Vivid Seats (SEAT) The 44th Annual William Blair Growth Stock Conference summary

Business performance and growth

• Achieved double-digit growth with $3.9B in gross order value, $713M in revenue, and $142M in adjusted EBITDA in the last year.

• Repeat order rates increased from 47% in 2018 to nearly 60% by end of last year, nearly doubling business size.

• 2022 and 2023 saw 30%+ and 20%+ GOV growth, respectively, with most growth organic.

• EBITDA margins were 20% in 2023, with a history of 25% pre-COVID and ongoing investments in loyalty and international expansion.

• Cash flow conversion remains strong, with $140M EBITDA generating $116M in cash in 2023.

Technology and marketplace ecosystem

• Operates a two-sided marketplace with proprietary ERP (Skybox) used by 55% of professional sellers, representing 40% of industry volume.

• Rewards program (buy 10, get one free) and engagement tools like Game Center and Vivid Picks drive customer retention and data collection.

• Distribution partnerships with brands like Capital One and Caesars expand reach and captive demand.

• Acquisitions of Vegas.com and Wavedash (Japan) broaden market presence and inventory diversity.

• Personalization and data-driven marketing enhance user experience and conversion.

Strategic expansion and investments

• Historically North America-focused, now investing in international expansion, starting with Japan and building out global platform.

• Vegas.com acquisition adds primary ticketing and travel inventory, enabling cross-market customer acquisition.

• Wavedash provides a leading position in Japan and cross-border opportunities, especially with baseball and sports events.

• $10M investment in 2024 to internationalize the platform, with expectations of margin improvement net of this spend.

• Strategic M&A, share repurchases, and potential debt retirement guide capital deployment.