Vivid Seats reported strong numbers for Q2 2022 in its earnings report this week, raising its full-year guidance for 2022 in marketplace GOV, revenues, and adjusted EBITDA. The company saw its stock price (NASDAQ: SEAT) rise on the news, above $9 for the first time since June, though still far off its 12 year high of more than $14.

“We are pleased to deliver another exceptionally strong quarter and one in which we delivered record-setting Q2 Marketplace GOV which was driven by a record-setting number of Marketplace Orders across all quarters,” said Stan Chia, Vivid Seats CEO. “Our performance is a testament to the power of our business model, the success of our strategy, and the long-term secular growth that we expect from the live event industry. As we continue to focus on the fan experience and innovate and execute against our strategic priorities, we are committed to sustained and profitable growth, disciplined investment and maximizing shareholder value.”

Marketplace GOV was up by 18 percent from a year ago, reaching $814.8 million in the most recent quarter. Revenue was up by evne more from a year ago, jumping to $147.7 million compared to $115.5 million in Q2 2021. Net income was up a whopping 810% to $24.1 million.

TFL and ATBS for ticketing professionals

“Our second quarter results exceeded expectations and we believe reflect the combination of pent-up demand and the strength of our differentiated offering,” said Lawrence Fey, Vivid Seats CFO. “With focused execution, topline growth flowed through to profitability, even as we continued to make longer-term growth investments. On the back of a strong first half of 2022, we are raising our full-year 2022 guidance for each of Marketplace GOV, Revenues and Adjusted EBITDA.”

Key Performance Indicators (‘000s)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Marketplace GOV(1) $ 814,817 $ 693,090 $ 1,556,955 $ 809,563
Total Marketplace orders(2) 2,410 1,713 4,429 2,006
Total Resale orders(3) 67 35 135 48
Adjusted EBITDA(4) $ 30,329 $ 36,195 $ 51,341 $ 40,382

Vivid Seats has been a public company for slightly less than a year, having merged with a Horizon Acquisition Corporation, a special purpose acquisition corporation that was already trading publicly before the merger, in October. Prices shot up in the immediate aftermath of the merger, but have slipped in recent months despite fairly strong earnings numbers from the Chicago-based company.