Earnings call transcript Q1 2023

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Operator

Good afternoon and thank you for standby. And welcome to the Eventbrite First Quarter Fiscal Year 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to conference like to now would hand over the Ms. I Head of Chin, Investor Katherine Relations. ahead. go Please

Katherine Chen

our and afternoon call. we Letter investor.eventbrite.com. be this earnings Eventbrite's website our Prior call, which at announcing found Shareholder on our Good released to to welcome first results, can financial quarter XXXX

Before performance. making you regarding forward-looking during we future would call, today's events remind started, to I financial statements we get and like that will be

based results as caution factors that that reflect statements currently are today, control. to that several on We materially beyond Xth, known our best are which to of actual May judgment many future could such us due of our factors and events differ or

refer our more forward-looking of For detailed you Letter uncertainties Shareholder the the discussion affecting section our SEC. statements and the titled filings results, with in a risks to and we our future

no We occurrence required call or reflect events obligation any during new by made or update today reflect the undertake except forward-looking as to unanticipated to events, information after to circumstances law. statements or of the

and with an and Accepted we are call, margin, adjusted not EBITDA financial non-GAAP liquidity, in These which adjusted analytical are prepared tool. accordance EBITDA, this will financial Principles measures as present Accounting measures. During have available limitations non-GAAP Generally

is important or non-GAAP You to as it reconciliation the of isolation not in operations should GAAP Shareholder to information Letter consider for Shareholder under them GAAP about and read our encourage GAAP. A you most measure as analysis as financial substitute a available in contains Letter. results. our our comparable reported results We of directly

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

Julia Hartz

to billion kept today. start everyone our gross call events a XXXX $X ticket strong nearly as performance. We growing. you for Thanks with for in Katherine demand live We're thank quarter to first great sales consumer and powered in joining off

great also events. X the returns capabilities level on Revenue frequent XX% was the quarterly and highest platform We're which up years. product was experience year, seeing in focused from of versus last creators improving

for made meaningful investments quarter Adjusted a was growth. seventh row, positive in EBITDA the in generation demand while we

and In It's to momentum as is opportunity. strategy. think tripled adds And meaningful from we fact, see revenue creation value I that marketplace our seize ahead Boost exciting in that positive year-over-year.

In year creators, reach grew ago. first was the quarter, our a to paid we than higher XXX,XXX a event XX% which

In actually level tickets, new XX% XX bought the million fact, connected XXX,XXX creator who year-over-year represents in acquisition consumers growth a first These accelerated to the which and paid added in we growth. to million highest quarter. creators a year creators XX

want and through People for to demand and events grow. local do connect great friends with people things with other to unique to continues the

and XX the growth in was XXXX. first geos. free quarter, the we events categories across In than ticketed average in first paid of Consumer variety higher points and million wide XX% at quarter the a X.X growth

to value by to continue during quarter. sales $XXX tremendous million over gross Eventbrite first the ticket add driven consumer demand We for demand. accounted of connecting creators

Eventbrite. roughly that associated on For XX% the income of ticketing with creator is means their listing average

additional the each beyond ticket of buyer value far face value of the But ticket. goes the

that showed generation. survey listed over like and beverage, food things creator of average recent comes and events Our revenue from for Eventbrite merchandise, XX% lead

event. cleared also producing represents Therefore, at incremental value pure the the not but our every to of event person customers, margin single cost profit an economic an only they've outsized once

is This the critical marketplace. customers exciting that events historically revenue Additionally, and our run just not event opportunity free for in is to to where of inventory, in somewhere Ad's ticket. else XX% the us an obviously Boost event, monetize the is over ticketed which

product our to always dedicated improving are We experience.

marketplace a empathy deep in product for anchored we've our strategy, customers. our As is our accelerated execution

our and from time back work positive strides focused get their good our over, and we made on events product helping by improvements, and pace the for drive but delivery is live creators of far demand product making We've in easier impact remain use. the to

quarter were the to moment XX at highlight over take While in first current to significant four a updates, the improvements I want the to experience improvement. areas plentiful of

