Vivid Seats jumps after strong qtrly report, Vegas.com acquisition

Vivid Seats

07/11/2023 15:58

** Shares of Vivid Seats Inc  SEAT.O  jump 14.2% in early
Tues trade to $7.14, a 2-month high, after online marketplace
posts Q3 rev beat, boosts guidance and announces acquisition of
Vegas.com
    ** Stock last up 7.8% at $6.74, on track for biggest daily
pct gain in about 6 months 
    ** Co reports Q3 rev up 20% yr/yr to $188 mln, topping
consensus view of $154.5 mln, per LSEG data, as gross order
value increases 28% to nearly $1 bln
    ** It increases 2023 rev guidance to $685-$705 mln from
prior range of $630-$650 mln
    ** Vivid also says it will buy Vegas.com, provider of
information on shows, and tours in Las Vegas, as well as aiding
the booking of flights and hotels, in transaction valued at $240
mln
    ** Cash-and-stock deal comprises $151.2 mln in cash and
$88.8 mln in Vivid’s Class-A common stock
    ** With move on the session, SEAT shares down 8% YTD and
have approx $1.3 bln market cap, per LSEG
    ** Vivid went public in Oct 2021 after SPAC merger with
Horizon Acquisition Corp

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))