Vivid Seats Inc. Delivers Important Updates and Insights for 2024
Vivid Seats Inc. Reports Key Financial Metrics for 2024
Vivid Seats Inc. (NASDAQ: SEAT), a prominent ticket marketplace, is excited to announce its financial results for the fourth quarter and full year ending December 31, 2024. This market leader connects millions of buyers to a variety of ticket sellers, making it a significant player in the events industry.
Reflecting on the Growth of 2024
Reflecting on 2024, CEO Stan Chia expressed optimism about the company's performance, stating, "The investments we made in 2024 continue to differentiate us and enhance efficiency across our marketplace." Throughout the year, Vivid Seats leveraged important synergies following the acquisition of Vegas.com, introduced innovative features like Game Center, and expanded seller functionalities with tools such as Skybox Drive. The company is also enthusiastic about its European expansion, which aims to tap into international growth trends.
Operational and Financial Highlights of 2024
Key Operational Metrics:
- Marketplace Gross Order Value (GOV) reached $3,892.6 million, reflecting a slight decrease of 1% from $3,920.5 million in 2023.
- Revenues increased by 9% to $775.6 million, up from $712.9 million the previous year.
- Despite operational strides, net income plummeted by 87%, landing at $14.3 million compared to $113.1 million in 2023.
- Adjusted EBITDA grew by 7% to $151.4 million, compared to $142.0 million in 2023.
Four Quarter Results: Looking at the Year-End
Fourth Quarter Financial Highlights:
- Marketplace GOV totaled $994.4 million, a decrease of 11% from $1,112.3 million in Q4 2023.
- Revenues of $199.8 million marked a modest increase of 1% compared to the last quarter’s $198.3 million.
- However, there was a net loss of $4.4 million, contrasting sharply with a net income of $28.5 million during the same period in 2023.
- The adjusted EBITDA for the quarter was $34.2 million, a slight decrease from $35.1 million year-over-year.
Performance Amid Challenges
Lawrence Fey, CFO of Vivid Seats, noted, "In 2024, we maintained solid unit economics despite rising competition in performance marketing. We expect competitive pressures to persist in 2025, prompting further investments to secure our market position." Looking to 2025, Fey emphasizes the expectation of a return to growth in revenue as the company prepares for easier comparisons in the summer months.
2025 Financial Outlook
Moving forward, Vivid Seats anticipates the following for Marketplace GOV, revenues, and adjusted EBITDA:
- Marketplace GOV is projected between $3.7 billion and $4.1 billion.
- Projected revenues will fall within the range of $730 million to $810 million.
- Adjusted EBITDA for 2025 is estimated to be between $110 million and $150 million.
Upcoming Webcast and Further Information
To discuss the fourth quarter and full-year results, Vivid Seats will host a webcast for investors. Participants can access the live presentation on the Vivid Seats Investor Relations website.
About Vivid Seats Inc.
Founded in 2001, Vivid Seats is an online ticket marketplace that strives to connect fans with live events they cherish. The company's operating philosophy is encapsulated in the motto, "Experience It Live," providing fans with vast event selections and a rewarding loyalty program through Vivid Seats Rewards.
Frequently Asked Questions
What is the Marketplace GOV for 2024?
The Marketplace GOV for 2024 was reported at $3,892.6 million.
What were the revenues for Vivid Seats in 2024?
Vivid Seats reported revenues of $775.6 million for the year 2024.
How did the net income change in 2024?
Net income decreased by 87%, finishing at $14.3 million compared to $113.1 million in 2023.
What is the 2025 financial outlook for Vivid Seats?
The company expects Marketplace GOV to reach between $3.7 billion and $4.1 billion, with revenues between $730 million and $810 million for 2025.
How can I access Vivid Seats’ investor information?
Investor information, including webcasts and financial updates, can be accessed through the Vivid Seats Investor Relations website.
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