SEAT - Earnings call 4 2023 | Vivid Seats Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Vivid Seats Fourth Quarter 2023 Earnings Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kate Africk. Please go ahead.

Kate Africk

to quarter welcome call. earnings and morning, Vivid's XXXX fourth conference Good Kate Relations Investor Head Vivid I'm of at Africk, Seats.

course securities on would other available Financial and website supplemental earnings the Joining Investor the slides.And today's earnings investors. Report most our adjusted press Seats me reconciliation and information non-GAAP our financial provide useful refer non-GAAP page of as released to Fey, our including fourth Officer; may Form adjusted are which press access XX-K Seats for press forward-looking subject release earlier measures earnings cash call, results which meaning that these will the found Vivid now corresponding forward-looking Chief Larry EBITDA we available, are filings Stan release can to and release, quarter reasonably the well our we call those their supplemental press over and should Vivid today within our to at of measures GAAP I in investors.vividseats.com.During recent uncertainties, turn are with EBITDA, a make Relations the Chia, on Chief now generation, in of risks Annual measures extent margin like SEC. To to financial management to laws. to call, the slides and have Officer. statements described By be earnings today's On are Stan. our discuss this to release, statements The everyone earnings of These Executive as morning. federal

Stanley Chia

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growth look and we growth we secular market healthy trends the hum to come. As with will expect event American the industry, at continues North drive that years live for to

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we our of of within choice broader latest is element other shows maintaining Vivid data strategy likely scaled its And substantially onboard professional An NPS the of phase, beta is bring majority equally plan continued Drive seller beta we than to leading the to end vital users to market. nearing is improve sellers. XXXX, during ERP best-in-class In products Seats we our incorporate an feedback with that for recommend and continued sellers. panel to fact, more marketplaces. have SkyBox of to our our the unbiased the into consumers important any product which ticketing lineup.SkyBox position is in

to flywheel strategic We our the substantially fully our and and our Seats financial also launch to in excited TAM are With we of SkyBox track are on increased Drive enhance acquisitions. two this Vivid so XXXX, year. compelling profile later spinning with business do

$XX global ticketing Wavedash of began of we TAM.Then we of TAM of acquisition Japan, estimated our unlocked the entertainment acquisition to States. direct with our with the First, in capital incremental United $X Vegas.com, of in billion unlock another an billion venue

the these pathways upside to driving more integrate we each become from even synergistic have clear and As businesses, compelling.

and synergies. it's anticipate While sites We've selection inventory begun avenues revenue potential for generating and for still great optimizing across synergies early see multiple Vegas.com, we days our year. this

growing we international delivering incremental see accelerating in exciting exciting new the Because additional of use about of profitable that infrastructure into this intermediate-term for into vehicle international event abroad. expand these live of North additional this we believe to growth Another as for profitability acquisition year America our in and excitement, geographies. begun deliver markets. pathways opportunity come the echoing years into years investment and ahead us investments to building also opportunity and excited ecosystem.Since we've come. enthusiasts the live growth Vegas.com is opportunity are have to are become We the as funnels provide customer last tailwinds expansion Seats growth incrementally driving a Secular double-digit to go to quarter, Vivid

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entered durable deliver laid $XX with TAM multiple and sustained We we double-digit as capabilities continue our Game value. the foundation having of growth.We experiences. Center by SkyBox growth such ticketing believe Newsweek and the our best reinforces to global ability Drive, and in to customer loyalty as were levers We again one a XXXX continued driving to long-term enhance also and incremental XXXX recognized service that billion once program added

Our growth compelling. opportunity is

the and share M&A proposition ample our flow and Our resonating, strategic delivering it cash will that, continue us to value both I is ability affords repurchases.With turn value including Larry. through shareholders, to to over

