SEAT - Earnings call 3 2021 | Vivid Seats Inc.

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Operator

Good morning, and welcome to the Vivid Seats' Third Quarter 2021 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Ashley DeSimone.

Ashley DeSimone

Good morning, everyone, and welcome to Vivid Seats' Third Quarter 2021 Earnings Conference Call. I'm Ashley DeSimone, Managing Director, ICR.

Joining me today to discuss Vivid Seats' results are Stan Chia, Chief Executive Officer; and Larry Fey, Chief Financial Officer. have filed the earlier should earnings third everyone release press this now, access company's to quarter By morning.

Relations available We slides. have the are www.investors.vividseats.com. The earnings Vivid Investor on press release website also and earnings provided at page of supplemental Seats' slides

on During include and based management nor beliefs make statements performance operations strategy Vivid anticipated within current this related that plans. forward-looking securities laws. COVID-XX and actual business call, the financial of promises market future impact meaning to of federal ended of those opportunity, on operating could XX-Q from filings and to These the and neither quarter the These their results uncertainties guarantees and their and statements course risks expectations statements risks in may Factors section on the and actual are made cause involve any forward-looking filed cause company's statements the described press statements. in for SEC those are including could that and Risk of the results, results these statements company's detailed Seats' forward-looking with today's to Please the Form materially discussion materially or the a differ implied for the from report today. to the refer expressed in XX, differ release with SEC, the forward-looking management's September XXXX, quarterly

as financial today's discuss to On non-GAAP EBITDA, third measure, we refer quarter's call, we financial will the a XXXX results. adjusted

on Investor page reconciliation release earlier GAAP included press results a company's issued find actual Relations historical available and in will adjusted of www.investors.vividseats.com. to EBITDA You at today the the

call would Stan. like Stan? to I over now, to turn the And

Stanley Chia

Vivid our November call which you I've the everyone, of today of us a company. first privilege had Officer of Chief and public morning, joining for Stan Chia, I'm XXXX. leading Good Seats, since earnings Executive as thank on

the know, you several ago. we As NASDAQ weeks began trading on

forward to and this have to amazing new and excited are this We chapter. look opportunity humbled

the our I record-setting their thank partner, and at only teammates for our Most I combination, our provided this Boehly, we business to and public experiences Vivid and on want commitment Todd who existing all the fanaticism business; financial third in such part our to already also like company journey. customers. investors dedication in public their enrolled quarter. as new last Seats embark importantly, challenging shareholders meaningful culminated resulted through year of benefit becoming our us strategic environment for has would to of relentless equity thank as results their in new a our in efforts but financial all for not exceptional These creating of a and also who

quarter GOV, third $XXX million or in marketplace adjusted team quarter performance EBITDA. in across all as of highest in results and million reflected Our metrics delivered financial million $XXX the our key volume order gross revenues our single $XX

and is a Given for and partner call are, ticket fans fans events, a enabling to minutes teams different. live of leading simple and services being platforms provide believe mission Vivid background fans connecting it what ultimate to leading the live love. that this they to artists We few and I committed a we online of the technology is we events experience the makes company, sellers live. the connect Seats our earnings who with on would ticket spend some our as public providing us mission marketplace first

of exceptional value, their by Seats favorite We our attend more a offering experience Rewards. seamless events Vivid and endeavor events make while and range our marketplace live fans program, they fans differentiate trusted delivers a wide tickets memories, to events with the we provide of want. and a tickets lifetime dynamic doing creates competitive and events We loyalty to lifetime with safely by memories help to buy pricing believe they across can supplemented Attending so. ourselves unique so

Our ticket buyers ecosystem sellers, across connects millions of annual purchases XX with events. XXX,XXX over thousands resulting of in million

the of Vivid minds assure refund to ease which height we to the COVID-XX a and were with pandemic, set or of of loyalty able During options at paired Seats' we the awards charity. customers credit, them cash donation

who safe by tickets Vivid offering value offered full XXX% to designed are that cash secure peace offer the by order fans give we buy is to proud the place loyalty XXX% rewards we future the option, credit a also and alternative to of that guarantee, or them our We power needed We of Seats of backed were wanted total. to but way know able of our that of cash, mind. enhanced want our for buyer buyers buying

