Vivid Seats Inc. (SEAT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Vivid Seats fourth quarter 2025 earnings webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, simply press star 1-1 on your telephone keypad. At this time, we ask that you please limit yourself to two questions. I would now like to introduce your host for today's presentation, Mr. Austin Ernett. Sir, please begin. Good morning, and welcome to Vivid Seats' fourth quarter 2025 earnings call. I'm Austin Arnett, Vivid Seats General Counsel. I'm joined today by Larry Fay, Chief Executive Officer, and Joe Thomas, Chief Financial Officer. By now, everyone should have access to the earnings press release we issued earlier this morning. The release, as well as supplemental earnings slides, are available on our investor relations website at investors.vividseeds.com. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those discussed in our earnings release, our annual report on Form 10-K, and our other filings with the SEC. Today's call will also include references to adjusted EBITDA and net debt, which are non-GAAP financial measures that provide useful information to investors. To the extent reasonably available, a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures can be found in our earnings release and supplemental earnings slides. And now, I'll turn the call over to Larry. Good morning, everyone, and thank you for joining us today. I'm excited to share...