0001193125-25-267993 | 10-Q | XBRL Viewer

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Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization			$ 37,689	$ 31,654
Impairment charges			23,037		$ 0
Loss on extinguishment of debt			(801)	0
Income before income taxes	$ (30,239)	$ 10,630	(376,203)	23,064
Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	136,373	186,605	443,962	575,773
Cost of revenues (exclusive of depreciation and amortization shown separately below)	44,340	51,029	131,294	149,377
General and administrative	45,183	46,306	139,537	149,725
Depreciation and amortization	13,723	10,669	37,689	31,654
Loss from operations	(22,846)	10,766	(358,892)	39,322
Interest expense – net	6,111	6,300	17,410	16,706
Other expense (income) - net	(13)	(9,020)	(154,364)	(3,236)
Loss on extinguishment of debt	0	(0)	(801)	(0)
Income before income taxes	(8,526)	5,296	(154,143)	10,311
Marketplace \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	104,807	152,653	353,025	482,711
Cost of revenues (exclusive of depreciation and amortization shown separately below)	16,769	23,052	55,930	74,356
Marketing and selling	55,973	67,835	173,885	205,695
Contribution margin	32,065	61,766	123,210	202,660
Marketplace \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	52,013	63,500	159,842	189,311
Marketplace \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	3,960	4,335	14,043	16,384
Resale \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	31,566	33,952	90,937	93,062
Cost of revenues (exclusive of depreciation and amortization shown separately below)	27,571	27,977	75,364	75,021
Marketing and selling	0	0	0	0
Contribution margin	3,995	5,975	15,573	18,041
Resale \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	0	0	0	0
Resale \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	0	0	0	0
Consolidated \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	136,373	186,605	443,962	575,773
Cost of revenues (exclusive of depreciation and amortization shown separately below)	44,340	51,029	131,294	149,377
Marketing and selling	55,973	67,835	173,885	205,695
Contribution margin	36,060	67,741	138,783	220,701
General and administrative	45,183	46,306	139,537	149,725
Depreciation and amortization	13,723	10,669	37,689	31,654
Impairment charges	0		320,449
Loss from operations	(22,846)	10,766	(358,892)	39,322
Interest expense – net	6,111	6,300	17,410	16,706
Other expense (income) -net				(3,236)
Other expense (income) - net	(13)	(9,020)	(154,364)
Loss on extinguishment of debt	0		801
Income before income taxes	(28,944)	13,486	(222,739)	25,852
Consolidated \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	52,013	63,500	159,842	189,311
Consolidated \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling	$ 3,960	$ 4,335	$ 14,043	$ 16,384

Goodwill - Net And Intangible Assets - Net

9 Months Ended

Sep. 30, 2025

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Goodwill - Net And Intangible Assets - Net

7. Goodwill – Net and Intangible Assets – Net

Goodwill – Net

Goodwill, which derives from business combinations, is recorded net of foreign currency translation adjustments and accumulated impairment charges. Since our goodwill relates entirely to our Marketplace segment, there is only one reporting unit (the “Marketplace Reporting Unit”) that is relevant for the purpose of performing impairment assessments.

At June 30, 2025, we performed a qualitative impairment assessment to determine if it was more likely than not that the fair value of the Marketplace Reporting Unit was less than its carrying value by evaluating relevant events and circumstances. After considering recent declines in our financial performance, near-term outlook, and Class A common stock price, among other factors, we concluded that it was no longer more likely than not that the fair value of the Marketplace Reporting Unit exceeded its carrying value as of June 30, 2025. As a result, we concluded that a triggering event had occurred and we performed a quantitative impairment test.

The fair value of goodwill in the quantitative impairment test was determined using a combination of an income approach, which estimates fair value based upon projections of future revenues, expenses, and cash flows discounted to their respective present values, and a market approach. The valuation methodology and underlying financial information included in our determination of fair value required significant judgments by management. The principal assumptions used in our discounted cash flow analysis were (i) long-term projections of our financial performance and (ii) the weighted average cost of capital of market participants, adjusted for the risk attributable to our business and industry. The principal assumption used in the market approach was an estimate of a market-based multiple to determine estimated fair value.

Based on our impairment analysis, we determined that the estimated fair value of the Marketplace Reporting Unit was lower than its carrying value, indicating that the goodwill had been impaired as of June 30, 2025. Consequently, we recognized a non-cash impairment expense of $297.4 million related to our goodwill during the three months ended June 30, 2025 and the nine months ended September 30, 2025, which is recorded in Impairment charges in

the Consolidated Statements of Operations.

At September 30, 2025, we performed a qualitative impairment assessment and concluded that a triggering event had not occurred.

The following table summarizes the changes in the carrying amount of goodwill during the nine months ended September 30, 2025 (in thousands):


Gross goodwill balance at December 31, 2024	$	1,320,219
Accumulated impairment charges		(377,100	)
Goodwill – net balance at December 31, 2024		943,119
Foreign currency translation adjustment		2,915
Impairment charges		(297,412	)
Goodwill – net balance at September 30, 2025	$	648,622

As of September 30, 2025 and December 31, 2024, accumulated impairment charges related to our goodwill were $674.5 million and $377.1 million, respectively.

Intangible Assets – Net

The following table presents the major classes of intangible assets at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
Definite-lived intangible assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		28,418			29,240
Capitalized development costs		58,313			46,293
Capitalized development costs – work in progress		6,917			6,839
Acquired Domain Name		17,348			17,348
Seat images		1,033			347
Foreign currency translation adjustment		(116	)		(1,891	)
Total gross book value		203,656			189,919
Less: accumulated amortization
Supplier relationships		(26,000	)		(16,048	)
Customer relationships		(21,979	)		(14,053	)
Acquired developed technology		(15,562	)		(10,025	)
Capitalized development costs		(37,128	)		(27,325	)
Acquired Domain Name		(1,015	)		(88	)
Seat images		(171	)		(26	)
Foreign currency translation adjustment		(129	)		357
Total accumulated amortization		(101,984	)		(67,208	)
Indefinite-lived intangible assets
Trademarks		110,538			110,538
Foreign currency translation adjustment		(7	)		(133	)
Accumulated impairment charges		(23,037	)		—
Intangible assets – net	$	189,166		$	233,116

Definite-Lived Intangible Assets

Definite-lived intangible assets, which primarily derive from acquisitions and internal strategic investments, are recorded net of foreign currency translation adjustments and accumulated amortization.

In October 2024, we acquired a domain name we had previously licensed (the “Acquired Domain Name”). In exchange for the Acquired Domain Name, we are required to disburse monthly interest-free cash payments totaling $31.4 million through 2040 (the “Acquired Domain Name Obligation”).

We account for the Acquired Domain Name as a definite-lived intangible asset under ASC Topic 350, Intangibles—Goodwill and Other. The purchase price of the Acquired Domain Name was $17.3 million, which will be amortized over a total period of 15.6 years (the “Acquired Domain Name Term”). As of September 30, 2025 and December 31, 2024, the Acquired Domain Name had a carrying value of $16.3 million and $17.3 million, respectively, which is recorded in Intangible assets – net in the Condensed Consolidated Balance Sheets.

We account for the Acquired Domain Name Obligation as a liability for which interest will accrue over the Acquired Domain Name Term at an effective interest rate of 8.6% per annum. As of September 30, 2025 and December 31, 2024, the Acquired Domain Name Obligation had a carrying value of $16.8 million and $17.2 million, respectively, of which $0.6 million is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets and the remainder is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2025, we recognized an expense of $0.3 million and $1.1 million, respectively, for interest incurred in relation to the Acquired Domain Name Obligation, which is recorded in Interest expense – net in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2025, we recognized an expense of $13.0 million and $35.7 million, respectively, for amortization related to our definite-lived intangible assets. During the three and nine months ended September 30, 2024, we recognized an expense of $10.2 million and $30.3 million, respectively, for amortization related to our definite-lived intangible assets. Amortization expenses related to our definite-lived intangible assets are recorded in Depreciation and amortization expenses in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2025, we recognized a loss of $0.1 million and $0.3 million, respectively, for asset disposals related to our definite-lived intangible assets. During the three and nine months ended September 30, 2024, we recognized a loss of zero and $0.1 million, respectively, for asset disposals related to our definite-lived intangible assets. Losses on asset disposals are recorded in General and administrative expenses in the Condensed Consolidated Statements of Operations.

Indefinite-Lived Intangible Assets

At June 30, 2025, we performed a qualitative impairment assessment to determine if it was more likely than not that the fair value of certain indefinite-lived trademarks was less than their carrying value by evaluating relevant events and circumstances. After considering recent declines in our financial performance and near-term outlook, among other factors, we concluded that it was no longer more likely than not that the fair value of certain indefinite-lived trademarks exceeded their carrying value as of June 30, 2025. As a result, we concluded that a triggering event had occurred and we performed a quantitative impairment test.

The fair value of certain indefinite-lived trademarks in the quantitative impairment test was determined using the relief-from-royalty method, a detailed valuation methodology that involves the application of reasonable royalty rates to a net sales stream using the discounted cash flow method.

Based on our impairment analysis, we determined that the estimated fair value of certain indefinite-lived trademarks was lower than their carrying value, indicating that certain indefinite-lived trademarks had been impaired as of June 30, 2025. Consequently, we recognized a non-cash impairment expense of $23.0 million related to certain indefinite-lived trademarks during the three months ended June 30, 2025 and the nine months ended September 30, 2025, which is recorded in Impairment charges in the Consolidated Statements of Operations.

At September 30, 2025, we performed a qualitative impairment assessment and concluded that a triggering event had not occurred.

At September 30, 2025 and December 31, 2024, accumulated impairment charges related to our indefinite-lived intangible assets were $101.7 million and $78.7 million, respectively.

The carrying value of our intangible assets decreased by $44.0 million between December 31, 2024 and September 30, 2025 primarily due to larger accumulated amortization balances for our definite-lived intangible assets and impairment charges related to certain indefinite-lived intangible assets.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 145,108	$ 243,482
Restricted cash	605	1,166
Accounts receivable - net	38,483	48,315
Inventory - net	23,569	19,601
Prepaid expenses and other current assets	26,147	32,607
Total current assets	233,912	345,171
Property and equipment - net	12,814	12,567
Right-of-use assets - net	10,921	12,008
Intangible assets - net	189,166	233,116
Goodwill - net	648,622	943,119
Deferred tax assets - net	1,181	77,967
Investments	6,599	6,929
Other assets	3,867	5,219
Total assets	1,107,082	1,636,096
Current liabilities:
Accounts payable	199,157	232,984
Accrued expenses and other current liabilities	126,990	165,047
Deferred revenue	18,123	23,804
Current maturities of long-term debt	3,950	3,950
Total current liabilities	348,220	425,785
Long-term debt - net	384,212	384,960
Long-term lease liabilities	17,079	18,731
TRA liability	180	155,720
Other liabilities	21,892	36,865
Total Liabilities	771,583	1,022,061
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	63,344	352,922
Shareholders' deficit
Additional paid-in capital	1,450,104	1,267,710
Treasury stock, at cost, 949,665 and 571,687 shares at September 30, 2025 and December 31, 2024, respectively	(93,892)	(75,568)
Accumulated deficit	(1,084,314)	(930,171)
Accumulated other comprehensive income (loss)	235	(880)
Total shareholders' equity	272,155	261,113
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	1,107,082	1,636,096
Class A Common Stock [Member]
Shareholders' deficit
Common Stock	14	14
Class B Common Stock
Shareholders' deficit
Common Stock	$ 8	$ 8

Earnings Per Share - Summary of Potentially Dilutive Securities (Details) - Subsidiaries [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Noncontrolling Interest
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	0	3,811,250	0	3,811,250
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	961,136	100,122	57,773	40,092
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	403,777	370,089	403,777	370,089
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	338,342	338,342	338,342	338,342
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	325,989	325,990	325,989	325,990
Exercise Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	1,700,000	1,700,000	1,700,000	1,700,000
Intermediate Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	200,000	200,000	200,000	200,000

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator - basic
Net income (loss)			$ (292,828)	$ 18,716
Less: Income attributable to redeemable noncontrolling interests	$ (11,187)	$ 3,900	(138,685)	8,405
Subsidiaries [Member]
Numerator - basic
Net income (loss)	(19,713)	9,196	(292,828)	18,716
Less: Income attributable to redeemable noncontrolling interests	$ 11,187	$ (3,900)	$ 138,685	$ (8,405)
Denominator - basic
Weighted average Class A common stock outstanding - basic	6,490,954	6,576,079	6,553,724	6,623,019
Net income (loss) per Class A common stock - basic	$ (1.31)	$ 0.81	$ (23.52)	$ 1.56
Basic EPS
Effect of Noncontrolling Interest	(11,187)	0	(138,685)	0
Effect of RSUs	(0)	2	0	8
Net income attributable to Class A Common Stockholders-diluted	$ (8,700)	$ 7,282	$ (153,028)	$ 10,335
Diluted EPS
Effect of dilutive Noncontrolling Interest	3,811,250	(0)	3,811,250	0
Effect of RSUs	0	21,655	0	33,988
Weighted Average Number of Shares Outstanding, Diluted	10,302,204	6,597,734	10,364,974	6,657,007
Net income per Class A common stock-diluted	$ 1.91	$ (0.8)	$ 28.25	$ (1.55)
Common Class A [Member] \| Subsidiaries [Member]
Numerator - basic
Net income (loss) attributable to Class A common stockholders - basic	$ (8,526)	$ 5,296	$ (154,143)	$ 10,311
Denominator - basic
Weighted average Class A common stock outstanding - basic	6,490,954	6,576,079	6,553,724	6,623,019
Net income (loss) per Class A common stock - basic	$ (1.31)	$ 0.81	$ (23.52)	$ 1.56
Basic EPS
Net income attributable to Class A Common Stockholders-basic	$ (8,526)	$ 5,296	$ (154,143)	$ 10,311
Net income attributable to Class A Common Stockholders-diluted	$ (19,713)	$ 5,298	$ (292,828)	$ 10,319
Diluted EPS
Weighted Average Number of Shares Outstanding, Diluted	10,302,204	6,597,734	10,364,974	6,657,007
Net income per Class A common stock-diluted	$ (1.91)	$ 0.8	$ (28.25)	$ 1.55

Goodwill - Net And Intangible Assets - Net - Schedule Of Changes In The Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill			$ 1,320,219
Accumulated impairment charges			$ (377,100)
Goodwill, Beginning Balance		$ 943,119
Foreign currency translation adjustment		2,915
Impairment charges	$ (297,400)	(297,412)
Goodwill, Ending Balance		$ 648,622

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Treasury Stock, Common, Shares	949,665	571,687
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	7,456,747	7,190,975
Common stock, shares outstanding	7,456,747	7,190,975
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	3,811,250	3,811,250
Common stock, shares outstanding	3,811,250	3,811,250

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Recovery of future customer compensation	$ 12,564	$ 20,335
Prepaid expenses	10,346	7,388
Other current assets	3,237	4,884
Prepaid expenses and other current assets	$ 26,147	$ 32,607

New Accounting Standards (Policies)	9 Months Ended
New Accounting Standards (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Issued Accounting Standards Adopted	Issued Accounting Standards Adopted
Segment Reporting - Improvements to Reportable Segment Disclosures	Segment Reporting - Improvements to Reportable Segment Disclosures In 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are to be applied retrospectively to all prior reporting periods presented in an entity’s financial statements. We adopted the amendments during the year ended December 31, 2024 with no material impact on our consolidated financial statements, other than the impact thereof on our segment reporting footnote. See Note 4, Segment Reporting, for more information.
Issued Accounting Standards Not Yet Adopted	Issued Accounting Standards Not Yet Adopted
Income Taxes	Income Taxes In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments are intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments will be effective beginning with the annual reporting period for the year ending December 31, 2025. We are currently evaluating the impact of adopting the amendments, which are expected to result in enhanced disclosures, on our future consolidated financial statements.
Disaggregation of Income Statement Expenses	Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) included within income statement expense captions. The amendments will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments are to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements.
Software Costs	Software Costs On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under Accounting Standards Codification (“ASC”) Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The amendments will be effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Prepaid Expenses and Other Current Assets - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Change in recovery of future customer compensation	$ 7.8	$ 7.8

