CHICAGO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or “we”), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the third quarter ended September 30, 2024. "Demand remained robust in the third quarter, although we experienced a headwind from concert supply, including from venue and artist mix, that we believe to ...

CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or “we”), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced the effective date of the appointment of Adam Stewart to its Board of Directors is November 1, 2024. Stewart has also been appointed to Vivid Seats’ Nominating and Corporate Governance Committee. He joins Vivid Seats’ Board ...

CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ:SEAT) ("Vivid Seats"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, will report financial results for the third quarter 2024 on Thursday, November 7, 2024, before the U.S. stock market opens. Management will discuss the results on a webcast at 8:30 a.m. ET. The live webcast and replay can be accessed at https://inv ...

CHICAGO, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced new feature upgrades to Game Center, the brand's innovative, in-app free-to-play product. Fans will now be able to win free National Football League (NFL) tickets each week and easily earn ticket credits in new ways this season, while competing a ...

Six-time Pro Bowler and sports media trailblazer Brandon Marshall to debut new show "I Am Athlete Daily" set to launch in September Vivid Seats and I Am Athlete to create custom content, and launch new live event focused show CHICAGO, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced an exclusive, multiy ...

Financial Data and Key Metrics Changes - In Q2 2024, Vivid Seats reported revenues of $198 million, representing a 20% year-over-year growth, and adjusted EBITDA of $44 million, reflecting a 42% year-over-year increase [4][13][14] - The Marketplace Gross Order Value (GOV) reached approximately $1 billion, a 5% year-over-year increase, driven by an 18% increase in total Marketplace orders, despite a decline in average order size from $363 to $322 [12][14] - The adjusted EBITDA margin was reported at 22%, up from previous periods, indicating improved profitability [13] Business Line Data and Key Metrics Changes - The company has seen a shift in consumer preferences towards live events, with a notable increase in demand for women's sports and soccer tournaments, contributing to overall growth [5][48][49] - The average order size decline is attributed to a mix of acquisitions and a comparison against an unusually strong summer concert slate in 2023 [12][14] Market Data and Key Metrics Changes - The competitive landscape remains intense, with competitors prioritizing topline growth over profitability, impacting the overall market dynamics [21][31] - The company anticipates a stronger Q4 2024 as the industry normalizes following a year of high-profile events in 2023 [5][29] Company Strategy and Development Direction - Vivid Seats is focused on driving repeat customer behavior through its loyalty program and gamification strategies, which have shown positive results in customer engagement and profitability [7][42] - The company is preparing for the launch of its international platform by the end of 2024, with expectations of incremental orders from its acquisition of Vegas.com [7][36] - Investments in technology, such as the Skybox Drive, are aimed at enhancing seller capabilities and driving differentiation in the market [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending on live events, despite a softer supply year compared to 2023 [19][20] - The company remains optimistic about long-term growth, projecting a double-digit CAGR driven by its differentiated offerings and strategic flexibility [11][17] Other Important Information - The company has a healthy balance sheet with a cash balance of $234 million and a net leverage ratio of 1.0 times based on 2024 adjusted EBITDA [14] - A one-time stock compensation charge of $8 million was recognized due to the redemption of profits interest and phantom units, which will cease going forward [15] Q&A Session Summary Question: Can you provide more color on the slightly degraded topline outlook for the rest of the year? - Management noted that while consumer spending remains strong, the supply side has softened compared to last year, impacting the outlook [19][20] Question: How is the performance marketing channel evolving? - Management indicated that performance marketing dynamics are fluctuating, with a focus on long-term customer retention rather than temporary volume [22][23] Question: Can you elaborate on the acquisition's performance? - The acquisition is progressing well, with effective cross-sell campaigns driving customer engagement and profitability [27][28] Question: What is the balance between driving GOV and profitability? - Management emphasized the importance of maintaining unit economic discipline while navigating competitive pressures [31][32] Question: Any updates on international expansion? - The company is on track to launch its international platform by the end of the year, with expectations for volume contributions [35][36] Question: How are cancellations affecting the business? - Cancellations are primarily driven by specific events rather than systemic issues, with the overall cancellation rate remaining consistent year-over-year [68][69]

CHICAGO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) ("Vivid Seats" or "we"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the second quarter ended June 30, 2024. "In the second quarter we executed with discipline, delivering great results while opportunistically leveraging our unique assets and capabilities," said Stan Chi ...

CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) ("Vivid Seats"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced that Stan Chia, Chief Executive Officer, and Lawrence Fey, Chief Financial Officer, will be presenting at Canaccord Genuity's 2024 Growth Conference on Tuesday, August 13, 2024 at 11:30 a.m. ET. About Vivid Seats Contacts: Media Ju ...

The live webcast and replay can be accessed at https://investors.vividseats.com/. Founded in 2001, Vivid Seats is a leading online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Based on the belief that everyone should "Experience It Live," the Chicago-based company provides exceptional value by providing one of the widest selections of events and tickets in North America and an industry leading Vivid Seats Rewards program ...

CHICAGO, May 20, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) ("Vivid Seats"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today announced that Stan Chia, Chief Executive Officer, and Lawrence Fey, Chief Financial Officer, will be presenting at William Blair's 2024 Growth Stock Conference on Wednesday, June 5, 2024 at 8:40 a.m. CT. A live webcast of the presentation wi ...