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What is the revenue and EPS growth rate for Vivid Seats year over year?

What guidance did Vivid Seats's management provide for the next earnings period?

What is Vivid Seats's latest dividend and current dividend yield?

What were the key takeaways from Vivid Seats's earnings call?

Did Vivid Seats beat or miss consensus estimates last quarter?

What factors drove the changes in Vivid Seats's revenue and profit?

What were the key takeaways from Vivid Seats’s earnings call?

- **Leadership Transition**: Larry Fey becomes CEO, Ted Pickus as Interim CFO, with $60M cost reduction target.
- **App-Driven Growth**: Launch of lowest price guarantee and loyalty program, Q3 owned property GOV up sequentially.
- **2026 Outlook**: Marketplace GOV $2.2B-$2.6B, EBITDA $30M-$40M, assuming flat industry volume.
- **Competitive Shifts**: StubHub reduced marketing, but uncertain long-term impact; positive tailwind from TradeDesk shutdown.
- **Financial Health**: Q3 EBITDA $5M, 2026 guidance reflects cost savings and reinvestment in app strategy.
- **International Expansion**: Europe business profitable, focusing on local events with competitive supply.

**【Management Opening Remarks】**
- Announced leadership transition: Lawrence Fey becomes CEO, replacing Stan Chia, while Ted Pickus serves as Interim CFO.
- Issued Q3 2025 financial results and supplemental slides available on the Investor Relations page.
- Highlighted Larry Fey's 8-year tenure at Vivid Seats and his role in navigating the evolving industry.

**【CEO Commentary】**
- **Strategy Focus**: Emphasized app-driven growth with a unique value proposition, including a loyalty program and lowest price guarantee.
- **Cost Reduction**: Increased fixed cost reduction target from $25M to $60M, with $6M annual TRA savings and $180M lifetime tax savings.
- **Corporate Simplification**: Terminated TRA, collapsing dual-class shares, saving $1M/year in compliance costs.
- **Q3 Results**: Owned property GOV growth, app GOV returning to YoY growth, despite private label challenges.
- **2026 Outlook**: Marketplace GOV $2.2B-$2.6B, adjusted EBITDA $30M-$40M, assuming flat industry volume.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: 
  - Marketplace GOV: $618M (-29% YoY), owned property GOV up sequentially.
  - Revenue: $136M (-27% YoY), take rate 17.0% (down 50bps YoY).
  - Adjusted EBITDA: $5M (-88% YoY) due to lower volume and take rates.
- **2026 Guidance**: 
  - Marketplace GOV assumes flat industry volume, with reinvestment in app value proposition.
  - Adjusted EBITDA reflects cost savings and reinvestment, targeting $30M-$40M.
- **Liquidity**: $391M debt, $145M cash, net debt $246M.

**【Q&A Highlights】**
- **Competitive Environment**: Noted StubHub's reduced marketing intensity, but cautious on long-term trends.
- **FTC Lawsuit Impact**: Positive tailwind from TradeDesk shutdown, but uncertain secondary market contraction.
- **Direct Issuance**: Viewed as supply-driven, unlikely to cannibalize demand for secondary tickets.
- **App Growth**: Focused on personalized messaging and ESPN partnership to drive app adoption.
- **World Cup 2026**: Assumed minimal impact due to lack of historical data, but potential upside.
- **Cash Conversion**: Projected $40M annual cash obligations, with working capital dependent on GOV growth.
- **International Expansion**: Positive contribution margin in Europe, focusing on local events with competitive supply.


Vivid Seats Inc. (SEAT) Q3 2025 Earnings Call Transcript

- **Revenue Decline**: Q2 2025 Marketplace GOV down 31% YoY, driven by sports and concerts category weakness.
- **Cost Reduction Program**: $25M annualized savings targeting G&A and marketing, with reinvestment in customer retention initiatives.
- **International Success**: Europe expansion achieving net contribution positive status, exceeding expectations.
- **Cash Flow Recovery**: Q3 expected to generate positive cash flow, with 2026 focus on sustainable growth and profitability.

