Business
Vivid Seats Wraps Record 2022 and Drives Marketplace Affinity
Full Year 2022 Marketplace GOV of $3.2 billion and Revenues of $600 million CHICAGO, March 07, 2023 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT)
About this update from Vivid Seats Inc.
[{"type":"text","content":"Full Year 2022 Marketplace GOV of $3.2 billion and Revenues of $600 million\nCHICAGO, March 07, 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 fourth quarter and full year ended December 31, 2022. “2022 was a stellar year for live events and an exceptional year for Vivid Seats. Our team capitalized on strong demand, navigated the competitive landscape with agility and delivered on financial and strategic objectives that strengthen our business for 2023 and beyond,” said Stan Chia, Vivid Seats CEO. “Both 2022 Marketplace GOV and Revenues exceeded our prior records from 2021 by more than 30% and exceeded our initial guidance midpoint by 10%. Even with substantial competitive pressures in the second half, we delivered Adjusted EBITDA within our guidance range, while making deliberate investments to drive higher customer lifetime value. Momentum from our brand is building and we are steadfast in our strategy – delivering a differentiated product with a compelling value proposition that fosters value in the long term. Innovation and affinity on both sides of our marketplace is key and this quarter we are excited to announce Skybox Drive - an intelligent automation that optimizes revenue for our sellers on Skybox.” Fourth Quarter 2022 Key Operational and Financial Metrics: Marketplace GOV of $846.0 million – down 3% from $876.5 million in Q4 2021Revenues of $165.0 million – up 1% from $163.9 million in Q4 2021Net income of $24.8 million – up 7565% from $0.3 million net income in Q4 2021Adjusted EBITDA of $33.7 million – up 22% from $27.5 million in Q4 2021 Full Year 2022 Key Operational and Financial Metrics: Marketplace GOV of $3,184.8 million – up 33% from $2,399.1 million in 2021Revenues of $600.3 million – up 35% from $443.0 million in 2021Net income of $70.8 million – up from $19.1 million net loss in 2021Adjusted EBITDA of $113.3 million – up 3% from $109.9 million in 2021 “We are proud of the operational and financial performance we demonstrated in 2022 in our first full year as a public company,\" said Lawrence Fey, Vivid Seats CFO. “We continued to build long-term va...