[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited condensed consolidated financial statements for Vivid Seats Inc. as of June 30, 2023, including balance sheets, statements of operations, and cash flows, are presented with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, detailing assets, liabilities, and shareholders' deficit as of specific dates - Total assets increased to **$1.32 billion** as of June 30, 2023, from **$1.15 billion** at December 31, 2022, driven by increases in cash, receivables, and deferred tax assets[15](index=15&type=chunk) - A **$99.0 million** Tax Receivable Agreement liability was newly recorded in long-term liabilities as of June 30, 2023[15](index=15&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $306,202 | $251,542 | | Total current assets | $427,793 | $331,516 | | Goodwill | $715,258 | $715,258 | | Deferred tax assets | $79,275 | $1,853 | | **Total assets** | **$1,324,684** | **$1,151,431** | | **Liabilities & Shareholders' Deficit** | | | | Accounts payable | $204,217 | $161,312 | | Total current liabilities | $429,075 | $378,015 | | Long-term debt – net | $263,873 | $264,898 | | Tax Receivable Agreement liability | $98,977 | $— | | Total Shareholders' deficit | ($293,333) | ($382,698) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's financial performance over specific periods, including revenues, expenses, and net income - For the three months ended June 30, 2023, revenues grew **12%** year-over-year to **$165.4 million**, while net income attributable to Class A Common Stockholders surged **218%** to **$30.7 million**, significantly boosted by a **$24.5 million** income tax benefit[17](index=17&type=chunk)[137](index=137&type=chunk) - For the six months ended June 30, 2023, revenues increased by **17%** year-over-year to **$326.4 million**, and net income grew **152%** to **$68.6 million**[17](index=17&type=chunk)[137](index=137&type=chunk) Key Operating Results (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$165,380** | **$147,694** | **$326,443** | **$278,466** | | Income from operations | $17,613 | $17,927 | $51,123 | $31,647 | | Net income | $38,326 | $24,060 | $68,598 | $27,198 | | Net income attributable to Class A Common Stockholders | $30,712 | $9,655 | $42,894 | $10,914 | | Diluted EPS (Class A) | $0.20 | $0.12 | $0.35 | $0.14 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities over specific periods - Net cash provided by operating activities significantly improved to **$82.7 million** for the first six months of 2023, compared to just **$1.4 million** in the same period of 2022, driven by higher net income and favorable changes in working capital, particularly accounts payable[26](index=26&type=chunk)[170](index=170&type=chunk) - Net cash used in financing activities was **$22.5 million** in the first half of 2023, primarily for share repurchases and tax distributions, a sharp decrease from **$196.3 million** in the prior year period which included a major debt repayment and refinancing[26](index=26&type=chunk)[173](index=173&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $82,670 | $1,406 | | Net cash used in investing activities | ($5,583) | ($6,931) | | Net cash used in financing activities | ($22,503) | ($196,255) | | **Net increase (decrease) in cash** | **$54,584** | **($201,780)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and additional information supporting the condensed consolidated financial statements - The company operates through two reportable segments: Marketplace, which acts as an intermediary, and Resale, which acquires and resells tickets; for Q2 2023, Marketplace revenues were **$139.2 million** and Resale revenues were **$26.2 million**[28](index=28&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - In connection with a Secondary Offering in Q2 2023, the company recorded a new liability of **$99.0 million** under its Tax Receivable Agreement, which provides for payments to existing Hoya Intermediate shareholders of **85%** of certain tax savings realized by the company[85](index=85&type=chunk)[90](index=90&type=chunk) - The company recorded a **$24.5 million** income tax benefit in Q2 2023, largely due to the release of a valuation allowance on its U.S. deferred tax assets, as management determined it is now more likely than not that these assets will be realized[86](index=86&type=chunk)[88](index=88&type=chunk) - Subsequent to the quarter's end, the company agreed to acquire WD Holdings Co., Ltd., a Japanese online ticket marketplace, for approximately **$77.2 million**, with the transaction expected to close in Q3 2023[114](index=114&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the three and six months ended June 30, 2023, highlighting revenue growth, key business metrics, and liquidity position [Overview and Key Business Metrics](index=26&type=section&id=Overview%20and%20Key%20Business%20Metrics) Provides an overview of the company's business model and presents key operational metrics driving financial performance - The company operates an online ticket marketplace connecting fans with ticket sellers, with business divided into Marketplace and Resale segments; the Taylor Swift "Eras" tour was noted as a significant driver of higher Marketplace GOV in the first half of 2023[118](index=118&type=chunk)[119](index=119&type=chunk)[127](index=127&type=chunk) Key Business Metrics (in thousands) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Marketplace GOV | $953,739 | $814,817 | $1,809,267 | $1,556,955 | | Total Marketplace orders | 2,627 | 2,410 | 4,902 | 4,429 | | Total Resale orders | 76 | 67 | 163 | 135 | | Adjusted EBITDA | $31,077 | $30,329 | $73,512 | $51,341 | [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Analyzes the company's revenues, costs, and expenses, detailing the drivers behind changes in financial performance - Total revenues for Q2 2023 increased **12%** YoY to **$165.4 million**, driven by a **7%** increase in Marketplace revenue and a **48%** increase in Resale revenue, attributed to higher order volume and average order size[138](index=138&type=chunk) - Marketplace revenue growth was led by Concerts (up **18%** YoY) and Theater (up **31%** YoY) categories in Q2 2023, while Sports revenue saw a **12%** decline[140](index=140&type=chunk) - Cost of revenues increased **31%** YoY in Q2 2023, outpacing revenue growth, primarily due to higher Marketplace GOV and increased Resale segment activity[148](index=148&type=chunk) - Marketing and selling expenses rose **10%** YoY in Q2 2023, driven by greater spending on both online advertising and offline brand awareness campaigns[152](index=152&type=chunk) - General and administrative expenses increased **6%** YoY in Q2 2023, mainly due to higher personnel expenses from increased employee headcount[153](index=153&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's ability to meet its short-term and long-term financial obligations and fund its operations - The company's primary source of liquidity is cash from operations; as of June 30, 2023, the company held **$306.2 million** in cash and cash equivalents, considered sufficient to fund needs for the next 12 months[161](index=161&type=chunk)[162](index=162&type=chunk) - The company's debt consists of the February 2022 First Lien Loan, with a balance of **$271.6 million** as of June 30, 2023, bearing a floating interest rate based on SOFR plus **3.25%**; there were no outstanding borrowings under the **$100.0 million** Revolving Facility[54](index=54&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) - The **$40.0 million** share repurchase program was fully utilized during 2022 and Q1 2023, with no share repurchases made in Q2 2023[165](index=165&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk associated with its floating-rate long-term debt; the company does not currently hedge this exposure - The company's floating-rate debt exposes it to interest rate fluctuations; a hypothetical **1%** change in interest rates would alter the annual interest expense by approximately **$2.8 million** (**$1.4 million** for six months) based on the outstanding debt as of June 30, 2023[178](index=178&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2023, the company's disclosure controls and procedures were not effective due to a previously identified material weakness in internal control over financial reporting - A material weakness in internal control over financial reporting, first identified as of December 31, 2022, continues to exist as of June 30, 2023[184](index=184&type=chunk) - Remediation activities are underway, including hiring additional qualified personnel and implementing new controls and processes, but require more time to be fully implemented and tested for effectiveness[185](index=185&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) Presents additional required disclosures including legal proceedings, risk factors, and other miscellaneous information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions arising in the ordinary course of business, including settled class action lawsuits and an ongoing lawsuit regarding the Illinois Biometric Information Privacy Act - A settlement for a class action lawsuit related to COVID-19 cancellations received final court approval in January 2023, establishing a settlement pool of up to **$2.5 million** to be funded in 2023[76](index=76&type=chunk)[188](index=188&type=chunk) - The company is defending a lawsuit related to an alleged violation of the Illinois Biometric Information Privacy Act, but is currently unable to reasonably estimate a possible loss[77](index=77&type=chunk)[188](index=188&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Form 10-K for the fiscal year ended December 31, 2022 - Investors are directed to the Risk Factors section of the 2022 Form 10-K, as no material changes have occurred since its filing[190](index=190&type=chunk) [Other Part II Items](index=37&type=section&id=Other%20Part%20II%20Items) Covers remaining disclosures including unregistered sales of equity securities, defaults on senior securities, and trading arrangements, concluding with a list of exhibits - No unregistered sales of equity securities or use of proceeds were reported for the period[192](index=192&type=chunk) - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2023[194](index=194&type=chunk)