Because We the charge. we strive free industry offer seamlessly. this sellers transactions platform needs. We marketplace, inventory to in seller we to are seller X-sided of enable manage of to sellers most continually the to support also adopted widely evolving a complete and ERPs our their upgrade one SkyBox,

favorite As of of I million will marketplace to record-setting EBITDA. return We and of noted adjusted $XXX million generated of $XXX Larry momentum demonstrated fans last revenues quarter more reflects details on the provide a events. to positive performance earlier, but we and quarter. this the later, their GOV, had desire builds $XX million

of ensure on variant the safe. instituting the test by to live venue this While remained of in negative COVID August proof responded a emergence requiring and/or caution, raised vaccination operators that year Delta events protocols admittance of focused

as result saw a show cancellations say, fewer on these than As XXXX. we of they with postponements many the efforts, went in or

our excited and across performance, financial loyalty made very the about our program. experience user I we enhancements Beyond am

teams third work brought across and innovating many life hard consumer technology those at in focused product our on last platform, we to were quarter. and year, Our efforts of the

the iconic late return As the festival an weekend schedule release Lollapalooza, product a proudly July. timed music coincide held to Chicago-headquartered we of company, Chicago with in

performance And enhance best personalization the designed brand. experience and search, user identity visual Our new carefully all and discovery of to under-the-hood web enhancements. product new all, were styled elements well and suite all app system as of of the these our encompassed customer-facing redesigned with with experiences, as

same unique unique the enhanced users where Vivid every occasionally combined better actual will pricing, loyalty now We to dollars we for well to allows upgrades to of and stop competitive or And continued Surprise already our Rewards every DraftKings tiers augment as fans by free event time, Vivid there. with as as launch, there announced seats propositions Seats new with ticket fan perk on the our events. surprise value rewards Seats purchased. adding we one is our our loyalty in that to the didn't a though. Rewards. users when perks earn We've value our add out XX% receive program, economic At DraftKings with At attain experience. they our access Delight program, that unique strongest

to for At performance at exclusive our an jointly after-party, intimate in an Stone our by first Rolling partners Chicago Roddy members Rewards' Lollapalooza hosted Magazine event, access TAO received intimate Ricch. Vivid Seats by featuring and

partnerships our live. need also will partnership with customers. continue to for We've of forge to convenience to our the the even experiences building We've more Klarna, experience they ability give exceptional customers it that continued adding announced our

Ida Musicares. dollars a since COVID-XX number partnership continue millions the we those ways quarter, to have our with now start of In supported industry community pandemic. of programs the and donated our seek we our the in like by third support Finally, through of to Hurricane continued impacted

With to that, financials. it our I review Larry? over turn will to Larry

Lawrence Fey

Thank have delighted of first you, call to reporting earnings am with Stan. record I our the aligned results.

in adjusted the EBITDA for we company quarterly revenues As marketplace third records Stan and GOV, set mentioned, quarter.

was note, that Our year. which normalization marketplace QX marketplace we million fueled At $XXX Delta continued and a define the from that this in time, August roughly third result in GOV the events. saw increase divided up as average result QX saw AOS mix of number relative to GOV in sequentially same of This Of of XX% we September. concerns the in by of of event least combination versus related $XXX meaningful the we variant QX. demand which normal live or was order marketplace $XXX AOS, by seasonal in part size closer of believe the of emerged some to a the to headwinds orders, quarter marketplace return and at is lower a orders,

driven of in marketplace strong related revenues remain our marketplace QX revenues provided nearly QX. in COVID-related performance. our that levels $XXX to approximately previously XX% rates GOV, Underlying XX% by in take approximately note basis were occurred would by our that dividing rate, by elevated I from activity QX. take our is increased with increase GOV points Our million forecast. calculate by cancellation our long-term historical This consistent largely in primarily marketplace to we which XXX primarily

