v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

4. Segment Reporting

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the entity’s Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. Our CODM is our Chief Executive Officer.

We have determined that we have two operating and reportable segments: Marketplace and Resale. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners within our online ticket marketplace, through which we earn revenue processing ticket sales for live events and attractions and from facilitating the booking of hotel rooms and packages. In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own.

For both segments, our CODM uses contribution margin (defined as revenues less cost of revenues and marketing and selling expenses) as a means to allocate resources, evaluate performance, and make strategic decisions during the annual budgeting and forecasting process. Contribution margin forms the basis for measuring trends in performance and comparing the relative potential of various initiatives.

Cost of revenues largely consist of payment processing fees for our Marketplace segment and ticket costs for our Resale segment. Marketing and selling expenses, which relate entirely to our Marketplace segment, consist almost entirely of advertising costs. Most advertising costs are aimed towards acquiring new customers online through paid search engine marketing, fees paid to our advertising affiliates and distributors, and other various digital marketing activities. However, to a lesser extent, advertising costs are also aimed towards acquiring new customers offline through traditional media channels, advertising agency costs, and partnership expenses with sports teams and other media partners.

We do not report our assets, capital expenditures, general and administrative expenses, or depreciation and amortization expenses by segment because our CODM does not use this information to evaluate the performance of our operating segments.

The following tables summarize our segment information for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

 

Marketplace

 

 

Resale

 

 

Total

 

 

Marketplace

 

 

Resale

 

 

Total

 

Revenues

 

$

103,948

 

 

$

25,913

 

 

$

129,861

 

 

$

201,475

 

 

$

54,169

 

 

$

255,644

 

Cost of revenues (exclusive of depreciation and amortization shown separately below)

 

 

17,460

 

 

 

21,182

 

 

 

38,642

 

 

 

34,062

 

 

 

43,775

 

 

 

77,837

 

Marketing and selling:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Online advertising

 

 

50,446

 

 

 

—

 

 

 

50,446

 

 

 

97,424

 

 

 

—

 

 

 

97,424

 

Offline advertising

 

 

2,307

 

 

 

—

 

 

 

2,307

 

 

 

5,280

 

 

 

—

 

 

 

5,280

 

Total marketing and selling

 

 

52,753

 

 

 

—

 

 

 

52,753

 

 

 

102,704

 

 

 

—

 

 

 

102,704

 

Contribution margin

 

 

33,735

 

 

 

4,731

 

 

 

38,466

 

 

 

64,709

 

 

 

10,394

 

 

 

75,103

 

General and administrative

 

 

 

 

 

 

 

 

32,589

 

 

 

 

 

 

 

 

 

65,706

 

Depreciation and amortization

 

 

 

 

 

 

 

 

12,318

 

 

 

 

 

 

 

 

 

24,626

 

Loss from operations

 

 

 

 

 

 

 

 

(6,441

)

 

 

 

 

 

 

 

 

(15,229

)

Interest expense – net

 

 

 

 

 

 

 

 

6,055

 

 

 

 

 

 

 

 

 

11,986

 

Other expense – net

 

 

 

 

 

 

 

 

945

 

 

 

 

 

 

 

 

 

2,015

 

Loss before income taxes

 

 

 

 

 

 

 

$

(13,441

)

 

 

 

 

 

 

 

$

(29,230

)

 

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

 

 

Marketplace

 

 

Resale

 

 

Total

 

 

Marketplace

 

 

Resale

 

 

Total

 

Revenues

 

$

114,478

 

 

$

29,088

 

 

$

143,566

 

 

$

248,218

 

 

$

59,371

 

 

$

307,589

 

Cost of revenues (exclusive of depreciation and amortization shown separately below)

 

 

18,162

 

 

 

24,267

 

 

 

42,429

 

 

 

39,161

 

 

 

47,793

 

 

 

86,954

 

Marketing and selling:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Online advertising

 

 

48,630

 

 

 

—

 

 

 

48,630

 

 

 

107,829

 

 

 

—

 

 

 

107,829

 

Offline advertising

 

 

5,170

 

 

 

—

 

 

 

5,170

 

 

 

10,083

 

 

 

—

 

 

 

10,083

 

Total marketing and selling

 

 

53,800

 

 

 

—

 

 

 

53,800

 

 

 

117,912

 

 

 

—

 

 

 

117,912

 

Contribution margin

 

 

42,516

 

 

 

4,821

 

 

 

47,337

 

 

 

91,145

 

 

 

11,578

 

 

 

102,723

 

General and administrative

 

 

 

 

 

 

 

 

46,272

 

 

 

 

 

 

 

 

 

94,354

 

Depreciation and amortization

 

 

 

 

 

 

 

 

12,341

 

 

 

 

 

 

 

 

 

23,966

 

Impairment charges

 

 

 

 

 

 

 

 

320,449

 

 

 

 

 

 

 

 

 

320,449

 

Loss from operations

 

 

 

 

 

 

 

 

(331,725

)

 

 

 

 

 

 

 

 

(336,046

)

Interest expense – net

 

 

 

 

 

 

 

 

5,634

 

 

 

 

 

 

 

 

 

11,299

 

Other income – net

 

 

 

 

 

 

 

 

(150,197

)

 

 

 

 

 

 

 

 

(154,351

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

801

 

Loss before income taxes

 

 

 

 

 

 

 

$

(187,162

)

 

 

 

 

 

 

 

$

(193,795

)

Substantially all of our sales occur and assets reside in the United States.