Long-Term Debt - Net - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended	9 Months Ended
	Feb. 05, 2025	Apr. 04, 2024	Feb. 03, 2022	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jun. 14, 2024
Line of Credit Facility [Line Items]
Loss on extinguishment of debt					$ (801)	$ 0
Maturity date		Jun. 24, 2026
Amortization payments					735	$ 718
Term loan				$ 384,212	384,212		$ 384,960
2022 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit			$ 275,000
2024 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit								$ 395,000
2025 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 393,000
Loan principal payments				1,000	1,000
Maturity date	Feb. 03, 2029
Debt Instrument Fee Expense				0	600
Debt Instrument Losses in Loan Extinguishment				0	800
Third-party fees incurred in relation to the First Lien Loan Issuance				$ 0	200
Maximum [Member]
Line of Credit Facility [Line Items]
Term loan		$ 3,100
Revolving Credit Facility \| 2022 First Lien Loan
Line of Credit Facility [Line Items]
Proceeds from Revolving Facility			$ 100,000
Revolving Credit Facility \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Outstanding Borrowings					$ 0
WaveDash's Long-Term Debt [Member]
Line of Credit Facility [Line Items]
Term loan		$ 458,300
Debt Interest Rate		1.30%
Moody Investors Service Inc [Member] \| 2024 First Lien Loan
Line of Credit Facility [Line Items]
Effective interest rate				7.90%	7.90%
Moody Investors Service Inc [Member] \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Reduced of effective interest rate					2.00%
Fair value				$ 275,700	$ 275,700
Carrying amount				$ 388,200	$ 388,200
Effective interest rate				6.80%	6.80%
SOFR Rate \| Moody Investors Service Inc [Member]
Line of Credit Facility [Line Items]
Effective interest rate				2.25%	2.25%
SOFR Rate \| Moody Investors Service Inc [Member] \| 2024 First Lien Loan
Line of Credit Facility [Line Items]
Effective interest rate				3.00%	3.00%
Floor Rate				0.50%	0.50%
SOFR Rate \| Moody Investors Service Inc [Member] \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Floor Rate				0.50%	0.50%

Long-Term Debt - Net (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Summary of Outstanding debt

The following table presents the major components of long-term debt, net of unamortized debt issuance costs and current maturities, at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
2024 First Lien Loan	$	—		$	393,025
2025 First Lien Loan		391,060			—
Outstanding debt		391,060			393,025
Less: unamortized debt issuance costs		(2,898	)		(4,115	)
Long-term debt		388,162			388,910
Less: current maturities of long-term debt		(3,950	)		(3,950	)
Long-term debt – net	$	384,212		$	384,960

Investments and Fair Value measurements - Schedule of Reconciliation of the Financial Instruments Measured at Fair Value Using Level 3 Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total unrealized losses	$ 100	$ 200	$ 100	$ 200
Note [Member] \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2025			3,604
Accretion of discount			153
Interest paid-in-kind			398
Recorded in Net income (loss)			0
Recorded in Other comprehensive income (loss)			(40)
Total unrealized losses			(40)
Balance at September 30, 2025	4,115		4,115
Warrant [Member] \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2025			3,325
Accretion of discount			0
Interest paid-in-kind			0
Recorded in Net income (loss)			(841)
Recorded in Other comprehensive income (loss)			0
Total unrealized losses			(841)
Balance at September 30, 2025	$ 2,484		$ 2,484

Revenue Recognition - Schedule of Market Place Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Marketplace revenues:
Total Marketplace revenues	$ 104,807	$ 152,653	$ 353,025	$ 482,711
Owned Properties
Marketplace revenues:
Total Marketplace revenues	96,582	129,159	303,253	394,317
Private Label
Marketplace revenues:
Total Marketplace revenues	8,225	23,494	49,772	88,394
Concerts
Marketplace revenues:
Total Marketplace revenues	43,072	67,701	151,812	216,533
Sports
Marketplace revenues:
Total Marketplace revenues	33,900	50,378	108,316	149,183
Theater
Marketplace revenues:
Total Marketplace revenues	22,439	28,705	77,716	97,544
Other
Marketplace revenues:
Total Marketplace revenues	$ 5,396	$ 5,869	$ 15,181	$ 19,451

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2025
Vivid Seats Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Background and Basis of Presentation	1. Background and Basis of Presentation Vivid Seats Inc. (“VSI”) and its subsidiaries, including Hoya Intermediate, LLC (“Hoya Intermediate”), Hoya Midco, LLC, and Vivid Seats LLC (collectively, “we,” “us,” and “our”), provide an online ticket marketplace that enables consumers to easily discover and purchase tickets to live events and attractions and book hotel rooms and packages. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners within our online ticket marketplace, while enabling ticket sellers and partners to seamlessly manage their operations. In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own. We have prepared these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. Accordingly, they do not include all of the information and notes required by U.S. GAAP for comprehensive annual financial statements. In our opinion, these condensed consolidated financial statements include all adjustments that are necessary for a fair presentation of our financial position, results of operations, and cash flows for the periods presented and are of a normal, recurring nature. The results reflected in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read together with the audited annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 12, 2025. These condensed consolidated financial statements include all of our accounts, including those of our consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Reverse Stock Split On August 5, 2025, following the approval of our stockholders and our Board of Directors (our “Board”), we amended our Amended and Restated Certificate of Incorporation to effect a 1-for-20 reverse stock split of our common stock pursuant to which every 20 shares of Class A and Class B common stock were combined into one share of Class A and Class B common stock, respectively (the “Reverse Stock Split”). The Reverse Stock Split became effective at 5:00 p.m. Eastern Time on August 5, 2025, and our Class A common stock began trading on a split-adjusted basis at the open of trading on August 6, 2025. The Reverse Stock Split affected all holders of our common stock uniformly and did not affect any such holder’s percentage ownership interest in our company or proportionate voting power. However, if the Reverse Stock Split would have resulted in a stockholder holding fractional shares because the number of shares they held before the Reverse Stock Split was not evenly divisible by the 1-for-20 split ratio, we instead repurchased such fractional shares for cash and retired them from circulation, resulting in a less than $0.1 million cash outlay. The repurchase and retirement of such fractional shares is recorded as a separate component of both Class A common stock (for the number of shares that were repurchased and retired) and Additional paid-in capital (for the amount of the cash payment) in the Condensed Consolidated Statements of Equity. The Reverse Stock Split did not affect the number of authorized shares or the par value of our common stock. All share and per share amounts included in these condensed consolidated financial statements have been adjusted to reflect the Reverse Stock Split.

Investments and Fair Value measurements (Tables)

9 Months Ended

Sep. 30, 2025

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of financial instruments recorded at fair value on recurring basis

The following tables present the recurring fair value measurements of our financial assets by hierarchy level at September 30, 2025 and December 31, 2024 (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
September 30, 2025
Note	$	—	$	—	$	4,115	$	4,115
Warrant		—		—		2,484		2,484
	$	—	$	—	$	6,599	$	6,599


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2024
Note	$	—	$	—	$	3,604	$	3,604
Warrant		—		—		3,325		3,325
	$	—	$	—	$	6,929	$	6,929

Schedule of significant unobservable inputs applied to the fair value measurements of the Note and the Warrant

The following table presents quantitative information about the significant unobservable inputs applied to the recurring Level 3 fair value measurements of our financial assets at September 30, 2025 and December 31, 2024:


		September 30,	December 31,
Asset	Significant Unobservable Inputs	2025	2024
Note	Expected term (years)	4.8	5.5
	Implied yield	21.2%	21.0%
Warrant	Expected term (years)	4.8	5.5
	Expected volatility	55.3%	59.0%
	Risk-free rate	3.7%	4.4%
	Expected dividend yield	0.0%	0.0%

Schedule of reconiliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs

The following table summarizes the changes in the carrying amounts of the Note and the Warrant (both of which are measured at fair value using Level 3 significant unobservable inputs) during the nine months ended September 30, 2025 (in thousands):


	Note			Warrant
Balances at January 1, 2025	$	3,604		$	3,325
Accretion of discount		153			—
Interest paid-in-kind		398			—
Unrealized losses:
Recorded in Net income (loss)		—			(841	)
Recorded in Other comprehensive income (loss)		(40	)		—
Total unrealized losses		(40	)		(841	)
Balances at September 30, 2025	$	4,115		$	2,484

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table presents quantitative information about the significant unobservable inputs applied to the nonrecurring Level 3 fair value measurements of our non-financial assets as of June 30, 2025, which was the latest interim quantitative impairment test date of the following non-financial assets:


Asset	Significant Unobservable Inputs	Range (Weighted Average)
Goodwill	Discount rate	12.7% - 14.7% (13.7%)
	Long-term growth rate	2.0% - 4.0% (3.0%)
Trademarks	Discount rate	12.0% - 17.3% (13.3%)
	Long-term growth rate	3.0% - 3.0% (3.0%)
	Royalty rate	1.5% - 5.0% (2.4%)

Schedule of Sensitivities to Changes in the Significant Unobservable

The following table presents the sensitivities to changes in the significant unobservable inputs above as of June 30, 2025, which was the latest interim quantitative impairment test date of the following non-financial assets (in thousands):


	Goodwill			Trademarks
50 basis point increase in discount rate	$	(18,056	)	$	(2,194	)
50 basis point decrease in long-term growth rate		(7,696	)		(1,263	)
50 basis point decrease in royalty rate		—			(20,275	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Long-Term Debt - Net

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt - Net

10. Long-Term Debt – Net

The following table presents the major components of long-term debt, net of unamortized debt issuance costs and current maturities, at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
2024 First Lien Loan	$	—		$	393,025
2025 First Lien Loan		391,060			—
Outstanding debt		391,060			393,025
Less: unamortized debt issuance costs		(2,898	)		(4,115	)
Long-term debt		388,162			388,910
Less: current maturities of long-term debt		(3,950	)		(3,950	)
Long-term debt – net	$	384,212		$	384,960

2022 First Lien Loan and Revolving Facility

In 2022, we refinanced the outstanding balance of our former first lien debt facility with a $275.0 million term loan (the “2022 First Lien Loan”) and a $100.0 million revolving credit facility with a maturity date of February 3, 2027 (the “Revolving Facility”).

2024 First Lien Loan

On June 14, 2024, we refinanced the outstanding balance of the 2022 First Lien Loan with a $395.0 million term loan (the “2024 First Lien Loan”). The Revolving Facility was not impacted by the refinancing.

The 2024 First Lien Loan carried an interest rate equal to the secured overnight financing rate (“SOFR”) (subject to a 0.5% floor) plus a margin of 3.00%. The effective interest rate on the 2024 First Lien Loan was 7.9% per annum at December 31, 2024. Other than with respect to the interest rate, the 2024 First Lien Loan had the same material terms (including with respect to maturity, prepayment, security, covenants, and events of default) as the 2025 First Lien Term Loan (as defined in the “2025 First Lien Loan” section below).

At December 31, 2024, the fair value of the 2024 First Lien Loan approximated its carrying value.

2025 First Lien Loan

On February 5, 2025, we refinanced the outstanding balance of the 2024 First Lien Loan with a $393.0 million term loan with a maturity date of February 3, 2029 (the “2025 First Lien Loan”). The Revolving Facility was not impacted by the refinancing.

The terms of the 2025 First Lien Loan specify a SOFR-based floating interest rate and contain a springing financial covenant that requires compliance with a first lien net leverage ratio when borrowings under the Revolving Facility exceed certain levels. All obligations under the 2025 First Lien Loan are unconditionally guaranteed by Hoya Intermediate and substantially all of Hoya Intermediate’s existing and future direct and indirect wholly owned domestic subsidiaries (collectively, the “Guarantors”). The 2025 First Lien Loan requires quarterly principal payments of $1.0 million. All obligations under the 2025 First Lien Loan are secured, subject to permitted liens and other exceptions, by first-priority perfected security interests in substantially all of our and the Guarantors’ assets.

The 2025 First Lien Loan carries an interest rate equal to SOFR (subject to a 0.5% floor) plus a margin of 2.25%; provided that such margin may be reduced to 2.00% if the corporate rating assigned to us by Moody’s Investors Service, Inc. and S&P Global Ratings is at least Ba3/BB- (in each case, stable or better). The effective interest rate on the 2025 First Lien Loan was 6.8% per annum at September 30, 2025.

The 2025 First Lien Loan is held by third-party financial institutions and is carried at the outstanding principal balance, less debt issuance costs and any unamortized discount or premium. At September 30, 2025, the estimated fair value and the carrying value of the 2025 First Lien Loan was $275.7 million and $388.2 million, respectively. If measured at fair value, the 2025 First Lien Loan would be classified as Level 2 within the fair value hierarchy because its fair value would be estimated using quoted market prices that are directly observable in the marketplace. See Note 8, Investments and Fair Value Measurements, for more information regarding our approach and accounting treatment of recurring and nonrecurring fair value measurements.

We are subject to certain reporting and compliance-related covenants to remain in good standing under the 2025 First Lien Loan. These covenants, among other things, limit our ability to incur additional indebtedness and, in certain circumstances, to enter into transactions with affiliates, create liens, merge or consolidate, and make certain payments. Non-compliance with these covenants and a failure to remedy could result in the acceleration of the loans or foreclosure on the collateral. As of September 30, 2025 and December 31, 2024, we were in compliance with all debt covenants related to the 2025 First Lien Loan and the 2024 First Lien Loan, respectively, and had no outstanding borrowings under the Revolving Facility.

In accordance with ASC Topic 470, Debt, we analyzed our outstanding balances with each lender both immediately before and after refinancing the 2024 First Lien Loan with the 2025 First Lien Loan and determined that the refinancing is partly accounted for as a debt modification (the “First Lien Loan Modification”), partly accounted for as a debt extinguishment (the “First Lien Loan Extinguishment”), and partly accounted for as an issuance of new debt (the “First Lien Loan Issuance”).

During the three and nine months ended September 30, 2025, we (i) recognized an expense of zero and $0.6 million, respectively, for third-party fees incurred in relation to the First Lien Loan Modification, which is recorded in Other income – net in the Condensed Consolidated Statements of Operations; (ii) recognized an expense of zero and $0.8 million, respectively, for losses incurred in relation to the First Lien Loan Extinguishment, which is recorded in Loss on extinguishment of debt in the Condensed Consolidated Statements of Operations; and (iii) capitalized zero and $0.2 million of third-party fees incurred in relation to the First Lien Loan Issuance, which is recorded in Long-term debt – net in the Condensed Consolidated Balance Sheets.

Shoko Chukin Bank Loan

In connection with our acquisition of Wavedash Co., Ltd., we assumed long-term debt owed to Shoko Chukin Bank (the “Shoko Chukin Bank Loan”) of JPY 458.3 million (approximately $3.1 million), which had an original maturity date of June 24, 2026 and was subject to a fixed interest rate of 1.3% per annum. On April 4, 2024, we paid off the Shoko Chukin Bank Loan balance in its entirety.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Investments and Fair Value measurements

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments and Fair Value measurements

8. Investments and Fair Value measurements

Investments

In 2023, we invested $6.0 million in a privately held company in the form of a convertible promissory note (the “Note”) and a warrant to purchase up to 1,874,933 shares of the company’s stock (the “Warrant”). Interest on the Note accrues at 8.0% per annum, and outstanding principal and accrued interest on the Note is due and payable at the earlier of July 3, 2030 or a change in control of the company. The Warrant is exercisable until the date that is three years after the Note is repaid, subject to certain accelerating events.

