StubHub Announces Third Quarter 2025 Results

NEW YORK--( BUSINESS WIRE)--StubHub Holdings, Inc. (NYSE: STUB) ("StubHub" or the “Company”), a leading global ticketing marketplace for live events, today reported financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

Three Months Ended September 30,

2025

2024

% Change

(in thousands, except percentages)

Gross Merchandise Sales (GMS)

2,434,796

2,188,890

Revenue

468,113

433,779

Net loss

(1,294,609

)

(33,012

)

Adjusted EBITDA

67,493

55,750

Adjusted EBITDA Margin

* - Not meaningful

Eric Baker, Founder, Chairman and Chief Executive Officer of StubHub, commented, “Our debut quarter as a public company underscores the strength and resilience of our global marketplace. We delivered double-digit GMS growth, expanded market share, and significantly strengthened our balance sheet — all while advancing our long-term strategy to make live entertainment more accessible for fans everywhere.”

Baker continued, “StubHub’s mission has always started with the fan — creating more access and transparency around the live event experience. We are building a truly differentiated consumer product that improves the experience for fans while unlocking better economics for venues, teams, and artists through open distribution. We’re early in that journey, but our progress so far gives us great confidence in our strategy and the long-term value we’re creating.”

Conference Call and Webcast Information

StubHub will host a conference call and audio webcast today at 5:00 PM Eastern Time, during which management will discuss third quarter results and provide commentary on business performance.

A live audio webcast of the earnings conference call may be accessed on StubHub’s website at investors.stubhub.com, along with a copy of the earnings call presentation and this press release. The audio webcast will be available on the Company’s investor relations website for up to 12 months following the conclusion of the call.

About StubHub

StubHub is a leading global ticketing marketplace for live events. Through StubHub in North America and viagogo internationally, StubHub services customers in over 200 countries and territories, supporting over 30 languages and accepting payments in over 45 currencies – from sports to music, comedy to dance, festivals to theater. StubHub offers a safe and convenient way to buy or sell tickets to live events across the world for memorable live experiences.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ materially from expectations, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, and you should not rely on these as predictions of future events. Factors that may cause differences include, without limitation: our ability to compete in the ticketing industry against current or future competitors; our ability to maintain relationships with buyers and sellers, including individual sellers, professional sellers and content rights holders; the demand for tickets on our platform or for live events in general; our ability to continue to improve our platform and maintain and enhance our brands; the impact of extraordinary events or adverse economic conditions on discretionary consumer and corporate spending or on the supply and demand of live events; our ability to rely on third-party platforms to distribute our applications or host our ticketing platform; our ability to expand the adoption of our platform for direct issuance and disrupt the legacy primary ticketing model; our ability to expand into adjacent market opportunities across live entertainment and into additional live event and experience categories; our expectations regarding the size, addressability and expected growth or contraction of our target market, as well as our beliefs as to the drivers of those changes; our ability to comply with domestic regulatory regimes; our ability to successfully defend against litigation; the effects of seasonal trends on our results of operations; our ability to maintain the integrity of our information systems and infrastructure, and to mitigate possible cybersecurity risks; our ability to generate sufficient cash flows or raise additional capital necessary to fund our operations or service our debt, contractual commitments or obligations; our ability to remediate material weaknesses in our internal control over financial reporting; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates and rising inflation rates; the increased expenses associated with being a public company; and our ability to attract and retain a qualified management team and other team members while controlling our labor costs. For additional information on other potential risks and uncertainties that could cause actual results to differ from expected results, please refer to our filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to us as of the date of this press release and are made only as of such date. The Company undertakes no obligation to update these statements to reflect subsequent events or circumstances, except as required by law.

STUBHUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

468,113

433,779

1,296,015

1,237,230

Costs and expenses:

Cost of revenue (exclusive of depreciation and amortization shown separately below)

100,514

79,562

238,102

205,919

Operations and support

22,508

15,584

48,634

44,379

Sales and marketing

281,136

220,964

735,246

606,664

General and administrative

1,425,733

99,355

1,571,161

296,929

Depreciation and amortization

6,411

6,168

19,167

18,139

Total costs and expenses

1,836,302

421,633

2,612,310

1,172,030

(Loss) income from operations

(1,368,189

)

12,146

(1,316,295

)

65,200

Interest income

12,912

11,045

31,579

31,286

Interest expense

(35,360

)

(47,548

)

(121,665

)

(134,569

)

Other income, net

4,904

1,907

4,552

1,907

Foreign currency losses

(1,133

)

(19,519

)

(86,303

)

