Ticket marketplace Vivid Seats has posted a robust Q3, which is up on a COVID-hit Q3 in 2021 but slightly down on Q2 in some areas.
Revenues of $156.8m (£136.7m/€156.7m) demonstrate a 12% increase compared to $139.5m in Q3 2021 and is up on the $147.7m in Q2 this year.
A net income of $18.7m is an improvement on the $1.8m net loss in Q3 the year prior, but is less than the $24.1m posted in Q2 this year. Adjusted EBITDA amounted to $28.3m which is down 33% compared to the $42m posted in Q3 in 2021, and also slightly down on Q2’s $30.3m.
The nine months ending September 30 saw revenue amount to $435.3m compared to $279.2m during the same period the year prior. Net income amounted to $45.9m for the nine months ending September 30 compared to a loss of $19.5m during the same period in 2021.
Marketplace GOV for the three months ending September 30 totalled $781.8m compared to $713m in the same period the year prior. Marketplace GOV for the last nine months until the end of September amounted to $2.3bn compared to $1.5bn the year prior.
Marketplace orders for Q3 equalled 2.6 million compared to 2.4 million during Q3 in 2021, while resale orders amounted to 90,000 compared to 73,000 in 2021.
Stan Chia, Vivid Seats chief executive, said: “Momentum in our business continued and we’ve now set quarterly records for both marketplace GOV and revenues for the last six consecutive quarters. These results are a testament to our powerful technology platform and our team’s ability to capture industry strength while continuing to deliver both growth and profitability.
“We remain confident and enthusiastic that our strategy to invest in differentiated products and services will drive sustained increases in customer lifetime value. We are making targeted investments to foster brand awareness and loyalty with high-value customers, and we are pleased to see our customer repeat rates trending higher across event categories, indicating that our efforts are working.”
Lawrence Fey, Vivid Seats chief finance officer, added: “This quarter we lapped exceptional results from the third quarter of 2021, which included unique reopening dynamics. Third quarter 2022 live event demand remained robust, leading us to raise our 2022 marketplace GOV and revenues guidance.
“We maintain our 2022 Adjusted EBITDA guidance and will remain agile within the competitive environment while continuing to invest in what is working. We have a strong balance sheet with cash in excess of gross debt and a track record of meaningful cash generation. We utilised our robust cash balance to repurchase approximately $3 million of our common stock during the third quarter.”