**【CEO Summary Section】**
- Q2 2025 results: $685M Marketplace GOV (-31% YoY), $144M Revenues (-28% YoY), $14M Adjusted EBITDA (-82% YoY). Industry challenges include double-digit declines in sports and concerts, driven by economic uncertainty and FTC all-in pricing mandate.
- Announced $25M annualized cost reduction program (to be fully implemented by year-end), with $5M+ savings realized to date. Shutting down Vivid Picks to focus on core business.
- International expansion into 4 European countries exceeding expectations, achieving net contribution positive status despite small base.
- Emphasized long-term confidence in live events, with strategic focus on operational efficiency and innovation in SkyBox platform.

**【CFO Financial Commentary】**
- Q2 2025 financials: Marketplace take rate 16.7% (flat YoY), operating expenses down 5% YoY due to cost control. GAAP net loss of $14M vs. $102M YoY decline.
- $25M cost reduction program targeting G&A and marketing, with savings reinvested into competitive value propositions (e.g., loyalty programs, promotions).
- Cash balance $153M, net debt $239M. Q3 expected to generate positive cash flow due to seasonal trends and reduced June volatility.
- Completed 1-for-20 reverse stock split to enhance marketability.

**【Q&A Key Highlights】**
- **Cost Savings Breakdown**: 70% from G&A (people, software), 30% from fixed marketing (brand spend). Savings layered in Q3/Q4, fully realized in 2026.
- **Industry Trends**: June 2025 GOV down double digits, July rebounded to +YoY. Sports weakness due to poor playoff matchups, concerts impacted by all-in pricing adoption.
- **International Strategy**: Europe expansion outperforming expectations, with plans to accelerate investment in 2026 if trends continue.
- **Marketing Pressure**: Competitors bidding aggressively for search ad supremacy, creating unsustainable CAC. Vivid Seats focusing on LTV enhancement (e.g., loyalty programs) instead of price wars.
- **Vivid Picks Shutdown**: Subscale unit economics and regulatory complexity made it a distraction from core business.
- **Cash Flow Outlook**: Q3 positive cash flow expected, 2026 focus on returning to growth and sustainable cash generation.

Vivid Seats Inc. (SEAT) Q2 2025 Earnings Call Transcript

- **Q1 Results**: $820M GOV, $164M revenue (-14% YoY), $22M adj. EBITDA (-43% YoY) amid tough comps and competitive intensity.
- **Strategic Wins**: Game Center drove 55% higher repeat rates; United Airlines partnership to launch H2 2025.
- **Challenges**: Negative cash flow, suspended guidance, and ongoing Google marketing inefficiencies.
- **Long-Term Focus**: Cost discipline, international expansion, and leveraging partnerships for sustainable growth.

**【CEO Opening Remarks】**
- Q1 2025: $820M marketplace GOV, $164M revenue, $22M adj. EBITDA (down 44% YoY). Faced challenging comps amid competitive intensity and softening industry trends.
- **Key Initiatives**: 
  - **Game Center**: 55% higher repeat rate for new users; 35% higher GOV for engaged customers.
  - **SkyBox ERP**: Used by >50% of professional sellers; onboarding SkyBox Drive users.
  - **International Expansion**: European launch continues; targeting scalable markets.
  - **Partnership**: United Airlines mileage program integration to start H2 2025.
- **Long-Term Outlook**: Consumer prioritization of live experiences over goods; focus on unit economics, cost discipline, and strategic investments.

**【CFO Financial Review】**
- **Topline**: 
  - GOV down 20% YoY; orders down 20% YoY; take rate 16.3% (up 70bps YoY).
  - Revenue down 14% YoY; private label down 27% YoY.
- **Bottomline**: 
  - Adj. EBITDA $22M (down 43% YoY); cash generation negative due to seasonal items and working capital pressure.
  - Debt $393M, cash $199M; net debt $194M.
- **Outlook**: 
  - Suspending 2025 guidance due to macro volatility and competitive intensity.
  - Q2 similar to Q1; easier comps in H2 but expect ongoing pressure.

