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Creator Advances, Net | Creator Advances, Net Creator advances are incentives that are offered by the Company which provide the creator with funds in advance of the event. Creator advances are presented net of reserves on the condensed consolidated balance sheet. These are subsequently recovered by withholding amounts due to the Company from the sale of tickets for the event until the creator payment has been fully recovered. The following table summarizes the activity in creator advances for the periods indicated Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 5,626 $ 584 $ 2,804 $ 721 Creator advances paid 687 100 3,674 100 Creator advances recouped (432) (115) (605) (418) Write-offs and other adjustments 971 126 979 292 Balance, end of period $ 6,852 $ 695 $ 6,852 $ 695 |
Accounts Payable, Creators
Accounts Payable, Creators | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Creators | Accounts Payable, Creators Accounts payable, creators consists of unremitted ticket sale proceeds, net of Eventbrite service fees and applicable taxes. Amounts are remitted to creators within five For qualified creators, the Company passes ticket sales proceeds to the creator prior to the event, subject to certain limitations. Internally, the Company refers to these payments as advance payouts. When an advance payout is made, the Company reduces its cash and cash equivalents with a corresponding decrease to its accounts payable, creators. As of June 30, 2024 and December 31, 2023, advance payouts outstanding was $152.3 million and $115.3 million, respectively. |
Chargebacks and Refunds Reserve
Chargebacks and Refunds Reserve | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Chargebacks and Refunds Reserve | Chargebacks and Refunds Reserve The terms of the Company's standard merchant agreement obligate creators to reimburse attendees who are entitled to refunds. The Company records estimates for refunds and chargebacks of its fees as contra-revenue. When the Company provides advance payouts, it assumes risk that the event may be canceled, fraudulent or materially not as described, resulting in significant chargebacks and refund requests. See Note 9, “Accounts Payable, Creators.” If the creator is insolvent, has spent the proceeds of the ticket sales for event-related costs, has canceled the event, or has engaged in fraudulent activity, the Company may not be able to recover its losses from these events, and such unrecoverable amounts could equal the value of the transaction or transactions settled to the creator prior to the event that is disputed, plus any associated chargeback fees not assumed by the creator. The Company records reserves for estimated advance payout losses as an operating expense classified within sales, marketing and support. Reserves are recorded based on the Company's assessment of various factors, including the amounts paid and outstanding to creators in conjunction with the advance payout program, macroeconomic conditions, and actual chargeback and refund activity trends. The chargebacks and refunds reserve was $8.2 million and $8.1 million, which primarily includes reserve balances for estimated advance payout losses of $6.0 million and $6.0 million, as of June 30, 2024 and December 31, 2023, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 Capitalized internal-use software development costs $ 68,531 $ 62,615 Furniture and fixtures 179 179 Computers and computer equipment 3,996 3,617 Leasehold improvements 924 924 Property and equipment 73,630 67,335 Less: Accumulated depreciation and amortization (60,987) (57,951) Property and equipment, net $ 12,643 $ 9,384 The Company recorded the following amounts related to depreciation of fixed assets and capitalized internal-use software development costs during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense $ 189 $ 257 $ 395 $ 721 Amortization of capitalized internal-use software development costs 1,369 801 2,665 1,623 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases Operating Leases The Company has operating leases primarily for office space. Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Right-of-use assets also include adjustments related to prepaid or deferred lease payments and lease incentives. In calculating the present value of the lease payments, the Company utilizes its incremental borrowing rate, as the rates implicit in the leases were not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The components of operating lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs $ 140 $ 3,127 $ 273 $ 5,002 Sublease income — (52) — (104) Total operating lease costs, net $ 140 $ 3,075 $ 273 $ 4,898 As part of the 2023 Restructuring Plan, the Company closed certain offices in April 2023 to align with the geographic distribution of its employees, resulting in the acceleration of $3.9 million in amortization of right-of-use assets for the six months ended June 30, 2023. As of June 30, 2024, the Company's operating leases had a weighted-average remaining lease term of 1.8 years and a weighted-average discount rate of 4.6%. As of June 30, 2024, maturities of operating lease liabilities were as follows (in thousands): Operating Leases The remainder of 2024 $ 1,036 2025 2,117 2026 372 Total future operating lease payments 3,525 Less: Imputed interest (129) Total operating lease liabilities $ 3,396 Operating lease liabilities, current $ 1,973 Operating lease liabilities, noncurrent 1,423 Total operating lease liabilities $ 3,396 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | Goodwill and Acquired Intangible Assets, Net The carrying amount of the Company's goodwill was $174.4 million as of June 30, 2024 and December 31, 2023. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. The Company did not record any goodwill impairment during the three or six months ended June 30, 2024 and 2023. Acquired intangible assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Cost Accumulated Amortization Net Book Value Cost Accumulated Amortization Net Book Value Developed technology $ 22,396 $ (22,091) $ 305 $ 22,396 $ (21,679) $ 717 Customer relationships 74,884 (66,057) 8,827 74,884 (62,287) 12,597 Tradenames 1,350 (1,350) — 1,350 (1,350) — Acquired intangible assets, net $ 98,630 $ (89,498) $ 9,132 $ 98,630 $ (85,316) $ 13,314 The following table set forth the amortization expense recorded related to acquired intangible assets during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of net revenue $ 206 $ 206 $ 411 $ 409 Sales, marketing and support 1,885 1,929 3,771 3,956 Total amortization of acquired intangible assets $ 2,091 $ 2,135 $ 4,182 $ 4,365 As of June 30, 2024, the total expected future amortization expense of acquired intangible assets by year is as follows (in thousands): The remainder of 2024 $ 4,118 2025 5,014 Total expected future amortization expense $ 9,132 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The Company measures its financial assets and liabilities at fair value at each reporting date using a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Other inputs that are directly or indirectly observable in the marketplace. Level 3 – Unobservable inputs that are supported by little or no market activity. The Company’s cash equivalents, funds receivable, accounts receivable, accounts payable and other current liabilities approximate their fair value. All of the Company's financial assets and liabilities are Level 1, except for debt. See Note 15, “Debt,” for details regarding the fair value of the Company's Convertible Notes. