Vivid Seats Inc (SEAT) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Vivid Seats third quarter 2024 earnings conference call. Following management's prepared remarks, we will open the call for Q&A. I would now like to turn the call over to Kate Africk.

早安，歡迎參加 Vivid Seats 2024 年第三季財報電話會議。在管理階層發表完準備好的發言後，我們將開始問答環節。現在我想將電話轉給凱特·阿弗里克 (Kate Africk)。

Good morning, and welcome to Vivid Seats third quarter 2024 earnings conference call. I'm Kate Africk, Head of Investor Relations at Vivid Seats. Joining me today to discuss Vivid Seats' results are Stanley Chia, Chief Executive Officer; and Lawrence Fey, Chief Financial Officer. By now, everyone should have access to our third quarter earnings press release, which we released earlier this morning. The press release as well as supplemental earnings slides are available on the Investor Relations page of Vivid Seats website at investors.vividseats.com.

早安，歡迎參加 Vivid Seats 2024 年第三季財報電話會議。我是凱特·阿弗里克 (Kate Africk)，Vivid Seats 投資者關係主管。今天與我一起討論 Vivid Seats 業績的有執行長 Stanley Chia；以及財務長 Lawrence Fey。現在，每個人都應該可以看到我們今天早上發布的第三季收益新聞稿。新聞稿以及補充收益投影片可在 Vivid Seats 網站的投資者關係頁面（網址為 investors.vividseats.com）上找到。

During the course of today's call, management may make forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks and uncertainties described in our earnings press release, our most recent annual report on Form 10-K and our other filings with the SEC.

在今天的電話會議中，管理階層可能會根據聯邦證券法做出前瞻性陳述。這些前瞻性陳述受到可能導致實際結果大不相同的風險和不確定因素的影響，包括我們的收益新聞稿、我們最近的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

On today's call, we will refer to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures that provide useful information for our investors. To the extent reasonably available, a reconciliation of these non-GAAP financial measures to their corresponding GAAP measures can be found in our earnings press release and our supplemental earnings slides. And now I would like to turn the call over to Stan.

在今天的電話會議上，我們將參考調整後的 EBITDA 和調整後的 EBITDA 利潤率，這些都是非 GAAP 財務指標，可以為我們的投資者提供有用的信息。在合理可用的範圍內，這些非 GAAP 財務指標與其相應的 GAAP 指標的對帳可以在我們的收益新聞稿和補充收益幻燈片中找到。現在我想把電話轉給史丹。

Good morning, everyone, and thank you for joining us today. Our strategy has always been to prioritize long-term success by fostering stickiness in our marketplace for both buyers and sellers, and I am excited to share the progress we delivered on that front in the third quarter. Staying true to that strategy, we operated with discipline and delivered solid third quarter financial results despite market headwinds that we believe will be temporary. Before discussing the market backdrop and the strategic progress that we delivered, I'd like to touch on our financial highlights, which Larry will cover in more detail.

大家早安，感謝大家今天的參與。我們的策略一直是透過培養買家和賣家在市場上的黏性來優先考慮長期成功，我很高興與大家分享我們在第三季在這方面取得的進展。秉承這項策略，我們嚴守紀律，儘管我們認為市場逆風只是暫時的，但我們還是取得了穩健的第三季財務表現。在討論市場背景和我們取得的策略進展之前，我想談談我們的財務亮點，拉里將對此進行更詳細的介紹。

In the third quarter, we delivered $187 million of revenues and $34 million of adjusted EBITDA, including an 18% adjusted EBITDA margin. These results demonstrate our ability to deliver strong unit economics even when market factors are less favorable in the short term. To begin with, I'd like to shed some light on those market factors. Compared to record concert years in 2022 and 2023, we would consider 2024 as a digestion year for concert industry supply with year-over-year declines seen most acutely in the third quarter.

第三季度，我們實現了 1.87 億美元的營收和 3,400 萬美元的調整後 EBITDA 利潤率，其中調整後 EBITDA 利潤率為 18%。這些結果表明，即使短期市場因素不太有利，我們仍有能力實現強勁的單位經濟效益。首先，我想先闡明這些市場因素。與 2022 年和 2023 年的音樂會創紀錄年份相比，我們認為 2024 年是音樂會產業供應的消化年，年減在第三季最為明顯。

As we and others in the industry have discussed, there was a notable reduction in stadium tour activity in 2024 compared to 2023 when many of the most popular artists played in the largest venues, which naturally command the highest prices. Partially counteracting this dynamic, concert ticket volumes have held up quite nicely in 2024 with many artists playing more shows, albeit in smaller venues that typically come with lower prices. We believe that the mix shift in 2024 away from concerts and away from stadium tour activity was a short-term headwind that will soon abate.

正如我們和業內其他人所討論的那樣，與 2023 年相比，2024 年的體育場巡演活動明顯減少，當時許多最受歡迎的藝術家在最大的場地演出，自然而然地價格最高。部分抵消了這種動態的影響，2024 年的音樂會門票數量保持相當不錯，許多藝術家舉辦了更多場次，儘管是在較小的場地，通常票價較低。我們認為，2024 年音樂會和體育場巡迴活動的減少是一個短期阻力，但很快就會減弱。

Looking ahead, we are now in the midst of concert on sale announcements for the 2025 calendar, which we expect should be a more normal year with concerts, including stadium shows growing again. Concert supply in 2024 was an anomaly, and we look forward to normalizing supply intersecting with long-term tailwinds for live events next year and sustained and reliable concert growth going forward.

展望未來，我們目前正處於 2025 年日曆的音樂會售票公告之中，我們預計今年將是更加正常的一年，包括體育場演出在內的音樂會將再次增長。2024 年的音樂會供應是一個異常現象，我們期待供應正常化，與明年現場活動的長期順風相結合，並在未來實現持續可靠的音樂會增長。

We remain confident that the digestion that we are seeing in 2024 is a reflection of supply and not a reflection of demand. The ongoing strength that we are seeing in the industry in sports and theater is evidence of this dynamic. Overall, we believe that the demand for live events remains as robust as ever.

我們仍然相信，2024 年看到的消化情況是供應的反映，而不是需求的反映。我們在體育和戲劇產業看到的持續強勁成長就是這種動態的證據。總體而言，我們相信對現場活動的需求仍然像以往一樣強勁。

Beyond the supply and demand backdrop, marketing intensity was high in the third quarter with certain competitors focused on growing volume where we believe marginal volume is uneconomic at least in the near term.

