☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
14-1888467
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
|
155 5th Street, 7th Floor
San Francisco, CA 94103
(415) 692-7779
(Address, including zip code and telephone number, including area code, of Registrant’s principal executive offices)
|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Class A common stock, $0.00001 par value
|
EB
|
The New York Stock Exchange
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☐
|
|
|
Emerging Growth Company
|
☒
|
|
||
|
|
Page
|
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
PART II. OTHER INFORMATION
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
June 30,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
500,454
|
|
|
$
|
437,892
|
|
Funds receivable
|
46,582
|
|
|
58,697
|
|
||
Accounts receivable, net
|
4,368
|
|
|
4,069
|
|
||
Creator signing fees, net
|
8,245
|
|
|
7,324
|
|
||
Creator advances, net
|
26,182
|
|
|
21,255
|
|
||
Prepaid expenses and other current assets
|
14,735
|
|
|
16,467
|
|
||
Total current assets
|
600,566
|
|
|
545,704
|
|
||
Property, plant and equipment, net
|
46,251
|
|
|
44,219
|
|
||
Goodwill
|
170,560
|
|
|
170,560
|
|
||
Acquired intangible assets, net
|
54,490
|
|
|
59,973
|
|
||
Restricted cash
|
508
|
|
|
1,508
|
|
||
Creator signing fees, noncurrent
|
12,518
|
|
|
9,681
|
|
||
Creator advances, noncurrent
|
2,534
|
|
|
1,887
|
|
||
Other assets
|
3,244
|
|
|
3,352
|
|
||
Total assets
|
$
|
890,671
|
|
|
$
|
836,884
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable, creators
|
$
|
322,982
|
|
|
$
|
272,201
|
|
Accounts payable, trade
|
2,063
|
|
|
1,028
|
|
||
Accrued compensation and benefits
|
5,278
|
|
|
5,586
|
|
||
Accrued taxes
|
4,503
|
|
|
8,028
|
|
||
Current portion of term loan
|
5,650
|
|
|
5,635
|
|
||
Other accrued liabilities
|
18,519
|
|
|
15,726
|
|
||
Total current liabilities
|
358,995
|
|
|
308,204
|
|
||
Build-to-suit lease financing obligation
|
27,916
|
|
|
28,510
|
|
||
Accrued taxes, noncurrent
|
13,612
|
|
|
15,691
|
|
||
Term loan
|
55,794
|
|
|
67,087
|
|
||
Other liabilities
|
2,521
|
|
|
2,170
|
|
||
Total liabilities
|
458,838
|
|
|
421,662
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of June 30, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Common stock, $0.00001 par value; 1,100,000,000 shares authorized, 82,449,552 shares issued and outstanding as of June 30, 2019; 1,100,000,000 shares authorized, 78,546,874 shares issued and 78,358,394 shares outstanding as of December 31, 2018
|
—
|
|
|
—
|
|
||
Treasury stock at cost; no shares as of June 30, 2019 and 188,480 shares as of December 31, 2018
|
—
|
|
|
(488
|
)
|
||
Additional paid-in capital
|
759,959
|
|
|
718,405
|
|
||
Accumulated deficit
|
(328,126
|
)
|
|
(302,695
|
)
|
||
Total stockholders’ equity
|
431,833
|
|
|
415,222
|
|
||
Total liabilities and stockholders’ equity
|
$
|
890,671
|
|
|
$
|
836,884
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net revenue
|
$
|
80,758
|
|
|
$
|
67,542
|
|
|
$
|
162,084
|
|
|
$
|
142,068
|
|
Cost of net revenue
(1)
|
31,073
|
|
|
29,863
|
|
|
61,591
|
|
|
57,947
|
|
||||
Gross profit
|
49,685
|
|
|
37,679
|
|
|
100,493
|
|
|
84,121
|
|
||||
Operating expenses
(1)
:
|
|
|
|
|
|
|
|
||||||||
Product development
|
16,295
|
|
|
10,981
|
|
|
30,559
|
|
|
19,815
|
|
||||
Sales, marketing and support
|
25,872
|
|
|
21,513
|
|
|
47,434
|
|
|
42,229
|
|
||||
General and administrative
|
22,051
|
|
|
18,405
|
|
|
47,178
|
|
|
38,388
|
|
||||
Total operating expenses
|
64,218
|
|
|
50,899
|
|
|
125,171
|
|
|
100,432
|
|
||||
Loss from operations
|
(14,533
|
)
|
|
(13,220
|
)
|
|
(24,678
|
)
|
|
(16,311
|
)
|
||||
Interest expense
|
(1,868
|
)
|
|
(3,190
|
)
|
|
(3,801
|
)
|
|
(6,099
|
)
|
||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
—
|
|
|
(4,750
|
)
|
|
—
|
|
|
(6,071
|
)
|
||||
Gain on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
16,995
|
|
||||
Other income (expense), net
|
375
|
|
|
(3,013
|
)
|
|
2,555
|
|
|
(3,294
|
)
|
||||
Loss before income taxes
|
(16,026
|
)
|
|
(24,173
|
)
|
|
(25,924
|
)
|
|
(14,780
|
)
|
||||
Income tax provision (benefit)
|
(1,193
|
)
|
|
430
|
|
|
(1,093
|
)
|
|
800
|
|
||||
Net loss
|
$
|
(14,833
|
)
|
|
$
|
(24,603
|
)
|
|
$
|
(24,831
|
)
|
|
$
|
(15,580
|
)
|
Net loss per share, basic and diluted
|
$
|
(0.18
|
)
|
|
$
|
(1.12
|
)
|
|
$
|
(0.31
|
)
|
|
$
|
(0.73
|
)
|
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted
|
81,369
|
|
|
21,886
|
|
|
80,049
|
|
|
21,289
|
|
||||
|
|
|
|
|
|
|
|
||||||||
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of net revenue
|
$
|
325
|
|
|
$
|
71
|
|
|
$
|
569
|
|
|
$
|
124
|
|
Product development
|
2,187
|
|
|
747
|
|
|
4,225
|
|
|
1,348
|
|
||||
Sales, marketing and support
|
1,246
|
|
|
864
|
|
|
2,469
|
|
|
1,578
|
|
||||
General and administrative
|
4,948
|
|
|
3,566
|
|
|
9,570
|
|
|
5,058
|
|
||||
Total
|
$
|
8,706
|
|
|
$
|
5,248
|
|
|
$
|
16,833
|
|
|
$
|
8,108
|
|
|
Common Stock-Class A
|
|
Common Stock-Class B