EBITDA the adjusted rebuilding We quarter, $X margin of million This return generated which is EBITDA adjusted a of a million, levels volume. EBITDA the third continued our with of XX% represents COVID in margin. marketplace strong along $XX the from of to GOV support rapid alongside teams adjusted reflective loss of net

rebuilding will EBITDA term. which new the impact of adjusted in top functions, costs, across our also On company we're adding public teams near in margins

margins we be initiate support our margins QX profile in in strong efforts. anticipate belief above our While and our and near a QX broader reduced the headcount we will ramp term, as in XX%, long-term margin marketing

will of meaningful the thus to have $XXX return continued balance positive a volume the has net forma flow million contributor as XXXX during generate our million of cash generation, we cash rebuilt to quickly our a $XX continue cash With to the for combination. by business this with capital pro our quarter flow in $XXX has position cash increasing cash QX been in million Working We flow. far as of QX. cash end the from

working our grow reminder, positive to because we our a sellers. received to contributor we as payments remitting before ticket cash a consistent from As capital payments flow customers corresponding is

and thus have store coming These have and we will capital anticipate the working pace credit that noncash during some headwinds far continue at expect consistent seen in the result in in we customers thus, and redemptions We redeeming a relative exceptional to EBITDA, seen XXXX. revenue pandemic performance created quarters.

$XXX event and seasonally continue quarter million as adjusted Live around consistent our the impact some EBITDA cancellation-related with live of GOV strongest $XXX Nation late to to This $X.XXX of year billion million implies full called million to of QX, revenues marketplace full of to GOV revenues million $XXX $XXX million $XXX provided as $X.XXX million. with the uncertainty we by this guidance $XX revenue COVID. year to $XX XXXX These GOV as of promoters assumes guidance marketplace quarter million, adjusted in million. performance year announced level $XXX consistent QX through ranges remains We such and with million major are EBITDA $XXX guidance to but calendar and million October. being full fourth marketplace $XXX of of expectations billion, our With and face for to

QX, XXXX, anticipate of QX In QX to EBITDA saw planned and than happening launch forward for of marketing broader in We we originally lower brand originally events have quickly more QX to adjusted our but we pulled investments we begin and the in a XXXX. reflect margin meaningful had of than investments. return live anticipated, brand into the with brand beginning our

With will to I closing Stan back it hand that, remarks. for

Stanley Chia

company Thanks, to are across thrilled journey recap, start revenues results with record-setting GOV, To marketplace we Larry. public adjusted EBITDA. our as and a

to continue positive with as and for offering efforts sheet, position well sellers. building and robust marketing our we momentum, and press fans brand broader improve launch Our our balance our coupled our advantage our to us

program our about anticipate events demand attend the loyalty where of are opportunity enhanced live tell We story with coming as product a we and pandemic. the record excited we our to out in ahead period

that, with questions. will I operator, And it up for open

Operator

Shweta coming of line first Instructions] [Operator with Our Khajuria the ISI. question Evercore from

Shweta Khajuria

was you great. sports one, verticals sports, that with you it was more to that live outsized or were have, is, any the would Any theater? you out where concerts regions or back Two that questions, coming regions open X of trends an key be than others? you please. want surprised And demand see any -- were audience particular thought stronger the call than around those particular to Any second because comments

Lawrence Fey

Yes.

country Canada their in cadence, the has at terms slower In say there lagged, I'd the the outpacing U.S. of terms of recovery so bit starting seeing a U.S. a that bit. level, regions, a slightly so reopening

with led has X think Florida the I in a ahead But the XXXX, with of that say stadiums of enter being in were that and bit seems others enable the broadly think I to country, largest terms figured pace well positioned having across South the the we their U.S., capacity. can seeing as you're and of reopening. see the U.S. I'd regions right And Texas much protocols it, events. speaking, to states be all particular regulations that where pretty Within you sports filled out now across landscape

Stanley Chia

Yes. And bullish the XX% compare I track, consumers to as looked other consumers are much the at one it more think a now to of is And one are we willing average, they used I'd add, things to we've other on as for than how quarter, Shweta, fairly events. which indicator thing is travel. almost we traveling XXXX,

we I coming excitement return and back. in So strong see largely live some really think the across that events categories, of optimism around signs

Lawrence Fey

categories pretty And say then levels. question the Q, in backdrop, back back I the were historical -- second Broadway until event ratios certainly, our not the with our you'll I'd I'd take And categories, the against with that into came across slowest end September. your going consistent see came reopening think as But quickest. theater our these sports

we that within and it's when to full event few year opportunity you with a pretty for So have consistent feel what date, numbers portends realized as it calendar, but about theater relates past next think I to good concert the years.

