Vivid Seats Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Vivid Seats fourth quarter 2025 earnings webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, simply press star 1-1 on your telephone keypad. At this time, we ask that you please limit yourself to two questions. I would now like to introduce your host for today's presentation, Mr. Austin Ernett. Sir, please begin.

Good morning, and welcome to Vivid Seats' fourth quarter 2025 earnings call. I'm Austin Arnett, Vivid Seats General Counsel. I'm joined today by Larry Fay, Chief Executive Officer, and Joe Thomas, Chief Financial Officer. By now, everyone should have access to the earnings press release we issued earlier this morning. The release, as well as supplemental earnings slides, are available on our investor relations website at investors.vividseeds.com. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those discussed in our earnings release, our annual report on Form 10-K, and our other filings with the SEC. Today's call will also include references to adjusted EBITDA and net debt, which are non-GAAP financial measures that provide useful information to investors. To the extent reasonably available, a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures can be found in our earnings release and supplemental earnings slides. And now, I'll turn the call over to Larry.

Good morning, everyone, and thank you for joining us today. I'm excited to share what we are working on as we chart a refreshed course for Vivid Seats in 2026 and beyond. We believe we have the right team and the right strategy to drive innovation, thought leadership, and profitable growth in the coming quarters and years. I'd like to begin with an update on our leadership team. Austin Arnett, who provided opening remarks for this call, was named general counsel in December. Austin previously led our corporate legal team after prior roles at Latham & Watkins and McDonald's. Austin steps into the GC role with extensive legal expertise and substantial familiarity with our business. I'd also like to introduce Joe Thomas, our new chief financial officer. Joe, who joined us in January, is an accomplished executive with a strong track record of driving financial discipline through data-driven decisions while supporting long-term growth initiatives. I'm excited to join forces with both of them as we embark on this new chapter for visit seats. I'd also like to thank Ted Pickus, who served as our interim CFO during this transition. Ted's deep institutional knowledge and steady hand were critical during a pivotal period for the company. I'm grateful for his continued partnership as our chief accounting officer. With our new team in place, we have refined our long-term strategy and have quickly begun executing against it. our strategy builds and expands upon VividSeed's foundational strengths. Our leading technology, our unique data, a relentless focus on efficiency, and an increasingly compelling and differentiated value proposition to customers. I will spend a few minutes touching on our efforts across each of these foundational elements. Starting with our technology and product, we are redoubling our focus on product innovation and efficiency and expect us to benefit our results as we move through 2026. Across both our web and app properties, we are bringing a renewed focus on our core customer funnel to ensure a seamless user experience. Beyond this foundational focus, we are continuing to innovate in an increasingly AI world. In 2023, VividSeats became the first company in the live events industry to launch a live events plugin for OpenAI's ChatGPT. That early partnership underscored our commitment to innovating at the intersection of technology and live entertainment. Building on that foundation, we recently introduced a dedicated Vivid Seats app within ChatGPT, further advancing our AI-driven shopping capabilities. This new app is designed to capture real-time consumer intent and transform event discovery by making it more personalized, intuitive, and efficient, while reinforcing our position as a leader. shaping the future of how fans discover and access live events. This launch is an example of our continuous efforts to evolve our platform in a highly dynamic environment. Our path forward will combine innovation with a disciplined focus on efficiency. As previously announced, we significantly expanded our cost reduction program, increasing our initial fixed cost savings target from $25 to $60 million. We have now achieved our increased target of $60 million of annualized savings with reductions spanning marketing, G&A, and stock-based compensation. These savings position us to reinvest selectively in growth initiatives, such as our enhanced app value proposition, while improving our operating leverage as we return to growth. We also executed our corporate simplification early in the fourth quarter. which included the termination of our tax receivable agreement and the collapse of our dual class share structure. This meaningfully reduces complexity, improves transparency, and generates both immediate and long-term financial benefits. Taken together, our cost reduction program and corporate simplification are creating a more efficient, agile organization that can invest strategically for growth while maintaining financial disciplines. Moving to the compelling and differentiated value proposition we present to customers, Vivid Seats is the most rewarding ticket company. We are centering the Vivid Seats message and experience around that simple but powerful fact. No one rewards fans more than we do. We're sharpening our messaging to highlight how Vivid Seats delivers more value at every step of the journey, from rewarding prices to a seamless, stress-free shopping experience to tangible rewards that deepen loyalty over time. By delivering the most rewarding experience in ticketing, we seek to build long-term relationships with our customers and our app ecosystem. App users return more frequently, convert at higher rates, and rely less on paid performance marketing channels. We believe the combination of our rewards program and our lowest price guarantee represents the most compelling value proposition in ticketing. We are seeing encouraging trends as we pursue this strategy. AppGOV is up over 20% year-over-year through the first two months of 2026. Since launching our enhanced app value proposition during Q3 of last year, we have seen app share of GOV increase by more than 500 basis points. We also remain confident that information transparency will only increase as AI continues to reshape how consumers discover and evaluate offerings across the internet. We believe we are well positioned to benefit as AI guided consumers increasingly gravitate towards platforms that are delivering the most value to consumers. While we are early in our execution journey, the trends we are seeing thus far in Q1 indicate we are making substantial progress and that our strategy is gaining traction. Accordingly, we are reaffirming our 2026 outlook. We continue to expect marketplace GOV in the range of $2.2 to $2.6 billion and adjusted EBITDA in the range of $30 to $40 million. In addition, we are providing Q1 2026 guidance of $570 to $620 million of GOV, $8 to $10 million of adjusted EBITDA, and a cash balance of $125 to $135 million. Turning to the fourth quarter, while our results were challenging, they were largely in line with what we anticipated as we worked through a transitional period for the business. As we shared last quarter, a softer Q4 industry backdrop, private label declines, and ongoing execution of our strategic realignment were expected to pressure results. While these pressures played out as expected, we were encouraged by emerging momentum across our own properties. In particular, our app performance remained a bright spot, reflecting the impact of our ongoing product investments and enhanced value proposition. The trends we are seeing thus far in the first quarter confirm the actions taken by this new team are translating to tangible progress. These indicators reinforce our belief that the path forward we have put in place is the right one and that the investments we are making will enable us to return to growth in the second half of 2026 and deliver sustainable, profitable growth for many years to come. With that, I'll turn it over to Joe to walk through our fourth quarter financial results and outlook in more detail.