First, of already most social XX% Boost, Starting product paid content coffee out be creators rolled assistance launch with the use our see their faster. key campaigns where areas important we've of AI user-generated more some successful. to is to enable to AI who with the ad creators we

on the are down the of and to page, This time the times three as launching likely a We're create and of part because with Eventbrite. campaigns new the nearly efficiency improve event conversion. will our features many These also amount will most it of listings traffic creators event drive following AI-generated takes effectiveness. fast meaningfully

Second, for Eventbrite. for become We Eventbrite rolled on expanded ad click-through the to pages for the a Eventbrite highest-performing we browse, in on ads, which surface quickly high-intent two and rates. category which creators is have areas City listings their promote discovery experiences way ads out

We availability in to Australia. of Canada also the expanded and new ads markets

we traffic marketplace Third, channels This from to highest where as drove made and which are their coming sales conversion. and purchase positioning. conversion the rates report we also driving reinforce dashboard creators sales contribution easier highlight it most understand Eventbrite's ticket helps and for our to amount of

We've with event with and over feature video. this the their more seen the of of addition of adoption event. beautiful listings made way engaging have better of we of showcase a Fourth, advantage vibe taking to image quick XX% carousels listings and new

less at million see an launch. since to million $X grew to pleased from QX exit our rate. impressions are delivered boosts positive year-over-year improvements businesses run in We impact we've annualized creators combined, and QX. year ads to And to made a prior close to alone than also XX Ads

app year-over-year, from on and combined We're is Website follow committed is compounding mobile up MAUs at our consumer improvements Additionally, feature together, redesigned an is and XX% taken is creators. the to app all-time want and traffic the XX% effect more continuous of clicks greater high. follow drawing their favorite to improvement consumers delivery, yielding these engagement. who and

Keeping more the who and comments I the of is center constant goals excellent. and customers last improvement at appreciate we needs the driving do three the over hear of from our is more customers and all which years, retention. recognize

I Eventbrite and innovative before a call the I'd List. recently and to our named one moment connection companies, was most was recognitions. to World-Changing few Lanny, Fast acknowledge XX XXXX a like turn project its take Last, of Ideas social featured on Company's

less project connection isolated help initiative people the social more experiences. The of and Eventbrite's live feel power through connected is to

loneliness, with crisis. health next our partners We like Surgeon which leading joining General, is to public combat VivicMurthy are US

inspire agents be working positive of We to are event interventions to design change. and creators practical

corporate teammates hard details of these honored in day. areas. live our values report every of published and work responsibility with all important achieved all newly truly these to who Our we've feel work proud I'm

discuss will QX and Lanny Now, QX results outlook. our Lanny?

Lanny Baker

attendee and Thank drivers Creator increasingly our strategy and product remained the you, Julia. of evident healthy, first strong momentum are company's We and trends quarter. had a becoming performance. financial

of end high and marketing range, can demand $XX.X upside growth strong Revenue our the the our and be of marketplace capabilities, right monetization consumer the to of exceeded million services. of across traced and marketplace, event ticketing outlook improved the

with as record, thanks increased as seventh was quarter, the to the ticket margins leverage and consecutive reached quarterly available volume positive $XXX and the EBITDA first a as efficiency Gross points well in QX shareholder our stable greater Adjusted gen revenue for letter. solutions. We restructuring described in the million new from a ended demand profitability operating we future. quarter sheet in undertook balance and in liquidity, to

midpoint revised of we And full-year our first quarter reflect the as the of to range. a for result, year-over-year at remainder outlook Our the results XXXX. well slightly business stronger position growth us outlook revenue