Financial Data and Key Metrics Changes - In Q1 2023, the company generated $856 million in marketplace Gross Order Value (GOV), $161 million in revenues, and $42 million in adjusted EBITDA, marking a 15% increase in GOV and a 23% increase in revenues year-over-year [6][14][16] - Adjusted EBITDA doubled year-over-year, driven by top-line growth and margin expansion, with adjusted EBITDA margins benefiting from improved marketing efficiency and changes to the loyalty program [17][18] - The take rate increased to 16.0% in Q1 2023 from 14.9% in Q1 2022, reflecting a recovery from previous disruptions [16] Business Line Data and Key Metrics Changes - The portion of repeat orders increased to 56% in 2022 from 47% in 2018, indicating a growing trend in repeat buyer engagement [11] - The company is focusing on enhancing buyer experience through its loyalty program, which is expected to drive further engagement and repeat purchases [8][12] Market Data and Key Metrics Changes - The live event environment in Q1 2023 was robust, driven by high demand for major events, including concerts and sports, with notable performances from artists like Drake and Beyoncé [7][15] - The company anticipates continued strong demand for live events, supported by a vibrant event calendar [21] Company Strategy and Development Direction - The company aims to drive profitable growth through disciplined investments in product differentiation and customer engagement, avoiding unsustainable volume growth strategies [12][22] - The strategic focus includes leveraging a strong balance sheet to pursue synergistic opportunities in ticketing and adjacent markets [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for live events, despite potential macroeconomic challenges, and raised guidance for marketplace GOV, revenues, and adjusted EBITDA for 2023 [20][21] - The competitive landscape remains intense, but the company is confident in its ability to maintain efficiency and profitability [38] Other Important Information - The company published its inaugural Environmental, Social, and Governance (ESG) update, highlighting commitments to sustainability and community engagement [24][25] - The launch of a free-to-play product within the Vivid Seats app is expected to enhance user engagement and drive repeat purchases [10][91] Q&A Session Summary Question: Can you talk about the marketing efficiencies seen in Q1? - The company noted $8 million in benefits from marketing efficiencies despite a tough competitive environment, with ongoing efforts to refine and drive efficiency [5][36] Question: What are the trends in the competitive environment? - Management indicated that competitive activity has intensified, but the company continues to drive efficiency and profitability [38] Question: How is the macro environment affecting consumer discretionary spending? - No significant changes were observed in consumer behavior, with robust demand across event categories and price points [41] Question: What is the outlook for repeat orders? - The company expects repeat orders to continue increasing, with a focus on driving engagement through product offerings [70][71] Question: How is SkyBox supporting growth? - SkyBox is positioned as an industry-leading platform for professional sellers, enhancing competitive strength and data utilization [78] Question: What are the plans for capital deployment? - The company is open to both organic and inorganic investments to drive growth and innovation, leveraging its strong cash position [103][117]

Financial Performance - Vivid Seats' Marketplace Gross Order Value (GOV) reached $856 million in Q1 2023[43] - Revenues for Q1 2023 totaled $161 million[43] - Adjusted EBITDA for Q1 2023 was $42 million[43] - The company's Q1 2023 net income was $303 million, a significant increase from $31 million in Q1 2022[43] - Adjusted EBITDA margin increased to 263% in Q1 2023, compared to 161% in Q1 2022[33] Revenue Breakdown - Total Marketplace revenues increased by 24% to $136581 thousand in Q1 2023 from $110516 thousand in Q1 2022[20] - Concert revenues increased by 28% to $74879 thousand in Q1 2023 from $58673 thousand in Q1 2022[20] - Sports revenues increased by 17% to $45600 thousand in Q1 2023 from $38915 thousand in Q1 2022[20] - Theater revenues increased by 22% to $15390 thousand in Q1 2023 from $12615 thousand in Q1 2022[20] Customer Engagement - The order mix from repeat buyers has increased over time, reaching 56% in 2022[3]

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40926 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Vivid Seats Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 86-3355184 (State or ...

