SEAT - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to the Vivid Seats' First Quarter 2024 Earnings Conference Call.

Following management's prepared remarks, we will open the call for Q&A. I would now like to turn the call over to Kate Africk.

Kate Africk

Good morning, and welcome to Vivid Seats' First Quarter 2024 Earnings Conference Call. I'm Kate Africk, Head of Investor Relations at Vivid Seats.

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

Stanley Chia

to We widespread it billion row, results second GOV raising detail.In marketplace then have our revenues milestone the exciting will and sports. in Good with We're strategic strong off first quarter, draft, Indiana quarter as as to was keep artists Larry margins in strength performer our has start growth the and first Clark I'll superior WNBA initiatives. you women's line and favorite differentiated us delivered the with and The to our strong position, financial continue joining over for quarter team After and proud in and today. we of talented exceeded initiatives. provide strength to of morning, a delivered of reached in million the XX% important of Fever on adjusted the and to offering, platform great well financial are continued thank everyone, team the and to for key on made time highlights their live a saw Today, testament million more our pick end, and you for XX%. a we in an demand $X substantial $XXX selling categories for business quarter, selected industry sports ever. the the consistent speak results our strategic the our update results a along of walk with progress across are Caitlin top through bar. teams.Following with $XX top XXXX an on These strong our execution EBITDA market financial wanting the adjusted first experience fans EBITDA. with women's the that Then

excited forward industry been profile, of look Whether initiatives, to mechanisms to long-term is our brand benefit existing from bottom and Center on free engagement of highly and platform. are repeat within the live and our sports new strength and demonstrates double-digit both excellent. believe with mechanism live are scoring from we or reached one attracts codes, employ to retain users many tailwinds loyalty customers customers to the Seats unlock one key another Repeat continued that our the years friends, event see top of we we tickets, retention the landscape.As example winning broad-based accretive it's for investments, competing driving to we and both leverage continue events across promo this has We to XX% ecosystem.Game and and the are orders is nearly seeing our XXXX. in continues that Rewards the growth orders we mix in to to Vivid of women's margin our come.Through as sustained program recent growth line

all with information average want promo And and The moment customers make to quarter, high for browse the creates international to offerings were have are progress many announced fact, to each code. personalize intent to earned engagement purchases, codes repeat making. our take exposure their times have our that more we while user.Last excellent expansion on us providing with engaged platform XX opportunities brand earning repeated a the timeline. we our tickets we players highlight In that before I more accelerating and first to

to track geographies, focus of we that across As launch internationalizing year. on are the we by it pleased report efficiently scales end internationally we to our on are that platform so the

While of from in international cost still revenues come. profile, our expansion the upside now is contribution embedded financial international and platform to is

As our also and this made we substantial have look are already business value well, to abroad, and synergies. see going we Vegas.com. well-received our favorable market we of by is acquisition driving recent The differentiated conditions integration continue of revenue be will proposition international consumers.We believe with progress

listings events We Vivid selectively intent more are concerts Vegas.com offering high cross-listing event traveling an fans live for optimizing Vegas.com. is ticket Vegas and now top revenues our property. comprehensive from such browse as to on sporting as live This on even listings and of Seats, driving event incremental

to we cross-listed Our look optimization and ramping volumes. efforts are ongoing, forward

for Crown, of Vegas, great with which Basketball Vegas.com.Las we in for key already beginning potential College also XXXX. said recently is we a the and market new postseason see a multiple announced tournament the synergies us, As before, is avenues home

elevating for leading the is we another the marketplace. technology example fans an of on in platform the tournament. side to be industry our provider, With a of are are turnkey in ticketing brand we tournament's unique power in summary, innovative pleased partnership, the this event will awareness we'll ways. of first We our are nationally official with strategic the progress exclusive the new and our how great are across United simultaneously on and leveraging States.In capital provide tickets we through of our be making buyer home with new end-to-end Seats, for the experience, high-profile ticketing games entertainment Vivid and while thrilled the This a we all initiatives