X.X first-quarter year-over-year full-year Paid events to Let me more in discuss those XXX,XXX. and grew XX% drivers, quarter. provide and Paid revenue down I'll XXXX. QX adjusted Total events from free creator hosting detail exceeded creators, expenses, per slightly then events, of XQ creators our in on the events, XXX,XXX and outlook. X.X including averaged EBITDA,

events last in in Paid year. averaged first of a to growing per the XX% paid quarter up year-over-year reached tickets record from Total the year. the same $XXX,XXX XX%, QX, event quarter of for seasonal XX%

of paid the in versus volume $XX.X on growth year-over-year of platform most with million States ticketed the year across a XX% We the and and XX% up was events saw well United as larger consumer ticket in XX% growth interest ago, categories of number Total regions. US. as strong our promoted and outside

for million, over price first down from year $XX a was ago, XX% up and the $XXX just ticket quarter, were Average slightly ticket sales year-over-year. gross

both year ago. Finally, the the respectively, records, was rate ticket revenue and which quarter, in $X.XX, of was new represent up and X%, a take versus revenue XX% per first X.X%

and of combined in two we of were January There drivers change pricing year-over-year quarters on came the from remainder Eventbrite a in tripled Boost for ads, and monetization of QX. approximately the The improved initiated this which nearly left, year accounted main basis. three

and start and demand efforts gen the tools well. Boost finish and grew QX, continue resonate ad revenue between of subscribers marketing even by faster. to XX% Our grew

Turning bit Gross reached recorded restructuring cost to of XX% excluding and than were to in a the revenue costs higher even margins P&L. $XXX,XXX in that, QX.

the margins as revenue range and ticket XX% generation. expect demand associated gross We into to upper volume grow blend move more we with in

$XX.X recorded QX. total, that in $X.X Within restructuring were we million in Total costs. operating expenses million

reserve details these shareholder in line-by-line our found We the in can reversal also first $XXX,XXX The recorded items a letter. be quarter. of

year-to-year totaled the ongoing $XX.X first an and QX costs an operating of restructuring XX% year-over-year, charges. million Product restructuring Excluding quarter, in XX% and a expenses excluding rose $X reversal, expenses development increase the versus reduction XXXX. reserve million basis on

remain the product expect investment largest our we as We marketplace. and engineering areas of strengthen to

as expect also to However, revenue our growth. we margin drive leverage engineering product against investments and gain

Sales year-over-year, and XX% marketing restructuring expenses were charges. up excluding

ads, marketing We Boost expanded spend propel we support Eventbrite helping is added to which revenue advertising product staffed, and growth. have and team, our and

expenses year-to-year, administrative and restructuring general excluding Finally, flat and were reserves.

up to G&A and revenue-driving managing are to free drive costs investment for carefully resources leverage operating elsewhere. We

in reported a million QX. was $X.X adjusted basis, On EBITDA

to costs adjustments, representing adjusted EBITDA of Excluding of margin roughly was $XX quarter of adjusted the restructuring impact first an compared first in million, and XXXX. EBITDA XX% the quarter breakeven reserve

has our we and marketplace. in core plan ticketing events The our operations transition a to accelerate restructuring quarter to been increase live designed efficiency last announced help

have certain we leases, reduced workforce vendor exited Already, agreements. areas, and in modified our

We in drive reinvest that in million XXXX, in our freeing talent partially strategy. we up to to goal to are on track $XX intend savings marketplace million of operating our annual to $XX costs

hubs the lower-cost of reach operating incremental we XX% XXXX. leverage to target expect our before will in process EBITDA roughly this of to us Spain our the margin in we're roles provide allow of realignment And Additionally, that adjusted end India. and XX% to relocating

correspond to Now pattern QX. range that turning anticipate range fairly QX The of $XX our We currently midpoint revenue second-quarter a to $XX a would million. from within of million revenue normal to be with business outlook. to seasonal

of $XXX updated full-year the to At XXXX our anticipate XXXX, would outlook. to to rate Looking growth the within slightly $XXX we've higher range million. now million revenue year, our than and for over outlook our a midpoint, in revenue XX% be the year original be business

stronger The from for growth of Eventbrite along of likely range contributions with and would consumer ticket and year, fee higher that in correspond changes the end product strong with fuller benefit ads. initiatives a marketing

could product and transition pricing that of of Factors levels macroeconomic end conditions our supply towards higher weaker from in trend impacting customer changes, the demand, and include arising range to the results churn challenges or restructuring. lower events reaction

in year, We be something was expect the $XX one-time reflected which full to million the associated million of $X.X costs less restructuring with the for than QX.