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of June 30, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 2026 Notes 2025 Notes Total 2026 Notes 2025 Notes Total Outstanding principal balance $ 212,750 $ 150,000 $ 362,750 $ 212,750 $ 150,000 $ 362,750 Less: Debt issuance costs (2,347) (1,678) (4,025) (2,864) (2,218) (5,082) Carrying amount, long-term debt $ 210,403 $ 148,322 $ 358,725 $ 209,886 $ 147,782 $ 357,668 The following tables set forth the total interest expense recognized related to the term loans and the Convertible Notes for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash interest expense $ 2,274 $ 2,274 $ 4,548 $ 4,527 Amortization of debt issuance costs 531 512 1,057 1,010 Total interest expense $ 2,805 $ 2,786 $ 5,605 $ 5,537 The following table summarizes the Company's contractual obligation to settle commitments related to the Convertible Notes as of June 30, 2024 (in thousands): Payments due by Year Total 2024 2025 2026 2026 Notes $ 212,750 $ — $ — $ 212,750 Interest obligations on 2026 Notes (1) 3,990 798 1,596 1,596 2025 Notes 150,000 — 150,000 — Interest obligations on 2025 Notes (1) 11,250 3,750 7,500 — (1) The 2026 Notes and 2025 Notes bear interest at a fixed rate of 0.750% and 5.000% per year, respectively. The effective interest rate of the 2026 Notes is 1.3%. The Company recorded cash interest of $0.8 million and amortization of debt issuance costs of $0.5 million related to the 2026 Notes during the six months ended June 30, 2024 and June 30, 2023, respectively. The effective interest rate of the 2025 Notes is 5.8%. The Company recorded cash interest of $3.8 million and amortization of debt issuance costs of $0.5 million related to the 2025 Notes during the six months ended June 30, 2024 and June 30, 2023, respectively. The fair value of the 2026 Notes and 2025 Notes, which the Company has classified as Level 2 instruments, was $184.5 million and $148.5 million respectively, as of June 30, 2024. The fair value of the Convertible Notes is determined using observable market prices on the last business day of the period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company's principal commitments consist of obligations under the Convertible Notes (including principal and coupon interest); and operating leases for office space, as well as non-cancellable purchase commitments. See Note 15, "Debt" for contractual obligations to settle commitments relating to the Convertible Notes and Note 12, "Leases" for operating leases for office space. Other than as described in Note 12 and Note 15, there were no material changes to the Company's contractual obligations from those disclosed in the 2023 Form 10-K. Litigation and Loss Contingencies In addition to the litigation discussed below, from time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, breach of contract claims, tax and other matters. Future litigation may be necessary to defend the Company or its creators. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable. The Company's assessment of losses is re-evaluated each accounting period and is based on all available information, including impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to each case. Nevertheless, it is possible that additional future legal costs including settlements, judgments, legal fees and other related defense costs could have a material adverse effect on the Company’s business, consolidated financial position, results of operations or liquidity. The matter discussed below summarizes the Company’s current significant ongoing pending litigation. Commercial Contract Litigation On June 18, 2020, the Company filed a Complaint in the United States District Court for the Northern District of California against M.R.G. Concerts Ltd. (MRG) and Matthew Gibbons (Gibbons), asserting claims for breach of contract, breach of the implied covenant of good faith and fair dealing, declaratory judgment, unfair competition and common counts under California law, arising out of MRG and Gibbons' termination of certain contracts with the Company and their refusal to make various payments to the Company required by those contracts. MRG asserted counterclaims against the Company for breach of one of the contracts in issue, as well as for breach of the implied covenant of good faith and fair dealing, unfair competition and declaratory judgment. A jury trial commenced on May 16, 2022. On May 23, 2022, the jury issued a verdict in Eventbrite’s favor and awarded the Company $11.0 million in damages. Defendants filed a motion seeking to reduce the verdict or hold a new trial, and the Company filed a motion for pre-judgment and post-judgment interest as well as to recover its attorneys’ fees and costs of suit per the parties’ contracts. On November 1, 2022, the District Court denied defendants' motion, granted the Company’s motion, and entered an Amended Final Judgment in the Company’s favor in the amount of $14.9 million. MRG appealed in April 2023. On December 26, 2023, the Ninth Circuit Court of Appeals found in MRG’s favor, vacating the judgment as to damages, reversing the District Court’s decision denying remittitur, and remanding the case back to the District Court to enter an amended final judgment reducing damages by $6.3 million and accompanying prejudgment interest. On April 16, 2024, the District Court entered the Amended Final Judgment in favor of Eventbrite in the amount of approximately $7.6 million, with additional interest accruing per day. On June 28, 2024, MRG and Eventbrite executed an agreement for MRG to pay Eventbrite the settlement amount of $8.3 million. The Company determined that the gain was realizable and recognized a loss recovery of $4.4 million as a credit to general and administrative expenses and a gain of $3.9 million to other income in relation to this verdict as of June 30, 2024. Tax Matters The Company is currently under audit in certain jurisdictions with regard to indirect tax matters. The Company establishes reserves for indirect tax matters when it determines that the likelihood of a loss is probable and the loss is reasonably estimable. Accordingly, the Company has established a reserve for the potential settlement of issues related to sales and other indirect taxes in the amount of $0.8 million and $1.1 million as of June 30, 2024 and December 31, 2023, respectively. These amounts, which represent management’s best estimates of its potential liability, include potential interest and penalties of $0.2 million and $0.2 million as of June 30, 2024 and December 31, 2023, respectively. The Company does not believe that any ultimate liability resulting from any of these matters will have a material adverse effect on its business, consolidated financial position, results of operations or liquidity. However, the outcome of these matters is inherently uncertain. Therefore, if one or more of these matters were resolved against the Company for amounts in excess of management’s expectations, the Company’s financial