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Sep 30, 2022
Vivid Seats Q3 2022 Earnings Report
Achieved record Q3 marketplace GOV and revenues, capturing robust live event demand.
Key Takeaways
Vivid Seats reported a strong Q3 2022, achieving record Marketplace GOV and Revenues for the sixth consecutive quarter. The company's performance reflects the strength of its technology platform and strategic investments in differentiated products and services.
Marketplace GOV increased by 10% compared to Q3 2021, reaching $781.8 million.
Revenues grew by 12% year-over-year to $156.8 million.
Net income increased to $18.7 million, a significant improvement from a $1.8 million net loss in Q3 2021.
The company raised its 2022 Marketplace GOV and Revenues guidance, while maintaining its Adjusted EBITDA guidance.
Vivid Seats
Vivid Seats
Forward Guidance
Vivid Seats anticipates Marketplace GOV, Revenues and Adjusted EBITDA for the year ending December 31, 2022.
Positive Outlook
- Marketplace GOV in the range of $3.05 billion to $3.20 billion (increased from $2.95-$3.15 billion)
- Revenues in the range of $580.0 million to $595.0 million (increased from $540.0-$570.0 million)
- Company is making targeted investments to foster brand awareness and loyalty with high-value customers
- Customer repeat rates trending higher across event categories
- Maintain a strong balance sheet with cash in excess of gross debt and a track record of meaningful cash generation
Challenges Ahead
- Adjusted EBITDA in the range of $110.0 million to $117.0 million(5) (unchanged)
- Third quarter 2022 live event demand remained robust, leading us to raise our 2022 Marketplace GOV and Revenues guidance
- This quarter we lapped exceptional results from the third quarter of 2021, which included unique reopening dynamics.
- Will remain agile within the competitive environment while continuing to invest in what is working.
- We utilized our robust cash balance to repurchase approximately $3 million of our common stock during the third quarter.