call will quantify and coming to these quarters. transition We costs in continue out

XX% restructuring expectation charges, our adjusted Finally, revised excluding the margin, reiterating midpoint range. at are of outlook our we approximately full-year that will our be XXXX revenue EBITDA

I'll the operator to for the the question-and-answer call call. of portion back the turn now

Operator

[Operator Instructions] you. Thank

from The your first question ahead, go is Please comes on of Squali Youssef line the open. line Truist.

Youssef Squali

kind to one. are what speak macroeconomic will us. of implies of new afternoon. like for backdrop Great. just was April at your you be pre-COVID normal questions Thank A back midpoint, to kind you that couple you about and maybe Can good baking just number a growth is QX the year-on-year. it very XX%. trends? Lanny, it into guide, that guy? XX% much Or That of And looks on QX at seasonality?

that peers your impressive of pretty still Can competitive is stable? gotten pre-pandemic some the that a days versus today basis, the also relative And is kind environment competitively? guess, reported Or has had last you earnings and number in business have competitive the today on whether feel actually the Thank relatively two, maybe talk have of environment some Julia, several that about you numbers. you. stronger I

Lanny Baker

to encouraging encouraged at midpoint full the pleased the look outlook And momentum that the and we've the to raise the and the we with really what us. roughly really for one quarter second year-over-year line, the Youssef we that's first as reasons year, we're at is the of that to The quarter. that range bottom XX% is first top the been quarter, had midpoint line, of range. of the year product

growth, XX% and twice revenue and we year, to it that's that with last we've done EBITDA marketplace adjusted partly along growth. double-digit, making and of margins our drive benefit And a the also that future are about margins were investments includes are the transition where reorganization

in your question the January, the was a quarter first look our from weak with last those quarter first look outlook with for contemplates think normal And I we first fairly the you that of quarter, particularly pandemic second ago, were at year As second in force. the quarter the of to year at start to of sort the the back quarter. as comparisons, of seasonality XXXX

second of the got release from was quarter, a And a into then that. little bit as there we

probably very encouraged of second But quarter see, start. quarter-by-quarter what pattern seen the so had unfolding of than the stronger seasonal the on And comparisons we've a we start we're seen that's slightly basis. the year in at and by at affecting a the terms overall,

Julia Hartz

to said, is really landscape, to to business. the wanting positive on think the consumers it's very for to Organization Health announced only out thing news the you all the official wanting World worldwide overall, not I of and shows, go This see great And competitive end the pandemic, live to travel. our get COVID a

one be fragmented. And landscape we that see to the as competitive continues being incredibly

through experiences ever continue app grow it's our active the as our being things paid monthly We on like highest our XX million to seen or as live consumers expect users that up been.

We that activity. to continue will think competitive drive

platform the on for and the our So platform through our effort has meant experience. focused a focused creating been upgrading product our amount market, we last improving X our around of years, have concerted best and that

two in and about Eventbrite down it, And It why when to you things. position market. get comes think win to our down to is a in

First, this it's in growth low business. cost of

our competitive customers moat acquisition through side cost is our on coming So, customer XX% self-sign-on. a of supply with the

driven And increasing that's demand repositioning like through by toward our our really generation. SEO our confidence in superiority things and creator

that shifting the So, really active ways story. we're

high and to It consumers thing the second distribution the switch, related It's Eventbrite cost The Eventbrite. is to on has We've adopting complacent product the many our never the and that. to deliver geographies. in scale has has to technology categories in upgrading ubiquity And brand visibility the given it experience. Because and improving the customers. our and technology been technology. new in stack

positive to advantage stay as but all terms paranoid, So the competitive I'm healthfully active going I see the our signs of market. and of in nature

Youssef Squali

you you. That's great. progressing Good see to both. Thank things Thank well.