除了供需背景之外，第三季的行銷強度很高，某些競爭對手專注於增加銷量，而我們認為至少在短期內，邊際銷售是不經濟的。

We continue to focus on strong unit economics and fostering long-term stickiness in our marketplace. Accordingly, we are building on the long-standing strength of our business and are poised to capitalize upon any alleviation of competitive behavior or upon a normalizing market backdrop, leveraging our investments that are focused on winning in the long term. Even as we continue to lean into long-term initiatives that are driving our mix of repeat orders higher, new customer acquisition via performance marketing remains an important channel.

我們將繼續專注於強大的單位經濟效益和培養我們市場的長期黏著度。因此，我們正在鞏固我們長期以來的業務優勢，並準備好利用競爭行為的任何緩和或正常化的市場背景，利用我們專注於長期取勝的投資。即使我們繼續依靠長期計劃來推動重複訂單組合的增加，透過績效行銷獲取新客戶仍然是一個重要管道。

Accordingly, we are excited that Adam Stewart has now officially joined our Board of Directors. As we briefly touched on last quarter, Adam joins us with almost two decades of experience at Google, including his current position overseeing advertising partnerships and integrated solutions, including Google.com. Adam's extensive knowledge will be very valuable as we seek to drive further efficiencies in this channel.

因此，我們很高興亞當斯圖爾特現已正式加入我們的董事會。正如我們上個季度簡要提到的，亞當在谷歌擁有近二十年的工作經驗，目前負責監督廣告合作夥伴關係和整合解決方案，包括 Google.com。當我們尋求進一步提高該管道的效率時，亞當的淵博知識將非常有價值。

Now I'd like to turn to the strategic progress that we delivered in the third quarter. Efficiently increasing brand awareness continues to be a long-term priority, helping to drive customer acquisition and ultimately, the household penetration of our brand with key audiences.

現在我想談談我們在第三季取得的策略進展。有效提高品牌知名度仍然是我們的長期重點，有助於推動客戶獲取，並最終推動我們的品牌在主要受眾中的家庭滲透。

In the third quarter, we announced a new strategic partnership with Brandon Marshalls athlete-led media platform, I Am Athlete. The former NFL All-Pro receiver has built an impressive platform portfolio with a wide-reaching and engaged audience base that is passionate about entertainment, sports and live events.

第三季度，我們宣布與 Brandon Marshall 的運動員主導的媒體平台 I Am Athlete 建立新的戰略合作夥伴關係。這位前 NFL 全明星接球手建立了令人印象深刻的平台組合，擁有熱愛娛樂、體育和現場活動的廣泛而活躍的觀眾群。

In addition to exclusive content creation featuring athletes and celebrities, Vivid Seats key brand differentiators are being promoted to millions of sports fans across those channels through native organic mentions during episodes and sponsored content. This unique partnership is a new way for us to engage with fans, growing our brand awareness in new channels and also meet the growing consumer demand for best-in-class and compelling content.

除了以運動員和名人為特色的獨家內容創作外，Vivid Seats 的關鍵品牌差異化因素還透過劇集期間的本地有機提及和贊助內容，透過這些管道向數百萬體育迷進行推廣。這種獨特的合作關係是我們與粉絲互動的新方式，可以在新的管道中提升我們的品牌知名度，同時也滿足消費者對一流和引人注目的內容日益增長的需求。

Our partnership with IAA already appears to have accelerated our impact in social channels. In conjunction with these efforts, we are also leveraging new and expanded strategies that drive engagement and grow affinity for our brand, including expanding our social presence, which is approaching 400,000 followers. We also continue to differentiate our platform and drive marketing efficiencies through Game Center, which is similarly approaching 400,000 lifetime users playing games in our app.

我們與 IAA 的合作似乎已經加速了我們在社群管道的影響力。結合這些努力，我們也正在利用新的和擴展的策略來推動參與度並增強我們品牌的親和力，包括擴大我們的社交影響力，目前我們的粉絲已接近 40 萬。我們也將繼續透過 Game Center 來區分我們的平台並提高行銷效率，目前在我們的應用程式中玩遊戲的終身用戶數量已接近 400,000。

As we've shared in the past, our engagement efforts are proving successful with Game Center users frequently browsing tickets while playing, which is translating to app orders. We are excited to share that 95% of ticket orders from Game Center users now occur within our app, incurring nearly 0 marketing expense.

正如我們過去所分享的那樣，我們的參與工作已證明是成功的，遊戲中心用戶在玩遊戲時頻繁瀏覽門票，這轉化為應用程式訂單。我們很高興地告訴大家，目前 95% 的遊戲中心用戶門票訂單都是在我們的應用程式內進行的，幾乎不需要任何行銷費用。

Orders from repeat customers, whether driven through game center engagement or through other initiatives such as our industry-leading Vivid Seats Rewards program are highly accretive, and we look forward to incremental efficiencies as our investments in these initiatives have more room to run.

無論是透過遊戲中心參與還是透過其他舉措（例如我們行業領先的 Vivid Seats Rewards 計劃）推動的回頭客訂單都具有很高的增值性，我們期待隨著對這些計劃的投資有更大的發揮空間，效率能夠不斷提高。

Next, I'd like to take a moment to highlight the progress and efficiencies that we are continuing to drive through synergies with our Vegas.com acquisition. Early on, we began cross-listing complementary Vivid Seats inventory on Vegas.com. We are excited to share that orders from cross-listed inventory are run rating at approximately 1% of our marketplace GOV.

接下來，我想花點時間強調我們透過收購 Vegas.com 所產生的協同效應而持續推動的進展和效率。在早期，我們就開始在 Vegas.com 上交叉列出互補的 Vivid Seats 庫存。我們很高興地告訴大家，交叉上市庫存的訂單運行評級約為我們市場 GOV 的 1%。

Additionally, as we discussed last quarter, our cross-sell campaign to convert Vegas.com customers to Vivid Seats customers in their home markets is off to a promising start with nearly 50% of cross-sell e-mails being opened by customers. This campaign is now bearing fruit and converting to incremental orders and new Vivid Seats customers. As more Vegas.com cohorts edge to their next live event purchase back home, we believe this channel will ultimately be another contributor to profitable GOV growth.

此外，正如我們上個季度所討論的那樣，我們旨在將 Vegas.com 客戶轉變為本土市場 Vivid Seats 客戶的交叉銷售活動取得了良好的開端，近 50% 的交叉銷售電子郵件都被客戶打開。這項活動目前已取得成效，並帶來了增量訂單和新的 Vivid Seats 客戶。隨著越來越多的 Vegas.com 用戶在國內購買下一場現場活動門票，我們相信該頻道最終將成為 GOV 盈利性增長的另一個貢獻者。

As we think about our TAM, we continue to make great progress with our investments in strategically building out our global platform. As we've discussed previously, we are internationalizing our platform and capabilities to scale efficiently as we expand our TAM across geographies. We remain focused and on track to launch operations in select geographies by the end of the year.

