Vivid Seats Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Vivid Seats Inc. has filed its 2023 10-K, providing a comprehensive overview of its financial performance and corporate structure.</b>

AI Summary

Vivid Seats Inc. (SEATW) filed a Annual Report (10-K) with the SEC on March 8, 2024. Vivid Seats Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes information on the company's business, financial condition, and results of operations. Key financial data and disclosures related to common stock, warrants, and other equity instruments are presented. The report details various assets, including customer relationships and leasehold improvements. Information regarding debt, including the February 2022 First Lien Loan, is also included.

Why It Matters

For investors and stakeholders tracking Vivid Seats Inc., this filing contains several important signals. The 10-K filing provides investors with detailed financial statements and disclosures, enabling a thorough assessment of Vivid Seats' performance and strategic positioning. This annual report is crucial for understanding the company's financial health, including its debt obligations, equity structure, and asset base, as of December 31, 2023.

Risk Assessment

Risk Level: — Vivid Seats Inc. shows moderate risk based on this filing. The company's financial disclosures are extensive, covering various financial instruments and debt, indicating a complex financial structure that warrants careful review.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Vivid Seats' financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 0000950170-24-028243 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• Vivid Seats Inc. (company) — Filer
• December 31, 2023 (date) — Fiscal year end
• February 2022 First Lien Loan (dollar_amount) — Debt instrument
• 24 E. WASHINGTON STREET STE. 900 CHICAGO IL 60602 (company) — Business Address
• 0001856031 (company) — Central Index Key
• 7990 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 001-40926 (company) — SEC File Number

FAQ

Risk Factors

• Financial Instruments and Debt [medium — financial]: The company's financial structure involves various financial instruments, including common stock, warrants, and debt like the February 2022 First Lien Loan.

Industry Context

Vivid Seats operates in the online ticket marketplace industry, facilitating the buying and selling of tickets for live events.

Regulatory Implications

As a publicly traded company, Vivid Seats is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Review the detailed financial statements and notes in the 10-K.
2. Analyze the company's debt structure and covenants.
3. Assess the disclosures related to equity instruments and potential dilution.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Vivid Seats' financial health and operations for the fiscal year.)

Year-Over-Year Comparison

This is the company's 2023 annual report filed on Form 10-K.

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share SEAT The Nasdaq Stock Mar

Filing Documents

• seat-20231231.htm (10-K) — 4507KB
• seat-ex10_41.htm (EX-10.41) — 20KB
• seat-ex10_42.htm (EX-10.42) — 19KB
• seat-ex10_43.htm (EX-10.43) — 30KB
• seat-ex21_1.htm (EX-21.1) — 24KB
• seat-ex23_1.htm (EX-23.1) — 3KB
• seat-ex31_1.htm (EX-31.1) — 16KB
• seat-ex31_2.htm (EX-31.2) — 16KB
• seat-ex32_1.htm (EX-32.1) — 10KB
• seat-ex32_2.htm (EX-32.2) — 9KB
• seat-ex97_1.htm (EX-97.1) — 39KB
• img122065030_0.jpg (GRAPHIC) — 226KB
• 0000950170-24-028243.txt (&nbsp;) — 20414KB
• seat-20231231.xsd (EX-101.SCH) — 3019KB
• seat-20231231_htm.xml (XML) — 3838KB

Forward-Looking Statements

Forward-Looking Statements 1 Risk Factors Summary 2 PART I 4 Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 Part II 36 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. Reserved 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 107 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 Part III 109 Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13. Certain Relationships and Related Transactions, and Director Independence 109 Item 14. Principal Accountant Fees and Services 109 Part IV 110 Item 15. Exhibits and Financial Statement Schedules 110 Item 16. Form 10-K Summary 114

forward-looking statements

forward-looking statements This Annual Report on Form 10-K (this "Report") contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) regarding future events and the future results of Vivid Seats Inc. and its subsidiaries (collectively, "we," "us" and "our"). Words such as "anticipate," "believe," "can," "could," "designed," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "may," "plan," "project," "propose," "seek," "should," "target," "will" and "would," as well as similar expressions which predict or indicate future events and trends or which do not relate to historical matters, are intended to identify such forward-looking statements. For example, we may use forward-looking statements when addressing topics such as our future financial performance, including our ability to generate sufficient cash flows or to raise additional capital when necessary or desirable, our success in attracting, hiring, motivating and retaining our senior management team, key technical employees and other highly skilled personnel, our ability to declare and pay dividends on our Class A common stock and other topics relating to our business, operations and financial performance such as: the supply and demand of live concert, sporting and theater events; the impact of adverse economic conditions affecting discretionary consumer and corporate spending; our ability to maintain and develop our relationships with ticket buyers, sellers and partners; our ability to compete in the ticketing industry; our ability to continue to maintain and improve our platform and develop successful new solutions and enhancements or improve existing ones; the impact of extraordinary events, including disease epidemics and pandemics; our ability to identify suitable acquisition targets and to complete and

Business

Item 1. Business Overview We are an online ticket marketplace that utilizes our technology platform to connect fans of live events seamlessly with ticket sellers. Our mission is to empower and enable fans to Experience It Live . We believe in the power of shared experiences to connect people with live events delivering some of life's most exciting moments. We are relentless about finding ways to make event discovery and ticket purchasing easy, exciting and stress-free. Our platform provides ticket buyers, sellers and partners with an easy-to-use, trusted marketplace experience, ensuring fans can attend live events and create new memories. We operate a technology platform and marketplace that enables ticket buyers to easily discover and purchase tickets while enabling ticket sellers and partners to seamlessly manage their operations. To generate ticket sales, drive traffic to our websites and mobile applications, and build brand recognition, we have mutually beneficial partnerships with media partners, product and service partners, distribution partners, content rights holders such as teams, leagues and venues, and supplier partners in Las Vegas. To attract and retain sellers and partners, we offer a variety of products and services that allow their businesses to thrive. Our platform is built on years of transactional and engagement data that provides us with deep insights into how to best connect ticket buyers with the experiences they seek. We understand the feeling of anticipation as the start of an event approaches and work diligently to enable fans to experience as many of these moments as possible. We seek to provide enriching customer engagement opportunities with personalized recommendations, engaging discovery options, a streamlined shopping experience and a differentiated value proposition through competitively priced tickets and loyalty rewards. Our Vivid Seats Rewards loyalty program allows enrolled ticket buyers on Vivid Seats branded propertie

View Full Filing

View this 10-K filing on SEC EDGAR