SEAT Research | Milton Maxwell

SEAT

Vivid Seats Inc.

6.81

+0.27+4.13%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

No earnings call transcript available

Key Stats

Market Cap

98.99M

P/E (TTM)

Basic EPS (TTM)

-28.60

Dividend Yield

Recent Filings

8-K

TRA terminated, structure simplified

10/20/25Oct 20, 2025

Vivid Seats signed a Corporate Simplification Agreement on October 19, 2025, to terminate its Tax Receivable Agreement and dissolve its dual-class Up-C structure. It issues 403,022 shares of Class A common stock to TRA parties, eliminating Hoya Topco's 37% Units and Class B stake while converting to single-class shares. Simplification saves $6M near-term cash and up to $180M lifetime.

8-K

Q2 revenue plunges 28%

8/5/25Aug 5, 2025

Vivid Seats reported Q2 Marketplace GOV down 31% to $685.5M and revenues off 28% to $143.6M versus last year, slammed by consumer spending woes and fierce marketing rivalry. A $320.4M goodwill impairment fueled a $263.3M net loss, yet Adjusted EBITDA held at $14.4M. Company launched $25M annualized cost cuts, fully by year-end. Cash flow turns positive Q3.

10-Q

Q2 FY2025 results

8/5/25Aug 5, 2025

Vivid Seats revenue fell 28% y/y to $143.6M in Q2 FY2025 ended June 30, 2025, driven by 33% drop in Marketplace to $114.5M while Resale held steady at $29.1M; contribution margin plunged 40% to $47.3M as marketing spend proved sticky. A $320.4M impairment charge on goodwill ($297.4M) and trademarks ($23.0M) triggered by weak performance flipped operating income to a $331.7M loss, though net loss gap ties to TRA adjustment gains. Cash dipped to $153M amid $53.9M operating outflow; $389M debt at 6.8% effective rate, revolver available. Share buybacks rolled on. Marketplace faces fierce rivalry.

8-K

Reverse split approved

7/25/25Jul 25, 2025

Vivid Seats stockholders overwhelmingly approved an amendment on July 21, 2025, authorizing the board to enact a reverse stock split of Class A and B shares at a 1-for-5 to 1-for-30 ratio. The measure passed with 154.5M votes for versus just 6.5M against. Board picks the ratio later.

8-K

Annual meeting elects directors

6/9/25Jun 9, 2025

Vivid Seats held its 2025 Annual Meeting on June 3, electing Stanley Chia, Jane DeFlorio, and David Donnini as Class I directors until 2028, with Chia and Donnini securing strong support (105.6M and 104.6M For votes) despite some withholdings. Shareholders overwhelmingly ratified Deloitte & Touche as auditors for 2025 (141M For). Board continuity locked in.

About

Vivid Seats Inc. operates an online ticket marketplace in the United States, Canada, and Japan. It operates in two segments, Marketplace and Resale. The Marketplace segment acts as an intermediary between event ticket buyers and sellers through its website and mobile applications, including Vivid Seats; Vegas.com, an online ticket marketplace for shows, attractions, tours, flights, and hotels in Las Vegas; Wavedash, an online ticket marketplace in Tokyo, Japan; and Vivid Picks, a fantasy sports mobile application with social and gamification features. This segment also offers Skybox, a proprietary enterprise resource planning tool that helps ticket sellers manage ticket inventories, adjust pricing, and fulfill orders across multiple ticket resale marketplaces; and sells tickets for sports, concerts, theater events, and other live events. The Resale segment acquires tickets to resell on secondary ticket marketplaces; and provides internal research and development support for Skybox and to deliver seller software and tools. The company was founded in 2001 and is headquartered in Chicago, Illinois.

CEO

Mr. Lawrence C. Fey IV

IPO

10/20/2021

Website

https://www.vividseats.com

Employees

768

Sector

Communication Services

Industry

Internet Content & Information