Vivid Seats Inc. (NASDAQ:SEAT) Q4 and Full Year 2022 Earnings Conference Call March 7, 2023 8:30 AM ET Company Participants Kate Copouls – Head-Investor Relations Stan Chia – Chief Executive Officer Larry Fey – Chief Financial Officer Conference Call Participants Stephen Ju – Credit Suisse Ralph Schackart – William Blair Maria Ripps – Canaccord Thomas Forte – D.A. Davidson Jason Bennett – Citi Benjamin Black – Deutsche Bank Logan Reich – RBC Daniel Kurnos – Benchmark Shweta Kajaria – Evercore ISI Andrew Mar ...

| --- | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | Agenda | | | | | 01 | Business Highlights & Update | | | | | 02 | Stan Chia, Chief Executive Officer | | | | | | Financial Results Lawrence Fey, Chief Financial Officer | | | | | 03 | Q&A Stan Chia, Chief Executive Officer Lawrence Fey, Chief Financial Officer | | | | | --- | --- | --- | --- | |-------|----------------------------------------------- ...

Part I [Business](index=7&type=section&id=Item%201.%20Business) Vivid Seats operates a two-sided online ticket marketplace with Marketplace and Resale segments, leveraging its proprietary Skybox ERP tool and focusing on performance marketing and customer engagement for growth - Vivid Seats is an online ticket marketplace connecting buyers and sellers, operating through **Marketplace** and **Resale** segments[19](index=19&type=chunk)[21](index=21&type=chunk)[26](index=26&type=chunk) - The company acquired Betcha Sports, Inc. in December 2021, rebranding it as **Vivid Picks** to engage sports fans and gather customer data between ticketing transactions[23](index=23&type=chunk) - A core component of its platform is **Skybox**, a proprietary and widely adopted enterprise resource planning (ERP) tool offered free-to-use for ticket sellers to manage inventory and pricing[30](index=30&type=chunk)[43](index=43&type=chunk) - Key growth strategies include new customer acquisition via performance marketing, increasing brand awareness with the **Vivid Seats Rewards** program, and developing more tools for sellers[32](index=32&type=chunk)[33](index=33&type=chunk)[38](index=38&type=chunk) - As of December 31, 2022, the company had **575 full-time employees**[52](index=52&type=chunk) - The company's main competitors in the ticketing industry are **StubHub**, **Ticketmaster**, **SeatGeek**, and **TicketNetwork**[54](index=54&type=chunk) [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including live event dependency, intense competition, regulatory compliance, cybersecurity threats, financial constraints, and a material weakness in internal controls - Business success is **highly dependent** on the supply and demand for live events, which can be affected by economic conditions, labor disputes, and extraordinary events like pandemics or terrorism[88](index=88&type=chunk)[89](index=89&type=chunk)[106](index=106&type=chunk) - The company is controlled by its Private Equity Owner (GTCR), which holds approximately **60% of the voting power**, creating potential conflicts of interest, and qualifies as a **'controlled company'** under Nasdaq rules, exempting it from certain corporate governance requirements[160](index=160&type=chunk)[164](index=164&type=chunk) - A **material weakness** in internal control over financial reporting has been identified for fiscal years 2020, 2021, and 2022, related to segregation of duties and a lack of sufficient personnel with technical accounting and SEC reporting experience[186](index=186&type=chunk)[189](index=189&type=chunk) - The company is subject to **significant government regulation** concerning data privacy (CCPA, CPRA), ticket resale laws in various jurisdictions, and sales tax compliance, which are complex and evolving[117](index=117&type=chunk)[118](index=118&type=chunk)[128](index=128&type=chunk) - The Tax Receivable Agreement (TRA) requires cash payments to Hoya Topco equal to **85% of certain tax benefits** realized by the company, which could be substantial and may exceed actual tax savings[167](index=167&type=chunk) [Unresolved Staff Comments](index=40&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[213](index=213&type=chunk) [Properties](index=40&type=section&id=Item%202.