Vivid Seats(US:SEAT) Globenewswireยท2025-03-12 22:51Core Viewpoint - Vivid Seats Inc. has re-issued its financial results for the full year and fourth quarter of 2024 to correct cash flow statements, indicating ongoing adjustments in financial reporting practices [1] Company Performance - In 2024, Vivid Seats reported a Marketplace Gross Order Value (GOV) of $3.89 billion, a decrease of 1% from $3.92 billion in 2023 [5] - Revenues for 2024 were $775.6 million, reflecting a 9% increase from $712.9 million in 2023 [5] - The net income for 2024 was $14.3 million, down 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] Quarterly Performance - For Q4 2024, Marketplace GOV was $994.4 million, down 11% from $1.11 billion in Q4 2023 [5] - Revenues in Q4 2024 were $199.8 million, a slight increase of 1% from $198.3 million in Q4 2023 [5] - The net loss for Q4 2024 was $4.4 million, compared to a net income of $28.5 million in Q4 2023 [5] Operational Insights - The company experienced a significant increase in event cancellations, with 43,019 cancellations in Q4 2024 compared to 21,044 in Q4 2023 [11] - The total number of event cancellations for the year ended December 31, 2024, was 222,472, up from 99,078 in 2023 [11] Future Outlook - Vivid Seats anticipates Marketplace GOV, revenues, and adjusted EBITDA for 2025 to be in the range of $3.7 to $4.1 billion, $730 million to $810 million, and $110 million to $150 million, respectively [7] - The company expects a return to top-line growth in the second half of 2025 as it begins to lap easier comparisons from the previous year [3] Strategic Initiatives - The CEO highlighted the company's focus on international growth, particularly with the launch in Europe, and emphasized the importance of partnerships, including a new collaboration with United Airlines [2]