EB - Earnings call transcript Q1 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Eventbrite First Quarter 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers presentation there will be a question and answer session. [Operator Instructions].

I'd now like to hand the conference over to you speaker today, Ron Clark, Head of Investor Relations. you. Thank

begin. may You

Ron Clark

on welcome to First our this financial be announcing and investor.eventbrite.com. Conference shareholder XXXX Call. our found can It Prior call, results. website to afternoon, at Quarter Eventbrite's Earnings letter our Good we released

full We factors unknown best future based like and caution I adjusted of differ reflect first forward-looking as today's judgment many are our making our actual remind factors, could which you regarding that such that net XXXX. statements including EBITDA beyond materially of today, providing several future control. the due events events that year revenue Before to call, would that on or results and will currently non-GAAP to we outlook are we for us quarter our to begin, performance, and be statements during and financial

discussion required and and we Forward-Looking a the letter update shareholder refer forward-looking For with undertake occurrence events to law. statements reflect the to affecting to today results, Statements the call after except circumstances or you new of detailed section titled obligation any events, the as unanticipated SEC. information or reflect our our no of made our future We more risks filings the during to in by uncertainties or

accounting adjusted analytical accepted During financial generally measures non-GAAP These and tools. this prepared of free accordance we non-GAAP will with financial measures. EBITDA have which are call, and present cash are limitations flow, both in principles not as

should for under of a as analysis substitute consider of isolation GAAP. results in operations or You our reported not them

encourage as GAAP non-GAAP contains in comparable are directly important information our shareholder most letter measures the it available to read our results. We shareholder letter. to financial you about and Reconciliations GAAP

and will I Executive Officer. Co-Founder Chief with over And our now turn Julia call Hartz, to the that,

Julia Hartz

Ron. thank us. Welcome everyone you you, and joining for Thank

out gratitude their us to heroic safe. My frontline medical efforts to goes with Let workers heart all directly by those our the affected and keeping in me COVID-XX. start all expressing of communities for

bring the in were It’s crisis through that this together world our mission wide to experiences. reaffirmed of

witness we adapts are connection event world the be part. even business, have the over of As meet creators human when a we forced need all to their

last changed year of start a our would ahead lot the business performing world the have for imagine since world and of it we next have us days spoke. how was At dramatically. so The XX the been hard change the to would expectations

put gathering curtailed for where many has especially COVID-XX for pause. in-person true events businesses This has time almost live all being. the affected have mandate distancing and is everyone on social

emphasize in-person in I doing for humans that will and years, for that will of once want the to power first to we we connection. this experiences demand safely, life have for a is fundamental gather It we thousands there is and as strong. to temporary been needs gather real can

me decline, Let Within of few to of mobilize last creators. urgent the take needs to team the the through most our address start our months. side quickly you the observing days business journey demand on a of

global community our helps decode and We customers our launched for which process. U.S. loan for business PPP resource streamline small a us and hub COVID-XX information the

donations We offer future find their could and creators crowd for so events staff campaign integrated party by cards support collect as that members. to third with gift alternative, providers we launch in-kind our funding Sam

X in businesses for community discoverability of enhancement within free We thousands Creators our which pivot customers like to digital. and in Day online events paid Breaker and over to their started ticket alone. followed early resulted immediately functionality morning transactions million dance existing and lead April

Junes pop-up jam it'd in disaster piano desire New with music product Francisco, creators with and session San York for venue, in Brainmates Kitchen content compelling site have have Australia. virtual be gracious experience met the appetite bootcamp or in consumer [ph] We a seen whether connecting by dinning virtual by this takeout together

long also we least decisively March implemented we reduction In our program expected an of a deliver and expense in foundation froze saving. early Xth, ensure hiring to spending. business. the term other $XXX financial to at annualized April OpEx We million On moved direct marketing

flexibility And today, a transactional high they our announce reinvesting effects deep secures with in up This of will the Francisco platform. for for partners also are to we that financing I in through us. With expertise partner to flexible us our feel excellent in company's $XXX million give an while financing COVID-XX volume access financing. manage the platform self-service

