Eventbrite (EB) Misses Q1 EPS, Revenues; Refunded $19.1M in Ticket Fees, Announces $225M Financing with Francisco Partners

Eventbrite (NYSE: EB) reported Q1 EPS of ($1.71), $1.47 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $49.1 million versus the consensus estimate of $71.9 million.

• Net revenue of $49.1 million in the first quarter included a $19.1 million increase in refunded ticket fees, refund reserves and bad debt for accounts receivable, and compared to net revenue of $81.3 million in the prior year. The balance of the reduction was primarily due to reduced March ticket sales largely related to COVID-19.

“While the world may not be gathering together today, the desire for human connection is stronger than ever, and we see this desire matched every day by the entrepreneurialism of event creators,” said Julia Hartz, co-founder and Chief Executive Officer. “We acted swiftly to respond to COVID-19 by supporting our creators and strengthening our financial foundation, while continuing to build great product. We are sharpening our focus to provide value to our most active creators through innovative solutions that enable creative control and agility, and by helping them drive demand for their events. While we can’t predict when this crisis will pass, we are confident in Eventbrite’s ability to best serve the event creators who will rebuild the live experience economy.”

Announced a financing with Francisco Partners for up to $225 million in term loans

For earnings history and earnings-related data on Eventbrite (EB) click here.

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