We account for the Note in accordance with ASC Topic 320, Investments - Debt and Equity Securities, pursuant to which the Note is classified as an available-for-sale security and recognized at fair value with changes in unrealized gains and losses recorded as a separate component of Other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income (Loss) on a recurring basis until realized. During the three and nine months ended September 30, 2025 and 2024, the Note had an unrealized loss of less than $0.1 million and an unrealized gain of $0.2 million, respectively. The Note’s amortized cost was $3.8 million and $3.0 million at September 30, 2025 and December 31, 2024, respectively. We did not recognize any credit losses related to the Note during the three and nine months ended September 30, 2025 and 2024.

We account for the Warrant in accordance with ASC Topic 815, Derivatives and Hedging, pursuant to which the Warrant is classified as a derivative instrument and recognized at fair value with changes in unrealized gains and losses recorded in Other income – net in the Condensed Consolidated Statements of Operations on a recurring basis until realized. The presentation of the Warrant, including whether it should be recorded as an asset or a liability, is evaluated at the end of each reporting period.

Fair Value Measurements

We measure certain financial assets (i.e., investments) and non-financial assets (i.e., goodwill, intangible assets, and long-lived assets) at fair value in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•

Level 1 — Measurements that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•

Level 2 — Measurements that include other inputs that are directly or indirectly observable in the marketplace.

•

Level 3 — Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. These fair value measurements require significant judgment.

Recurring Fair Value Measurements

The following tables present the recurring fair value measurements of our financial assets by hierarchy level at September 30, 2025 and December 31, 2024 (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
September 30, 2025
Note	$	—	$	—	$	4,115	$	4,115
Warrant		—		—		2,484		2,484
	$	—	$	—	$	6,599	$	6,599


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2024
Note	$	—	$	—	$	3,604	$	3,604
Warrant		—		—		3,325		3,325
	$	—	$	—	$	6,929	$	6,929

The fair value of the Note is determined using the income approach, which consists entirely of Level 3 inputs. The estimated fair value of the Warrant is determined using the Black-Scholes option pricing model, which requires us to make assumptions and judgments about the variables used in the calculation related to the expected term, the expected volatility, the risk-free rate of interest, and the expected dividend yield. Because of the inherent uncertainty of these valuations, the estimated fair values of the Note and the Warrant may differ significantly from the fair values that would have been used had a ready market for the investments existed, the effects of which could be material.


		September 30,	December 31,
Asset	Significant Unobservable Inputs	2025	2024
Note	Expected term (years)	4.8	5.5
	Implied yield	21.2%	21.0%
Warrant	Expected term (years)	4.8	5.5
	Expected volatility	55.3%	59.0%
	Risk-free rate	3.7%	4.4%
	Expected dividend yield	0.0%	0.0%


	Note			Warrant
Balances at January 1, 2025	$	3,604		$	3,325
Accretion of discount		153			—
Interest paid-in-kind		398			—
Unrealized losses:
Recorded in Net income (loss)		—			(841	)
Recorded in Other comprehensive income (loss)		(40	)		—
Total unrealized losses		(40	)		(841	)
Balances at September 30, 2025	$	4,115		$	2,484

Nonrecurring Fair Value Measurements


Asset	Significant Unobservable Inputs	Range (Weighted Average)
Goodwill	Discount rate	12.7% - 14.7% (13.7%)
	Long-term growth rate	2.0% - 4.0% (3.0%)
Trademarks	Discount rate	12.0% - 17.3% (13.3%)
	Long-term growth rate	3.0% - 3.0% (3.0%)
	Royalty rate	1.5% - 5.0% (2.4%)


	Goodwill			Trademarks
50 basis point increase in discount rate	$	(18,056	)	$	(2,194	)
50 basis point decrease in long-term growth rate		(7,696	)		(1,263	)
50 basis point decrease in royalty rate		—			(20,275	)

See Note 7, Goodwill – Net and Intangible Assets – Net, for more information regarding the fair value methodologies for our non-financial assets.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Investments and Fair Value measurements - Schedule of Financial Instruments Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	$ 6,599	$ 6,929
Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	4,115	3,604
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	2,484	3,325
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 1 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 1 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	6,599	6,929
Level 3 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	4,115	3,604
Level 3 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	$ 2,484	$ 3,325

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Goodwill - Net And Intangible Assets - Net - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 22, 2024	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Goodwill [Line Items]
Non-cash goodwill impairment expense			$ 297,400		$ 297,412
Amortization of intangible assets		$ 13,000		$ 10,200	35,700	$ 30,300
Loss on asset disposals		100		$ 0	300	$ 100
Intangible assets - net		189,166			189,166		$ 233,116
Other liabilities		21,892			21,892		36,865
Impairment					674,500		377,100
Accumulated impairment charges		101,700			101,700		78,700
Decrease in carrying value of our intangible assets					$ 44,000
Acquired Domain Name Obligation [Member]
Goodwill [Line Items]
Cash payments in exchange for the acquired domain name	$ 31,400
Effective Interest Rate					8.60%
Other liabilities		600			$ 600
Carrying Amount of Definite Lived Intangible Assets		16,800			16,800		17,200
Interest expense-net		$ 300			1,100
Acquired Domain Name Term [Member]
Goodwill [Line Items]
Cash payments in exchange for the acquired domain name					$ 17,300
Useful life		15 years 7 months 6 days			15 years 7 months 6 days
Intangible assets - net		$ 16,300			$ 16,300		$ 17,300
Trade marks [Member]
Goodwill [Line Items]
Impairment					$ 23,000

Equity (Additional Information) (Details) - USD ($) shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Feb. 29, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Repurchase of common stock		$ 18,292,000	$ 22,998,000
Accrued expenses and other current liabilities	$ 126,990,000	126,990,000		$ 165,047,000
Share Repurchase Program [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Accrued expenses and other current liabilities	100,000	100,000
Share Repurchase Program 2025 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Stock repurchase program for future	$ 59,100,000	$ 59,100,000
Common Class A [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Share repurchase program, authorized amount					$ 100,000,000
Stock repurchased during period	0.1	0.4
Common Class A [Member] \| Share Repurchase Program [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commissions paid	$ 100	$ 200,000
Repurchase of common stock	$ 2,100,000	18,100,000
Common Class A [Member] \| Share Repurchase Program 2025 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commissions paid		300,000
Repurchase of common stock		$ 40,900,000
Common Class A [Member] \| Share Repurchase Program 2025 [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of shares authorized to be repurchased	0.6	0.6

Equity-Based Compensation - Summary of Activity for RSUs (Details) - RSUs - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balances	590	194
Granted	718	556
Forfeited	(51)	(26)
Vested	(296)	(91)
Ending Balances	961	633
Weighted-Average Grant Date Fair Value Per Share, Beginning Balances	$ 112.24	$ 170.81
Weighted-Average Grant Date Fair Value Per Share, Granted	53.12	106.61
Weighted-Average Grant Date Fair Value Per Share, Forfeited	75.34	152.55
Weighted-Average Grant Date Fair Value Per Share, Vested	115.26	165.95
Weighted-Average Grant Date Fair Value Per Share, Ending Balances	$ 69.1	$ 115.95

Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Shedule of Changes in Each Component of AOCL, Net of Tax Effect

The following table summarizes the changes in each major component of Accumulated other comprehensive income (loss) attributable to Class A common stockholders during the nine months ended September 30, 2025 (in thousands):


	Accumulated Unrealized Gain on Note			Accumulated Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2025	$	181		$	(1,061	)	$	(880	)
Recorded in Other comprehensive income (loss)		(25	)		1,140			1,115
Balances at September 30, 2025	$	156		$	79		$	235

Revenue Recognition - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2025 Segment	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue by related parties	$ 31,500	$ 34,000		$ 90,900	$ 93,100
Number of Reportable Segments \| Segment			2
Deferred revenue	18,123			18,123		$ 23,804	$ 34,700
Deferred Revenue, Revenue Recognized	$ 3,200	$ 6,100		$ 12,900	$ 20,200
Deferred revenue, recognized period				next seven years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Stamp expiration term				3 years
Credits Expiration Term				4 years
Minimum [Member]
Disaggregation of Revenue [Line Items]
Stamp expiration term				2 years
Credits Expiration Term				2 years

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Schedule of Option Contingent Warrants Valuation Assumptions

The following table presents quantitative information about the significant unobservable inputs applied to the fair value measurement of the Intermediate Warrants at September 30, 2025 and December 31, 2024:


	September 30,	December 31,
Significant Unobservable Inputs	2025	2024
Expected term (years)	6.1	6.8
Expected volatility	70.0%	52.0%
Risk-free rate	3.8%	4.5%
Expected dividend yield	0.0%	0.0%

Accounts Receivable - Net (Tables)

9 Months Ended

Sep. 30, 2025

Receivables, Net, Current [Abstract]

Schedule of accounts receivable balance, net of allowance for doubtful accounts

The following table presents the major components of accounts receivable at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
Uncollateralized payment processor obligations	$	14,765		$	28,740
Due from ticket sellers for cancellation charges		8,090			6,835
Due from distribution partners for cancellation charges		13,860			13,308
Event insurance and other commissions receivable		3,461			4,980
Other trade receivables		11,066			6,437
Accounts receivable		51,242			60,300
Less: allowance for credit losses		(12,759	)		(11,985	)
Accounts receivable – net	$	38,483		$	48,315

Goodwill - Net And Intangible Assets - Net - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Line Items]
Definite-lived intangible assets	$ 203,656	$ 189,919
Foreign currency translation, Definite-lived Intangible Assets	(116)	(1,891)
Accumulated amortization	(101,984)	(67,208)
Foreign currency translation, Accumulated amortization	(129)	357
Foreign currency translation, Indefinite-lived Intangible Assets	(7)	(133)
Accumulated impairment charges	(23,037)	0
Intangible assets - net	189,166	233,116
Trademarks [Member]
Goodwill [Line Items]
Foreign currency translation, Accumulated amortization	110,538	110,538
Supplier Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	57,123	57,123
Accumulated amortization	(26,000)	(16,048)
Customer Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	34,620	34,620
Accumulated amortization	(21,979)	(14,053)
Acquired Developed Technology [Member]
Goodwill [Line Items]
Definite-lived intangible assets	28,418	29,240
Accumulated amortization	(15,562)	(10,025)
Capitalized Development Costs [Member]
Goodwill [Line Items]
Definite-lived intangible assets	58,313	46,293
Accumulated amortization	(37,128)	(27,325)
Capitalized Development Costs - Work In Progress [Member]
Goodwill [Line Items]
Definite-lived intangible assets	6,917	6,839
Acquired Domain Name [Member]
Goodwill [Line Items]
Definite-lived intangible assets	17,348	17,348
Accumulated amortization	(1,015)	(88)
Seat Images [Member]
Goodwill [Line Items]
Definite-lived intangible assets	1,033	347
Accumulated amortization	$ (171)	$ (26)

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class B Common Stock	Treasury Stock, Common [Member]	Retained Earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Common Stock [Member] Class A Common Stock [Member]	Common Stock [Member] Class B Common Stock	Additional Paid-in Capital [Member]	Noncontrolling Interest [Member]
Temporary equity, Balances at Dec. 31, 2023										$ 481,742
Balances, shares at Dec. 31, 2023							7,058,366	3,811,250
Balances at Dec. 31, 2023	$ 105,017			$ (52,586)	$ (939,596)	$ 747	$ 14	$ 8	$ 1,096,430
Balances, shares at Dec. 31, 2023				(364,575)
Net income (loss) attributable to redeemable noncontrolling interests	6,077				6,077					4,665
Issuance of shares, shares							48,078
Equity-based compensation	8,439								8,439
Deemed contribution from former parent	133								133	75
Repurchases of Class A common stock share				(35,750)
Repurchases of Class A common stock	(4,120)			$ (4,120)
Distributions to non-controlling interest										(3,654)
Other comprehensive income (loss)	(1,130)					(1,130)				(643)
Net Settlement of Equity Incentive Awards Shares							(3,995)
Net settlement of equity incentive awards value	(462)								(462)
Subsequent remeasurement of redeemable noncontrolling interests	25,597								25,597	(25,597)
Balances, shares at Mar. 31, 2024							7,102,449	3,811,250
Balances at Mar. 31, 2024	139,551			$ (56,706)	(933,519)	(383)	$ 14	$ 8	1,130,137	456,588
Balances, shares at Mar. 31, 2024				(400,325)
Temporary equity, Balances at Dec. 31, 2023										481,742
Balances, shares at Dec. 31, 2023							7,058,366	3,811,250
Balances at Dec. 31, 2023	105,017			$ (52,586)	(939,596)	747	$ 14	$ 8	1,096,430
Balances, shares at Dec. 31, 2023				(364,575)
Repurchases of Class A common stock	(22,998)
Repurchase and retirement of fractional shares resulting from Reverse Stock Split value	0
Balances, shares at Sep. 30, 2024							7,143,331	3,811,250
Balances at Sep. 30, 2024	329,442			$ (75,584)	(929,284)	(770)	$ 14	$ 8	1,333,518	282,033
Balances, shares at Sep. 30, 2024				(571,687)
Balances, shares at Mar. 31, 2024							7,102,449	3,811,250
Balances at Mar. 31, 2024	139,551			$ (56,706)	(933,519)	(383)	$ 14	$ 8	1,130,137	456,588
Balances, shares at Mar. 31, 2024				(400,325)
Net income (loss) attributable to redeemable noncontrolling interests	(1,061)				(1,061)					(160)
Issuance of shares, shares							26,245
Equity-based compensation	11,237								11,237
Deemed contribution from former parent	5,113								5,113	2,959
Repurchases of Class A common stock share				(137,183)
Repurchases of Class A common stock	(15,949)			$ (15,949)
Distributions to non-controlling interest										(2,760)
Other comprehensive income (loss)	(833)					(833)				(476)
Net Settlement of Equity Incentive Awards Shares							(959)
Net settlement of equity incentive awards value	(104)								(104)
Subsequent remeasurement of redeemable noncontrolling interests	17,857								17,857	(17,857)
Balances, shares at Jun. 30, 2024							7,127,735	3,811,250
Balances at Jun. 30, 2024	155,811			$ (72,655)	(934,580)	(1,216)	$ 14	$ 8	1,164,240	438,294
Balances, shares at Jun. 30, 2024				(537,508)
Net income (loss) attributable to redeemable noncontrolling interests					5,296					3,900
Issuance of shares, shares							16,563
Equity-based compensation	10,880								10,880
Repurchases of Class A common stock share				(34,179)
Repurchases of Class A common stock	(2,929)			$ (2,929)
Distributions to non-controlling interest										(2,839)
Other comprehensive income (loss)	1,986					1,986				(1,155)
Net Settlement of Equity Incentive Awards Shares							(967)
Net settlement of equity incentive awards value	(79)								(79)
Subsequent remeasurement of redeemable noncontrolling interests	158,477								158,477	(158,477)
Balances, shares at Sep. 30, 2024							7,143,331	3,811,250
Balances at Sep. 30, 2024	329,442			$ (75,584)	(929,284)	(770)	$ 14	$ 8	1,333,518	282,033
Balances, shares at Sep. 30, 2024				(571,687)
Temporary equity, Balances at Dec. 31, 2024										352,922
Balances, shares at Dec. 31, 2024		7,190,975	3,811,250				7,190,975	3,811,250
Balances at Dec. 31, 2024	$ 261,113			$ (75,568)	(930,171)	(880)	$ 14	$ 8	1,267,710
Balances, shares at Dec. 31, 2024	571,687			(571,687)
Net income (loss) attributable to redeemable noncontrolling interests	$ (5,942)				(5,942)					(3,846)
Issuance of shares, shares							136,496
Equity-based compensation	10,935								10,935
Repurchases of Class A common stock share				(118,926)
Repurchases of Class A common stock	(6,917)			$ (6,917)
Distributions to non-controlling interest										(1,689)
Other comprehensive income (loss)	747					747				429
Net Settlement of Equity Incentive Awards Shares							(15,922)
Net settlement of equity incentive awards value	(1,411)								(1,411)
Subsequent remeasurement of redeemable noncontrolling interests	122,189								122,189	(122,189)
Balances, shares at Mar. 31, 2025							7,311,549	3,811,250
Balances at Mar. 31, 2025	380,714			$ (82,485)	(936,113)	(133)	$ 14	$ 8	1,399,423	225,627
Balances, shares at Mar. 31, 2025				(690,613)
Temporary equity, Balances at Dec. 31, 2024										352,922
Balances, shares at Dec. 31, 2024		7,190,975	3,811,250				7,190,975	3,811,250
Balances at Dec. 31, 2024	$ 261,113			$ (75,568)	(930,171)	(880)	$ 14	$ 8	1,267,710
Balances, shares at Dec. 31, 2024	571,687			(571,687)
Repurchases of Class A common stock	$ (18,292)
Repurchase and retirement of fractional shares resulting from Reverse Stock Split value	(5)
Balances, shares at Sep. 30, 2025		7,456,747	3,811,250				7,456,747	3,811,250
Balances at Sep. 30, 2025	$ 272,155			$ (93,892)	(1,084,314)	235	$ 14	$ 8	1,450,104	63,344
Balances, shares at Sep. 30, 2025	949,665			(949,665)
Balances, shares at Mar. 31, 2025							7,311,549	3,811,250
Balances at Mar. 31, 2025	$ 380,714			$ (82,485)	(936,113)	(133)	$ 14	$ 8	1,399,423	225,627
Balances, shares at Mar. 31, 2025				(690,613)
Net income (loss) attributable to redeemable noncontrolling interests	(139,675)				(139,675)					(123,652)
Issuance of shares, shares							100,410
Equity-based compensation	11,838								11,838
Repurchases of Class A common stock share				(195,166)
Repurchases of Class A common stock	(9,220)			$ (9,220)
Other comprehensive income (loss)	542					542				316
Net Settlement of Equity Incentive Awards Shares							(8,916)
Net settlement of equity incentive awards value	(331)								(331)
Subsequent remeasurement of redeemable noncontrolling interests	(26,531)								(26,531)	26,531
Balances, shares at Jun. 30, 2025							7,403,043	3,811,250
Balances at Jun. 30, 2025	217,337			$ (91,705)	(1,075,788)	409	$ 14	$ 8	1,384,399	128,822
Balances, shares at Jun. 30, 2025				(885,779)
Net income (loss) attributable to redeemable noncontrolling interests	(8,526)				(8,526)					(11,187)
Issuance of shares, shares							59,971
Equity-based compensation	11,628								11,628
Repurchases of Class A common stock share				(63,886)
Repurchases of Class A common stock	(2,187)			$ (2,187)
Other comprehensive income (loss)	(174)					(174)				(103)
Net Settlement of Equity Incentive Awards Shares							(6,078)
Net settlement of equity incentive awards value	(106)								(106)
Repurchase and retirement of fractional shares resulting from Reverse Stock Split shares							(189)
Repurchase and retirement of fractional shares resulting from Reverse Stock Split value	(5)								(5)
Subsequent remeasurement of redeemable noncontrolling interests	54,188								54,188	(54,188)
Balances, shares at Sep. 30, 2025		7,456,747	3,811,250				7,456,747	3,811,250
Balances at Sep. 30, 2025	$ 272,155			$ (93,892)	$ (1,084,314)	$ 235	$ 14	$ 8	$ 1,450,104	$ 63,344
Balances, shares at Sep. 30, 2025	949,665			(949,665)

