Vivid Seats (SEAT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 20% year-over-year to $198.3 million, with Adjusted EBITDA up 42% to $44.2 million and a 22% margin.

• Marketplace Gross Order Value (GOV) reached $998.1 million, a 5% increase from Q2 2023, reflecting strong transactional activity.

• 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.

• Achieved record order volume and strong repeat customer engagement, supported by loyalty programs and gamification.

• Continued progress on strategic priorities, including international expansion, integration of Vegas.com and Wavedash, and board transition to majority independent with Adam Stewart's appointment.

Financial highlights

• Q2 2024 revenues were $198.3 million, up from $165.4 million in Q2 2023; Adjusted EBITDA was $44.2 million, up from $31.1 million.

• Marketplace GOV for Q2 2024: $998.1 million, up 5% year-over-year; total marketplace orders increased 18% to 3,097,000.

• Average order size declined to $322–$331, reflecting acquisition mix and lapping a strong 2023 concert season.

• Take rate improved to 17.0% from 14.6% year-over-year, supporting robust revenue growth.

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

Outlook and guidance

• 2024 Marketplace GOV guidance revised to $4.0–$4.3 billion (from $4.2–$4.5 billion); revenue guidance now $810–$830 million (from $810–$840 million).

• 2024 Adjusted EBITDA guidance remains $160–$170 million.

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

• Sufficient liquidity is expected to fund operations and strategic initiatives for the foreseeable future.

• Expect Q4 growth to accelerate as the industry laps 2023's concert slate and 2025 stadium shows go on sale.