當我們思考我們的 TAM 時，我們在策略性地建立我們的全球平台方面的投資繼續取得巨大進展。正如我們之前所討論的，我們正在使我們的平台和能力國際化，以便在我們跨地域擴大 TAM 的同時有效擴展規模。我們將繼續集中精力並按計劃在今年年底前在選定的地區開展業務。

On the seller side of our marketplace, we are excited to announce that our innovative pricing tool, SkyBox Drive, recently exited its beta phase and was met with rapid demand. As a result, we are already in the process of onboarding over 100 users and also have a sizable waitlist of prospective users. We are pleased with the reception of our product, which is turnkey, integrated and exclusive to our SkyBox ERP and leverages the power of Vivid Seats marketplace data.

在我們市場的賣方方面，我們很高興地宣布，我們的創新定價工具 SkyBox Drive 最近結束了測試階段，並且受到了迅速追捧。因此，我們目前已開始接納超過 100 名用戶，還有大量潛在用戶等待加入。我們對我們的產品的接受度感到非常高興，它是交鑰匙的、集成的、專用於我們的 SkyBox ERP，並且利用了 Vivid Seats 市場數據的強大功能。

We look forward to driving incremental adoption with the hundreds of additional SkyBox sellers on our wait list. It's important to remember that SkyBox remains the industry-leading ERP with over 55% of our professional sellers exclusively using our ERP to run their businesses. The added functionality of SkyBox Drive is a significant step that will further enforce the stickiness of SkyBox and fortify our already leading position with professional sellers.

我們期待著透過等候名單上的數百名額外 SkyBox 賣家來推動逐步採用。重要的是要記住，SkyBox 仍然是業界領先的 ERP，超過 55％ 的專業賣家專門使用我們的 ERP 來經營他們的業務。SkyBox Drive 的新增功能是一項重要舉措，將進一步增強 SkyBox 的黏性，鞏固我們在專業賣家中的領先地位。

Lastly, I wanted to share that we recently announced Vivid Seats was included in Newsweek's list of America's Best Customer Service 2025 in the ticketing category for the fifth time. As a company that is focused on rewarding fans and creating the most exceptional experiences in our industry, we are proud to be recognized again by Newsweek for our excellence in customer service.

最後，我想分享一下，我們最近宣布 Vivid Seats 第五次被《新聞周刊》列入 2025 年美國最佳客戶服務票務類別名單。作為一家致力於獎勵粉絲和創造行業最出色體驗的公司，我們很榮幸再次獲得《新聞周刊》對卓越客戶服務的認可。

In summary, we made substantial strategic progress during the quarter, particularly through unlocking synergies with Vegas.com and with the full launch of SkyBox Drive. We are confident that the differentiated products and initiatives fostering stickiness to our platform will drive long-term growth and value in our marketplace, both in North America and abroad with our imminent international launch.

總而言之，我們在本季度取得了實質性的策略進展，特別是透過與 Vegas.com 實現協同效應以及全面推出 SkyBox Drive。我們相信，隨著我們即將推出國際市場，差異化的產品和舉措將增強我們平台的黏性，從而推動我們在北美和海外​​市場的長期成長和價值。

In the meantime, we will continue to operate with the discipline and flexibility that we demonstrated in the third quarter. With the anticipated return of concert growth in 2025, we expect to return to organic growth and to continue delivering a double-digit growth CAGR over the long term.

同時，我們將繼續秉承第三季所展現的紀律和靈活性。隨著 2025 年音樂會成長的預期回歸，我們預計將恢復有機成長並在長期內繼續實現兩位數的複合年增長率。

With that, I will turn it over to Larry for a more detailed review of the quarter.

接下來，我將把權力移交給拉里 (Larry)，讓他對本季進行更詳細的回顧。

Thanks, Stan. In the third quarter of 2024, we generated $872 million of marketplace GOV, a 13% year-over-year decline. The drop in marketplace GOV was driven by an 11% year-over-year reduction in average order size and a 2% year-over-year decline in total marketplace orders.

謝謝，斯坦。2024 年第三季度，我們創造了 8.72 億美元的市場 GOV，年減 13%。市場訂單總額的下降是由於平均訂單規模年減 11% 以及市場訂單總量年減 2%。

Our lower average order size is a result of pressure on concert AOS, resulting in part from a softer stadium lineup, along with our acquisitions bringing lower average order sizes. Despite the soft AOS seen in the third quarter, since 2019, our average order size has grown organically at a 2% CAGR, and we continue to expect a 3% to 4% AOS CAGR moving forward.

我們的平均訂單量較低是由於音樂會 AOS 的壓力，部分原因是體育場陣容較弱，加上我們的收購導致平均訂單量較低。儘管第三季的 AOS 表現疲軟，但自 2019 年以來，我們的平均訂單規模以 2% 的複合年增長率有機成長，我們預計未來 AOS 的複合年增長率仍將達到 3% 至 4%。

I would also note there were several large concert tour cancellations in the third quarter, which were headwinds to marketplace GOV and total marketplace orders. We delivered $187 million of revenues in the third quarter, roughly flat year-over-year despite the decline in marketplace GOV. We delivered strong unit economics led by a 17.5% take rate, which was up 200 basis points year-over-year.

我還要指出的是，第三季有幾場大型巡迴演唱會被取消，這對市場 GOV 和市場總訂單造成了阻力。我們第三季的營收為 1.87 億美元，儘管市場 GOV 有所下降，但與去年同期相比基本持平。我們實現了強勁的單位經濟效益，其中，接受率為 17.5%，比去年同期上升了 200 個基點。

We delivered $34 million of adjusted EBITDA in the third quarter, which was slightly higher year-over-year. We are pleased with our 18% adjusted EBITDA margin despite lower marketplace GOV than anticipated.

我們第三季的調整後 EBITDA 為 3,400 萬美元，較去年同期略有成長。儘管市場 GOV 低於預期，但我們對 18% 的調整後 EBITDA 利潤率感到滿意。

Lastly, on guidance. We now expect 2024 Marketplace GOV to be in the range of $3.8 billion to $4.0 billion, 2024 revenues in the range of $760 million to $780 million and 2024 adjusted EBITDA in the range of $145 million to $155 million. These revised ranges incorporate challenging concert supply dynamics as well as continued marketing intensity expected in the fourth quarter, along with a range of outcomes for remaining 2025 concert on sales. We will continue to operate with discipline and anticipate the return of concert industry growth in 2025. Back to you, Stan.