our wherewithal, leadership. our serve to on crisis and executive creators, from of a to plan emerge long With attendees near position greater and strategy this financial in assist decisive we even action a strengthen to term

believe we ahead, resume industry. in core accelerate happen think the We to that local events will demand. will they the smaller believe live to satisfy change business COVID-XX earlier pent-up frequently we will Looking events are crisis and more our

more think larger over episodic especially consumers spend. these the favor discretionary we of that consumer safe local it gather during When will again, expensive depressed period events to events

effective moments We a that help on this, us focus. and like believe cost continue rely them companies platform, simplify and their strategic thrive those and are rebuild sharpen to creators aren't to their easy-to-use afraid decisively as who will swiftly businesses. In

frequent adding creative intuitive important most and value experience to our and re-centered three our and control businesses. demand internal self-service We creators, have our that offers areas; to creators their active for driving efforts delivering around agility

to are self-service pricing business. on attractive intuitive To model. better their all are ease-of-use The focusing of yet manage solutions types a and perfect creators our for match self-service we features efficient powerful of serve creators seeking

creators are reporting a and make to experience, and performance With tools marketing event data, informed empowered ticket their buyer decisions. to access through direct self-service

able consumer unlock to audience of needs. as reach quickly to behavior we the landscape help grow as flex platform empowered to business better to of react them our can to their And are changing a They are how their they attendees. meet broader

events which two-thirds all year sign-on more self benefit, a Focusing Lanny than came fees economic active creators core paid ticket driven model highly of will Self in a the hosted from Last in self-service significant creator. detail average Sign-On discuss on of nearly a who a greater five has moment. times also

of They see represent opportunity generates retaining these drive significant We grow by of returns a of on Self ranks our attractive only XX% creators over to particularly and them paid Sign-On which for turn more of today creators the paid one-third Eventbrite. in platform ticket.

leveraging strengthen managing help insights the Our effectively product the of inform and attendees to to on better data more business relationships be efforts will frequent publishing events platform, and experience decisions. with

through ticket events really businesses expertise audience as as their paid helping Last creators engaging cumulative in-person as grow lean This ticket are X.X extend well allows and over X.X helped events and success. sales. creators to scale creator Eventbrite reach our engage events with over allowed to in an year resume. us Building attendees their million XXX they transact when is buyers growth billion to free and to online tickets critical million and

and when launched We've marketing and strengthened for published. we've experience receive like third-party favorite their new Recently, also help and events ability the new creators drive the partnerships. campaign follow consumer are features to better features anyone email search online demand improved through updates to tools including discovery with

keep foundation help demand believe in Eventbrite. crisis steps focused financial to to of believe allow supports reinforced leadership such The our emerge ever. goals, to which simplified our are in execution us businesses build stronger put strategic will from we in industry upon the the The them live come. taking enable today us that this as years coming their will We turn we creators place these to events back we generation our will than tools and grow for

our of and will is commitment. rise with resilience to match ingenuity, a endure, Eventbrite experience the adaptability that their and to clear the will agility signal creators and challenge Moreover, the passion and continue economy

the turn would is to lucky hire each thank to our like last across who in dedication of Any Lanny, to and talented globe recently company to members their loyal I one perseverance over Before it several the I months. April. and them. thank team every for departed and also our many want employees I over

empathy by future to for bright Our team our for the shown by sacrifices strength they for have presented each they a has the action compassion inspired and I'm made and appreciate risen creators other. our the company. and and challenges COVID-XX truly decisive ensure deep with have to sincerely

that, to Lanny. over it turn with I'll And

Lanny Baker

of Thanks, then discuss strategy solidify implications taken we've steps position. turn the the and results Julia. financial and to our quarter to I'll the our first

As Julia overall are described Eventbrite's which focused we just on self-service powers our economics. platform

to Self Sign-On creators and XX% of more accounted per gross profit. of for ticket revenue of XX% nearly paid expenses revenue price superior ticket slightly SSOs in generated than half and and operating volume due modest yet than net less XXXX event

