Vivid Seats Inc. (SEAT) reports earnings

The report was filed on March 12, 2025

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Vivid Seats Inc. (SEAT-8.33%) 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.

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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.

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Marketing and selling expenses rose by 4% to $285.1 million, with a notable increase in online marketing spend.

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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.

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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.

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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.

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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.