最後，關於指導。我們現在預計 2024 年 Marketplace GOV 將在 38 億美元至 40 億美元之間，2024 年營收將在 7.6 億美元至 7.8 億美元之間，2024 年調整後 EBITDA 將在 1.45 億美元至 1.55 億美元之間。這些修訂後的範圍考慮到了具有挑戰性的音樂會供應動態以及第四季度預計持續的營銷強度，以及 2025 年剩餘音樂會銷售的一系列結果。我們將繼續嚴守紀律，並預期 2025 年音樂會產業將恢復成長。回到你身邊，史丹。

Thanks, Larry. Wrapping up, we delivered key strategic progress in the third quarter and continue to position our platform for long-term growth and profitability. Strong consumer demand for live events continues, and we expect an acceleration in industry growth in 2025 as favorable tailwinds for live events intersect with normalizing supply. With that, operator, let's open it up for questions.

謝謝，拉里。總而言之，我們在第三季取得了關鍵的策略進展，並繼續為長期成長和獲利奠定基礎。消費者對現場活動的強勁需求持續存在，隨著現場活動的有利條件與正常化供應的結合，我們預計 2025 年產業成長將加速。接線員，現在我們可以開始提問了。

(Operator instructions) Andrew Marok, Raymond James.

(操作員指令) Andrew Marok，Raymond James。

I was wondering if you could dig into the implied take rate guidance in 4Q a little bit. We saw 2Q, 3Q come up above recent trends, and it looks like 4Q is maybe coming back down a little bit. So just wondering if you could get into some of the drivers behind that and maybe how your loyalty program is playing into that.

我想知道您是否可以深入了解第四季度隱含的利率指引。我們看到第二季、第三季的業績高於近期趨勢，而且看起來第四季可能會略有下降。我只是想知道您是否可以介紹一下這背後的一些驅動因素，以及您的忠誠度計劃是如何發揮這種作用的。

Yeah. Thanks, Andrew. Yeah, I think as you noted, strong performance on take rate in Q2 and Q3. I think that's a combination of a couple of factors, some of which we think will continue, some of which I think we want flexibility, right? So we're always looking to balance take rate and volume. And as you can imagine, if you try to push take rates, that puts pressure on volume and the inverse is also true.

是的。謝謝，安德魯。是的，我認為正如您所說，第二季和第三季的接受率表現強勁。我認為這是多種因素的結合，我們認為其中一些因素將會持續下去，而我認為我們需要靈活性，對嗎？因此，我們始終致力於尋求平衡接受率和接受量。你可以想像，如果你試著提高接受率，這會對交易量造成壓力，反之亦然。

And depending on how market environments evolve, we want to make sure that we're retaining the ability to flex accordingly. The second piece I'd say, this will vary based on mix. But generally speaking, World Series is a quite high ticket or high AOS event. And when World Series increases as a percentage of the book of business, that will have a deflating effect on take rates. And I don't think it would be unreasonable to call the World Series matchup this year, the dream scenario. And so while I think that's a very nice answer on a nominal basis when you look at percentage take rates that will create a little bit of a downward pressure.

根據市場環境的變化，我們希望確保我們保留相應靈活的能力。我想說的第二點是，這將根據混合而變化。但一般來說，世界大賽是一項票價或 AOS 相當高的賽事。當世界大賽在業務中所佔的比例增加時，這將對收費率產生負面影響。我認為將今年的世界大賽對決稱為夢幻場景並不為過。因此，雖然我認為從名義上來說這是一個非常好的答案，但當你看百分比利率時，它會產生一點下行壓力。

Got it. Dream scenario, I think Yankee fans may argue with that. But maybe a higher-level question as it relates to kind of the overall ecosystem, and then I'll jump back in the queue. But when you're talking about '24 being a digestion year, I know normal has kind of been hard to come by since the pandemic. But in kind of a normalized environment, do you see this largely as a cycle, like a couple of big years, a digestion year? Or is it something that's kind of just idiosyncratic based on when big artists decide to tour?

知道了。夢想的場景，我想洋基隊的球迷可能會對此有異議。但也許是一個更高層次的問題，因為它與整體生態系統有關，然後我會回到隊列中。但當你說 24 年是消化年時，我知道自從疫情爆發以來，恢復正常狀態已經很難了。但在正常化的環境中，您是否認為這在很大程度上是一個週期，例如幾年的大年或消化年？或者這只是基於大牌藝術家巡迴時間的特殊情況？

Yeah, it's a great question. The phrase that we use most often on our side is event mix. And I think you can have multiple drivers of variance or multiple sign curves happening across the various leads and categories that can blend together into a more difficult to predict trend. So if you were to focus exclusively on concerts, which I think is the story of this quarter, when Q3, which is a bit more concert heavy, you saw particularly challenging comps where the lineup last year at the top of the ticket was quite strong and diversified across a number of artists. But the tippy top was particularly strong. You move into this year, just a different story, right, a more distributed number of artists playing in smaller venues. If we had fairly meaningful headwinds there.

是的，這是一個很好的問題。我們最常使用的短語是事件組合。我認為，在不同的線索和類別中，可能會出現多個方差驅動因素或多個符號曲線，它們可以混合在一起形成更難預測的趨勢。因此，如果您只關注音樂會，我認為這是本季度的故事，那麼在音樂會更加豐富的第三季度，您會看到特別具有挑戰性的比賽，去年門票價格最高的陣容非常強大，並且由多位藝術家組成。但尖端特別堅固。進入今年，情況就不同了，在較小的場地演出的藝術家數量更加分散。如果我們在那裡遇到了相當嚴重的逆風。

Flip the script a little bit to sports. This year, in Q1, we touched on a little bit, we had a really nice college football playoff match up, lapping a not so good college football playoff match up. Heading into '25, you'll have expanded playoffs. So you're probably set up for another nice event mix there. Great World Series matchup this year, pretty poor World Series matchup from a ticketing standpoint last year. So those are competing. Then you go to theater, you had a record-setting Matt Rife on sale and tour happening last year, not the same thing happening this year. And so you sort of have to map all those together.

將劇本稍微翻轉一下，轉向運動方面。今年，在第一季度，我們稍微談到了這一點，我們有一場非常精彩的大學橄欖球季後賽比賽，以及一場不太好的大學橄欖球季後賽比賽。進入25年，季後賽將會擴大。因此，您可能已經為另一個不錯的活動組合做好了準備。今年的世界大賽對決非常精彩，但從票務角度來看，去年的世界大賽對決相當糟糕。因此它們之間存在競爭。然後你去劇院，去年有創紀錄的馬特·萊夫 (Matt Rife) 演出票房和巡演，而今年的情況不一樣。所以你必須將所有這些映射到一起。

And across the categories, you can have tailwinds, headwinds, and it adds to some of the challenge in precisely predicting where it will go. But I do think it is fair to assume some level of oscillation based on event mix, much of which is exogenous and not really indicative of fundamental trends.