Equity-Based Compensation - Summary of Activity for Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding Options, Beginning Balance	440	405	440	440
Outstanding Options, Forfeited		(1)	(28)
Outstanding Options, Expired			(40)
Outstanding Options, Ending Balance		404	372	405	440
Vested and exercisable		383	219
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 160.4	$ 162.2	$ 160.4	$ 160.4
Weighted Average Exercise Price, Forfeited		143.4	139.8
Weighted Average Exercise Price, Expired			137.6
Weighted Average Exercise Price, Outstanding, Ending Balance		162.26	164.6	$ 162.2	$ 160.4
Weighted Average Exercise Price, Vested and exercisable		$ 155.52	$ 152.6
Weighted average, term	8 years	6 years 10 months 24 days		7 years 8 months 12 days	9 years
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0		$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,239)	$ 10,630	$ (376,203)	$ 23,064

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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-SubTopic 10
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-Section 45
-Paragraph 28
-Publisher FASB
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-SubTopic 10
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-Section 45
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-Subparagraph (a)
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-Subparagraph (a)
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-Topic 470
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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Line Items]

Schedule of Market Place Revenues

The following tables present Marketplace revenues by business model and event category for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Owned Properties revenues	$	96,582	$	129,159	$	303,253	$	394,317
Private Label Offering revenues		8,225		23,494		49,772		88,394
Marketplace revenues	$	104,807	$	152,653	$	353,025	$	482,711


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Concert revenues	$	43,072	$	67,701	$	151,812	$	216,533
Sport revenues		33,900		50,378		108,316		149,183
Theater revenues		22,439		28,705		77,716		97,544
Other revenues		5,396		5,869		15,181		19,451
Marketplace revenues	$	104,807	$	152,653	$	353,025	$	482,711

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 606
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+ Details

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

The following table presents the major components of prepaid expenses and other current assets at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Recovery of future customer compensation	$	12,564	$	20,335
Prepaid expenses		10,346		7,388
Other current assets		3,237		4,884
Prepaid expenses and other current assets	$	26,147	$	32,607

Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity

12. Equity

Share Repurchase Program

On February 29, 2024, our Board authorized a share repurchase program for up to $100.0 million of Class A common stock (the “Share Repurchase Program”). The Share Repurchase Program was publicly announced on March 5, 2024 and does not have a fixed expiration date.

During the three and nine months ended September 30, 2025, we repurchased 0.1 million and 0.4 million shares of Class A common stock, respectively, under the Share Repurchase Program, for which we paid $2.1 million and $18.1 million, respectively, and incurred commissions and excise taxes of $0.1 million and $0.2 million, respectively. As of September 30, 2025, we recognized a liability of less than $0.1 million for unpaid excise taxes related to repurchases of Class A common stock, which is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Cumulatively as of September 30, 2025, we have repurchased 0.6 million shares of Class A common stock under the Share Repurchase Program, for which we have paid $40.9 million and incurred commissions and excise taxes of $0.3 million. As of September 30, 2025, $59.1 million remained available for future repurchases under the Share Repurchase Program.

Accumulated Other Comprehensive Income (Loss)


	Accumulated Unrealized Gain on Note			Accumulated Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2025	$	181		$	(1,061	)	$	(880	)
Recorded in Other comprehensive income (loss)		(25	)		1,140			1,115
Balances at September 30, 2025	$	156		$	79		$	235

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Investments and Fair Value measurements - Schedule of Sensitivities to Changes in the Significant Unobservable Input (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Goodwill [Member]
Fair Value Of Significant Unobservable Inputs [Line Item]
50 basis point increase in discount rate	$ (18,056)
50 basis point decrease in long-term growth rate	(7,696)
50 basis point decrease in royalty rate	0
Trade marks [Member]
Fair Value Of Significant Unobservable Inputs [Line Item]
50 basis point increase in discount rate	(2,194)
50 basis point decrease in long-term growth rate	(1,263)
50 basis point decrease in royalty rate	$ (20,275)

Long-Term Debt - Net - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Extinguishment Of Debt [Line Items]
Long-Term Debt, Gross	$ 391,060	$ 393,025
Less: unamortized debt issuance costs	(2,898)	(4,115)
Total long-term debt	388,162	388,910
Less: current maturities of long-term debt	(3,950)	(3,950)
Total long-term Debt, net	384,212	384,960
2024 First Lien Loan
Extinguishment Of Debt [Line Items]
Long-Term Debt, Gross	0	393,025
2025 First Lien Loan
Extinguishment Of Debt [Line Items]
Long-Term Debt, Gross	$ 391,060	$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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+ Details

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

The following table presents the major components of prepaid expenses and other current assets at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Recovery of future customer compensation	$	12,564	$	20,335
Prepaid expenses		10,346		7,388
Other current assets		3,237		4,884
Prepaid expenses and other current assets	$	26,147	$	32,607

Recovery of future customer compensation represents expected recoveries of compensation to be paid to customers for event cancellations or other service issues related to previously recorded sales transactions. Recovery of future customer compensation costs decreased by $7.8 million between December 31, 2024 and September 30, 2025 primarily due to a decrease in estimated future event cancellations. A related provision for expected compensation to customers is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Equity Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

16. Equity-Based Compensation

Our 2021 Incentive Award Plan (as amended, the “2021 Plan”) was approved and adopted in order to facilitate the grant of equity incentive awards to our employees, directors, non-employee directors, and consultants. The 2021 Plan became effective in October 2021 upon consummation of the Merger Transaction, and the First Amendment thereto became effective on February 5, 2024.

In connection with the Reverse Stock Split, proportionate equitable adjustments were made to the number of shares of Class A common stock issuable under the 2021 Plan, as well as to the number of shares of Class A common stock

underlying outstanding RSUs (as defined below) and stock options (and the exercise prices thereof). All share and per share amounts set forth below reflect these adjustments.

RSUs

Restricted stock units (“RSUs”) are awards that are denominated in a hypothetical equivalent number of shares of Class A common stock. The value of each RSU is equal to the fair value of our Class A common stock on the grant date. Each RSU converts into shares of Class A common stock upon vesting.

During the nine months ended September 30, 2025 and 2024, we granted to certain employees 0.7 million and 0.5 million RSUs, respectively, at a weighted average grant date fair value of $54.68 per share and $106.40 per share, respectively. RSUs granted to employees vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through the applicable vesting date.

During the nine months ended September 30, 2025 and 2024, we granted to our directors less than 0.1 million RSUs at a weighted average grant date fair value of $30.40 per share and $104.80 per share, respectively. RSUs granted to directors fully vest on the earlier of (i) one day prior to the date of our first annual meeting of stockholders following the grant date and (ii) the one-year anniversary of the grant date, subject to the director’s continued service on our Board.

During the nine months ended September 30, 2025 and 2024, we granted to certain consultants less than 0.1 million RSUs at a weighted average grant date fair value of $56.22 per share and $74.40 per share, respectively. RSUs granted to consultants either fully vest on the first anniversary of the grant date or in equal annual installments over three years, in each case subject to the consultant’s continued service through the applicable vesting date.

The following tables summarize the total activity for RSUs during the nine months ended September 30, 2025 and 2024 (in thousands, except per RSU data):


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2024		590		$	112.24
Granted		718			53.12
Forfeited		(51	)		75.34
Vested		(296	)		115.26
Unvested at September 30, 2025		961		$	69.10


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2023		194		$	170.81
Granted		556			106.61
Forfeited		(26	)		152.55
Vested		(91	)		165.95
Unvested at September 30, 2024		633		$	115.95

Stock Options

Stock options provide for the purchase of shares of Class A common stock in the future at an exercise price set on the grant (or modification) date. Our stock option awards vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining options vesting on a quarterly basis thereafter. Stock options granted to employees have a contractual term of ten years from the grant date, subject to the employee’s continued service through the applicable vesting date. Stock options granted to consultants have a contractual term of seven years from the grant date, subject to the consultant’s continued service through the applicable vesting date.

The following tables summarize the total activity for stock options during the nine months ended September 30, 2025 and 2024 (in thousands, except price per stock option data):


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024		405		$	162.20	7.7	$	—
Forfeited		(1	)		143.40
Outstanding at September 30, 2025		404		$	162.26	6.9	$	—
Vested and exercisable at September 30, 2025		383		$	155.52


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		440		$	160.40		9.0	$	—
Forfeited		(28	)		139.80
Expired		(40	)		137.60
Outstanding at September 30, 2024		372		$	164.60		8.0	$	—
Vested and exercisable at September 30, 2024		219		$	152.60

Hoya Topco Profits Interests and Phantom Units

Prior to the Merger Transaction, certain members of management received equity-based compensation awards for profits interests in Hoya Topco in the form of incentive units, phantom units, Class D Units, and Class E Units. Each incentive unit vests ratably over five years and accelerates upon a change in control of Hoya Topco.

On June 10, 2024, the Board of Managers of Hoya Topco approved (i) the redemption, repurchase, and cancellation by Hoya Topco of all of its outstanding profits interests held by our current employees and (ii) the repurchase and cancellation by Hoya Topco of all of its outstanding phantom units held by our employees. There was no equity-based compensation expense previously recognized related to the phantom units.

Hoya Topco had no outstanding profits interests or phantom units held by our current employees, and we had no unrecognized equity-based compensation expense related thereto, as of September 30, 2025.

Equity-Based Compensation Expense

During the three and nine months ended September 30, 2025, equity-based compensation expense related to RSUs was $10.2 million and $29.4 million, respectively, compared to $8.5 million and $22.4 million during the three and nine months ended September 30, 2024, respectively. Unrecognized equity-based compensation expense relating to unvested RSUs as of September 30, 2025 was $56.2 million, which is expected to be recognized over a weighted average period of approximately one year.

During the three and nine months ended September 30, 2025, equity-based compensation expense related to stock options was $1.5 million and $5.2 million, respectively, compared to $2.3 million and $8.1 million during the three and nine months ended September 30, 2024, respectively. Unrecognized equity-based compensation expense relating to unvested stock options as of September 30, 2025 was $2.0 million, which is expected to be recognized over a weighted average period of approximately one year.

During the three and nine months ended September 30, 2024, equity-based compensation expense related to profits interests was zero and $3.3 million, respectively. We did not recognize any equity-based compensation expense

related to profits interests during the three and nine months ended September 30, 2025 and there was no unrecognized equity-based compensation expense relating to profits interests as of September 30, 2025.

Equity-based compensation expense for the three and nine months ended September 30, 2025 excludes capitalized development costs of $0.1 million and $0.5 million, respectively. Equity-based compensation expense for the three and nine months ended September 30, 2024 excludes capitalized development costs of $0.2 million and $0.6 million, respectively.

Business Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Definite-lived intangible assets	$ 203,656	$ 189,919
Goodwill - net	$ 648,622	$ 943,119

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

17. Earnings per Share

We calculate basic and diluted net income (loss) per share of Class A common stock in accordance with ASC Topic 260, Earnings per Share. Because our Class B common stock does not have economic rights in VSI, it is not considered a participating security for basic and diluted net income (loss) per share, and we do not present basic and diluted net income (loss) per share of Class B common stock. However, holders of Class B common stock are allocated income (loss) from Hoya Intermediate (our operating entity) according to their weighted average percentage ownership of Intermediate Units during each quarter.