**【Q&A Key Themes】**
1. **Performance Marketing Challenges**: 
   - Google algorithm changes caused inefficiency; industry-wide dip in Q1.
   - Ongoing competitive intensity in channels.
2. **Market Share Dynamics**: 
   - Flat to down industry; Vivid underperformed in performance marketing-heavy segments.
   - Theater category strong; sports lagging due to tough comps.
3. **Cash & Capital Allocation**: 
   - Negative cash flow in Q1; limited EBITDA conversion expected for 2025.
   - Share buybacks (Q1: $7M) and M&A contingent on valuation.
4. **Regulatory & Industry Trends**: 
   - Support for price transparency regulations; lean cost structure advantageous.
   - Secondary market pricing higher than primary; focus on share vs. industry growth.
5. **International & Partnerships**: 
   - Early positive signs in Europe; leveraging partnerships (e.g., United Airlines) for accretive volume.
   - Social media marketing investment with AI-driven creative scaling.

Vivid Seats (SEAT)-6 May 25-2025 Q1 Earnings call transcript

- **2024 Growth**: Revenue +9% YoY, EBITDA +7% YoY, driven by loyalty program (61% repeat orders) and cost control.
- **2025 Outlook**: GOV $3.7-4.1B, revenue $730-810M, EBITDA $110-150M. H2 growth expected from easier comps and new partnerships.
- **International Expansion**: Europe launch in 2024, targeting modest 2025 contribution with focus on scale over profitability.
- **SkyBox Drive**: $10M annual revenue potential from professional sellers, early adoption phase.
- **Competitive Strategy**: Maintain unit economics, flexible marketing spend to respond to 2025 competitive landscape.
- **Liquidity**: $243M cash, term loan savings $3M/year, open to buybacks and cautious M&A.


**【CEO Opening Remarks】**
- **2024 Performance**: Q4 revenue $200M (+1% YoY), full year $776M (+9% YoY). Adjusted EBITDA $33M (Q4) and $151M (FY24), up 5% and 7% YoY respectively.
- **Market Trends**: North American live events show long-term growth, with 2025 poised for industry expansion post-2024 muted growth.
- **Key Initiatives**: 
  - **Loyalty Program**: Repeat orders at 61% (up YoY), driving 2-3x purchase frequency.
  - **Game Center**: App downloads doubled QoQ, leveraging contests (e.g., Kendrick Lamar) for engagement.
  - **Vegas.com Synergies**: Cross-listing Vivid Seats inventory on Vegas.com, with cross-sell campaigns converting 13% of Vegas.com users to Vivid Seats customers.
  - **International Expansion**: Launched European platform, targeting modest 2025 revenue contribution.
  - **Partnerships**: New deal with United Airlines (130M+ members) to earn miles for ticket purchases.

**【CFO Financial Review】**
- **Q4 2024**: 
  - Marketplace GOV $994M (-11% YoY), driven by 12% decline in orders offset by 2% increase in order size.
  - Take rate 16.6% (+160bps YoY), revenue $200M (+1% YoY), adjusted EBITDA $34M (-2% YoY).
- **FY2024**: 
  - GOV $3.9B (flat YoY), revenue $776M (+9% YoY), take rate 16.6% (+140bps YoY), EBITDA $151M (+7% YoY).
- **2025 Guidance**: 
  - GOV $3.7-4.1B, revenue $730-810M, EBITDA $110-150M.
  - **Key Assumptions**: Easier comps in H2, cautious demand outlook, flexibility for marketing investment.
- **Liquidity**: $243M cash at year-end, term loan interest rate reduced to SOFR +225bps (annualized $3M savings).

**【Q&A Highlights】**
- **International Expansion**: 
  - Launched in U.K., targeting scale over 2025. EBITDA focus on contribution margin neutrality.
  - Vegas.com shows theater-driven mix, minimal sports exposure.
- **Competitive Strategy**: 
  - Prioritize unit economics over volume; 2024 marketing efficiency maintained despite intensity.
  - 2025 flexibility to increase marketing if competitive landscape warrants.
- **SkyBox Drive**: 
  - Potential $10M annual revenue from professional sellers, early monetization phase.
- **Macroeconomic Risks**: 
  - Core business resilient vs. macro uncertainty; Vegas.com shows theater sensitivity to economic conditions.
- **Share Buybacks**: 
  - Capital allocation priority, open window for repurchases.
- **M&A Outlook**: 
  - Cautious given current valuations, open to accretive opportunities.


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