0000950170-24-053932 | 10-Q | XBRL Viewer

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

The following tables represent our segment information (in thousands):


	Three Months Ended March 31, 2024
	Marketplace		Resale		Consolidated
Revenues	$	160,012	$	30,840	$	190,852
Cost of revenues (exclusive of depreciation and amortization shown separately below)		26,141		23,442		49,583
Marketing and selling		67,745		—		67,745
Contribution margin	$	66,126	$	7,398	$	73,524
General and administrative						42,366
Depreciation and amortization						10,483
Income from operations						20,675
Interest expense – net						5,082
Other expense						2,582
Income before income taxes					$	13,011


	Three Months Ended March 31, 2023
	Marketplace		Resale		Consolidated
Revenues	$	136,581	$	24,482	$	161,063
Cost of revenues (exclusive of depreciation and amortization shown separately below)		20,060		17,700		37,760
Marketing and selling		54,772		—		54,772
Contribution margin	$	61,749	$	6,782	$	68,531
General and administrative						32,389
Depreciation and amortization						2,598
Change in fair value of contingent consideration						34
Income from operations						33,510
Interest expense – net						3,280
Other income						(327	)
Income before income taxes					$	30,557

Accounts Receivable - Net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Accounts Receivable - Net

6. Accounts Receivable - Net

The following table summarizes our accounts receivable balance, net of allowance for doubtful accounts (in thousands):


	March 31,			December 31,
	2024			2023
Uncollateralized payment processor obligations	$	49,100		$	32,810
Due from marketplace ticket sellers for cancellation charges		5,980			5,632
Due from distribution partners for cancellation charges		13,750			12,736
Event insurance and other commissions receivable		4,745			11,414
Allowance for credit losses		(10,853	)		(10,074	)
Other		6,927			5,963
Total Accounts Receivable	$	69,649		$	58,481

We recorded an allowance for credit losses of $10.9 million and $10.0 million at March 31, 2024 and December 31, 2023, 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 during three months ended March 31, 2024 due to an increase in uncollateralized payment processor obligations from higher recent sales volumes.

There were no write-offs for the three months ended March 31, 2024 and 2023.

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Option Contingent Warrants Valuation Assumptions

The following assumptions were used to calculate the fair value of the Hoya Intermediate Warrants:


	March 31,			December 31,			December 7,
	2024			2023			2023
Estimated volatility		50.0	%		48.0	%		48.0	%
Expected term (years)		7.6			7.8			7.9
Risk-free rate		4.2	%		3.9	%		4.2	%
Expected dividend yield		0.0	%		0.0	%		0.0	%

Equity-Based Compensation - Summary of Activity for RSUs (Details) - RSUs - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balances	3,866	2,551
Granted	8,126	2,495
Forfeited	(59)	(30)
Vested	(962)	(492)
Ending Balances	10,971	4,524
Weighted-Average Grant Date Fair Value Per Share, Beginning Balances	$ 8.35	$ 10.99
Weighted-Average Grant Date Fair Value Per Share, Granted	5.34	7.17
Weighted-Average Grant Date Fair Value Per Share, Forfeited	7.79	9.84
Weighted-Average Grant Date Fair Value Per Share, Vested	7.88	10.59
Weighted-Average Grant Date Fair Value Per Share, Ending Balances	$ 6.16	$ 8.93

Equity Based Compensation - Fair Value Assumptions for Stock Option at the Date of Grant (Details) - Stock Options	Mar. 10, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	42.00%
Expected term (years)	5 years 10 months 24 days
Interest rate	3.90%
Dividend yield	0.00%

- 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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+ Details

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

12. Debt

Our outstanding debt is comprised of the following (in thousands):


	March 31,			December 31,
	2024			2023
February 2022 First Lien Loan	$	269,500		$	270,188
Shoko Chukin Bank Loan		2,477			2,954
Total long-term debt, gross		271,977			273,142
Less: unamortized debt issuance costs		(4,392	)		(4,577	)
Total long-term debt, net of issuance costs		267,585			268,565
Less: current portion		(3,577	)		(3,933	)
Total long-term debt, net	$	264,008		$	264,632

June 2017 Term Loans

On June 30, 2017, we entered into a $575.0 million first lien debt facility, comprising a $50.0 million revolving credit facility and a $525.0 million term loan (the “June 2017 First Lien Loan”), and a second lien credit facility, comprising a $185.0 million second lien term loan (the “June 2017 Second Lien Loan”). The June 2017 First Lien Loan was amended to upsize the committed amount by $115.0 million on July 2, 2018. On October 28, 2019, we paid off the June 2017 Second Lien Loan balance. The revolving credit facility component of the first lien debt facility was retired on May 22, 2020. On October 18, 2021, we made an early principal payment related to the June 2017 First Lien Loan of $148.2 million in connection with, and using the proceeds from, the merger transaction with Horizon Acquisition Corporation (the “Merger Transaction”) and a related private investment in public equity. On February 3, 2022, we repaid the outstanding balance of $190.7 million from the June 2017 First Lien Loan and refinanced the remaining balance with a new $275.0 million term loan.

February 2022 First Lien Loan

On February 3, 2022, we entered into an amendment which refinanced the remaining balance of the June 2017 First Lien Loan with a new $275.0 million term loan (the “February 2022 First Lien Loan”), which has a maturity date of February 3, 2029, and added a new $100.0 million revolving credit facility (the “Revolving Facility”) with a maturity date of February 3, 2027. At March 31, 2024, we had no outstanding borrowings under the Revolving Facility.

The terms of the February 2022 First Lien Loan specify a secured overnight financing rate (“SOFR”)-based floating interest rate and contain a springing financial covenant that requires compliance with a first lien net leverage ratio when revolver borrowings exceed certain levels. All obligations under the February 2022 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. The February 2022 First Lien Loan requires quarterly amortization payments of $0.7 million. The Revolving Facility does not require periodic payments. All obligations under the February 2022 First Lien Loan are secured, subject to permitted liens and other exceptions, by first-priority perfected security interests in substantially all of our assets. The February 2022 First Lien Loan carries an interest rate of SOFR (subject to a 0.5% floor) plus 3.25%. The effective interest rate on the February 2022 First Lien Loan was 8.98% and 9.05% per annum at March 31, 2024 and December 31, 2023, respectively.

The February 2022 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. The fair value was estimated using quoted prices that are directly observable in the marketplace. Therefore, the fair value is estimated on a Level 2 basis. At March 31, 2024 and December 31, 2023, the fair value of the February 2022 First Lien Loan approximated the carrying value.

