0001628280-26-034716
SEC filingNotes reveal $122M purchase commitments, $1.5B debt, $1.5B cash, and single-segment operations with $446M quarterly revenue.
As of March 31, 2026, cash and cash equivalents totaled $1,526.2 million, up from $1,241.6 million at year-end 2025. Restricted cash was $17.3 million. Total debt (net of discounts and issuance costs) was $1,496.2 million, down slightly from $1,506.9 million, primarily due to amortization and currency effects. Shareholders' equity increased to $1,563.6 million from $1,183.6 million, driven by net income and conversions of preferred stock. Inventory (tickets held as principal) was $8.8 million, reflecting a decrease from $9.2 million.
Total purchase commitments amount to $122.4 million as of March 31, 2026. These consist of contractual inventory costs (minimum proceeds to content rights holders), sponsorship and partnership fees, and vendor costs. The timing is as follows: $38.7 million in the remainder of 2026, $54.5 million in 2027, $15.5 million in 2028, $6.7 million in 2029, and $7.0 million in 2030. No commitments beyond 2030. Inventory costs under these commitments were $1.0 million in Q1 2026. Sponsorship and partnership fees totaled $20.8 million in the quarter.
No common stock buybacks occurred in Q1 2026 (2025 had $1.0 million in repurchases). No dividends were declared on common stock. Dividends on redeemable preferred stock accumulated but were not paid, except for $7.1 million settled upon conversion of Series M preferred. Debt levels reduced modestly; a subsequent event on May 5, 2026 notes an additional $100 million voluntary repayment on the 2024 USD Term Loan. Capital expenditures (including capitalized software) were $7.8 million, or 1.7% of revenue.
The company operates as a single reportable segment. Revenue is disaggregated into transaction fees ($440.4 million) and other revenue ($5.7 million), with transaction fees representing the vast majority. No geographic revenue split is provided in the notes; the segment is managed on a consolidated basis. The CODM uses consolidated net income to evaluate performance.
Operating cash flow ($298M) significantly exceeded net income ($48M), driven largely by a $274M increase in payments due to buyers and sellers, reflecting strong business growth. Non-cash adjustments (depreciation, amortization, stock-based compensation, derivatives) added $56M, while working capital provided a net $248M benefit. Capital expenditures were modest at $8M, resulting in strong cash generation after capex (~$290M). No share repurchases or dividends were paid. The company's cash flow quality is high, with operating cash flows comfortably covering capex and no reliance on external financing.