SEAT - Earnings call transcript Q2 2024

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Kate Africk

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

Joining me today to discuss Vivid Seats results are Stan Chia, Chief Executive Officer; and Larry Fey, Chief Financial Officer. By now, everyone should have access to our second quarter earnings press release, which we released earlier this morning. The press release, as well as supplemental earnings slides, are available on the investor relations page of Vivid Seats website at investors.vividseats.com.

today's of may federal of within forward-looking course meaning the securities the call, make management statements During laws. the to These risks forward-looking release, materially, for our which results on will adjusted annual EBITDA earnings and information to uncertainties including differ uncertainties that most in and XX-K statements other could cause press with investors. filings are our provide risks and subject report described recent to Form our financial the SEC. On that EBITDA refer margin, are and our today's non-GAAP measures call, we adjusted useful actual to available, To and the the release found Stan. to extent non-GAAP reconciliation call reasonably can our corresponding in a supplemental their earnings measures over GAAP be turn measures financial like to slides. And press these now, earnings of would I

Stanley Chia

and Good for you today. joining thank morning everyone, us

EBITDA to adjusted we $XXX to that historical drive moderated adjusted and growth events will halfway quarter strong results XX% our XXXX, Larry In experiences capture with towards representing consumer years EBITDA, strong see We opportunistically results in deliver orders amongst a and norms. EBITDA with of demonstrate remarkable are second while revenue has great and XXXX continue discipline, in In quarter of are After touch to preference growth. I'm our as year-over-year priority these capabilities. we a evidence and and These our dynamic to we our assets made position. We generate growth executed begin, and adjusted great more million more the pleased and another strong through delivering unique revenue leveraging market results repeat priorities. across model like ability of spending, this million offering, remain proud quarter towards I'd year-over-year to to of growth. share strong progress delivered live unit profitability. $XX detail, a while highlights. But speak quarter, XXXX growth XX% and revenues financial number our the differentiated growth, but second key on

side, events tournaments displayed supply a in we popular the high venues. with industry an of the has an soccer while significant artists and lap had touring women's of that mark, unusually great year a outlier breadth making most in the number XXXX the XXXX On in sports largest

year-over-year expect once concert fourth accelerate summer fully industry slate, XXXX's shows to We and go stadium once growth for in sale quarter the lapped on the XXXX. has

for and sellers sellers how by ERP key addressing is choice look We sellers and we continue Drive onboarding technology-driven innovate in build fruit. investments, beta months. We SkyBox example from of pricing. continue our a source products. formal installed the majority to using on the to takes professional large another the for is of seller powerful our forward that SkyBox are its of best-in-class we our is This have and our are launch stage in SkyBox which strategy Drive of last bearing prepare coming to excited drive execute our SkyBox. to and been through existing against base and its the of of tool further differentiation another strength phase, need,

in These engagement mix buyer of broader shift XXXX and proven the mix our industry-leading repeat successful, strategy. which strategic of we of midway With achieved encouraging fundamental a to have On higher aspect program the loyalty orders XXXX. focused a higher behavior, we into toward efforts on side, repeat trending is repeat and our we are have accretive than initiatives, orders. continue

yields with profitability. stickier the volume greater for and building we pun remains base loyal our have priority to long reward us, term, seen of continue that Our customers intended,

end acquisition international nicely. to We internationally progressing remain on by our building investments the Our and launch Vegas.com track the also in of our platform are year. of

incremental drive through to we Vegas.com orders inventory Vegas.com, Vivid are on synergized continuing Seats. from For

cross-sell month, onto tens in customer e-mail reached with of our of thousands fans' in open now impressive fully customers Vivid each campaigns Seats markets. being accretive resulted and Additionally, combined acquisition very home has This rates underway. are almost XX%

also engagement vehicles and to new continued to mechanism as and efficiently key invest existing is that both employ Game to in our other Center we buyers. have attract we We to a channels attract continue customers retain app. and

almost downloads, positively playing. almost users we've purchase app With to extremely when continues over seen an playing gamification dollar As accretive XXX,XXX Game tickets and ultimately to now be Center spent, engagements efficient browse orders. to app is drive impact and or app behavior, no always marketing customers proving consumer channel