Self in of our margin gross Eventbrite Sign-On Sign-On profit remainder splendid per the ticket margins to in were Self XX% in business. XXXX was higher gross XX% XX%, gross than of compared overall

improvement larger our margin Looking strategy of enhance from service proportion total and business a forward, revenue we this the the self structure will future. of in the expect overall drive to creators

a plays significant year on organic. growth find this began and ticketing engine. own. creators customer the Most of XX% on in is acquisition events themselves role Self-service of Last our on Eventbrite new purely their

of spent In revenue approximately year. in acquisition last XXXX, a total, equal to figure we million SSO X% $X on SSO

lifetime the times their revenue years, XX Sign-On two cost. last the has acquisition Self exceeded Over of creators

event creators event creators a Beyond valuable steps business marketing marketing. these onboarding are to acquisition product expect. services the throughout creators self-service applying from creator are self we and including most to are to sufficient, our all intuitive education, entrepreneurial, the approach Eventbrite provide frequent and our we product support tailoring The

services and advantages This costs operating means, leverage is we clear. competitive our will deemphasize are higher, lower are as not where

on and focus functionality automation and improving platform efficiency. will instead We

ticket if here generated serve the needs. to posted XXXX As non-revenue of frequent events those strengthening and incremental nearly to generate in on frequent in Julia would XXXX context, each line. opportunity creators bottom million the creator revenue, Eventbrite, substantial one our of which self events annual the said put paid twenty we're in To earlier creators published portion frequent from majority fees event in drop additional would that the a platform a

first pandemic Turning two primary results quarter. ways. impacted COVID our The in now the to

onward. gatherings on from limitations early ticket sales First sharply March curtailed

led Second, event cancellations to revenue further first to EBITDA the and revenue net which contra in increases adjusted higher quarter. and reduced ticket reported and reserves, refunds

XX% of year-to-year the to prior revenue first Paid XXXX. contra ticket the down And the was quarter. refunds volume $XX net revenue was million of impact down XX% to quarter in in

XX% roughly seen down However, was the in lower year-to-year paid with off in early year-to-year volume ticket pacing volume paid XX% March. lows improvement March ticket We've May.

we to largely an activity. $XXX a by shareholder million the quarter rise and our letter, first reported in revenue net $XX revenue was reduced first $XX in of contra revenue XXXX of million refund $XX stated related ticket quarter adjusted of for loss Reported EBITDA million in As million.

loss a that to $XXX been note the to the million of adjusted contra million related in important in reserves $X quarter. would it's EBITDA and Likewise, excluding first revenue pandemic have

our $XX than first COVID The first shareholder we've item experienced detailed we've that refunds costs letter March with a payout out table chargebacks million anticipation most of and future unfunded or reserves breaks potential increase unaligned quarter related ticket line in in provided the significant In the related COVID million quarter a refunds. reserves program. our was charge advance ticket basis. associated early backs Since and in less $X by in

nature our and the have reserves the and to limited uncertainty in increased high the degree a due there's of However, available amount this situation currently COVID-XX area of accordingly. data, of we

completion program or events of dates. allows ticket good to to portion For Payout proceeds standing in Advanced apply background, APO a in of advance receive Eventbrite'S their creators

this an Creators event -- fees. fails occur related to have fund to a fees. program with elect a may credit typically and such utilized charge a Eventbrite expenses attendees creator value ticket not and back to holders funds Eventbrite ticket to does If artist reimburse permits potentially creators provide subject of charge back or as APO the for be the card plus event face reimbursement

APO program of to Historically, average. of have rate a on X% balance the managed annual the losses been associated approximately with total

live charge given shock the unprecedented anticipation of and backs. global However refunds we are in events, to higher taking precautions

risk We our instituted of we manage the light exposure. on on effect policies March live and to XX, manage in assess and models new the exposure XXXX. program events, To APO pandemics suspended

also than Since requested. Eventbrite received accounts in through of order creators have covered We the ticket creators hold helping into are purchasers. redeposit the and their APO funds behalf to refunds more funds that refund program credit XX% the APO mid-March their compensate on we or

occur we creators May are early of payouts and to at we advanced outstanding postpone, these of losses liquidity events. strengthens these many million that stood at than The announced $XXX approximately have date. working rate higher financing As today refund or position of the in balance event experienced APO a actively the our reschedule to

with from We with and to XXXX. balance equivalents, and we reduce from $XXX million million. sale payables receivable funds million, payables ticket cash payable and cash of equivalents down creator the then well cash as million of by proceeds liquidity $XXX $X add as its Eventbrite's To from and the quarter as separate in evaluate funds well Turning million, end million ended totaling begin of fully at of our advances creator sales ticket that cash as creator $XX sheet. $XXX balance first $XXX we