Lawrence Fey

share Thanks, our closed fourth to results Stan. which I'm pleased out XXXX, quarter. outstanding a an with we financial great for

market a our XXXX, delta GOV Robust by XX% GOV billion by quarter a on healthy marketplace XX% size by QX a growth year versus XX% marketplace increased in and billion in was $XXX For marketplace total orders. increase in of XX% orders.Average year-over-year, in marketplace reflects XXXX $X.X top driven impact fueled of end GOV total XXXX order $X.X XX% marketplace strong of XXXX growth $XXX in XXXX of full execution. increase year-over-year, with acquisitions. that of QX increased in the Fourth driven

Excluding average X% order up size year-over-year. fourth the was impact acquisitions, of quarter

to a AOS persist completed expect similar into We acquisitions. dynamic to our due XXXX

Excluding double in grew acquisitions, fourth our digits Marketplace GOV organically the quarter.

therefore, acquisitions.Our full disclosure million increased fourth GOV and As Similarly, be impractical, revenues $XXX our without year-over-year, our become decomposing million this XX% marketplace of these we standalone of Vegas.com will XX% by tracking year driven revenues year-over-year. integrate with fully last and will growth Wavedash, increased and $XXX growth. XXXX quarter

improvement adjusted in the fourth quarter, expected. which to rates we generated expect fluctuation continue XXXX of with higher be fourth up adjusted XXXX, quarter, share flow; continue points XXXX. ] to XX% margin Our of take million XX% we increasing EBITDA of $XXX of orders.Turning quarterly in and million take we generated full was XX.X% the albeit basis from XXXX, and in rate [ year over $XXX to delivered or was we million, cash $XX bringing cash repeat as EBITDA, In We to EBITDA saw XXXX our year-over-year. expect cash of to generation we in strong benefits adjusted XXX in

This Our benefits and strategic cash share new a our limited accretive of strategy the flow entered with shares.Despite net that featured share performance. Xx we cash that pleased our capital, and billion the cash authorized deployment provides supports repurchased these a price of announce In also $XX our leverage Board share less and million own million not matched $X we model repurchase to Today, cash for million which business has XXXX, on CapEx reflecting our has our to added process. EBITDA foundation negative of $XXX TAM we $XXX strategic EBITDA. In conversion. view million repurchases. forward balance adjusted of investments, strong robust acquisitions acquisitions deployment. our in $XXX capital XXXX, significant We profile from are XXXX financially working both strong deployed than of capital and program,

we of are million outlook, additional XXXX late international maintaining our of and million, revenue of guidance guidance In to our $X.X expectations.As to mentioned, marketplace consistent billion announcements QX billion TAM. in intend concert $XXX XXXX a terms XXXX of and early have with pursuit make GOV been $X.X $XXX in in QX tour investments attractive Stan we to

now EBITDA we grow expect strong $XXX you, both America, growth At growth.Back Stan. With range double-digit to XXXX. by ability to to our to the expect confident million such, enhanced EBITDA in are in adjusted by we midpoint expansion XX% we strategic As international deliver revenues North and XXXX million. in $XXX the in sustained our M&A, guidance, secular annual of of adjusted and

Stanley Chia

and it XXXX to places work for recognized one of without Thanks, pivotal have done say high-performance have as a culture we was the and Vivid XXXX. that are to in which we team proud year was Larry. our we again best talented Seats built, the couldn't

transition year. a adviser recognize and this Vivid many his thank will After smooth planning our transition.I sincerely to to up it upcoming Seats. the ensure leadership in a to he retire for technical run, Chief want transition of I'd to integral X-year Officer, like team. our a and first open friendship questions, his Accordingly, Wagner, is Jon to we for Technology half leadership highlight into Before to Jon great to an role contributions

provide adviser years planned five and technical through for a his We continuing over as this to his are for commitment past valued grateful transition. perspective the

a has capture As most from extensive Stefano Langenbacher look we brands to month for leading joining we later leader global to the as looking served as consumer-facing Suitsupply, development and results-driven will the are optimizing at objectives business.To our at an ideal technology nearly seasoned furthering stacks while where pivotal he XX% have as is a we cash e-commerce mindset innovation our invaluable a and incredibly this us such our forward, profitability teams of drive executive technology proud experience while deliver moment platforms bottom global new Technology ability past opportunity be in for makes flow. our and Officer.Stefano XXXX, journey back growth, line recently sustained wrap, ahead growth tech fostering excited technology Stefano us. international expertise robust high-performing him years. his as welcome enhance six to are Chief to strong strategic top and double-digit His we delivered our international that CTO

record We are strategic excited our delivering questions. through let's repurchases.With M&A value it continue XXXX, shareholder of for and open track operator, to share up in that, including

