Vivid Seats (SEAT) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached $776 million, up 9% year-over-year, with Q4 revenue at $200 million, up 1% year-over-year.

• Adjusted EBITDA for 2024 was $151 million, up 7% year-over-year, though Q4 adjusted EBITDA declined to $34 million.

• Net income for 2024 fell 87% to $14.3 million, with a Q4 net loss of $4.4 million compared to Q4 2023 net income of $28.5 million.

• Investments in loyalty programs, technology, and international expansion, including the United Airlines partnership, drove differentiation and efficiency.

• Repeat order mix hit a record 61% in 2024, reflecting strong customer retention and loyalty program effectiveness.

Financial highlights

• Marketplace gross order value (GOV) for 2024 was $3.9 billion, down 1% year-over-year; Q4 GOV was $994 million, down 11% year-over-year, impacted by event cancellations.

• Q4 average order size was $304, up 2% year-over-year, but total marketplace orders fell 12%.

• Take rate improved to 16.6% for both Q4 and full year, up 160 and 140 basis points, respectively.

• Ended 2024 with $243 million in unrestricted cash, up $41 million in Q4.

• Marketplace revenues by event category in 2024: Concerts $283M (-8%), Sports $202M (+1%), Theater $138M (+65%), Other $25M (+329%).

Outlook and guidance

• 2025 guidance: Marketplace GOV $3.7–$4.1 billion, revenue $730–$810 million, adjusted EBITDA $110–$150 million.

• Anticipates return to top-line growth in the second half of 2025 as comps ease and new partnerships ramp.

• Guidance incorporates flexibility for increased marketing and technology investment.