Operator

Our question from of Jason Citigroup. with the next Bazinet coming line

Jason Bazinet

the a better read this out a Without for it getting COVID year more forecast In sort year conservative? long-term you climb this of little than a you of I just think question, specifics, do your how business? and long-term might it's Or little is say be guess much more shouldn't back. had words, obviously I thought that view? you into as be a your guys a would basic while other better have of think sign you rapid influences your sort broadly So depths

Stanley Chia

is this Jason, for question. Stan. Thanks the Yes,

yet. those were were premise hadn't when and approved still early, really being when helpful where, vaccines I reground to the a made opened think projections I'd we we on always in where about maybe events you think say, up When live we world were projected. of we

there our So some projections. conservatism certainly was I in think original

is still now uncertainty As Is last? end a terms at last we a out, Or look there's is to that people that I pent-up in there how beyond? opportunity going I is I'd and 'XX back think 'XX? long to demand, through going coming look say we once-in-a-lifetime of and that what surge think in is to as of going

you'll continue that tap at product. investments invest I highlighted build though, new for needs what in what a on a a customers. unique is to certainly brand, we as we and think And consumer. the to innovative think we program, our our launching see sure made call, focus line to there we've be is value us consumer And there we is is make demand opportunity that, as loyalty ability best-in-class the into we've leading what look to launching combined front the on, feel the that with that prices, of this in on this to marketing meet with I do are aggressive high competitive

Operator

with line question Deutsche Bank. the Black of next coming Benjamin Our from

Benjamin Black

marketing. on X of sort have I

touch then to digital IDFA we've increasingly mobile, from can on platforms, And shift one, is impacted at the the the spend on with So so heard challenging. customer hear that acquisitions, to others marketing environment? has And particularly your all? you be I'd current curious second if marketing

Stanley Chia

Yes. you question. the Benjamin, thank for

marketing be first-transaction data. own front always That I think us as using look on front, strength for the We've proprietary are areas been and our currently persists aggressive the landscape, profitable. got allow one that of but our thing, that around we the digital on historically the us. has first first-party to marketing, particular, in of historical that's at disciplined where, digital own we still platforms

platform. that room who might have to proprietary to aggressive a continue be competitors lot versus of have not So we

With in that we're you we the marketing, respect acquisition over think as little some I'll think with the I profitable where those customer well. through only brand to to long as a think there's fronts. And across for in cost platform who certainly Larry can you room punch looking term, framework I a digital marketing to of about sub-XX% it improvement how impacts invest blend look give awareness. how out that think at as we for think to I

Lawrence Fey

Yes.

and think I to the of spend trajectory marketing efficiency. question on specific

bounds on we're today. We meaningfully in touched what that outside not channels experienced norms where in the have you of moved have the historical costs

of actively they indicative relative to with and approach different XXXX some think live to alluded is 'XX to, projections I other than And a to Stan have I a in. awareness the there. we're as about As increase spend you that we events and think aware in which diversifying get diversifying expanding marketing are reengage proposition customers our million of built that our that prior we $XX expect make out by channels in our the saw do levels, directionally we alternatives brand that

Operator

Canaccord. the Ripps with Our next coming question of Maria line from

Maria Ripps

Congrats on quarter the here. strong

on So a the the next artist resume I have on into seems And just of is beyond? Sports quick as these follow-up. It sort talk supply of move you a side. interest the Can sustainability side about maybe follow-up tourings. and like there just trends a then strong. was to lot year we of

Stanley Chia

thanks I Maria, the continue for look, to sides. think, question. I Yes, X see, think, we

the is side, all On that we we feel strong and up consumer in of the release. that see pent demand

think supply out we've sign encouraging artists really on the side, seen get what is really a of On tour. looking I to

in fairly future, report I music be to where least in there there, think strength well, as tickets for Certainly, see I market, I think of the if out and many supply the as they're you lineup, live they've number already that you particular 'XX. at selling look strong all talked are about think the side. most on sentiment at earnings, a secondary there Live artists applicable foreseeable that into Nation's benefits us that can would you and the of is, recent how

Maria Ripps

it. Got Yes.