|
|
Treasury Stock
|
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Total Stockholders' Equity
|
|||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||
Balance at December 31, 2018
|
11,502,993
|
|
|
$
|
—
|
|
|
66,855,401
|
|
|
$
|
—
|
|
|
(188,480
|
)
|
|
$
|
(488
|
)
|
|
$
|
718,405
|
|
|
$
|
(302,695
|
)
|
|
$
|
415,222
|
|
Issuance of common stock upon exercise of stock options
|
1,785,106
|
|
|
—
|
|
|
249,207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,427
|
|
|
—
|
|
|
12,427
|
|
||||||
Issuance of restricted stock awards
|
4,402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of common stock for settlement of RSUs
|
62,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Shares withheld related to net share settlement
|
(24,249
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(560
|
)
|
|
—
|
|
|
(560
|
)
|
||||||
Conversion of common stock from Class B to A
|
21,095,075
|
|
|
—
|
|
|
(21,095,075
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retirement of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,480
|
|
|
488
|
|
|
(488
|
)
|
|
—
|
|
|
—
|
|
||||||
Vesting of early exercised stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,330
|
|
|
—
|
|
|
8,330
|
|
||||||
Cumulative effect adjustment upon adoption of ASU 2014-09
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(600
|
)
|
|
(600
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,998
|
)
|
|
(9,998
|
)
|
||||||
Balance at March 31, 2019
|
34,425,590
|
|
|
—
|
|
|
46,009,533
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
738,206
|
|
|
(313,293
|
)
|
|
424,913
|
|
||||||
Issuance of common stock upon exercise of stock options
|
1,785,361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,526
|
|
|
—
|
|
|
10,526
|
|
||||||
Issuance of restricted stock awards
|
21,016
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of common stock for settlement of RSUs
|
52,204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of common stock for ESPP Purchase
|
167,706
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,234
|
|
|
—
|
|
|
2,234
|
|
||||||
Shares withheld related to net share settlement
|
(11,858
|
)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
—
|
|
|
(253
|
)
|
|||||||
Conversion of common stock from Class B to A
|
11,491,455
|
|
|
—
|
|
|
(11,491,455
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of early exercised stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,154
|
|
|
—
|
|
|
9,154
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,833
|
)
|
|
(14,833
|
)
|
||||||
Balance at June 30, 2019
|
47,931,474
|
|
|
$
|
—
|
|
|
34,518,078
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
759,959
|
|
|
$
|
(328,126
|
)
|
|
$
|
431,833
|
|
|
Redeemable
Convertible Preferred Stock |
|
Common Stock-Class A
|
|
Common Stock-Class B
|
|
Treasury Stock
|
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Total Stockholders’ Equity (Deficit)
|
||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||||
Balance at December 31, 2017
|
41,628,207
|
|
|
$
|
334,018
|
|
|
—
|
|
|
$
|
—
|
|
|
20,773,441
|
|
|
$
|
—
|
|
|
(188,480
|
)
|
|
$
|
(488
|
)
|
|
$
|
83,291
|
|
|
$
|
(238,617
|
)
|
|
$
|
(155,814
|
)
|
Issuance of common stock upon exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124,258
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
588
|
|
|
—
|
|
|
588
|
|
|||||||
Vesting of early exercised stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,016
|
|
|
—
|
|
|
3,016
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,023
|
|
|
9,023
|
|
|||||||
Balance at March 31, 2018
|
41,628,207
|
|
|
334,018
|
|
|
—
|
|
|
—
|
|
|
20,897,699
|
|
|
—
|
|
|
(188,480
|
)
|
|
(488
|
)
|
|
86,987
|
|
|
(229,594
|
)
|
|
(143,095
|
)
|
|||||||
Issuance of common stock upon exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
963,297
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,620
|
|
|
—
|
|
|
3,620
|
|
|||||||
Issuance of common stock, acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
676,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,439
|
|
|
—
|
|
|
7,439
|
|
|||||||
Vesting of early exercised stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
|
|
91
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,365
|
|
|
—
|
|
|
5,365
|
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,603
|
)
|
|
(24,603
|
)
|
|||||||
Balance at June 30, 2018
|
41,628,207
|
|
|
$
|
334,018
|
|
|
—
|
|
|
$
|
—
|
|
|
22,537,056
|
|
|
$
|
—
|
|
|
(188,480
|
)
|
|
$
|
(488
|
)
|
|
$
|
103,502
|
|
|
$
|
(254,197
|
)
|
|
$
|
(151,183
|
)
|
EVENTBRITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
|
|||||||||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(14,833
|
)
|
|
$
|
(24,603
|
)
|
|
$
|
(24,831
|
)
|
|
$
|
(15,580
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
6,082
|
|
|
8,580
|
|
|
12,219
|
|
|
16,782
|
|
||||
Amortization of creator signing fees
|
2,522
|
|
|
1,713
|
|
|
4,915
|
|
|
3,077
|
|
||||
Accretion of term loan
|
