Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
A new FTC lawsuit and a DOJ trial scheduled for March 2026 mark a material escalation in legal exposure, compounded by fresh EU Digital Services Act liability carrying fines up to 6% of annual turnover. Rising international revenue share (38% to 43%) amplifies FX risk, though the currency swing itself turned favorable in 2025.
2 company-specific
· 1 common-mode
Company-specific changes
Revised
New FTC lawsuit alleging deceptive ticketing practices filed September 2025, plus escalation of DOJ case to late stages with trial scheduled March 2026. Material litigation expansion.
The U.S. Department of Justice and the attorneys general of certain states have sued us alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair…
Revised
International revenue exposure increased from 38% to 43%, amplifying currency risk. FX volatility persists with $10.7M gain in 2025 vs. $52.4M loss in 2024.
Exchange rates may cause fluctuations in our results of operations that are not related to our operations. Because we own assets overseas and derive revenue from our international operations, we may…
Also disclosed — common-mode (AI regulatory compliance)
AI regulatory compliance
Revised
New EU Digital Services Act disclosure with up to 6% annual turnover fines. Represents material new regulatory obligation and financial exposure.
We are subject to extensive governmental regulation, and our failure to comply with these regulations could adversely affect our business, financial condition and results of operations. Our…