%20Properties) The company leases its 48,000 square foot Chicago headquarters through 2033, with additional leased facilities in Coppell, Texas, and Toronto, Ontario - The company's headquarters is a leased space of approximately **48,000 square feet** in **Chicago, IL**, with the lease running through **December 31, 2033**[215](index=215&type=chunk) - Additional leased facilities are located in **Coppell, Texas** and **Toronto, Ontario**[215](index=215&type=chunk) [Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no material legal proceedings - None[217](index=217&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's business - Not applicable[219](index=219&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Vivid Seats' Class A common stock and warrants began trading on Nasdaq in October 2021, and the company authorized a $40.0 million share repurchase program in May 2022, repurchasing 4.3 million shares for $32.5 million by year-end - Class A common stock (SEAT) and warrants (SEATW) began trading on **Nasdaq** on **October 19, 2021**[222](index=222&type=chunk) - A **$40.0 million** share repurchase program was authorized on May 25, 2022, effective until March 31, 2023[232](index=232&type=chunk) Share Repurchases in 2022 | Period | Total Shares Purchased | Weighted Average Price Paid Per Share | Total Cost (in millions) | | :--- | :--- | :--- | :--- | | Sep 1-30, 2022 | 397,551 | $7.65 | $3.0 | | Oct 1-31, 2022 | 716,857 | $7.87 | $5.6 | | Nov 1-30, 2022 | 972,578 | $7.73 | $7.5 | | Dec 1-31, 2022 | 2,255,491 | $7.19 | $16.2 | | **Total** | **4,342,477** | **$7.46** | **$32.5** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, Vivid Seats achieved significant financial growth with revenues of $600.3 million and net income of $70.8 million, driven by live event recovery, while increasing marketing spend and refinancing debt Key Financial Performance (2020-2022) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Revenues | $600.3M | $443.0M | $35.1M | | Net Income (Loss) | $70.8M | ($19.1M) | ($774.2M) | | Marketplace GOV | $3,184.8M | $2,399.1M | $347.3M | | Adjusted EBITDA | $113.3M | $109.9M | ($80.2M) | - The **35% revenue growth** in 2022 was driven by an increase in new orders processed due to the resumption and increasing number of live events and fewer cancellations compared to 2021[272](index=272&type=chunk) - Marketing and selling expenses increased by **37%** to **$248.4 million** in 2022, primarily due to a **40% increase** in online advertising spend to capture rising demand and combat increased competition[284](index=284&type=chunk) - The company refinanced its debt on February 3, 2022, entering into a new **$275.0 million** term loan and a **$100.0 million** revolving facility, which significantly reduced interest expense in 2022[289](index=289&type=chunk)[297](index=297&type=chunk) - Net cash provided by operating activities **decreased to $14.4 million** in 2022 **from $175.8 million** in 2021, primarily due to sales tax liability settlements and the redemption of customer credits issued during the pandemic[303](index=303&type=chunk)[304](index=304&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its floating-rate debt, where a 1% increase would raise annual interest expense by $3.0 million - The primary market risk is **interest rate risk** from **floating-rate debt**[342](index=342&type=chunk) - A hypothetical **1% increase** in interest rates would change annual interest expense by **$3.0 million**[343](index=343&type=chunk) [Financial Statements and Supplementary Data](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2020-2022, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, with detailed notes on key accounting matters Consolidated Balance Sheet Data (as of Dec 31) | (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $251,542 | $489,530 | | Total assets | $1,151,431 | $1,408,795 | | Total current liabilities | $378,015 | $497,496 | | Long-term debt – net | $264,898 | $460,132 | | Total Shareholders' deficit | ($382,698) | ($860,683) | Consolidated Statement of Operations Data (Year Ended Dec 31) | (in thousands, except EPS) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Revenues | $600,274 | $443,038 | $35,077 | | Income (loss) from operations | $78,105 | $76,571 | ($716,018) | | Net income (loss) | $70,779 | ($19,129) | ($774,185) | | Diluted EPS (Class A) | $0.36 | ($0.04) | N/A | - The company adopted the new lease accounting standard (**ASC 842**) on January 1, 2022, recognizing right-of-use assets of **$6.6 million** and lease liabilities of **$8.1 million** upon adoption[453](index=453&type=chunk)[454](index=454&type=chunk) - In 2020, the company recorded total impairment charges of **$573.8 million** due to the impact of the COVID-19 pandemic, including **$377.1 million** for goodwill and **$78.7 million** for its trademark[475](index=475&type=chunk)[476](index=476&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=104&type=section&id=Item%209A.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with accountants but acknowledges an ongoing material weakness in internal control over financial reporting, with remediation efforts underway - The company reports **no disagreements** with its accountants[623](index=623&type=chunk) - A **material weakness** in internal control over financial reporting related to segregation of duties and lack of personnel with sufficient technical accounting experience was identified and remains as of December 31, 2022[628](index=628&type=chunk) - Remediation activities are **in progress**, including hiring qualified personnel and implementing new controls, but the material weakness is **not yet considered remediated**[629](index=629&type=chunk) [Other Information](index=105&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[634](index=634&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=105&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports no information under this item - None[635](index=635&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Accountant Fees](index=105&type=section&id=Items%2010-14) Information for Items 10 through 14, covering directors, executive officers, corporate governance, compensation, security ownership, and accountant fees, is incorporated by reference from the 2023 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is **incorporated by reference** from the Registrant's definitive proxy statement for its **2023 Annual Meeting of Stockholders**[638](index=638&type=chunk)[640](index=640&type=chunk)[641](index=641&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=105&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and provides a comprehensive list of exhibits filed with the Form 10-K, including key corporate, debt, and compensation agreements - All required financial statements are listed in **Item 8**. Financial statement schedules have been **omitted** as they are not applicable or required[646](index=646&type=chunk) - A **list of all exhibits** filed as part of the Annual Report is provided, including key agreements related to the company's incorporation, debt, and merger transaction[647](index=647&type=chunk) [Form 10-K Summary](index=110&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no information for the Form 10-K summary - None[656](index=656&type=chunk)

Q3 and 9M 2022 Schaeffler AG earnings Earnings Call November 8, 2022 Herzogenaurach PUBLIC Disclaimer This presentation contains forward-looking statements. The words "anticipate", "assume", "believe", "estimate", "expect", "intend", "may", "plan", "project", "should" and similar expressions are used to identify forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about Schaeffler Group's beliefs and expectations and the assumptions und ...

Vivid Seats, Inc. (NASDAQ:SEAT) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Stanley Chia - CEO Kate Copouls - Head, IR Lawrence Fey - CFO Conference Call Participants Maria Ripps - Canaccord Genuity Stephen Ju - Credit Suisse Ralph Schackart - William Blair Benjamin Black - Deutsche Bank Bradley Erickson - RBC Capital Markets Shweta Kajaria - Evercore ISI Thomas Forte - D.A. Davidson Andrew Marok - Raymond James Matthew Farrell - Piper Sandler Operator The conference wi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40926 Vivid Seats Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 86-3355184 (Stat ...