Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q3 2024 Earnings Presentation
18 slides from Vivid Seats's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Financial Results
Q3 2024 Financial Results November 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: Q3 2024 Highlights
Q3 2024 Highlights Marketplace GOV1 Revenues Adjusted EBITDA2 $872M $187M $34M • Demand remains robust with continued industry strength in sports and theater categories • Q3 concert supply faced difficult comps with mix away from stadium tours • Delivered strong unit economics, unlocked synergies fr
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 $186,605 $998,933 $998,065 $871,726 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 (1) (1) MarketplaceGOV Marketplace GOVrepresents represe
Slide 8: Net Income / (Loss) and Adjusted EBITDA
Net Income / (Loss) and Adjusted EBITDA (in thousands) US GAAP Net Income / (Loss)1 Adjusted EBITDA2 $50,000 30% $50,000 30% $45,000 $44,178 25% 25% $38,920 $40,000 $40,000 $35,103 22% $34,077 20% $33,367 20% $28,525 $35,000 $30,000 20% $30,000 18% 18% 18% Adj. EBITDA 15% 15% $20,000 14% $25,000 mar
Slide 9: 2024 Financial Guidance
2024 Financial Guidance Key Financial 11/7/24 YOY Growth2 Metrics Marketplace GOV $3.8B to $4.0B ~Flat Revenues $760M to $780M +8% Adjusted EBITDA1 $145M to $155M +6% (1) Adjusted EBITDA is a non-US GAAP financial measure. See “Important Disclaimers.” We calculate forward- looking Adjusted EBITDA ba
Slide 10: Cash Generation & Balance Sheet
Cash Generation & Balance Sheet 2023 2024 $116M Cash Generated1 Strong Balance Sheet Long-Term $213M deployed for $394M debt principal strategic acquisitions & 60-70% outstanding at 9/30 investments Cash Conversion $202M cash at 9/30 from Adj. EBITDA $20M deployed for at long-term growth rates3,4 sh
Slide 11: Closing Remarks
Closing Remarks Stan Chia, Chief Executive Officer
Slide 12: Key Takeaways
Key Takeaways Double-Digit Growth CAGR 2024 has been a digestion year for concert supply, but we expect healthy industry growth again in 2025. Demand remains robust with continued strength in the industry seen across sports and theater in 2024. Strong Unit Economics & Execution We delivered strong u
Slide 13: Q+A
Q+A
Slide 14: Thank You
Thank You investors@vividseats.com
Slide 15: Capital Structure
Capital Structure 207.7M Shares Outstanding1 as of 9/30/24 CLASS A CLASS B Class A Class B 131.4 76.2 • Publicly traded (SEAT) • Privately held by PE investors • EPS calculation reflects ~63% • Convertible 1-for-1 into Class A economic interest and ~63% shares outstanding • Consolidated financial st
Slide 16: Supplementary Financial Data – Historical AOS
Supplementary Financial Data – Historical AOS1 Average Order Size ($) Vegas.com & Wavedash acquisitions 405 dilute AOS starting 397 Q4’23 385 388 376 374 368 363 358 Venue and 355 artist mix 338 shift 331 322 303 304 3-4% historical CAGR 294 285 Q3 2019 Q4 2019 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 202
Slide 17: Supplementary Financial Data – Q3 2024
Supplementary Financial Data – Q3 2024 (in thousands) Marketplace Revenues by Event Category EPS Three Months Ended September 30, Three Months Ended September 30, 2024 2023 % Change Numerator—basic: 2024 2023 Revenues: Net income $9,196 $16,018 Concerts $67,701 $87,142 -22% Less: Income attributable
Slide 18: Non-US GAAP Reconciliations
Non-US GAAP Reconciliations (in thousands except for percentages) 2023 2024 2023 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Net income (loss) / Net income (loss) margin $30,272 $38,326 $16,018 $28,525 $10,742 -$1,221 $9,196 18