119
|
|
|
882
|
|
|
223
|
|
|
1,412
|
|
||||
Gain on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,995
|
)
|
||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
—
|
|
|
4,750
|
|
|
—
|
|
|
6,071
|
|
||||
Stock-based compensation
|
8,706
|
|
|
5,248
|
|
|
16,833
|
|
|
8,108
|
|
||||
Impairment of long-lived assets
|
1,436
|
|
|
686
|
|
|
1,899
|
|
|
1,064
|
|
||||
Provision for bad debt and creator advances
|
1,800
|
|
|
914
|
|
|
2,380
|
|
|
1,533
|
|
||||
Loss on disposal of equipment
|
36
|
|
|
—
|
|
|
58
|
|
|
1
|
|
||||
Deferred income taxes
|
(571
|
)
|
|
341
|
|
|
(745
|
)
|
|
617
|
|
||||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
446
|
|
|
78
|
|
|
(1,061
|
)
|
|
(946
|
)
|
||||
Funds receivable
|
7,813
|
|
|
8,892
|
|
|
12,115
|
|
|
14,778
|
|
||||
Creator signing fees, net
|
(4,630
|
)
|
|
(2,626
|
)
|
|
(9,251
|
)
|
|
(6,277
|
)
|
||||
Creator advances, net
|
(4,393
|
)
|
|
30
|
|
|
(8,513
|
)
|
|
(2,517
|
)
|
||||
Prepaid expenses and other current assets
|
1,033
|
|
|
(2,102
|
)
|
|
1,732
|
|
|
(3,430
|
)
|
||||
Other assets
|
(119
|
)
|
|
(788
|
)
|
|
(2
|
)
|
|
(694
|
)
|
||||
Accounts payable, creators
|
(30,407
|
)
|
|
(42,245
|
)
|
|
50,781
|
|
|
29,946
|
|
||||
Accounts payable, trade
|
671
|
|
|
(597
|
)
|
|
956
|
|
|
411
|
|
||||
Accrued compensation and benefits
|
(1,879
|
)
|
|
(80
|
)
|
|
(308
|
)
|
|
(596
|
)
|
||||
Accrued taxes
|
(2,194
|
)
|
|
746
|
|
|
(3,525
|
)
|
|
2,243
|
|
||||
Other accrued liabilities
|
501
|
|
|
4,741
|
|
|
2,712
|
|
|
9,385
|
|
||||
Accrued taxes, non-current
|
(1,361
|
)
|
|
(1,853
|
)
|
|
(1,334
|
)
|
|
640
|
|
||||
Other liabilities
|
220
|
|
|
(14
|
)
|
|
479
|
|
|
(34
|
)
|
||||
Net cash provided by (used in) operating activities
|
(29,002
|
)
|
|
(37,307
|
)
|
|
57,732
|
|
|
48,999
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment
|
(2,281
|
)
|
|
(2,035
|
)
|
|
(3,566
|
)
|
|
(2,688
|
)
|
||||
Capitalized internal-use software development costs
|
(2,166
|
)
|
|
(1,992
|
)
|
|
(4,271
|
)
|
|
(4,331
|
)
|
||||
Acquisitions, net of cash acquired
|
—
|
|
|
13,853
|
|
|
—
|
|
|
13,853
|
|
||||
Net cash provided by (used in) investing activities
|
(4,447
|
)
|
|
9,826
|
|
|
(7,837
|
)
|
|
6,834
|
|
EVENTBRITE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(Unaudited)
|
|||||||||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
||||||||
Proceeds from issuance of common stock under ESPP
|
2,234
|
|
|
—
|
|
|
2,234
|
|
|
—
|
|
||||
Proceeds from exercise of stock options
|
10,526
|
|
|
3,620
|
|
|
22,954
|
|
|
4,208
|
|
||||
Taxes paid related to net share settlement of equity awards
|
(531
|
)
|
|
—
|
|
|
(706
|
)
|
|
—
|
|
||||
Proceeds from term loans
|
—
|
|
|
15,000
|
|
|
—
|
|
|
45,000
|
|
||||
Principal payments on debt obligations
|
(11,406
|
)
|
|
(165
|
)
|
|
(11,406
|
)
|
|
(35,455
|
)
|
||||
Payment of debt issuance costs
|
—
|
|
|
—
|
|
|
(457
|
)
|
|
—
|
|
||||
Payments on capital lease obligations
|
(68
|
)
|
|
(30
|
)
|
|
(138
|
)
|
|
(76
|
)
|
||||
Payments on lease financing obligations
|
(217
|
)
|
|
(155
|
)
|
|
(401
|
)
|
|
(279
|
)
|
||||
Payments of deferred offering costs
|
—
|
|
|
(183
|
)
|
|
(413
|
)
|
|
(183
|
)
|
||||
Net cash provided by financing activities
|
538
|
|
|
18,087
|
|
|
11,667
|
|
|
13,215
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(32,911
|
)
|
|
(9,394
|
)
|
|
61,562
|
|
|
69,048
|
|
||||
Cash, cash equivalents and restricted cash
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
$
|
533,873
|
|
|
$
|
270,663
|
|
|
$
|
439,400
|
|
|
$
|
192,221
|
|
End of period
|
$
|
500,962
|
|
|
$
|
261,269
|
|
|
$
|
500,962
|
|
|
$
|
261,269
|
|
Supplemental cash flow data
|
|
|
|
|
|
|
|
||||||||
Interest paid
|
$
|
1,866
|
|
|
$
|
1,686
|
|
|
$
|
1,876
|
|
|
$
|
3,622
|
|
Income taxes paid, net of refunds
|
183
|
|
|
100
|
|
|
367
|
|
|
143
|
|
||||
Non-cash investing and financing activities
|
|
|
|
|
|
|
|
||||||||
Vesting of early exercised stock options
|
$
|
92
|
|
|
$
|
91
|
|
|
$
|
184
|
|
|
$
|
183
|
|
Purchases of property and equipment, accrued but unpaid
|
338
|
|
|
8
|
|
|
338
|
|
|
8
|
|
||||
Issuance of shares of common stock for acquisitions
|
—
|
|
|
7,439
|
|
|
—
|
|
|
7,439
|
|
||||
Issuance of redeemable convertible preferred stock warrants in connection with loan facilities and term loan
|
—
|
|
|
1,890
|
|
|
—
|
|
|
4,603
|
|
||||
Deferred offering costs included in accounts payable, trade and other accrued liabilities
|
—
|
|
|
1,071
|
|
|
—
|
|
|
1,128
|
|
▪
|
Beginning January 1, 2019, the Company recognizes revenue allocated to its customer service and account management performance obligations over time as the Company has a stand-ready obligation to provide these services to certain customers. The Company recorded a cumulative-effect adjustment to opening accumulated deficit as of January 1, 2019 of
$0.6 million
and a corresponding increase to contract liabilities, included within other accrued liabilities on the interim condensed consolidated balance sheet.