NASDAQ entertainment traditional our note, including Consumer, efficiencies customer with will that we partnerships changes board and and our diversify we important solutions integrated are our an remain as across Currently, rules. Adam media advertising from Google. that marketing performance and board as at of serves drive X composition to part Board expected our at channels President a under company a and announce to appointed Vice and Google, Entertainment to leading at oversees experience with acquisition. Adam join he excited extensive be decades director, as On being orders, connection he YouTube, transition Government brands, Google.com Even mobile. channels almost controlled new where and in in effective Stewart, repeat November recently upon of occur

on forward executing board. and seasoned strategy. As Adam's an focus effectiveness member, Upon marketing, expert have our leader of value growth will as Adam's the our guidance and technology continue we look an in majority benefiting from board we building and to shareholder appointment, experienced long-term independent we a performance insight a

on now that share term opportunistic loan Next, refinancing. simultaneously existing our flexibility rate our sheet loan. upsized by entire while balance strategic million our the lowering $XXX interest I'm to We June pleased allows following our additional

cash with always shown and We are M&A. pillars this strategic deployment, available capital towards financial for share excited to incremental that have discipline we've our the deploy existing to repurchases

adjusted an strong furthered that, it CAGR. With our for a industry I it a dynamic we quarter expect review EBITDA will with summary, our to very detailed for secular increasing continue In turn to Larry We where stronger evaluate we was and growth, model objectives. and both solid continue the benefiting opportunities drove double-digit on a of differentiated keen quarter. growth will from growth even long-term and strategic focus to deliver more offering value. In over a shareholder revenue

Lawrence Fey

Thanks, Stan.

impact We growth in generated coupled abnormally with continue GOV, an a results by increase. deliver total represents strong The concert of quarter to financial from second XX% slate. in marketplace with quarter, strong declines of the our comparing of marketplace $X second and offset second summer AOS increase XXXX. a fueled of result the the we from in lower In AOS acquisitions, billion average year-over-year by against orders, which discipline. X% size partially GOV $XXX versus was dynamically mixed XXXX, executing of quarter the $XXX order XXXX are approximately

EBITDA to Stan supply robust adjusted As we noted, million to driven dynamically CAGRs. We competitive quarter, revenue revenues second by increase, XX% events in take live $XXX in continue and higher by year-over-year a the normalizing of historical consumer delivered environment. a with delivered acting see prioritization growth rate. of We a

XXXX, continued a in adjusted adjusted rate along delivered compared EBITDA was margin. by and the ability of adjusted landscapes to different XX.X% We multiple million XXXX. the and adjusted $XX XX.X% increase quarter to across quarter our deliver Our find with second consistently to in a in of XX% of profitability second balance proper are the second We the quarter year-over-year XX% robust EBITDA levers of pleased and revenue across EBITDA growth. volume take

added quarter share to and June cash in of cash on our on deployed sheet, repurchases the we Turning cash of balance $XXX second through our $XX million million refinancing.

and guidance. million, X.Xx continue stands Our to net based $XXX adjusted sheet cash at balance our of healthy EBITDA now midpoint balance have the on a we at XXXX leverage with

expect beyond, continually and cash to opportunities our and XXXX generation We in we'll sheet. seek balance strong continue accretive deploy to

stock Next, I'll touch briefly on compensation.

shares, Seats. entity Hoya During to the outstanding the used equity-backed redemption $X quarter charge. private our Topco, quarter, units recognizing its these expense all that holds a second compensation million Santon of been stock funds Vivid there Upon redeem its have that was in onetime by we profit's B previous interest were periods, own In the and stock transaction, the compensation held of for Class interests. employees

to stock will Going forward, comp interests cease. these expense related

marketplace And range $X.X to million $X.X to now to of to billion billion versus $X.X versus prior. $XXX we guidance, XXXX million XXXX billion revenues the of GOV to prior. million $XXX be the to million on Lastly, be $X.X in billion range $XXX expect in $XXX

XXXX to We $XXX in expect adjusted million continue million. $XXX range of to EBITDA the

and as We to to position long-term with you, act will for evolves business our success. Back Stan. environment the to continue agility

