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Eventbrite appoints new CFO following Q2 results

Revenue and ticket sales up but losses widen as Evenbrite continues to deal with the “challenges of sunsetting Ticketfly”

By Anna Grace on 09 Aug 2019

Eventbrite appoints new CFO, post Q2 results

Former Evenbrite CFO Randy Befumo becomes chief strategy officer


image © Evenbrite

Ticketing and event technology platform Eventbrite has appointed Lanny Baker as chief financial officer, following mixed second quarter financial results.

Baker joins Eventbrite from Yelp, succeeding Randy Befumo in the role. Befumo, who has served as the company’s chief financial officer since 2016, will move into the role of chief strategy officer.

Eventbrite chief executive officer Julia Hartz says she “cannot think of a better partner […] to help lead the company in its next phase of growth” than Baker.

The announcement follows the release of Eventbrite’s Q2 financial report, which showed total revenue for the quarter at $80.8 million, a 19.6% increase compared to Q2 2018. Paid ticket sales were also up from the same period last year, growing 15% to $26.5m.

In a letter to shareholders, the company attributed revenue rise to ticket sales and the introduction of its add-ons feature, which allows event organisers to promote premium and ancillary offerings to customers.

However, the results showed an operating loss of $14.5m for the quarter, up from the $13.2m from Q2 2018.

“I cannot think of a better partner than Lanny [Baker] to help lead the company in its next phase of growth”

Adjusted EBITDA (earning before interest, tax, depreciation and amortisation) was down from the previous year, from $1.2m to $900,000.

In Wednesday’s earnings call, chief strategy officer Befumo stated the company expected EBITDA for the next quarter to be down further, “in the range of minus $9m to minus $5m”. The bulk of this loss, explained Befumo, would be related to the impact of the failed Roxodus festival.

Eventbrite pledged to refund all ticketholders out of its own pocket, following the last minute cancellation of Roxodus festival in Canada. MF Live, the company behind the festival, has since filed for bankruptcy.

The upcoming quarter will also be affected by “migration impact as we sunset the Ticketfly platform”. However, the company states it is “encouraged by the progress” it has made with the Ticketfly integration, with fewer than 100 clients left to migrate. The intention is to have all tickets sold on the Eventbrite platform by October 1.

In the earnings call, Befumo told investors that there was “no easy quantification” of how many customers would remain with Eventbrite after migrating from Ticketfly.

The company put its modest growth in Q1 down to issues relating to the integration of Ticketfly, which it acquired in 2017.

 


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