Business
Vivid Seats Raises Guidance after Record First Quarter 2022 Marketplace GOV and Revenues
First Quarter 2022 Marketplace GOV of $742 million and Revenues of $131 million CHICAGO, May 10, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT)
About this update from Vivid Seats Inc.
[{"type":"text","content":"First Quarter 2022 Marketplace GOV of $742 million and Revenues of $131 million\nCHICAGO, May 10, 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 first quarter ended March 31, 2022. “At Vivid Seats, as a marketplace and technology platform, we sit at the intersection of supply and demand, and it is apparent from our record-setting first quarter Marketplace GOV and Revenues that fans are eager to attend live events,” said Stan Chia, Vivid Seats CEO. “As our business continues to accelerate, our impressive first quarter performance is a testament to the strength of our platform, as well as strong consumer demand. We will continue to invest in our business as we believe the live event industry is well positioned for long-term secular growth, and we are confident that our differentiated offering, leadership, and scale will allow us to continue to drive meaningful growth and to capitalize on opportunities that create shareholder value.” First Quarter 2022 Key Operational and Financial Metrics: Marketplace GOV of $742.1 million – up 537% from $116.5 million in Q1 2021Revenues of $130.8 million – up 442% from $24.1 million in Q1 2021Net income of $3.1 million – up from $20.3 million net loss in Q1 2021Adjusted EBITDA of $21.0 million – up 402% from $4.2 million in Q1 2021 Live events substantially returned in the second quarter of 2021, affecting year-over-year comparisons for the first quarter of 2022. First quarter 2022 financial results were impacted by higher-than-expected cancellations, comprised of a mix of both COVID-19 and non-COVID related items. Cancellations above normalized historical levels from 2019 reduced Net income and Adjusted EBITDA by roughly $4 million in the first quarter. “Our marketplace flywheel is gaining momentum on the other side of the pandemic with first quarter Marketplace GOV, Total Marketplace orders and Revenues all well above comparable 2019 pre-pandemic levels,” said Lawrence Fey, CFO. “The strength of our performance in the first quarter, despite the Omicron variant, speaks to robust underlying demand and gives us the confidence to raise our...