We are subject to certain reporting and compliance-related covenants to remain in good standing under the February 2022 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 failure to remedy could result in the acceleration of

the loans or foreclosure on the collateral. As of March 31, 2024, we were in compliance with all debt covenants related to the February 2022 First Lien Loan.

Shoko Chukin Bank Loan

In connection with our acquisition of Wavedash, 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 has a maturity date of June 24, 2026 and is subject to a fixed interest rate of 1.27% per annum. Because the fair value was estimated using quoted prices that are directly observable in the marketplace, it is estimated on a Level 2 basis. At March 31, 2024 and December 31, 2023, the fair value of the Shoko Chukin Bank Loan approximated the carrying value.

- 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 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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+ Details

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Hoya Intermediate, LLC

Disaggregation of Revenue [Line Items]

Schedule of Market Place Revenues

Marketplace revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Marketplace revenues:
Owned Properties	$	126,571	$	102,815
Private Label		33,441		33,766
Total Marketplace revenues	$	160,012	$	136,581

Marketplace revenues consisted of the following event categories (in thousands):


	Three Months Ended March 31,
	2024		2023
Marketplace revenues:
Concerts	$	68,029	$	74,879
Sports		47,348		45,600
Theater		37,907		15,390
Other		6,728		712
Total Marketplace revenues	$	160,012	$	136,581

- 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

Business Acquisitions - Additional Information (Details) $ in Thousands, ¥ in Millions, shares in Millions				3 Months Ended
	Nov. 03, 2023 USD ($) shares	Sep. 08, 2023 JPY (¥)	Sep. 08, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Definite-lived intangible assets				$ 158,558	$ 156,005
Goodwill				944,129	$ 947,359
Vdc Holdco Llc [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 03, 2023
Business Combination, Consideration Transferred, Total	$ 248,300
Cash consideration	$ 152,800
Vdc Holdco Llc [Member] \| Class A Common Stock
Business Acquisition [Line Items]
Stock Issued During Period, Shares, Acquisitions \| shares	15.6
Wd Holdings Co. [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 08, 2023	Sep. 08, 2023
Cash consideration				$ 0
Business Combination, Price of Acquisition, Expected		¥ 10,946.1	$ 74,300

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Treasury Stock, Common, Shares	8,006,497	7,291,497
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	142,048,979	141,167,311
Common stock, shares outstanding	142,048,979	141,167,311
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	76,225,000	76,225,000
Common stock, shares outstanding	76,225,000	76,225,000

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

For the three months ended March 31, 2024, we recorded a $2.3 million income tax expense in continuing operations. The effective income tax rate differs from the 21% U.S. federal statutory rate due to a non-controlling interest adjustment for VSI’s allocable share of Hoya Intermediate’s income and state taxes. For the three months ended March 31, 2023, we recorded a $0.3 million income tax expense in continuing operations. Our effective income tax rate differed from the 21% U.S. federal statutory rate due to a non-controlling interest adjustment for VSI’s allocable share of Hoya Intermediate’s income, partial release of valuation allowances due to year to date earnings, and state taxes.

As of March 31, 2024 and December 31, 2023, our deferred tax assets were primarily the result of our investment in partnership, tax receivable agreement, net operating losses, interest limitations and tax credit carryforwards. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of March 31, 2023, we maintained a valuation allowance against our U.S. net operating losses, interest limitations and tax credit carryforwards, which was released in the second quarter of 2023. Certain tax attributes remain subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986 as a result of the historical acquisitions. We maintain a partial valuation allowance on our

investments in partnership related to the portion of the basis difference that we do not expect to realize on a more likely than not basis.

Tax Receivable Agreement

In connection with the Merger Transaction, we entered into the TRA with the existing Hoya Intermediate shareholders that provides for our payment to such shareholders of 85% of the amount of the tax savings, if any, 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 and 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. As of March 31, 2024, we estimate that the tax savings associated with all tax attributes described above would require us to pay $165.7 million, primarily over the next 15 years. As of March 31, 2024, $5.5 million is due within the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Hoya Intermediate, LLC

Disaggregation of Revenue [Line Items]

Revenue Recognition

4. Revenue Recognition

We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. We have two reportable segments: Marketplace and Resale.

In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers and partners through which we earn revenue processing ticket sales for live events and attractions and from facilitating the booking of hotel rooms and packages from our Owned Properties and from our Private Label Offering. Our Owned Properties consist of our websites and mobile applications, including Vivid Seats, Vegas.com and Wavedash, and our Private Label Offering consists of numerous distribution partners. The Owned Properties component of our Marketplace segment also includes our Vivid Picks daily fantasy sports offering, where users partake in contests by making picks from a variety of sport and player matchups. Using our online platform, we facilitate customer payments, deposits and withdrawals, coordinate ticket deliveries and provide customer service.

Marketplace revenues consisted of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Marketplace revenues:
Owned Properties	$	126,571	$	102,815
Private Label		33,441		33,766
Total Marketplace revenues	$	160,012	$	136,581

Marketplace revenues consisted of the following event categories (in thousands):


	Three Months Ended March 31,
	2024		2023
Marketplace revenues:
Concerts	$	68,029	$	74,879
Sports		47,348		45,600
Theater		37,907		15,390
Other		6,728		712
Total Marketplace revenues	$	160,012	$	136,581

In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own. Resale revenues were $30.8 million and $24.5 million during the three months ended March 31, 2024 and 2023, respectively.

At March 31, 2024, Deferred revenue in the Condensed Consolidated Balance Sheets was $33.0 million, which primarily relates to our Vivid Seats Rewards loyalty program. 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 in the next seven years.

At December 31, 2023, $34.7 million was recorded as Deferred revenue, of which $8.5 million was recognized as revenue during the three months ended March 31, 2024. At December 31, 2022, $32.0 million was recorded as Deferred revenue, of which $10.9 million was recognized as revenue during the three months ended March 31, 2023.

- 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.

