Vivid Seats (SEAT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 20% year-over-year to $198.3 million, driven by higher order volume and contributions from recent acquisitions Vegas.com and Wavedash.

• Adjusted EBITDA increased 42% year-over-year to $44.2 million, with a margin of 22.3%, reflecting operational leverage and higher order volumes.

• Marketplace Gross Order Value (GOV) reached $998.1 million, a 5% increase from Q2 2023, supported by robust consumer demand for live events, especially in sports and emerging categories.

• Net loss was $1.2 million for Q2 2024, compared to net income of $38.3 million in Q2 2023, primarily due to higher expenses and the absence of a prior year tax benefit.

• Buyer repeat orders trended higher, supporting ecosystem loyalty and profitable growth.

Financial highlights

• Q2 2024 revenues were $198.3 million, up from $165.4 million in Q2 2023; six-month revenue was $389.2 million, up 19% year-over-year.

• Adjusted EBITDA for Q2 2024 was $44.2 million, up from $31.1 million in Q2 2023.

• Marketplace GOV for Q2 2024: $998.1 million, up 5% year-over-year.

• Cash and cash equivalents at June 30, 2024: $234.3 million.

• Net cash provided by operating activities for the first half of 2024: $25.4 million.

Outlook and guidance

• 2024 Marketplace GOV guidance revised to $4.0B–$4.3B (from $4.2B–$4.5B); revenue guidance to $810M–$830M (from $810M–$840M); Adjusted EBITDA guidance unchanged at $160M–$170M.

• Management expects continued growth from integration of Vegas.com and Wavedash, with a focus on expanding order volume and platform capabilities.

• International platform launch on track for year-end, with initial volume expected to be a measurable tailwind to GOV and revenue in 2025.