Operator

from [Operator question with the first Instructions] come our line Schackart of going William And Ralph Blair. is to

Ralph Schackart

then right color maybe that, about of about if you what's give about on terms investments that of well. in you more Why now bit any as previous And it? the Just the secondly, calls more update provide for then talked international, talked about And an just competitive on some that. little the attractive dynamics accelerating add timing? could on to you a you've could color is

Stanley Chia

the think here I'd from a the than at we started hit. our when the excitement landscape at it. as that I A we think looked level was always of like Look, saw think international international bit others after as that we of are world, couple certainly it, this, we certainly accretive And demand kind and has look for who I really and invest. participating pent-up we little can points we attractive Certainly, first think later to I said opportunities look what we've in at corroborate increased U.S. and looking

that acceleration So up I seeing we're pick certainly think there.

just is We I line us put there we as excited well investment that feel which continuing our, thus, multiple pools across top opportunity advantage there.And just, of think opportunity. to to really to think, to continue I we evolution our as about see increase as frankly, hold well, out that, both lead take that believe trajectory that

even to EBITDA with basis. and So a delivering growth continue that do year-over-year excited that on XX%

think competitive the before, on competition. look be as lot we've Now at front, of think, we flows and I front, ebbs when of look, I said going to that a there's

we allow And great ecosystem, of up a to user order repeat we and like be I almost able platform. that mix a confidence invest to our think is do which give our perspective and think in progress see things stickiness moving compete XX% continue to differentiated I lot things that to continue compete to again, to our in now, us, profitably.

Lawrence Fey

-- mass I larger if strength reflection That created of we was A Ralph, I where the worthy growth just broadly. been America a international in meaningful to investment. seen is enjoyed that's you've America. some of critical a North opportunity North one we've ever very phenomenon. all of that's And subsequent add as a on focus the of it that that event it's say And have meaningfully global. pandemic, can the in the thing. it's that year I European sort and not meaningful of would just live reached has seen than size a on would been, opportunity growth it's or we thought

we it's exclusively positive, moment. So think exciting an

Operator

question our the to line Maria Ripps is And going from next with of Canaccord. come

Maria Ripps

for First, a with supported on new market format loyalty in how could years more engaging by now couple you your program color has brand a been share consumers little maybe that of messaging. the bit are

-- but orders of to a be more sort bit increased of on repeat about that. little talked hear color You would increase great it XX%, in

Stanley Chia

message from XX it out program. multiple time if think that Kings. with And yeah, key with surrounded, will, message, I been of frankly, Dodger's We've to at experiences, one part if been think has our with I our are by one as engage the there that our loyalty whether drive program think I beyond loyalty now guaranteed Jumbotron partnerships -- you really buy or Maria, said, this get things, like free. has differentiators the how differentiated we starts Speakeasy Hey you Yeah. revised been Stadium of it you unique

as that's about, continued of a points think we orders, X,XXX mix of also users, talked Center almost orders all no driving right, the in there, program, make look see X,XXX we our loyalty to order. When I Game XXX,XXX acquire can to of a So to increased well. when basis investments, you purchase since a increasing see basis driving.One, to driving we proposition almost new up differentiated, the now, performing purchase around the And one being that points we see accelerated we've got frequency. creative certainly then them we've repeat as that and sticky campaigns more certainly you at investments as across where those look And than frankly, and that brand profitable marketing channels reminder, program. and unique the significantly ecosystem each the we and keep propensity them then other started those right, oriented

Maria Ripps

And have talk a maybe to cross-promote bring Vegas.com core Vivid customers Seats just of ability about can for sort few your you months, now your operated the and that platform? Great. then you to new brand

Stanley Chia

I it's Yeah, we think early are -- still days.

think do about the we to pretty opportunity are I excited that.