在各個類別中，都可能存在順風和逆風，這為準確預測其走向增加了一些挑戰。但我確實認為，根據事件組合假設一定程度的波動是公平的，其中大部分是外生的，並不真正表明基本趨勢。

[Maria Ripps].

[瑪麗亞·里普斯]。

First, can you maybe talk about your expectations for the broader industry growth next year sort of given the potentially more robust concert supply calendar comping a weak year, I guess how should we think about growth relative to a more normalized high single-digit sort of growth rate?

首先，您能否談談對明年整個行業增長的預期，考慮到疲軟的一年可能會有更強勁的音樂會供應日程，我想我們應該如何看待相對於更正常化的高個位數增長率的增長？

Maria, thanks for the question. Yeah, look, I think as we've discussed on the prepared remarks and I think today, I think what we've seen this year and maybe adding a little bit more color back to beyond the distribution of the artists on the concert side, I think you had a sort of a retrenchment or digestion of the venues as well, where we certainly saw much larger concentration of arenas versus stadiums, certainly reflected by others in the industry as well. And as we look forward to next year, we remain really bullish about the secular trends that we've seen in the category.

瑪麗亞，謝謝你的提問。是的，看，我認為正如我們在準備好的發言中討論的那樣，我認為今天，我認為我們今年所看到的，也許除了音樂會方面的藝術家分佈之外，還增加了一些其他色彩，我認為你們對場地也進行了某種程度的縮減或消化，我們當然看到競技場的集中度遠遠高於體育場，這當然也反映在業內其他人的身上。展望明年，我們仍然對該類別中看到的長期趨勢持樂觀態度。

We've certainly heard, I think, others in the industry remark about how there will be a return to stadium tours in strength next year. And I think we remain excited about that prospect. And certainly, as we've been looking at it, we use the data that we have available tangibly, and we remain, I think, optimistic and looking forward as the slate for next year continues to unveil itself.

我想，我們當然聽過業內其他人的評論，關於明年體育場巡演將會強勢回歸。我認為我們仍然對這一前景感到興奮。當然，正如我們所看到的，我們將使用我們擁有的實際數據，我認為，隨著明年的名單陸續揭曉，我們仍然保持樂觀並期待。

Got it. And then I just wanted to get a little bit more color sort of on your Q4 or full year guidance or implied Q4 guidance. So I think your prior guidance sort of suggested that the strong 2025 concert lineup should sort of support sales in Q4. Can you maybe just talk about what has changed here more recently? Is it just the timing of some of those events kind of with them shifting sort of later into the year? Or is there anything else to keep in mind here, sort of understanding that sort of near-term dynamics here a little bit weak.

知道了。然後，我只是想對您的第四季或全年指引或隱含的第四季指引進行更多的了解。因此，我認為您之前的指導表明強大的 2025 年音樂會陣容應該會為第四季度的銷售提供支援。您能談談最近這裡發生了什麼變化嗎？是不是某些活動的時間安排在了今年稍後？或者還有其他需要注意的嗎，對這裡的近期動態的理解有點弱。

Yeah. Thanks, Maria. I think there's two things happening. The first, I think we've commented on -- and you can see in the numbers, softness in the concert slate in Q3. And until the next wave of on sales happens in mass, I think you can presume that, that softness would continue. So as you start moving into Q4, call it, the softer-than-expected performance we saw in August and September in the concert space continues into October. It's not an unreasonable extrapolation.

是的。謝謝，瑪麗亞。我認為發生了兩件事。首先，我想我們已經評論過了——你可以從數字中看到，第三季度的音樂會數量有所減少。我認為，您可以推測，在下一波大規模銷售出現之前，這種疲軟態勢將會持續下去。因此，當進入第四季度時，我們在 8 月和 9 月看到的音樂會表現弱於預期的趨勢將持續到 10 月。這並非是一個不合理的推論。

And then, yes, we have talked about hopes and expectations for a robust calendar. We've seen a few, right, Coldplay, Oasis, Roof is the Soul. Not enough as of today to declare victory on it being a robust calendar. So there's still a fair bit of speculation. And so what we tried to strike was a balance where it's closer to reflecting what we know while acknowledging that there's been positive comments, those positive comments just haven't manifested in tangible reliable announcements in mass yet.

是的，我們談論了對強大日曆的希望和期望。我們看過一些，對的，Coldplay、Oasis、Roof is the Soul。截至今天，還不足以宣告這是一個強大的日曆的勝利。因此仍然存在相當多的猜測。因此，我們試圖取得一種平衡，使其更接近反映我們所知道的情況，同時承認存在積極的評論，只是這些積極的評論尚未大量體現在切實可靠的公告中。

[Ryan Sigdahl].

[瑞安·西格達爾]。

Stan, you mentioned high marketing intensity. That's been a common theme now for several quarters. I guess it's consistent with our checks as well, and Moody's actually cut their free cash flow estimate by nearly $200 million and cut in half on one of your scale competitors, which is evident of that. But given this ongoing headwind, does it make you rethink Vivid's near-term and then maybe even longer-term strategy on customer acquisition?

史丹，您提到了高行銷強度。這已經成為幾個季度以來的共同主題。我想這也與我們的檢查結果一致，穆迪實際上將其自由現金流預期下調了近 2 億美元，並將其中一個規模競爭對手的自由現金流預期削減了一半，這一點就顯而易見。但考慮到這種持續的不利因素，您是否會重新考慮 Vivid 的短期甚至長期客戶獲取策略？

Yeah. I mean, look, I think spot on with what you've seen in your research. Certainly, when others go out, and I think, take aggressiveness to the point of certain uneconomic volume. I think we're always faced with decisions that we have to make, both in the near term and the long term. And what I would say is, as you've seen evidenced by, I think, our investments and certainly our results, we've always prioritized long-term value, right? I think the investments that we make continue to differentiate our product ecosystems continue to allow us almost, if you think about mix, to be fairly prescriptive and direct about the volume that we do target, right?

是的。我的意思是，你看，我認為這與你在研究中看到的完全一致。當然，當其他人出去時，我認為，會採取激進的態度，達到某種不經濟的程度。我認為我們總是面臨著必須做出的決定，無論是短期或長期。我想說的是，正如您所看到的，從我們的投資和績效來看，我們始終優先考慮長期價值，對嗎？我認為，我們所做的投資將繼續區分我們的產品生態系統，如果你考慮組合的話，這幾乎可以讓我們對我們的目標數量進行相當規範和直接的說明，對嗎？

I think we have the industry's leading loyalty program. You can certainly see us fortifying the products that we have across both sides of the marketplace. And as evidenced even in a supply challenged quarter, the ability to continue to deliver strong unit economics. So I think what you'll see from us is certainly a discipline in how we execute a focus on the long term, and should market environment change, I think the ability to always pivot and pivot nimbly to capture opportunity.