(5,388

)

Loss on extinguishment of debt

(15,454

)

—

(15,454

)

(8,216

)

Gains (losses) on derivatives

1,471

(7,858

)

637

2,380

Total other expense, net

(32,660

)

(61,973

)

(186,654

)

(112,600

)

Loss before income taxes

(1,400,849

)

(49,827

)

(1,502,949

)

(47,400

)

Benefit (provision) for income taxes

106,240

16,815

132,328

(9,590

)

Net loss

(1,294,609

)

(33,012

)

(1,370,621

)

(56,990

)

Net loss attributable to common stockholders

(1,331,317

)

(45,875

)

(1,443,132

)

(96,061

)

Net loss per share attributable to common stockholders:

Basic

(4.27

)

(0.15

)

(4.70

)

(0.32

)

Diluted

(4.27

)

(0.15

)

(4.71

)

(0.32

)

Weighted-average shares used in computing net loss per share attributable to common stockholders:

Basic

311,633,848

304,427,934

306,981,026

304,335,924

Diluted

312,956,375

304,427,934

307,421,868

304,335,924

STUBHUB HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

September 30,

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

1,392,458

1,000,965

Accounts receivable

6,205

5,473

Inventory

2,004

16,145

Prepaid expenses and other current assets

39,425

28,772

Total current assets

1,440,092

1,051,355

Non-current assets:

Property and equipment, net

58,269

6,514

Trademarks and trade names

864,800

Other intangible assets, net

43,715

59,855

Goodwill

2,686,701

Restricted cash

16,593

14,634

Deferred tax assets

401,163

248,482

Other non-current assets

89,447

161,244

Total assets

5,600,780

5,093,585

Liabilities, Redeemable Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity

Current liabilities:

Accounts payable

66,924

112,633

Payments due to buyers and sellers

865,826

706,783

Accrued expenses and other current liabilities (including $22,272 and $0 under the fair value option, respectively)

333,550

269,104

Long-term debt obligations, current

—

19,526

Total current liabilities

1,266,300

1,108,046

Non-current liabilities:

Long-term debt obligations, non-current

1,652,858

2,311,981

Other non-current liabilities (including $0 and $70,397 under the fair value option, respectively)

230,664

295,816

Total liabilities

3,149,822

3,715,843

Commitments and contingencies

Redeemable preferred stock, $0.001 par value; 100,000,000 and 28,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 794,893 and 510,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $1,013,637 and $665,561 as of September 30, 2025 and December 31, 2024, respectively

758,027

474,920

Redeemable common stock, $0.001 par value; zero and 1,472,965 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

—

22,258

Stockholders’ equity:

Class A common stock, $0.001 par value; 3,000,000,000 and 365,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 320,737,388 and 273,872,642 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

320

274

Class B common stock, $0.001 par value; 200,000,000 and 50,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 24,750,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024

Class C common stock, $0.001 par value; zero and 16,077,175 shares authorized as of September 30, 2025 and December 31, 2024; zero and 4,328,764 shares issued and outstanding as of September 30, 2025 and December 31, 2024

—

Additional paid-in capital

4,486,070

2,255,500

Accumulated other comprehensive income

81,806

129,430

Accumulated deficit

(2,875,290

)

(1,504,669

)

Total stockholders’ equity

1,692,931

880,564

Total liabilities, redeemable preferred stock, redeemable common stock, and stockholders’ equity

5,600,780

5,093,585

STUBHUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net loss

(1,370,621

)

(56,990

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

1,829

1,657

Amortization of intangible assets

17,338

16,482

Stock-based compensation

1,412,779

4,356

Amortization of debt issuance costs

6,535

7,245

Losses on derivatives

7,602

11,196

Amortization of unrealized losses on cash flow hedge

(23,924

)

(5,539

)

Unrealized foreign exchange losses

87,647

9,279

Loss on extinguishment of debt

15,454

8,216

Deferred income taxes

(135,458

)

15,933

Fair value change for preferred stocks and preferred stock bifurcated derivatives

15,825

6,549

Other

6,840

4,553

Changes in operating assets and liabilities:

Accounts receivable

(491

)

5,183

Inventory

7,302

(23,508

)

Prepaid expenses and other current assets

(8,125

)

(551

)

Other non-current assets

(1,667

)

(20,976

)

Operating lease right-of-use assets

3,359

3,818

Accounts payable

(49,937

)

(23,104

)

Payments due to buyers and sellers

131,165

281,572

Accrued expenses and other current liabilities

26,600

127,941

Other non-current liabilities

33,839

41,610

Operating lease liabilities

(2,455

)

