Core Insights - The WNBA is experiencing a significant rise in fan interest and ticket demand, with a 49% year-over-year increase in average ticket prices, indicating a growing relevance and reach for women's basketball [2][3] Ticket Demand and Pricing - The average ticket price for WNBA games has increased by 49% year-over-year, reflecting heightened demand for women's basketball [2] - The most in-demand tickets for the 2025 season include the WNBA All Star Game priced at $533, followed by the Indiana Fever's game against the Golden State Valkyries at $519 [5][7] Fan Engagement and Travel - Fans are traveling an average of 346 miles to attend WNBA games, which is a 12% increase compared to the previous year [3] - The Las Vegas Aces lead the league in average travel distance, with fans traveling an impressive 578 miles to see them play [10][14] Team Popularity - The Indiana Fever have emerged as the most favored team in the U.S., dominating in 13 states, followed by the Las Vegas Aces in 8 states and the Connecticut Sun in 6 states [6][8] - The Indiana Fever are featured in four of the top five most in-demand games for the 2025 season, highlighting their strong fan engagement [4][6] Impact of New Talent - The Dallas Wings experienced a 920% spike in website traffic after winning the 2025 WNBA Draft Lottery and selecting Paige Bueckers as the No. 1 overall pick, indicating a significant boost in fan interest [9] - The average ticket prices for Dallas Wings games have increased by 74% year-over-year, showcasing the impact of new talent on franchise popularity [9]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $73.8 million, which is at the high end of the guidance range and represents a 14% year-over-year decline primarily due to the elimination of organizer fees [6][20] - Adjusted EBITDA was $4.6 million, reflecting a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [6][23] - Operating expenses decreased by 14% year-over-year to $59 million, the lowest since 2022, indicating a focus on expense discipline [14][22] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year-over-year, but showed improvement compared to previous quarters, which were down 10% and 13.6% [7][20] - Eventbrite Ads revenue increased by 30% year-over-year, indicating strong performance in this segment [12][20] - The Timed Entry solution continues to gain traction, contributing to the overall growth strategy [10][39] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year-over-year, with Discovery users rising by 16% [9] - The company is focusing on high-intent categories such as music, food and drink, and performing arts, which are expected to drive further growth [43] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a platform for discovering live experiences, not just ticketing, through a new app and brand campaign [8] - There is a strong emphasis on improving user engagement and conversion rates through app enhancements and strategic partnerships, such as with TikTok [31][56] - The focus on high-quality creators and events is seen as a key driver for future growth, with a strategy to educate creators on optimizing their event listings [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, with expectations for returning to paid ticket volume growth in the second half of the year [15][19] - The company is monitoring macroeconomic conditions but believes it has resilience due to its pricing model and the nature of its services [58] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [16][18] - Liquidity remains strong, with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [15][24] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app-based users is intentional, as app users show higher retention and engagement compared to web users [30] Question: What is the outlook for stock-based compensation? - The CFO indicated that the current stock-based compensation is a good run rate for the remainder of the year, with potential improvements [33] Question: What is driving the growth in Eventbrite Ads? - Management highlighted that Eventbrite Ads is integrated into the marketplace and is performance-driven, leading to a 30% year-over-year growth [36] Question: What is the performance of the Eventbrite app in terms of event categories? - Management noted strong growth in categories where they executed their strategy, particularly in music and performing arts [43] Question: What are the expectations for timed entry events? - Management stated that timed entry expands the addressable market, focusing on attractions and experiences that occur frequently [44] Question: How is the TikTok partnership performing? - Management mentioned that social sharing tools for creators are crucial for driving demand, with TikTok being a significant platform for this strategy [46] Question: What is the philosophy behind the app redesign? - The redesign aims to make Eventbrite the easiest place to find live experiences, enhancing user engagement and conversion to ticket sales [56]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $73.8 million, at the high end of guidance, but down 14% year over year primarily due to the elimination of organizer fees [5][19] - Adjusted EBITDA was $4.6 million, representing a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [22] - Operating expenses decreased by 14% year over year to $59 million, the lowest since 2022, reflecting ongoing expense discipline [13][21] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year over year, showing improvement from previous quarters