statements, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected. Indemnification |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock Repurchase On March 14, 2024, the Company announced that its Board of Directors approved a share repurchase program with authorization to purchase up to $100.0 million of the Company’s Class A common stock, which does not have an expiration date. During the six months ended June 30, 2024, the Company repurchased 6,787,969 shares of its Class A common stock for an aggregate amount of $37.2 million, which includes amounts accrued for the 1% excise tax as a result of the Inflation Reduction Act of 2022. As of June 30, 2024, approximately $63.0 million remained available and authorized for future repurchases. The volume and timing of any repurchases is subject to general market conditions, as well as management of capital, general business conditions, other investment opportunities and other factors. Shares may be repurchased through open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions or by any combination of such methods, and any repurchases may be made pursuant to Rule 10b5-1 plans. The share repurchase program does not obligate the Company to repurchase any specific number of shares, has no time limit and may be modified, suspended or discontinued at any time at the Company’s discretion. Subsequent to June 30, 2024 and through August 8, 2024, the Company repurchased 455,314 shares of its Class A common stock at an average price per share of $4.94 for a total purchase price of $2.3 million. As of August 8, 2024, approximately $60.7 million remained available and authorized for future repurchases. Equity Incentive Plans In August 2018, the 2018 Stock Option and Incentive Plan (2018 Plan) was adopted by the Board of Directors and approved by the stockholders and became effective in connection with the IPO. The 2018 Plan replaced the 2010 Stock Plan (2010 Plan) as the Board of Directors determined not to make additional awards under the 2010 Plan. The 2010 Plan will continue to govern outstanding equity awards granted thereunder. The 2018 Plan allows for the granting of options, stock appreciation rights, restricted stock, restricted stock units (RSUs), unrestricted stock awards, performance-based restricted stock units (PSUs), dividend equivalent rights and cash-based awards. Every January 1, the number of shares of stock reserved and available for issuance under the 2018 Plan will cumulatively increase by five percent of the number of shares of Class A and Class B common stock outstanding on the immediately preceding December 31, or a lesser number of shares as approved by the Board of Directors. As of June 30, 2024, there were 5,310,131 and 6,328,544 options issued and outstanding under the 2010 Plan and 2018 Plan, respectively (collectively, the Plans). As of June 30, 2024, 5,549,171 shares of Class A common stock were available for grant under the 2018 Plan. Stock options granted typically vest over a four-year period from the date of grant. Options awarded under the Plans are exercisable for up to ten years. Stock Option Activity Stock option activity for the six months ended June 30, 2024 is presented below: Outstanding options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (thousands) Balance as of December 31, 2023 12,318,335 $ 12.06 5.4 $ 2,845 Canceled (679,660) 10.73 Balance as of June 30, 2024 11,638,675 12.14 5.0 15 Vested and exercisable as of June 30, 2024 10,420,075 12.19 4.6 15 Vested and expected to vest as of June 30, 2024 11,577,687 $ 12.15 4.9 $ 15 The aggregate intrinsic value in the table above represents the difference between the fair value of Class A common stock and the exercise price of outstanding, in-the-money stock options at June 30, 2024. As of June 30, 2024, the total unrecognized stock-based compensation expense related to stock options outstanding was $7.2 million, which will be recognized over a weighted-average period of 1.7 years. There were no options granted during the six months ended June 30, 2024. Stock Award Activity Stock award activity, which includes RSUs, PSUs and restricted stock awards (RSAs), for the six months ended June 30, 2024 is presented below: Outstanding RSUs, RSAs and PSUs Weighted-average grant date fair value per share Weighted average remaining contractual term (years) Aggregate intrinsic value (thousands) Balance as of December 31, 2023 12,478,798 $ 9.40 1.2 $ 104,315 Awarded 7,115,594 5.38 Released (2,745,448) 9.69 Canceled (901,888) 9.33 Balance as of June 30, 2024 15,947,056 7.57 1.2 77,184 Vested and expected to vest as of June 30, 2024 14,735,803 $ 7.58 1.2 $ 71,321 As of June 30, 2024, the total unrecognized stock-based compensation expense related to stock awards, was $83.2 million, which will be recognized over a weighted-average period of 1.8 years. Stock-based Compensation Expense Stock-based compensation expense recognized in connection with stock options, RSUs, RSAs, PSUs and the Employee Stock Purchase Plan (ESPP) during each of the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of net revenue $ 128 $ 226 $ 279 $ 423 Product development 7,060 5,184 13,034 9,508 Sales, marketing and support 1,850 2,792 4,284 5,020 General and administrative 6,238 6,397 11,641 11,742 Total $ 15,276 $ 14,599 $ 29,238 $ 26,693 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potentially dilutive securities outstanding for the period. The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 1,063 $ (2,921) $ (3,427) $ (15,607) Weighted-average shares used in computing earnings per share, basic 96,142 99,995 95,557 99,748 Weighted-average shares used in computing earnings per share, diluted 96,290 99,995 95,557 99,748 Net income (loss) per share, basic and diluted $ 0.01 $ (0.03) $ (0.04) $ (0.16) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect (in thousands): June 30, 2024 June 30, 2023 Shares related to Convertible Notes 19,538 19,538 Stock options to purchase common stock 11,639 12,675 Restricted stock units 15,557 13,566 ESPP 182 136 Total shares of potentially dilutive securities 46,916 45,915 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded an income tax expense of $0.8 million and $1.1 million for the three and six months ended June 30, 2024, respectively, compared to $0.5 million and $1.1 million for the three and six months ended June 30, 2023, respectively. The increase was primarily attributable to insignificant non-routine tax expenses recorded during the prior year and changes in taxable earnings mix. The differences in the tax provision for the periods presented and the U.S. federal statutory rate is primarily due to foreign taxes in profitable jurisdictions and the recording of a full valuation allowance on the Company's net deferred tax assets. |
Geographic Information
