StubHub Files for IPO

Thanks Taylor.... S-1 for $STUB

Now I don't know about you, but this whole 𝗦𝘁𝘂𝗯𝗛𝘂𝗯 𝗴𝗼𝗶𝗻𝗴 𝗜𝗣𝗢 thing...when you look at workforce growth and contractions is....interesting.

They just filed their S-1, and it’s a mixed bag of “damn, that’s hot” and “what the actual hockey sticks?” - my favorite kind of drama when it comes to this stuff.

𝗙𝗶𝗿𝘀𝘁, 𝘁𝗵𝗲 𝗴𝗼𝗼𝗱.

StubHub’s 2024 revenue hit $1.77B, up 29.4% from 2023, and they moved $8.7B in gross sales. That’s 40 million tickets sold across 200 countries, which means 𝗲𝘃𝗲𝗿𝘆 𝗦𝘄𝗶𝗳𝘁𝗶𝗲 𝗮𝗻𝗱 𝘁𝗵𝗲𝗶𝗿 𝗼𝘃𝗲𝗿𝗽𝗿𝗶𝗰𝗲𝗱 𝗿𝗲𝘀𝗮𝗹𝗲 𝗱𝗿𝗲𝗮𝗺𝘀 𝗸𝗲𝗽𝘁 𝘁𝗵𝗲 𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗻.

Now, let’s get to the workforce efficiency, because I know the number geeks like me are all about that. With an adjusted EBITDA of $298.7M and 1.5K employees, they’re clocking ~$200K per head. Not bad for a company that was basically a ghost town in 2020.

Speaking of bad times... 𝘁𝗵𝗲 𝗱𝗲𝗯𝘁, 𝘁𝗵𝗲𝘆’𝗿𝗲 𝗹𝘂𝗴𝗴𝗶𝗻𝗴 𝗮𝗿𝗼𝘂𝗻𝗱 $𝟮.𝟯𝟯𝗕 𝗼𝗳 𝗶𝘁 - yeah, ya'll... that's 8X their EBITDA, which is the kind of math that makes me need a martini. Yes, I know it is Saturday morning... so how about a mimosa instead? Acceptable?

StubHub’s playing a long game, though. This IPO’s less about warm fuzzies and more about paying down that debt while flexing their market muscle. And their marketing is solid. The November 24' cuts look like they were dropping dead weight for the IPO glow-up. It's all about packaging.

Want the entire S-1 filing and prospectus for StubHub as they become $STUB on the NYSE? CLICK HERE - It’s just under a cool 300 pages.

This isn't my typical wheelhouse of oil, tech, private space, and defense...but a client asked me to run the models for them so they could run it alongside their investments and well, the data is interesting to say the least.

Congrats on StubHub on their upcoming IPO... ticketing is one to watch in the future.