Game of customer return the is have is with to we profitable cross-pollination core as thesis Center. with their engine in, can multiple whether surface that already funnel Seats think, users across of Vivid it of across I the with that Vegas.com think platforms, now some whether I into that can we homes started acquisition ecosystem being a inventory we our that they rewards

but terms certainly there. bullish early in seeing we're that quite are days, early we of signs are the We

Operator

with Nagle BofA. And line is from come question our Curt next going the of to

Curtis Nagle

Larry. I first one guess one for

the looking had, that's in right, to for to margin. last noise, EBITDA just sequence lot through bit quarter. But Just little GMV of again year, you you in out Presumably, of the in obviously, kind highest but think, sort lowest that I of of how That smooth and going be pieces helpful. could walk through could really like acquisitions. the a walk Just GMV EBITDA would cadence a XQ, year? we with if that or

Lawrence Fey

the I'd to would why side, think that the you some I year, as guidance. think of of we as and Yeah. about strongest lightest But oscillation XXXX, is -- Thanks, focus say you expect generally 'XX quarter. finishes. the an is pointing year annual volume Curtis. I the the QX probably expected in typically behave prototypical quarter. on typically would with slower start it by a this start quarterly you'd in in see generally I example QX normal you'll And saw than to an the starts operating a leverage year, fashion.

meantime that pushing done if lowest the year. they're more, volume.And change, primarily and lowest expect the roughly So year relatively if is a leveraged you to the acquisitions QX it, material they of you at margin of because the percentage slower GOV anything, in quarter. so the but we've quarter. If just the call anything, for concert a first quarter, over concert QX categories fixed a the it's would Not get some in slightly because quarter lower and are and full theater-driven last you lower cost, be year, summer-weighted look GOV the XX% have [indiscernible]

year, we had As you marketing noted, outlier, accrual some favorable adjustments, some an atypical cadence. last

flow-through QX so in more return expect to the normal year. And this would I

Curtis Nagle

it's it sometime how monetization I of SkyBox, you, sounds about you platform? of the launch like just maybe a well. talking expectations I And in the about back Stan, are think half should doing I the least for of the guess, -- said guess what for beta year. we in one terms think then at testing, just

Stanley Chia

proud there. doing Yeah. Look, there. we're you Thank question the think really what we're I of for

to their there. think beta SkyBox -- bringing heard, with ensuring with And the I really adding feedback to been start our we product seller with Drive, I judicious users on point as mount. path you into one. have think we I'd that monetization I modeled in leading base think for go products certainly is I already I think precedent think to, I guidance. upside. we've continues will and that would also be have everything, our are I And think, and that -- down don't like should anything any certainly the we we monetizable excitement a therefore,

is think would it, that And we of guide as baked this unreasonable to I the so assume market, at into monetize not be that some to year. and it we point, bring none that

Operator

question the with is come Bazinet from of Our to line next Citi. Jason going

Jason Bazinet

there I you've market differences like or know that terms in the there's some model works do market of homogenous of globally? is way pretty on take works, pretty due diligence either in feel intensity differences sort the way the big any marketing the done are primary your sort But internationally. of internationally rates or you as

Stanley Chia

question. the for thanks Jason

were think, I to are if I as like, think, frame there structurally, I think similarities, some broadly, one international you opportunity.

is region, elements right? reality to the variability when about. the talk each excited them nuances holistically I has think in market we're them ability we will, think compete you to there, that in with the able I is compete of or at tools you in the we've each have at think we will each think if I look quite we to look strong of I this. We multiple how that But will platform regions we've which under the the be with into And and a internationally, compete at moving that we think effectively. look we ecosystem. foundation built, built pretty kind

