Business
Vivid Seats Strengthens Position with Excellent Start to 2023
Q1 2023 Revenues of $161mm (+23% YoY) and Adjusted EBITDA of $42mm (+102% YoY) Raising Guidance for 2023 Marketplace GOV, Revenues and Adjusted EBITDA
About this update from Vivid Seats Inc.
[{"type":"text","content":"Q1 2023 Revenues of $161mm (+23% YoY) and Adjusted EBITDA of $42mm (+102% YoY) Raising Guidance for 2023 Marketplace GOV, Revenues and Adjusted EBITDA CHICAGO, May 09, 2023 (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, 2023. “We are off to an excellent start in 2023. The live event environment was robust in the first quarter with exciting event supply meeting exuberant fan demand,” said Stan Chia, Vivid Seats CEO. “It is clear sustained gains stem from providing differentiated product, service and value and we are thrilled to see our investments yielding results. Driven by our investments in our loyalty program and a differentiated buyer experience, repeat orders as a percentage of total orders placed on Vivid Seats have increased to 56% in 2022 from 47% in 2018. As part of our continued focus on innovating the buyer experience, we are excited to announce free-to-play games in the Vivid Seats app, powered by Vivid Picks, offering our users daily challenges with the chance to win free tickets.” First Quarter 2023 Key Operational and Financial Metrics Marketplace GOV of $855.5 million – up 15% from $742.1 million in Q1 2022 Revenues of $161.1 million – up 23% from $130.8 million in Q1 2022 Net income of $30.3 million – up 865% from $3.1 million in Q1 2022 Adjusted EBITDA of $42.4 million – up 102% from $21.0 million in Q1 2022 “We delivered an exceptional quarter and we are raising our 2023 guidance to account for our strong performance and improving visibility into the remainder of the year,\" said Lawrence Fey, Vivid Seats CFO. “Q1 2023 Revenue was up 23% year-over-year as we benefitted from a robust March event calendar. Q1 Adjusted EBITDA of $42 million was up over 100% versus last year as a result of robust topline growth, loyalty efficiencies and timing of marketing investments. We are also pleased that our profitability converted into strong cash flow in Q1 with our cash balance growing $52 million relative to our year-end balance despite purchasing the remaining $8 million of shares available under our share repurchase authorization. Our ...