Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q1 2024 Earnings Presentation
18 slides from Vivid Seats's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Financial Results
Q1 2024 Financial Results May 7, 2024 (Nasdaq: SEAT)
Slide 2: Agenda
Agenda 01 Business Highlights & Updates Stan Chia, Chief Executive Officer 02 Financial Results & Outlook Lawrence Fey, Chief Financial Officer 03 Q&A Stan Chia, Chief Executive Officer Lawrence Fey, Chief Financial Officer
Slide 3: Important Disclaimers
Important Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation relate to, without limitation:
Slide 4: Business Highlights & Updates
Business Highlights & Updates Stan Chia, Chief Executive Officer
Slide 5: Q1 2024 Highlights
Q1 2024 Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $1.0B $191M $39M • Delivered ~20% top line growth with 20%+ Adjusted EBITDA margin2 • Began unlocking Vegas.com revenue synergies while progressing toward international launch • Generated $39 million of cash from operations and initiated
Slide 6: Financial Results & Outlook
Financial Results & Outlook Lawrence Fey, Chief Financial Officer
Slide 7: Marketplace GOV and Revenues
Marketplace GOV and Revenues (in thousands) Marketplace GOV1 Revenues $1,112,326 $198,303 $190,852 $1,028,477 $188,133 $998,933 $953,739 $165,380 $161,063 $855,528 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 (1) (1) MarketplaceGOV Marketplace GOVrepresents represe
Slide 8: Net Income and Adjusted EBITDA
Net Income and Adjusted EBITDA (in thousands) GAAP Net Income1 Adjusted EBITDA2 $50,000 40% $50,000 40% $45,000 35% $45,000 $42,435 35% $40,000 $38,326 $40,000 $38,920 30% $35,103 30% $35,000 $35,000 26% $33,367 $30,272 $31,077 $28,525 25% 25% $30,000 $30,000 Adj. EBITDA 20% 23% margin % 19% $25,000
Slide 9: 2024 Financial Guidance
2024 Financial Guidance Key Financial 5/7/24 YOY Growth2 Metrics Marketplace GOV $4.2B to $4.5B +11% Revenues $810M to $840M +16% Adjusted EBITDA1 $160M to $170M +16% (1) Adjusted EBITDA is a non-GAAP financial measure. See “Important Disclaimers.” We calculate forward-looking Adjusted EBITDA based
Slide 10: Robust Cash Generation & Capital Deployment
Robust Cash Generation & Capital Deployment 2023 2024 $116M Cash Generated1 60-70% Adj. EBITDA to Cash Conversion2,3 $213M deployed for Continued capital strategic acquisitions & deployment to increase investments shareholder value $20M deployed for 0.7x forward share repurchases net leverage4 (1) R
Slide 11: Closing Remarks
Closing Remarks Stan Chia, Chief Executive Officer
Slide 12: Key Takeaways
Key Takeaways Sustained Double-Digit Growth We forecast continued double-digit growth on both top and bottom line for 2024 and compounding double-digit growth on a sustained basis as we capture continued live event growth in North America and expand abroad Strong and Improving Profitability We expec
Slide 13: Q+A
Q+A
Slide 14: Thank You
Thank You investors@vividseats.com
Slide 15: Capital Structure
Capital Structure 210M Shares Outstanding1 as of 3/31/24 CLASS A CLASS B Class A Class B 134.4 76.2 • Publicly traded (SEAT) • Privately held by PE investors • EPS calculation reflects ~64% • Convertible 1-for-1 into Class A economic interest and ~64% shares outstanding • Consolidated financial stat
Slide 16: Supplementary Financial Data – Historical AOS
Supplementary Financial Data – Historical AOS1 Average Order Size ($) Vegas.com & Wavedash acquisitions 405 dilute AOS 397 starting Q4’23 385 388 376 374 368 363 355 3-4% historical 358 CAGR 338 329 331 299 303 304 285 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q
Slide 17: Supplementary Financial Data – Q1 2024
Supplementary Financial Data – Q1 2024 (in thousands) Marketplace Revenues by Event Category EPS Three Months Ended March 31, Three Months Ended March 31, Numerator—basic: 2024 2023 2024 2023 % Change Net income $10,742 $30,272 Revenues: Concerts $68,029 $74,879 -9% Less: Income attributable to rede
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in thousands except for percentages) 2023 2024 2023 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net income / Net income margin $30,272 $38,326 $16,018 $28,525 $10,742 18.8% 23.2% 8.5% 14.4% 14.9% Income tax expense (benefit) $285 -$2