focus both buyers sellers. our our share automated on and further year. professional long-term forward launching to seller proud As side strengthened sellers.Shifting and this our is to always, that drive, pricing are leading to the product remains SkyBox business, ERP leading new position, on stickiness lineup tool, for we our of Building seller driving the with our we've look later SkyBox

both strong marketplace, industry standards.With the innovation I expect Most more previous spotlight and named sellers setting amongst mentioned internationally, leverage calls, that adoption to SkyBox that, recently products it stack. in list World's recognized world's the over turn innovators.We and detailed sellers, for review have innovation this tool, XXXX. on our expanding and length new resulted plugged our Vivid Fast list of which Companies our we culture buyers through that This are on of directly greatest We gone the been the proud new have will shines businesses prestigious have and will Company's both launching of to Larry for new are to Innovative share continue marketplace.As drive quarter. in to and data a we shaping for strengthening tech from a being efforts and into optimization is from Seats robust These to

Lawrence Fey

In by of Thanks, first amidst first more to pleased well marketplace order versus which orders. profile. different first delta quarter results. strength, Stan. driven XX% ongoing $XXX increased we million translate year-over-year and increase. total XXXX was end continued size were solid market driven that XXXX, the In increased quarter, AOS $X the the was in GOV, billion acquisitions the first Average perform financial $XXX year-over-year in an we quarter, marketplace to bring of which impact We of than our the to business the delivered quarter, in of revenues first by quarter generated with the of a XX% $XXX

of Our adjusted for investments was or higher with margin, first quarter, making million EBITDA international while take platform our $XX XX.X%, rate a of expectations and EBITDA XXXX.In the capabilities. XX% to consistent we year adjusted delivered incremental full develop XX.X%

generated first balance quarter, the cash XXXX net $XXX $X EBITDA. forward and leverage to reminder, comparisons.Turning operations our X.Xx of to in quarter which flow, our year-over-year million from we included impact million cash first results adjusted of a will to million $XX cash timing nonrecurring As our bringing benefits, the from of

of We and earnings March, At $XXX we of price XXXX quarter $X.X for start of continue revenues and XXXX continue we of in at is repurchase to repurchasing share million million. to announcing expect beyond.After robust believe $XX the leaving marketplace authorization $XXX conversion in levels, repurchased million cash fourth our in use these strong and to the million, end. GOV range EBITDA in new range XXX,XXX an the the of average our billion, adjusted million cash an to $X.X cash EBITDA to stock remaining a to expect price $XXX million on $X.XX $XXX in the our to year, $XXX quarter XXXX generation flow.With call, the billion under authorization strong XXXX adjusted shares range we attractive

XX capture double-digit Our support coming recent of America sustained basis both as and the improvement growth in operating top adjusted per on expand to event years.Back continued to growth bottom XXXX, you, a for augment guidance a line growth history our in we and and will the expect on we calls believe profitability, for in margin investments business, our basis both long double-digit of year North deliver and leverage we points live abroad.With and EBITDA growth Stan.

Stanley Chia

Thanks, Larry.

week role our conclude to and performance business XXXX made progress sheet, and providing vital and with of X Before emissions turn to fact Last better XXXX.On future And we pleased corporate in highlight and front, on we governance I'd the November environmental, committees front, initiatives. have enhance gas the have Sustainability we a we updated fully progress published disclosed like made the and new X to Q&A, independent a our impact, our and by we social, board measured and the progress. are greenhouse strategy, play share understand in responsibility metrics. on ESG our we governance environmental XXXX. our will majority have benchmark directors board transparency, Scope independent and to we

year progress initiatives, We shareholder bottom launch thus employees, continue line are communities.To stakeholders top delivered we progress acquisition. throughout we look the support of are upon and significant making our to from strategic and excellent exceptional Vegas.com results we commitment XXXX, our and all enabling far to to while conclude, continued XXXX XX% demonstrate international We customers, nearly forward on synergies financial experiences in delivering making great and our the increasing growth, through harnessing our and towards for value. an multiple where building ongoing

double-digit sets open for are it sustainably again We in operator, for that, us long-term XXXX let's growth confident that and up questions. up our strategy thereafter.With

Operator

line of Capital Group. Sigdahl the from [Operator Instructions] comes Ryan with Our first question Craig-Hallum