Geographic Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The following table presents the Company's total net revenue by geography based on the currency of the underlying transaction (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 61,814 $ 57,476 $ 125,096 $ 115,873 International 22,737 21,436 45,707 40,953 Total net revenue $ 84,551 $ 78,912 $ 170,803 $ 156,826 No individual country included in international net revenue represents more than 10% of the total consolidated net revenue for any of the periods presented. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events from June 30, 2024 through August 8, 2024, the date these financial statements were issued. On August 7, 2024, the Board of Directors of the Company approved a reduction in force that is designed to reduce operating costs and results in the termination of approximately 11% of the Company’s workforce, or approximately 100 employees. The Company expects the reduction in force to be substantially complete by the third quarter of 2024. The Company expects to incur total costs associated with the reduction in force of up to $7 million, pre-tax, primarily one-time employee termination and related costs in cash. The Company expects the majority of the employee termination costs to be incurred in the third quarter of 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ 1,063 | $ (4,490) | $ (2,921) | $ (12,686) | $ (3,427) | $ (15,607) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal and recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations and cash flows for the interim periods. The condensed consolidated balance sheet at December 31, 2023 has been derived from audited consolidated financial statements as of that date. All intercompany transactions and balances have been eliminated. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and the Consolidated Financial Statements and notes thereto included in Items 7, 7A and 8, respectively, in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). |
Reclassifications | Certain reclassifications may have been made to the Company's prior year’s condensed consolidated financial statements to conform to the Company's current year presentation. These reclassifications had no effect on the Company's previously reported loss before income taxes. |
Use of Estimates | In order to conform with U.S. GAAP, the Company is required to make certain estimates, judgments and assumptions when preparing its condensed consolidated financial statements. These estimates, judgments and assumptions affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported periods. These estimates include, but are not limited to, the recoverability of creator signing fees and creator advances, chargebacks and refunds reserve, certain assumptions used in the valuation of equity awards, assumptions used in determining the fair value of business combinations, the allowance for credit losses, and indirect tax reserves. The Company evaluates these estimates on an ongoing basis. Actual results could differ from those estimates and such differences could be material to the Company’s condensed consolidated financial statements. |
Comprehensive Income (Loss) | For all periods presented, comprehensive income (loss) equaled net income (loss). Therefore, the condensed consolidated statements of comprehensive income (loss) have been omitted from the unaudited condensed consolidated financial statements. |
Segment Information | The Company’s Chief Executive Officer (CEO) is the chief operating decision maker. The Company's CEO reviews discrete financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates as a single operating segment and has one reportable segment |
Revenue Recognition | The Company derives its revenues from a mix of marketplace activities. Revenue is primarily derived from ticketing fees and payment processing fees. The Company also derives a portion of revenues from organizer fees and advertising services. The Company's customers are event creators who use the Company's platform to sell tickets and market events to consumers. Revenue is recognized when or as control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Ticketing Revenue For ticketing services, the Company's service provides a platform to the event creator and consumer to transact. The Company's performance obligation is to facilitate and process that transaction and issue the ticket, and ticketing revenue is recognized by the Company when the ticket is sold. The amount that the Company earns for its ticketing services is fixed which typically consists of a flat fee and a percentage-based fee per ticket. As a result, the Company records ticketing revenue on a net basis related to its ticketing service fees. For payment processing services, the Company provides the event creator with the choice of whether to use Eventbrite Payment Processing (EPP) or to use a third-party payment processor, referred to as Facilitated Payment Processing (FPP). Under the EPP option, the Company is the merchant of record and is responsible for processing the transaction and collecting the face value of the ticket and all associated fees at the time the ticket is sold. The Company is also responsible for remitting these amounts collected, less the Company's fees, to the event creator. For EPP services, the Company determined that it is the principal in providing the service as the Company is responsible for fulfilling the promise to process the payment and has discretion in establishing the price of its service. As a result, the Company records revenue on a gross basis related to its EPP service fees. Costs incurred for processing the ticketing transactions are included in cost of net revenues in the condensed consolidated statements of operations. Under the FPP option, the Company is not responsible for processing the transaction or collecting the face value of the ticket and associated fees. In this case, the Company records revenue on a net basis related to its FPP service fees. Revenue is presented net of indirect taxes, customer refunds, payment chargebacks, estimated uncollectible amounts, creator royalties and amortization of creator signing fees. As part of its commercial agreements, the Company offers upfront payments to qualifying creators entering into new or renewed ticketing arrangements in order to incentivize them to organize certain events on the Company's platform or obtain exclusive rights to ticket their events. If an event is canceled by a creator, then any obligations to provide refunds to event attendees are the responsibility of that creator. If a creator is unwilling or unable to fulfill their refund obligations, the Company may, at its discretion, provide attendee refunds. Advertising Revenue Advertising revenue represents services that enable creators to promote featured content on the Eventbrite platform or mobile application. The Company considers that it satisfies its performance obligation as it provides the services to customers and recognizes revenue as advertising impressions are displayed to consumers. Organizer Fee Revenue In the second quarter of 2023, the Company expanded access to its comprehensive suite of event marketing tools to all creators and introduced new pricing plans and subscription packages to creators when publishing events on the Eventbrite marketplace. Under the new pricing plans, the Company charges an organizer fee under two plan options. |