On that $XXX March liquidity at our XXXX. XX million $XXX XX, million basis to at a available December was compared

events, on announced me is to savings. events a In taken to to position we after thrive as pandemic and we've track annualized April restructuring live to least endure than at month the let discuss in to million less live deliver additional that company Finally, the $XXX steps the crisis impact the began return. early cost

benefit start to in second of the of will the XXXX. these actions see We quarter

expect Specifically, the $XX million fees that the by million million and than of quarter quarter decline which processing in second fourth totaled and million quarter we excluding then cash to to year. costs this $XX $XX between in first the will $XX less

place EBITDA will adjusted the XXXX. versus revenue reduce in by of XX% restructuring company's breakeven the level the start plan The at

near processing in see also come not with the this will in expenses here. million savings term. referenced the fees dollar revenue We $XXX plus including variable Though is included down

initial to $XXX loans provides million. second certain during loan May as to consists credit access $XXX a to as loan financing million an partners the with the of term of December facility Finally, of term up funded to Francisco million with an conditions. The well beginning Eventbrite term be during to draw XXXX until ability period additional XXXX XXXX, the subject September $XXX

our Partners. X.X funding issue recovery and Francisco flexibility live the shares provides A also to This liquidity million and stock range Class important of partnership to of manage scenarios additional events. to and will strengthen We a enhanced common help return through

flexibility. lead In summary, our into current for cost capitalized long refocused and the in stronger last the recovery structure more term. believe decisive help XX made the we've profitable along business the with these crisis, We navigate strategy with industry attractive live days a Eventbrite our a with we've will more significantly efficient actions and completed emerge the company model events

the open your questions. that, line With we'll for now

Operator

from with Your Please you. Thank Instructions] line Blair. the Sundby [Operator first go comes question of William Ryan ahead.

line open. Your is

Ryan Sundby

and my and question. all May. your more I this bottom two, just event on guess, see was go longer-term back And events? taking include just need I past you're Lanny, in happens? kind so, Thanks. the do for typically and when virtual it up events? starting Thanks here here. Or I'm states then turn With you that starting And see of XX% remarks, down One, some question between to selling on. actually Hi. here then I Yes. open to and then it's then think said up lead go taking live week you out time live then a to back in start wondering to what does when March sitting of or in we the if think creation

Lanny Baker

and attesting ago core mix. sort many resilience and long-standing to creator base. of in our entrepreneurship XX% environment online Sure. live real weekly are a Thanks slightly life online online of than events that we about events we numbers fold in creators on the from up this more basis. in pacing ticket talked Eventbrite do daily a our The events the have host XX paid at volume year -- total Ryan. we've seen seen recently host of Online events. include And And of

sales look by of the in and was of we the And would to typically discern second up. little a live sort a month Your bit of our business as advance few much event at restart lead which It to about this see time hard a usually States, watch opening industry. we a then creators point weeks question we ticket across post the really states of advance. there be opening in United events would would and of -- events, market it's plus -- of the a of

from So the lows. we've seen a general improvement

been As at of importantly creators seen to largely any online moving it's we big this by events. strength or I said discernible powered trends. the very haven't time But

Ryan Sundby

Got it. And us then understand refunds more. just backs -- charge you and little can help bit the APO

of you With cleared help XXXX? us the extending year the get into on $XX how the months understand million the sustain or number view this of end kind even and next deeper or kind you of better a get program month some are this? of in March. back up these or Does Can two then events just

