Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q2 2024 Earnings Presentation
18 slides from Vivid Seats's earnings presentation, Aug 6, 2024
Slide 1: Q2 2024 Financial Results
Q2 2024 Financial Results August 6, 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: Q2 2024 Highlights
Q2 2024 Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $1.0B $198M $44M • Delivered 20% revenue growth, 42% Adjusted EBITDA growth2 and 22% Adjusted EBITDA margin2 • Executed dynamically and with discipline • Increased strategic flexibility with $125 million of proceeds from June refinancing
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 $198,316 $190,852 $1,028,477 $188,133 $998,933 $998,065 $953,739 $165,380 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 (1) (1) MarketplaceGOV Marketplace GOVrepresents represe
Slide 8: Net Income / (Loss) and Adjusted EBITDA
Net Income / (Loss) and Adjusted EBITDA (in thousands) GAAP Net Income / (Loss)1 Adjusted EBITDA2 $50,000 30% $50,000 30% $45,000 $44,178 $38,326 25% 25% $38,920 $40,000 $40,000 23% $31,077 $35,103 20% $33,367 22% 20% $28,525 $35,000 20% Net Income $30,000 margin % 19% 15% $30,000 Adj. EBITDA 18% 18
Slide 9: 2024 Financial Guidance
2024 Financial Guidance Key Financial 8/6/24 YOY Growth2 Metrics Marketplace GOV $4.0B to $4.3B +6% Revenues $810M to $830M +15% 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 Continued Strong Cash Generation $213M deployed for Continued disciplined capital strategic acquisitions & deployment to increase investments shareholder value $20M deployed for 1.0x net leverage2 share repurchases (1) Refle
Slide 11: Closing Remarks
Closing Remarks Stan Chia, Chief Executive Officer
Slide 12: Key Takeaways
Key Takeaways Double-Digit Growth CAGR We forecast double-digit revenue and Adjusted EBITDA growth for 2024 and to average double-digit growth thereafter through continued live event growth in North America coupled with international expansion Robust Profitability Trajectory Our profitability to dat
Slide 13: Q+A
Q+A
Slide 14: Thank You
Thank You investors@vividseats.com
Slide 15: Capital Structure
Capital Structure 208M Shares Outstanding1 as of 6/30/24 CLASS A CLASS B Class A Class B 131.8 76.2 • Publicly traded (SEAT) • Privately held by PE investors • EPS calculation reflects ~63% • Convertible 1-for-1 into Class A economic interest and ~63% shares outstanding • Consolidated financial stat
Slide 16: Supplementary Financial Data – Historical AOS
Supplementary Financial Data – Historical AOS1 Average Order Size ($) Vegas.com & Wavedash acquisitions 405 dilute AOS 397 starting Q4’23 385 388 376 374 368 363 355 358 338 329 331 3-4% historical 322 CAGR 299 303 304 285 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 20
Slide 17: Supplementary Financial Data – Q2 2024
Supplementary Financial Data – Q2 2024 (in thousands) Marketplace Revenues by Event Category EPS Three Months Ended June 30, Three Months Ended June 30, 2024 2023 % Change Numerator—basic: 2024 2023 Revenues: Net income / (loss) ($1,221) $38,326 Less: Income attributable to redeemable noncontrolling
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 Q2 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net income (loss) / Net income (loss) margin $30,272 $38,326 $16,018 $28,525 $10,742 -$1,221 18.8% 23.2% 8.5% 14.4% 5.6%