|
▪
|
The adoption of ASC Topic 606 had no material impact to the Company's net revenues recorded in the three or six months ended
June 30, 2019
.
|
▪
|
The accounting treatment of incremental costs of obtaining contracts under ASC Topic 606 had no material impact to the Company's interim unaudited condensed consolidated financial statements.
|
▪
|
The adoption of ASC Topic 606 had no impact to the Company's total net cash provided by or used in operating, investing or financing activities within the Company's interim condensed consolidated statement of cash flows for the three or six months ended
June 30, 2019
.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents
|
$
|
500,454
|
|
|
$
|
437,892
|
|
Restricted cash
|
508
|
|
|
1,508
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
500,962
|
|
|
$
|
439,400
|
|
|
Ticketea
|
||
Cash and restricted cash
|
$
|
17,852
|
|
Funds and accounts receivable
|
1,058
|
|
|
Creator advances
|
532
|
|
|
Prepaid expenses and other current assets
|
94
|
|
|
Property and equipment
|
42
|
|
|
Other noncurrent assets
|
28
|
|
|
Accounts payable, creators
|
(19,671
|
)
|
|
Other current liabilities
|
(529
|
)
|
|
Intangible assets
|
3,094
|
|
|
Goodwill
|
8,937
|
|
|
Total purchase price
|
$
|
11,437
|
|
|
Ticketea
|
|
Estimated
useful life |
||
Customer relationships
|
$
|
2,475
|
|
|
5.0
|
Developed technology
|
619
|
|
|
1.0
|
|
Total acquired intangible assets
|
$
|
3,094
|
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Accounts receivable, customers
|
$
|
6,706
|
|
|
$
|
5,651
|
|
Allowance for doubtful accounts
|
(2,338
|
)
|
|
(1,582
|
)
|
||
Accounts receivable, net
|
$
|
4,368
|
|
|
$
|
4,069
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
19,120
|
|
|
$
|
12,571
|
|
Creator signing fees paid
|
4,630
|
|
|
2,626
|
|
||
Amortization of creator signing fees
|
(2,522
|
)
|
|
(1,713
|
)
|
||
Write-offs and other adjustments
|
(465
|
)
|
|
(206
|
)
|
||
Balance, end of period
|
$
|
20,763
|
|
|
$
|
13,278
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
17,005
|
|
|
$
|
10,421
|
|
Creator signing fees paid
|
9,188
|
|
|
6,279
|
|
||
Amortization of creator signing fees
|
(4,915
|
)
|
|
(3,077
|
)
|
||
Write-offs and other adjustments
|
(515
|
)
|
|
(345
|
)
|
||
Balance, end of period
|
$
|
20,763
|
|
|
$
|
13,278
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Creator signing fees, net
|
$
|
8,245
|
|
|
$
|
7,324
|
|
Creator signing fees, noncurrent
|
12,518
|
|
|
9,681
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
26,734
|
|
|
$
|
22,129
|
|
Acquired with Ticketea transaction
|
—
|
|
|
532
|
|
||
Creator advances paid
|
9,316
|
|
|
3,659
|
|
||
Creator advances recouped
|
(4,914
|
)
|
|
(3,874
|
)
|
||
Write-offs and other adjustments
|
(2,420
|
)
|
|
(845
|
)
|
||
Balance, end of period
|
$
|
28,716
|
|
|
$
|
21,601
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
23,142
|
|
|
$
|
20,076
|
|
Acquired with Ticketea transaction
|
—
|
|
|
532
|
|
||
Creator advances paid
|
19,084
|
|
|
10,248
|
|
||
Creator advances recouped
|
(10,663
|
)
|
|
(7,917
|
)
|
||
Write-offs and other adjustments
|
(2,847
|
)
|
|
(1,338
|
)
|
||
Balance, end of period
|
$
|
28,716
|
|
|
$
|
21,601
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Creator advances, net
|
$
|
26,182
|
|
|
$
|
21,255
|
|
Creator advances, noncurrent
|
2,534
|
|
|
1,887
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Building and improvements
|
$
|
33,277
|
|
|
$
|
33,277
|
|
Capitalized internal-use software development costs
|
40,123
|
|
|
35,201
|
|
||
Furniture and fixtures
|
3,512
|
|
|
3,557
|
|
||
Computers and computer equipment
|
14,163
|
|
|
11,676
|
|
||
Leasehold improvements
|
6,161
|
|
|
5,084
|
|
||
|
97,236
|
|
|
88,795
|
|
||
Less: Accumulated depreciation and amortization
|
(50,985
|
)
|
|
(44,576
|
)
|
||
Property, plant and equipment, net
|
$
|
46,251
|
|
|
$
|
44,219
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Depreciation expense
|
1,599
|
|
|
1,221
|
|
|
3,236
|
|
|
2,363
|
|
Capitalized internal-use software development costs
|
2,614
|
|
|
2,115
|
|
|
4,922
|
|
|
4,562
|
|
Stock-based compensation costs included in capitalized internal-use software development costs
|
448
|
|
|
123
|
|
|
651
|
|
|
279
|
|