Lanny Baker

do summer That's where in good on in in been taken that's of by payouts million season a be APO date, and the That overall time a reserve pass that, Yes. believe that resolution will to in that one two it'll time, that tend all portfolio. category as the by And at good considered the all to very and question. the areas the next this has by events the is We give behind $XX of read to appropriate take the us reflected we increase months assess which the estimate the considered APO, was we advance probably the festival bigger. different our that the quarter. is been considered come size, -- carefully reserve

Ryan Sundby

to last rate point piece guess decision partners more would the be or that year Can million the for to kind at end XXXX? of be And in partner pull around issued one I any you and X.X need me. And And great. some at alone Thanks. are details then the with the down that term, about shares, they or in of this second of just to today structure are that met Francesco piece one tight loan on talked of then XXXX. conditions then that what second

Julia Hartz

chime really a important prolific a vital is continue platform. strengths to long-term I'll follow. partner because the Yes. let some in our us this investors Lanny having benefit as and a had story for such lean we've Choosing one into here very the decision, in so next for chapter grow us and was our and of we

business indicative a the choosing we've so the secular alignment there some their them the remains given and ability looked at itself, provide around as model strength they've to to was recovery And flexibility as that both well and structure that had themselves. business scenarios of varying as of an well be modeled considered as and philosophy

talk So Lanny bit key structure that in the was the more about I'll let a flexibility and little structure.

Lanny Baker

structure The loan parts. of the Sure. is two

The an will and five-year are that be in there May a we initial of cash that earlier under It very is manage the As do important. loan that to are we interest that. month we're million able is $XXX cash conditions a option, has period we a combination digits. current to low the pay so rate which double position during the in during which can loan which said, has repay if loan a and of funded pick

the structure million business company the of The business $XXX and that assuming be to during of potentially the period expense certain of is second conditions would results we the second that the that of operating draw. accessing another time relate draw to the available

understood fits and situation have the what Julia a meet of Partners options we said choosing we're in flexibility partner all trying really with find as a found fortunate who that number currently kind business offered to thing way Francisco the through felt opportunity we one exactly we would were to that broad out. the that really of add to our it financing to to worked and is I we

a to partner in the shares And -- days? yes had question issued You about will Francisco and partners. those the issued coming be

Ryan Sundby

for my Thanks questions. taking

Operator

Squali Your go next question comes with of ahead. the Please from Youssef line SunTrust.

Your line is open.

Youssef Squali

and remarks think flush Julia, to events grow back Lanny you interest rates likely that to particularly tranche. million you it's spoke impact And accelerate the The earlier faster. to around of smaller bit can very same same terms something Maybe little then, Thank for term that how you events of your smaller prepared COVID you to funding. just that the should different? just if change this $XXX bounce about or you. for in the to out quick and a Thank follow-up is Is that Great. the subject that a the much. don't us I mind? effect is

Lanny Baker

the on thanks. the the Youssef on Yes, the are first. terms same million second $XXX as

Julia Hartz

And board industry. a point around prepared Youssef Eventbrite the industry remarks I advantageous what happen. potentially on tech models to flexible changes a that One and which may unique our few in would is because and thoughts there. viewing in aspects affordable would my the we're in be quite this business platform,

lean we a can our contract moment experiences. creators, entrepreneurial. They're and of And and opportunities to events through needs the this creators through left finding right hybrid to are into so flex our really meet online

We've to send the host out craft experience. breweries their seen and like beer online their tasting folks tasters then

a And we're of listening sand and getting of favorite interesting for So of world XX really you are it’s model. band bands and even together and hybrid BTS party. around concerts videos songs a fans fueled sands binge in tens hour, where their and the seeing thousands things attracted together kpop there, this playing like

do So here quickly want as fact gather, to creators and to just that so it's innate I think Eventbrite. experiences create is and efficiently I what they're need outline I'm able that the an to to want on -- and those humans trying

safe business in we these much trusted a mimicked to you frequent also future and where smaller experiences note the it's we preparing that online. think seeing in predicting, think we're creators in at looking the when can that frequent more offline and not the So environment. we of to how be our of We about fact business the better important support but will are due experiences we're we're have

for You connection. also pent-up have demand human

really with you businesses are they're leave our and these you creators on so again small be they're all. idea happening to share But platform what's the they're we it professionals way. as with entrepreneurial, so we'll leading that And the I'd sure

Youssef Squali

Okay. Thank you.