Lawrence Fey

other bandwidth think to actually that I the the I'd that from already. infrastructure Live to, highlighted there they alluded their they Nation didn't number the they of and on why side. supply capacity, 'XX talked are to it, about pipelines 'XX And looking limit support one butting comment They is explicitly point to a at part demand is industry the like of tours while have and major support. against can say it sounded they the that up which is

going feel think there's pretty relative strength certainly, run think I one-and-done than environment, So longer as say that. supply they that be type we good a to I to

Maria Ripps

helpful. share any help can and it. Got gains reduce color secondly, fee sort margins? competitors? you very your rank maintaining that maybe while fees there of could fees on your of then are to maybe And for your And structure efficiency any opportunities where That's some compared

Lawrence Fey

Yes.

So priced we be certainly look competitively landscape. to the across

up I out the find your some And lower if to that I just illustrative I'll that we're a not-so-close in instances, ticket exercise and to were it to our be alternatives. first marketplaces, good meaningfully going pretty think other to than there's buckets. which lowest you'll close and think leave you transaction. price those we're of chance the pull fall alternative across into own priced certain on figure

Where it on I loyalty think gets really program. compelling is the

purchases you difference. and our becomes the layer off a and free price it where you already that then the you ticket, such from loyalty, compare very meaningful when If upfront competitive tickets complete the us lowest prices XX buy of on you benefits that earn we're

a with standpoint That gets directly proposition margin is on think repeat if that us, we generating. folks behavior better for a they volume into properties. because rate our economic and the the I know exciting where take with they come helps people margins have that to so both us, will And it are from a getting

to you to would see that program. more and think over direct repeat I behavior loyalty frequently site the be main so the our as come efficiency of consumer because evolve And time

Operator

next of Our line coming Raymond question Andrew the with Marok from James.

Andrew Marok

you of guess, little us among improvements trends talk or coming what been key are the on are terms with seller your I some what recently wanted the a in platforms? you've bit seeing shifts to other product SkyBox? sellers side on on the color ERP Can you give you're of about I non-SkyBox share platform? the seeing on making of And equation. platform some

Stanley Chia

question. yes, Andrew, great

the are X-sided support to the SkyBox As drive value seller of a remains ecosystem. marketplace, us pivotal to of investment a we to really And the there. we and continue actually proud key for part that provide

now enhance truly them technology on help is businesses, We more grow which continue for that a where to able data to focus have ours. dashboards the and are front intelligent sellers their that

fulfillment On for part at tickets. electronically handle we've and to fulfillment, invested organization top a rate both on share SkyBox of base where is physically we've the structure what sellers on that as seller that a the the seen higher continues non-SkyBox users grow of side, the and past. that, have logistics they ERP in we've on seller relationships deeper better up a And continued that And cost assisting the SkyBox well, of building think, I users and to seen in installed to, with than more move we've to drive vested at community. there

Operator

Our question D.A. with Davidson. Thomas the Forte line from coming of next

Thomas Forte

Great.