Amortization of capitalized internal-use software development costs
|
1,799
|
|
|
1,570
|
|
|
3,499
|
|
|
3,046
|
|
|
June 30, 2019
|
|
|
||||||||||
|
Cost
|
|
Accumulated
Amortization |
|
Net Book
Value |
|
Weighted-
average remaining useful life (years) |
||||||
Developed technology
|
$
|
19,096
|
|
|
$
|
18,952
|
|
|
$
|
144
|
|
|
0.7
|
Customer relationships
|
74,484
|
|
|
20,138
|
|
|
54,346
|
|
|
5.7
|
|||
Tradenames
|
1,600
|
|
|
1,600
|
|
|
—
|
|
|
|
|||
Acquired intangible assets, net
|
$
|
95,180
|
|
|
$
|
40,690
|
|
|
$
|
54,490
|
|
|
|
|
December 31, 2018
|
|
|
||||||||||
|
Cost
|
|
Accumulated
Amortization |
|
Net Book
Value |
|
Weighted-
average remaining useful life (years) |
||||||
Developed technology
|
$
|
19,096
|
|
|
$
|
18,628
|
|
|
$
|
468
|
|
|
0.8
|
Customer relationships
|
74,484
|
|
|
14,979
|
|
|
59,505
|
|
|
6.2
|
|||
Tradenames
|
1,600
|
|
|
1,600
|
|
|
—
|
|
|
|
|||
Acquired intangible assets, net
|
$
|
95,180
|
|
|
$
|
35,207
|
|
|
$
|
59,973
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of net revenue
|
$
|
95
|
|
|
$
|
2,949
|
|
|
$
|
324
|
|
|
$
|
5,821
|
|
Sales, marketing and support
|
2,588
|
|
|
2,539
|
|
|
5,159
|
|
|
4,973
|
|
||||
General and administrative
|
—
|
|
|
301
|
|
|
—
|
|
|
577
|
|
||||
Total amortization of acquired intangible assets
|
$
|
2,683
|
|
|
$
|
5,789
|
|
|
$
|
5,483
|
|
|
$
|
11,371
|
|
The remainder of 2019
|
$
|
5,342
|
|
2020
|
10,443
|
|
|
2021
|
10,197
|
|
|
2022
|
8,202
|
|
|
2023
|
7,709
|
|
|
Thereafter
|
12,597
|
|
|
Acquired intangible assets, net
|
$
|
54,490
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Outstanding principal balance
|
$
|
62,187
|
|
|
$
|
73,594
|
|
Accrued but unpaid interest
|
25
|
|
|
—
|
|
||
Less: Unamortized discount and debt issuance costs
|
(768
|
)
|
|
(872
|
)
|
||
Total term loan, net
|
$
|
61,444
|
|
|
$
|
72,722
|
|
|
|
|
|
||||
Current portion of term loans
|
$
|
5,650
|
|
|
$
|
5,635
|
|
Term loans
|
55,794
|
|
|
67,087
|
|
The remainder of 2019
|
$
|
2,812
|
|
2020
|
6,094
|
|
|
2021
|
7,500
|
|
|
2022
|
7,500
|
|
|
2023
|
38,281
|
|
|
Total
|
$
|
62,187
|
|
|
Capital Leases
|
|
Build-to-Suit
Lease |
|
Operating
Leases |
|
Sublease
Income |
|
Total
|
||||||||||
The remainder of 2019
|
144
|
|
|
$
|
2,829
|
|
|
$
|
1,955
|
|
|
$
|
(2,061
|
)
|
|
$
|
2,867
|
|
|
2020
|
230
|
|
|
5,772
|
|
|
3,844
|
|
|
(4,205
|
)
|
|
5,641
|
|
|||||
2021
|
172
|
|
|
1,943
|
|
|
3,440
|
|
|
(1,239
|
)
|
|
4,316
|
|
|||||
2022
|
86
|
|
|
—
|
|
|
3,185
|
|
|
—
|
|
|
3,271
|
|
|||||
2023
|
—
|
|
|
—
|
|
|
2,836
|
|
|
—
|
|
|
2,836
|
|
|||||
Thereafter
|
—
|
|
|
—
|
|
|
4,392
|
|
|
—
|
|
|
4,392
|
|
|||||
Total minimum lease payments
|
632
|
|
|
10,544
|
|
|
19,652
|
|
|
(7,505
|
)
|
|
23,323
|
|
|||||
Less: Amount representing interest and taxes
|
—
|
|
|
(5,888
|
)
|
|
—
|
|
|
—
|
|
|
(5,888
|
)
|
|||||
Total
|
$
|
632
|
|
|
$
|
4,656
|
|
|
$
|
19,652
|
|
|
$
|
(7,505
|
)
|
|
$
|
17,435
|
|
|
Outstanding
options |
|
Weighted-
average exercise price |
|
Weighted-
average remaining contractual term (years) |
|
Aggregate
intrinsic value
(thousands)
|
|
Balance as of December 31, 2018
|
22,012,597
|
|
|
$7.85
|
|
7.1
|
|
$439,382
|
Granted
|
1,174,160
|
|
|
$17.96
|
|
|
|
|
Exercised
|
(3,819,674
|
)
|
|
$6.01
|
|
|
|
$23,869
|
Cancelled
|
(744,619
|
)
|
|
$12.74
|
|
|
|
|
Balance as of June 30, 2019
|
18,622,464
|
|
|
$8.67
|
|
6.7
|
|
$140,970
|
Vested and exercisable as of December 31, 2018
|
12,462,693
|
|
|
$5.75
|
|
5.6
|
|
$274,883
|
Vested and expected to vest as of December 31, 2018
|
20,926,797
|
|
|
$7.69
|
|
7.0
|
|
$421,047
|
Vested and exercisable as of June 30, 2019
|
10,860,362
|
|
|
$6.51
|
|
5.3
|
|
$105,536
|
Vested and expected to vest as of June 30, 2019
|
17,844,757
|
|
|
$8.53
|
|
6.6
|
|
$137,576
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Expected dividend yield
|
—
|
|
—
|
|
—
|
|
—
|
Expected volatility
|
49.2-49.4%
|
|
52.9%
|
|
49.2-49.7%
|
|
48.3-52.9%
|
Risk-free interest rate
|
1.85-1.95%
|
|
2.55%
|
|
1.85-2.58%
|
|
2.32-2.61%
|
Expected term (years)
|
5.13-6.08
|
|
6.08
|
|
5.13-6.08
|
|
6.08
|
|
Outstanding RSUs
|
|
Weighted-average grant date fair value per share
|
|||
Balance as of December 31, 2018
|
670,606
|
|
|
$
|
24.71
|
|
Awarded
|
2,524,441
|
|
|
21.60
|
|
