Vivid Seats(SEAT) - 2024 Q4 - Annual Results

Financial Performance - Marketplace Gross Order Value (GOV) for 2024 was $3,892.6 million, down 1% from $3,920.5 million in 2023[5] - Revenues for 2024 reached $775.6 million, an increase of 9% from $712.9 million in 2023[5] - Net income for 2024 was $14.3 million, a decrease of 87% from $113.1 million in 2023[5] - Adjusted EBITDA for 2024 was $151.4 million, up 7% from $142.0 million in 2023[5] - Revenues for Q4 2024 were $199.8 million, a slight increase of 1% from $198.3 million in Q4 2023[5] - Revenues for the three months ended December 31, 2024, were $199,813 thousand, a slight increase from $198,303 thousand in the same period of 2023, while total revenues for the year ended December 31, 2024, reached $775,586 thousand, up from $712,879 thousand in 2023, representing a year-over-year growth of approximately 8.8%[19] - Adjusted EBITDA for the year ended December 31, 2024, was $151,419 thousand, compared to $141,982 thousand in 2023, reflecting an increase of approximately 6.5%[25] Future Projections - The company anticipates Marketplace GOV for 2025 to be in the range of $3.7 to $4.1 billion[14] - Expected revenues for 2025 are projected to be between $730.0 million and $810.0 million[14] - Adjusted EBITDA for 2025 is forecasted to be in the range of $110.0 to $150.0 million[14] Cancellations and Events - The company experienced 222,472 event cancellations in 2024, compared to 99,078 in 2023, indicating a significant increase in cancellations[7] Costs and Expenses - Total costs and expenses for the three months ended December 31, 2024, were $196,911 thousand, compared to $188,207 thousand in the same period of 2023, indicating an increase of about 4.5%[19] - Marketing and selling expenses for the year ended December 31, 2024, totaled $285,146 thousand, up from $274,096 thousand in 2023, marking an increase of approximately 4.3%[19] - Depreciation and amortization expenses for the year ended December 31, 2024, were $44,238 thousand, significantly higher than $17,178 thousand in 2023, reflecting a year-over-year increase of about 157.5%[19] - Interest expense for the year ended December 31, 2024, was $23,172 thousand, compared to $13,505 thousand in 2023, representing an increase of approximately 71.9%[19] Cash Flow - Cash provided by operating activities for the year ended December 31, 2024, was $53,922 thousand, down from $147,320 thousand in 2023, indicating a decrease of about 63.4%[21] - The company reported a net cash increase of $112,214 thousand for the year ended December 31, 2024, compared to a decrease of $119,856 thousand in 2023[21] Strategic Focus - The company plans to continue focusing on strategic investments and acquisitions to enhance its market position and operational efficiency[25]