Ryan Sigdahl

I want to start guidance. with

$XX you And kind to your of few accelerating expansion assumption you'd And guess, Any mentioned year. million still just that the in I international from right the QX, different is months other on of in is a lastly, takes years' international then kind ago on past the guidance? of be guidance, strategy? timeline. puts, couple besides nicely So was relative I what there? reiterated expectation guess or cost that

Lawrence Fey

I is Yes. change think well. Thanks, progressing as Ryan. a that should our Yes, you in interpret I think philosophy. international don't

to but of well we it's not let point level certainty are where look shifts be include or with revenue before relative consistent trending changes QX off to investment. year.No the to live a I a timing not where trending on start, full nice at beyond we're know, expectations. guidance, If I'd kind And investment point we'll and on early guidance able of out. still that's say in a prudent to to year it, but obviously, assuming lot with then any a end amount. but yet, you you get still to the the if at all contribution the within that think to We go our year to the G&A play we're margin conviction

targets are. where felt they to So maintain prudent the

Ryan Sigdahl

But opportunities tickets the primary for College how deal, out are Baseball new, of it? other AEG be this then guys guess, where AXS you exclusive. this of kind this a AEG you does if like And through, talk can uniqueness going want -- any Why I there to Just and need there? guess, Vivid? I unique, to follow-up, you distribute Crown, partnership, are

Stanley Chia

Ryan. partner new Yes. Look, their tournament. being about we're excited Hello, really think on this I

fans across and this and got to technology what out of as the like what at we when do partners think a to allow for wonderful to well think and value were we've year. multiple looked a partner, our through combined I we a what sources demonstrate, for with sellers. great that have relationship create with for ultimately it continued this. do we And how think abilities in AEG, opportunity, use see we uniqueness they where vehicles have We've serve looking distribution to of as looked and I we're excited AXS I fantastic we've next really plays looks us

Operator

from question comes Nagle of BofA. next the Our Curtis with line

Curtis Nagle

Maybe, for see to into through. seems platform? so fulsome from I or that's in you, lift terms starting asset framework a just kind come Stan, in of like that metrics potential one or integrating of here synergy terms cross-selling Any in could we nicely, way it the of Vegas.com, guess, currently wrapping more, what of a

Stanley Chia

about X excited months -- what when we see. Thank now, Yes. were acquired excited and even X, call Vegas.com we we're Hello, Curtis. you Look, more it, in we question. the for I

really continue -- continued to is not side. to they other that the for that to had part events going wonderful the manner look incremental into traffic it didn't add, pre-acquisition, We being blend as prior also that an the monetize I in able just simply infuse from we supply had, where marketplace critical have we but whether able and Seats we now Vegas.com able thesis or marketplace at are that to that well, thesis that out into brands then of that are think acquisition selection us organically is the access our able source to a and with play Vivid our a selection are that to customer to being this, we business

we to the of the fruition think starting be lot bullish through we we're to of remain that So Those the on thesis that remainder I and continue going it, into see excited. are that and really year. had a come to

Curtis Nagle

the year But in to, how up shapes and the with market year didn't end just the of executing you minimum GMV, at out yes, for through one say the obviously, now. think we think just you through to to really how quarter? competition right to kind and -- up but the should some of And you're terms only about does guidance nice you just I kind relative so know then quarter, well. let's the that follow-up -- just that up say, in look the your How U.S., put your anything maybe -- primary relative or competition of shapes it of the how competitors call bigger year? give

Lawrence Fey

have Yes. side. half and language, I'd think that, say we -- in bands, prior closer flow higher quarters, within in the back side bit the a little the of year, to you and normal than lower perhaps in indicated last I those

I continued like balance both this the was within year. What feels the in I 'XX into operations relative felt, of But the we right, QX we've did other meaningful say think of is was you QX periods, that if QX competitively would that year bit, balance side, those to that higher 'XX within 'XX 'XX call versus it's change. spectrum. on QX It year-over-year the a comparison, natural seen QX like out past. without the end the in intensive fair a I'd less or on

Operator

next from Our Kurnos question The comes Benchmark with Dan Company.