Larry and Stan on the public. off, quarter making and it first So congrats

then and question share, gives the to public. about call loyalty. first one since one coming growth this confidence for long-term one is SkyBox what you your And including rate Can ability follow-up. So in after and the take your And you category? talk follow-up

Lawrence Fey

Yes. Thanks, Tom.

out the And the figure look XX% it's is really the whatever in as view of normalized you industry range. demand the pandemic long-term we that I you we get think So X% like. see growth think of coming benefits after rate, through pent-up that to

easier largely add likely somewhat to venues is the to than it capacity sports Yes, shows I add lower to slightly sports, at that blended than in particular, is the more to have slightly perhaps teams difference growth than rate in concerts, in think driving in that higher category, league. untapped much growth ability that concert

about feel share rate think been Vivid consistent that a growth we history, high Seats' So it's good single-digit across I industry gainer. pretty

grow is sure and to our close both with that to And marketplace. really sellers we needs to to dynamics so as a SkyBox seller evolving on stay feel of are make you touched relationships enabling the tool good their I wonderful businesses. sides on,

have grow consumer And I been been alongside I an date. that, that, the to area to frankly, awareness. about particularly opportunity has that think underinvested excited us in believe to has

So taking was to pretty historical that meaningful share. anticipate some already benefit trajectory, relative which

Thomas Forte

And flow. you impressive on free a I then think do including cash and use business question the second How the M&A? about of long-term very basis, is, had generates your investing in business model cash

Stanley Chia

Tom, year position the I where things, of we think, debt the about and strong you certainly in we're is on one think really business. this our net on find ourselves the the came of I cash had as we outperformance one position sheet, great some said business where a in now a really, significant really we where from balance

future, industry-leading see one, front continue what efforts it's driving As the certainly, we've drive, that, we're brand an program, to continuing to got where and we going on value whether got be organic the there. we look it's through of option in in to then to side, us playbooks options marketing aggressive to think, our I'd -- to is, our consumers on, say, and we've around execute awareness or loyalty I invest you'll really, can to

side, surface. sheet public currency, certainly new as again, well with the aggressive be M&A balance strong opportunities On also as both a should opportunistic a going think where to and we're I

do at consumers us those opportunities what I see and a to balance from a to back you'll advantage spot really we I a of So from opportune great is opportunities time be sheet, really, have come take are for surface. product that a those aggressive as in we think

Operator

coming Our Kurnos next Dan the of question from with line Benchmark.

Daniel Kurnos

guys. Congrats

Just a couple here.

called ticket, be level ticket but not Live to to know may Jason's marketplace the consumer of a elevated the I now. of question, higher right structurally Just levels back AOS go sustainable, kind the also prices Nation in or of spend out

if of a So kind type of least -- like front-of-house obviously they're over this a level know the premium kind And time. same will price seems of raise which your sustainable tickets, follow-up. the delta sort sort higher floor just your don't I and you forecast? it of But of to. us thoughts large what sort impacting like how and give set And have of reverts feels ticket higher on norm I kind ever get it can is it's how on to we trying at of then that

Lawrence Fey

Yes.

you if steady in range, go increase which in think pretty I GDP think to the primaries. generally the I X% at steady So size, back X-point to in in X% to growth tandem average you so GDP, plus see time, pricing underlying marching in AOS order something was did X in

I correlation that think it over intuitively there's makes a pricing and between secondary time. primary sense

forecast assume essentially size flat, our effectively previously, we trajectory. that had order forward we that stayed put In negative average so historical from a break

the I seen historical a you what date if likely hear that, trends. and to commentary the Nation's to think what suggests from we've there's upside break break opinion downside to Live anything, in in their versus projected our

around what into to than optimism long-term do we some had there's ability put previously. I So our better the think forecast certainly

consortium term, out. little think saw QX. near you $XXX from a the the We're more in still as I In and leveling in phase going QX supply demand to AOS of $XXX our in

be next at robust level the go can year. quite that where size will pricing definitive stability and quarter-to-quarter I average draw of term. not But conclusions on for I how we're think still you the order optimistic long is think trending

Daniel Kurnos

and the Got a little And on live helpful. radio it. day. I other Analyst read Day, any still about but it's of bit updates early, this ESPN know super heard all, on kind I well, we on of first That's your just super -- talked

interesting. I that channel, underappreciated was very a So thought

you brand you've as about launch. that GMV understanding thinking new kind of toggling Just on already you've any continues but over you're thoughts quadrupling mobile switch, shifting guys to the target, got unaided what now seen progress brand awareness anyway on that super updates loyalty seeing? app of KPIs? to campaign have adoption, a the low kind just and of to Anything here, you're sort of how