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+ Details

Equity - Schedule of Changes in Each Component of AOCL, Net of Tax Effect (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance at January 1, 2024	$ 747
Other comprehensive income	(1,130)
Balance at March 31, 2024	(383)
Unrealized Gain On Investments [Member]
Balance at January 1, 2024	106
Other comprehensive income	59
Balance at March 31, 2024	165
Foreign Currency Translation Adjustment [Member]
Balance at January 1, 2024	641
Other comprehensive income	(1,189)
Balance at March 31, 2024	$ (548)

- 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

Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

14. Equity

Share Repurchase Programs

On February 29, 2024, our Board of Directors (our “Board”) authorized a share repurchase program for up to $100.0 million of our Class A common stock, which program was publicly announced on March 5, 2024 and does not have a fixed expiration date (the “2024 Repurchase Program”). As of March 31, 2024, we have repurchased 0.7 million shares of our Class A Common Stock for $4.1 million under the 2024 Repurchase Program and paid less than $0.1 million in commissions. As of March 31, 2024, approximately $95.9 million remained available for future repurchases under the 2024 Repurchase Program.

On May 25, 2022, our Board authorized a share repurchase program for up to $40.0 million of our Class A common stock, which program was publicly announced on May 26, 2022 (the “2022 Repurchase Program”). The 2022 Repurchase Program’s authorization was fully utilized during 2022 and the three months ended March 31, 2023. Cumulatively under the 2022 Repurchase Program, we repurchased 5.3 million shares of our Class A common stock for $40.0 million and paid $0.1 million in commissions.

Share repurchases are accounted for as Treasury stock in the Condensed Consolidated Balance Sheets.

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in each component of Accumulated other comprehensive income (loss) attributable to Class A Common Stockholders (in thousands):


	Unrealized gain on investments		Foreign currency translation adjustment			Total
Balance at January 1, 2024	$	106	$	641		$	747
Other comprehensive income		59		(1,189	)		(1,130	)
Balance at March 31, 2024	$	165	$	(548	)	$	(383	)

- Definition

The entire disclosure for equity.

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+ Details

Accounts Receivable - Net (Tables)

3 Months Ended

Mar. 31, 2024

Receivables, Net, Current [Abstract]

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

The following table summarizes our accounts receivable balance, net of allowance for doubtful accounts (in thousands):


	March 31,			December 31,
	2024			2023
Uncollateralized payment processor obligations	$	49,100		$	32,810
Due from marketplace ticket sellers for cancellation charges		5,980			5,632
Due from distribution partners for cancellation charges		13,750			12,736
Event insurance and other commissions receivable		4,745			11,414
Allowance for credit losses		(10,853	)		(10,074	)
Other		6,927			5,963
Total Accounts Receivable	$	69,649		$	58,481

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Recovery of future customer compensation	$ 23,563	$ 25,750
Prepaid expenses	11,811	8,218
Other current assets	1,448	93
Total prepaid expenses and other current assets	$ 36,822	$ 34,061

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. New Accounting Standards Issued Accounting Standards Adopted Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU allows for immediate adoption on a retrospective basis for all business combinations that have occurred since the beginning of the annual period that includes the interim period of adoption. We elected to adopt these requirements in the fourth quarter of 2023, with no material impact on our condensed consolidated financial statements. Issued Accounting Standards Not Yet Adopted Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued 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 effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements. Income Taxes In December 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 are effective for annual periods beginning after December 15, 2025. We are currently evaluating the impact of adopting the new standard, which is expected to result in enhanced disclosures, on our future condensed consolidated financial statements. Stock Compensation In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718)—Scope Application of Profits Interest and Similar Awards. The amendments are intended to improve the clarity of paragraph 718-10-15-3 and its application to profits interest or similar awards, primarily through the addition of an illustrative example. The amendments are effective for fiscal years beginning after December 15, 2025, and for interim periods within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements.

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Common Stock [Member] Class A Common Stock	Common Stock [Member] Class B Common Stock	Noncontrolling Interest [Member]	Noncontrolling Interest [Member] Senior Preferred Units
Temporary equity, Balances at Dec. 31, 2022									$ 862,860
Balances, shares at Dec. 31, 2022				(4,342,477)		82,410,774	118,200,000
Balances at Dec. 31, 2022	$ (382,698)			$ (32,494)	$ 0	$ 8	$ 12
Income before income taxes	12,182
Net income								$ 18,090
Issuance of shares, shares						491,502
Issuance of shares	1					$ 1
Equity-based compensation	4,615
Deemed contribution from former parent	391							577
Repurchases of common stock	(7,612)			$ (7,612)
Repurchases of common stock Share				$ (949,020)
Distributions to non-controlling interest								(3,816)
Subsequent remeasurement of Redeemable noncontrolling interests	(24,155)							24,155
Balances, shares at Mar. 31, 2023				(5,291,497)		82,902,276	118,200,000
Balances at Mar. 31, 2023	(397,276)			$ (40,106)	0	$ 9	$ 12	901,866
Temporary equity, Balances at Dec. 31, 2023								481,742
Balances, shares at Dec. 31, 2023		141,167,311	76,225,000	(7,291,497)		141,167,311	76,225,000
Balances at Dec. 31, 2023	105,017			$ (52,586)	747	$ 14	$ 8
Income before income taxes	6,077
Net income								4,665
Issuance of shares, shares						961,573
Net settlement of equity incentive awards, shares						(79,905)
Net settlement of equity incentive awards value	(462)
Equity-based compensation	8,439
Deemed contribution from former parent	133							75
Repurchases of common stock	(4,120)			$ (4,120)
Repurchases of common stock Share				$ (715,000)
Distributions to non-controlling interest								(3,654)
Other comprehensive income	(1,130)				(1,130)			(643)
Subsequent remeasurement of Redeemable noncontrolling interests	25,597							(25,597)
Balances, shares at Mar. 31, 2024		142,048,979	76,225,000	(8,006,497)		142,048,979	76,225,000
Balances at Mar. 31, 2024	$ 139,551			$ (56,706)	$ (383)	$ 14	$ 8	$ 456,588

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of financial instruments recorded at fair value on recurring basis

Financial instruments recorded at fair value on recurring basis as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
March 31, 2024
Note	$	—	$	—	$	3,102	$	3,102
Warrant		—		—		4,088		4,088
	$	—	$	—	$	7,190	$	7,190


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2023
Note	$	—	$	—	$	2,868	$	2,868
Warrant		—		—		4,125		4,125
	$	—	$	—	$	6,993	$	6,993

Schedule of financial instruments quantitative information using the Level 3 significant unobservable inputs

The following table presents quantitative information about the significant unobservable inputs applied to these Level 3 fair value measurements:


Assets	Significant Unobservable Inputs	March 31, 2024			December 31, 2023
Note	Expected terms (years)		6.3			6.5
	Implied Yield		21.1	%		21.7	%
Warrant	Expected terms (years)		6.3			6.5
	Estimated volatility		55.0	%		56.0	%
	Risk-free rate		4.2	%		3.9	%
	Expected dividend yield		0	%		0	%