Stanley Chia

wrap, both mindset, our With quarter. strategic to buyers foster a delivered continue To Larry. sellers. that Thanks, advance another we strong our lasting stickiness for we objectives and long-term

Between we favorable model continue drive it strategic for our flow growth operator, value as agile our to questions. robust to business win events, open up to in environment. for that remains can our team and position double-digit we Our I'm that, any compounding and affords, let's live shareholders. With continue the confident that flexibility cash to differentiated tailwinds

Operator

Davidson. question D.A. [Operator Instructions] of Our Tom from White first comes

Thomas White

maybe on top kind the slightly Maybe year. little color first degraded rest you of off, the could more just a give just the of line bit for outlook

curious on on if resilient causing macro the I'm seeing the just in are or front. maybe stuff. that and you was competitive guys spending something concerts there's consumer that change, anything commented You that's the

Stanley Chia

at with softer seen in category. cancel. got And as pertains the And think to attendance, look year, the continue in it and we think venues. of touring we remainder largest look artists just been at bit amphitheaters I side, really little Tom, prioritizing folks we historically past I the some you which the we've just of where year price as arenas the lower the forward year, think of points. a it's comp just some year, we've looking, And had and largest the the Aerosmith of especially strength saw I we resiliency I lower when a the see on think supply this really consumer to we week, as as really a

have to you at performance we've the the the ever that look consumer I the think I entirety on and just really is throughout great being quarter, at the looked current see of business. lots continue the we volume think we've year. and all But So highest strength number with how had of of order if side, prudent information our we

coming as up. slate supply So the a lot we at prudence strength, of of look some just

Lawrence Fey

piece, the the we've past, the quarters presumption seen say competitive that And we intensity, around that flows. as We've side I yes, things what said. perhaps speaks add And being the then in concert Stan but to year-over-year I which I'd in support strength second in supply really But nice a we've embedded last ebbs, I things. sports, of certainly in contrast persist. couple consumer, a X think seeing spoke continues. of think would not seen of in the that seen

additional on So insert hope but it. we're for we'll not folks to counting moving discipline forward,

Thomas White

it. quick thought Got just marketing the I on guess, were about Maybe a follow-up I interesting. landscape. Stan's comments performance And competitive

you on -- marketing could of seeing just specifically, maybe what could channel, the curious, Just curious characterize there. performance how kind whether you're you

going soon key as channels. as One that of change your the public some had that of any Curious, seemingly intensity competitors to kind whether on there's maybe some isn't means to of seeing maybe maybe performance thought. marketing markets in the come you're previously

Stanley Chia

Yes. Look, that we've always flows. Larry marketing channel, at I as as think and performance I think said, a ebbs looked

outlook are perspective ourselves when and now our is that I capabilities, and the focused see, on really platform of think you are keeps to we I And we've So certainly really others see in our on that we long levers that customers. the with the engaged platforms on drive winning as platform, you think and the brands sticky our buying think volume. at term. look as win lots multiple along the I I'd customers stay focus just more gamification long-term rewards think program, got differentiated that we with say temporary I we with And offer, the differentiator, in

Operator

William from question Ralph Next of comes Blair. Schackart

Ralph Schackart

you but historic drive Larry, or there. that metrics to Two that just talked your according is customers mean, just you adjusted you questions, know about aspect both normalizing kind I color on intra-quarter? your the the of more levels. and with if to something add sort if maybe could. I curious solid to to could talked about, of you prepared amphitheaters, hometowns. ability operational acquisition supply sort of Stan, some to that back of relationship frame that sort Was leverage people the remarks, trends just of sound acquisition, you the I'm plan, those And just progressing in any I how their reported. from and when strong and go

Stanley Chia

been that's how and base on is performing? question second Ralph, So

Ralph Schackart

right. That's

Stanley Chia

markets Sorry, market. then that Ralph, Vivid as national leverage excited think bring we platforms other the progress them customers really made I we've think we heard, move think think, prepared we're that we've had of into performance, through that Yes, about the brand. as of efficacy of the And elements you made, able -- Seats lot into there. remarks, campaigns, were I in being we're heard consumers And I acquisition that on just you active a and is making the question progress driving really that through right. we the our of the I multiple back with in home the our and there sure cross-sell great those biggest as all one acquired to the

