Vivid Seats Inc. (NASDAQ:SEAT) Q4 2023 Earnings Conference Call March 5, 2024 8:30 AM ET
Company Participants
Stan Chia - CEO
Larry Fey - CFO
Kate Africk - Head of IR
Conference Call Participants
Ralph Schackart - William Blair
Maria Ripps - Canaccord Genuity
Curt Nagle - Bank of America Securities
Jason Bazinet - Citi
Matt Farrell - Piper Sandler
Cameron Mansson-Perrone - Morgan Stanley
Benjamin Black - Deutsche Bank
Brad Erickson - RBC Capital Markets
Ryan Sigdahl - Craig-Hallum Capital Group
Dan Kurnos - The Benchmark Company
Operator
Good day, and thank you for standing by. Welcome to the Vivid Seats Fourth Quarter 2023 Earnings Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Kate Africk. Please go ahead.
Kate Africk
Good morning, and welcome to Vivid Seats fourth quarter 2023 earnings conference call. I'm Kate Africk, Head of Investor Relations at Vivid Seats. Joining me today to discuss Vivid Seats results are Stan Chia, Chief Executive Officer, and Larry Fey, Chief Financial Officer. By now, everyone should have access to our fourth quarter earnings press release, which we released earlier this morning. The press release, as well as supplemental earnings slides, are available on the Investor Relations page of Vivid Seats website at investors.vividseats.com.
During the course of today's call, management may make forward-looking statements within the meaning of Federal Securities laws. These forward-looking statements are subject to risks and uncertainties, including those described in our earnings press release and most recent annual report on Form 10-K, and our other filings with the SEC. On today's call, we will refer to adjusted EBITDA, adjusted EBITDA margin, and cash generation, which are non-GAAP financial measures that provide useful information for our investors. To the extent reasonably available, a reconciliation of these non-GAAP financial measures to their corresponding GAAP measures, can be found in our earnings press release and supplemental earnings slides.
And now, I would like to turn the call over to Stan.
Stan Chia
Good morning, everyone, and thank you for joining us today. 2023 was a transformational year for Vivid Seats, which we were pleased to wrap with a strong fourth quarter. After great years in 2021 and 2022, the North American live event market continues, with robust and durable supply and demand. Throughout 2023, we seized upon market strength while furthering our strategic objectives that lay the foundation for our growth for years to come. We drove innovation, launching new products for both buyers and sellers, and continued to cultivate awareness and affinity for our marketplace, as demonstrated by our mix of repeat orders climbing to almost 60%. Importantly, we completed two strategically and financially accretive acquisitions that drove substantial TAM expansion and unlock additional avenues for durable double-digit growth. All of this was accomplished while we generated very strong cash flow, which will enable future capital deployment and value creation for shareholders.