Vivid Seats, Inc. Q3 FY2024 earnings call

• Strategy focuses on long-term success by fostering stickiness in the marketplace. • Third quarter financial results showed $187M revenues and $34M adjusted EBITDA with 18% margin. • Market backdrop: 2024 is a digestion year for concert supply with stadium tour activity down, but concert ticket volumes held up. Sports and theater remain strong. • Strategic progress: New partnership with IM Athlete, expanded social presence, Game Center with 400k lifetime users, synergies with Vegas.com (cross-listed inventory run rate at ~1% of marketplace GOV, cross-sell campaign showing promise), international platform expansion on track for year-end launch, SkyBox Drive exited beta with rapid demand, and recognition in Newsweek's America's Best Customer Service list.

In the third quarter, Vivid Seats delivered $187 million of revenues and $34 million of adjusted EBITDA, with an 18% adjusted EBITDA margin. Marketplace GOV was $872 million, a 13% year-over-year decline, driven by an 11% YoY reduction in average order size and a 2% YoY decline in total marketplace orders. Despite the decline in marketplace GOV, revenues were roughly flat year-over-year, and adjusted EBITDA was slightly higher YoY.

• 2024 Marketplace GOV expected to be in the range of $3.8 billion to $4.0 billion. • 2024 revenues expected in the range of $760 million to $780 million. • 2024 adjusted EBITDA expected in the range of $145 million to $155 million. These ranges incorporate challenging concert supply dynamics, continued marketing intensity in Q4, and a range of outcomes for remaining 2025 concert on sales.

• Market headwinds such as temporary concert supply issues. • Competitive marketing intensity which can pressure volume. • Variability in event mix (e.g., World Series impact on take rates). • Potential regulatory or industry consolidation changes affecting the business.

Q: International launch and Vegas.com cross-sell opportunity?

A: On track to launch international operations by year-end, seeing less competitive landscape abroad; Vegas.com cross-sell showing promise with high open rates, using CRM campaigns to profitably bring Vegas customers to Vivid Seats.