Fair Value Measurement | The Company measures its financial assets and liabilities at fair value at each reporting date using a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Other inputs that are directly or indirectly observable in the marketplace. Level 3 – Unobservable inputs that are supported by little or no market activity. The Company’s cash equivalents, funds receivable, accounts receivable, accounts payable and other current liabilities approximate their fair value. All of the Company's financial assets and liabilities are Level 1, except for debt. See Note 15, “Debt,” for details regarding the fair value of the Company's Convertible Notes. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Cash and cash equivalents $ 575,499 $ 489,200 $ 519,598 Restricted cash — — 889 Total cash, cash equivalents and restricted cash $ 575,499 $ 489,200 $ 520,487 |
Schedule of Reconciliation of Cash and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Cash and cash equivalents $ 575,499 $ 489,200 $ 519,598 Restricted cash — — 889 Total cash, cash equivalents and restricted cash $ 575,499 $ 489,200 $ 520,487 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Held-to-Maturity | The following tables summarize the Company's financial instruments that were measured at fair value on a non-recurring basis (in thousands): June 30, 2024 Description Classification Amortized cost Gross unrecognized holding gains Gross unrecognized holdings losses Aggregate fair value Savings deposits Cash equivalents $ 125,697 $ — $ — $ 125,697 US Treasury securities Cash equivalents 28,315 — (1) $ 28,314 US Treasury securities Short-term investments 56,698 — (3) 56,695 $ 210,710 $ — $ (4) $ 210,706 December 31, 2023 Description Classification Amortized cost Gross unrecognized holding gains Gross unrecognized holdings losses Aggregate fair value Savings deposits Cash equivalents $ 51,487 $ — $ — $ 51,487 US Treasury securities Short-term investments 153,746 17 (12) 153,751 $ 205,233 $ 17 $ (12) $ 205,238 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | The following table summarizes the Company’s accounts receivable balance (in thousands): June 30, 2024 December 31, 2023 Accounts receivable, customers $ 6,018 $ 3,524 Allowance for credit losses (1,162) (710) Accounts receivable, net $ 4,856 $ 2,814 The following table summarizes the activity in creator advances for the periods indicated Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 5,626 $ 584 $ 2,804 $ 721 Creator advances paid 687 100 3,674 100 Creator advances recouped (432) (115) (605) (418) Write-offs and other adjustments 971 126 979 292 Balance, end of period $ 6,852 $ 695 $ 6,852 $ 695 |
Creator Signing Fees, Net (Tabl
Creator Signing Fees, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of the Activity in Creator Signing Fees and the Classification of Creator Signing Fees on the Condensed Consolidated Balance Sheet | The following table summarizes the activity in creator signing fees for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,933 $ 1,948 $ 1,937 $ 1,748 Creator signing fees paid 630 30 851 30 Amortization of creator signing fees (207) (258) (401) (468) Write-offs and other adjustments 2,798 849 2,767 1,259 Balance, end of period $ 5,154 $ 2,569 $ 5,154 $ 2,569 Creator signing fees are classified as follows on the condensed consolidated balance sheet as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 June 30, 2023 Creator signing fees, net $ 3,601 $ 634 $ 989 Creator signing fees, net noncurrent 1,553 1,303 1,580 Total creator signing fees $ 5,154 $ 1,937 $ 2,569 |
Creator Advances, Net (Tables)
Creator Advances, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Activity in Creator Advances and the Classification of Creator Advances on the Condensed Consolidated Balance Sheet | The following table summarizes the Company’s accounts receivable balance (in thousands): June 30, 2024 December 31, 2023 Accounts receivable, customers $ 6,018 $ 3,524 Allowance for credit losses (1,162) (710) Accounts receivable, net $ 4,856 $ 2,814 The following table summarizes the activity in creator advances for the periods indicated Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 5,626 $ 584 $ 2,804 $ 721 Creator advances paid 687 100 3,674 100 Creator advances recouped (432) (115) (605) (418) Write-offs and other adjustments 971 126 979 292 Balance, end of period $ 6,852 $ 695 $ 6,852 $ 695 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Composition of Property and Equipment, Net | Property and equipment, net consisted of the following as of the dates indicated (in thousands): June 30, 2024 December 31, 2023 Capitalized internal-use software development costs $ 68,531 $ 62,615 Furniture and fixtures 179 179 Computers and computer equipment 3,996 3,617 Leasehold improvements 924 924 Property and equipment 73,630 67,335 Less: Accumulated depreciation and amortization (60,987) (57,951) Property and equipment, net $ 12,643 $ 9,384 |
Schedule of Capitalized Internal-Use Software Development Costs | The Company recorded the following amounts related to depreciation of fixed assets and capitalized internal-use software development costs during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense $ 189 $ 257 $ 395 $ 721 Amortization of capitalized internal-use software development costs 1,369 801 2,665 1,623 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Components of Operating Lease Cost | The components of operating lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs $ 140 $ 3,127 $ 273 $ 5,002 Sublease income — (52) — (104) Total operating lease costs, net $ 140 $ 3,075 $ 273 $ 4,898 |
Schedule of Maturities of Operating Lease Liabilities | As of June 30, 2024, maturities of operating lease liabilities were as follows (in thousands): Operating Leases The remainder of 2024 $ 1,036 2025 2,117 2026 372 Total future operating lease payments 3,525 Less: Imputed interest (129) Total operating lease liabilities $ 3,396 Operating lease liabilities, current $ 1,973 Operating lease liabilities, noncurrent 1,423 Total operating lease liabilities $ 3,396 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Intangible Assets | Acquired intangible assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Cost Accumulated Amortization Net Book Value Cost Accumulated Amortization Net Book Value Developed technology $ 22,396 $ (22,091) $ 305 $ 22,396 $ (21,679) $ 717 Customer relationships 74,884 (66,057) 8,827 74,884 (62,287) 12,597 Tradenames 1,350 (1,350) — 1,350 (1,350) — Acquired intangible assets, net $ 98,630 $ (89,498) $ 9,132 $ 98,630 $ (85,316) $ 13,314 |
Schedule of Amortization Expense Related to Acquired Intangible Assets | The following table set forth the amortization expense recorded related to acquired intangible assets during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of net revenue $ 206 $ 206 $ 411 $ 409 Sales, marketing and support 1,885 1,929 3,771 3,956 Total amortization of acquired intangible assets $ 2,091 $ 2,135 $ 4,182 $ 4,365 |
Schedule of Total Expected Future Amortization Expense for Acquired Intangible Assets | As of June 30, 2024, the total expected future amortization expense of acquired intangible assets by year is as follows (in thousands): The remainder of 2024 $ 4,118 2025 5,014 Total expected future amortization expense $ 9,132 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | As of June 30, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 2026 Notes 2025 Notes Total 2026 Notes 2025 Notes Total Outstanding principal balance $ 212,750 $ 150,000 $ 362,750 $ 212,750 $ 150,000 $ 362,750 Less: Debt issuance costs (2,347) (1,678) (4,025) (2,864) (2,218) (5,082) Carrying amount, long-term debt $ 210,403 $ 148,322 $ 358,725 $ 209,886 $ 147,782 $ 357,668 |