Operator

Your Mahaney is the of ahead Please next open. question from comes go Mark RBC. with line Your line

Mark Mahaney

unfortunately with something I this that. end like in are up year. that's kind the for release. with pure number we a have that your to One do Can that XX% between for Is the keep like or figure you. I And go you is scenario company, live may you the but you And provide the or It's offer what you it deal we million I month in now and full does think whatever can if like down March. when try position? said the in that where update and much two this. now of like questions. you have on of Like you in you? cash XX% -- XX% year we is stress know said down the curve think like what's model I how tracking on back recurrence when of or the know if event if events ticket does XX% look an virus and was leave of the where the Thanks. or it like like? stays volume But you secondly XX% raise tested now. I you recovery Did the down And to? middle that curve to where with came look to to the needed correctly out situation your down unfortunate and you it’s the have don't try tickets Thank a $XXX this, cash that press

Lanny Baker

I'll Sure, Mark, both take those.

March On down our the XX% volume was volume, the on year-year. ticket in about

plan running down For we're the were powered were down ahead February self XX% January XX% early was channel. about double in from March Sign-On by where XX%. our pacing a and we down the In was ago. year and first quarter, We really ticket digits But about volume of nicely year-to-year. May

online in improvement of strength has the life of real the by So seen earlier, events. alongside we portion events said we of had a been off an bottom. as And bit propelled as

of events period looked financing As industry very sure we this at objective primary for was and the steepness amount all restricted fallback. looked both which to those lead at a recovery the of we to the range there was potential industry really things We in capital our in of in that terms the considered live a served. or company, of which raise. in are the period stressful steepness out the and scenarios a that gatherings capitalized not the duration raising of And Eventbrite through heavily we recoveries of scenarios make was

other gives well to conviction around things. Now as to and sought that the those achieve is we hard very endure in develop as is the the significant the point come. project well space $XXX to financing as we decisive it's today and all whatever strongly very down by one literally capital And costs structure additional certainty I'd think that that road. us as know of that are and believe structure that was -- to pulling expense down hard to one may be do scenario And really made company's over add which very have those and sets you the just to of hard us things flexible, very up capital we changes million in a we access operating we need weeks.

Mark Mahaney

And the like you. Lanny, volume volume? Thank you -- down for what paid said been explain expenses do down please. of to terms could the ticket would the just follow-up What this difference and two? tickets. XX% I the between refer why in And you know you volume one XX% could I paid

Lanny Baker

our I and that's I apologize, where prepared was know not accurate. don't I said that don't XX% in remarks March. know in I

Mark Mahaney

on read you. I miss been follow you. May you. I'll Okay. up with Thank part. my Thank

Operator

of next Terry with Instructions] comes go ahead. [Operator Your the Goldman Heath Sachs. Please line question from

Your open. line is

comes Your from go the of ahead. Terry Goldman Heath next Sachs. question line with Please

open. is line Your

Heath Terry

Thanks.

Lanny, seeing obviously mute. a the in your you're U.S. anything I markets international moving than on was there's which that are I Sorry, Julia, if wonder at different pace

then, we should you're Some about curve that terms event events share? of your tools there in And to pace some in expect anything around of perspective of if your you're interested would of what what about might along sort extent that. you and creators proactive doing you to insights online the tells online of to or further recovery biggest specifically there any events things the try may that going that can out them from we -- online event be be which drive to to anything the a expect and

there or out being in used talk position that the on interim of in what potentially to And time then for to pre-qualification, investments period the live that's venues, to extent other distancing, for other puts of to any about put Italy. this kind that we looking need work testing, now? the Eventbrite be the events you're side creators the the able of could going Is at with -- that use coming of you'd models then the this to maybe social to leadership prepare sort with finally that work more technology passport with need that look in of the world's want for to partners model need for sort like a to are kind doing side this going

