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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SEAT

SEAT fundamentals

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