Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| You've seen exceptional strength, partially driven by the matchups, but I think reflective that you continue to see underlying demand strength as well |
| To wrap, looking back at 2023, we are incredibly proud to have delivered nearly 25% top and bottom-line growth, while furthering our strategic objectives that enhance our ability to deliver sustained double-digit growth, strong profitability, and robust cash flow |
| I think we are pretty excited about the opportunity to do that |
| 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 |
| Starting with the financial highlights for 2023, we are proud to have delivered $3.9 billion of marketplace GOV, $713 million of revenues, and $142 million of adjusted EBITDA, driving nearly 25% top and bottom line growth, and substantially outperforming our original forecast and guidance for the year |
| As we look at the live event industry, the North American market continues to hum with healthy growth and secular trends that we expect will drive growth for years to come |
| And I think we've delivered consistent I think performance against the guidance that we put out there and the ability to continue growing TAM, growing top and bottom line, as you said, sustainably in the double-digit range on both top and bottom |
| Our 2023 results reflect industry strength that we amplified with our strategy |
| Encouraging repeat behavior is fundamental to our strategy, whether that is through our loyalty program, engagement initiatives, differentiated experiences, or excellent customer service, as validated by Newsweek once again this year |
| Alongside that, we're just seeing really strong order growth |
| As we continue cultivating brand awareness and affinity, we expect to mix even higher into repeat orders and drive substantial marketing leverage over the next several years |
| So, when we look back on the most exciting parts of the 2023 results, expanding the TAM the way we did and now seeing that opportunity continue to reveal itself in a way that's more, not less exciting, to just give incremental pathways to delivering that sustained double-digit growth, leads us to our statements that we view this as all exciting news |
| And I think as we look at the launch of Drive, I think that looks to really cement, I think our leading position with an adder that really provides, I think the combination of SkyBox and SkyBox Drive, I think are really a unique offering that no one player will be able to provide with very, very unique capabilities for the professional seller |
| And I go back to, I think as that progresses to the federal level and we see continued progress on that, I think we are bullish, I think on the prospects that brings to us as the president and his efforts there continue to move forward |
| And I think as we see the progress on driving transparency into that, I think we are supporters, right? And I think where we've seen those go in at the State level, I think we've certainly been beneficiaries, right? When you look at, again, our cost structure, our ability to be lean, our ability to drive competitive product and drive profitability and cash flow at the same time while doing that, I think we are seeing benefit in that landscape |
| 2023 was a transformational year for Vivid Seats, which we were pleased to wrap with a strong fourth quarter |
| And on the demand side, we've continued to see positive strength |
| The message, buy 10 tickets, get one free, along with our excellent customer service, resonates with buyers |
| Yes, I'd say we've continue to see strength in all of the results to date |
| SkyBox is the ERP of choice for the majority of professional sellers, and in 2023, we continue to improve our best-in-class seller product lineup |
| We're, as you can hear in our tone, quite bullish on the opportunity ahead of us |
| With our Vivid Seats flywheel spinning in 2023, we also substantially increased our TAM and enhanced the financial profile of our business with two compelling strategic acquisitions |
| And I think we remain, like I said, I think more bullish than ever that international becomes a vehicle to help us really accelerate and drive those growth vectors along both top and bottom line |
| While it's still early days for vegas.com, we see great potential and multiple avenues for synergies |
| And I think all of those investments I would say really position us to continue with double-digit growth on both the top and bottom line |
| But at the same time, I think we are bullish and believe that the product advantages that we have invested in from a technology perspective, will allow us to scale and take advantage of the international opportunity, even if we were to find an asset that we were to acquire to accelerate that endeavor |
| Look, I think again, I look at the asset that we acquired in Wavedash, came with a wonderful team, a market-leading position at an accretive multiple, kind of setting the stage to really help us learn and continue to frankly drive cash flow into the business, as well to fund other accretive opportunities |
| You'll continue to see us build out on the synergies and build out on the thesis throughout the year, but certainly two months in, we're pretty excited about what we've seen so far |
| Statement |
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| So, the lowest GOV quarter you would expect to be the lowest margin quarter just because you have some fixed costs that get leveraged over a lower volume |
| And so, you saw this in Q4 where our average order size on a reported basis was down 4% |
| I think you'll generally see, and you saw this in 2023, the year starts slower than it finishes |
| As you noted, last year, an outlier |
| His experience optimizing global platforms and international tech stacks, while fostering innovation, will be invaluable as we capture the international opportunity ahead of us |
| As we fully integrate vegas.com and Wavedash, standalone tracking will become impractical, and therefore this will be our last disclosure decomposing growth with and without these acquisitions |
| Q1 is typically the lightest quarter |
| Not to beat a dead horse here on international, but you didn't change GOV and revenue guidance |
| Certainly, we think the international pent-up demand was after kind of a little bit later than what we saw here in the US |
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