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

The following table provides a reconciliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs (in thousands):


	Note		Warrant
Balance at January 1, 2024	$	2,868	$	4,125
Accretion of discount		22		—
Interest paid-in-kind		120		—
Total unrealized gains or losses:
Recognized in earnings		—		(37	)
Recognized in Other comprehensive income		92		—
Balance at March 31, 2024	$	3,102	$	4,088

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Extinguishment Of Debt [Line Items]
Total long-term debt, gross	$ 271,977	$ 273,142
Shoko Chukin Bank Loan	2,477	2,954
Less: unamortized debt issuance costs	(4,392)	(4,577)
Total long-term debt, net of issuance costs	267,585	268,565
Less: current portion	(3,577)	(3,933)
Total long-term Debt, net	264,008	264,632
February 2022 First Lien Loan
Extinguishment Of Debt [Line Items]
Total long-term debt, gross	$ 269,500	$ 270,188

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 154,028	$ 125,484
Restricted cash	6,851	6,950
Accounts receivable - net	69,649	58,481
Inventory - net	29,505	21,018
Prepaid expenses and other current assets	36,822	34,061
Total current assets	296,855	245,994
Property and equipment - net	9,831	10,156
Right-of-use assets - net	9,287	9,826
Intangible assets - net	233,719	241,155
Goodwill	944,129	947,359
Deferred tax assets	84,727	85,564
Investments	7,190	6,993
Other non-current assets	3,502	3,052
Total assets	1,589,240	1,550,099
Current liabilities:
Accounts payable	307,399	257,514
Accrued expenses and other current liabilities	181,207	191,642
Deferred revenue	32,983	34,674
Current maturities of long-term debt	3,577	3,933
Total current liabilities	525,166	487,763
Long-term debt - net	264,008	264,632
Long-term lease liabilities	15,653	16,215
TRA liability	160,213	165,699
Other liabilities	28,061	29,031
Total long-term liabilities	467,935	475,577
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	456,588	481,742
Shareholders' deficit
Additional paid-in capital	1,130,137	1,096,430
Treasury stock, at cost, 7,667,497 and 7,291,497 shares at March 31, 2024 and December 31, 2023, respectively	(56,706)	(52,586)
Accumulated deficit	(933,519)	(939,596)
Accumulated other comprehensive income (loss)	(383)	747
Total Shareholders' equity	139,551	105,017
Total liabilities, Redeemable noncontrolling interests, and Shareholders' deficit	1,589,240	1,550,099
Class A Common Stock
Shareholders' deficit
Common Stock	14	14
Class B Common Stock
Shareholders' deficit
Common Stock	$ 8	$ 8

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Tax receivable agreement percentage of amount of tax savings	85.00%
Viral [Member]
Related Party Transaction [Line Items]
Marketing and selling expenses	$ 0.3	$ 0.3
Rolling Stone [Member]
Related Party Transaction [Line Items]
Marketing and selling expenses	0.0	0.3
Los Angeles Dodgers [Member]
Related Party Transaction [Line Items]
Marketing and selling expenses	0.0	$ 0.0
Los Angeles Dodgers [Member] \| Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Prepaid Expense	$ 1.9

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Costs and expenses:
Depreciation and amortization	$ 10,483	$ 2,598
Change in fair value of contingent consideration	0	34
Other (income) expense:
Net income	12,870	30,272
Net income attributable to Class A Common Stockholders	6,077	12,182
Hoya Intermediate, LLC
Revenues	190,852	161,063
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization shown separately below)	49,583	37,760
Marketing and selling	67,745	54,772
General and administrative	42,366	32,389
Depreciation and amortization	10,483	2,598
Change in fair value of contingent consideration	0	34
Income from operations	20,675	33,510
Other (income) expense:
Interest expense – net	5,082	3,280
Other (income) expenses	2,582	(327)
Income before income taxes	13,011	30,557
Income tax expense	2,269	285
Net income	10,742	30,272
Net income	4,665	18,090
Net income attributable to Class A Common Stockholders	$ 6,077	$ 12,182
Income per Class A Common Stock:
Basic	$ 0.05	$ 0.16
Diluted	$ 0.04	$ 0.15
Weighted average Class A Common Stock outstanding:
Basic	134,068,276	77,410,820
Diluted	210,909,861	195,823,982

Fair Value Measurements - Schedule Of Financial Instruments Recorded At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	$ 7,190	$ 6,993
Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	3,102	2,868
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	4,088	4,125
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 1 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 1 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 2 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 2 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	7,190	6,993
Level 3 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	3,102	2,868
Level 3 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	$ 4,088	$ 4,125

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued marketing expense	$	35,383	$	39,210
Accrued customer credits		62,941		64,318
Accrued future customer compensation		31,426		33,010
Accrued payroll		6,493		17,381
Accrued operating expenses		20,307		20,828
Other current liabilities		24,657		16,895
Total accrued expenses and other current liabilities	$	181,207	$	191,642

Accrued customer credits represent credits issued and outstanding for cancellations or other service issues related to 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 differing from our estimates, the effects of which could be material.

During the three months ended March 31, 2024, $1.5 million of accrued customer credits were redeemed and we recognized $2.1 million of revenue from breakage. During the three months ended March 31, 2023, $2.6 million of accrued customer credits were redeemed and we recognized $4.6 million of revenue from breakage. Breakage amounts are net of reductions in associated accounts receivable balances.

Accrued future customer compensation represents an estimate of the amount of customer compensation due from cancellation charges in the future. These provisions, which are based on historic experience, revenue volumes for future events and management’s estimate of the likelihood of future cancellations, are recognized as a component of Revenues in the Condensed Consolidated Statements of Operations. The expected recoveries of these obligations are included in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. This estimated accrual could be impacted by future activity differing from our estimates, the effects of which could be material. During the three months ended March 31, 2024 and 2023, we recognized a net decrease in revenue of $0.1 million and $0.8 million, respectively, from the reversals of previously recorded revenue and changes to accrued future customer compensation related to cancellations where the performance obligations were satisfied in prior periods.

Other current liabilities primarily increased as a result of accrued, but not paid, tax distributions, and accrued TRA liability that is expected to be paid in the next 12 months.