Operator

of The the comes Sandler. next Please ahead. Piper from on Matt Farrell question line go

open. is now line Your

Matt Farrell

year and guys, and really full on Thanks, congrats QX the in strong the guidance.

the we And consumers about how think to pre-COVID on mentioned kind of QX, compared kind lever You that all, buyers in growth at really the growth the to strong metrics the long-term, great on a of the is how some as last gave of number of should we day first year? levels? analyst growth, seller during consumer of to think compare I does platform platform as of the which guess, that see. about you the

Julia Hartz

Yes. Great.

active app, So, on and experiences I at with XX users approaching pre-COVID our app. million consumer mean, we're monthly level the the front, discovery record especially seeing engagement high really intent we're like levels on

business terms Where how their into that's exciting ads. then for different the point boost XXXX great of for So in is entirely value in the consumer that behavior an of from customers. data and us our and turning engagement and something capturing is we're

and which, historically can business we fulfillment. percent is of from giving demand of add to to engaging to driving uptake Boost Boost users an also as Eventbrite communities. audiences two ads about QX. and of their at in we're participate free fast their percent We're growing, in seeing our be XX% is building And XX% creators actual I ads creators, XXX is is, know, thirds as free. events those growing, and of Boost way their inventory. mean, you those as finish is start we're

And also huge million. growth healthy at in a driving very tickets XX% frequent our for where XX is into opportunity for long all for business a really were culminates total the creators, great this paid think that a and of this that So us. I up quarter tail

Lanny Baker

XX consumer at tickets in the in really And per engages gears tickets for on platform. quarter, that our of as number the we And the year. sort side Strength with of of first said, are, on high the tickets five quarter event this ago we that tickets per year of were the to model per introduced in business a Julia creators our so event. is last compared incremental XX those first margin three event or

Eventbrite not we're our listings, tremendous the the help continue for events. work and an the people this and consumers we're the things including to an area from more conversion broadly, that only about the choices of improving going the doing more better distributing personalization, And to where video, make on imagery confident the bringing events richness drive area value their and volume. differentiation is of ticket invest, All these doorstep, but funnel, our much platform, to in creators

Matt Farrell

early Could events update alleviate Boosts And are year? about for the on an into confidence compared of half just the beginning May? at back to you we creator all the as Has moving one as of ads And maybe the health concerns here we the just give and improved forward of more. the to year? in demand helping look sit

Julia Hartz

Sure.

demand QX, shortened. campaigns. And we that we're added from So year. to that seeing marketing to reason we best a And different number XXX,XXX confidence confidence signals we new why creation really that And definitely our ability our supply is creator the Eventbrite return. we believe the in seeing creators is reposition which in with are say latency can through

the recently we to the that creators and flywheel can here, tickets. the in driving and that consumer subtext they one launched to really growth side, help released get this they creator sell on that you've see with have to on then People are of We called Eventbrite side plans GTFO. come confidence, I can to with and had of marketing-led just high Finder signal data real them got

wanting with to the a think I so as nice And is organically There's growing out. well. people get flywheel tailwind

getting pretty and are folks unique in think something go local out. also their and I with of get accessible want that price, to to They and want their homes, to it in they tired do sitting they events lives friends, makes better. their can are

this really nice see. tailwind there's to really nice secular that it's So

Operator

Thank Dae Please question The comes you. from from JPMorgan. next Lee ahead. go

is open. line now Your

Dae Lee

And to product Great technologies? of on. your some topic to that would products business? a change your guys complementary that to potential already pacing the the the sounds technology sector are how integrating about you already. like to of of around more the roadmap But you guys one you your first to be you of thinking your are some It some there Or like of through work a are need newer do these have AI.