Lawrence Fey

going of countries. the of the you world. start think that I'd say North differences, in don't drive if North of list America the Certainly, down capital see But is sports volume in sports you soccer in that replicate. terms is meaningful many I popular America

structurally more So I but is international opportunity the would indexed similar theater probably and think to concert trends. of

those geographies growth that disproportionate been the over-indexed can that you growth around part the are so driving in North of segments excitement the America. And have imagine to opportunities

Jason Bazinet

are of of I going leveraging of terms brand you sort that I of international sort of long $X should some and to accelerate of brand establish the of your are just that and in know given guys a will do generates sort on $X can have $X revenue when platform take, But a And sort follow-up thumb of spending EBITDA. how the a there ask side? $X one to revenue you're your of before any rules generates of it EBITDA? time

Lawrence Fey

commitments just tech certainly, on ensuring that for we kind up we're year call want of this out. the have operational yet, platform we that called investment firm to scalable offerings and that the investments you fully predicated will No but making marketing beyond sign it, is minimize that the,

So that that we'll certainly sort But the I are opportunity is consumers think the curve. learning view have some looking of alternative. is and significant, robust an for

And so to resonates we'll believe the be able out that gate. have a of proposition right that we value

Stanley Chia

but And we both if run with think we segment, proud international look anything, always growth and And think, really and that Jason, that different. at the when I in I manage investments, we've operate business been any the of segments how I we profitability. think both at the look think don't disciplined and then we also I

Operator

Farrell to Matt come Piper line going the with of next is question Sandler. from our And

Matthew Farrell

months hear First, about early following on to are learnings key Vegas.com? having the the Super takeaways of it Bowl, few just first the the some in-house? after we'd of love What

Stanley Chia

compared the think to capital of I a I there, wonderful the arguably as we States NFL matchup This a stadiums. Super are all other your small see this and and Vegas stadium a with the Bowl right? Look, was Bowl very the tailwinds year there, about certainly Super what relatively Yeah. great we is heading think, and with, start part, first things like Las excited United think entertainment I

inventory early the as has and frankly, think we some, to platform, earlier, mentioned the into as you we've the the about are we seeing capabilities.And would of I as look I inherited said, already that Vegas.com I there about as yielded platforms a think cross-pollination at well. of surprise we things about at I excited earlier already how than excited and upside team we bullishness expected like certainly really the say, seen, signs As looked model we've

So I excited that. about very we're think

the the see out But certainly, excited so build year. pretty the months far. on we've in, out You'll build about synergies continue to two on what throughout we're and thesis seen us

Matthew Farrell

international you more touching build deal you maybe just time like follow-up Wavedash? have did the What led with to seen around? is the a on the with for maybe Wavedash buying the lead build has takeaways led to bit then And you investments. you a international this what sort sort versus of little quick at that from has of opportunity And

Stanley Chia

Yeah. Maybe that split out. I'd

start think, look when tail the with Wavedash I'd a a end. from we the think at I I assets Look, wonderful setting maybe flow I the into team, again, came as accretive in at that to acquired opportunities. other kind continue the learn cash the to drive position an stage us really to help well and frankly business multiple fund of market-leading accretive

are versus higher in value financial about demonstrated, think growth touched the available accelerating saw North that we've we the strategic again, we are versus acquire purchase international internationally, value advantage is end an to and think, should perspective excited citing the big even Larry that of with to conviction America certainly an inhibit where that.One of as -- with where which So that Wavedash our endeavor. from which landscape platform out-indexing, a I And on But scale that anything the allows our think that that we in significantly I product that we we advantages asset on and we take that same opportunity bullish acquisition, in to expectations. technology accelerate Wavedash, I others don't to and the become think concert be corroborated believe the earlier, I have continue time, that international areas we should if the there with think, to attractive that don't and that certainly is broadly certainly see that space we see were would outpacing were I in accretiveness, allow that at opposed to buy, find right see well. that skills invested the a think we again by building others us build we from up ever we landscape the And in growth will we'd asset.And the as we've asset then leverage and I to find seen us expect that. history and have through