where declines were 10% and 13.6% [6][19] - Eventbrite Ads revenue increased by 30% year over year, indicating strong adoption and effectiveness among creators [11][34] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year over year, with discovery users rising by 16% [8][30] - The company is focusing on improving event matching to enhance user experience and engagement across its platform [9] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a destination for live experiences, not just ticketing, through a new app and brand campaign [7] - There is a strategic focus on high-intent users and enhancing the app experience to drive ticket sales and creator engagement [29][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to paid ticket volume growth in the second half of the year, despite ongoing challenges from last year's organizer fee reversal [6][14] - The company is monitoring macroeconomic conditions but believes it has resilience due to its pricing model and the nature of its services [57][58] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [15][16] - The liquidity position remains strong with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [14][23] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app users is intentional, as app users are more engaged and likely to purchase tickets compared to web users [28][30] Question: What is the outlook for stock-based compensation? - Management indicated that the Q1 stock-based compensation is a good run rate for the remainder of the year, with potential improvements [32] Question: What is driving the growth in Eventbrite Ads? - The growth is attributed to the ads being native to the marketplace and performance-driven, with ongoing education for creators on effective usage [34][36] Question: What is the performance of the Eventbrite app in terms of event categories? - Management noted strong growth in categories where they executed their strategy, particularly in music, food and drink, and performing arts [41] Question: What is the strategy for increasing paid creator accounts? - Management highlighted that while the overall number of paid creators is recovering slowly, there is growth in high-quality segments that are more monetizable [48][50] Question: What is the philosophy behind the app redesign? - The redesign aims to enhance user engagement and conversion to ticket sales, making Eventbrite the easiest place to find live experiences [55] Question: Is there an impact from macro conditions on the full-year outlook? - Management stated that they are not currently seeing clear impacts from macro pressures but are monitoring the situation closely [57][58]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $73.8 million, which is at the high end of the guidance range and represents a 14% year-over-year decline primarily due to the elimination of organizer fees [6][20] - Adjusted EBITDA was $4.6 million, reflecting a margin of 6.2%, marking the fifteenth consecutive quarter of positive adjusted EBITDA [6][23] - Operating expenses decreased by 14% year-over-year to $59 million, the lowest since 2022, indicating a focus on expense discipline [15][22] Business Line Data and Key Metrics Changes - Paid ticket volume was down 7.7% year-over-year, showing improvement from previous quarters where declines were 10% and 13.6% [7][20] - Eventbrite Ads revenue increased by 30% year-over-year, demonstrating strong performance and adoption among creators [13][20] Market Data and Key Metrics Changes - Total average monthly app users increased by 13% year-over-year, with discovery users rising by 16% [10][20] - The company is focusing on improving event matching within its marketplace to enhance user experience and engagement [11] Company Strategy and Development Direction - The company aims to reintroduce Eventbrite as a platform for discovering live experiences, not just ticketing, through a new app and brand campaign [8] - There is a strategic focus on enhancing the consumer app experience, which is expected to drive higher engagement and ticket sales [30][60] - The introduction of timed entry capabilities is seen as a significant opportunity for growth, expanding the addressable market [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, reaffirming the full-year financial outlook despite macroeconomic uncertainties [19][61] - The company is monitoring market sentiment closely but believes it has resilience due to its pricing structure and the nature of its offerings [61][62] Other Important Information - The company announced changes in its executive team, with key leadership transitions that are expected to maintain operational continuity [17] - The liquidity position remains strong, with $550 million in cash and $240 million in available liquidity, up from $230 million at year-end [16][24] Q&A Session Summary Question: Is the shift to more app-based MAUs an intentional strategy? - Management confirmed that the focus on app-based users is intentional, as app users show higher engagement and conversion rates compared to web users [30] Question: What is supporting the growth in Eventbrite Ads? - The growth is attributed to the native integration of ads within the marketplace, which is performance-driven and creator-led, indicating strong product-market fit [36] Question: What is the strategy for increasing paid creator accounts? - While the overall number of paid creators is recovering slowly, there is growth in high-quality segments, particularly among large and frequent creators [52] Question: What are the goals of the app redesign? - The redesign aims to enhance user engagement and conversion to ticket sales, making Eventbrite the go-to platform for discovering live experiences [60] Question: How is the company addressing macroeconomic conditions? - Management noted that they are not currently seeing significant impacts from macro pressures and believe their business model offers resilience [61][62]