(3,987

)

Net cash provided by operating activities

181,436

410,935

Cash flows from investing activities:

Capitalized software development costs

(22,842

)

(2,104

)

Purchases of property and equipment

(1,170

)

(1,326

)

Purchases of intangible assets

(1,198

)

(1,770

)

Net cash used in investing activities

(25,210

)

(5,200

)

Cash flows from financing activities:

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

758,000

—

Proceeds from issuance of Series M redeemable preferred stock

—

24,025

Proceeds from issuance of Series N redeemable preferred stock

50,000

—

Proceeds from issuance of Series O redeemable preferred stock

254,893

—

Proceeds from issuance of Class A common stock upon exercise of stock options and warrants

1,123

Proceeds from issuance of debt

—

443,465

STUBHUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) – continued

(Unaudited)

Nine Months Ended September 30,

2025

2024

Proceeds from partial interest rate swap termination

14,010

—

Repurchase and retirement of Class A and Class C common stock

(1,000

)

—

Repayment of long-term debt obligations

(759,763

)

(501,709

)

Payment of tax withholding obligations on vested equity awards

(81,607

)

—

Payments of deferred offering costs

(10,050

)

(2,630

)

Payment of debt issuance costs

—

(2,770

)

Net cash provided by (used in) financing activities

224,542

(38,496

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

12,723

(1,942

)

Net increase in cash, cash equivalents, and restricted cash

393,491

365,297

Cash, cash equivalents, and restricted cash at beginning of period

1,015,912

821,053

Cash, cash equivalents, and restricted cash at end of period

1,409,403

1,186,350

Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:

Cash and cash equivalents

1,392,458

1,142,357

Restricted cash in prepaid expenses and other current assets

352

28,309

Restricted cash

16,593

15,684

Total cash, cash equivalents, and restricted cash

1,409,403

1,186,350

Supplemental cash flow information

Cash paid for:

Interest

159,442

177,723

Non-cash investing and financing activities:

Stock-based compensation capitalized in development of capitalized software

28,342

—

Deferred offering costs accrued, unpaid

4,335

4,942

Debt issuance costs, unpaid

190

—

Key Business Metric and Non-GAAP Financial Measures

StubHub regularly reviews the key business metric, GMS, and the non-GAAP financial measures, Adjusted EBITDA, Free Cash Flow, Net Leverage, Adjusted Gross Margin, Adjusted Sales and Marketing Expenses, Adjusted Operations and Support Expenses, and Adjusted General and Administrative Expenses to evaluate our business, measure our performance, identify trends, prepare financial projections and make business decisions. The measures set forth below should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these measures differently or not at all, which reduces their usefulness as comparative measures. A reconciliation of the non-GAAP financial measures, Adjusted EBITDA and Free Cash Flow, to the most directly comparable financial measures calculated in accordance with GAAP is set forth below under “Reconciliations of GAAP to Non-GAAP Financial Measures.”

Gross Merchandise Sales represents the total dollar value paid by buyers for ticket transactions and fulfillment. GMS includes fees we charge buyers and sellers that can vary by transaction, as well as the net proceeds we remit to sellers. Our definition of GMS does not include applicable sales, value-added and other indirect taxes, shipping costs and the impact of discounts and coupons as well as event cancellations or expected cancellations after the initial transaction on our platform. We believe it is useful to exclude these items, primarily refunds due to event cancellations, as GMS is a key metric used by management to measure business performance.

Adjusted EBITDA is calculated as net (loss) income excluding results from non-operating sources including interest income and expense, benefit (provision) for income taxes, other (expense) income, net, foreign currency losses, gains (losses) on derivatives, depreciation and amortization, acquisition-related costs, stock-based compensation expense, employee relocation costs, debt refinancing costs and loss on extinguishment of debt, indirect tax contingency costs, litigation reserves and other costs and expenses. Adjusted EBITDA is a key performance measure that our management team uses to assess our operating performance. We present Adjusted EBITDA because management believes it is helpful in highlighting trends in our operating results as it excludes certain items, such as stock-based compensation expense, which are non-cash or whose fluctuations from period-to-period do not necessarily correspond to changes in the operating results of our business. Moreover, it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry.

Adjusted EBITDA has limitations as an analytical measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net (loss) income and other GAAP results.

Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, which includes purchases of property and equipment, purchases of intangible assets and capitalized software development costs. We believe that Free Cash Flow is a meaningful indicator of liquidity for management and investors and, in particular, the amount of cash generated from operations that, after capital expenditures, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. A limitation of the use of Free Cash Flow is that it does not represent the total increase or decrease in our cash balance for the period. Free Cash Flow should not be considered in isolation or as an alternative to cash flows from operations and should be considered alongside our other financial liquidity measures, such as net cash provided by (used in) operating activities and our other GAAP results.

Net Leverage is defined as (a) total debt, less cash and cash equivalents plus payments due to sellers divided by (b) trailing twelve months Adjusted EBITDA. We believe that Net Leverage provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

Adjusted Gross Margin is defined as (a) revenue less Adjusted Cost of Revenue (which is cost of revenue excluding stock-based compensation expense) divided by (b) revenue. We present Adjusted Gross Margin because management believes it is helpful in highlighting trends in our operating results as it excludes stock-based compensation expense, which is a non-cash expense.

Adjusted Sales and Marketing Expenses is defined as sales and marketing expense excluding stock-based compensation expense. We present Adjusted Sales and Marketing Expenses because management believes it is helpful in highlighting trends in our expense management as it excludes stock-based compensation expense, which is a non-cash expense.

Adjusted Operations and Support Expenses is defined as operations and support expenses excluding stock-based compensation expense. We present Adjusted Operations and Support Expenses because management believes it is helpful in highlighting trends in our expense management as it excludes stock-based compensation expense, which is a non-cash expense.

Adjusted General and Administrative Expenses is defined as general and administrative expense excluding stock-based compensation expense, acquisition related costs, debt refinancing costs, indirect tax contingency costs, litigation reserves and other costs and expenses that we do not consider to be representative of the ongoing financial performance of our core business. We present Adjusted Sales and Marketing Expense because management believes it is helpful in highlighting trends in our expense management as it excludes certain items, such as stock-based compensation expense, which are non-cash or whose fluctuations from period-to-period do not necessarily correspond to changes in the operating results of our business.

STUBHUB HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

Adjusted EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net loss

(1,294,609

)

(33,012

)

(1,370,621

)

(56,990

)

Add (deduct)

Interest income

(12,912

)

(11,045

)

(31,579

)

(31,286

)

Interest expense

35,360

47,548

121,665

134,569

(Benefit) provision for income taxes

(106,240

)

(16,815

)

(132,328

)

9,590

Other (income) expense, net

(4,904

)

(1,907

)

(4,552

)

(1,907

)

Foreign currency losses

1,133

19,519

86,303

5,388

(Gains) losses on derivatives

(1,471

)

7,858

(637

)

(2,380

)

Depreciation and amortization

6,411

6,168

19,167

18,139

Debt refinancing costs and loss on extinguishment of debt (1)

15,454

—

15,454

33,886

Acquisition-related costs (2)

—

125

250

1,249

Stock-based compensation expense (3)

1,405,248

1,426

1,412,779

4,356

Indirect tax contingency costs (4)

12,992

11,755

34,938

38,024

Litigation reserves (5)

7,000

22,379

7,000

38,756

Other costs and expenses (6)

4,031

1,751

11,942

2,915

Adjusted EBITDA

67,493

55,750

169,781

194,309

Revenue

468,113

433,779

1,296,015

1,237,230

Net loss as a percentage of revenue

(277

(106

Adjusted EBITDA as a percentage of revenue

Free Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in thousands)

Net cash provided by (used in) operating activities (1)

3,795

12,357

181,436

410,935

Less: Purchases of property and equipment

(372

)

(646

)

(1,170

)

(1,326

)

Less: Purchases of intangible assets

(256

)

(588

)

(1,198

)

(1,770

)

Less: Capitalized software development costs

(7,767

)

(521

)

(22,842

)

(2,104

)

Free cash flow

(4,600

)

10,602

156,226

405,735

TTM free cash flow

5,601

501,492

5,601

501,492

Reconciliation of Cost of Revenue to Adjusted Cost of Revenue

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in thousands)

Cost of revenue

100,514

79,562

238,102

205,919

Add (deduct)

Stock-based compensation expense

(23,356

)

—

(23,356

)

—

Adjusted cost of revenue

77,158

79,562

214,746

205,919

Reconciliation of Operations and Support Expenses to Adjusted Operations and Support Expenses

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in thousands)

Operations and support

22,508

15,584

48,634

44,379

Add (deduct)

Stock-based compensation expense

(5,938

)

—

(5,938

)

—

Adjusted operations and support

16,570

15,584

42,696

44,379

Reconciliation of Sales and Marketing Expenses to Adjusted Sales and Marketing Expenses

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in thousands)