Schedule of Total Interest Expense | The following tables set forth the total interest expense recognized related to the term loans and the Convertible Notes for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash interest expense $ 2,274 $ 2,274 $ 4,548 $ 4,527 Amortization of debt issuance costs 531 512 1,057 1,010 Total interest expense $ 2,805 $ 2,786 $ 5,605 $ 5,537 |
Schedule of Contractual Cash Obligations and Rights | The following table summarizes the Company's contractual obligation to settle commitments related to the Convertible Notes as of June 30, 2024 (in thousands): Payments due by Year Total 2024 2025 2026 2026 Notes $ 212,750 $ — $ — $ 212,750 Interest obligations on 2026 Notes (1) 3,990 798 1,596 1,596 2025 Notes 150,000 — 150,000 — Interest obligations on 2025 Notes (1) 11,250 3,750 7,500 — (1) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | Stock option activity for the six months ended June 30, 2024 is presented below: Outstanding options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (thousands) Balance as of December 31, 2023 12,318,335 $ 12.06 5.4 $ 2,845 Canceled (679,660) 10.73 Balance as of June 30, 2024 11,638,675 12.14 5.0 15 Vested and exercisable as of June 30, 2024 10,420,075 12.19 4.6 15 Vested and expected to vest as of June 30, 2024 11,577,687 $ 12.15 4.9 $ 15 |
Schedule of Restricted Stock Activity | Stock award activity, which includes RSUs, PSUs and restricted stock awards (RSAs), for the six months ended June 30, 2024 is presented below: Outstanding RSUs, RSAs and PSUs Weighted-average grant date fair value per share Weighted average remaining contractual term (years) Aggregate intrinsic value (thousands) Balance as of December 31, 2023 12,478,798 $ 9.40 1.2 $ 104,315 Awarded 7,115,594 5.38 Released (2,745,448) 9.69 Canceled (901,888) 9.33 Balance as of June 30, 2024 15,947,056 7.57 1.2 77,184 Vested and expected to vest as of June 30, 2024 14,735,803 $ 7.58 1.2 $ 71,321 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recognized in connection with stock options, RSUs, RSAs, PSUs and the Employee Stock Purchase Plan (ESPP) during each of the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of net revenue $ 128 $ 226 $ 279 $ 423 Product development 7,060 5,184 13,034 9,508 Sales, marketing and support 1,850 2,792 4,284 5,020 General and administrative 6,238 6,397 11,641 11,742 Total $ 15,276 $ 14,599 $ 29,238 $ 26,693 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 1,063 $ (2,921) $ (3,427) $ (15,607) Weighted-average shares used in computing earnings per share, basic 96,142 99,995 95,557 99,748 Weighted-average shares used in computing earnings per share, diluted 96,290 99,995 95,557 99,748 Net income (loss) per share, basic and diluted $ 0.01 $ (0.03) $ (0.04) $ (0.16) |
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect (in thousands): June 30, 2024 June 30, 2023 Shares related to Convertible Notes 19,538 19,538 Stock options to purchase common stock 11,639 12,675 Restricted stock units 15,557 13,566 ESPP 182 136 Total shares of potentially dilutive securities 46,916 45,915 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenue By Geography | The following table presents the Company's total net revenue by geography based on the currency of the underlying transaction (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 61,814 $ 57,476 $ 125,096 $ 115,873 International 22,737 21,436 45,707 40,953 Total net revenue $ 84,551 $ 78,912 $ 170,803 $ 156,826 |
Overview and Basis of Present_3
Overview and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Revenue Recognition (Details)
Revenue Recognition (Details) | Jun. 30, 2023 planOption |
Revenue from Contract with Customer [Abstract] | |
Organizer fee, number of plan options | 2 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 575,499 | $ 489,200 | $ 519,598 |
Creator Cash | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 288,500 | $ 259,200 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 575,499 | $ 489,200 | $ 519,598 | |
Restricted cash | 0 | 0 | 889 | |
Total cash, cash equivalents and restricted cash | $ 575,499 | $ 489,200 | $ 520,487 | $ 540,174 |
Short-term Investments (Details
Short-term Investments (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Short term investment impairment | $ 0 | $ 0 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | 210,710,000 | 205,233,000 |
Gross unrecognized holding gains | 0 | 17,000 |
Gross unrecognized holdings losses | (4,000) | (12,000) |
Aggregate fair value | 210,706,000 | 205,238,000 |
Cash equivalents | Savings deposits | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | 125,697,000 | 51,487,000 |
Gross unrecognized holding gains | 0 | 0 |
Gross unrecognized holdings losses | 0 | 0 |
Aggregate fair value | 125,697,000 | 51,487,000 |
Cash equivalents | US Treasury securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | 28,315,000 | |
Gross unrecognized holding gains | 0 | |
Gross unrecognized holdings losses | (1,000) | |
Aggregate fair value | 28,314,000 | |
Short-term investments | US Treasury securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | 56,698,000 | 153,746,000 |
Gross unrecognized holding gains | 0 | 17,000 |
Gross unrecognized holdings losses | (3,000) | (12,000) |
Aggregate fair value | $ 56,695,000 | $ 153,751,000 |
Funds Receivable (Details)
Funds Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Funds receivable, underlying ticketing transaction | 5 days | |
Funds receivable | $ 28,869 | $ 48,773 |
Tickets Sold on Behalf of Creators | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Funds receivable | $ 26,200 | $ 44,200 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Accounts receivable, customers | $ 6,018 | $ 3,524 |
Allowance for credit losses | (1,162) | (710) |
Accounts receivable, net | $ 4,856 | $ 2,814 |
Creator Signing Fees, Net - Nar
Creator Signing Fees, Net - Narrative (Details) | Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] | |
Creator signing fees, amortization period | 2 years 7 months 6 days |
Creator Signing Fees, Net - Sch
Creator Signing Fees, Net - Schedule of the Activity in Creator Signing Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Activity in creator signing fees: | ||||
Balance, beginning of period | $ 1,933 | $ 1,948 | $ 1,937 | $ 1,748 |
Creator signing fees paid | 630 | 30 | 851 | 30 |
Amortization of creator signing fees | (207) | (258) | (401) | (468) |
Write-offs and other adjustments | 2,798 | 849 | 2,767 | 1,259 |
Balance, end of period | $ 5,154 | $ 2,569 | $ 5,154 | $ 2,569 |
Creator Signing Fees, Net - Cla
Creator Signing Fees, Net - Classification of Creator Signing Fees on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||||||
Creator signing fees, net | $ 3,601 | $ 634 | $ 989 | |||
Creator signing fees, net noncurrent | 1,553 | 1,303 | 1,580 | |||
Total creator signing fees | $ 5,154 | $ 1,933 | $ 1,937 | $ 2,569 | $ 1,948 | $ 1,748 |
Creator Advances, Net - Schedul
Creator Advances, Net - Schedule of Activity in Creator Advances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Activity In Notes, Loans And Financing Receivable [Roll Forward] | ||||
Balance, beginning of period | $ 5,626 | $ 584 | $ 2,804 | $ 721 |
Creator advances paid | 687 | 100 | 3,674 | 100 |