Q1 2025 Results - Paid tickets reached 19.6 million, a 7.7% year-over-year decrease, showing a 250 basis points improvement from Q4 2024's 10.2% decline[19] - Gross ticket sales totaled $775 million, down 9% year-over-year[11] - Net revenue was $73.8 million, a 14% decrease year-over-year, attributed to lower marketplace revenue (-48% Y/Y) and ticketing revenue (-9% Y/Y)[27] - Net loss amounted to $6.6 million, compared to a $4.5 million net loss in the prior year[31] - Adjusted EBITDA was $4.6 million, with an Adjusted EBITDA margin of 6.2%[34] - Operating expenses decreased by 14% year-over-year to $59.2 million[37] User Engagement - Average Monthly Active Users (MAUs) reached 87.6 million, a 3% year-over-year increase, driven by app MAUs growth after the rebrand and app refresh[23] - Average app monthly active users increased 13% year-over-year[21] Financial Position - Available liquidity stood at $241 million after repaying $120 million principal of 2025 notes[43, 42] - Total debt outstanding is $358 million[42] - Stock-based compensation decreased by 27% year-over-year[40] Business Outlook - The company anticipates Q2 2025 net revenue to be in the range of $70 million to $73 million with an Adjusted EBITDA margin in the 3% to 4% range[46] - The company expects fiscal year 2025 net revenue in the range of $295 million to $310 million with an Adjusted EBITDA margin in the mid-single digit percentage range[47]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported $820 million in Marketplace Gross Order Value (GOV), a decrease of 20% year-over-year [13] - Total revenues for Q1 were $164 million, down 14% year-over-year, with owned property revenues also declining by 14% and private label revenues down 27% [13] - Adjusted EBITDA for Q1 was $22 million, a significant drop from $39 million in the prior year, attributed to lower volume and higher marketing expenses as a percentage of revenue [14] Business Line Data and Key Metrics Changes - Marketplace orders decreased by 20% compared to Q1 2024, while the average order size remained flat year-over-year [13] - The marketplace take rate increased to 16.3%, up 70 basis points from 15.6% in Q1 2024, with expectations for near-term take rates to be in the range of 15.5% to 16% [14] Market Data and Key Metrics Changes - The company noted robust competitive intensity and softening industry trends amid consumer uncertainty, impacting how artists and rights holders approach the market [6] - The concert landscape has shown volatility, with year-over-year volume trends fluctuating significantly, while sports events have seen a decline due to tough comparisons from previous years [35] Company Strategy and Development Direction - The company is focused on cost discipline while making strategic investments in marketing and technology to enhance product development and customer experience [7] - Plans for international expansion are underway, with a focus on building out capabilities and scaling the platform in favorable markets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term resilience of the industry despite current economic pressures, emphasizing the importance of live experiences over goods [6] - The company has suspended guidance for the remainder of 2025 due to increased variability in the global economy and potential consumer softness [15] Other Important Information - The company repurchased $7 million worth of shares at an average price of $2.89 during the quarter [15] - The company is committed to its Corporate Responsibility and Governance Strategy, highlighting progress in sustainability goals [11] Q&A Session Summary Question: Can you elaborate on the performance marketing changes and competitive intensity? - Management noted changes in the Google channel affecting data reporting, leading to increased bidding and decreased efficiency across the industry [19][20] Question: Have you seen any changes in industry expectations? - Management indicated a softening in expectations due to broader economic conditions, despite some bounce-back in April [25] Question: Are artists delaying tours due to macro uncertainty? - Management acknowledged volatility in the industry, with a seasonal low in market activity observed [28] Question: What are your thoughts on cash conversion to EBITDA and capital allocation? - Management expects limited cash generation for the year due to declining EBITDA and working capital pressures [37] Question: How do you view market share dynamics in a flat to down industry? - Management indicated that GOV being down 20% could reflect share impact, primarily from performance marketing channels [42] Question: What is the impact of regulatory changes on the industry? - Management supports regulations aimed at transparency and believes their lean cost structure positions them favorably [62] Question: How is the company addressing marketing channel mix? - Management is focusing on diversifying away from competitively pressured channels and leveraging partnerships to drive growth [70]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported $820 million in Marketplace Gross Order Value (GOV), a decrease of 