Slide 1: Vivid Seats Q4 and Full Year 2021 Financial Results
Vivid Seats Q4 and Full Year 2021 Financial Results (Nasdaq: SEAT) March 10, 2022
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: Rapid Return of Events in 2021
Rapid Return of Events in 2021 3 Meaningful Return Began in Q2… Cancellations Normalizing… 1 # of Cumulative Unique Events on our Platform $216.0 $108.0 $22.2 2019 2020 2021 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 …As Vaccination Rates Increased Record set
Slide 6: Full Year 2021 Financial Highlights
Full Year 2021 Financial Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $2.4B $443M $110M • Up from $347M in • Up from $35M in • Adjusted EBITDA up FY’20 FY’20 from ($80M) in FY’20 - Exceeded 2019 - Significant recovery - ~25% Adj. EBITDA margin Marketplace GOV of starting in Q2 $2.3B despite
Slide 7: Q4 2021 Financial Highlights
Q4 2021 Financial Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $876M $164M $28M • Up from $38M in • Up from $1M in • Adjusted EBITDA up Q4’20 Q4’20 from ($14M) in Q4’20 - Record Marketplace - Record Revenues - ~17% Adj. EBITDA margin GOV despite Omicron despite Omicron reflects meaningful b
Slide 8: 2021: Brand Refresh and Product Enhancements
2021: Brand Refresh and Product Enhancements Out with the old… In with the new… And fueled by a clear mission Shaped by the belief that nothing beats the thrill of live and driven by the promise to put you in the middle of the action—more easily and more often. Updated App Revamped Loyalty Refreshed
Slide 9: 2021: Betcha Sports, Inc. Acquisition
2021: Betcha Sports, Inc. Acquisition Betcha Sports, Inc. acquisition completed in December • Real money daily fantasy sports app with social and gamification features • Adjacent opportunity for millions of Vivid Seats ticket buyers to participate in daily fantasy sports gaming in a new way Powered
Slide 10: Financial Results
Financial Results Lawrence Fey, Chief Financial Officer
Slide 11: Marketplace GOV and Revenues
Marketplace GOV and Revenues (in thousands) Marketplace Marketplace GOV GOV11 Revenues $163,888 $876,467 $139,538 $693,090 $713,062 $115,498 $24,114 $116,473 $37,951 $1,395 ($30,778) ($7,082) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Vivid Seats
Slide 12: Net Income/(Loss) and Adjusted EBITDA
Net Income/(Loss) and Adjusted EBITDA (in thousands) GAAP Net Income (Loss) 1 Adjusted EBITDA2 31.3% 30.1% $5, 000 $2,645 50. 0% 17.4% 16.8% $324 Adj. EBITDA $41,965 -1.3% $36,195 Reflects brand margin % $0 0.2% investment 0.0% 2.3% ($1,847) ($5, 000) $27,522 -84.0% -50.0% ($10,000) Net Income (Loss
Slide 13: Net Debt and Cash Flow
Net Debt and Cash Flow (in thousands) Cash Flow from Operations Cash as of 12/31/21 $219,931 $490M Term Loan outstanding principal as of 12/31/21 As compared to $285M as of 12/31/20 $466M $76,478 With debt refinancing completed on February 3rd, Term Loan balance reduced to $275M with a ($33,892) new
Slide 14: 2022 Financial Guidance
2022 Financial Guidance Key Financial Metrics 2022 Guidance Marketplace GOV $2.7B to $3.0B Revenues $510M to $550M Adjusted EBITDA1 $110M to $115M (1) Adjusted EBITDA is not a measure defined under GAAP. We believe adjusted EBITDA provides useful information to investors and others in understanding
Slide 15: Adjusted EBITDA Comparison
Adjusted EBITDA Comparison $M Adjusted EBITDA Comparison1 $160.0 Adjusted EBITDA Excluding $145.5 investments and pubco expenses $140.0 $9.0 Combined $33M of investments $119.2 $24.0 and pubco expenses $120.0 incremental to 2019 $100.0 $80.0 $60.0 $112.5 Mid-point $40.0 Guidance $20.0 $0.0 2019A 202
Slide 16: Closing Remarks
Closing Remarks Stan Chia, Chief Executive Officer
Slide 17: Key Takeaways
Key Takeaways Return of Live Events Live events returned starting in Q2 2021; volume acceleration in 2021 + Enhanced Customer Experience coupled with brand refresh and product enhancements Improving Industry Continuing improvement in COVID trends sets the stage for Landscape record setting year of s
Slide 18: Q&A
QSA vividseats
Slide 19: Thank You!
Thank You! investors@vividseats.com
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in thousands) 2020 2021 Full Year Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2019 2020 2021 Net income (loss) $(38,503) $(662,109) $ (40,216) $ (33,357) $(20,251) $ 2,645 $ (1,847) $ 324 $ (53,848) $ (774,185) $ (19,129) Income tax expense — — — — — — —
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2021 Full Year Q1 2021 Q2 2021 Q3 2021 Q4 2021 2020 2021 Net income (loss) margin -84.0% 2.3% -1.3% 0.2% -2207.1% -4.3% Income tax expense — — — 0.2% — 0.1% Interest expense - net 67.7% 14.6% 12.4% 4.7% 163.9% 13.1% Depreciation and amortization 1.2% 0.4% 0.5% 0.5% 137.5% 0.
Slide 22: 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