Operator

line question And to going come our with is Mansson-Perrone of the Stanley. Cameron from next Morgan

Cameron Mansson-Perrone

how Just terms the seem up share say about about deploy interested thinking terms geographic -- geographies to be be opportunity opportunities anything in of you which leaning that which you to into would the like the the to hear [ the of more should little new it Would the that -- or program, geographies level you're you're the I'd how into and And compelling helpful. on just be -- and kind of program then repurchase to you're interested kind a expect thinking of cadence to to be from more of how follow bit side. willing leaning here? in on in we to ] international

Stanley Chia

hey, Yeah, Cameron.

So top really too and I think said, growth I about put I a growth but investments, really to on I And think And would line. point ever top to those at with vehicle specific more than regions that along help bottom talk there we international those us us that, -- I and broad you both and continue say think, to landscape, think, to accelerate that early to that bottom about would, at like both drive to becomes vectors double-digit the I out line. all the area. think remain, really looking do think of position on excited I I into bullish the that are to time, like we'd we international opportunity this I invest

Lawrence Fey

in repurchase the And on the been we've buyers of shares share our past.

that's competing flexibility. considerations over how buy, provides with I that additional I been think had created on last liquidity think some some the much could year but we we've additional

trade or were If was than million, at midpoint EBITDA levels shares back, ago above and of $XX guidance less buying currently. we and our a you look the that at million where we was year today, $XX our

we underlying you of price suffice the tone, our ahead disconnect opportunity have So performance. on to We're us. our I observed think quite a between it and can bullish hear as our share -- say, in

we that so meaningful a And disconnect, reveals think, opportunity.

Operator

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

Benjamin Black

Biden macro terms environment. macro you the in is broader the your in in obviously well? of the Could fees of secondly, what the have sort guide eliminating about backdrop backdrop healthy broadly about on of sort fees. update embedding junk guess, And lot U.S.? a How President regulatory And are has demand an talk drip assumptions? I talking [indiscernible] of as you been sort or more

Lawrence Fey

Yeah, the -- in take results I'll see I to-date. say of on the can to environment. strength we've I'd continued the first macro all

terms demand supply continued seen on strength see to partially concert Bowl, positive what Nation's that On remain on at & playoffs, thus quality saw QX, football Super side, are continuing bullish. the the the matchups, would supply Usher, you you side, And to you've in present by robust characterize as supply in I we've They reflective I expectations, sales far major consistent college is the quite exceptional Dead artists, coming. look as that with some strength, underlying Company, Timberlake, think well. of demand is continue with if to driven you've see commentary. strength.And I events but seen and fairly marquee Justin but of expectations demonstrate Live think We

this last contrasting looming And versus landing of concern consumer when year around lot time with there softness. a so soft perhaps landing hard active was

we feel this at in there's stability point, think that pretty nice that role. I

Stanley Chia

that to again, back ability certainly doing seeing I at, our have I in competitive right? landscape. while for playing are the on I be moving with the progress we at drive platform big where as lean, time as we've think consumers. in cost we've a that, and environment, structure, state to And And that been in to go competitive we that cash and to and that. think Yeah. see of I the those -- we driving think on the the level, look you progresses and think field beneficiaries, been continued and seen level benefit to see into When are our our supporters supporters, And that look, transparent right? go platforms I regulatory think ability those win same so the out I progress think drive transparency at And federal then we driving I I we think level, flow profitability best always there product

continue move are the to to on I there bullish, the that us brings prospects forward. think think his I President we efforts and as

Operator

come with And our next going RBC Brad of Markets. question Capital is to from Erickson line the

Bradley Erickson

] M&A example, a international ticketing like marketplaces would marketing maybe color or in, single at to more that Asia that's curious to have way tend about. follow-up Europe or kind investments a but be like great. be I multiple country-to-country do I be for the to the to those [ just investments a And think you of overseas, Historically, talked Just on any you Did or tend the investments they countries? about And if there say, players? integration those they opportunities maybe are country look or costs, just right follow-up. think branded