Daniel Kurnos

in trying a of while into aggressively to out to driving kind way landscape, have to the the given guys the given bit figure me sort little other Larry, guys that, go guys here second, new you and follow-up customers of stickiness let kind out ways -- just a always know competitive market? are for the find -- But there Stan, metrics market. system that thought what's I the on reengagement noise on strong unique more and the you in Just a of

Stanley Chia

you the talking build Yes. about Look, on right? platforms Hello, be to and we things said, that I products Dan. stickiness Vegas.com. that control acquisition have allow time some think, as spent we always strong, and look focused to We on and

is source new that think customer I for very acquisitions. a unique

you deal, right? us that that right? So that source be retain at doing challenge really and ability within our If look fundamental tournament unique always the through that think, with bullish be repeat to and rates, drive basketball to will the our this AEG, we're we for a as that while acquisition When we retention, of environment, that, great our announced and that very, to at which competitive I reality acquisition we're control undoubtedly, program. customer engagement Crown see a is that you strong basis retention we on investments are loyalty talk look much will vehicles, better about, the both stronger I our our think the things we confidence is that focused in have on I think, we always, making very and ecosystem,

Daniel Kurnos

I AEG is than mean said, is what numbers, play? follow-up, showing further rather clearly stuff, guess, more primary the on It's you guess, a Or the appetite Stan. for acquisition unique your I customer the as I secondary? just this,

Stanley Chia

Yes.

think appetite our that are secondary. don't as wins that for or it So partners, us great accretive at and know there deals I right? look is to the always for primary I I'd

in and them, partner is this I as to And I them. be value we great participate exist, aggressive we'll able ability fans who AEG, think opportunities technology both those found willing to that that drive in at and to I'd allow wherever for as we to a a greatly. really being bring to made sellers great to look an ecosystem as marketplace and pursuing with well sense distribution, deal think who in need way those the construct us

Daniel Kurnos

a novelty. the in deals to start year, that's guys. marketplace, this Nice Intelligent

Operator

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

Maria Ripps

more markets maybe of aspects more you sort What of blocks color Could can infrastructure maybe of mind? in on give investment? the of international some on of international. wanted intense cycle? the -- some First, to any the little potential on us investment bit building And you then have your are share you I that the just color follow-up a sort

Stanley Chia

Yes.

think, already Maria of done so yes, to small proud certainly work internationalize I'm has excited far -- team that feat the I I platform, the it's really this think and and no year. the

As have mentioned, in blocks across to be you you able invest there building to scalably and key launch to build markets. that are

support to and about I the that great up and and think in that discussed. live remain so across go to able the sell making manner decided others language the think side, sell then a buy the opportunity as platform into track into we're we a and far, currency, across, year.And can payments, in certainly block we lot the environment that the it the right? landscape think excited simple if a the customize There's multiple And markets. I receive is certainly and really the as has side, the to the looked seeing to space on of sounds about think sure end in service scalable look of those side, that do on buy local as on work everything side, regulatory platform, that market, on extend picks making I the both as the before investment the then across think, about on scale, later so at ability I to we've just, remit we understand and markets talk just again, I very as the ensuring And building understanding I make piece. sure we as being that capabilities think, platform again, the sure we that compliance probably large side, you that

the happy excited at talk about to start go we landscape, as and And so look live. think we'll more as I be to certainly it international we

Maria Ripps

generally with your this then of think the we And guidance? about seasonality GOV sort of context how should of stronger-than-expected year full year and QX, in revenue secondly, of sort

Lawrence Fey

Yes.

lot robust no Bowl heightened think guidance. of I destination, away tend football QX, how good significant that quarterly match-up, pretty interest year. pretty the corresponding appear good a highlight I Super as prices about those shy precise from ticket Vegas Did the example, reasons in playoff pretty exogenous a that, with to shifts some in tournament. for around would we think But dynamic giving of NCAA Las to the college we

those, in elements match-up So our particularly fell some of call driven way. sports, it exogenous

than relative the spectrum the full other a year, QX little in robust more so probably of to way. the in And gone those if bit came have we