20% year-over-year [12] - Total revenues for Q1 were $164 million, down 14% year-over-year [12] - Adjusted EBITDA for Q1 was $22 million, down from $39 million in the prior year [13] - The marketplace take rate increased to 16.3%, up 70 basis points from 15.6% in Q1 2024 [12] Business Line Data and Key Metrics Changes - Owned property revenues decreased by 14%, while private label revenues declined by 27% [12] - Marketplace orders were down 20% compared to Q1 2024, with average order size remaining flat year-over-year [12] Market Data and Key Metrics Changes - The company noted robust competitive intensity and softening industry trends amidst consumer uncertainty [5] - There was a bounce back in April after a softening in February and March, but overall consumer sentiment remains volatile [26] Company Strategy and Development Direction - The company is focused on cost discipline while making strategic investments in marketing and technology [6] - Upcoming app enhancements will aim to improve customer experience and engagement [6] - The company is committed to expanding its Total Addressable Market (TAM) and international capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term resilience of the live events industry despite current pressures [5] - The company is suspending guidance for the remainder of 2025 due to increased variability in the global economy and potential consumer softness [14] - Management emphasized the importance of operational discipline and strategic investments for long-term success [10] Other Important Information - The company repurchased $7 million worth of shares at an average price of $2.89 during the quarter [14] - The partnership with United Airlines is expected to contribute positively in the second half of 2025 [9] Q&A Session Summary Question: Can you elaborate on the competitive environment and performance marketing changes? - Management noted changes in the Google channel affecting data reporting, leading to increased bidding and decreased efficiency across the industry [20][21] Question: Have you seen any changes in industry expectations? - Management indicated a conservative approach due to broader economic conditions, with expectations for a flat to down industry [24][26] Question: Are artists delaying tours due to macro uncertainty? - Management acknowledged volatility in the industry, with some seasonal lows in market activity [29] Question: What are your thoughts on cash conversion to EBITDA and capital allocation? - Management expects limited cash generation for the year due to declining EBITDA and working capital pressures [38] Question: How do you view market share dynamics? - Management indicated that GOV being down 20% could reflect share impact, particularly from performance marketing channels [42][43] Question: Can you provide insights on the marketing channel mix? - Management is focusing on diversifying marketing channels and leveraging partnerships to mitigate competitive pressures [71][74] Question: What is the impact of regulatory changes on the industry? - Management supports regulations aimed at price transparency and believes it will create a level playing field [65][66]

Core Insights - Vivid Seats Inc. will report its financial results for Q1 2025 on May 6, 2025, before the U.S. stock market opens [1] - A live webcast discussing the results will take place at 8:30 a.m. ET on the same day [2] Company Overview - Founded in 2001, Vivid Seats is a leading online ticket marketplace that connects millions of buyers with thousands of ticket sellers across a wide range of events [3] - The company emphasizes the belief that everyone should "Experience It Live" and offers a vast selection of events and tickets in North America [3] - Vivid Seats has an industry-leading rewards program, Vivid Seats Rewards, which allows fans to earn on every purchase [3] - The company also owns Vivid Picks, a daily fantasy sports app, and utilizes proprietary software and technology to enhance the ticketing ecosystem [3] - Vivid Seats has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing [3]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenues of $200 million, a 1% increase year-over-year, and adjusted EBITDA of $33 million, a 5% decrease year-over-year [7][26] - For the full year 2024, revenues reached $776 million, a 9% increase year-over-year, while adjusted EBITDA was $151 million, a 7% increase year-over-year [7][26] - The company generated $994 million in marketplace Gross Order Value (GOV) in Q4 2024, an 11% decrease year-over-year, with a 12% reduction in total marketplace orders [24][26] - The average order size increased by 2% year-over-year in Q4 2024 [24] Business Line Data and Key Metrics Changes - The loyalty program, Vivid Seats Rewards, saw repeat orders increase to 61% of total orders, indicating a strong trend in customer retention [10] - The Game Center initiative led to a doubling of app downloads year-over-year and quarter-over-quarter in Q4 2024, contributing to increased engagement [12] Market Data and Key Metrics Changes - The live event industry is expected to return to growth in 2025, following a muted 2024, with consumers prioritizing spending on live experiences [8] - The company is expanding its Total Addressable Market (TAM) through acquisitions and international expansion, with a focus on the UK and other European countries [15][36] Company Strategy and Development Direction - The company plans to increase investments in marketing and technology to drive long-term growth, despite competitive intensity