Sales and marketing

281,136

220,964

735,246

606,664

Add (deduct)

Stock-based compensation expense

(26,462

)

—

(26,462

)

—

Adjusted sales and marketing

254,674

220,964

708,784

606,664

Reconciliation of General and Administrative Expenses to Adjusted General and Administrative Expenses

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(in thousands)

General and administrative

1,425,733

99,355

1,571,161

296,929

Add (deduct)

Stock-based compensation expense

(1,349,492

)

(1,426

)

(1,357,023

)

(4,356

)

Acquisition-related costs

—

(125

)

(250

)

(1,249

)

Debt refinancing costs

—

(25,670

)

Indirect tax contingency costs

(12,992

)

(11,755

)

(34,938

)

(38,024

)

Litigation reserves

(7,000

)

(22,379

)

(7,000

)

(38,756

)

Other costs and expenses (1)

(4,031

)

(1,751

)

(11,942

)

(2,915

)

Adjusted general and administrative

52,218

61,919

160,008

185,959

Reconciliation of Net Income (Loss) to TTM Adjusted EBITDA

Three Months Ended

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,

2023

Net income (loss)

(1,294,609

)

(53,829

)

(22,183

)

54,190

(33,012

)

(7,920

)

(16,058

)

339,323

Add (deduct)

Interest income

(12,912

)

(10,365

)

(8,302

)

(9,832

)

(11,045

)

(11,283

)

(8,958

)

(6,854

)

Interest expense

35,360

43,868

42,437

45,209

47,548

45,617

41,404

40,954

(Benefit) provision for income taxes

(106,240

)

(17,594

)

(8,494

)

30,469

(16,815

)

35,906

(9,501

)

(340,222

)

Other income, net

(4,904

)

352

—

(1,907

)

—

Foreign currency losses

1,133

61,125

24,045

(46,458

)

19,519

(5,320

)

(8,811

)

24,265

Losses (gains) on derivatives

(1,471

)

1,499

(665

)

(721

)

7,858

(3,666

)

(6,572

)

11,792

Depreciation and amortization

6,411

6,412

6,344

6,393

6,168

6,070

5,901

5,825

Debt refinancing costs and loss on extinguishment of debt

15,454

—

603

33,283

—

Acquisition-related costs

—

125

999

566

Stock-based compensation expense

1,405,248

2,037

5,494

3,381

1,426

622

2,308

2,720

Indirect tax contingency costs

12,992

12,981

8,965

14,094

11,755

11,486

14,783

10,346

Litigation reserves

7,000

—

5,727

22,379

—

16,377

—

Other costs and expenses

4,031

7,731

180

1,789

1,751

649

515

2,367

Adjusted EBITDA

67,493

54,342

47,946

104,366

55,750

72,889

65,670

91,082

TTM Adjusted EBITDA

274,147

262,404

280,951

298,675

285,391

Reconciliation of Net Cash Provided by (Used in) Operating Activities to TTM Free Cash Flow

Three Months Ended

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,

2023

(in thousands)

Net cash provided by (used in) operating activities

3,795

19,320

158,321

(149,448

)

12,357

138,221

260,357

98,638

Less: Purchases of property and equipment

(372

)

(291

)

(507

)

(340

)

(646

)

(319

)

(361

)

(372

)

Less: Purchases of intangible assets

(256

)

(467

)

(475

)

(316

)

(588

)

(756

)

(426

)

(1,706

)

Less: Capitalized software development costs

(7,767

)

(8,846

)

(6,229

)

(521

)

(521

)

(704

)

(879

)

(803

)

Free cash flow

(4,600

)

9,716

151,110

(150,625

)

10,602

136,442

258,691

95,757

TTM free cash flow

5,601

20,803

147,529

255,110

501,492

Net interest payment (1)

39,629

37,989

37,362

38,524

40,128

48,763

19,730

37,309

Change in payments due to buyers and sellers (2)

(29,555

)

(30,832

)

191,552

(251,412

)

(37,612

)

68,751

250,433

42,591

Reconciliation of Net Leverage

September 30,

December 31,

2025

2024

(in thousands, except percentages)

2024 Euro Term Loan

531,453

471,049

2024 USD Term Loan

1,154,187

1,913,950

Principal amount—senior credit facilities

1,685,64

2,384,999

Add (deduct):

Cash and cash equivalents

(1,392,458

)

(1,000,965

)

Payments due to sellers (1)

769,567

630,022

Total

1,062,749

2,014,056

TTM Adjusted EBITDA

274,147

298,675

Net Leverage

3.9x

6.7x