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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Segment Reporting Disclosures
Our CODM, the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net (loss) income to measure segment profit or loss, allocate resources and assess performance. Significant expenses reviewed by the CODM to manage the Company’s operations are at the consolidated level as separately presented in the consolidated statements of operations and include the Company’s cost of revenue (exclusive of depreciation and amortization), operations and support, sales and marketing and general and administrative expenses. Other segment items included in consolidated net (loss) income are depreciation and amortization, interest income, interest expense, other income (expense), net, foreign currency (losses) gains, loss on extinguishment of debt, (losses) gains on derivatives and (provision) benefit for income taxes, which are each separately presented in the consolidated statements of operations.
The CODM reviews consolidated balance sheet information, primarily the amount of cash and cash equivalents at the end of the relevant period, at the consolidated level. Refer to the consolidated balance sheets for these amounts as of December 31, 2025 and 2024. The CODM further reviews information regarding capital expenditures, which is available under the cash flows from investing activities within the Company’s consolidated statements of cash flows for the years ended December 31, 2025, 2024 and 2023.
Entity Wide Disclosures
Revenue—The following table presents the Company’s revenue disaggregated by revenue stream for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Transaction fees$1,714,046 $1,680,820 $1,364,467 
Other revenue31,142 89,825 3,252 
Total revenue$1,745,188 $1,770,645 $1,367,719 
Transaction fees consist of fees charged to buyers, including transaction fees charged on sales of inventory, and sellers of tickets on the Company’s platform, including shipping fees charged to buyers of tickets. Other revenue primarily represents sales of inventory, which are substantially generated in the United States.
Transaction fees by geography are classified based on the domicile of the Company’s subsidiary that facilitates the transaction. This classification is independent of where the buyers and sellers associated with a transaction reside or are physically located or the location of the event associated with the transaction. A subsidiary of the Company domiciled in Switzerland is primarily responsible for facilitating the Company’s international transactions. During the year ended December 31, 2025, transaction fees from the Company's Switzerland subsidiary represented approximately 11% of total transaction fees. There were no international subsidiaries of the Company that represented greater than 10% of total transaction fees during the years ended December 31, 2024 and 2023.
The following table presents the Company’s transaction fees disaggregated by geography for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Transaction fees
United States$1,523,185$1,507,248$1,258,129
Switzerland189,775155,418129,422
Rest of world72,55093,69240,785
Total transaction fees before refunds1,785,5101,756,3581,428,336
Refunds(71,464)(75,538)(63,869)
Total transaction fees$1,714,046$1,680,820$1,364,467
Transaction fees recognized during the years ended December 31, 2025, 2024 and 2023 were reduced by reversals of fees previously earned as a result of cash refunds or sales credit for event cancellations.
Long-Lived Assets—The following table sets forth long-lived assets based on geography (in thousands):
December 31,
20252024
United States$72,970 $6,164 
Rest of world284 350 
Total$73,254 $6,514