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CHICAGO, March 12, 2025 (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, is re-issuing in its entirety its press release providing financial results for the full year and fourth quarter ended December 31, 2024, originally issued on March 12, 2025 at 6:30 a.m. ET, to correct the consolidated statement of cash flows attached thereto by (i) replacing the line item "Loss on extinguishment of debt" with the line item "Adjustment of liabilities under TRA" in the Cash flows from operating activities section and (ii) adding the line item "Investments in developed technology" in the Cash flows from investing activities section.
"As we reflect on 2024, we are encouraged by the performance of our investments that continue to drive differentiation and efficiency in our marketplace," said Stan Chia, Vivid Seats CEO. "In 2024 we harnessed synergies from Vegas.com, innovated with Game Center, and added robust seller functionality with Skybox Drive. As we look forward, we remain confident in the long-term tailwinds driving North American live events and will continue making investments to drive long-term success. We also see attractive international growth trends and are pleased to announce we have kicked off our European launch as we continue to focus on expanding our global footprint. Lastly, we are excited about our robust partnership pipeline, which includes a new partnership with United Airlines where we are leveraging our infrastructure and tapping into new audiences."
Full Year 2024 Key Operational and Financial Metrics
- Marketplace GOV of $3,892.6 million - down 1% from $3,920.5 million in 2023
- Revenues of $775.6 million - up 9% from $712.9 million in 2023
- Net income of $14.3 million - down 87% from $113.1 million in 2023
- Adjusted EBITDA of $151.4 million - up 7% from $142.0 million in 2023
Fourth Quarter 2024 Key Operational and Financial Metrics
- Marketplace GOV of $994.4 million - down 11% from $1,112.3 million in Q4 2023
- Revenues of $199.8 million - up 1% from $198.3 million in Q4 2023
- Net loss of $4.4 million - down 115% from net income of $28.5 million in Q4 2023
- Adjusted EBITDA of $34.2 million - down 2% from $35.1 million in Q4 2023
"Throughout 2024, we maintained our unit economics amidst heightened intensity in performance marketing channels,” said Lawrence Fey, Vivid Seats CFO. "We expect continued competitive intensity in 2025 and are prepared to make additional investments to protect our market position. As we look ahead into 2025, we expect a return to top-line growth in the second half of the year as we begin to lap easier comps in the summer months. We continue to innovate and drive efficiencies as the landscape evolves and remain committed to delivering double-digit growth over the intermediate term. We expect substantial cash generation as we deliver top-line growth."
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Key Performance Indicators ('000s)
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Marketplace GOV(1) | $ | 994,377 | $ | 1,112,326 | $ | 3,892,645 | $ | 3,920,526 | ||||||||
| Marketplace orders(2) | 2,613 | 2,974 | 11,556 | 10,898 | ||||||||||||
| Resale orders(3) | 115 | 107 | 431 | 380 | ||||||||||||
| Adjusted EBITDA(4) | $ | 34,243 | $ | 35,103 | $ | 151,419 | $ | 141,982 | ||||||||
- Marketplace gross order value ("Marketplace GOV") represents the total transactional amount of Marketplace orders placed on our platform in a period, inclusive of fees, exclusive of taxes, and net of event cancellations that occurred during that period. During the three months ended December 31, 2024, Marketplace GOV was negatively impacted by event cancellations in the amount of $21.1 million compared to $9.8 million during the three months ended December 31, 2023. During the year ended December 31, 2024, Marketplace GOV was negatively impacted by event cancellations in the amount of $95.9 million compared to $43.6 million during the year ended December 31, 2023. The increase in event cancellations during the year ended December 31, 2024 was primarily due to higher concert cancellations and a full year of event cancellations from Vegas.com and Wavedash.
- Marketplace orders represent the volume of Marketplace-related transactions placed on our platform in a period, net of event cancellations that occurred during that period. During the three months ended December 31, 2024, our Marketplace segment experienced 43,019 event cancellations compared to 21,044 event cancellations during the three months ended December 31, 2023. During the year ended December 31, 2024, our Marketplace segment experienced 222,472 event cancellations compared to 99,078 event cancellations during the year ended December 31, 2023.