我認為我們擁有業界領先的忠誠度計劃。您當然可以看到我們正在強化我們在市場兩端的產品。事實證明，即使在供應面臨挑戰的季度，我們仍然能夠繼續實現強勁的單位經濟效益。因此，我認為您將從我們身上看到的肯定是我們如何執行長期關注的紀律，並且如果市場環境發生變化，我認為我們總是能夠靈活地轉變以抓住機會。

Helpful. Follow-up question, SkyBox Drive. Congrats on moving that out of beta testing into full market launch. Where are you seeing the most excitement? I know it's early with that onboarding, but is it with the smaller professional sellers, the bigger ones across the board? Is it giving new users on the ERP system as kind of a way to further evidence that? Or is it with the existing customers, et cetera, et cetera? But where are you seeing the most success early on?

很有幫助。後續問題，SkyBox Drive。恭喜您已完成 Beta 測試並全面投入市場。您在哪裡看到最令人興奮的事情？我知道現在還處於早期階段，但是這個計劃是針對規模較小的專業賣家，還是針對規模較大的賣家？它是否為 ERP 系統提供了新用戶以進一步證明這一點？還是與現有客戶等等等？但是您在早期看到哪裡取得了最大的成功？

Yeah, it's a great question. Look, I think we're excited and pleasantly surprised at the pace of the adoption and excitement. I think as you heard in the remarks, we're over 100 people already onboarded onto the platform as we've brought it out of beta. And maybe piecing that apart, certainly, as you think about the range of sellers, I think it's certainly across size.

是的，這是一個很好的問題。看，我認為我們對採用和興奮的速度感到興奮和驚喜。我想正如您在評論中聽到的那樣，隨著我們推出測試版，已經有超過 100 人加入了該平台。也許可以將其分開，當然，當您考慮賣家的範圍時，我認為這肯定是跨規模的。

We've seen lots of interest and rapid adoption. If you think about new users versus -- on to SkyBox versus existing, it skews a little bit in this early stage to existing users. And naturally so, as you can think about the way we design that was meant to be turnkey integration for existing SkyBox users where it is almost no effort to bring folks onboard and now they have access to an industry-leading product that we believe has wonderful differentiated features and unique data that's powered by the Vivid Seats marketplace. So really pleasantly surprised and again, very optimistic about the prospects as we've seen, I think, rapid, rapid adoption in these early days.

我們看到了大量的興趣和快速的採用。如果您考慮新用戶與 SkyBox 現有用戶的對比，您會發現在早期階段，現有用戶的傾向略有偏差。這是很自然的，正如你所想像的，我們設計的方式是為現有的 SkyBox 用戶提供交鑰匙集成，幾乎不需要花費任何精力就可以讓人們加入，現在他們可以使用業界領先的產品，我們相信該產品具有出色的差異化功能和獨特的數據，並且由 Vivid Seats 市場提供支持。所以真的令人驚喜，而且我對前景非常樂觀，因為我們看到，在早期階段，這種技術被迅速採用。

[Dan Kurnos].

[丹·庫諾斯]。

Great. I'm going to just give you a few rapid fires. Stan, just any thoughts on the change in administration and what that means for either antitrust or consolidation and M&A in the space. Also, maybe, Stan, just thoughts on -- I know this is a very common topic, but we've seen some sports venues trying to sort of price in the secondary delta these days. So just your thoughts on being able to maintain kind of that gap with primary.

偉大的。我只想給你幾句快速的問答。史丹，您對政府變動有何看法，以及這對反壟斷或合併和併購領域意味著什麼。另外，史丹，也許只是想法——我知道這是一個非常常見的話題，但是我們已經看到一些體育場館最近試圖在二級三角洲定價。所以你的想法是如何能夠保持與小學之間的差距。

And then lastly, for Larry, just want to get a sense. I know there's a ton of noise with cancellations and moving pieces here and venue mix, but just free cash conversion dynamics, just when do we get back to that 60% to 70% flow-through? And are there any other kind of puts and takes we might want to think about?

最後，對拉里來說，只是想了解一下。我知道這裡有大量關於取消、移動部件和場地組合的噪音，但只是免費現金轉換動態，我們什麼時候才能回到 60% 到 70% 的流通率？我們是否還需要考慮其他類型的優缺點？

Dan, thanks for the rapid fire. We'll try to rapidly respond as well. On the first one, still really early days, so very hard to say. I think what's certain is that there will be change, and it looks like there will be change across the spectrum there. And so I think us, along with everybody else, will continue to watch and ensure that we have line of sight and a pulse on what that means for the industry.

丹，謝謝你的快速反應。我們也會盡力迅速回應。關於第一個問題，目前還處於早期階段，所以很難說。我認為可以肯定的是，將會發生變化，而且看起來各個方面都會改變。因此，我認為我們和其他人一樣，將繼續關注並確保我們能夠了解並掌握這對行業意味著什麼。

On the second one, as you look at, I think, where you're seeing perhaps as you allude to venues, I think I remain really centered on the fact that the secondary ecosystem benefits greatly all who participate from a distribution standpoint. That includes the venues, that includes the rights holders. And certainly, on the consumer side, the incremental distribution that we provide remains really strong.

關於第二個問題，正如您所看到的，我想，您可能提到了場地，我認為我仍然真正關注這樣一個事實，即從分銷的角度來看，二級生態系統極大地造福了所有參與者。其中包括場館，也包括版權持有者。當然，在消費者方面，我們提供的增量分銷仍然非常強勁。

And so I think as we look into the future, we remain really confident that working together across the ecosystem, this industry and this platform will continue to see lots of growth as consumers, frankly, look for more choice, look for more option, more distribution and continue to prioritize live events moving forward.

因此，我認為，展望未來，我們仍然堅信，透過整個生態系統的共同努力，這個產業和這個平台將繼續大幅成長，因為坦白說，消費者尋求更多的選擇、更多的選項、更多的分銷管道，並繼續優先考慮現場活動。

And Larry, the free cash question.

還有拉里，關於免費現金的問題。

The cash flow conversion. Nothing's changed with our fundamental model and belief in our 60% plus conversion in a normalized growth environment. We've talked about the bridge from EBITDA to cash flow. We've got some CapEx, that's a negative, that's typically offset by benefit from our working capital float. And then you have interest and taxes, and that's sort of the bridge from EBITDA to actual cash on the balance sheet.