Net income (loss) attributable to redeemable noncontrolling interests is calculated by multiplying Hoya Intermediate’s net income (loss) in each quarterly period by Hoya Topco’s weighted average percentage ownership of Intermediate Units during the period. Hoya Topco has the right to exchange its Intermediate Units for shares of Class A common stock on a one-to-one basis or cash proceeds of equal value at the time of redemption. The option to redeem Intermediate Units for cash proceeds must be approved by our Board, which as of September 30, 2025 consisted of a majority of directors nominated by affiliates of Hoya Topco and GTCR, LLC pursuant to our stockholders’ agreement. The ability to put Intermediate Units is solely within the control of the holder of the redeemable noncontrolling interests. If Hoya Topco elects the redemption to be settled in cash, the cash used to settle the redemption must be funded through a private or public offering of Class A common stock and is subject to our Board’s approval.

The following table presents the net income (loss) attributable to Hoya Topco’s redeemable noncontrolling interests for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income (loss)—Hoya Intermediate	$	(30,239	)	$	10,630		$	(376,203	)	$	23,064
Hoya Topco’s weighted average % allocation of Hoya Intermediate's net income (loss)		37.0	%		36.7	%		36.9	%		36.4	%
Net income (loss) attributable to Hoya Topco's redeemable noncontrolling interests	$	(11,187	)	$	3,900		$	(138,685	)	$	8,405

Net income (loss) attributable to Class A common stockholders–basic is calculated by subtracting the portion of Hoya Intermediate’s net income (loss) attributable to redeemable noncontrolling interests from our total net income (loss), which includes our net income (loss) for activities outside of our investment in Hoya Intermediate, including income tax expense (benefit) for VSI’s portion of income (loss), as well as the full results of Hoya Intermediate on a consolidated basis.

Net income (loss) per Class A common stock–diluted is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the weighted average number of Class A common share equivalents outstanding for the period determined using the treasury stock and if-converted methods, as applicable. All share and per share amounts included in the calculation of basic and diluted net income (loss) per share of Class A common stock have been adjusted to reflect the Reverse Stock Split. Net income (loss) attributable to Class A common stockholders–diluted is adjusted for (i) our share of Hoya Intermediate’s consolidated net income (loss) after giving effect to Intermediate Units that convert into potential shares of Class A common stock, to the extent it is dilutive, and (ii) the impact of changes in the fair value of the Intermediate Warrants, to the extent they are dilutive.

The following table presents the computation of basic and diluted net income (loss) per share of Class A common stock for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator—basic
Net income (loss)	$	(19,713	)	$	9,196		$	(292,828	)	$	18,716
Less: net (income) loss attributable to redeemable noncontrolling interests		11,187			(3,900	)		138,685			(8,405	)
Net income (loss) attributable to Class A common stockholders—basic		(8,526	)		5,296			(154,143	)		10,311
Denominator—basic
Weighted average Class A common stock outstanding—basic		6,490,954			6,576,079			6,553,724			6,623,019
Net income (loss) per Class A common stock—basic	$	(1.31	)	$	0.81		$	(23.52	)	$	1.56

Numerator—diluted
Net income (loss) attributable to Class A common stockholders—basic	$	(8,526	)	$	5,296		$	(154,143	)	$	10,311
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		(11,187	)		—			(138,685	)		—
RSUs		—			2			—			8
Net income (loss) attributable to Class A common stockholders—diluted		(19,713	)		5,298			(292,828	)		10,319
Denominator—diluted
Weighted average Class A common stock outstanding—basic		6,490,954			6,576,079			6,553,724			6,623,019
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		3,811,250			—			3,811,250			—
RSUs		—			21,655			—			33,988
Weighted average Class A common stock outstanding—diluted		10,302,204			6,597,734			10,364,974			6,657,007
Net income (loss) per Class A common stock—diluted	$	(1.91	)	$	0.80		$	(28.25	)	$	1.55

Potential shares of Class A common stock are excluded from the computation of diluted net income (loss) per share of Class A common stock if their effect would have been anti-dilutive for the three and nine months ended September 30, 2025 and 2024 or if the issuance of shares is contingent upon events that did not occur by the end of the three and nine months ended September 30, 2025 and 2024.

The following table presents the number of shares of common stock issuable under securities that were excluded from the computation of diluted net income (loss) per share of Class A common stock for the three and nine months ended September 30, 2025 and 2024 and could potentially dilute earnings per share in the future:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
RSUs		961,136		100,122		57,773		40,092
Stock Options		403,777		370,089		403,777		370,089
Public Warrants		338,342		338,342		338,342		338,342
Private Warrants		325,989		325,990		325,989		325,990
Exercise Warrants		1,700,000		1,700,000		1,700,000		1,700,000
Intermediate Warrants		200,000		200,000		200,000		200,000
Redeemable noncontrolling interests		—		3,811,250		—		3,811,250

Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Fair Value Adjustment of Warrants			$ (5,713)	$ (5,713)
Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant expiration period	10 years		10 years
$200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200		$ 200
$300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	300		300
$230 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 230		$ 230
Hoya Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Fair value of option contingent warrants	$ 900	$ 4,000	$ 5,700	$ 5,700
Class A Warrants	200,000		200,000
Hoya Topco LLC \| $200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200		$ 200
Hoya Topco LLC \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 300		$ 300
Hoya Topco LLC \| Hoya Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	150,000		150,000
Warrant exercise price per share	$ 300		$ 300
Subsidiaries
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased			850,000
Subsidiaries \| $200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	200		$ 200		$ 200
Class A Warrants					100,000
Subsidiaries \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share					$ 300
Class A Warrants					100,000
Mirror Warrants \| $200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	200		200		$ 200
Mirror Warrants \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share					$ 300
Class A Warrants					850,000
Mirror Warrants \| $230 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 230		$ 230		$ 230
Class A Warrants					850,000
Warrant Purchased			1,232,627
Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant expiration period	5 years		5 years
Warrants exercisable period			30 days
Warrant \| Horizon Sponsor LLC
Schedule Of Available For Sale Securities [Line Items]
Stock issued during period, shares			258,333
Warrant \| Mirror Warrants \| $200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200		$ 200
Warrant \| Mirror Warrants \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants					300
Private Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	325,989		325,989
Common Stock \| Hoya Topco LLC
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	150,000		150,000
Warrant exercise price per share	$ 200		$ 200
Class A Common Stock [Member] \| Horizon Sponsor LLC \| Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased			1,700,000
Class A Common Stock [Member] \| Horizon Sponsor LLC \| $200 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	850,000		850,000
Warrant exercise price per share	$ 200		$ 200
Warrant Purchased			850,000
Class A Common Stock [Member] \| Horizon Sponsor LLC \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	850,000		850,000
Warrant exercise price per share	$ 300		$ 300		$ 300
Warrant Purchased					850,000
Class A Common Stock [Member] \| Subsidiaries
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased			850,000
Class A Common Stock [Member] \| Subsidiaries \| $300 Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 300		$ 300
Class A Common Stock [Member] \| Mirror Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	2,364,331		2,364,331		664,331
Class A Common Stock [Member] \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	338,342		338,342
Value of Common Stock Exceeded	$ 360		$ 360
Redemption price per share for warrant			$ 0.2
Number of Trading Days			20 days
Class A Common Stock [Member] \| Warrant \| Class A Public Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	230		$ 230
Class A Common Stock [Member] \| Warrant \| Horizon Sponsor LLC
Schedule Of Available For Sale Securities [Line Items]
Stock issued during period, shares			906,638
Class A Common Stock [Member] \| Private Warrants \| Horizon Sponsor LLC \| Class A Private Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	230		$ 230
Stock issued during period, shares			325,989
Minimum \| Class A Common Stock [Member] \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Stock Price	$ 360		$ 360
Maximum \| Class A Common Stock [Member] \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Number of Trading Days			30 days

Accounts Receivable - Net - Shedule of Accounts receivable balance, net of allowance for doubtful accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 51,242	$ 60,300
Less: allowance for credit losses	(12,759)	(11,985)
Accounts receivable - net	38,483	48,315
Marketplace
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	8,090	6,835
Distribution Partners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	13,860	13,308
Uncollateralized Payment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	14,765	28,740
Insurance and Other Commissions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	3,461	4,980
Other Trade Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 11,066	$ 6,437

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables summarize our segment information for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025							Nine Months Ended September 30, 2025
	Marketplace		Resale		Total			Marketplace		Resale		Total
Revenues	$	104,807	$	31,566	$	136,373		$	353,025	$	90,937	$	443,962
Cost of revenues (exclusive of depreciation and amortization shown separately below)		16,769		27,571		44,340			55,930		75,364		131,294
Marketing and selling:
Online advertising		52,013		—		52,013			159,842		—		159,842
Offline advertising		3,960		—		3,960			14,043		—		14,043
Total marketing and selling		55,973		—		55,973			173,885		—		173,885
Contribution margin		32,065		3,995		36,060			123,210		15,573		138,783
General and administrative						45,183							139,537
Depreciation and amortization						13,723							37,689
Impairment charges						—							320,449
Loss from operations						(22,846	)						(358,892	)
Interest expense – net						6,111							17,410
Other income – net						(13	)						(154,364	)
Loss on extinguishment of debt						—							801
Loss before income taxes					$	(28,944	)					$	(222,739	)


	Three Months Ended September 30, 2024							Nine Months Ended September 30, 2024
	Marketplace		Resale		Total			Marketplace		Resale		Total
Revenues	$	152,653	$	33,952	$	186,605		$	482,711	$	93,062	$	575,773
Cost of revenues (exclusive of depreciation and amortization shown separately below)		23,052		27,977		51,029			74,356		75,021		149,377
Marketing and selling:
Online advertising		63,500		—		63,500			189,311		—		189,311
Offline advertising		4,335		—		4,335			16,384		—		16,384
Total marketing and selling		67,835		—		67,835			205,695		—		205,695
Contribution margin		61,766		5,975		67,741			202,660		18,041		220,701
General and administrative						46,306							149,725
Depreciation and amortization						10,669							31,654
Income from operations						10,766							39,322
Interest expense – net						6,300							16,706
Other income – net						(9,020	)						(3,236	)
Income before income taxes					$	13,486						$	25,852

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Subsidiaries
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commitments and Contingencies	13. Commitments and Contingencies Litigation From time to time, we are involved in various claims and legal actions arising in the ordinary course of business, none of which, in management’s opinion, could have a material effect on our business, financial position, or results of operations other than those matters discussed below. We were a co-defendant in a class action lawsuit in Canada alleging a failure to disclose service fees prior to checkout. A final order approving the settlement of this lawsuit was entered by the court in 2020. In 2022, certain class members were issued coupons and other class members were notified that they were eligible to submit a claim for a coupon. As of September 30, 2025 and December 31, 2024, a liability of $0.9 million was recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets related to expected claim submissions and credit redemptions as of the measurement date. We were a defendant in a lawsuit related to an alleged violation of the Illinois Biometric Information Privacy Act. A final order approving the settlement of this lawsuit was entered by the court on January 29, 2025, pursuant to which $0.3 million was paid to cover approved claims and legal and administrative fees. This amount, which was covered in full by insurance, was paid on March 28, 2025. As of September 30, 2025, we had no accrued liability related to this matter. As of December 31, 2024, a liability of $0.3 million was recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets related to this matter. Indirect Taxes In 2018, the U.S. Supreme Court issued its decision in South Dakota v. Wayfair Inc., which overturned previous case law that had precluded state and local governments from imposing sales tax collection requirements on retailers without a physical presence. In response, most jurisdictions have adopted laws that attempt to impose tax collection obligations on out-of-state companies, and we have registered and begun collecting tax where required by statute. It is reasonably possible that state or local governments will continue to adopt or interpret laws such that we will be required to calculate, collect, and remit taxes on sales in their jurisdictions. A successful assertion by one or more jurisdictions could result in material tax liabilities, including uncollected taxes on past sales, as well as penalties and interest. Based on our analysis of certain state and local regulations, specifically related to marketplace facilitators and event ticket sales, we have recorded liabilities in all jurisdictions where we believe a risk of loss is probable and reasonably estimable. We will continuously monitor state and local regulations and will implement required collection and remittance procedures if and when we are subject thereto. To the extent we have sales for international events, we may be required to register with various foreign jurisdictions and to collect and remit indirect taxes. It is reasonably possible that foreign jurisdictions may continue to adopt or interpret laws that impact the amount we are required to collect and remit. A successful assertion by one or more such jurisdictions could result in material tax liabilities, including uncollected taxes on past sales, as well as penalties and interest. Based on our analysis of certain foreign indirect tax regulations, specifically related to marketplace facilitators and event ticket sales, we have recorded liabilities in the jurisdictions where we believe a risk of loss is probable and reasonably estimable. We will continuously monitor foreign regulations and will implement required collection and remittance procedures if and when we are subject thereto. As of September 30, 2025 and December 31, 2024, we recognized a liability of $3.7 million and $7.5 million, respectively, related to uncollected indirect taxes (including sales taxes). This uncollected indirect tax liability, which is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, increases when accruals are made in jurisdictions where we expect to remit payment to U.S. and foreign governmental tax authorities before all required amounts are collected from the customer and decreases when we receive abatements and/or recognize other reductions to the balance. During the three and nine months ended September 30, 2025, we recognized a net expense of $0.5 million and a net benefit of $0.9 million, respectively, related to the liability for uncollected indirect taxes (including sales taxes). During the three and nine months ended September 30, 2024, we recognized a net expense of $0.5 million and $2.6 million, respectively, related to the liability for uncollected indirect taxes (including sales taxes). The net expense/benefit recognized related to the liability for uncollected indirect taxes (including sales taxes) is recorded in General and administrative expenses in the Condensed Consolidated Statements of Operations. Sponsorship Loan On August 23, 2024, we and a privately held company entered into a sponsorship and custom content partnership agreement providing us with various marketing services in exchange for our issuance of an interest-free loan payable in installments that could total a maximum of $5.0 million (the “Sponsorship Loan”). We account for the Sponsorship Loan as a note receivable in accordance with ASC Topic 310, Receivables. On August 26, 2024, we disbursed $2.0 million of the Sponsorship Loan (the “2024 Sponsorship Loan”). While there is no stated maturity date for the 2024 Sponsorship Loan, we are entitled to a portion of advertising revenue received by the counterparty until it is repaid in full. On June 30, 2025, we recorded a full write-off on the outstanding balance of the 2024 Sponsorship Loan because the counterparty filed for bankruptcy. The Sponsorship Loan’s carrying amount was written down to zero, reflecting the expectation of no recoverable amount under ASC Topic 326, Measurement of Credit Losses on Financial Instruments. During the three and nine months ended September 30, 2025, we recognized a loss of zero and $2.0 million, respectively, in connection to the write-off of the Sponsorship Loan, which is recorded in Other income – net in the Condensed Consolidated Statements of Operations.

Investments and Fair Value measurements (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jul. 31, 2023
Schedule of Investments [Line Items]
Convertible Debt						$ 6.0
Investment Interest Rate						8.00%
Servicing Asset at Amortized Cost	$ 3.8		$ 3.8		$ 3.0
Unrealized Gain (Loss) on Investments	$ 0.1	$ 0.2	$ 0.1	$ 0.2
Warrant [Member]
Schedule of Investments [Line Items]
Purchase of Warrants						1,874,933

- Definition

Rate of interest on investment.

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+ Details

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2025
Accounting Policies [Abstract]
New Accounting Standards	2. New Accounting Standards Issued Accounting Standards Adopted Segment Reporting - Improvements to Reportable Segment Disclosures In 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are to be applied retrospectively to all prior reporting periods presented in an entity’s financial statements. We adopted the amendments during the year ended December 31, 2024 with no material impact on our consolidated financial statements, other than the impact thereof on our segment reporting footnote. See Note 4, Segment Reporting, for more information. Issued Accounting Standards Not Yet Adopted Income Taxes In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments are intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments will be effective beginning with the annual reporting period for the year ending December 31, 2025. We are currently evaluating the impact of adopting the amendments, which are expected to result in enhanced disclosures, on our future consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) included within income statement expense captions. The amendments will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments are to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements. Software Costs On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under Accounting Standards Codification (“ASC”) Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The amendments will be effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements.

