Q1 2024 Vivid Seats Inc Earnings Call Transcript
Key Points
- Vivid Seats Inc (SEAT) reported strong financial results with over $1 billion of Marketplace GMV for the second consecutive quarter.
- The company achieved $191 million in revenues and $39 million in adjusted EBITDA, demonstrating a 20% top line growth and robust adjusted EBITDA margins.
- Vivid Seats Inc (SEAT) has a high mix of repeat orders at nearly 60%, indicating strong customer retention and loyalty.
- The company is making significant progress in its international expansion, expecting to launch internationally by the end of the year.
- Vivid Seats Inc (SEAT) successfully integrated the acquisition of Vegas.com, driving revenue synergies and cross-listing ticket listings to enhance offerings.
- The average order size decreased from $376 in Q1 2023 to $358 in Q1 2024, influenced by the impact of acquisitions.
- The company faces ongoing competitive pressures in the ticketing market, which could impact growth and market share.
- Investments in international expansion are embedded in the financial profile, which could affect short-term profitability.
- The guidance for the year, despite a strong Q1, remains cautious due to potential market volatility and operational risks.
- While there are revenue synergies from the Vegas.com acquisition, the full potential and integration benefits are yet to be fully realized and quantified.
Good morning, and welcome to the Vivid Seats First Quarter 2024 earnings conference call. Following 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 First Quarter 2024 earnings conference call. I'm Kate Africk, Head of Investor Relations activities. Joining me today to discuss Vivotif results are Stan Chia, Chief Executive Officer, and Larry Feyo, Chief Financial Officer.
By now everyone should have access to our first 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 Intuit's website at investors dot servicenow.com.
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 cause actual
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