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Vivid Seats Inc. (SEAT+1.39%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $186.6 million, a slight decrease from $188.1 million in the same quarter the previous year. The decrease is attributed to a reduction in average order size and an increase in cancellations.
Cost of revenues for the quarter was $51.0 million, representing 27% of revenues, compared to 27% in the same quarter of the previous year.
The company reported a net income of $9.2 million for the quarter, down from $16.0 million in the previous year, with the decline attributed to increased interest expenses and a decrease in other income.
Adjusted EBITDA for the quarter was $34.1 million, compared to $33.4 million in the previous year.
Cash provided by operating activities was $6.1 million, while cash used in investing and financing activities was $17.8 million and $87.9 million, respectively.
Vivid Seats had cash and cash equivalents of $202.3 million as of September 30, 2024. The company continues to focus on its Marketplace and Resale segments to drive growth.
The filing also details the acquisition of VDC Holdco, LLC, the parent company of Vegas.com, LLC, for $248.3 million, and WD Holdings Co., Ltd., the parent company of Wavedash Co., Ltd., for approximately $74.3 million.
Vivid Seats does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting related to segregation of duties and the number of personnel with appropriate technical accounting experience.
Vivid Seats continues to focus on expanding its platform and enhancing customer experiences while managing costs and operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vivid Seats Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.