StubHub (STUB) Registration Filing summary

Company overview and business model

• Operates a global online ticketing marketplace for live events under the StubHub and viagogo brands, connecting buyers and sellers worldwide.

• Business model is transaction-based, generating revenue from fees charged to buyers and sellers for ticket transactions and related services.

• Marketplace supports both secondary ticket sales and, increasingly, direct issuance of original tickets from content rights holders.

• Technology platform offers end-to-end functionality, global distribution, and data-driven pricing and personalization, supporting transactions in 33 languages and 48 currencies.

• Focused on expanding into adjacent markets such as digital advertising, sports betting, and merchandising.

Financial performance and metrics

• 2024 revenue: $1.77 billion, up 29.5% from 2023; Q1 2025 revenue: $397.6 million, up 10.4% year-over-year.

• 2024 net loss: $2.8 million; Q1 2025 net loss: $22.2 million.

• Adjusted EBITDA for 2024: $298.7 million; Q1 2025: $47.9 million.

• Free cash flow for 2024: $255.1 million; Q1 2025: $151.1 million.

• Gross Merchandise Sales (GMS) in 2024: $8.68 billion, up 27% year-over-year; over 40 million tickets sold in 2024.

• As of March 31, 2025: $1.15 billion in cash and cash equivalents; $2.4 billion in long-term debt.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used primarily to repay existing term loan debt, with the remainder for general corporate purposes, including working capital, operating expenses, and potential acquisitions or investments.

• No current agreements for material acquisitions or investments.