Fair Value Measurements - Schedule Of Quantitative Information Using The Level 3 Significant Unobservable Inputs (Details)		3 Months Ended	12 Months Ended
	Dec. 07, 2023	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	7 years 10 months 24 days	7 years 7 months 6 days	7 years 9 months 18 days
Estimated volatility	48.00%	50.00%	48.00%
Risk-free rate	4.20%	4.20%	3.90%
Expected dividend yield	0.00%	0.00%	0.00%
Level 3 \| Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)		6 years 3 months 18 days	6 years 6 months
Implied Yield		21.10%	21.70%
Level 3 \| Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)		6 years 3 months 18 days	6 years 6 months
Estimated volatility		55.00%	56.00%
Risk-free rate		4.20%	3.90%
Expected dividend yield		0.00%	0.00%

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2024
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 the “Company,” “us,” “we,” and “our”) provide an online ticket marketplace that enables buyers to easily discover and purchase tickets to live events and attractions and book hotel rooms and packages in the United States, Canada and Japan. 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 (“GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for comprehensive annual financial statements. These condensed consolidated financial statements are not necessarily indicative of 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, 2023, which was filed with the SEC on March 8, 2024 (our “2023 Form 10-K”). 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.

New Accounting Standards (Policies)	3 Months Ended
New Accounting Standards (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Issued Accounting Standards Adopted	Issued Accounting Standards Adopted Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU allows for immediate adoption on a retrospective basis for all business combinations that have occurred since the beginning of the annual period that includes the interim period of adoption. We elected to adopt these requirements in the fourth quarter of 2023, with no material impact on our condensed consolidated financial statements.
Issued Accounting Standards Not Yet Adopted	Issued Accounting Standards Not Yet Adopted Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued 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 effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements. Income Taxes In December 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 are effective for annual periods beginning after December 15, 2025. We are currently evaluating the impact of adopting the new standard, which is expected to result in enhanced disclosures, on our future condensed consolidated financial statements. Stock Compensation In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718)—Scope Application of Profits Interest and Similar Awards. The amendments are intended to improve the clarity of paragraph 718-10-15-3 and its application to profits interest or similar awards, primarily through the addition of an illustrative example. The amendments are effective for fiscal years beginning after December 15, 2025, and for interim periods within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

10. Fair Value Measurements

We account for financial instruments under ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value, establishes a framework for measuring fair value in 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.

Financial instruments recorded at fair value on recurring basis as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
March 31, 2024
Note	$	—	$	—	$	3,102	$	3,102
Warrant		—		—		4,088		4,088
	$	—	$	—	$	7,190	$	7,190


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2023
Note	$	—	$	—	$	2,868	$	2,868
Warrant		—		—		4,125		4,125
	$	—	$	—	$	6,993	$	6,993

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

The following table presents quantitative information about the significant unobservable inputs applied to these Level 3 fair value measurements:


Assets	Significant Unobservable Inputs	March 31, 2024			December 31, 2023
Note	Expected terms (years)		6.3			6.5
	Implied Yield		21.1	%		21.7	%
Warrant	Expected terms (years)		6.3			6.5
	Estimated volatility		55.0	%		56.0	%
	Risk-free rate		4.2	%		3.9	%
	Expected dividend yield		0	%		0	%

The following table provides a reconciliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs (in thousands):


	Note		Warrant
Balance at January 1, 2024	$	2,868	$	4,125
Accretion of discount		22		—
Interest paid-in-kind		120		—
Total unrealized gains or losses:
Recognized in earnings		—		(37	)
Recognized in Other comprehensive income		92		—
Balance at March 31, 2024	$	3,102	$	4,088

Other financial instruments, including accounts receivable and accounts payable, are carried at cost, which approximates their fair value because of their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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

The following table presents the changes in each component of Accumulated other comprehensive income (loss) attributable to Class A Common Stockholders (in thousands):


	Unrealized gain on investments		Foreign currency translation adjustment			Total
Balance at January 1, 2024	$	106	$	641		$	747
Other comprehensive income		59		(1,189	)		(1,130	)
Balance at March 31, 2024	$	165	$	(548	)	$	(383	)

Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 07, 2023
Schedule Of Available For Sale Securities [Line Items]
Fair Value Adjustment of Warrants	$ (460)	$ (327)
Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 10
Class A Warrants	17,000,000
Hoya Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	1,000,000
Fair value of option contingent warrants	$ 500	300
Horizon Sponsor LLC \| Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 10
Hoya Topco L L C [Member] \| Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	10
Hoya Topco L L C [Member] \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Hoya Topco L L C [Member] \| Hoya Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	3,000,000		1,000,000
Warrant exercise price per share	$ 15
Subsidiaries [Member]
Schedule Of Available For Sale Securities [Line Items]
Other (income) expenses	$ 2,582	$ (327)
Warrant Purchased	17,000,000
Subsidiaries [Member] \| Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 10
Class A Warrants	2,000,000
Subsidiaries [Member] \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Class A Warrants	2,000,000
Mirror Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 11.5
Class A Warrants	13,286,644
Warrant Purchased	24,652,557
Mirror Warrants \| Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 10
Class A Warrants	17,000,000
Mirror Warrants \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Class A Warrants	17,000,000
Warrant [Member] \| Horizon Sponsor LLC
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	5,166,666
Warrant [Member] \| Horizon Sponsor LLC \| Class A Public Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	6,766,853
Private Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	6,519,791
Common Stock \| Hoya Topco L L C [Member]
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	3,000,000
Warrant exercise price per share	$ 10
Class A Common Stock \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Class A Warrants	17,000,000
Class A Common Stock \| Horizon Sponsor LLC \| Dollar Ten Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	17,000,000
Warrant exercise price per share	$ 10
Class A Common Stock \| Horizon Sponsor LLC \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Stock value issued for exercise of warrants	17,000,000
Warrant exercise price per share	$ 15
Class A Common Stock \| Subsidiaries [Member]
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased	17,000,000
Class A Common Stock \| Subsidiaries [Member] \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Class A Common Stock \| Mirror Warrants \| Dollar Fifteen Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased	15
Class A Common Stock \| Warrant [Member] \| Class A Public Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 11.5
Class A Common Stock \| Warrant [Member] \| Horizon Sponsor LLC
Schedule Of Available For Sale Securities [Line Items]
Stock issued during period, shares	18,132,776
Class A Common Stock \| Private Warrants \| Horizon Sponsor LLC \| Class A Private Warrants [Member]
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 11.5
Stock issued during period, shares	6,519,791
Minimum
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 10
Minimum \| Hoya Topco L L C [Member]
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share			$ 10
Maximum
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 15
Maximum \| Hoya Topco L L C [Member]
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share			$ 15