|
Released
|
(140,022
|
)
|
|
20.40
|
|
|
Cancelled
|
(230,136
|
)
|
|
28.93
|
|
|
Balance as of June 30, 2019
|
2,824,889
|
|
|
$
|
21.79
|
|
Vested and expected to vest as of June 30, 2019
|
2,277,893
|
|
|
$
|
21.77
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net loss
|
$
|
(14,833
|
)
|
|
$
|
(24,603
|
)
|
|
$
|
(24,831
|
)
|
|
$
|
(15,580
|
)
|
Weighted-average shares used in computing net loss per share, basic and diluted
|
81,369
|
|
|
21,886
|
|
|
80,049
|
|
|
21,289
|
|
||||
Net loss per share, basic and diluted
|
$
|
(0.18
|
)
|
|
$
|
(1.12
|
)
|
|
$
|
(0.31
|
)
|
|
$
|
(0.73
|
)
|
|
June 30,
|
||||
|
2019
|
|
2018
|
||
Redeemable convertible preferred stock (on an if-converted basis)
|
—
|
|
|
41,628
|
|
Options to purchase common stock
|
18,622
|
|
|
18,483
|
|
Redeemable convertible preferred stock warrants
|
—
|
|
|
933
|
|
Restricted stock units
|
2,784
|
|
|
1,033
|
|
Early exercised options
|
42
|
|
|
79
|
|
Total
|
21,448
|
|
|
62,156
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States
|
$
|
58,687
|
|
|
$
|
47,206
|
|
|
$
|
118,471
|
|
|
$
|
104,491
|
|
International
|
22,071
|
|
|
20,336
|
|
|
43,613
|
|
|
37,577
|
|
||||
Total net revenue
|
$
|
80,758
|
|
|
$
|
67,542
|
|
|
$
|
162,084
|
|
|
$
|
142,068
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||||||
Paid Tickets
|
26,538
|
|
|
23,099
|
|
|
53,564
|
|
|
46,697
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Net loss
|
$
|
(14,833
|
)
|
|
$
|
(24,603
|
)
|
|
$
|
(24,831
|
)
|
|
$
|
(15,580
|
)
|
Depreciation and amortization
|
6,082
|
|
|
8,580
|
|
|
12,219
|
|
|
16,782
|
|
||||
Stock-based compensation
|
8,706
|
|
|
5,248
|
|
|
16,833
|
|
|
8,108
|
|
||||
Interest expense
|
1,868
|
|
|
3,190
|
|
|
3,801
|
|
|
6,099
|
|
||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
—
|
|
|
4,750
|
|
|
—
|
|
|
6,071
|
|
||||
Gain on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,995
|
)
|
||||
Direct and indirect acquisition related costs
(1)
|
130
|
|
|
622
|
|
|
803
|
|
|
1,445
|
|
||||
Employer taxes related to employee equity transactions
|
524
|
|
|
—
|
|
|
711
|
|
|
—
|
|
||||
Other (income) expense, net
|
(375
|
)
|
|
3,013
|
|
|
(2,555
|
)
|
|
3,294
|
|
||||
Income tax provision (benefit)
|
(1,193
|
)
|
|
430
|
|
|
(1,093
|
)
|
|
800
|
|
||||
Adjusted EBITDA
|
$
|
909
|
|
|
$
|
1,230
|
|
|
$
|
5,888
|
|
|
$
|
10,024
|
|
|
Twelve Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
15,780
|
|
|
$
|
24,554
|
|
Purchases of property and equipment and capitalized internal-use software development costs
|
(13,353
|
)
|
|
(11,392
|
)
|
||
Free cash flow
|
$
|
2,427
|
|
|
$
|
13,162
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
||||||||
Net revenue
|
$
|
80,758
|
|
|
$
|
67,542
|
|
|
$
|
162,084
|
|
|
$
|
142,068
|
|
Cost of net revenue
|
31,073
|
|
|
29,863
|
|
|
61,591
|
|
|
57,947
|
|
||||
Gross profit
|
49,685
|
|
|
37,679
|
|
|
100,493
|
|
|
84,121
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Product development
|
16,295
|
|
|
10,981
|
|
|
30,559
|
|
|
19,815
|
|
||||
Sales, marketing and support
|
25,872
|
|
|
21,513
|
|
|
47,434
|
|
|
42,229
|
|
||||
General and administrative
|
22,051
|
|
|
18,405
|
|
|
47,178
|
|
|
38,388
|
|
||||
Total operating expenses
|
64,218
|
|
|
50,899
|
|
|
125,171
|
|
|
100,432
|
|
||||
Loss from operations
|
(14,533
|
)
|
|
(13,220
|
)
|
|
(24,678
|
)
|
|
(16,311
|
)
|
||||
Interest expense
|
(1,868
|
)
|
|
(3,190
|
)
|
|
(3,801
|
)
|
|
(6,099
|
)
|
||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
—
|
|
|
(4,750
|
)
|
|
—
|
|
|
(6,071
|
)
|
||||
Gain on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
16,995
|
|
||||
Other income (expense), net
|
375
|
|
|
(3,013
|
)
|
|
2,555
|
|
|
(3,294
|
)
|
||||
Loss before income taxes
|
(16,026
|
)
|
|
(24,173
|
)
|
|
(25,924
|
)
|
|
(14,780
|
)
|
||||
Income tax provision (benefit)
|
(1,193
|
)
|
|
430
|
|
|
(1,093
|
)
|
|
800
|
|
||||
Net loss
|
$
|
(14,833
|
)
|
|
$
|
(24,603
|
)
|
|
$
|
(24,831
|
)
|
|
$
|
(15,580
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Consolidated Statements of Operations, as a percentage of net revenue
|
|
|
|
|
|
|
|
||||
Net revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of net revenue
|
38.5
|
|
|
44.2
|
|
|
38.0
|
|
|
40.8
|
|
Gross profit
