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Vivid Seats Inc. (SEAT-3.32%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $775.6 million for 2024, an increase from $712.9 million in 2023, attributed to higher order volumes and a full year of contributions from recent acquisitions.
Marketplace segment revenues increased by 8% to $647.9 million, driven by higher order volumes and an improved take rate. Resale segment revenues rose by 11% to $127.7 million due to increased order volumes.
Cost of revenues increased by 11% to $201.9 million, primarily due to higher payment processing costs and increased ticket costs in the Resale segment.
Marketing and selling expenses rose by 4% to $285.1 million, with a notable increase in online marketing spend.
General and administrative expenses increased by 27% to $202.1 million, largely due to higher personnel expenses, including equity-based compensation and costs associated with acquisitions.
Net income for the year was $14.3 million, a decrease from $113.1 million in 2023, impacted by higher operating expenses and increased interest expenses.
The company reported adjusted EBITDA of $151.4 million, up from $142.0 million in 2023, reflecting operational improvements.
Vivid Seats completed the acquisitions of Vegas.com and Wavedash in 2023, contributing to the increase in revenues and expansion of its marketplace offerings.
The company refinanced its debt, replacing the 2022 First Lien Loan with a $395.0 million 2024 First Lien Loan, which carries a lower interest rate.
Vivid Seats continues to focus on expanding its customer base and enhancing its platform capabilities to drive future growth.
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. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.