Tue, May 6, 10:39 AM (6 days ago)
**Vivid Seats Inc. (SEAT) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $164.02 million, down 14% YoY from $190.85 million. - **Net Loss:** $9.79 million, a significant decline from a net income of $10.74 million in Q1 2024. - **Operating Loss:** $4.32 million, compared to an operating income of $20.68 million in Q1 2024. - **Cash Flow:** Negative cash flow from operations at $25.29 million, contrasting with a positive $39.17 million in Q1 2024. - **Profit Margins:** Negative net margin of -5.97%, down from a positive 5.63% in Q1 2024. - **Cash & Equivalents:** $199.47 million, down from $243.48 million in Q1 2024. **Segment Performance:** - **Marketplace:** Revenue down 16% YoY to $133.74 million, affected by a 20% decrease in Marketplace GOV and orders. - **Resale:** Revenue slightly down 2% YoY to $30.28 million, despite a 6% increase in orders. **Expenses:** - **Cost of Revenues:** Down 10% YoY to $44.53 million. - **Marketing & Selling:** Down 5% YoY to $64.11 million. - **General & Administrative:** Up 13% YoY to $48.08 million. - **Depreciation & Amortization:** Up 11% YoY to $11.63 million. **Key Metrics:** - **Marketplace GOV:** Down 20% YoY to $820.36 million. - **Marketplace Orders:** Down 20% YoY to 2.30 million. - **Resale Orders:** Up 6% YoY to 105,000. - **Adjusted EBITDA:** Down 44% YoY to $21.72 million. **Trends & Uncertainties:** - **Macroeconomic Factors:** Consumer spending and demand for live events affected by economic conditions. - **Event Cancellations:** Impacted Marketplace GOV and orders. - **Marketplace Take Rate:** Increased, partially offsetting the decline in orders. **Future Operations & Impact:** - **Liquidity:** Sufficient cash to meet short-term needs. - **Debt:** Refinanced 2024 First Lien Loan with a new 2025 First Lien Loan, reducing interest rates. - **Share Repurchase:** Repurchased 2.4 million shares under the Share Repurchase Program. - **Tax Receivable Agreement:** Potential future payments based on tax savings. **Management's Discussion:** - Focus on attracting and retaining customers, improving platform, and strategic investments. - Continued efforts to manage costs and improve operational efficiency. - Monitoring economic conditions and their impact on consumer spending and live event demand.