Creator advances recouped | (432) | (115) | (605) | (418) |
Write-offs and other adjustments | 971 | 126 | 979 | 292 |
Balance, end of period | $ 6,852 | $ 695 | $ 6,852 | $ 695 |
Accounts Payable, Creators (Det
Accounts Payable, Creators (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Accounts payable, unremitted ticket sale proceeds, net of fees and taxes | 5 days | |
Advance payouts outstanding | $ 152.3 | $ 115.3 |
Chargebacks and Refunds Reser_2
Chargebacks and Refunds Reserve (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Chargebacks and refunds reserve | $ 8,213 | $ 8,088 |
Loss contingency, estimate of possible loss | $ 6,000 | $ 6,000 |
Property and Equipment, Net - C
Property and Equipment, Net - Composition of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 73,630 | $ 67,335 |
Less: Accumulated depreciation and amortization | (60,987) | (57,951) |
Property and equipment, net | 12,643 | 9,384 |
Capitalized internal-use software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 68,531 | 62,615 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 179 | 179 |
Computers and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,996 | 3,617 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 924 | $ 924 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Capitalized Internal-Use Software Development Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 189 | $ 257 | $ 395 | $ 721 |
Amortization of capitalized internal-use software development costs | $ 1,369 | $ 801 | $ 2,665 | $ 1,623 |
Leases - Schedule of Components
Leases - Schedule of Components of Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease costs | $ 140 | $ 3,127 | $ 273 | $ 5,002 |
Sublease income | 0 | (52) | 0 | (104) |
Total operating lease costs, net | $ 140 | $ 3,075 | $ 273 | $ 4,898 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | |
Leases [Abstract] | ||
Right-of-use asset, amortization expense | $ 3.9 | |
Weighted-average remaining operating lease term | 1 year 9 months 18 days | |
Weighted-average discount rate on operating leases | 4.60% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
The remainder of 2024 | $ 1,036 | |
2025 | 2,117 | |
2026 | 372 | |
Total future operating lease payments | 3,525 | |
Less: Imputed interest | (129) | |
Total operating lease liabilities | 3,396 | |
Operating lease liabilities, current | 1,973 | $ 1,523 |
Operating lease liabilities, noncurrent | $ 1,423 | $ 1,768 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 174,388 | $ 174,388 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Acquired intangible assets, net: | ||
Cost | $ 98,630 | $ 98,630 |
Accumulated Amortization | (89,498) | (85,316) |
Total expected future amortization expense | 9,132 | 13,314 |
Developed technology | ||
Acquired intangible assets, net: | ||
Cost | 22,396 | 22,396 |
Accumulated Amortization | (22,091) | (21,679) |
Total expected future amortization expense | 305 | 717 |
Customer relationships | ||
Acquired intangible assets, net: | ||
Cost | 74,884 | 74,884 |
Accumulated Amortization | (66,057) | (62,287) |
Total expected future amortization expense | 8,827 | 12,597 |
Tradenames | ||
Acquired intangible assets, net: | ||
Cost | 1,350 | 1,350 |
Accumulated Amortization | (1,350) | (1,350) |
Total expected future amortization expense | $ 0 | $ 0 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net - Amortization Expense Related to Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | $ 2,091 | $ 2,135 | $ 4,182 | $ 4,365 |
Cost of net revenue | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | 206 | 206 | 411 | 409 |
Sales, marketing and support | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | $ 1,885 | $ 1,929 | $ 3,771 | $ 3,956 |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangible Assets, Net - Total Expected Future Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
The remainder of 2024 | $ 4,118 | |
2025 | 5,014 | |
Total expected future amortization expense | $ 9,132 | $ 13,314 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Outstanding principal balance | $ 362,750 | $ 362,750 |
Less: Debt issuance costs | (4,025) | (5,082) |
Carrying amount, long-term debt | 358,725 | 357,668 |
Convertible Senior Notes | 2026 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding principal balance | 212,750 | 212,750 |
Less: Debt issuance costs | (2,347) | (2,864) |
Carrying amount, long-term debt | 210,403 | 209,886 |
Convertible Senior Notes | 2025 Notes | ||
Debt Instrument [Line Items] | ||
Outstanding principal balance | 150,000 | 150,000 |
Less: Debt issuance costs | (1,678) | (2,218) |
Carrying amount, long-term debt | $ 148,322 | $ 147,782 |
Debt - Schedule of Total Intere
Debt - Schedule of Total Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
Cash interest expense | $ 2,274 | $ 2,274 | $ 4,548 | $ 4,527 |
Amortization of debt issuance costs | 531 | 512 | 1,057 | 1,010 |
Total interest expense | $ 2,805 | $ 2,786 | $ 5,605 | $ 5,537 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Cash Obligations and Rights (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Long-term Debt | |||
Total | $ 362,750 | $ 362,750 | |
2026 Notes | Convertible Senior Notes | |||
Long-term Debt | |||
Total | 212,750 | 212,750 | |
2024 | 0 | ||
2025 | 0 | ||
2026 | 212,750 | ||
Interest obligations | |||
Total | 3,990 | ||
2024 | 798 | ||
2025 | 1,596 | ||
2026 | $ 1,596 | ||
Stated interest rate | 0.75% | ||
Effective interest rate | 1.30% | 1.30% | |
2025 Notes | Convertible Senior Notes | |||
Long-term Debt | |||
Total | $ 150,000 | $ 150,000 | |
2024 | 0 | ||
2025 | 150,000 | ||
2026 | 0 | ||
Interest obligations | |||
Total | 11,250 | ||
2024 | 3,750 | ||
2025 | 7,500 | ||
2026 | $ 0 | ||
Stated interest rate | 5% | ||
Effective interest rate | 5.80% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||||
Cash interest expense | $ 2,274 | $ 2,274 | $ 4,548 | $ 4,527 |
Amortization of debt issuance costs | $ 531 | $ 512 | $ 1,057 | $ 1,010 |
2026 Notes | Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 1.30% | 1.30% | 1.30% | 1.30% |
Cash interest expense | $ 800 | $ 800 | ||
Amortization of debt issuance costs | 500 | 500 | ||
2026 Notes | Convertible Senior Notes | Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of long-term debt | $ 184,500 | $ 184,500 | ||
2025 Notes | Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 5.80% | 5.80% | ||
Cash interest expense | $ 3,800 | 3,800 | ||
Amortization of debt issuance costs | 500 | $ 500 | ||
2025 Notes | Convertible Senior Notes | Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of long-term debt | $ 148,500 | $ 148,500 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||||
Jun. 28, 2024 | Apr. 16, 2024 | Dec. 26, 2023 | Nov. 01, 2022 | May 23, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||||||||
Gain on litigation settlement | $ 3,927 | $ 0 | ||||||
Loss contingency accrual | 800 | $ 1,100 | ||||||
Estimate of possible loss attributable to potential interest and penalties | 200 | $ 200 | ||||||
M.R.G. Concerts Ltd. (MRG) and Matthew Gibbons (Gibbons) | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages awarded | $ 7,600 | $ 14,900 | $ 11,000 | |||||
Reduction in damages from amended judgement | $ 6,300 | |||||||
Settlement amount | $ 8,300 | |||||||