Operator

Matt Our next from question of with Farrell Piper Sandler. comes the line

Matthew Farrell

how think year. sports the hear about the about exciting and women's of of forward, platform? those some rest here broadly, of thinking the as year moving at out I the the tailwind be maybe more on on hitting of the Really momentum QX. sports about maybe in even you're we start maybe guess Congrats strong and women's end second-tier we and to well the sports the the in of growth as seeing just should

Lawrence Fey

Matt. Yes. Thanks,

college with, I'd guess of Within football, think -- other collectively. of sports the multiple now verticals our represents start professional then soccer, other a I college across as that, little there's major we XX% So basketball, about the sports GOV under category. leagues, each and

pillars So I X or about if of major X you dimensionalize sort roughly think it's business, portion of the XX%. a within that,

think in particular, of UFC pillar wrestling tailwinds behind from a women's can one What digits about tailwind overall You then single also across GOV. seen sports. certainly dynamics our but of fighting, soccer, behind mid-to-high some in we've and some lot the is any

a you above of you overall overall so just make but of growth as minority given respective can think our represents our category And sports driving book, well shares of rates, [ which the deficient those the leagues ]. GOV is these probably each of adjustments tailwinds

around design probably model a nice So wouldn't it. tailwind, a financial

Matthew Farrell

some offset hit acquisitions. could Is the then from revenue synergies at anything But internationally the And of a on to add side all? the you've it you cost there? of investments recent lot helping on and the synergies

Lawrence Fey

would acquired consolidate pockets just instances, revenue spectrum. we're to of side I strategic But There bring opportunities clearly lean to here say I secondary capabilities, ready run that and learnings, that were, there from those drive get on some our efficiency, I'd together, characterize both we've some think, bundling the share and definitely in benefits articulated. vendors are the businesses able Yes. functions some the some as drive we scale. where and to

Operator

comes question with Cameron next Mansson-Perrone Stanley. Our from Morgan the of line

Cameron Mansson-Perrone

environment trade-offs a long-term you're necessarily? your following and specific of Larry, that right then, basis kind just for margin guys it for do to margin not over stronger, think the improvement we you 'XX evolves is year just mind this. think guys in vectors integration. how of for do has of are as do GOV the target expectation with why beyond, obviously, over hear XX basis maybe a cadence how and time? running how there's the parts mix XX of growth And think also you But about competitive to know, I growth categories I'd Vivid? or about about for moving to love verticals rate where you the around to curious just or about off, love that it's points would long-term.And the of to points hear. looking the and any about trajectory the that's if in a which think more just how better over across Vivid, sure perspective business First medium just or kind time, Because worst lot terms time? forward mix attractive lot I'm that not necessarily this strategically up take the your that on Whether GOV long-term from on we'd thoughts love opportunity you comments your think perspective, the with But

Lawrence Fey

and the don't segments. robust in we the belief demand constraints dynamics, the have Starting you Yes. you've that the with that probably to got same particular, most Generally, trends Thanks, have are robust secular driving really capacity in you Cameron. have sports. in concerts that come the as

those our the bit can But there's games, The Center not fundamental robust not I year. she more call that differences concerts, bolstered There's across concerts a and differences especially repeat well probably the pillars were Chicago last on Field, not days will trends same schedule, game. drive with you of You full dramatic identical, that to same piece, slightly XX and a rates. of talking stadiums, are baseball, there's stadiums. in and is stadium, think other they're It's right, touched most to and a the XXth basketball, opportunity have expansion the baseball artists series, goes playoff concerts, for come that growth on opportunity, major repeat number imagine hockey, think your the Swift sports rate. bit then on dramatic who In city And games X major you same rates are pick think XXX% playing Soldier an NFL, it's to tailwind. XX,XXX short or existing venues, in I within professional XX leagues, helps probably categories. teams years, a the example right? in and really of someone large proclivity the than sports growth robust.The across United in some secondary I the the the just when of even take tournaments, they if But same you So point more growth in a higher come where year, playoff underpinning football, that, I'd a from so Taylor and can types about person for see typically in price limited into We insertion in-season of secular and many But utilization. back much the, it's episodic extend Week venues the which they're years. a the up, existing sports, in right? is drive ability many to to by underpins doesn't nice So number events of whereas trade that, it, largest in more the right? the capacity of