- Resale orders represent the volume of Resale-related transactions placed on a given platform (including our own) in a period, net of event cancellations that occurred during that period. During the three months ended December 31, 2024, our Resale segment experienced 792 event cancellations compared to 547 event cancellations during the three months ended December 31, 2023. During the year ended December 31, 2024, our Resale segment experienced 5,286 event cancellations compared to 2,910 event cancellations during the year ended December 31, 2023.
- Adjusted EBITDA is a financial measure not defined under accounting principles generally accepted in the United States of America ("U.S. GAAP"). We believe adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations and serves as a useful measure for making period-to-period comparisons of our business performance. See the "Non-U.S. GAAP Financial Measures" section below for more information, including a reconciliation of adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
2025 Financial Outlook
Vivid Seats anticipates Marketplace GOV, revenues and adjusted EBITDA for the year ended December 31, 2025 to be:
- Marketplace GOV in the range of $3.7 to $4.1 billion
- Revenues in the range of $730.0 to $810.0 million
- Adjusted EBITDA in the range of $110.0 to $150.0 million*
Additional detail around the 2025 outlook will be available on the fourth quarter 2024 earnings call.
*We calculate forward-looking adjusted EBITDA and cash generation as a percentage of adjusted EBITDA based on internal forecasts that omit certain information that would be included in the most directly comparable forward-looking U.S. GAAP measures. We do not attempt to provide a reconciliation of forward-looking adjusted EBITDA to forward-looking net income, or of forward-looking cash generation to forward-looking increase in cash, cash equivalents, and restricted cash, excluding strategic acquisitions/investments and capital structure changes, because the timing and/or probable significance of certain excluded items that have not yet occurred and are outside of our control is inherently uncertain and unavailable without unreasonable efforts. Such items could have a significant and unpredictable impact on our future U.S. GAAP financial results.
Webcast Details
Vivid Seats will host a webcast at 8:30 a.m. Eastern Time today to discuss the full year and fourth quarter 2024 financial results, business updates and financial outlook. Participants may access the live webcast and supplemental earnings presentation on the events page of the Vivid Seats Investor Relations website at https://investors.vividseats.com/events-and-presentations.
About Vivid Seats
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 where all fans earn on every purchase. Vivid Seats also owns Vivid Picks, a daily fantasy sports app. Through its proprietary software and unique technology, Vivid Seats drives the consumer and business ecosystem for live event ticketing and enables the power of shared experiences to unite people. Vivid Seats has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing. Fans who want to have the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling 866-848-8499.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate,” "believe,” "can,” "continue,” "could,” "design,” "estimate,” "expect,” "forecast,” "future,” "goal,” "intend,” "likely,” "may,” "plan,” "project,” "propose,” "seek,” "should,” "target,” "will,” and "would,” as well as similar expressions which predict or indicate future events and trends or which do not relate to historical matters, are intended to identify such forward-looking statements. The forward-looking statements in this press release relate to, without limitation: our future operating results and financial position, including our expectations regarding Marketplace GOV, revenues, adjusted EBITDA, and cash generation as a percentage of adjusted EBITDA; our expectations with respect to live event industry growth, concert supply, and our TAM and competitive positioning; our business strategy; the adoption and benefits of Skybox Drive; and the plans and objectives of management for future operations. Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks, uncertainties, and assumptions that can be difficult to predict and/or are outside of our control. Therefore, actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to: our ability to generate sufficient cash flows and/or raise additional capital when necessary or desirable; the supply and demand of live concert, sporting, and theater events; the impact of adverse economic conditions and other factors affecting discretionary consumer and corporate spending; our ability to maintain and develop our relationships with ticket buyers, sellers, and partners; our ability to compete in the ticketing industry; our ability to continue to maintain and improve our platform and to successfully develop new and improved solutions and enhancements; the impact of extraordinary events, including disease epidemics; our ability to identify suitable acquisition targets, to complete planned acquisitions, and to realize the expected benefits of completed acquisitions (including our integration of Vegas.com, LLC and Wavedash Co., Ltd.); the impact of our acquisitions and strategic investments; our ability to comply with applicable laws and regulations; the impact of unfavorable outcomes in legislation and legal proceedings; our ability to maintain the integrity of our information systems and infrastructure, and to identify, assess, and manage relevant cybersecurity risks; and other factors discussed in the "Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Investors
Kate Africk
Media
Julia Young
| VIVID SEATS INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 243,482 | $ | 125,484 | ||||
| Restricted cash | 1,166 | 6,950 | ||||||
| Accounts receivable - net | 48,315 | 58,481 | ||||||
| Inventory - net | 19,601 | 21,018 | ||||||
| Prepaid expenses and other current assets | 32,607 | 34,061 | ||||||
| Total current assets | 345,171 | 245,994 | ||||||
| Property and equipment - net | 12,567 | 10,156 | ||||||
| Right-of-use assets - net | 12,008 | 9,826 | ||||||
| Intangible assets - net | 233,116 | 241,155 | ||||||
| Goodwill - net | 943,119 | 947,359 | ||||||
| Deferred tax assets - net | 77,967 | 85,564 | ||||||
| Investments | 6,929 | 6,993 | ||||||
| Other assets | 5,219 | 3,052 | ||||||
| Total assets | $ | 1,636,096 | $ | 1,550,099 | ||||
| Liabilities, redeemable noncontrolling interests, and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 232,984 | $ | 257,514 | ||||
| Accrued expenses and other current liabilities | 165,047 | 191,642 | ||||||
| Deferred revenue | 23,804 | 34,674 | ||||||
| Current maturities of long-term debt | 3,950 | 3,933 | ||||||
| Total current liabilities | 425,785 | 487,763 | ||||||
| Long-term debt - net | 384,960 | 264,632 | ||||||
| Long-term lease liabilities | 18,731 | 16,215 | ||||||
| TRA liability | 155,720 | 165,699 | ||||||
| Other liabilities | 36,865 | 29,031 | ||||||
| Total liabilities | 1,022,061 | 963,340 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable noncontrolling interests | 352,922 | 481,742 | ||||||
| Shareholders' equity: | ||||||||
| Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 143,819,497 and 141,167,311 shares issued and outstanding at December 31, 2024 and 2023, respectively | 14 | 14 | ||||||
| Class B common stock, $0.0001 par value; 250,000,000 shares authorized, 76,225,000 shares issued and outstanding at December 31, 2024 and 2023, respectively | 8 | 8 | ||||||
| Additional paid-in capital | 1,267,710 | 1,096,430 | ||||||
| Treasury stock, at cost, 11,433,749 and 7,291,497 shares at December 31, 2024 and 2023, respectively | (75,568 | ) | (52,586 | ) | ||||
| Accumulated deficit | (930,171 | ) | (939,596 | ) | ||||
| Accumulated other comprehensive income (loss) | (880 | ) | 747 | |||||
| Total shareholders' equity | 261,113 | 105,017 | ||||||
| Total liabilities, redeemable noncontrolling interests, and shareholders' equity | $ | 1,636,096 | $ | 1,550,099 | ||||
| VIVID SEATS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands) | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 199,813 | $ | 198,303 | $ | 775,586 | $ | 712,879 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 52,477 | 51,346 | 201,854 | 182,184 | ||||||||||||
| Marketing and selling | 79,452 | 77,126 | 285,146 | 274,096 | ||||||||||||
| General and administrative | 52,398 | 51,160 | 202,123 | 159,081 | ||||||||||||
| Depreciation and amortization | 12,584 | 8,575 | 44,238 | 17,178 | ||||||||||||
| Change in fair value of contingent consideration | - | - | - | (998 | ) | |||||||||||
| Total costs and expenses | 196,911 | 188,207 | 733,361 | 631,541 | ||||||||||||
| Income from operations | 2,902 | 10,096 | 42,225 | 81,338 | ||||||||||||
| Interest expense - net | 6,466 | 4,909 | 23,172 | 13,505 | ||||||||||||
| Other income - net | (430 | ) | (2,744 | ) |
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