Equity-Based Compensation - Summary of Activity for Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Outstanding Options, Beginning Balance	8,807,000	6,125,000	6,125,000
Outstanding Options, Granted	0	3,603,000
Outstanding options exercised	0	0
Outstanding Options, Forfeited	0	0
Outstanding Options, Expired	0	(29,000)
Outstanding Options, Ending Balance	8,807,000	9,699,000	8,807,000	6,125,000
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 8.02	$ 12.09	$ 12.09
Weighted Average Exercise Price, Granted	0	7.17
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Forfeited	0	0
Weighted Average Exercise Price, Expired	0	0
Weighted Average Exercise Price, Outstanding, Ending Balance	$ 8.02	$ 10.26	$ 8.02	$ 12.09
Weighted average, term	9 years	9 years	9 years	9 years
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0	$ 0	$ 0

Goodwill And Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill [Line Items]
Amortization of intangible assets	$ 10.0	$ 2.3
Impairment	$ 377.1		$ 377.1

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Activity for RSUs

A summary of activity for RSUs is as follows (in thousands, except per share data):


	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2023		3,866		$	8.35
Granted		8,126			5.34
Forfeited		(59	)		7.79
Vested		(962	)		7.88
Unvested at March 31, 2024		10,971		$	6.16


	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2022		2,551		$	10.99
Granted		2,495			7.17
Forfeited		(30	)		9.84
Vested		(492	)		10.59
Unvested at March 31, 2023		4,524		$	8.93

Fair Value Assumptions for Stock Option at the Date of Grant

The following assumptions were used to calculate the fair value of the stock options granted on March 10, 2023:


Volatility	42.0	%
Expected term (years)	5.9
Risk-free rate	3.9	%
Dividend yield	0.0	%

Summary of Activity for Stock Option

A summary of activity for stock options is as follows (in thousands, except per option data):


	Outstanding Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,807	$	8.02		9	$	—
Options granted		—		—
Options exercised		—		—
Options forfeited		—		—
Options expired		—		—
Outstanding at March 31, 2024		8,807	$	8.02		9	$	—


	Outstanding Options			Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		6,125		$	12.09		9	$	—
Options granted		3,603			7.17
Options exercised		—			—
Options forfeited		—			—
Options expired		(29	)		—
Outstanding at March 31, 2023		9,699		$	10.26		9	$	—

Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule Of Changes In The Carrying Amount Of Goodwill

The following tables summarize the changes in the carrying amount of goodwill (in thousands):


	Goodwill
Balance at December 31, 2023	$	947,359
Foreign currency translation		(3,230	)
Balance at March 31, 2024	$	944,129

Schedule Of Definite-Lived Intangible Assets

The following table summarizes components of our definite-lived intangible assets (in thousands):


	March 31, 2024			December 31, 2023
Definite-lived Intangible Assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		29,240			29,240
Capitalized development costs		31,835			28,912
Capitalized development costs – Work in progress		6,558			4,795
Foreign currency translation		(818	)		1,315
Total gross book value	$	158,558		$	156,005
Less: Accumulated amortization
Supplier relationships	$	(6,185	)	$	(2,881	)
Customer relationships		(6,158	)		(3,522	)
Acquired developed technology		(4,424	)		(2,551	)
Capitalized development costs		(18,631	)		(16,433	)
Foreign currency translation		80			(97	)
Total accumulated amortization	$	(35,318	)	$	(25,484	)
Indefinite-lived Intangible Assets
Trademarks	$	110,538		$	110,538
Foreign currency translation		(59	)		96
Intangible assets – net	$	233,719		$	241,155

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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+ Details

Equity Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

18. 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 and consultants. The 2021 Plan became effective on October 18, 2021 upon consummation of the Merger Transaction, and the First Amendment to the 2021 Plan became effective on February 5, 2024.

Restricted Stock Units

Restricted Stock Units (“RSUs”) are awards denominated in a hypothetical equivalent number of shares of our 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 our Class A Common stock upon vesting.

During the three months ended March 31, 2024, we granted 8.1 million RSUs to certain employees at a weighted average grant date fair value of $5.34 per share. In March 2023, we granted 2.5 million RSUs to certain employees at a weighted average grant date fair value of $7.17 per share. RSUs granted to employees vest over three years, with one-third vesting on the one-year anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through each vesting date.

A summary of activity for RSUs is as follows (in thousands, except per share data):


	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2023		3,866		$	8.35
Granted		8,126			5.34
Forfeited		(59	)		7.79
Vested		(962	)		7.88
Unvested at March 31, 2024		10,971		$	6.16


	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2022		2,551		$	10.99
Granted		2,495			7.17
Forfeited		(30	)		9.84
Vested		(492	)		10.59
Unvested at March 31, 2023		4,524		$	8.93

Stock Options

Stock options provide for the purchase of shares of our Class A common stock in the future at an exercise price set on the grant date.

On March 10, 2023, we granted 3.6 million stock options to certain employees with an exercise price of $7.17 per share and a grant date fair value of $3.30 per option. The stock options vest over three years, with one-third vesting on the one-year anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through each vesting date. The stock options have a contractual term of ten years from the grant date. The fair value of stock options granted is estimated on the grant date using the Black-Scholes model.

The following assumptions were used to calculate the fair value of the stock options granted on March 10, 2023:


Volatility	42.0	%
Expected term (years)	5.9
Risk-free rate	3.9	%
Dividend yield	0.0	%

A summary of activity for stock options is as follows (in thousands, except per option data):


	Outstanding Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,807	$	8.02		9	$	—
Options granted		—		—
Options exercised		—		—
Options forfeited		—		—
Options expired		—		—
Outstanding at March 31, 2024		8,807	$	8.02		9	$	—


	Outstanding Options			Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		6,125		$	12.09		9	$	—
Options granted		3,603			7.17
Options exercised		—			—
Options forfeited		—			—
Options expired		(29	)		—
Outstanding at March 31, 2023		9,699		$	10.26		9	$	—

Compensation Expense

For the three months ended March 31, 2024, equity-based compensation expense related to RSUs was $5.5 million compared to $2.7 million for the three months ended March 31, 2023. Unrecognized compensation expense relating to unvested RSUs as of March 31, 2024 was approximately $70.2 million, which is expected to be recognized over a weighted average period of approximately three years.

For the three months ended March 31, 2024, equity-based compensation expense related to stock options was $2.9 million compared to $1.8 million for the three months ended March 31, 2023. Unrecognized compensation expense relating to unvested stock options as of March 31, 2024 was $17.5 million, which is expected to be recognized over a weighted average period of approximately two years.