Loss recovery amount | 4,400 | |||||||
Gain on litigation settlement | $ 3,900 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Aug. 08, 2024 | Aug. 31, 2018 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 14, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||||||
Repurchase of common stock (in shares) | 6,787,969 | ||||||||
Repurchase of common stock | $ 22,129,000 | $ 15,055,000 | $ 37,200,000 | ||||||
Remaining authorized repurchase amount | $ 63,000,000 | $ 63,000,000 | |||||||
Options outstanding (in shares) | 11,638,675 | 11,638,675 | 12,318,335 | ||||||
Granted (in shares) | 0 | ||||||||
Capitalized stock-based compensation expense | $ 500,000 | $ 400,000 | $ 1,100,000 | $ 700,000 | |||||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | 455,314 | ||||||||
Repurchase of common stock | $ 2,300,000 | ||||||||
Remaining authorized repurchase amount | $ 60,700,000 | ||||||||
Average price paid per share (in dollars per share) | $ 4.94 | ||||||||
Stock Options | |||||||||
Class of Stock [Line Items] | |||||||||
Compensation expense not yet recognized | 7,200,000 | $ 7,200,000 | |||||||
Weighted-average recognition period for unrecognized stock-based compensation | 1 year 8 months 12 days | ||||||||
RSUs, RSAs and PSUs | |||||||||
Class of Stock [Line Items] | |||||||||
Weighted-average recognition period for unrecognized stock-based compensation | 1 year 9 months 18 days | ||||||||
Total unrecognized stock-based compensation | $ 83,200,000 | $ 83,200,000 | |||||||
2004 Plan, 2010 Plan and 2018 Plan | Stock Options | |||||||||
Class of Stock [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Expiration period | 10 years | ||||||||
2018 Stock Option and Incentive Plan | |||||||||
Class of Stock [Line Items] | |||||||||
Annual cumulative increase in the number of shares reserved and available for issuance | 5% | ||||||||
Options issued (in shares) | 6,328,544 | 6,328,544 | |||||||
Options outstanding (in shares) | 6,328,544 | 6,328,544 | |||||||
2018 Stock Option and Incentive Plan | Class A Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock reserved for future issuance (in shares) | 5,549,171 | 5,549,171 | |||||||
2010 Stock Option Plan | |||||||||
Class of Stock [Line Items] | |||||||||
Options issued (in shares) | 5,310,131 | 5,310,131 | |||||||
Options outstanding (in shares) | 5,310,131 | 5,310,131 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Outstanding options | ||
Balance (in shares) | 12,318,335 | |
Canceled (in shares) | (679,660) | |
Balance (in shares) | 11,638,675 | 12,318,335 |
Vested and exercisable (in shares) | 10,420,075 | |
Vested and expected to vest (in shares) | 11,577,687 | |
Weighted average exercise price | ||
Balance (in dollars per share) | $ 12.06 | |
Canceled (in dollars per share) | 10.73 | |
Balance (in dollars per share) | 12.14 | $ 12.06 |
Vested and exercisable (in dollars per share) | 12.19 | |
Vested and expected to vest (in dollars per share) | $ 12.15 | |
Weighted average remaining contractual term (years) | ||
Outstanding | 5 years | 5 years 4 months 24 days |
Vested and exercisable | 4 years 7 months 6 days | |
Vested and expected to vest | 4 years 10 months 24 days | |
Aggregate intrinsic value (thousands) | ||
Outstanding | $ 15 | $ 2,845 |
Vested and exercisable | 15 | |
Vested and expected to vest | $ 15 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Units and Restricted Stock Activity (Details) - RSUs, RSAs and PSUs - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Outstanding RSUs, RSAs and PSUs | ||
Balance (in shares) | 12,478,798 | |
Awarded (in shares) | 7,115,594 | |
Released (in shares) | (2,745,448) | |
Canceled (in shares) | (901,888) | |
Balance (in shares) | 15,947,056 | 12,478,798 |
Vested and and expected to vest (in shares) | 14,735,803 | |
Weighted-average grant date fair value per share | ||
Balance (in dollars per share) | $ 9.40 | |
Awarded (in dollars per share) | 5.38 | |
Released (in dollars per share) | 9.69 | |
Canceled (in dollars per share) | 9.33 | |
Balance (in dollars per share) | 7.57 | $ 9.40 |
Vested and expected to vest (in dollars per share) | $ 7.58 | |
Weighted average remaining contractual term (years) | ||
Balance | 1 year 2 months 12 days | 1 year 2 months 12 days |
Vested and expected to vest | 1 year 2 months 12 days | |
Aggregate intrinsic value (thousands) | ||
Balance | $ 77,184 | $ 104,315 |
Vested and expected to vest | $ 71,321 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 15,276 | $ 14,599 | $ 29,238 | $ 26,693 |
Cost of net revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 128 | 226 | 279 | 423 |
Product development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 7,060 | 5,184 | 13,034 | 9,508 |
Sales, marketing and support | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,850 | 2,792 | 4,284 | 5,020 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 6,238 | $ 6,397 | $ 11,641 | $ 11,742 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 1,063 | $ (4,490) | $ (2,921) | $ (12,686) | $ (3,427) | $ (15,607) |
Weighted-average shares used in computing earnings per share, basic (in shares) | 96,142 | 99,995 | 95,557 | 99,748 | ||
Weighted-average shares used in computing earnings per share, diluted (in shares) | 96,290 | 99,995 | 95,557 | 99,748 | ||
Net income (loss) per share, basic (in dollars per share) | $ 0.01 | $ (0.03) | $ (0.04) | $ (0.16) | ||
Net income (loss) per share, diluted (in dollars per share) | $ 0.01 | $ (0.03) | $ (0.04) | $ (0.16) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 46,916 | 45,915 |
Shares related to Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 19,538 | 19,538 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 11,639 | 12,675 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 15,557 | 13,566 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 182 | 136 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 46,916 | 45,915 |
2025 Notes | Convertible Senior Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion price (in dollars per share) | $ 12.60 | |
2026 Notes | Convertible Senior Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion price (in dollars per share) | $ 27.89 | |
Shares related to Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 19,538 | 19,538 |
Shares related to Convertible Notes | 2025 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 11,900 | |
Shares related to Convertible Notes | 2026 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share (in shares) | 7,600 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 784 | $ 459 | $ 1,058 | $ 1,070 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue, Major Customer [Line Items] | ||||
Total net revenue | $ 84,551 | $ 78,912 | $ 170,803 | $ 156,826 |
United States | ||||
Revenue, Major Customer [Line Items] | ||||
Total net revenue | 61,814 | 57,476 | 125,096 | 115,873 |
International | ||||
Revenue, Major Customer [Line Items] | ||||
Total net revenue | $ 22,737 | $ 21,436 | $ 45,707 | $ 40,953 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Forecast $ in Millions | 3 Months Ended |
Sep. 30, 2024 USD ($) position | |
Subsequent Event [Line Items] | |
Number of positions expected to be eliminated, period percent | 11% |
Number of positions expected to be eliminated | position | 100 |
Expected restructuring charges | $ | $ 7 |