Vivid national look Seat's and So acquisition a well base for there. brand, we're the customer I as at underway profitable vehicle

at as the baseball well. our a Wavedash travel, Ohtani particular particular. clearly Shohei their Dodgers in driving we season stack look fans Seats the Seat's where cross-border Vivid Japan in and partner integration property lot Dodgers to with of being in are marketplace Vivid Japan strong official in of the across a As in of you The

that we've seen a to how results across about great to and continue front. I think synergy and to continue of excited be drive So lot leverage

Lawrence Fey

And was question supply. had of trajectories played would already headed say think year, into I a the some the you we amphitheaters sense unexpected of the to Ralph, which you from stadiums lineup on knew was sort as on the the the took down of card, -- shift it's arenas. soft kind and what as But first top if for hits. across I out,

cancel, them Young cancel, Feel had both characterized Lopez You you Jennifer reasons. had of pretty for different

Aerosmith Tyler. to Steven canceling have due for you -- Now

bit hearing So already we the on this then have reasons, had and X kind in until QX. think, for more we of all first kind a we're you QX based the has influenced I live we expect of And shift would -- months softer, on year's calendar, outlook it's the a top we get gotten -- which soft and idiosyncratic of So in to next step we year's sort next a that year the commentary of calendar, right? pep calendar. to the card

Operator

One moment next for our question.

Our next Curtis from BofA. comes Nagle of question

Curtis Nagle

higher balance that in could driving take First overall Larry, more for between a about profitability, one, just Stan, nicely GOV, What's talk you rates? the came pretty little bit quarter. behind much and the which

Lawrence Fey

volume competitors talk think the simplifies -- in I typically when ways, driving process of question through at others. And competitors always yes, some ebbs profitability. a the line I we flows, thought think certainly than Curtis, is it's more to prioritize Yes. prioritize many than the volume top seem they phases of where balance moment, profitability. and about seen and seeing the between we're the And driving consistently where some the expense case. go more at we've

unit improvement, I'd accretive about point economic is part the on stick take year-over-year we our rate to the So right? competitive where X talked you to One discipline. the to somewhat dynamic some from that of to in reaction acquisitions. try benefit components

on last order we high part, of Second big couple talked really year, average a name the about tours. the size

are taking We dollars but take lower maximize strategy. rate, a

do So take last in are chasing rate volume, that, on rate artificially this unit economics. they era year's can said protect an our and unprofitable then year take we low. And folks where was focused we'll

up economics rest to support improved relative strong I both those And -- of take so and expectations, X are the and of pretty the the those down summed rate year-over-year take the meaningfully to unit P&L. what think, rates

Curtis Nagle

follow for Any what's that XXs, then the ticket to those XQ, question. last in And given sales as confidence early for just sense. acceleration the kind market? season on makes on That content that up reads start hit of maybe Okay. the

Stanley Chia

to we're wish we precision think ball the certainly. on I I able have that. had Curtis, crystal perfect to be

than year around having I year. that commentary last perhaps I larger stadiums arena was think right? XX%. I sounds the XX, are next potentially we've and more than think think heard think there year next excitement a being industry amphitheater year So we stadium look it booked we at stadium as this year, year like And for year is certainly, around it being that followed a -- versus I there XX%, the

see at should components, into as we think normalcy move look what year. digestion available that think -- feeling I I that think, us as I that publicly I we lots that those of of So I think next year, think industry sort gives or normalization optimism this back supply we're

Operator

next Our from Craig-Hallum question Ryan Capital comes of Group. Sigdahl

Ryan Sigdahl

just to I you that regions the near international, as want but cost you the on know then willing about versus if Nice think acquisition said can ask track, on and I balancing execution on and guys. provide. kind of any specific you customer you how update ramping to side launch comment date of you're market?

