Business
Vivid Seats Reports Fourth Quarter Results and Authorizes New Share Repurchase Program
Finishes Transformational 2023 with Foundation for Durable Growth CHICAGO, March 05, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”
About this update from Vivid Seats Inc.
[{"type":"text","content":"Finishes Transformational 2023 with Foundation for Durable Growth\nCHICAGO, March 05, 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 full year and fourth quarter ended December 31, 2023. \"In 2023 we grew top and bottom line by nearly 25%, significantly expanded our TAM through strategic acquisitions, and executed against our objective of being the marketplace of choice for both sellers and buyers,\" said Stan Chia, Vivid Seats CEO. \"We also added incremental products such as Skybox Drive on the seller side while building brand awareness and affinity on the buyer side with the launch of Game Center and multiple new partnerships. These actions helped us drive our mix of accretive repeat orders 300 basis points higher in 2023. We enter 2024 excited to serve a growing $63 billion global ticketing TAM and are accelerating our investments to launch in new markets that will further enhance our ability to deliver sustained double-digit growth and long-term value.\" Full Year 2023 Key Operational and Financial Metrics Marketplace GOV of $3,920.5 million – up 23% from $3,184.8 million in 2022Revenues of $712.9 million – up 19% from $600.3 million in 2022Net income of $107.0 million – up 51% from $70.8 million in 2022Adjusted EBITDA of $142.0 million – up 25% from $113.3 million in 2022 Fourth Quarter 2023 Key Operational and Financial Metrics Marketplace GOV of $1,112.3 million – up 31% from $846.0 million in Q4 2022Revenues of $198.3 million – up 20% from $165.0 million in Q4 2022Net income of $22.4 million – down 10% from $24.8 million in Q4 2022Adjusted EBITDA of $35.1 million – up 4% from $33.7 million in Q4 2022 “We delivered 23% Marketplace GOV growth alongside expanding profit margins during 2023,” said Lawrence Fey, Vivid Seats CFO. “We continue to convert our topline growth into cash flow that affords us the ability to strategically invest to support double-digit growth for years to come. In 2023, we deployed our cash flow into two TAM-expanding acquisitions while repurchasing approximately three million shares. We enter 2024 with a healthy balance sheet that we will strategically de...