Investments and Fair Value measurements - Schedule of Quantitative Information About the Significant Unobservable Inputs (Details)	Jun. 30, 2025
Goodwill [Member]
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	13.70%
Long-term growth rate	3.00%
Goodwill [Member] \| Maximum
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	14.70%
Long-term growth rate	4.00%
Goodwill [Member] \| Minimum
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	12.70%
Long-term growth rate	2.00%
Trade marks [Member]
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	13.30%
Long-term growth rate	3.00%
Royalty rate	2.40%
Trade marks [Member] \| Maximum
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	17.30%
Long-term growth rate	3.00%
Royalty rate	5.00%
Trade marks [Member] \| Minimum
Schedule of Significant Unobservable Inputs [Line Item]
Discount rate	12.00%
Long-term growth rate	3.00%
Royalty rate	1.50%

Equity Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average, term			8 years	6 years 10 months 24 days		7 years 8 months 12 days	9 years
Unrecognized compensation expense	$ 56.2			$ 56.2
Capitalized Development Cost [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense	0.1	$ 0.2		$ 0.5	$ 0.6
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted				718	556
Weighted average, term				1 year
Equity-based compensation expense	10.2	8.5		$ 29.4	$ 22.4
RSUs \| Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, granted				100,000	100,000
Weighted average grant date fair value				$ 30.4	$ 104.8
RSUs \| Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, granted				700,000	500,000
Weighted average grant date fair value				$ 54.68	$ 106.4
RSUs \| Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted				100,000	100,000
Weighted average grant date fair value				$ 56.22	$ 74.4
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average, term				1 year
Equity-based compensation expense	1.5	2.3		$ 5.2	$ 8.1
Unrecognized compensation expense	2.0			2.0
Profit Interests [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense	0.0	$ 0.0		0.0	$ 3.3
Unrecognized compensation expense	$ 0.0			$ 0.0

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Accrued marketing expense	$ 21,317	$ 30,573
Accrued customer credits	52,939	55,785
Accrued future customer compensation	14,872	26,614
Accrued payroll	9,506	10,128
Accrued operating expenses	10,957	16,193
Other current liabilities	17,399	25,754
Accrued expenses and other current liabilities	$ 126,990	$ 165,047

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

Income Tax Expense (Benefit)

During the three and nine months ended September 30, 2025, we recognized an income tax benefit of $9.2 million and an income tax expense of $70.1 million, respectively, which is recorded in Income tax expense (benefit) in the Condensed Consolidated Statements of Operations. For the three months ended September 30, 2025, our effective income tax rate differed from the 21% U.S. federal statutory rate primarily due to a reversal of an uncertain tax position. For the nine months ended September 30, 2025, our effective income tax rate differed from the 21% U.S. federal statutory rate primarily due to an increase in valuation allowance, reduction in TRA liability, a reversal of an uncertain tax position, and impairment charges in foreign jurisdictions.

During the three and nine months ended September 30, 2024, we recognized an income tax expense of $4.3 million and $7.1 million, respectively, which is recorded in Income tax expense (benefit) in the Condensed Consolidated Statements of Operations. Our effective income tax rate differed from the 21% U.S. federal statutory rate due to a redeemable noncontrolling interests adjustment for VSI’s allocable share of Hoya Intermediate’s income (loss), state taxes, equity-based compensation, and limitations on compensation deductions.

Deferred Tax Assets – Net

We regularly assess the need for a valuation allowance against our deferred tax assets. As of each reporting date, we consider new evidence, both positive and negative, that could affect our view of the future realization of deferred tax assets. As of June 30, 2025 in part because during the three months ended June 30, 2025 we recorded a significant impairment of our goodwill and certain indefinite-lived intangible assets, entered into a cumulative loss position, and had a negative trend in earnings in the U.S. federal tax jurisdiction, we determined that there is sufficient negative evidence to conclude that it is more likely than not that deferred tax assets of $76.5 million associated with our investment in partnership, TRA, U.S. net operating losses, interest expense limitations, and tax credit carryforwards are not realizable. We therefore increased the valuation allowance accordingly. We continue to monitor the need for a valuation allowance against our deferred tax assets at each reporting date.

Tax Receivable Agreement

In connection with the Merger Transaction, we entered into the TRA with the existing Hoya Intermediate unitholders that provides for our payment to such unitholders of 85% of the amount of any tax savings that we realize (or, under

certain circumstances, are deemed to realize) as a result of, or attributable to: (i) increases in the tax basis of assets owned directly or indirectly by Hoya Intermediate or its subsidiaries from, among other things, any redemptions or exchanges of Intermediate Units; (ii) existing tax basis (including depreciation and amortization deductions arising from such tax basis) in long-lived assets owned directly or indirectly by Hoya Intermediate or its subsidiaries; and (iii) certain other tax benefits (including deductions in respect of imputed interest) related to us making payments under the TRA.

Amounts payable under the TRA are contingent upon the generation of future taxable income over the term of the TRA and future changes in tax laws. If we do not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then we would not be required to make the related payments. We account for amounts payable under the TRA in accordance with ASC Topic 450, Contingencies. Amounts payable under the TRA are recorded when it is probable that TRA payments will be incurred and the amount is estimable. As of June 30, 2025, we believe, based on applicable accounting standards, that it is no longer probable that we will generate sufficient future taxable income to support a significant amount of the balance of the TRA liability previously recorded as of March 31, 2025. As of June 30, 2025, after evaluating all available positive and negative evidence, we determined that significant negative objective and verifiable evidence in the form of cumulative losses by our domestic operations exists to change our conclusion regarding the future realization of our deferred tax assets, which therefore significantly impacts the amount of future TRA payments that are probable to be made. As of September 30, 2025, we estimate that a $5.9 million TRA liability is probable, of which $5.8 million is due within the next 12 months. During the three and nine months ended September 30, 2025, we recorded income of $0.6 million and $149.8 million, respectively, for the change in the TRA liability, which is recorded in Other income – net in the Condensed Consolidated Statements of Operations. The total TRA payment obligation, if there is sufficient taxable income to recognize all TRA attributes, was $155.7 million and $159.7 million as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, we made payments of zero and $4.0 million, respectively, pursuant to the TRA. Both the TRA-related deferred tax assets and the TRA obligation are estimates that are subject to change. If utilization of the deferred tax assets subject to the TRA becomes more likely than not in the future, we expect to record a liability related to the TRA which will be recognized as an expense and recorded in Other income – net in the Condensed Consolidated Statements of Operations.

As of October 31, 2025, all rights and obligations under the TRA were terminated in exchange for the issuance of shares of Class A common stock in connection with the Corporate Simplification (other than certain terms thereof that expressly survived), including $5.8 million of cash payments that would have otherwise been due in the first quarter of 2026. As a result of the Corporate Simplification, we will no longer have a TRA liability. See Note 18, Subsequent Events, for more information.

OBBB Act

On July 4, 2025, a reconciliation bill commonly referred to as the One Big Beautiful Bill Act (the “OBBB Act”) was signed into law, which includes a broad range of tax reform provisions that may affect our financial results. The OBBB Act allows an elective deduction for domestic research and development, a reinstatement of elective 100% first-year bonus depreciation, and modifications to the calculation for excess business interest expense limitation under Section 163(j) of the Internal Revenue Code. Our analysis shows the OBBB Act will not have a material impact on our condensed consolidated financial statements for the year ending December 31, 2025 given the recorded valuation allowance; however, the evaluation of the impact is ongoing due to the complexity of the provisions within the OBBB Act. The impact of the OBBB Act on our condensed consolidated financial statements will depend on the specific facts in each year and anticipated guidance from the U.S. Department of the Treasury.

- Definition

The entire disclosure for income tax.

+ References

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-SubTopic 30
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+ Details

Background and Basis of Presentation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Reverse stock split shares description amendment	On August 5, 2025, following the approval of our stockholders and our Board of Directors (our “Board”), we amended our Amended and Restated Certificate of Incorporation to effect a 1-for-20 reverse stock split of our common stock pursuant to which every 20 shares of Class A and Class B common stock were combined into one share of Class A and Class B common stock, respectively (the “Reverse Stock Split”). The Reverse Stock Split became effective at 5:00 p.m. Eastern Time on August 5, 2025, and our Class A common stock began trading on a split-adjusted basis at the open of trading on August 6, 2025.
Cash outlay	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

4. Segment Reporting

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the entity’s Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. Our CODM is our Chief Executive Officer.

We have determined that we have two operating and reportable segments: Marketplace and Resale. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners within our online ticket marketplace, through which we earn revenue processing ticket sales for live events and attractions and from facilitating the booking of hotel rooms and packages. In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own.

For both segments, our CODM uses contribution margin (defined as revenues less cost of revenues and marketing and selling expenses) as a means to allocate resources, evaluate performance, and make strategic decisions during the annual budgeting and forecasting process.

Cost of revenues largely consist of payment processing fees for our Marketplace segment and ticket costs for our Resale segment. Marketing and selling expenses, which relate entirely to our Marketplace segment, consist almost entirely of advertising costs. Most advertising costs are aimed towards acquiring new customers online through paid search engine marketing, fees paid to our advertising affiliates and distributors, and other various digital marketing activities. However, to a lesser extent, advertising costs are also aimed towards acquiring new customers offline through traditional media channels, advertising agency costs, and partnership expenses with sports teams and other media partners.

We do not report our assets, capital expenditures, general and administrative expenses, or depreciation and amortization expenses by segment because our CODM does not use this information to evaluate the performance of our operating segments.

The following tables summarize our segment information for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30, 2025							Nine Months Ended September 30, 2025
	Marketplace		Resale		Total			Marketplace		Resale		Total
Revenues	$	104,807	$	31,566	$	136,373		$	353,025	$	90,937	$	443,962
Cost of revenues (exclusive of depreciation and amortization shown separately below)		16,769		27,571		44,340			55,930		75,364		131,294
Marketing and selling:
Online advertising		52,013		—		52,013			159,842		—		159,842
Offline advertising		3,960		—		3,960			14,043		—		14,043
Total marketing and selling		55,973		—		55,973			173,885		—		173,885
Contribution margin		32,065		3,995		36,060			123,210		15,573		138,783
General and administrative						45,183							139,537
Depreciation and amortization						13,723							37,689
Impairment charges						—							320,449
Loss from operations						(22,846	)						(358,892	)
Interest expense – net						6,111							17,410
Other income – net						(13	)						(154,364	)
Loss on extinguishment of debt						—							801
Loss before income taxes					$	(28,944	)					$	(222,739	)


	Three Months Ended September 30, 2024							Nine Months Ended September 30, 2024
	Marketplace		Resale		Total			Marketplace		Resale		Total
Revenues	$	152,653	$	33,952	$	186,605		$	482,711	$	93,062	$	575,773
Cost of revenues (exclusive of depreciation and amortization shown separately below)		23,052		27,977		51,029			74,356		75,021		149,377
Marketing and selling:
Online advertising		63,500		—		63,500			189,311		—		189,311
Offline advertising		4,335		—		4,335			16,384		—		16,384
Total marketing and selling		67,835		—		67,835			205,695		—		205,695
Contribution margin		61,766		5,975		67,741			202,660		18,041		220,701
General and administrative						46,306							149,725
Depreciation and amortization						10,669							31,654
Income from operations						10,766							39,322
Interest expense – net						6,300							16,706
Other income – net						(9,020	)						(3,236	)
Income before income taxes					$	13,486						$	25,852

Substantially all of our sales occur and assets reside in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of net loss attributable to redeemable noncontrolling interests

The following table presents the net income (loss) attributable to Hoya Topco’s redeemable noncontrolling interests for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income (loss)—Hoya Intermediate	$	(30,239	)	$	10,630		$	(376,203	)	$	23,064
Hoya Topco’s weighted average % allocation of Hoya Intermediate's net income (loss)		37.0	%		36.7	%		36.9	%		36.4	%
Net income (loss) attributable to Hoya Topco's redeemable noncontrolling interests	$	(11,187	)	$	3,900		$	(138,685	)	$	8,405

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator—basic
Net income (loss)	$	(19,713	)	$	9,196		$	(292,828	)	$	18,716
Less: net (income) loss attributable to redeemable noncontrolling interests		11,187			(3,900	)		138,685			(8,405	)
Net income (loss) attributable to Class A common stockholders—basic		(8,526	)		5,296			(154,143	)		10,311
Denominator—basic
Weighted average Class A common stock outstanding—basic		6,490,954			6,576,079			6,553,724			6,623,019
Net income (loss) per Class A common stock—basic	$	(1.31	)	$	0.81		$	(23.52	)	$	1.56

Numerator—diluted
Net income (loss) attributable to Class A common stockholders—basic	$	(8,526	)	$	5,296		$	(154,143	)	$	10,311
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		(11,187	)		—			(138,685	)		—
RSUs		—			2			—			8
Net income (loss) attributable to Class A common stockholders—diluted		(19,713	)		5,298			(292,828	)		10,319
Denominator—diluted
Weighted average Class A common stock outstanding—basic		6,490,954			6,576,079			6,553,724			6,623,019
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		3,811,250			—			3,811,250			—
RSUs		—			21,655			—			33,988
Weighted average Class A common stock outstanding—diluted		10,302,204			6,597,734			10,364,974			6,657,007
Net income (loss) per Class A common stock—diluted	$	(1.91	)	$	0.80		$	(28.25	)	$	1.55

Summary of Potentially Dilutive Securities


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
RSUs		961,136		100,122		57,773		40,092
Stock Options		403,777		370,089		403,777		370,089
Public Warrants		338,342		338,342		338,342		338,342
Private Warrants		325,989		325,990		325,989		325,990
Exercise Warrants		1,700,000		1,700,000		1,700,000		1,700,000
Intermediate Warrants		200,000		200,000		200,000		200,000
Redeemable noncontrolling interests		—		3,811,250		—		3,811,250

Leases (Additional Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Leases [Abstract]
Right-of-use assets - net	$ 10,921		$ 12,008
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 935

Equity - Schedule of Changes in Each Component of AOCL, Net of Tax Effect (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Balances at January 1, 2025	$ (880)
Recorded in Other comprehensive income (loss)	1,115
Balances at September 30, 2025	235
Accumulated Unrealized Gain on Note [Member]
Balances at January 1, 2025	181
Recorded in Other comprehensive income (loss)	(25)
Balances at September 30, 2025	156
Accumulated Foreign Currency Translation Adjustment [Member]
Balances at January 1, 2025	(1,061)
Recorded in Other comprehensive income (loss)	1,140
Balances at September 30, 2025	$ 79

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Earnings Per Share - Schedule of net loss attributable to redeemable noncontrolling interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Income (Loss)	$ (30,239)	$ 10,630	$ (376,203)	$ 23,064
Hoya Topco's weighted average % allocation of Hoya Intermediate's net income (loss)	37.00%	36.70%	36.90%	36.40%
Net income (loss) attributable to Hoya Topco's redeemable noncontrolling interests	$ (11,187)	$ 3,900	$ (138,685)	$ 8,405

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Equity Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Activity for RSUs

The following tables summarize the total activity for RSUs during the nine months ended September 30, 2025 and 2024 (in thousands, except per RSU data):


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2024		590		$	112.24
Granted		718			53.12
Forfeited		(51	)		75.34
Vested		(296	)		115.26
Unvested at September 30, 2025		961		$	69.10


