Vivid Seats Inc: Is Now The Time to ‘Buy a Ticket’?

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Written By Joel Gbolade

Shares of online ticket exchange Vivid Seats Inc. (NASDAQ: SEAT) experienced a tumultuous journey, touching an all-time intraday low of $5.54 on February 2, 2024, amidst concerns over private equity overhang. 

However, a subsequent rebound of around 10% has sparked investor interest. In this analysis, we delve deeper into Vivid Seats, exploring its business model, recent acquisitions, financial performance, and future outlook to provide informed investment recommendations.

Company Overview

Vivid Seats Inc., headquartered in Chicago, operates as an online ticket marketplace, facilitating transactions between buyers and sellers. 

Credits: DepositPhotos

ed in 2001, Vivid Seats went public through a merger with special purpose acquisition company (SPAC) Horizon Acquisition Corporation in 2021. Currently trading at just over six dollars per share, Vivid Seats commands a market capitalization of nearly $1.3 billion.

Read More: Astronics Corporation (NASDAQ: ATRO) Sees Strong Year-On-Year Revenue Growth, But is it a Buy?

Business Model

Marketplace: Facilitates transactions between buyers and sellers, earning 10% of the gross order value (GOV) from sellers and additional revenue from service fees. The segment also offers buyer insurance, private label offerings, and fantasy sports, contributing significantly to revenue.

Resale: Involves Vivid Seats acquiring tickets for resale on secondary markets, including its own platform. This segment has shown steady growth, bolstering the company’s revenue.

Recent Acquisitions

Vivid Seats expanded its total addressable market (TAM) through strategic acquisitions. The acquisition of and Wavedash in 2023 increased its TAM by over 50%, positioning the company for future growth opportunities. Acquisition: In November 2023, Vivid Seats acquired for $243.8 million, gaining access to a $6 billion TAM in the entertainment capital of the US.

Financial Performance: Despite facing challenges such as private equity overhang, Vivid Seats has demonstrated resilience in its financial performance.

Q3 2023 Highlights: Vivid Seats reported net income of $0.07 per share (GAAP) and Adjusted EBITDA of $33.4 million on revenue of $188.1 million, marking significant growth compared to the previous year.

Also Read: GoodRx Holdings Inc (GDRX) Delivers Mixed Results for Q4 and Full Year 2023: Is it Time to Buy?

Balance Sheet & Analyst Commentary

Vivid Seats maintains a strong balance sheet, with cash reserves of $105 million and access to a $100 million credit facility. Analyst sentiment remains mixed, with expectations of continued growth in revenue and earnings.

Investment Recommendation

While private equity overhang remains a concern, Vivid Seats’ recent acquisitions and improved valuation metrics present an attractive investment opportunity. 

Trading at reasonable multiples and exhibiting solid cash generation, Vivid Seats merits consideration for a watchlist position, with potential for future growth.

As Vivid Seats navigates challenges posed by private equity overhang, investors should monitor its performance closely. 

With a strong market position, strategic acquisitions, and favorable valuation metrics, Vivid Seats has the potential to unlock significant value for investors in the long term.

Additional Information

In addition to the analysis provided, Vivid Seats’ management has emphasized the importance of its loyalty program in driving repeat business. 

Credits: DepositPhotos

Launched in 2019, the loyalty program offers incentives such as a buy 10 tickets get one free promotion, resulting in an increase in repeat buyers’ orders as a percentage of total transactions from 47% in 2018 to 56% in 2022.

Read Next: Genworth Financial Announces Fourth Quarter 2023 Results


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