Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q2 2022 Earnings Presentation
20 slides from Vivid Seats's earnings presentation, Aug 9, 2022
Slide 1: Experience It Live: Q2 2022 Financial Results
Experience It Live Q2 2022 Financial Results August 9, 2022 (Nasdaq: SEAT)
Slide 2: Agenda
Agenda 01 Business Highlights & Update Stan Chia, Chief Executive Officer 02 Financial Results Lawrence Fey, Chief Financial Officer 03 Q&A Stan Chia, Chief Executive Officer Lawrence Fey, Chief Financial Officer
Slide 3: Forward-looking statements and use of non-GAAP financial measures
Forward-looking statements and use of non-GAAP financial measures Safe Harbor • Certain statements made in this presentation are "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other
Slide 4: Business Highlights & Updates
Business Highlights & Updates Stan Chia, Chief Executive Officer
Slide 5: Q2 2022 Financial Highlights
Q2 2022 Financial Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $815M $148M $30M Up 18% from Q2’21 Up 28% from Q2’21 Down 16% from Q2’21 • Excellent results driven by record Q2 Marketplace GOV and highest quarterly Marketplace Orders ever (+41% y/y) • Reflects pent-up live event demand and o
Slide 6: Betcha Shopping Integration & Rebrand
Betcha Shopping Integration & Rebrand to Integrated shopping Stitch play + shop Full interactive maps Streamlined checkout Status + fulfillment within core experience within activity feed to aid in purchasing with rewards built in within the app Vivid Seats • 6
Slide 7: Other Key Milestones
Other Key Milestones • Announced multi-faceted partnerships with Rolling Stone and Bleacher Report as Official Ticketing Partner • Joined broad-market Russell 2000® and Russell 3000® Indexes • Named to Fast Company’s Best Workplaces for Innovators in consumer products and services Vivid Seats • 7
Slide 8: Financial Updates
Financial Updates Lawrence Fey, Chief Financial Officer
Slide 9: Marketplace GOV and Revenues
Marketplace GOV and Revenues (in thousands) Marketplace Marketplace GOV GOV11 RevenuesGOV1 Marketplace $163,888 $876,467 $814,817 $147,694 $139,538 $742,138 $130,772 $693,090 $713,062 $115,498 $116,473 $24,114 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2
Slide 10: Net Income/(Loss) and Adjusted EBITDA
Net Income/(Loss) and Adjusted EBITDA (in thousands) GAAP Net Income (Loss) 1 Adjusted EBITDA 2 $41,965 $45,000 50% $30,000 $25,000 $24,060 1 50% 45% $40,000 $36,195 $20,000 40% $35,000 $30,329 1 00% $15,000 31% 3 5% $10,000 $30,000 30% $27,522 50% 3 0% $2,645 ($1,847) $3,138 $25,000 $21,012 $5, 000
Slide 11: Net Debt and Cash Flow
Net Debt and Cash Flow (in thousands) Cash Flow from Operations Q2’21 benefited from change in net operating Cash Term Loan assets as pandemic subsided as of outstanding $152,235 principal as of 6/30/22 6/30/22 $288M $274M As compared to $14M net cash position $30,761 $32,266 $314M as of 3/31/22 wit
Slide 12: 2022 Financial Guidance
2022 Financial Guidance Key Financial Q1 Q2 March 10, 2022 May 10, 2022 August 9, 2022 Metrics Update Update Marketplace GOV $2.70B to $3.00B $2.80B to $3.05B $2.95B to $3.15B Revenues $510M to $550M $520M to $555M $540M to $570M Adjusted EBITDA1 $110M to $115M $110M to $115M $110M to $117M (1) Adju
Slide 13: Closing Remarks
Closing Remarks Stan Chia, Chief Executive Officer
Slide 14: Key Takeaways
Key Takeaways We achieved our highest quarterly Marketplace Orders ever in Q2’22 which resulted Capturing Pent-up in record-setting Q2 Marketplace GOV while demonstrating the ability of our Demand & Converting business and strategy to capture pent-up demand following the pandemic, with to Profitabil
Slide 15: Q&A
QSA vividseats
Slide 16: Thank You
Thank You investors@vividseats.com
Slide 17: Supplementary Financial Data – Q2 2022
Supplementary Financial Data – Q2 2022 (in thousands) Marketplace Revenues by Event Category EPS1 Three Months Ended June 30, Three Months Ended 2022 2021 Change % Change June 30, 2022 Revenues: Numerator—basic: Concerts $ 65,816 $ 49,843 $ 15,973 32% Net income $ 24,060 Sports 51,285 48,005 3,280 7
Slide 18: Supplementary Financial Data – Historical AOS
Supplementary Financial Data – Historical AOS1 Average Order Size ($) 450 405 397 400 385 368 355 350 338 329 299 303 300 285 250 200 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (1) Average Order Size (“AOS”) is calculated by dividing Marketplace GOV by Total Mark
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in thousands except for percentages) 2021 2022 2021 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net income (loss) / Net income (loss) margin -$20,251 $2,645 -$1,847 $324 $3,138 $24,060 -84.0% 2.3% -1.3% 0.2% 2.4% 16.3
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Notes: (1) We have historically incurred sales tax expense in jurisdictions where we expected to remit sales tax payments but were not yet collecting from customers. During the second half of 2021, we began collecting sales tax from customers in all required states. The sale