Exhibit 99.1

 

Vivid Seats Announces Record Third Quarter 2021 Results

Third Quarter 2021 Revenues of $140 million and Marketplace GOV of $713 million

 

CHICAGO, IL – November 15, 2021

– Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”, "we" or the “Company”), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the quarter ended September 30, 2021.

 

“The record-setting results we saw in the third quarter are a great way to mark our first reported results as a public company. Live events have come back stronger than expected as fans returned to support their favorite sports teams and artists. We are committed to delivering fans an exceptional experience so they can get out and do what they love,” said Stan Chia, Vivid Seats CEO.

 

“We are continuing on our mission to help everyone “Experience it Live.” In our third quarter, we launched our new brand coupled with new features and enhancements to our industry leading loyalty program, Vivid Seats Rewards. Every fan now earns 10% in value on every ticket purchased along with the opportunity to earn additional lucrative and unique perks. We are excited to launch our new brand and loyalty program as we enter a period where we expect a full slate of live events with significant pent-up demand ready to be unleashed,” Chia concluded.

 

Third Quarter 2021 Financial Summary

Revenues of $139.5 million increased from negative $7.1 million in the third quarter of 2020
Net loss of $1.8 million as compared to net loss of $40.2 million in the third quarter of 2020
Marketplace Gross Order Value ("Marketplace GOV") of $713.1 million increased from negative $30.8 million in the third quarter 2020
Adjusted EBITDA of $42.0 million increased from negative $19.5 million in the third quarter of 2020
Highest single quarter results for Marketplace GOV, Revenues and Adjusted EBITDA in company history

 

Lawrence Fey, CFO of Vivid Seats, commented, “In our third quarter we carried forward our positive momentum with robust financial results and quarter-over-quarter growth for Marketplace GOV, Revenues and Adjusted EBITDA. We continued to generate cash from operations which, coupled with the proceeds from the business combination, leave us with cash in excess of debt and significant financial flexibility.”

 

Key Performance Indicators (000s)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace GOV(1)

 

$

(30,778

)

 

$

713,062

 

 

$

309,308

 

 

$

1,522,625

 

Total Marketplace orders(2)

 

 

(72

)

 

 

2,354

 

 

 

988

 

 

 

4,360

 

Total Resale orders(3)

 

 

(3

)

 

 

73

 

 

 

42

 

 

 

121

 

Adjusted EBITDA(4)

 

$

(19,549

)

 

$

41,965

 

 

$

(66,685

)

 

$

82,347

 

 

(1)
Marketplace GOV represents the total transactional amount of Marketplace segment orders placed on our platform in a period, inclusive of fees, exclusive of taxes, and net of event cancellations that occurred during that period. Marketplace GOV was negatively impacted by event cancellations in the amount of $52.7 million during the three months ended September 30, 2020 and $37.8 million during the three months ended September 30, 2021. Marketplace GOV was negatively impacted by event cancellations in the amount of $197.1 million during the nine months ended September 30, 2020 and $74.8 million during the nine months ended September 30, 2021.
(2)
Total Marketplace orders represents the volume of Marketplace segment orders placed on our platform during a period, net of event cancellations that occurred during that period. During the three months ended September 30, 2020, our Marketplace segment experienced 117,290 event cancellations, compared to 85,593 event cancellations during the three months ended

The following information was filed by Vivid Seats Inc. (SEAT) on Monday, November 15, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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