Stanley Chia

remain our of end we think build to think on I necessary. the certainly make, progress I we out for international good pretty and as continue track, I to platform components the think, year launch

about broadly. -- think, be I -- think to continue as prioritized, in we as fundamentally platform and we term our the into, the what say similar we I is to a would expect volumes to highly leverageable continue to we be markets flow through we talk expect medium launch basis. to that I have investments I on into to look would I start at would contributions And how

into I about we not beyond and this expense lot platform excited so remain year. markets a investments, think fixed the of we move And as the those launching

Ryan Sigdahl

increased the over guys have cash key is capital add-on terms past really years? near the is kind and the executed new and the for priorities on the in plans on highlighted good on balance? to just flexibility term allocation, debt. of it there you then But utilize And leverage Or

Stanley Chia

our to right. put want is back primary ourselves deployment, idiosyncratic, do when strike the the try we've Yes. you vehicles buying is have the we And capital But forward think do to our when to M&A arise? strategic I that is a price bar opportunities what Yes, bring for X then that. and high to flexibility always

subsequently. as â€“ more in we've unfortunately, we have that authorization have the So execute the share place, against repurchase QX attractive and become shares in to continued

we So light shares. those right find in in X how pipeline the pillars. in remain given continue profitable are I try the comfortably the the international to the other P&L to think of right? to those main able are, pillars, We fund pillars, our our are balance given and are those cash between cash opportunities generation, and existing do We'll balance. But our of dynamics out projects the they and

leverage, stretch, we we're any starving that of profile do levered that our comfortably we if do now. our we're So cash, on obviously still like not a very feel by And X.Xx have consider animal feel like gross even good be than less we that amount and cash relative basis. and operational to flexibility with flow to deploy

Operator

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

Cameron Mansson-Perrone

unpacking a to just despite guide Wavedash modestly Vegas and quarter EBITDA basis, to we benefits? in help you outlook, And growth you â€“ kind out against any the the looking but terms what allowing outlook? I what's like growth guidance. if growthâ€™s execute kind guys the adjusted follow-up just of the First, lower unchanged. then know execute of there for allowing the an of strip organic on in modestly lower about a could Maybe you it's on What's talk the year

Stanley Chia

did then Look, to user user, the And to and first that us ability about, is engagements, we've that stickiness first to model. than levers platforms continue the the I about have part, to our think, multiples profitable can think, you right? over are profitability organic. continued for highly and the years made talk the investments thoughts on what drive drive I past -- and profitable some how fundamentally to I repeat drive more order think Larry we've our think in the that, and give QX the really to behavior perform I certainly take us I through I'll think, repeat that give leverage and think like we highly we with to

at ecosystem. If a and into then to track that of business. powerful of you continue higher a other when give I it's strong those usage, And are think we as very strong drive heard, lots repeat think vehicles, just I lever our think, proponents therefore you app stickiness, downloads, I mix our profitability whether of business, the -- think of of driving look percent and mix on profitability is the confidence and gamification engine, app our what us into I to all platform

Lawrence Fey

a environment. in the where away you from considering up we have some organic the probably I think volume And picked trends, what theme knowingly we're on current walked on unprofitable --

being of in of economics -- organic should shifting So a being it, digits year-over-year. low you year-over-year, light call think up that single bit organic down GOV revenue but

Operator

comes from Forte Group. next question of Maxim Your Thomas

Thomas Forte

questions Congrats I've on on question, quarter. from your first-party investors One follow-up. been a getting the one of strategy. lot ticket

profits? You asphalt ticket about how college you about. affect and future first-party talk tournaments have you've sales may your that talked strategy, that that your Can and

Stanley Chia

from I box components came integrating Yes, certainly on the directly acquisition, the is offices. inventory the about where Vegas.com us -- is pertains as excited gave primarily one with new from been right? Vegasâ€™s I that and think it venues front That to capabilities think, of we've venues end, with this other our

that As strong premiere were April. them, we've to able And unique for really will craft, think been at tournaments the in partners always the looked college AXS a opportunities, us. basketball with AEG I in tournament model and very CBC we have

I the certainly the model, rapidly for prospects. model look are think there to have. in that event able find the should everything And we to we success like as on opportunities how overall the we'll and out be with we of where new that partner that is look see do, that shakes we model. certainly as to get we We but it, we're into bullish scale the ticketing a capabilities we official will

Thomas Forte

WNBA on And about potentially becoming the sports progress can my women's fourth then as and a follow-up, such pillar. soccer talk for and you

Stanley Chia

year and has where now just nice some -- Yes, a sports tournament see wonderful strength I'll NCAA growth the We the overall with from consumers interest to think driving right, from women's of lots think, I we're there, of this new sustainable drive I I I so sports WNBA, really with think, really the in continued in really like seen year great lots the the start categories, we've stars, generation. and think been potential you said, the with category strong new new to and category. new growth excited entrants and longer-term

Thomas Forte

soccer? about How

Lawrence Fey

Yes. I can take soccer -- phenomenal year.