at aggregate platform risk as the to And little behavior year-after-year. shifting the span bit a time different always a very that, opportunity.And it's commentaries, up we margin speaking hoping but repeat series will of a driving and some reward engagement, the ultimately, rates, But more perhaps concert continue the of to P&L so a opportunity that's at bit comfort and slightly those of take decompose underpinning the you that decisions slightly opportunities. micro like different shift sports, roll see we're innumerable what rates, we over you long-term the so margins, look across of We're evaluations category, an in can that series driving to when little it's balance. ROI

want that brand some have committed loyalty those. being the you adhering the to And so to and to music the delivering what to, of that it's we've ensuring that properly make significant we're saying marginal made. made calibrating and initiatives you're kind investments no ROI saying line, profile some we're I knowingly against what with decisions where into proper and to yes draw that we've you're to returns investments background overall And that think driving on sure leverage impacts pretty the

Operator

of from Our the comes next question line Group. Forte Thomas with Maxim

Thomas Forte

the so in and joined quarter. line the ability for top if you confident this I on Congrats asked the someone long-term. grow by apologize I bottom release, In you in double the were queue. to something digits earlier your late, like earnings indicated

allocation can M&A? growth First, the investing business, while were And in of M&A, that then rates on strategic priorities topic, on your second, are assumptions reflective talk about buybacks? organic current you and capital those existing future we're between strategic

Lawrence Fey

investments. latter the a we I of about the all don't lot Starting to into generate if we'd Yes. business in, invest lot I profitability. investments things said the We way We the of think Thanks, any you with like in think Tom. we've certainly, allocation, as capital itself, on think will. business of deprive flow. that a you've cash organic generate investments, X

have yes point comments evaluating prior number, And it. continue we flow, ever we if reward begs not attractive so we're we should those. the been, we find think more, of right that strong we through we've generate of at have see generate somewhat you but buy We short-term do can ROI prices, come pursue framework, do that risk tying should to and we I the in a to a If no strategic do pursue a cash and to just see say and we that highest to sheet say accretive the said we got opportunities. can balance X I so those answer we in a made. no lot and that that. like favor where right, performance.And as We with things ourselves profitability were long-term acquisitions, felt thesis to cash, we And into always what it question,

opportunities Now come both The down are of beyond we our right? can that those of control, what pipeline influence. outside the are somewhat

any And control So shares we time. where what similarly, don't available our point is evaluate at trade. we then in

relative They we indicated and think, I a on attractive with stand right? the an for think also but be to share to in it's a and that repurchase alone will ourselves for currently, acquisitions, reinvesting time remain will initiative basis. need -- particularly return that us we've absolute, our bar has be on

right, they case. they continue to into do of do come and growth in we or to build profile, I M&A, along, either wouldn't but episodic that our those can't growth So base we'll think a of won't because case we add can If that.On targets, build the base that plans. into fill double-digit nature that

Operator

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

Andrew Marok

uplift a able sell seen back from far. a synergies and events being you're one, where buyers market Vegas.com line your been to First the home for on Tiger's of to the market? to get so of their ticket, on Detroit? some date able if realization I or have buy maybe to of when Detroit top -- Like, you've to begin and you Vegas.com, ticket show seen back have notable me that mentioned from able to But them conference you've maybe I'm opportunity for visiting synergies a you I'm in for

Stanley Chia

think the you, your example there. thesis is strong exact I by really And Thank signs that a think we're the acquired under we seen early which Look, business. we've Andrew. Yes. I excited

Seats certainly brand has that it's that them really in. around that We and those opportunity market who We believe Vivid to to ability go us they're all to that into market of home rewards are campaign. come strong the and a underway the selection in for tied home Vegas the

industry really need to out. see. have And play I frequency of what think think this still by I But kind launched. some given those as of campaigns encouraged always time the I we in We're lower general, we we talk think we continue trend ability that basis Vegas.com about the ever about set. rates really our they've to, we to on think excited accelerate synergies in as a as see the on repeat are And cohort I that high fact, been. through that

