2023-03-07 07:12:22 ET
Vivid Seats ( NASDAQ: SEAT ) reported revenue was up 0.7% in Q4 to $163.9M.
Marketplace GOV was down 3% to $846.0M during the quarter. Marketplace GOV was negatively impacted by event cancellations in the amount of $17.0M compared to cancellations of $33.2M a year ago.
Adjusted EBITDA rose 22% to $33.7M and net income was $24.8M vs. $0.3M a year ago.
Looking ahead, Vivid Seats ( SEAT ) expects 2023 Marketplace GOV in the range of $3.0B to $3.3B, revenue to land in the range of $580.0B to $610.0M vs $589M consensus, and adjusted EBITDA in the range of $110.0M to $115.0M.
CFO outlook: "We continued to build long-term value for stakeholders while capturing robust demand and navigating a highly competitive environment. While we anticipate muted industry growth in 2023, we see meaningful opportunity for Vivid Seats to push our advantage and continue to cement the foundation for strong long-term strategic and financial performance."
Shares of Vivid Seats ( SEAT ) fell 9.28% premarket on light volume to a new 52-week low of $6.06 vs. the 52-week trading range of $6.47 to $12.31.
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Vivid Seats falls after guiding for 'muted' industry growth in 2023