I had effect. think secular the approaching be very, tournament, is to triple significant it's been X-year we of growth, a America, which Copa combination once growth, all Messi year-over-year digits. a GOV And every then very soccer combining

typically tournaments As meaningful XXXX international rolling Cup year, America in perhaps most you are to XXXX. have COPA-America World lap North you well, next effect. then each about in exciting But think you say, in the the it into held being of there and in is

couple years. I a on for trajectory soccer Messi trends and secular track of we're think the healthy, stays the assuming nice next hold for So

Operator

Our comes Dan Company. Kurnos from next question -- the Benchmark of

Daniel Kurnos

Stan, can were on a program And you bit on for was velocity double-click like of say we change I consumer and that if in there's leverage loyalty cost getting did just customer the your that the ticket line? you sales? around acquisition hear maybe more granularity in little any loyalty, down general,

Stanley Chia

continue and get continues on from imagine really and around think most basis the lot that you evolve as into think I orders, to repeat would to loyal for ripple look, the continue -- -- and as question. Dan, to drives our to that I we target what leverage as how that as thanks in -- find of, a say I the it you -- Yes, see say, a we're I was is mix smarter highest you drive becoming it, drive call profile. program the those through. the most users users loyal certainly I would benefit think And -- profitability

to think drive of that target we're and that's us value a in repeat about the so And users. think in we of level results what of focus I continue what for to those well. and be terms financial and And seeing you're as high terms I certainly talking find have

Daniel Kurnos

mean of you Drive, it SkyBox. I about And talked speaking with

Just Just you're market we that? A, we any anything how this once? curious know are kind of you incremental out going thoughts expect I to in a from to if should test but do year everyone on how beta, that perspective, all to monetization on, from bring to assuming you're at roll it here?

Stanley Chia

Yes.

beta -- say I beta than more think number weâ€™ve the would the we've tripled users since has the on of started. I

I in about pretty so to rolling launch, that officially it think launch. well once that as we're users are with have And certainly in we've We And as certainly more as that. close we'll hundreds, think, the think so demand out And prepared stability. remarks, said list we of we officially I every as with launching temper, with will and talk wait I we velocity the a the we excited certainly the seen. and reception

if update forward-looking in that of In the be it's our included we terms any will sure to of guide. numbers certainly, monetization, in everybody. not But changes,

Operator

Raymond James. from of Marok comes question next Andrew Our

Andrew Marok

sports, online. coming time incrementality some so in quarter But things of or just and sports really double-digit else of good out share soccer for incrementality? over the a of a with around result events is there earlier taking women's the pricing like the it dynamics on year, or on to one supply anything perhaps that call order is commentary first growth Maybe this some of some

Lawrence Fey

series it or this you better would difference a matchups sports across more number was competitive with I Yes, not across more dichotomy good landscape of intensity some NBA. competitive meaningful where in a say the to I supply, supply tailwinds of meaningful categories. get would sports, point there that respectable and and women's call

you're issue that between, supply it was fairly seeing concerts sports than consistent a the is So anything more call of else. difference and

Andrew Marok

And if quick business rate 'XX Great, gross in the one, how maybe drivers of one the it's the on what I this are XQ? in trends But guide? I and margin business. I some a resale behind know more necessarily as context and the could, of about maybe in we think not guess, decline strategic the growth should focus. full

Stanley Chia

the Andrew, is event resale dreamed of comments the and category through in so up a than positions yes, little that less idiosyncratic particular. year on there of probably that reflective the concerts mix the dynamic are kind just you well. Last year, as into some was think I in around bit have within always that some flows wonderful of would that in really business coming side supply being a concert