Julia Hartz

Thanks, an hour. have don't mean, Dae. I we Well,

at So I'm keep that what this any that try mean, short. think company is user-generated they going I going through produce really content to it I to just basis exciting moment. of the has

implement event or midterm rolls content, going through to near their where Boost I through more their paid focus to looking three on us allow And to ChatGPT-enabled ad in we're be effective to have that I listing. copy technology want generate able creators whether adopted be to and technology terms We it of that's the think out. as our to social maybe to new areas are for

opportunity see This them put core take we where all more effective innovation around the not looking this spending that listing. to minutes. to able really as create our is lot creating is is part for This a make are So and events event And them our to to for goal. is ways for efficient are able customers to of forward we of for foot a that's And can time be onboard and help be their they that a us. an customers be first their enable because Eventbrite. to exciting to storefront to best our continue seconds,

The second discover how search and is events. in consumers

the opportunity the I event think person elegant and demand to way right has we events forever search, inventory recommendation make traditional opportunity a us the that's on right big really that with mean, for relevant. the to time a search this the disrupts quarter, browsing imagine to experience behavior lot it we in the search And do the the in X.X for changed. is deliver and right legacy can can here experience, Eventbrite, you had. a really especially given I far more million at

ourselves their third be on they We as we be and what to the a effective is make that sit a insight then is be own. want copilot thing consumers to access see to they trove our couldn't a able have creators, that, where we and to recommendations unique insights doing. data them And give to want of their treasure think the where we I them bit give to and on and previously events to want more to

they And don't teams. large certainly, have marketing

know X. be them But a probably if businesses as I'll longer that effectively And would we a month, well. that and me my list we have them essentially in so help faster. top you grow do that for their can more ask And

Dae Lee

think capabilities? our cost longer creators expect the ticketing to generation you which much post-the how Well, bigger relative the of best I talked the products Should than to you're I you your think the the I and more value generation about spending given some on I in demand general? spending follow-up for about that of these long-term spending a guess in opportunity past on And on, both term? to about become greater success way on the creator us XX% they're ticketing. what's seeing your that, to are guess, of ticketing XX% as guess, marketing, tools than is pools on already, in and, we math seeing already

Lanny Baker

think of that as about important ways to on are research I fielded two, we about We very considering well how recent as One currently is There that Yes. I think you surveys of creators, are points. asked existing a not our give but much in data platform, them lot Sure. it. with a event the bit economics alcohol, ticket their all and of comes merchandise said, and are and sales under as of little memberships, is economics from event their from food XX% other from alone, number beverages, kinds the that and of as or and are as well rest ticketing, Julia wine, things.

for, for And amongst just the and events, for is It's the ancillaries. ability those interest, sales, creators ticket marketing not those all

So in well the as of it are face is to of XX% look that spending that ad the research case the value ticket. our XX% the creators like budgets

There's reason be can upper end beyond the fact that I numbers with where economics sale. some our at data that of of there's the some to so see much believe and ticket customers, given the

Eventbrite added that's telling We're Now, close expanding really to we're advertising. additional and couple very the it's for really inventory ad to we to XXX% very, that available get within time levels. see the open up strong. We've going the advertising the fulfillment that to very, stays the for some those to take us rapidly remains experience a demand surfaces us pleased

during advantage for reach, us base been on builds But brand. The active Boost. one and for potential acquisition are XXX,XXX scale already make point free It a about and free and about a Eventbrite creators X exposure, quarter that today is customers and ads of tremendous the customers helps and I'd which also there us. other Eventbrite in and customer that the has were our million for free events business

adopting those In have events generation free are fact, solutions said, of non-ticketing think I demand economics those behind we creators of who customers those XX% events. the

tremendous reach so long-term, why a That's to opportunity. the significant that's expand So the get we the positioning this your a of for we demand, into long-term, follower to focused your think And incremental really base leaning opportunity, to is to we're Eventbrite that we business, events. upon. believe, place of demand, generate the the in are as expand

Dae Lee

you, Great. That sense. makes Thank both.

Operator

Next question Morgan ahead. Perrone on Stanley. Please comes from line the Cameron go of

Your line open. is

Cameron Perrone

I my taking if for Thanks can. Hi. questions. Two

First high made just on comments gross XXs the the from incremental the unit the first improved, I with should -- XX%. quarter on you I I fourth Lanny, incremental contextualize that the think if reaching rate that quarter what as improvement. the is at margin economics your look take into how the almost versus around

think through the high whether going take step or push of kind any first as towards rate helping color higher just XXs is you So higher there?

