Business
Vivid Seats Delivers Strong Second Quarter Results
Q2 2024 Revenues of $198 Million (+20% YoY) CHICAGO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or “we”), a leading
About this update from Vivid Seats Inc.
[{"type":"text","content":"Q2 2024 Revenues of $198 Million (+20% YoY)\nCHICAGO, Aug. 06, 2024 (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, today provided financial results for the second quarter ended June 30, 2024. \"In the second quarter we executed with discipline, delivering great results while opportunistically leveraging our unique assets and capabilities,\" said Stan Chia, Vivid Seats CEO. \"20% year-over-year revenue growth and 42% year-over-year Adjusted EBITDA growth are a testament to the differentiated platform we have built. With our mix of buyer repeat orders continuing to trend higher in 2024, we continue to foster loyalty on both sides of our ecosystem and drive continued profitable growth.\" Second Quarter 2024 Key Operational and Financial Metrics Marketplace GOV of $998.1 million – up 5% from $953.7 million in Q2 2023Revenues of $198.3 million – up 20% from $165.4 million in Q2 2023Net loss of $1.2 million – down from net income of $38.3 million in Q2 2023Adjusted EBITDA of $44.2 million – up 42% from $31.1 million in Q2 2023 \"In the second quarter we delivered robust revenue and Adjusted EBITDA growth, demonstrating our ability to navigate varying competitive landscapes,\" said Lawrence Fey, Vivid Seats CFO. \"In the second quarter, we also refinanced and up-sized our term loan and were able to reduce our interest rate while adding $125 million of cash to our balance sheet. We will continue to evaluate opportunities to deploy our cash balance across share repurchases and strategic M&A.\" Key Performance Indicators ('000s) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Marketplace GOV(1)$998,065 $953,739 $2,026,543 $1,809,267 Total Marketplace orders(2) 3,097 2,627 5,974 4,902 Total Resale orders(3) 101 76 200 163 Adjusted EBITDA(4)$44,178 $31,077 $83,096 $73,512 (1)Marketplace Gross Order Value (\"Marketplace GOV\") represents the total transactional amount of Marketplace segment orders placed on our platform in a period, inclusive of fees, exclusive of taxes and net of cancellations that occurred during that period. During the three and six months ended June 30, 2024, Marketplace GOV was negatively impact...