Q2 2024 Vivid Seats Inc Earnings Call Transcript
Key Points
- Vivid Seats Inc (SEAT) reported strong financial results with $198 million in revenue and $44 million in adjusted EBITDA, representing 20% and 42% year-over-year growth, respectively.
- The company saw a significant increase in total marketplace orders, up 18% year-over-year.
- Skybox Drive is in the final stage of its beta phase, with a formal launch expected soon, indicating ongoing innovation and product development.
- The company's loyalty program and engagement initiatives have led to a higher mix of repeat orders, enhancing profitability.
- Vivid Seats Inc (SEAT) successfully refinanced its term loan, adding $125 million in cash and lowering the interest rate, providing additional strategic flexibility.
- The average order size decreased from $363 in Q2 2023 to $322 in Q2 2024, partially offsetting the increase in total marketplace orders.
- The company adjusted its full-year guidance for Marketplace GMV and revenue to lower ranges, indicating a more cautious outlook.
- There were notable event cancellations, including tours by Aerosmith and Jennifer Lopez, impacting supply and potentially revenue.
- Competitive intensity in the performance marketing channel persists, affecting customer acquisition costs and market share.
- The company faces challenges in maintaining growth momentum as it laps a year with an unusually high number of popular artists touring in large venues.
Good morning, and welcome to the Vivid Seats Second Quarter 2024 earnings conference call. Following manages management's prepared remarks, we will open the call for Q&A.
I would now like to turn the call over to Kate Africk.
Good morning, and welcome to Vivid Seats Second Quarter 2024 earnings conference call. I'm Kate Asic, Head of Investor Relations at Vivid Seats.
Joining me today to discuss Vivid Seats. Results are Stan here, Chief Executive Officer, and Larry Seay, Chief Financial Officer. By now, everyone should have access to our second quarter earnings press release, which we released earlier this morning. The press release as well as supplemental earnings slides are available on the Investor Relations page of Vivid Seats website at investors dot Vivid Seats that time.
During the course of today's call, management may make forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties that could
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