現金流轉換。我們的基本模型和對在正常化成長環境下 60% 以上轉換率的信念沒有任何改變。我們已經討論了從 EBITDA 到現金流的橋樑。我們有一些資本支出，這是負面的，但通常會被我們的營運資本浮動收益所抵消。然後還有利息和稅金，這就是從 EBITDA 到資產負債表上的實際現金的橋樑。

What we've seen in 2024 certainly have come in as evidenced by our reduction to guidance with less top line growth. And so that working capital line, which was a meaningful tailwind in 2023, has turned into a meaningful headwind in 2024. And so when we look across a combined view of '23 and '24, in 2023, we had something approaching 85%, 90% cash conversion, which is obviously higher than our target by quite a bit, that attributable to the working capital benefit.

我們在 2024 年看到的情況確實已經出現，這一點可以從我們下調預期以及營收成長放緩中看出。因此，營運資本線在 2023 年是一個有意義的順風，但在 2024 年變成了有意義的逆風。因此，當我們回顧 23 年和 24 年的綜合情況時，在 2023 年，我們的現金轉換率接近 85% 到 90%，這顯然比我們的目標高出不少，這歸功於營運資本利得。

This year, we're trending quite a bit below our target, closer to not generating cash this year. But when you smooth them across, it gets you in the vicinity of a 50% cash conversion. And then if you sort of normalize the growth rate against that you'd be right back to that 60%-ish range. So as we look forward to 2025, expecting a return to growth, assuming things remain steady, I think that 60% to 70% conversion is the right paradigm to assume.

今年，我們的獲利趨勢遠低於目標，接近今年不產生現金。但當你將它們平滑處理後，你的現金轉換率就會達到 50% 左右。然後，如果您將成長率以此為基準進行標準化，您將回到 60% 左右的範圍。因此，展望 2025 年，我們預期會恢復成長，假設情況保持穩定，我認為 60% 到 70% 的轉換率是正確的假設範式。

[Cameron], Morgan Stanley.

[卡梅倫]，摩根士丹利。

Two, if I can. First, as we think about the industry headwinds and then the potential reversal heading into next year, I was wondering if you could give -- provide some color on which -- across the channels, where that pressure is coming from. So whether it's broad-based, whether it's primarily a consumer-to-consumer sale headwind, whether -- to what extent it's a professional seller kind of headwind and reversal or just a little bit of channel unpacking across that dynamic, if it's relevant.

如果可以的話，我會給兩個。首先，當我們思考產業逆風以及明年可能出現的逆轉時，我想知道您是否可以提供一些細節，說明這種壓力來自哪個管道。因此，無論它是否具有廣泛性，也無論它是否主要是消費者對消費者的銷售逆風，無論它在多大程度上是一種專業賣家的逆風和逆轉，還是只是這種動態中的一點點渠道解體，如果它是相關的。

And then kind of broader industry question. There were some headlines around the recent Oasis tour on cancellations happening, on ticket inventory that was being resold. I think that was just regarding the U.K. on sale, so maybe not any real direct impact to you guys. But I'd be curious if you have any thoughts on whether that's a practice that you think could become more common or whether you see that as just kind of a one-off situation?

然後是更廣泛的行業問題。最近，綠洲樂隊巡迴演唱會的一些頭條新聞被取消，門票庫存被轉售。我認為這僅涉及英國的銷售，所以可能對你們沒有任何真正的直接影響。但我很好奇，您是否認為這種做法會變得更加普遍，或者這只是一種一次性的情況？

Thanks, Cameron. Yeah, I'll take the first part. As we think about where there's been headwinds, I would not call out a delineation between the type of seller. I would say concerts, if you look at the category level delineation, concerts quite soft, particularly challenging year-over-year comp in Q3, but sequentially soft as well. I would contrast that.

謝謝，卡梅倫。是的，我會選擇第一部分。當我們思考哪裡有阻力時，我不會對賣家的類型進行劃分。我想說的是，如果您從類別層面來劃分，音樂會的表現相當疲軟，尤其是第三季的同比表現具有挑戰性，但環比表現同樣疲軟。我想對此進行對比。

Sports has had a quite strong year, frankly, above their typical or that category's typical growth rate, and that has some ebbs and flows throughout the year, but it's been -- it started out strong. It's going to end strong and a really nice outperformer. And then theater, I put in the consistent with long-term trajectory. So it's really been a sports and theater are strength. That's what ballast our belief that this is not a demand issue. Concerts have been soft, and we think it really has been a relative supply weakening.

坦白說，體育產業今年表現相當強勁，成長率超過了其典型或該類別的典型成長率，雖然全年都有一些起伏，但總體來說，開局強勁。它將以強勁的表現結束，並取得非常好的成績。然後是劇院，我將其與長期軌跡保持一致。所以，體育和戲劇確實是我們的強項。這讓我們堅信這不是需求問題。音樂會一直表現疲軟，我們認為這實際上是相對的供應減弱。

The other slice on where it has been tougher sledding year-over-year and what's been a headwind would be by marketing channel. And I think we've alluded to it, but certainly the performance marketing sleeve where select competitors that have been discussed earlier on the call, have taken a meaningfully more aggressive posture, and that's put pressure on the incremental orders, the incremental dollar of GOV, which by our math, is coming through in an uneconomic way.

與去年相比，另一個困難和阻力來自於行銷管道。我想我們已經提到過這一點，但可以肯定的是，在績效營銷方面，我們在電話會議上討論過的選定的競爭對手採取了更為積極的姿態，這給增量訂單、GOV 的增量美元帶來了壓力，根據我們的計算，這是以一種不經濟的方式實現的。

Yeah. Then I think your other question, Cameron, I think -- yes, we read it, I think, very similar to you that I think that pertains more to the UK. And I think as we look at the space, I think we've always looked at ensuring that we provide consumers a wonderful platform for selecting tickets. And we've got a great buyer guarantee.

是的。然後我想你的另一個問題，卡梅倫，我想——是的，我們讀到的，我想，與你的非常相似，我認為這更多地涉及英國。我認為，當我們審視這個領域時，我們一直在努力確保為消費者提供一個絕佳的購票平台。並且我們有極佳的買家保證。

We've got -- we've just recently been recognized as best consumer service by Newsweek again in ticketing. And I think we continue to see, I think, lots of strength in distribution. And so I think we'll continue to provide a platform with security and confidence for consumers and continue investing in that moving forward.

我們最近再次被《新聞週刊》評為票務領域最佳消費者服務。我認為，我們將繼續看到分銷領域的巨大優勢。因此，我認為我們將繼續為消費者提供一個安全且可信賴的平台，並繼續為此進行投資。

Thomas Forte, Maxim Group.