|
61.5
|
|
|
55.8
|
|
|
62.0
|
|
|
59.2
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Product development
|
20.2
|
|
|
16.3
|
|
|
18.9
|
|
|
13.9
|
|
Sales, marketing and support
|
32.0
|
|
|
31.9
|
|
|
29.3
|
|
|
29.7
|
|
General and administrative
|
27.3
|
|
|
27.2
|
|
|
29.1
|
|
|
27.0
|
|
Total operating expenses
|
79.5
|
|
|
75.4
|
|
|
77.2
|
|
|
70.7
|
|
Loss from operations
|
(18.0
|
)
|
|
(19.6
|
)
|
|
(15.2
|
)
|
|
(11.5
|
)
|
Interest expense
|
(2.3
|
)
|
|
(4.7
|
)
|
|
(2.3
|
)
|
|
(4.3
|
)
|
Change in fair value of redeemable convertible preferred
stock warrant liability |
—
|
|
|
(7.0
|
)
|
|
—
|
|
|
(4.3
|
)
|
Gain on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
12.0
|
|
Other income (expense), net
|
0.5
|
|
|
(4.5
|
)
|
|
1.6
|
|
|
(2.3
|
)
|
Loss before income taxes
|
(19.8
|
)
|
|
(35.8
|
)
|
|
(16.0
|
)
|
|
(10.4
|
)
|
Income tax provision (benefit)
|
(1.4
|
)
|
|
0.6
|
|
|
(0.7
|
)
|
|
0.6
|
|
Net loss
|
(18.4
|
)%
|
|
(36.4
|
)%
|
|
(15.3
|
)%
|
|
(11.0
|
)%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Net revenue
|
$
|
80,758
|
|
|
$
|
67,542
|
|
|
$
|
13,216
|
|
|
19.6
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Cost of net revenue
|
$
|
31,073
|
|
|
$
|
29,863
|
|
|
$
|
1,210
|
|
|
4.1
|
%
|
Percentage of total net revenue
|
38.5
|
%
|
|
44.2
|
%
|
|
|
|
|
|||||
Gross margin
|
61.5
|
%
|
|
55.8
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Product development
|
$
|
16,295
|
|
|
$
|
10,981
|
|
|
$
|
5,314
|
|
|
48.4
|
%
|
Percentage of total net revenue
|
20.2
|
%
|
|
16.3
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Sales, marketing and support
|
$
|
25,872
|
|
|
$
|
21,513
|
|
|
$
|
4,359
|
|
|
20.3
|
%
|
Percentage of total net revenue
|
32.0
|
%
|
|
31.9
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
General and administrative
|
$
|
22,051
|
|
|
$
|
18,405
|
|
|
$
|
3,646
|
|
|
19.8
|
%
|
Percentage of total net revenue
|
27.3
|
%
|
|
27.2
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Interest expense
|
$
|
(1,868
|
)
|
|
$
|
(3,190
|
)
|
|
$
|
(1,322
|
)
|
|
(41.4
|
)%
|
Percentage of total net revenue
|
(2.3
|
)%
|
|
(4.7
|
)%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
$
|
—
|
|
|
$
|
(4,750
|
)
|
|
$
|
(4,750
|
)
|
|
(100.0
|
)%
|
Percentage of total net revenue
|
—
|
%
|
|
(7.0
|
)%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Other income (expense), net
|
$
|
375
|
|
|
$
|
(3,013
|
)
|
|
$
|
3,388
|
|
|
112.4
|
%
|
Percentage of total net revenue
|
0.5
|
%
|
|
(4.5
|
)%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Income tax provision (benefit)
|
$
|
(1,193
|
)
|
|
$
|
430
|
|
|
$
|
(1,623
|
)
|
|
(377.4
|
)%
|
Percentage of total net revenue
|
(1.4
|
)%
|
|
0.6
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Net revenue
|
$
|
162,084
|
|
|
$
|
142,068
|
|
|
$
|
20,016
|
|
|
14.1
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Cost of net revenue
|
$
|
61,591
|
|
|
$
|
57,947
|
|
|
$
|
3,644
|
|
|
6.3
|
%
|
Percentage of total net revenue
|
38.0
|
%
|
|
40.8
|
%
|
|
|
|
|
|||||
Gross margin
|
62.0
|
%
|
|
59.2
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Product development
|
$
|
30,559
|
|
|
$
|
19,815
|
|
|
$
|
10,744
|
|
|
54.2
|
%
|
Percentage of total net revenue
|
18.9
|
%
|
|
13.9
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Sales, marketing and support
|
$
|
47,434
|
|
|
$
|
42,229
|
|
|
$
|
5,205
|
|
|
12.3
|
%
|
Percentage of total net revenue
|
29.3
|
%
|
|
29.7
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
General and administrative
|
$
|
47,178
|
|
|
$
|
38,388
|
|
|
$
|
8,790
|
|
|
22.9
|
%
|
Percentage of total net revenue
|
29.1
|
%
|
|
27.0
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Interest expense
|
$
|
(3,801
|
)
|
|
$
|
(6,099
|
)
|
|
$
|
(2,298
|
)
|
|
(37.7
|
)%
|
Percentage of total net revenue
|
(2.3
|
)%
|
|
(4.3
|
)%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Change in fair value of redeemable convertible preferred stock warrant liability
|
$
|
—
|
|
|
$
|
(6,071
|
)
|
|
$
|
(6,071
|
)
|
|
(100.0
|
)%
|
Percentage of total net revenue
|
—
|
%
|
|
(4.3
|
)%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Gain on debt extinguishment
|
$
|
—
|
|
|
$
|
16,995
|
|
|
$
|
(16,995
|
)
|
|
(100.0
|
)%
|