in the market [22][30] - Strategic partnerships, such as with United Airlines, are aimed at enhancing customer engagement and expanding the user base [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the live events market, despite the competitive landscape in 2024 [6][21] - The company anticipates a return to top-line growth in the second half of 2025, aided by easier comparisons and new partnerships [21][29] Other Important Information - The company reduced the interest rate on its term loan, resulting in annualized savings of $3 million [26] - The guidance for 2025 includes marketplace GOV expectations of $3.7 billion to $4.1 billion and revenues of $730 million to $810 million [27] Q&A Session Summary Question: International expansion and EBITDA impact - Management confirmed the launch in the UK and expressed optimism about expanding into other European countries, with a focus on achieving scale before prioritizing profits [36][37] Question: Concert pipeline and North American activity - Management noted a mixed outlook for concert activity, with early 2025 showing solid growth but recent weeks indicating a neutral to negative trend [40][41] Question: Market share competition and loyalty program - Management emphasized the importance of repeat users and the effectiveness of the loyalty program in maintaining customer engagement [46][48] Question: Strategic M&A and buyback plans - Management indicated that share buybacks are a core part of their capital allocation strategy, but they remain cautious about M&A opportunities in the near term [50][104] Question: Marketing expenses and macroeconomic impacts - Management stated that marketing expenses are expected to align with volume, and they are monitoring macroeconomic conditions closely [72][78]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $76.5 million, down 13% year-over-year, but at the upper end of the outlook range [27] - Adjusted EBITDA for Q4 was $6.5 million, compared to $8.8 million in the prior year [34] - Full year 2024 adjusted EBITDA was $35.1 million, up from $28.7 million in 2023 [35] Business Line Data and Key Metrics Changes - Ticketing revenue declined 10% to $70.4 million, primarily due to paid ticket volume recovery from the impacts of organizer fees [28] - Marketplace revenue decreased 35% to $6 million, attributed to the loss of organizer fees, partially offset by a 35% increase in Eventbrite Ads revenue [28][14] - Total ticketing volume was 72 million in Q4, representing a 2% year-over-year growth, driven by an 8% increase in free ticket volume [29][11] Market Data and Key Metrics Changes - Free ticket volume grew 8% in Q4, indicating a significant recovery and a 25 percentage point improvement from Q3 [12] - Paid ticket volume totaled 21.6 million in Q4, also a 10% decline, but an improvement from the 14% decline reported in Q3 [30] Company Strategy and Development Direction - The company is focusing on three strategic areas for 2025: expanding consumer reach, deepening creator engagement, and strengthening marketplace monetization [16] - A redesigned Eventbrite app is being rolled out to enhance event discovery and consumer engagement [17] - The company aims to exit 2025 as a stronger, more scalable business despite guiding to lower revenue due to structural changes in revenue mix [15][22] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a transition year, expecting to see continued recovery in ticketing trends and growth in Eventbrite Ads [39] - The elimination of organizer fees is expected to result in a $20 million revenue headwind compared to 2024, but management believes this will set the foundation for long-term growth [39][40] - Management expressed confidence in the company's ability to scale efficiently and drive stronger growth in 2026 and beyond [16][41] Other Important Information - The company ended Q4 with cash, cash equivalents, and restricted cash totaling $465 million, down from $531 million at the end of Q3 [36] - Total debt at the end of Q4 was $241 million, with a focus on managing debt maturities in the upcoming year [36] Q&A Session Summary Question: Update on TikTok partnership and conversion rates - Management highlighted that the TikTok partnership is crucial for event discovery and ticket sales, with ongoing efforts to improve conversion rates through native ticket integration [45][46] Question: Annual outlook and EBITDA margin guidance - Management explained that the mid-single digit EBITDA margin guidance reflects the impact of the $20 million reduction in organizer fees and other cost factors [50][52] Question: Free ticket activity and its impact on revenue growth - Management indicated that free ticket activity is a leading indicator for paid ticket volume growth, with ongoing improvements in creator retention and consumer engagement [66][70] Question: Capital allocation strategy regarding share repurchases and debt management - Management stated that a balanced approach will be taken for capital allocation, focusing on managing debt maturities while executing the share buyback program [79][80] Question: Building consumer loyalty and engagement - Management emphasized the importance of app users for driving loyalty and engagement, with initiatives like the HITLIST feature to enhance event discovery [88][90] Question: Strategies to win back high-volume creators - Management noted that since reintroducing the free tier, there has been stronger engagement with creators, supported by improved marketing tools and account management strategies [111][112]