托馬斯‧福特 (Thomas Forte)，馬克西姆集團。

So one question and one follow-up. Can you give your current thoughts on some of the fast-growing emerging sports trends, women's professional sports, soccer, both MLS and international events expected to be held in the US?

因此，有一個問題和一個後續問題。您能否談談對一些快速發展的新興運動趨勢、女子職業運動、足球、美國職業足球大聯盟以及預計在美國舉辦的國際賽事的看法？

Tom, yeah, really what -- I mean, great year for that as we continue to see, I think, certainly earlier in the year and moving forward, I think what started with record-setting women's NCAA performance then continuing to move as some of those stars progressed into the WNBA. So I think we've continued to see strength and growth there, and we remain really excited, I think, about those being contributors to the overall sports categories in ways that they haven't before.

湯姆，是的，真的——我的意思是，今年是偉大的一年，正如我們繼續看到的那樣，我認為，當然是從今年早些時候開始，並且展望未來，我認為這始於創紀錄的女子 NCAA 表現，然後隨著一些明星晉級 WNBA，這種勢頭持續發展。因此，我認為我們繼續看到了那裡的實力和成長，我認為，我們仍然對他們以前所未有的方式為整體體育類別做出貢獻感到非常興奮。

Great. And then for my follow-up question, can you again, current thoughts this time on capital allocation, either buying back shares, investing in the business, strategic M&A?

偉大的。然後，對於我的後續問題，您能否再次談談目前對資本配置的想法，無論是回購股票，投資業務，還是策略併購？

Yeah. I think same priorities remain. We will always look for strategically and financially accretive targets. It's not lost on us that the latter part is more difficult to achieve when our multiple is lower than it's been historically. So that will be a factor as we evaluate what can chin the bar. I think it also on a relative basis as you explore buying yourself back versus buying other assets, certainly, where you're trading on a multiple basis is a factor.

是的。我認為優先事項保持不變。我們將始終尋找具有策略和財務增值潛力的目標。我們很清楚，當我們的本益比低於歷史水準時，後者更難實現。因此，這將是我們評估什麼可以達到標準的重要因素。我認為這也是相對而言的，當你探索回購自己資產與購買其他資產時，當然，以多種方式進行交易是一個因素。

On the latter, right, as we return to cash generation and growth, I think we continue to believe that buying ourselves back when we're attractively priced is compelling. And as we've touched on in the past, there's some incremental considerations around how best to execute that, but it does remain something of keen interest for us to resolve.

關於後者，對吧，當我們恢復現金創造和成長時，我認為我們仍然相信，當我們的價格具有吸引力時回購自己是有吸引力的。正如我們過去所提到的，對於如何最好地執行這一目標，我們需要進行一些漸進式的考慮，但這仍然是我們迫切需要解決的問題。

[Ralph], William Blair.

[拉爾夫]，威廉布萊爾。

Two, if I could. Just on international, I think you talked about launching by the end of the year. Stan, maybe kind of just remind us of that opportunity and maybe give us a sense of the competitive nature in some of those markets versus what you might be temporarily seeing here?

如果可以的話，有兩個。就國際業務而言，我想您說過會在年底前推出。史丹，也許您能提醒我們這個機會，讓我們了解一下這些市場中的競爭性質以及您在這裡暫時看到的情況？

And then maybe as a follow-up, just in terms of incremental growth. I think you talked about 1% of GMV coming from cross-sell at Vegas.com. It seems like a good initial start here. But maybe if you could sort of frame that opportunity. Do you have the pieces in place to further scale that GMV contribution? Or just maybe give a sense of how you're thinking about that opportunity.

然後也許作為後續行動，僅就增量成長而言。我認為您談到了 Vegas.com 上 1% 的 GMV 來自交叉銷售。這似乎是一個很好的開始。但也許如果你能把握住這個機會。您是否已準備好進一步擴大 GMV 貢獻？或只是表明你是如何看待這個機會的。

Hey Ralph, sure thing. I think on the first one, I think we're well on track and underway, I think, in internationalizing the infrastructure components of the platform, right? I think we've continued to make good progress and are certainly on track to launch before the end of the year.

嘿，拉爾夫，當然可以。我認為就第一個問題而言，我們在平台基礎設施組件的國際化進程中已經取得了很大的進展，對嗎？我認為我們已經取得了良好的進展，並且肯定預計在年底前推出。

I think we continue to see the international landscape as a big opportunity where we feel like our product and offering competes very nicely in what certainly from our research and optics look to be a less competitive dynamic than here domestically. And so I think we are excited about the ability to go compete and compete meaningfully with a product that, I think, again, is differentiated and will do quite well in that landscape.

我認為，我們繼續將國際格局視為一個巨大的機遇，我們覺得我們的產品和服務具有很好的競爭力，而從我們的研究和觀察來看，國際市場的競爭力似乎不如國內市場。因此，我認為我們對能夠參與競爭並推出有意義的產品感到非常興奮，我認為，這款產品具有差異化，並將在同類產品中表現良好。

On the Vegas front, I think we are still, I would say, early days, but already excited about the fact that we've run rate at that 1%, I'd say, as we've primarily looked at driving the two synergies that we had when we acquired the business, one, driving the accretive inventory across that as a distribution channel, which has proven to be a really, really nice add to a platform that benefits from incremental selection.

在拉斯維加斯方面，我想我們仍然處於早期階段，但我們已經對達到 1% 的運行率感到興奮，因為我們主要著眼於推動收購該業務時產生的兩種協同效應，第一，通過分銷渠道推動庫存增值，事實證明，這對受益於增量選擇的平台來說是一個非常非常好的補充。

On the other side, we've also seen, as you've seen, some of the highest open rate and performance metrics from our CRM campaigns as those Vegas customers go back into their home markets and we introduce them to Vivid Seats.

另一方面，正如您所看到的，隨著那些拉斯維加斯客戶回到他們的本土市場並向他們介紹 Vivid Seats，我們也從我們的 CRM 活動中看到了一些最高的開啟率和效能指標。

All the more so meaningful when you think about an aggressive dynamic where I think the landscape has it that people are out there competing and paying very large acquisition cost for users, we have a free acquisition channel that we are excited about, and we will continue to tap and invest in where we can bring those users home in a very profitable manner.

當你想到一個積極的動態時，這一切就變得更加有意義了，我認為，目前的情況是，人們在競爭，為獲取用戶而支付非常高的成本，我們有一個讓我們興奮的免費獲取渠道，我們將繼續挖掘和投資，以一種非常有利可圖的方式將這些用戶帶回家。

Thank you, everyone, for your participation in today's conference call. This concludes today's Vivid Seats call. You may now disconnect. Thank you.

感謝大家參加今天的電話會議。今天的 Vivid Seats 電話會議到此結束。您現在可以斷開連線。謝謝。