And this so you had a couple of year. of pockets softness

just still saw a you from year. pretty shook with side, where robust pretty pleased margins bit they this played supply the On out levels,

while get year's to fairly would last I steady certainly with margins, a we'll so think results, what consistent we it's this year's back sustainable. state And to aspire consider

Operator

question Ripps of Maria Our next Canaccord. from comes

Maria Ripps

assume to events, if period environment? So between demand such that in an your growth entering any we of to incremental for lean softness, margins U.S. to trade-offs the on and live or willingness drive economic about sort ability impacts maybe could of a is And maybe potential that try into promotions you talk thoughts demand?

Stanley Chia

Maria, a I look, X-part maybe for answer think, you.

I to with, highest front. quarter. always I resiliency I of it almost I And consumer ever, what's to the evidenced as watching, off pertains see think call on that we think happening think echoed our And think as first category. in number certainly we I this continue we're as the the kicked order lots by consumer

perspective One, things think I us, vehicles to about certainly that. is promotions we to find from of always, LTV test and pertains into that efficient be I think we think, right? I acquisition an drivers for a promotions, it component I mean, As X

to that us. permanent our behavior continuing In is a work right might really think right and of loyalty is as which addition to economics have the promotion we that, that continues the always yield you there, to almost which program, well, for

So that's I I components look to think those well. drive acquisitions I think think as thoughtful customer how we now guide as at invest forward we be X how around at, to going and users, certainly long-term to our look I we discipline going proven think

Maria Ripps

markets? newer next contribution revenues share And how can investors thinking on expansion, any from maybe on to Great. international following you about any then should up just potential be thoughts year

Stanley Chia

Yes.

platform would at premature. still view expect to the, flow expect ratable that generally that, little we're of to some precision I I to the a case around as around probably a would term. And probably take are in enough levels phase, on revenue. it tailwind this neutral the that trying real-time the as much I that falling in variable modest the been that here, having touched a in there will to decisions are year. is but think don't P&L at volume be the a structural and we're margin But certainly scale, through be fixed investments point, and build to We've putting than incremental a view be contributions year. it, to big contribution incremental to contribution GOV. thinking We expect that you'll in accretion of roughly to bit volume that how the that still little any build more wouldn't think they try build think think investment. call I our as be that around see difference through think measurable higher we'll will the But paradigm in get I learning we as we'd in development near internationally rates we're as I of be you shift to flow enable expense, first I this meaningful into it for I sort -- business made baked scale. believe be numbers will that nature there'll the try

Operator

of comes Citi. from Bazinet Next Jason question

Jason Bazinet

I question. footnotes, you year would cancellation what's running these these now question very of Is back the to is the confirm, you guess topic. anything as Xx My ago. sort right the cancellations just the that In far like happened this average? And back two-part are of normal systemic there's this we're to they one-offs. describe just a want year to so or don't rate that is year-to-date first then of want last what interpretation backs it think that just sort low I were year? guys cancel a second, I cancellation to go looks all above a are across and just

Lawrence Fey

Jason, has cancellation [indiscernible] resulted. that's core impact of on which which set of driven terms by predominantly a actually the the that cancel Vegas, different rate,

and into than it's saw the softening of that was consumer fairly the that or tours make flat we've specific think you the to demand year-over-year, actually would and out, consistent it's idiosyncratic running generally belief these latter. Are -- bit, the but the there's speculation, and reported I'd right? net to because issues it So something certainly closer those been tours, that go And I we a maybe through saw, when heard up think. number say we little you

Aerosmith detached pretty kind And issues is Steve vocal and think Tyler, being for safely economics. I most of extreme underlying with from so that of

the just execution get And sequence I probably lot points anything. there's out more was advertised. Jennifer the that it back was on And issue tour, think hard a you price music gate that there type think momentum without the marketing but I on that than Lopez come developments perspective of on the general the right a of when was track. it's the to the out of

on So on the the probably than side. side more demand supply

Operator

Thank your in session. does question-and-answer This the event. conclude concludes you This program. the for participation today's

may disconnect. now You

Vivid Seats (SEAT) 6 Aug 242024 Q2 Earnings call transcript