For the three months ended March 31, 2024 and 2023, equity-based compensation expense related to profits interests was $0.2 million and $1.0 million, respectively. Unrecognized compensation expense as of March 31, 2024 related to these profits interests was $0.8 million, which is expected to be recognized over a weighted average period of approximately two years.

For the three months ended March 31, 2024, equity-based compensation expense excludes $0.2 million related to capitalized development costs.

Earnings Per Share - Schedule of net loss attributable to redeemable noncontrolling interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 12,870	$ 30,272
Hoya Topco's weighted average % allocation of Hoya Intermediate's net income	36.20%	59.80%
Net income attributable to Hoya Topco's redeemable noncontrolling interests	$ 4,665	$ 18,090

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (b)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (f)
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
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-Publisher FASB
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 01, 2021	Mar. 31, 2024	Dec. 31, 2023
Attorney And Administrative Fees		$ 3.3
Company recognized a liability for sales tax		0.4	$ 3.2
Subsidiaries [Member]
Termination date	Nov. 01, 2021
Subsidiaries [Member] \| Prepaid Expenses and Other Current Assets [Member]
Claim settlement pool		4.5
Subsidiaries [Member] \| Canada
Accrued liabilities		0.9	0.9
General and Administrative Expenses
Reduction of the liability		2.7
Accrued Liabilities [Member]
Accrued liabilities		$ 0.0	$ 0.0

Leases (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets - net	$ 9,287	$ 9,826

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of net loss attributable to redeemable noncontrolling interests

The following table provides the net income attributable to Hoya Topco’s redeemable noncontrolling interest (in thousands):


	Three Months Ended March 31,
	2024			2023
Net income—Hoya Intermediate	$	12,870		$	30,272
Hoya Topco’s weighted average % allocation of Hoya Intermediate's net income		36.2	%		59.8	%
Net income attributable to Hoya Topco's redeemable noncontrolling interests	$	4,665		$	18,090

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income per share of Class A common stock for the periods in which shares of our Class A and Class B common stock were outstanding (in thousands, except share and per share data):


	Three Months Ended March 31,
	2024		2023
Numerator—basic:
Net income	$	10,742	$	30,272
Less: Income attributable to redeemable noncontrolling interests		4,665		18,090
Net income attributable to Class A Common Stockholders—basic		6,077		12,182
Denominator—basic:
Weighted average Class A common stock outstanding—basic		134,068,276		77,410,820
Net income per Class A common stock—basic	$	0.05	$	0.16

Numerator—diluted:
Net income attributable to Class A Common Stockholders—basic	$	6,077	$	12,182
Net income effect of dilutive securities:
Effect of dilutive Noncontrolling Interest		3,248		16,849
Effect of RSUs		4		20
Net income attributable to Class A Common Stockholders—diluted		9,329		29,051
Denominator—diluted:
Weighted average Class A common stock outstanding—basic		134,068,276		77,410,820
Weighted average effect of dilutive securities:
Effect of dilutive Noncontrolling Interest		76,225,000		118,200,000
Effect of RSUs		616,585		213,162
Weighted average Class A common stock outstanding—diluted		210,909,861		195,823,982
Net income per Class A common stock—diluted	$	0.04	$	0.15

Summary of Potentially Dilutive Securities

The following table presents potentially dilutive securities excluded from the computation of diluted net income per share of Class A common stock for the periods presented that could potentially dilute earnings per share in the future:


	Three Months Ended March 31,
	2024		2023
RSUs		3,830,006		991,301
Stock options		8,807,848		9,698,759
Public Warrants and Private Warrants		13,286,644		13,286,644
Exercise Warrants		34,000,000		34,000,000
Hoya Intermediate Warrants		4,000,000		6,000,000

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2024

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

Prepaid Expenses and Other Current Assets

7. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Recovery of future customer compensation	$	23,563	$	25,750
Prepaid expenses		11,811		8,218
Other current assets		1,448		93
Total prepaid expenses and other current assets	$	36,822	$	34,061

Recovery of future customer compensation represents expected recoveries of compensation to be paid to customers for cancellations or other service issues related to previously recorded sales transactions. Recovery of future customer compensation costs decreased by $2.2 million at March 31, 2024 compared to December 31, 2023 due to a decrease in estimated future cancellation rates. The provision related to these expected recoveries is included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued marketing expense	$	35,383	$	39,210
Accrued customer credits		62,941		64,318
Accrued future customer compensation		31,426		33,010
Accrued payroll		6,493		17,381
Accrued operating expenses		20,307		20,828
Other current liabilities		24,657		16,895
Total accrued expenses and other current liabilities	$	181,207	$	191,642

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Customer credits redeemed	$ 1.5	$ 2.6
Revenue from breakage	2.1	4.6
Increase and decrease in revenue	$ 0.1	$ 0.8

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Hoya Intermediate, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commitments and Contingencies	15. 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 the opinion of management, could have a material effect on our business, financial position or results of operations other than those matters discussed herein. 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 August 2020. In January 2022, we issued coupons to certain members of the class. Other members of the class were notified in 2022 that they are eligible to submit a claim for a coupon. As of March 31, 2024 and December 31, 2023, 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 have been a defendant in multiple class action lawsuits related to customer compensation for cancellations, primarily as a result of COVID-19 restrictions. A final order approving the settlement of one such lawsuit was entered by the court in November 2021, pursuant to which we paid $4.5 million (after insurance) to fund a claims settlement pool in 2021 that was fully disbursed in 2022. A final order approving the settlement of another such lawsuit was entered by the court on January 31, 2023, pursuant to which we paid $3.3 million (after insurance) to cover legal and administrative fees and approved claims (payments for which were made in August 2023). We had no accrued liability as of March 31, 2024 and December 31, 2023 related to these matters. We are a defendant in a lawsuit related to an alleged violation of the Illinois Biometric Information Privacy Act. We deny these allegations and intend to vigorously defend against this lawsuit. Based on the information currently available, we are unable to reasonably estimate a possible loss or range of possible losses and no litigation reserve has been recorded in the Condensed Consolidated Balance Sheets related to this matter. Other 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 are 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 ticket sales, we have recorded liabilities in all jurisdictions where we believe a risk of loss is probable. We continuously monitor state and local regulations and will implement required collection and remittance procedures if and when we are subject to such regulations. As of March 31, 2024 and December 31, 2023, we had recorded a liability of $0.4 million and $3.2 million, respectively, related to uncollected local admissions taxes. This liability is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024, we received an abatement related to uncollected amounts, which resulted in a reduction of the liability and a reduction in General and administrative expenses of $2.7 million.