Stanley Chia

to opportunity pursue think and I for sheet Brad, is build those really you -- going different should assess to a think continue that depends, you've for -- the find, domains, to multiple to think think polls, you're find we that look think I to I the we -- answer certainly I across Wavedash. find at be an there's player I we compete certainly I to there. probably the going certainly and depends, like think it and us have it accretive like appetite do right? got it. flavor it every think we think, market regions And where balance looking available, I we're in players that as the you're assets look, really potentially you're and going organically certainly are leading as is like I a broad But that out going found

Lawrence Fey

Yeah.

scale provides the at relatively internationally today, entrant opportunity in part for frankly, mind. of which predicated it's list think, is a I opportunity a our the short competitors on, new of

we're excited front. that on So

enter investment, the I the it, market. contemplate the investments call What [indiscernible]. the it, nor to revenue successfully neither of to platform to not nature is the, the what call On does we ready be required of believe the would guide and the characterize be, it scalably reflecting marketing, operating expense

Bradley Erickson

baked it. And is guess ask big guide. tailwind won't I follow-up. I if Swift had XXXX in pretty into helpful. pricing you then particular. Taylor in the directly Got a That's just some

last set but that after below normal of year, of terms curious your up front, what's for in embedded the of that tailwinds the just assumptions if just -- just to on for curious maybe little organically kind industry pricing? about past. kind does you've in Just 'XX all And those bit talked a grow

Lawrence Fey

thanks Vegas with size in both at order Yeah. business. come idiosyncratic that. which average the start than a us, lower existing and is to Yeah, for Wavedash I'll

And where order saw basis, in an X%. so basis size was this QX, you reported actually On apples-to-apples a our up. average on down was it

Taylor out stadiums have continue think that playing throughout you results as size called as said, see trend reflecting She the large the entirely right? average the on almost was fact was I XXXX You'll basis.That A-listers. combined the other reported the you order in same as Swift size,

see for this you year, outlier And the relative that event, but expect you'd that fundamental strength, bit a continue little so we AOS think lap to kind saw of as to muted to positive, still past unique I but underlying be what comparison. but underlying

Operator

come Our Group. Ryan of line question going to Sigdahl from with next Capital Craig-Hallum the is

Ryan Sigdahl

assumption and no on here revenue infrastructure international horse is didn't with but in revenue million right spend, guess, guidance, incremental for that you layering GOV change this that structural in spend? dead the a you're investment beat the guidance I assumed incremental $XX year international, to Not in the

Lawrence Fey

right. exactly that's Yeah,

effectively both we'll the the the And as ready actively we're fixed marketing then to front and the then launch. think burden have on put I operational go, spend we revenue the when numbers. view into is press overhead

Ryan Sigdahl

have new market share on the ERP tools, market And of with just I similar just for notable a any change with SkyBox professional sellers. kind or overall? sellers SkyBox a the Drive, ERP fan reselling you new fan-to-fan But guess then competitor for

Stanley Chia

Yeah.

I on think think look, excited. we're really SkyBox, I

think, take So the I and continue Drive, we we you at SkyBox, that offering capabilities of if player for new just able have no with that our Drive, to really very increasing SkyBox we Drive to And I position think, cement, look that a that as with already with an sellers a one onboard combination think I provides, at really SkyBox looks of think seller. will think the the moment on I think, SkyBox. provide I for I unique be adder out share a leading really look to and professional unique the very, launch

XX% bullish on that I that given think of about secondary we it, call the ecosystem. professional so And remain entire sellers represent,

Operator

Benchmark with Kurnos from our And next The comes question Company. the of line Dan

