Business
Vivid Seats Announces Record Third Quarter 2021 Results
Third Quarter 2021 Revenues of $140 million and Marketplace GOV of $713 million CHICAGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT)
About this update from Vivid Seats Inc.
[{"type":"text","content":"Third Quarter 2021 Revenues of $140 million and Marketplace GOV of $713 million\nCHICAGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”, \"we\" or the “Company”), 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, today provided financial results for the quarter ended September 30, 2021. “The record-setting results we saw in the third quarter are a great way to mark our first reported results as a public company. Live events have come back stronger than expected as fans returned to support their favorite sports teams and artists. We are committed to delivering fans an exceptional experience so they can get out and do what they love,” said Stan Chia, Vivid Seats CEO. “We are continuing on our mission to help everyone “Experience it Live.” In our third quarter, we launched our new brand coupled with new features and enhancements to our industry leading loyalty program, Vivid Seats Rewards. Every fan now earns 10% in value on every ticket purchased along with the opportunity to earn additional lucrative and unique perks. We are excited to launch our new brand and loyalty program as we enter a period where we expect a full slate of live events with significant pent-up demand ready to be unleashed,” Chia concluded. Third Quarter 2021 Financial Summary Revenues of $139.5 million increased from negative $7.1 million in the third quarter of 2020Net loss of $1.8 million as compared to net loss of $40.2 million in the third quarter of 2020Marketplace Gross Order Value (\"Marketplace GOV\") of $713.1 million increased from negative $30.8 million in the third quarter 2020Adjusted EBITDA of $42.0 million increased from negative $19.5 million in the third quarter of 2020Highest single quarter results for Marketplace GOV, Revenues and Adjusted EBITDA in company history Lawrence Fey, CFO of Vivid Seats, commented, “In our third quarter we carried forward our positive momentum with robust financial results and quarter-over-quarter growth for Marketplace GOV, Revenues and Adjusted EBITDA. We continued to generate cash from operations which, coupled with the proceeds from the business combination, leave us with cash in excess of debt and significant financial flexibility.” Key Performance Indi...