Andrew Marok

the Maybe volumes up. to you to a base, who one and things base, terms of for heard I things both these in more pool kind experiences? guys large kind not budgets of maybe I indicators customers guess dedicated really we've that and speaking on spend from? with more, like of like more concerns obviously discretionary maybe of really to you're same buyers willing expensive more is industry AOS Or new of could, if the continuing demand smaller and is the who It's on of that order like of and breadth getting maybe your of events around benefits that. it breadth on customer still your creep are the strong it group customer

Lawrence Fey

would I groups. Andrew, anything obviously across way pretty what think the had change. I events I those And anticipated, right, based to these that, the we I level, interests But profile to quite beyond skew income, at Yes. very been and in going by weakening nothing than So you it's customers, When reflective money, say attending that meaningful geographic, event seen across in shifts at these it's broad be the think looked our precise more going seen of types balance across some of point almost haven't of affordability. interest broad of reflective would we've definition are slice consumer any age, you I've suggesting that, any right? gender, broad. there's that it, past don't demographic seen almost cost any in towards

Stanley Chia

and in think all back, that category secular we signs think were I always generations there's Yes, they point power, just to demo, and our who built continued the category interest will excited on is And and which those talking our remain in, the bring category premise remains that and it's thesis. frankly, of I on then this those as are to users retain almost the remain the a demographics One, strong just to I coming side, that move into move -- into we've clear engaging talked about. you're right? I newer Andrew, there stronger Vivid platform about, some with Seats into retaining think where to regardless we customers shifting X I purchasing are spend. continues what with the regardless of the investments bracket and their industry trends we of mean, which and prioritized as perhaps it's think the almost of really things, it and capture demos, be that's interest

Operator

with the Our next line of Ralph comes from Schackart question Blair. William

Ralph Schackart

the macro as the Drive. maybe you're the the reminder, what for environment, you follow-up, progress year, just to and into switching what's we here curious through observing, maybe on a as just And a Just today, sit gears macro? just factored guidance SkyBox

You've been while. a in here little for beta

on on and thoughts term the from the a Just monetize provide can ability an longer you maybe basis. beta maybe what hearing you're to it if longer-term update

Stanley Chia

Thank Yes. you question. for the Thank Ralph. you,

this on really SkyBox their also I to think entirety sellers I -- of I later this, run year. on. right? is judicious platform the well is launch Drive business a think with always we're think, this track I trending, that

incremental and we're think again when It's platform. run able is component So list to as look at to even happily as contribution terms come pricers at is that of one, to X their share our you'll continues people eager market look we I that have think, handle I said, pricer the industry wait But a it in think to don't we making that there, critical really beta, guidance list start triple-digit think I as clip.And an size to at people I a has from are sure we grow beta continues our SkyBox on So I the charge. how that accelerated business. and that you growing, always bringing to of they a out we've it on wait of if the in right? Drive. the the grow free find wait of list

to think monetize do decide some should point it so. we So the would I industry product, at norms think to be wholly I within

Lawrence Fey

basis Beyonce of the Coming With built long-term in with of perspective of had not that years points think And then off the well high on range. lower low on end to it a of I performance that, strong growth in including the being really call articulated above XXXX. and digits. we on double there's our North had of that the some of macro being in industry a headwinds industry digits single being, a with views question, America, on previously also couple acknowledgment, hundred Taylor those we couple levels, of road growing

in that has nothing So changed meaningfully regard.

bit in I'd calendar think the quoting half. exogenous disproportionately given basis out, full the a alleviate year you anything, in if bit that the headwinds at some of little sports a favorable back the concert the call we can year of hit think about timing, are and start year. of if have than first is on X the months I would the expected, trending then And we a those better of influences

the side you're And -- upstream think alleviate but so I right year. on now, to that with expect you're it swimming back swimming of the concert end the into I on

Operator

Thank you. today's questions no in at further I conclude showing This the this conference. for does time.Thank am you program. your participation

You now disconnect. may

Vivid Seats (SEAT) 7 May 242024 Q1 Earnings call transcript