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2023		194		$	170.81
Granted		556			106.61
Forfeited		(26	)		152.55
Vested		(91	)		165.95
Unvested at September 30, 2024		633		$	115.95

Summary of Activity for Stock Option

The following tables summarize the total activity for stock options during the nine months ended September 30, 2025 and 2024 (in thousands, except price per stock option data):


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024		405		$	162.20	7.7	$	—
Forfeited		(1	)		143.40
Outstanding at September 30, 2025		404		$	162.26	6.9	$	—
Vested and exercisable at September 30, 2025		383		$	155.52


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		440		$	160.40		9.0	$	—
Forfeited		(28	)		139.80
Expired		(40	)		137.60
Outstanding at September 30, 2024		372		$	164.60		8.0	$	—
Vested and exercisable at September 30, 2024		219		$	152.60

Segment Reporting (Additional Information) (Details)	9 Months Ended
Segment Reporting (Additional Information) (Details)	Sep. 30, 2025 Segment
Segment Reporting Information [Line Items]
Number Of Operating Segments	2

Investments and Fair Value measurements - Schedule of Quantitative Information about the Significant Unobservable Inputs applied to the Fair Value Measurements of the Note and the Warrant (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 9 months 18 days
Estimated volatility	70.00%	52.00%
Risk-free rate	3.80%	4.50%
Expected dividend yield	0.00%	0.00%
Level 3 \| Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 9 months 18 days	5 years 6 months
Implied Yield	21.20%	21.00%
Level 3 \| Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 9 months 18 days	5 years 6 months
Estimated volatility	55.30%	59.00%
Risk-free rate	3.70%	4.40%
Expected dividend yield	0.00%	0.00%

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Customer credits redeemed	$ 1.5	$ 2.4	$ 4.7	$ 5.4
Revenue from breakage	1.1	5.0	3.7	11.5
Decrease in other current liabilities	1.3	$ 1.3	0.2	$ 1.2
Reduction in Estimated Rate of Future Cancellations	$ 11.7		$ 11.7		$ 11.7

Accounts Receivable - Net (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Allowance for doubtful accounts	$ 12.8		$ 12.8		$ 12.0
Accounts receivable write offs	$ 0.1	$ 0.0	$ 0.1	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Financial Instruments

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Financial Instruments

11. Financial Instruments

In connection with the Reverse Stock Split, proportionate equitable adjustments were made to the number of shares of Class A common stock issuable upon exercise of the Public Warrants, the Private Warrants, the Exercise Warrants, the Mirror Warrants, and the Intermediate Warrants (each as defined below), as well as to the exercise and redemption prices thereof, as applicable. All share and per share amounts set forth below reflect these adjustments.

Public Warrants

In connection with the 2021 transaction pursuant to which Horizon Acquisition Corporation (“Horizon”) merged with and into VSI (the “Merger Transaction”), we issued to former warrant holders of Horizon warrants to purchase 906,638 shares of Class A common stock at an exercise price of $230.00 per share (the “Public Warrants”), of which warrants to purchase 258,333 shares were issued to Horizon Sponsor, LLC (“Horizon Sponsor”). The Public Warrants are traded on the Nasdaq Stock Market under the symbol “SEATW.”

We may, in our sole discretion, reduce the exercise price of the Public Warrants to induce early exercise, provided that we provide at least five days’ advance notice. The exercise price and number of shares of Class A common stock issuable upon exercise of the Public Warrants may also be adjusted in certain circumstances, including in the event of a share dividend, recapitalization, reorganization, merger, or consolidation. In no event are we required to net cash settle the Public Warrants.

The Public Warrants became exercisable 30 days following the Merger Transaction and expire at the earliest of the date that is five years following the Merger Transaction, the date of our liquidation, or the date of our optional redemption thereof provided that the value of our Class A common stock exceeds $360.00 per share. There is an effective registration statement and prospectus relating to the shares of Class A common stock issuable upon exercise of the Public Warrants.

Under certain circumstances, we may elect to redeem the Public Warrants at a redemption price of $0.20 per Public Warrant at any time during the term of the Public Warrants in which the trading price of our Class A common stock has been at least $360.00 per share for 20 trading days within a 30 trading-day period. If we elect to redeem the Public Warrants, we must notify the Public Warrant holders in advance, who would then have at least 30 days from the date of such notification to exercise their respective Public Warrants. Any Public Warrants not exercised within that 30-day period will be redeemed pursuant to this provision.

As of September 30, 2025 and December 31, 2024, there were Public Warrants to purchase 338,342 shares of Class A common stock outstanding.

Private Warrants

In connection with the Merger Transaction, we issued to Horizon Sponsor warrants to purchase 325,989 shares of Class A common stock at an exercise price of $230.00 per share (the “Private Warrants”). The Private Warrants have similar terms to the Public Warrants, with the most notable difference being that we are unable to redeem the Private Warrants.

As of September 30, 2025 and December 31, 2024, there were Private Warrants to purchase 325,989 shares of Class A common stock outstanding.

Exercise Warrants

In connection with the Merger Transaction, we issued to Horizon Sponsor warrants to purchase: (i) 850,000 shares of Class A common stock at an exercise price of $200.00 per share (the “$200 Exercise Warrants”) and (ii) 850,000 shares of Class A common stock at an exercise of $300.00 per share (the “$300 Exercise Warrants” and, together with the $200 Exercise Warrants, the “Exercise Warrants”). The Exercise Warrants have similar terms to the Public Warrants, except that they have different exercise prices, have an initial term of 10 years, are not redeemable by us, and are fully transferable.

As of September 30, 2025 and December 31, 2024, there were Exercise Warrants to purchase 1,700,000 shares of Class A common stock outstanding (comprised of $200 Exercise Warrants to purchase 850,000 shares and $300 Exercise Warrants to purchase 850,000 shares).

Mirror Warrants

In connection with the Merger Transaction, Hoya Intermediate issued to us warrants to purchase: (i) 850,000 of its common units (“Intermediate Units”) at an exercise price of $200.00 per unit (the “$200 Mirror Warrants”); (ii) 850,000 Intermediate Units at an exercise of $300.00 per unit (the “$300 Mirror Warrants”); and (iii) 1,232,627 Intermediate Units at an exercise price of $230.00 per unit (the “$230

Mirror Warrants” and, together with the $200 Mirror Warrants and the $300 Mirror Warrants, the “Mirror Warrants”). The Mirror Warrants have nearly identical terms to the Public Warrants, the Private Warrants, and the Exercise Warrants. Upon the valid exercise of a Public Warrant, Private Warrant, or Exercise Warrant, Hoya Intermediate will issue to us an equivalent number of Intermediate Units. Similarly, if a Public Warrant, Private Warrant, or Exercise Warrant is tendered, an equivalent number of Mirror Warrants will be tendered.

Because the Public, Private, and Exercise Warrants are indexed to our equity and meet the equity classification guidance of ASC Topic 815-40, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, they are accounted for as a component of Shareholders' equity and recorded in Additional paid-in capital in the Condensed Consolidated Balance Sheets. The Mirror Warrants eliminate in consolidation and do not impact the presentation of our condensed consolidated financial statements.

As of September 30, 2025 and December 31, 2024, there were Mirror Warrants to purchase 2,364,331 Intermediate Units outstanding (comprised of $200 Mirror Warrants to purchase 850,000 units, $300 Mirror Warrants to purchase 850,000 units, and $230 Mirror Warrants to purchase 664,331 units).

Intermediate Warrants

In connection with the Merger Transaction, Hoya Intermediate issued to Hoya Topco, LLC (“Hoya Topco”) warrants to purchase: (i) 150,000 Intermediate Units at an exercise price of $200.00 per unit (the “$200 Intermediate Warrants”); and (ii) 150,000 Intermediate Units at an exercise of $300.00 per unit (the “$300 Intermediate Warrants” and, together with the $200 Intermediate Warrants, the “Intermediate Warrants”). Upon the valid exercise of an Intermediate Warrant for Intermediate Units, we will issue an equivalent number of shares of Class B common stock to Hoya Topco. Because the Intermediate Warrants allow for cash redemption at the option of the warrant holder, they are recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

As of September 30, 2025 and December 31, 2024, there were Intermediate Warrants to purchase 200,000 Intermediate Units outstanding (comprised of $200 Intermediate Warrants to purchase 100,000 units and $300 Intermediate Warrants to purchase 100,000 units).


	September 30,	December 31,
Significant Unobservable Inputs	2025	2024
Expected term (years)	6.1	6.8
Expected volatility	70.0%	52.0%
Risk-free rate	3.8%	4.5%
Expected dividend yield	0.0%	0.0%

During the three and nine months ended September 30, 2025, the fair value of the Intermediate Warrants decreased by $0.9 million and $5.7 million, respectively, for which we recognized a gain in both periods. During the three and nine months ended September 30, 2024, the fair value of the Intermediate Warrants decreased by $4.0 million and $5.7 million, respectively, for which we recognized a gain in both periods. Gains and losses related to the change in fair value of the Intermediate Warrants are recorded in Other income – net in the Condensed Consolidated Statements of Operations.

The Intermediate Warrants were amended in connection with the Corporate Simplification (as defined herein) to instead provide for the right to purchase equal numbers of shares of Class A common stock at equal exercise prices. See Note 18, Subsequent Events, for more information.

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net income (loss)			$ (292,828)	$ 18,716
Subsidiaries
Net income (loss)	$ (19,713)	$ 9,196	(292,828)	18,716
Other comprehensive income (loss):
Foreign currency translation adjustment	(275)	2,936	1,797	(210)
Unrealized gain (loss) on Note	(2)	205	(40)	247
Total other comprehensive income (loss)	(277)	3,141	1,757	37
Comprehensive income (loss)	(19,990)	12,337	(291,071)	18,753
Net income (loss) attributable to redeemable noncontrolling interests	(11,187)	3,900	(138,685)	8,405
Foreign currency translation adjustment attributable to redeemable noncontrolling interests	(102)	1,079	657	(78)
Unrealized gain (loss) on Note attributable to redeemable noncontrolling interests	(1)	76	(15)	91
Total other comprehensive income (loss) attributable to redeemable noncontrolling interests	(103)	1,155	642	13
Comprehensive income (loss) attributable to Class A Common Stockholders	$ (8,700)	$ 7,282	$ (153,028)	$ 10,335

Goodwill - Net And Intangible Assets - Net (Tables)

9 Months Ended

Sep. 30, 2025

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule Of Changes In The Carrying Amount Of Goodwill

The following table summarizes the changes in the carrying amount of goodwill during the nine months ended September 30, 2025 (in thousands):


Gross goodwill balance at December 31, 2024	$	1,320,219
Accumulated impairment charges		(377,100	)
Goodwill – net balance at December 31, 2024		943,119
Foreign currency translation adjustment		2,915
Impairment charges		(297,412	)
Goodwill – net balance at September 30, 2025	$	648,622

Schedule Of Definite-Lived Intangible Assets

The following table presents the major classes of intangible assets at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
Definite-lived intangible assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		28,418			29,240
Capitalized development costs		58,313			46,293
Capitalized development costs – work in progress		6,917			6,839
Acquired Domain Name		17,348			17,348
Seat images		1,033			347
Foreign currency translation adjustment		(116	)		(1,891	)
Total gross book value		203,656			189,919
Less: accumulated amortization
Supplier relationships		(26,000	)		(16,048	)
Customer relationships		(21,979	)		(14,053	)
Acquired developed technology		(15,562	)		(10,025	)
Capitalized development costs		(37,128	)		(27,325	)
Acquired Domain Name		(1,015	)		(88	)
Seat images		(171	)		(26	)
Foreign currency translation adjustment		(129	)		357
Total accumulated amortization		(101,984	)		(67,208	)
Indefinite-lived intangible assets
Trademarks		110,538			110,538
Foreign currency translation adjustment		(7	)		(133	)
Accumulated impairment charges		(23,037	)		—
Intangible assets – net	$	189,166		$	233,116

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income (loss)	$ (292,828)	$ 18,716
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	37,689	31,654
Amortization of leases	1,165	1,379
Amortization of deferred financing costs	735	718
Equity-based compensation	33,886	38,284
Change in fair value of Intermediate Warrants	(5,713)	(5,713)
Loss on asset disposals	380	160
Change in fair value of derivative asset	841	537
Deferred income tax expense	76,786	3,378
Non-cash interest expense (income) - net	499	(442)
Foreign currency loss (gain) - net	(2,363)	266
Loss on extinguishment of debt	801	0
Adjustment of liabilities under TRA	(149,787)	0
Impairment charges	320,449	0
Write-off of 2024 Sponsorship Loan	2,024	0
Change in operating assets and liabilities:
Accounts receivable - net	10,027	(6,879)
Inventory - net	(3,967)	(1,234)
Prepaid expenses and other current assets	6,254	4,164
Accounts payable	(34,242)	(33,113)
Accrued expenses and other current liabilities	(39,611)	(35,140)
Deferred revenue	(5,681)	(10,042)
Long-term lease liabilities	(1,731)	0
Other assets and liabilities - net	(9,009)	(558)
Net cash provided by (used in) operating activities	(53,396)	6,135
Cash flows from investing activities
Disbursement of 2024 Sponsorship Loan	0	(2,000)
Purchases of property and equipment	(2,053)	(767)
Purchases of personal seat licenses	(990)	(737)
Investments in developed technology	(12,533)	(14,334)
Purchases of seat images	(686)	0
Net cash used in investing activities	(16,262)	(17,838)
Cash flows from financing activities
Payments of Shoko Chukin Bank Loan	0	(2,655)
Repurchases of Class A common stock	(18,292)	(22,998)
Payments for taxes related to net settlement of equity incentive awards	(1,848)	(645)
Repurchase and retirement of fractional shares resulting from Reverse Stock Split value	(5)	0
Tax distributions to redeemable noncontrolling interests	(1,689)	(9,253)
Payments of liabilities under TRA	(4,005)	(77)
Payments of deferred financing costs and other debt-related expenses	(162)	(315)
Payments of Acquired Domain Name Obligation	(1,500)	0
Net cash provided by (used in) financing activities	(29,465)	87,881
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	188	(151)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(98,935)	76,027
Cash, cash equivalents, and restricted cash - beginning of period	244,648	132,434
Cash, cash equivalents, and restricted cash - end of period	145,713	208,461
Supplemental disclosure of cash flow information:
Cash paid for interest	20,984	16,728
Cash paid for income tax	5,259	5,144
Cash paid for operating lease liabilities	2,467	2,325
Right-of-use assets obtained in exchange for operating lease liabilities	0	935
Equity-based compensation expense related to capitalized development costs	515	0
Excise taxes related to repurchases of Class A common stock recorded in Accrued expenses and other current liabilities	29	0
2022 First Lien Loan
Cash flows from financing activities
Payments of Loan	0	(689)
2024 First Lien Loan
Cash flows from financing activities
Payments of Loan	(76,986)	(987)
Proceeds from (Repayments of) Lines of Credit	0	125,500
2025 First Lien Loan
Cash flows from financing activities
Payments of Loan	(1,964)	0
Proceeds from First Lien Loan	$ 76,986	$ 0

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued Expenses and Other Current Liabilities

The following table presents the major components of accrued expenses and other current liabilities at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Accrued marketing expense	$	21,317	$	30,573
Accrued customer credits		52,939		55,785
Accrued future customer compensation		14,872		26,614
Accrued payroll		9,506		10,128
Accrued operating expenses		10,957		16,193
Other current liabilities		17,399		25,754
Accrued expenses and other current liabilities	$	126,990	$	165,047

Accrued customer credits represent credits issued and outstanding for event cancellations or other service issues related to previously recorded sales transactions. The accrued amount is reduced by the amount of credits estimated to go unused, or breakage, provided that the credits are not subject to escheatment. We estimate breakage based on historical usage trends and available data on comparable programs, and we recognize breakage in proportion to the pattern of redemption for customer credits. Our breakage estimates could be impacted by future activity that differs from our estimates, the effects of which could be material.

