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Vividseats Vivid Seats Announces Second Quarter 2021 Results Second Quarter 2021 Revenue of $ 115.5 Million Reflects Meaningful Return of Live Events CHICAGO , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- Vivid Seats Inc. ( " Vivid Seats " or the " Company " ) , a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year , included its results for the second quarter of 2021 today in its Registration Statement on Form S - 4 / A , which can be found on the U.S. Securities and Exchange Commission's ( " SEC " ) website at https://www.sec.gov under the ticker " SEAT ” . For the quarter ended June 30 , 2021 , marketplace gross order value ( " GOV " ) was $ 693.1 million and revenues were $ 115.5 million , compared to GOV of ( $ 63.3 ) million and revenues of ( $ 28.9 ) million for the quarter ended June 30 , 2020. Net income for the second quarter was $ 2.6 million and Adjusted EBITDA was $ 36.2 million . Financial results for the second quarter of 2021 increased due to the return of live events as COVID - 19 mitigation measures eased . Many MLB , NHL and NBA teams welcomed fans at significant capacity over the course of the second quarter . Sales of concert tickets also increased as artists announced performances for the second half of 2021 and for 2022 . Stan Chia , CEO of Vivid Seats , commented , " We benefitted from the return of fans to the stands across sports and concerts nationwide as COVID - 19 restrictions eased and consumers jumped at the opportunity to see their favorite events . While uncertainty persists as to the duration and severity of the pandemic , it is clear fans crave live experiences and will pursue what is available to them as events resume . " " Against this reopening backdrop , we have continued on our mission to help everyone " Experience it Live " . In our third quarter , we launched our new brand coupled with new features and enhancements to our industry leading loyalty program , Vivid Seats Rewards . Every fan now earns 10 % in value on every ticket purchased along with the opportunity to earn additional lucrative and unique perks . As we make our way to the public markets later this year , we feel we are uniquely positioned with an arsenal of strategic resources to offer fans a differentiated value proposition as they eagerly return to attending their favorite events , " Chia concluded . Lawrence Fey , CFO of Vivid Seats , commented , " In the second quarter , our financial results were strong . Revenue and Adjusted EBITDA increased and we generated significant cash flow as the increase in orders resulted in a rapid rebuild of our working capital float . " Mr. Fey added , " We anticipate completion of the proposed business combination late in the third - quarter or early in the fourth - quarter . We intend to provide updated financial guidance for our 2021 fiscal year shortly thereafter . " As previously announced , Vivid Seats entered into a Business Combination Agreement with Horizon Acquisition Corporation ( " Horizon ” ) , a publicly - traded special purpose acquisition company ( NYSE : HZAC ) , in April 2021. Vivid Seats filed a registration statement on Form S - 4 ( the " Registration Statement " ) with the SEC in connection with its proposed business combination with Horizon , which is currently expected to close either late in the third quarter or early in the fourth quarter of 2021 , subject to the Registration Statement being declared effective by the SEC , shareholder approval and other customary closing conditions . Additional information can be accessed on the SEC's website at www.sec.gov . Key Performance Indicators Marketplace GOV ( 1 ) Total Marketplace orders ( 2 ) Total Resale orders ( 3 ) Adjusted EBITDA ( 4 ) Three Months Ended June 30 , Six Months Ended June 30 , 2020 2021 2020 2021 ( 48,315 ) $ ( in thousands ) ( 63,291 ) $ 693,090 $ ( 192 ) 1,713 35 36,195 $ ( in thousands ) 340,086 $ 809,563 1,060 2,006 45 48 ( 47,136 ) $ 40,382 1. Marketplace GOV represents the total transactional amount of Marketplace segment orders placed on the Vivid Seats platform in a period , inclusive of fees , exclusive of taxes , and net of event cancellations that occurred during that period . Marketplace GOV was negatively impacted by event cancellations in the amount of $ 91.7 million during the three months ended June 30 , 2020 and $ 18.5 million during the three months ended June 30 , 2021. Marketplace GOV was negatively impacted by event cancellations in the amount of $ 144.5 million during the six months ended June 30 , 2020 , and $ 37.0 million during the six months ended June 30 , 2021 . 2. Total marketplace orders represents the volume of Marketplace segment orders placed on the Vivid Seats platform during a period , net of event cancellations occurring during the period . During the three months ended June 30 , 2020 , our Marketplace segment experienced 250,677 event cancellations , compared to 48,319 event cancellations during the three months ended June 30 , 2021 . During the six months ended June 30 , 2020 , our Marketplace segment experienced 391,704 event cancellations , compared to 100,094 event cancellations during the six months ended June 30 , 2021. A Marketplace order may include more than one ticket . 3. Total Resale orders represents the volume of Resale segment orders sold by the Vivid Seats ' resale team in a period , net of event cancellations that occurred during that period . During the three months ended June 30 , 2020 , our Resale segment experienced 3,986 event cancellations , compared to 772 event cancellations during the three months ended June 30 , 2021. During the six months ended June 30 , 2020 , our Resale segment experienced 13,964 event cancellations , compared to 1,913 event cancellations during the six months ended June 30 , 2021. A Resale order may include more than one ticket . 4. Adjusted EBITDA is not a measure defined under generally accepted accounting principles in the United States ( " GAAP " ) . We believe