Lanny Baker

online about markets get international changes of Heath, to Julia I'll questions in helping turn the then take and creators about talk some over first to technology. and the event

a and recover bit world pandemic around and than we have we go already. environment COVID into look the others a As seen did them markets couple earlier the crisis

the are which on were the than it those Singapore down that business. But are small markets relatively of in if year-to-year where rather we are and event markets more XX% XX% like price. Kong particularly still the So global notable is majority Hong across we to in of we footprint focus

pretty markets quickly have come to those back So in come back of that things level. seen kind we

Julia Hartz

actually And I mentioned returning the events events up call our online X in XXXX% XXXX to and April space, of XX,XXX - April on online creators the were as that alone. Eventbrite we million event events. online come Heath, transacted and on and the platform frequent online creators seeing creators and from paid this on would tickets also we host call in free We're through about them year

was looking this their new can post it creators these really into started level what for to in we events. pivoted hit we ways I them businesses We're and on and in think frequent easier many entrepreneurs April, that to So as see continuing May. this for quickly make and March that

about, events So in talked hosting format more with a the now format. versus frequent day events creator the monthly And we're increase seeing I events event population. online of breaker, weekly this case creator they're per

what of ways interacting creators, make with series that's at could also door be reach for partners ways events improved so platform. then we immediately creators through apply so whether in faster, on can upon for that do. a doing to elegant easier how platform, we do observe to looking more to look they them Zoom we're integrate event. we the publish for Again, of extend the what principles friction the an with to way third-party of to looking are efficiency And better, we're these this it ways And able more just which seeing activity remove efficient our to front like they're the to online to have paid or the their

how incorporating really a through allowed these app. creators, our both discovered started these consumers by for events understand get their notifications new consumers partnerships be to follow when and as they're and distribution our online event. third on to marketing help optimize can And well by our on they in web them as the creators We've partnerships platform. party online hosting started we've help the event to We destination

is what to strategy total been events that's on in and that to crisis creators doing and whether frequent anyways This honing growth been and platform. most creators drive we benefit has hosting have event. the we're sum or focusing benefits in and what they're a online accelerator great on So doing really of would in-person

finally then the And the to Eventbrite Venues. events the like on of mind of that changes paramount. At small businesses industry, safety use the Live certainly is Music top live

start the So to disseminated Venue information event be the we to organizations best to together local and have creators. safe amongst needs with other Independent that practices Safety medically partnered Alliance National pull the and government Association, event

accurate is our be to life. to gather able to need is our in event provide through enables do help What content a that them that platform to the decisions to think I creators real-time creators we knowledge make people right real and and of the be going consumer smaller think of events safe. it's I feeling the about that less can regulations reemergence And government for their for events, they events. about about these desire when more behavior live be and to trust

And and may so, and any practices since whatever in platform. be creators given to as are best be a we to provide that and global support want able event country provide state we their to those safety that means reassurance

Heath Terry

both. you Thank Great.

Julia Hartz

Heath. Thanks,

Operator

Doug from Your Please the ahead. JP comes Morgan. next of question Anmuth go line with

open. is Your line

Doug Anmuth

questions. Thanks I two. the for taking have

know about back First smaller talked coming quicker. you events local Julia, I

some registration interest indeed stock you're And me a just endurance. that. on more your categories of just from that about music, help little Lanny, you how separate to wanted on is wanted Just mentioned financing the clarify Thanks. rate big across to and issuing, clarify double-digit color to then, you're bit the thinking provide that the that festivals,

Julia Hartz

Doug. Thanks

imagine will up really We when as creators experience again, and to live businesses smaller platform. environment. in desire people they their the so their we that and around So as what can on other they our but will consumers their this safe And frequent events, a rebuild interests connect the economy. or they occur be reinvent with also more that can passions imagine

