Business
Vivid Seats Captures Robust Live Event Demand and Reports Record Q3 Marketplace GOV and Revenues
Third Quarter 2022 Marketplace GOV of $782 million and Revenues of $157 million CHICAGO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT)
About this update from Vivid Seats Inc.
[{"type":"text","content":"Third Quarter 2022 Marketplace GOV of $782 million and Revenues of $157 million\nCHICAGO, Nov. 08, 2022 (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 third quarter ended September 30, 2022. “Momentum in our business continued and we’ve now set quarterly records for both Marketplace GOV and Revenues for the last six consecutive quarters,” said Stan Chia, Vivid Seats CEO. \"These results are a testament to our powerful technology platform and our team’s ability to capture industry strength while continuing to deliver both growth and profitability. We remain confident and enthusiastic that our strategy to invest in differentiated products and services will drive sustained increases in customer lifetime value. We are making targeted investments to foster brand awareness and loyalty with high-value customers and we are pleased to see our customer repeat rates trending higher across event categories, indicating that our efforts are working.” Third Quarter 2022 Key Operational and Financial Metrics: Marketplace GOV of $781.8 million – up 10% from $713.1 million in Q3 2021Revenues of $156.8 million – up 12% from $139.5 million in Q3 2021Net income of $18.7 million – up from $1.8 million net loss in Q3 2021Adjusted EBITDA of $28.3 million – down 33% from $42.0 million in Q3 2021 \"This quarter we lapped exceptional results from the third quarter of 2021, which included unique reopening dynamics. Third quarter 2022 live event demand remained robust, leading us to raise our 2022 Marketplace GOV and Revenues guidance,\" said Lawrence Fey, Vivid Seats CFO. “We maintain our 2022 Adjusted EBITDA guidance and will remain agile within the competitive environment while continuing to invest in what is working. We have a strong balance sheet with cash in excess of gross debt and a track record of meaningful cash generation. We utilized our robust cash balance to repurchase approximately $3 million of our common stock during the third quarter.\" Key Performance Indicators ('000s) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Marketplace GOV(1) $781,834 $71...