Daniel Kurnos

you timing you Larry, up or do guys anything the before? terms I this of change, this like I in for favorite is just guess, guide clean to had everyone's Just on just Stan, a announcement topic you planned that guys don't morning. mean haphazardly. of

it it So corporate have specific And just leverage, that international can guys are a relationships sort you talk dictated unique opportunity of not this lot of a you ready already. was guys that a structure or obviously, very about to yet? you has

in that international markets? to you way a as there is the leverage expand So

Stanley Chia

quite our like international the opportunity I I look, say, versus still on think, I and right? it, think outpacement line reaffirmed I think And our think level of, top to not when I is again, time certainly I right? point I grown our others I international judicious our investment, right, deliberate, pretty transparently, thanks industry we're think line fuels that out guidance, top excitement we there Yeah, point in the which think excitement. the at bottom in we sizable growth.And international accelerating the domestic with as -- that only think last Dan, think we've plan. since one but double-digit data contribution I question. said, has and did look I for would you this, in And we yeah, how pretty for we the despite

delivering so in growth. of spite and sure pulled forward XX% to can EBITDA we to year-over-year still investment take advantage that of And that that drive a we platform that, make the lot that we'd of like readiness

Lawrence Fey

Yeah.

I think our think, North about be the double-digit basis America in will in Dan, a talked we range intermediate we've foundational on growth over past term. the the

international this view you're just another hitting top opportunity we line as think ensure exceeding double-digit and/or pathway I that opportunity. that to

that seeing and view expanding exciting now that's double-digit as parts a to delivering the to that reveal way did opportunity give all way we leads on less TAM, So itself exciting this pathways the statements growth continue more of the when to sustained to news. we we look XXXX just the not back exciting in our that most incremental results, us

Daniel Kurnos

can just I going as said sustainable as that's lost don't many about double-digit obviously, industry Larry, certainly Yeah. that? double-click Because guys think rates. possible growth and it's I times on above have anyone you forward. growth on

basically. conservatism I guess You of we trying just international piece. sort level start And either And XXXX to of beat XX%, guide to here. the I'm by the your guess understand just I got just ], guess, like it [ double digits. double of comp, the concert is underpinnings, call environment summer. I the yes, to up digits, attendance this understanding, up Tayonce But maybe we'll have some you

as the confidence So top have here least of line it, growth let's sort you line at level that probably and well? from call just in underpinning XX-plus-percent, bottom

Lawrence Fey

Yeah.

ways with the as reality Yeah, think Swift. international on opportunities, the very the I there's North look there. out only foreseeable to that layering called I it's think path, both have future, one get you over Taylor America and is multiple high. out, we you When start in the right, you

at size change year, our Will we'll it a, order look just stable you size our absolutely you come trajectory, numbers, in see back on will impact if size sure. call so XXXX, fundamental [Technical our be we're really seeing Difficulty] it, order size -- growth that can not?So this underlying right, order average that, environment. QX that, XX% Alongside be that strong order and order average right average And average QX wagon. in

I that of demand that increase supply well and seeing. in so you're fundamentally amount think and And events reveals matched the a fundamental live just consumption

Stanley Chia

overemphasize our on by than I enough record, and in that conservatism, used our -- bottom in hit home, the ability put think shares out the top bullishness on putting for we've share can't think trademark just ability [ double-digit But delivered ability we've price there, when good that level are top I it I to ], we continue quarters. would look, been pretty the might numbers think think performance that guidance think well. to money believe where think our high to we million I Dan continued have saying, that there confidence I all mouths we really our track also out back the in ask frankly, ourselves think, we said, and a them, opportunity as think up bring we've focused Maybe both the repurchasing we do term and line, to range I Dan was many, the authorized which think sustainably out to company put that. think out believe we're bottom.And repurchase, So Larry, there's not TAM, that but as look, and that's to we he and been back continued right? now I Board like when for own making hey, look, ourselves and saying Tayonce consistent, $XXX the is I there and look, the our I of willing performance I growing you confidence invest Dan, the public and sure against and and And Yeah. and growing you share many very on there comes anything have more

Operator

and will a day. This participating, also great you this question-and-answer you Thank session. gentlemen, now have today's our close may Ladies for now will conclude conference and call. disconnect. Everyone,

Vivid Seats (SEAT) 5 Mar 242023 Q4 Earnings call transcript