So parse can for. what just us to kind of maybe you looking that for you're out some of as

Stanley Chia

folks. with that it Dan, you glad -- well, a think making so because Yes. heard there glad literally we're I wave

radio, I is what Larry some think XXXX for efficacy pulling mentioned, what us, aggressive and we're read very of think whether get certainly of As try experienced our brand long-term channels that currently a a some you I markets media, testing in is some spend terrestrial effort. non-digital out that forward We're anticipated is we there. in cognizant that what the we've and been certainly brand on efficacy building is Being of select as home. doing disciplined the to

launch, in As we're early very continue progress. and to the

to are long-term then to the of really a that we that build good term have And program long indicators customers. loyalty that to I additional teams product and thing that engage think, awareness our of they starting within with favoriting our I beyond basis, folks think at as you brand we'll the early what with perks value in, our the continue think well entrenched have about I with to I'd which continue the they is work of greater testament app they for I currency you guys, historically, in our seeing, use up, is think, as the fairly bullish artists signs seeing our I are have are like brand. tell the fact potential currency, our some and which app is the done well the when as start one I embedded than engage our product our traffic have ability XXX% feel think transactional think that we're invest combine as a we we also to to, features

Daniel Kurnos

that color the you but guys will done just And you is DraftKings offer it. on a think, guys Got I at third, want knowing the was, sponsor any there that, I investment publicly to level? give

Stanley Chia

Yes.

we investment, certainly solidify there, the users we're program loyalty certainly, As and for to look of excited I think DraftKings that the that together we'll work about that to our benefits both right? our ways look future. the something and partnership for excited in us thankful creative think and I to something at were continue is

Operator

Daniel line with Capital And question our Loop coming Adam next the from of Markets.

Daniel Adam

Two for me.

guys on you just have this into be how of and revenues of would but GOV clearly for between year. deals a partnership that year? do would kind And visibility might outlook sort next the encouraging And alluded at and DraftKings? about second, for quarterly of then this timing point, we Nation next question. as First, Vivid some of you XXXX? What kind for you had cadence I what expect EBITDA, any DraftKings much already, And comments to guess the see the follow-up Live

Lawrence Fey

Yes. Thanks, Dan.

the XXXX, the outlook the into the particular, come number QX next in on late on that tours for So a think, of concerts year I you'll of prior have find in sale year. major

some insight where get tours pretty entering which are of a we window into see in So normal announced that year. the course provide meaningful amount you'll operations, healthy of launched, really and the following

scheduled XXXX and is bit I a of that tours know were a one. you previously unique number concerts of had a postponed.

of And XXXX and rescheduled ] calendar so will mix be XXXX new the events. a (sic) [

window to pretty probably have and meaningful sitting we typical we sense in how for But So day weeks a a going calendar still next a robust will normally visibility here this year. little important is get just today a the to than the be. be X better more on would

which QX certainly anything cadence. QX. on a question seasonality, in seasonally with is "regular" I ratably our that, year, at strongest, roughly occur of but barring across the will barring to think point, would anticipate possible, fairly QX normal the XX% seasonality in XX% remaining of year unforeseen, split So a And QX this

Stanley Chia

and refresh currently, always program, DraftKings our it's the for, when ways that opportunity and live had on users. consumers bullish b, strong again, look I we adjacencies for excited we engagement are into our think question, driving affinity announced the to continue we've a, then we on, at with to been what app; loyalty launched and maybe really looking And to our

loyalty ] launch new new of a announced our at attain DraftKings already program, they we we if reward partnership tiers. deep users very [ with dollars with loyalty so free DraftKings And where our

accretive do And so X stage continue augmented really users benefit transacting with what ways us. to our at that's think from and they looking of where unique engage ways really probably to I we'll get in

Operator

today. this And Thank gentlemen, conclude Ladies call I'm showing for and no participation. our your further you that for at questions time. does

disconnect. You great Everyone, day. now a may have

Vivid Seats (SEAT) 15 Nov 212021 Q3 Earnings call transcript