Percentage of total net revenue
|
—
|
%
|
|
12.0
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Other income (expense), net
|
$
|
2,555
|
|
|
$
|
(3,294
|
)
|
|
$
|
5,849
|
|
|
177.6
|
%
|
Percentage of total net revenue
|
1.6
|
%
|
|
(2.3
|
)%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Income tax provision (benefit)
|
$
|
(1,093
|
)
|
|
$
|
800
|
|
|
$
|
(1,893
|
)
|
|
(236.6
|
)%
|
Percentage of total net revenue
|
(0.7
|
)%
|
|
0.6
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
$
|
(29,002
|
)
|
|
$
|
(37,307
|
)
|
|
$
|
57,732
|
|
|
$
|
48,999
|
|
Investing activities
|
(4,447
|
)
|
|
9,826
|
|
|
(7,837
|
)
|
|
6,834
|
|
||||
Financing activities
|
538
|
|
|
18,087
|
|
|
11,667
|
|
|
13,215
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
(32,911
|
)
|
|
$
|
(9,394
|
)
|
|
$
|
61,562
|
|
|
$
|
69,048
|
|
|
Payments due by Period
|
|
|
||||||||||||||||
|
Total
|
|
Less than
1 year |
|
Between
1-3 years |
|
Between
3-5 years |
|
More than 5 years
|
||||||||||
Term loan
|
$
|
62,187
|
|
|
$
|
5,625
|
|
|
$
|
14,531
|
|
|
$
|
42,031
|
|
|
—
|
|
|
Future creator signing fees and creator advances
|
26,797
|
|
|
12,286
|
|
|
12,178
|
|
|
2,333
|
|
|
—
|
|
|||||
Build-to-suit lease obligation
|
10,544
|
|
|
5,687
|
|
|
4,857
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
19,652
|
|
|
3,905
|
|
|
6,983
|
|
|
5,476
|
|
|
3,288
|
|
|||||
Sublease income
|
(7,505
|
)
|
|
(4,143
|
)
|
|
(3,362
|
)
|
|
—
|
|
|
—
|
|
|||||
Capital Leases
|
632
|
|
|
289
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|||||
Purchase commitments
|
5,750
|
|
|
3,750
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
118,057
|
|
|
$
|
27,399
|
|
|
$
|
37,530
|
|
|
$
|
49,840
|
|
|
$
|
3,288
|
|
Exhibit
Number
|
|
Description of Exhibits
|
|
Incorporated by
Reference from
Form
|
|
Incorporated by Reference from
Exhibit Number
|
|
Date Filed
|
|
|
S-1/A
|
|
3.2
|
|
August 28, 2018
|
||
|
|
S-1/A
|
|
3.4
|
|
August 28, 2018
|
||
|
|
S-1/A
|
|
4.1
|
|
September 7, 2018
|
||
|
|
Filed herewith
|
|
|
|
|
||
|
|
Filed herewith
|
|
|
|
|
||
|
|
Filed herewith
|
|
|
|
|
||
|
|
Filed herewith
|
|
|
|
|
||
|
|
Filed herewith
|
|
|
|
|
||
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
|
|
|
Eventbrite, Inc.
|
|
|
|
|
|
|
|
By:
|
/s/ Julia Hartz
|
August 7, 2019
|
|
|
Julia Hartz
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Randy Befumo
|
August 7, 2019
|
|
|
Randy Befumo
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
By:
|
/s/ Shane Crehan
|
August 7, 2019
|
|
|
Shane Crehan
|
|
|
|
Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
1.
|
Relationship of the Parties; Independent Contractor.
|
2.
|
Representations and Warranties
.
|
|
|
1.
|
The following language will be added to the end of the “Fee and Term” Section of Appendix A of the Agreement:
|
2.
|
The “Project Summary” Section of Appendix A will be replaced with the following: “Contractor will advise and consult with Eventbrite executives on business drivers, growth, strategy and organization. Contractor will be available for weekly meetings with Julia Hartz as mutually agreed.”
|
3.
|
Each Party hereby represents and warrants to the other that (i) it has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated hereby; and (ii) the undersigned for each Party has the full right, legal power and actual authority to bind such Party to the terms and conditions hereof.
|
4.
|
This Amendment may be executed in several counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. If a Party signs the signature page and faxes (or scans and emails) the signature page to the other Party, then such signature page shall be deemed an original signature page to this Amendment and shall constitute the execution and delivery of this Amendment by the sending Party.
|
5.
|
Except as modified by this Amendment, all of the terms and conditions of the Agreement shall remain in full force and effect.
|
/s/ Julia Hartz
|
|
Julia Hartz
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ Randy Befumo
|
|
Randy Befumo
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
/s/ Julia Hartz
|
|
Julia Hartz
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
/s/ Randy Befumo
|
|
Randy Befumo
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|