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Segment Reporting | 3 Months Ended
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Mar. 31, 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 months ended March 31, 2026 and 2025 (in thousands):
|  | Three Months Ended March 31, 2026 |
|  | Marketplace |  |  | Resale |  |  | Total |
Revenues |  | $ | 97,526 |  |  | $ | 28,257 |  |  | $ | 125,783 |
Cost of revenues (exclusive of depreciation and amortization shown separately below) |  |  | 16,602 |  |  |  | 22,593 |  |  |  | 39,195 |
Marketing and selling: |  |  |  |  |  |  |  |  |
Online advertising |  |  | 46,977 |  |  |  | — |  |  |  | 46,977 |
Offline advertising |  |  | 2,974 |  |  |  | — |  |  |  | 2,974 |
Total marketing and selling |  |  | 49,951 |  |  |  | — |  |  |  | 49,951 |
Contribution margin |  |  | 30,973 |  |  |  | 5,664 |  |  |  | 36,637 |
General and administrative |  |  |  |  |  |  |  |  | 33,117 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 12,308 |
Loss from operations |  |  |  |  |  |  |  |  | (8,788 | )
Interest expense – net |  |  |  |  |  |  |  |  | 5,931 |
Other expense – net |  |  |  |  |  |  |  |  | 1,070 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (15,789 | )
|  | Three Months Ended March 31, 2025 |
|  | Marketplace |  |  | Resale |  |  | Total |
Revenues |  | $ | 133,740 |  |  | $ | 30,283 |  |  | $ | 164,023 |
Cost of revenues (exclusive of depreciation and amortization shown separately below) |  |  | 20,999 |  |  |  | 23,526 |  |  |  | 44,525 |
Marketing and selling: |  |  |  |  |  |  |  |  |
Online advertising |  |  | 59,199 |  |  |  | — |  |  |  | 59,199 |
Offline advertising |  |  | 4,913 |  |  |  | — |  |  |  | 4,913 |
Total marketing and selling |  |  | 64,112 |  |  |  | — |  |  |  | 64,112 |
Contribution margin |  |  | 48,629 |  |  |  | 6,757 |  |  |  | 55,386 |
General and administrative |  |  |  |  |  |  |  |  | 48,082 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 11,625 |
Loss from operations |  |  |  |  |  |  |  |  | (4,321 | )
Interest expense – net |  |  |  |  |  |  |  |  | 5,665 |
Other income – net |  |  |  |  |  |  |  |  | (4,154 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 801 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (6,633 | )
Substantially all of our sales occur and assets reside in the United States.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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