Debt ManagementWith the IPO proceeds, the company paid down $750M in debt and reduced net leverage to 3.9x from 7.7x, resulting in ~$75M of savings in debt service cost annually, driving higher future FCF.
Direct Issuance SuccessManagement continues to see traction in Direct Issuance from MLB, with multiple teams joining without additional economic incentives, validating the future success of an open distribution model.
Market LeadershipStubHub's scale, differentiated offering, and market leadership in secondary ticketing provide a key competitive advantage, enabling the company to continue gaining market share and become the global leader in live event ticketing.