During the three and nine months ended September 30, 2025, $1.5 million and $4.7 million of accrued customer credits were redeemed, respectively, and we recognized revenue from breakage of $1.1 million and $3.7 million, respectively. During the three and nine months ended September 30, 2024, $2.4 million and $5.4 million of accrued customer credits were redeemed, respectively, and we recognized revenue from breakage of $5.0 million and $11.5 million, respectively. Breakage amounts are recorded net of reductions in associated accounts receivable balances.

Accrued future customer compensation represents an estimate of the amount of customer compensation due from future event cancellation charges. These provisions, which are based on historic experience, revenue volumes for future events, and our estimate of the likelihood of future event cancellations, are recognized as a component of

Revenues in the Condensed Consolidated Statements of Operations. The expected recoveries of these obligations are recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. Our estimated accrual could be impacted by future activity that differs from our estimates, the effects of which could be material.

During the three and nine months ended September 30, 2025, we recognized a net decrease in revenue of $1.3 million and $0.2 million, respectively, from reversals of previously recorded revenue and changes to accrued future customer compensation related to event cancellations where the performance obligations were satisfied in prior periods. During the three and nine months ended September 30, 2024, we recognized a net increase in revenue of $1.3 million and $1.2 million, respectively, from reversals of previously recorded revenue and changes to accrued future customer compensation related to event cancellations where the performance obligations were satisfied in prior periods.

Accrued future customer compensation decreased by $11.7 million between December 31, 2024 and September 30, 2025 primarily due to a decrease in estimated future event cancellations. A related provision for expected recovery of compensation from customers is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Taxes
Income tax expense in continuing operations		$ 9,200	$ 4,300	$ 70,100	$ 7,100
State and Federal Net Operating Loss Rate		21.00%		21.00%	21.00%
Payments of liabilities under TRA				$ (4,005)	$ (77)
Domestic Tax Jurisdiction
Income Taxes
Deferred tax assets		$ 76,500		$ 76,500
Tax Receivable Agreement
Income Taxes
Tax receivable agreement percentage of amount of tax savings				85.00%
Estimate tax receivable agreement liability		5,900		$ 5,900
Deferred tax asset Secondary Offerings		600		149,800
Recognize taxableI income		155,700		155,700		$ 159,700
Deferred tax benefit secondary offerings		0		4,000
Cash Payments	$ 5,800
Tax receivable agreement, amount due for payments		$ 5,800		$ 5,800

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Subsidiaries [Member]
Related Party Transaction [Line Items]
General and administrative	$ 45,183	$ 46,306	$ 139,537	$ 149,725
Viral [Member]
Related Party Transaction [Line Items]
Marketing and selling		100		300
Los Angeles Dodgers [Member]
Related Party Transaction [Line Items]
Marketing and selling	0	1,000	0	2,100
Mabl, Inc. [Member]
Related Party Transaction [Line Items]
General and administrative	100	$ 100	$ 100	$ 100
Tax Receivable Agreement
Related Party Transaction [Line Items]
Tax receivable agreement percentage of amount of tax savings			85.00%
Deferred tax asset Secondary Offerings	600		$ 149,800
Tax receivable agreement, amount due for payments	$ 5,800		$ 5,800

Impairments - Summary of Impairment Charges (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill - net	$ 648,622	$ 943,119
Property and equipment - net	$ 12,814	$ 12,567

- Definition

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Instruments - Summary of Fair Value of Option Contingent Warrants (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Expected term (years)	6 years 1 month 6 days	6 years 9 months 18 days
Estimated volatility	70.00%	52.00%
Risk-free rate	3.80%	4.50%
Expected dividend yield	0.00%	0.00%

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

The following table presents the major components of accrued expenses and other current liabilities at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Accrued marketing expense	$	21,317	$	30,573
Accrued customer credits		52,939		55,785
Accrued future customer compensation		14,872		26,614
Accrued payroll		9,506		10,128
Accrued operating expenses		10,957		16,193
Other current liabilities		17,399		25,754
Accrued expenses and other current liabilities	$	126,990	$	165,047

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Costs and expenses:
Depreciation and amortization			$ 37,689	$ 31,654
Impairment charges			320,449	0
Other (income) expense:
Loss on extinguishment of debt			801	0
Net income (loss)			(292,828)	18,716
Net income (loss) attributable to redeemable noncontrolling interests	$ (8,526)
Net income (loss) attributable to Class A Common Stockholders	(30,239)	$ 10,630	(376,203)	23,064
Subsidiaries
Revenues	136,373	186,605	443,962	575,773
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization shown separately below)	44,340	51,029	131,294	149,377
Marketing and selling	55,973	67,835	173,885	205,695
General and administrative	45,183	46,306	139,537	149,725
Depreciation and amortization	13,723	10,669	37,689	31,654
Impairment charges	0	0	320,449	0
Total costs and expenses	159,219	175,839	802,854	536,451
Income (loss) from operations	(22,846)	10,766	(358,892)	39,322
Other (income) expense:
Interest expense – net	6,111	6,300	17,410	16,706
Other expense (income) - net	(13)	(9,020)	(154,364)	(3,236)
Loss on extinguishment of debt	0	0	801	0
Income (loss) before income taxes	(28,944)	13,486	(222,739)	25,852
Income tax expense (benefit)	(9,231)	4,290	70,089	7,136
Net income (loss)	(19,713)	9,196	(292,828)	18,716
Net income (loss) attributable to redeemable noncontrolling interests	(11,187)	3,900	(138,685)	8,405
Net income (loss) attributable to Class A Common Stockholders	$ (8,526)	$ 5,296	$ (154,143)	$ 10,311
Net income (loss) per Class A Common Stock:
Basic	$ (1.31)	$ 0.81	$ (23.52)	$ 1.56
Diluted	$ (1.91)	$ 0.8	$ (28.25)	$ 1.55
Weighted average Class A Common Stock outstanding:
Basic	6,490,954	6,576,079	6,553,724	6,623,019
Diluted	10,302,204	6,597,734	10,364,974	6,657,007

Related-Party Transactions

9 Months Ended

Sep. 30, 2025

Related-Party Transactions

14. Related-Party Transactions

Viral Nation Inc.

Viral Nation Inc. (“Viral Nation”) is a marketing agency that creates viral and social media influencer campaigns and provides advertising, marketing, and technology services. Todd Boehly, a member of our Board, serves on the board of directors of Viral Nation and is the Co-Founder, Chairman, and Chief Executive Officer of Eldridge Industries, LLC (“Eldridge”), which owns greater than 10% of Viral Nation. For Viral Nation’s services, we incurred an expense of less than $0.1 million and $0.3 million during the three and nine months ended September 30, 2024, respectively, which is recorded in Marketing and selling expenses in the Condensed Consolidated Statements of Operations. We did not incur an expense for Viral Nation’s services during the three and nine months ended September 30, 2025.

Los Angeles Dodgers

The Los Angeles Dodgers are a Major League Baseball team based in Los Angeles, California. Todd Boehly, a member of our Board, owns greater than 10% of the Los Angeles Dodgers. In relation to a strategic partnership with the Los Angeles Dodgers, including our designation as the official ticket marketplace of the Los Angeles Dodgers and certain other advertising, marketing, promotional, and sponsorship benefits, we recognized an expense of $1.0 million $2.1 million during the three and nine months ended September 30, 2024, respectively, which is recorded in Marketing and selling expenses in the Consolidated Statements of Operations. We did not incur an expense in relation to the strategic partnership with the Los Angeles Dodgers during the three and nine months ended September 30, 2025.

Mabl, Inc.

Mabl, Inc. (“Mabl”) is a software company that uses its proprietary artificial intelligence-powered platform to provide automation support and other similar technology services. Martin Taylor, a member of our Board, is a Senior Managing Director at Vista Equity Partners, which is an investor in both us and Mabl. For Mabl’s services, we incurred an expense of $0.1 million during the three and nine months ended September 30, 2025, which is recorded in General and administrative expenses in the Condensed Consolidated Statements of Operations. We incurred an expense of less than $0.1 million for Mabl’s services during the three and nine months ended September 30, 2024.

Tax Receivable Agreement

In connection with the Merger Transaction, we entered into a Tax Receivable Agreement (the “TRA”) with the existing Hoya Intermediate unitholders. For more information, see “Tax Receivable Agreement” in Note 15, Income Taxes.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Entity Registrant Name	Vivid Seats Inc.
Entity Central Index Key	0001856031
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity File Number	001-40926
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3355184
Entity Address, Address Line One	24 E. Washington Street,
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
City Area Code	312
Local Phone Number	291-9966
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Ex Transition Period	false
Common Class A [Member]
Document Information [Line Items]
Trading Symbol	SEAT
Entity Common Stock, Shares Outstanding		10,725,316
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Warrant [Member]
Document Information [Line Items]
Trading Symbol	SEATW
Title of 12(b) Security	Warrants to purchase Class A common stock
Security Exchange Name	NASDAQ

Revenue Recognition

9 Months Ended

Sep. 30, 2025

Subsidiaries

Disaggregation of Revenue [Line Items]

Revenue Recognition

3. Revenue Recognition

We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. As discussed in Note 4, Segment Reporting, we have determined that we have two operating and reportable segments: Marketplace and Resale.

The following tables present Marketplace revenues by business model and event category for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Owned Properties revenues	$	96,582	$	129,159	$	303,253	$	394,317
Private Label Offering revenues		8,225		23,494		49,772		88,394
Marketplace revenues	$	104,807	$	152,653	$	353,025	$	482,711


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Concert revenues	$	43,072	$	67,701	$	151,812	$	216,533
Sport revenues		33,900		50,378		108,316		149,183
Theater revenues		22,439		28,705		77,716		97,544
Other revenues		5,396		5,869		15,181		19,451
Marketplace revenues	$	104,807	$	152,653	$	353,025	$	482,711

During the three and nine months ended September 30, 2025, we recognized Resale revenues of $31.5 million and $90.9 million, respectively, compared to Resale revenues of $34.0 million and $93.1 million during the three and nine months ended September 30, 2024, respectively.

At September 30, 2025, Deferred revenue in the Condensed Consolidated Balance Sheets was $18.1 million, which primarily relates to our rewards loyalty program that allows enrolled ticket buyers on Vivid Seats-branded properties to earn reward credits to spend on future orders. Stamps earned under the program expire in two to three years, if not converted to credits, and credits expire in two to four years, if not redeemed. We expect to recognize all outstanding deferred revenue within the next seven years.

At December 31, 2024, $23.8 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $3.2 million and $12.9 million was recognized as revenue during the three and nine months ended September 30, 2025, respectively.

At December 31, 2023, $34.7 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $6.1 million and $20.2 million was recognized as revenue during the three and nine months ended September 30, 2024, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 7
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 29, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Long-Term Debt, Gross		$ 391,060		$ 391,060		$ 393,025
Company recognized a liability for sales tax		3,700		3,700		7,500
Sponsorship Loan [Member]
Disbursed Sponsorship Loan		2,000		2,000
Loans Payable		5,000		5,000
Loss incurred for write-off of the sponsorship loan		0		2,000
Accrued expenses and other current liabilities [Member]
Accrued liabilities						300
Subsidiaries [Member]
Termination date	Jan. 29, 2025
Subsidiaries [Member] \| Prepaid Expenses and Other Current Assets [Member]
Claim settlement pool		300		300
Subsidiaries [Member] \| Canada [Member]
Accrued liabilities		900		900		$ 900
State and Local Jurisdiction [Member]
Expense net		$ 500	$ 500	$ 900	$ 2,600

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Event [Line Items]

Subsequent Events

18. Subsequent Events

On October 19, 2025, we entered into a Corporate Simplification Agreement (the “CSA”) with Hoya Intermediate and the TRA Parties named therein (including Hoya Topco). Pursuant to the CSA and the ancillary agreements described therein, a series of transactions was consummated over the two business days ending on October 31, 2025 that, among other things, simplified our corporate structure (such transactions, collectively, the “Corporate Simplification”). In connection with the Corporate Simplification, among other things:

•

Three Blocker Corporations (as defined in the CSA) merged with and into three of our wholly owned subsidiaries, respectively, such that the Blocker Corporations became our wholly owned subsidiaries;

•

Hoya Topco exchanged all of its shares of Class B common stock (which comprised all of the outstanding shares thereof) and corresponding Intermediate Units for an equal number of shares of Class A common stock, following which we cancelled all outstanding shares of Class B common stock;

•

The warrant agreements relating to the Intermediate Warrants were amended to instead provide for the right to purchase equal numbers of shares of Class A common stock at equal exercise prices, and simultaneously, the warrant agreement between us and Hoya Topco, which provided Hoya Topco with the right to purchase 200,000 shares of Class B common stock at an exercise price of $0.02 per share, was terminated;

•

All rights and obligations under the TRA and Hoya Intermediate’s Limited Liability Company Agreement were terminated (in each case other than certain terms thereof that expressly survived); and

•

We issued an aggregate of 403,022 shares of Class A common stock (after rounding down any fractional shares) to the TRA Parties.

Subsequent Events - Additional Information (Details) - $ / shares		9 Months Ended
	Oct. 19, 2025	Sep. 30, 2025
Subsequent Event [Line Items]
Reverse stock split shares description amendment		On August 5, 2025, following the approval of our stockholders and our Board of Directors (our “Board”), we amended our Amended and Restated Certificate of Incorporation to effect a 1-for-20 reverse stock split of our common stock pursuant to which every 20 shares of Class A and Class B common stock were combined into one share of Class A and Class B common stock, respectively (the “Reverse Stock Split”). The Reverse Stock Split became effective at 5:00 p.m. Eastern Time on August 5, 2025, and our Class A common stock began trading on a split-adjusted basis at the open of trading on August 6, 2025.
Common Class B [Member] \| Hoya Topco [Member]
Subsequent Event [Line Items]
Outstanding public warrants to receive	$ 0.02
Shares purchased	200,000
Warrant exercise price per share	$ 0.02
Subsequent Event
Subsequent Event [Line Items]
Shares issued	403,022

Accounts Receivable - Net

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Accounts Receivable - Net

5. Accounts Receivable - Net

The following table presents the major components of accounts receivable at September 30, 2025 and December 31, 2024 (in thousands):


	September 30,			December 31,
	2025			2024
Uncollateralized payment processor obligations	$	14,765		$	28,740
Due from ticket sellers for cancellation charges		8,090			6,835
Due from distribution partners for cancellation charges		13,860			13,308
Event insurance and other commissions receivable		3,461			4,980
Other trade receivables		11,066			6,437
Accounts receivable		51,242			60,300
Less: allowance for credit losses		(12,759	)		(11,985	)
Accounts receivable – net	$	38,483		$	48,315

Accounts receivable is recorded net of our allowance for credit losses. As of September 30, 2025 and December 31, 2024, we had recorded a cumulative allowance for credit losses of $12.8 million and $12.0 million, respectively, to reflect potential challenges in collecting funds from distribution partners and ticket sellers, particularly for amounts due upon usage of store credit previously issued to buyers. The allowance for credit losses increased between

December 31, 2024 and September 30, 2025 primarily due to an increase in amounts due from distribution partners that are unlikely to be collected based on actual store credit usage.

We wrote off zero and $0.1 million for uncollectible accounts receivable balances during the three and nine months ended September 30, 2025, respectively. There were no write offs for uncollectible accounts receivable balances during the three and nine months ended September 30, 2024.