CHICAGO - Vivid Seats Inc. (NASDAQ: SEAT), a prominent online ticket marketplace, reported robust financial results for the full year and fourth quarter ended December 31, 2023.
The company experienced significant growth in both annual and quarterly metrics, with a full-year gross order value (GOV) of $3.92 billion, marking a 23% increase from $3.18 billion in 2022.
Revenues for the year rose by 19% to $712.9 million, compared to $600.3 million the previous year. Net income for 2023 surged by 51% to $107.0 million, up from $70.8 million in 2022. Adjusted EBITDA also saw a 25% increase to $142.0 million from $113.3 million in the prior year.
The fourth quarter results showed a 31% rise in marketplace GOV to $1.11 billion from $846.0 million in Q4 of 2022. Revenues for the quarter increased by 20% to $198.3 million, and adjusted EBITDA improved by 4% to $35.1 million. However, net income for the quarter decreased by 10% to $22.4 million from $24.8 million in the same quarter of the previous year.
Vivid Seats CEO Stan Chia highlighted the company's growth and strategic acquisitions, which expanded their total addressable market (TAM). The company also launched new products, including Skybox Drive for sellers and Game Center for buyers, contributing to a higher mix of repeat orders.
Looking ahead, Vivid Seats anticipates a strong 2024 with marketplace GOV expected to be between $4.2 billion and $4.5 billion, revenues forecasted to range from $810.0 million to $840.0 million, and adjusted EBITDA projected to be between $160.0 million and $170.0 million.
Additionally, the company announced the appointment of Stefano Langenbacher as Chief Technology Officer, succeeding Jon Wagner upon his retirement in March 2024. Langenbacher brings extensive experience from his previous role as CTO at Suitsupply.
This article is based on a press release statement from Vivid Seats.
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