-- are to to vein and value world we are consumers Event what sensitive prior next tickets thing that that XX of so. happening price. so ticket we as events are was other months and desiring priced frequently $XX terms it The in are in about imagine in to same -- that or talked is see can in call the average price with call vein consumers haven't be to the lower where price more what going ticket going be a COVID

and think wellness and a We to the to formats workshops in see when the of for as to to their category events the that festivals preparing new life. there of are professional health typically so market. in online And friendly people case improve muscles that seen such gather of care and our in and that of their think want skills, economy we're rise will stress event. to also ways business come in and take on flex job platform real innovations to these Endurances, been and particularly they as will music these themselves, these is And the to types interesting XXXX-XXXX growth see We is I that in they talks. and the to know smaller in attendee of base be and That's I we small classes some that network connect future. we've seminars, this for and way some create people I from as not events in potentially frequent again entrepreneurial map of creators get the think really

final gather real and on that it's to connect and rebuild with right to connected human there power secular they will desire those this one and their decisions and sure thing we'll strengths pent-up in safe events and making those of are be is I'll when say Folks our to creators during connections time. The industry support the life how to businesses. as get Eventbrite really really another this our life there to demand gather seen is you've I'm is and out yearning

Lanny Baker

the I issuance you quickly, Mark the interest on the apologize, back on. let on and yes, we've Mahaney the the equity, Doug, from And were And yes debt stock taken separate that go just on right. borrowings is the of me

apologize. March down low the decline as us of we're XX% right. early right a You part now as looking decline did and at in We volume XX% In May I year-to-year year-to-year. XX% was year-to-year. a ticket got hear

Operator

the Squali Please with And ahead. your Youssef from line comes SunTrust. next question go of

Your line is open.

Youssef Squali

your Julia, on to most remarks focus cost impacting how the standpoint there pivot back follow seems you. entail self guys channel we guys a like like plus a or half about Quickly, Thank the happened degree doubling sales and back, it you Lanny, should that being is business. still basically million to Is And from you Hi. would is emphasis that channel, serve guess the of cuts last come for going -- serve. COVID from go are seems almost the XXX Thank deemphasized you self taking of thinking business? the as up. post within be that the I we as which on year is and prepared sales will the that certain by actually we of kind a be was competitive have

Julia Hartz

Youssef. Thanks

are to be frequent on focused intuitive product experience the and that has really and our our professionals who strategically So for I now are would in reliable ethos service that we and saying small will our start by will way platform. self-service continue been especially self businesses need best and creators -- building that

development and some aligned And continuing this product be strategy decisions And invest and team to our through platform to of and driving simplification self-service narrowing of we restructured that with was the of our lot goodbye and a so to a the managed allowed us our sales company. that our done make of forward strategy emphasizing and care with services be segments. us, really high-touch that purpose. on for lot We the focus on XX% really and account of some of difficult to of as said our needed

Eventbrite going that this their when will creators our over provides other it. in control support a low enabled creators Effectively future data. to to what services flexibility and to to creator account But think customer we'll our event is about need And need services, going we of do we on-site efficient know that's Now, we'll the past. a and that platform and continue bring are motion us, center tech base grow and continue that think done less bespoke service the sales solution. high-touch them managed with attendee we've is offer who we much to that that cost more call

we're direction that movement already we this So were accelerating this and moving in again, crisis. through

Youssef Squali

Julia. Okay. That's Thanks clear.

Julia Hartz

Youssef. Thanks

Operator

questions. I call time further remarks. for closing Julia turn back no are Hartz At the this There to over

Julia Hartz

I'll so community joining our and today. shareholders, employees creators commitment much of and our call you Thank the reiterating close attendees. to for by

We to are prudently flexibility. demand and resizing match the improve environment business the

a experience demand faster, the lean us stronger business. We as the accelerate grow events advantage into to our best taking features deliver build will economy. product This rebuild moment to and they creators allow for are tirelessly live of of work this to our and

expanding is It shareholder balance we've and seriously. and validation stewardship reinforce options partners business valued our capital a take this very all is a our of responsible with and Lastly, our of long-term proactively taken. capital stakeholders measure that sheet we prospects

Well, It They you. responded. position, we enable and market to of Thank our an nothing easy, Britelings our more am I experiences. worthwhile the economic. creators personally our the job ever of business everyone is new say exciting will proud confident cannot about feature has with is never ecosystem future. than so we anything. and how Together I predict and been prepare for live

Operator

participating. this today's call. gentlemen, Ladies and conference Thank you for concludes

disconnect. You may now

Eventbrite (EB) 11 May 202020 Q1 Earnings call transcript