Vivid Seats, Inc. Q1 FY2024 earnings call

• Strong financial results in Q1 2024 with over $1B marketplace GOV, $191M revenues, and $39M adjusted EBITDA. • Women's sports saw a milestone with a women's sports team being the top selling performer on the platform for the first time. • Accelerated international expansion timeline, on track to launch internationally by end of 2024. • Integration of Vegas.com is going well, driving revenue synergies via cross-listing tickets. • Named Fast Company's list of World's Most Innovative Companies of 2024. • ESG initiatives: Published 2024 ESG fact sheet, measured Scope 1 and 2 greenhouse gas emissions, and aiming for a majority independent board by Nov 2024.

In the first quarter, Vivid Seats delivered over $1 billion of marketplace GOV for the second consecutive quarter. Revenues were $191 million, and adjusted EBITDA was $39 million. The top line grew by 20%, and adjusted EBITDA margin exceeded 20%. Marketplace GOV contributed over $1B, revenues were $191M, and adjusted EBITDA was $39M, with the top line growing 20% and adjusted EBITDA margin at over 20%.

• 2024 marketplace GOV expected to be in the range of $4.2 billion to $4.5 billion. • 2024 revenues expected to be in the range of $810 million to $840 million. • 2024 adjusted EBITDA expected to be in the range of $160 million to $170 million. • Expect double-digit growth on both top and bottom line for 2024. • Anticipate adjusted EBITDA margin improvement of 50 basis points per year in the coming years.

• Forward-looking statements subject to uncertainties outlined in SEC filings. • Risks associated with international expansion execution. • Competitive landscape could impact market share and growth.

Q: Ryan Sigdahl from Craig-Hallum Capital Group asked about accelerating international expansion timeline, cost assumptions, and other factors in guidance.

A: Lawrence Fey responded that international is progressing well, no change in cost assumption, and Q1 was a nice start but early in the year so targets maintained.

Q: Curtis Nagle from BofA asked about metrics and potential lift from cross-selling Vegas.com.

A: Stanley Chia replied that Vegas.com integration is going well, with thesis of customer acquisition and monetization of traffic coming to fruition.

Q: Dan Kurnos from The Benchmark Company asked about driving new customers and AEG partnership.

A: Stanley Chia stated focus on controlled factors and strong investments in acquisition and retention, and excitement about AEG partnership as a unique customer acquisition play.

Q: Maria Ripps from Canaccord asked about international infrastructure investment and potential markets.

A: Stanley Chia mentioned key building blocks like language capabilities and currency handling, and excitement about international platform development.

Q: Matt Farrell from Piper Sandler asked about women's sports tailwinds and cost synergies from acquisitions.

A: Lawrence Fey said sports represent under 40% of GOV, with tailwinds in concerts and secondary sports, and cost synergies from acquisitions are secondary to revenue opportunities.

Q: Cameron Mansson-Perrone from Morgan Stanley asked about mix of GOV across categories and margin improvement.

A: Lawrence Fey discussed stronger secular trends in concerts, and margin improvement is a balance of risk-reward and ROI evaluations.

Q: Thomas Forte from Maxim Group asked about organic growth and capital allocation.

A: Lawrence Fey said double-digit growth is from organic and strategic opportunities, with focus on accretive acquisitions and share repurchases.

Q: Andrew Marok from Raymond James asked about Vegas.com synergies and customer base breadth.

A: Stanley Chia talked about Vegas.com synergies in marketing to customers post-Vegas visit, and Lawrence Fey noted broad customer base with no meaningful shifts in interest.

Q: Ralph Schackart from William Blair asked about macro environment and SkyBox Drive.

A: Stanley Chia provided update on SkyBox Drive beta with growing waitlist, and Lawrence Fey discussed macro industry growth expectations.