And then adjusted EBITDA backdrop? an we just the year full about did the on the think on XX% the for should you in year, within How Thanks. basis, the XX% guidance that quarter. first adjusted

Lanny Baker

a Sure. On your the stops first got margins, the question margins XXs, about beyond way to gross from trying that cute. but gross There's the go we've to nothing we're not to high be moving get into high XXs.

gross as payments very, much our margin It's there's with larger from more the incremental is very where the that level probably demand processing points associated business higher XX the gross at as a from are revenue profitability ticketing than core solution driving we The revenues. generation those cost margins high.

expand. the the margins is to ticketing But even business, within there gross room for core

made the to lot couple more there's last progress margins gross and over years, a we've on So of come.

at of yes, of range. is restructuring the end first excited to at the full outlook adjusted the above we're the As we outlook quarter high quarter. about year XX% the talking we're revenue Remember was be charges midpoint that for look for our our the for quarter, first target at XX% number, EBITDA, that the in the first excluding the the

And growth highlights growth. to sort year-over-year first does the XX% in that I revenue down it of the operating the And of prior revenue we've the leverage. just profitability like the quarter. bottom something and high think We of marginal really incremental line done show that in think quarters, drove I

our right year of So the be is full expectation. think to terms now I in XX% place right

over We of course some we're replace will the the year the continue making market investments to have transition.

We fuller we and level. the appropriate we're also but expense have reductions, that being benefit at of think conservative the

Cameron Perrone

Thanks. Great. Okay.

Operator

Jakubiak line comes Capital question from Markets. ahead. on next go Miles The KeyBanc from the Please

open. is line Your

Miles Jakubiak

question. the taking for Thanks there. Hi

can general And I event have how date. how your guess, efforts Thank learnings and then listing you restructuring First, to pages both to just responding consumers a you. from creators going redesigned and are been on discuss it? the update

Julia Hartz

Sure.

we're you event, event to listings be bring that is doing able what making consumer-friendly is and a work the through So for and static a images, helping image of and making event when it's video hero they're to hard to buying that on create know, more vibe like show on added an creators them really life an page decision. around consumers to carousel the landing dynamic and more, we've experience a more

is And as in converting the rate and collective part buyer. has work we're an event consumer increase to a doing this into discovered who that a of them conversion a

so side, very pleased what rolled finely work we've out. conversion really there on execution look the highly funnel. And with tuned is It's to that so the product at the we metricized. do We're it's

the experiments multiple We page constantly. concurrent running are the and listings event checkout on flow

really this see out. the And moving this mid-part we XX% terms rolled moving of these that more feature, that we'll at, been so But adoption, the pleased changes I share think at, since something have indication of to which events image a out further to I'm of strong the that want. in we've rolled created that the hero seen year is down it's have carousel, toward creators as at adopt new least have really velocity line it's and

adding, to So, event engaging adding again, but time I the moving images data need on Video, we more it's consumers. to think paramount listings collect that, like is days to

Lanny Baker

in We're the Attrition great And track quarter progress were the the $XX from $XX is where far. low. were total annualized costs they looks for the million down restructuring, savings, across in reduction, the of fourth so million, quarter. operating expense on on first company

if product expenses G&A development or both expense at I sales and lines. revenue, or look those see year-over-year marketing quarter-over-quarter And and progress ratios and think almost you comparing to all you'll on

track. We on are restructuring's those -- days, Spain building we're ongoing. about XX India is hiring after XX I in everything out days, think, where It's hubs, and and

Miles Jakubiak

Great. Thank you.

Operator

Thank everyone. you,

does conclude conference joining. We all have no call. further questions. Therefore, for you today's this Thank

You may lines. your now disconnect

Eventbrite (EB) 9 May 232023 Q1 Earnings call transcript