Revenue Recognition - Schedule of Market Place Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Marketplace revenues:
Total Marketplace revenues	$ 160,012	$ 136,581
Owned Properties
Marketplace revenues:
Total Marketplace revenues	126,571	102,815
Private Label
Marketplace revenues:
Total Marketplace revenues	33,441	33,766
Concerts
Marketplace revenues:
Total Marketplace revenues	68,029	74,879
Sports
Marketplace revenues:
Total Marketplace revenues	47,348	45,600
Theater
Marketplace revenues:
Total Marketplace revenues	37,907	15,390
Other
Marketplace revenues:
Total Marketplace revenues	$ 6,728	$ 712

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Equity Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended		12 Months Ended
	Mar. 10, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average, term		9 years	9 years	9 years	9 years
Outstanding options, granted		0	3,603
Capitalized Development Cost [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 0.2
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted		8,126	2,495
Weighted average, term		3 years
Weighted average grant date fair value		$ 5.34	$ 7.17
Equity-based compensation expense		$ 5.5	$ 2.7
Unrecognized compensation expense		$ 70.2
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Weighted average, term	10 years	2 years
Stock option exercise price	$ 7.17
Outstanding options, granted	3,600
Weighted average grant date fair value	$ 3.3
Equity-based compensation expense		$ 2.9	1.8
Unrecognized compensation expense		17.5
Profit Interests [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		0.2	$ 1.0
Unrecognized compensation expense		$ 0.8
Unrecognized compensation expense, recognized period		2 years

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Outstanding debt

Our outstanding debt is comprised of the following (in thousands):


	March 31,			December 31,
	2024			2023
February 2022 First Lien Loan	$	269,500		$	270,188
Shoko Chukin Bank Loan		2,477			2,954
Total long-term debt, gross		271,977			273,142
Less: unamortized debt issuance costs		(4,392	)		(4,577	)
Total long-term debt, net of issuance costs		267,585			268,565
Less: current portion		(3,577	)		(3,933	)
Total long-term debt, net	$	264,008		$	264,632

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 12,870	$ 30,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,483	2,598
Amortization of leases	412	150
Amortization of deferred financing costs	236	226
Equity-based compensation expense	8,488	5,530
Change in fair value of warrants	(460)	(327)
Change in fair value of derivative asset	37	0
Change in fair value of contingent consideration	0	34
Loss on asset disposals	102	7
Deferred taxes	862	0
Non-cash interest income	(142)	0
Foreign currency revaluation loss	3,005	0
Change in assets and liabilities:
Accounts receivable	(11,448)	(10,000)
Inventory	(8,491)	(11,370)
Prepaid expenses and other current assets	(2,778)	(3,417)
Accounts payable	50,493	56,826
Accrued expenses and other current liabilities	(20,379)	444
Deferred revenue	(1,691)	(6,063)
Other non-current assets and liabilities	(306)	201
Net cash provided by operating activities	39,165	65,111
Cash flows from investing activities
Purchases of property and equipment	(92)	(215)
Purchases of personal seat licenses	(564)	(365)
Investments in developed technology	(4,631)	(2,027)
Net cash used in investing activities	(5,287)	(2,607)
Cash flows from financing activities
Payments of February 2022 First Lien Loan	(688)	(688)
Payments of Shoko Chukin Bank Loan	(281)	0
Repurchase of common stock	(3,105)	(7,612)
Payments for taxes related to net settlement of equity incentive awards	(462)	0
Payments of TRA liability	(77)	0
Cash paid for milestone payments	0	(2,500)
Net cash used in financing activities	(4,613)	(10,800)
Impact of foreign exchange on cash, cash equivalents, and restricted cash	(820)	0
Net increase in cash, cash equivalents, and restricted cash	28,445	51,704
Cash, cash equivalents, and restricted cash - beginning of period	132,434	252,290
Cash, cash equivalents, and restricted cash - end of period	160,879	303,994
Supplemental disclosure of cash flow information:
Cash paid for interest	6,074	1,941
Cash paid for income tax	623	0
Cash paid for operating lease liabilities	664	234
Repurchase of common stock recorded in Accrued expenses and other current liabilities	1,015	0
Subsidiaries [Member]
Cash flows from operating activities
Net income	10,742	30,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,483	2,598
Change in fair value of contingent consideration	$ 0	$ 34

Financial Instruments - Summary of Fair Value of Option Contingent Warrants (Details)		3 Months Ended	12 Months Ended
	Dec. 07, 2023	Mar. 31, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Estimated volatility	48.00%	50.00%	48.00%
Expected term (years)	7 years 10 months 24 days	7 years 7 months 6 days	7 years 9 months 18 days
Risk-free rate	4.20%	4.20%	3.90%
Expected dividend yield	0.00%	0.00%	0.00%

Equity (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 29, 2024	May 25, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Repurchase of common stock	$ 3,105	$ 7,612
Share Repurchase Program 2022 [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of shares authorized to be repurchased	5.3
Share Repurchase Program 2024 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Stock repurchase program for future	$ 95,900
Share Repurchase Program 2024 [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of shares authorized to be repurchased	0.7
Common Class A [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Share repurchase program, authorized amount			$ 100,000	$ 40,000
Common Class A [Member] \| Share Repurchase Program 2022 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Stock repurchased during period	40.0
Commissions paid	$ 100
Common Class A [Member] \| Share Repurchase Program 2024 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commissions paid	100
Repurchase of common stock	$ 4,100

Goodwill And Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Definite-lived intangible assets	$ 158,558	$ 156,005
Foreign currency translation, Definite-lived Intangible Assets	(818)	1,315
Accumulated amortization	(35,318)	(25,484)
Foreign currency translation, Accumulated amortization	80	(97)
Foreign currency translation, Indefinite-lived Intangible Assets	(59)	96
Intangible assets - net	233,719	241,155
Trademarks [Member]
Goodwill [Line Items]
Trademarks	110,538	110,538
Supplier Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	57,123	57,123
Accumulated amortization	(6,185)	(2,881)
Customer Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	34,620	34,620
Accumulated amortization	(6,158)	(3,522)
Acquired Developed Technology [Member]
Goodwill [Line Items]
Definite-lived intangible assets	29,240	29,240
Accumulated amortization	(4,424)	(2,551)
Capitalized Development Costs [Member]
Goodwill [Line Items]
Definite-lived intangible assets	31,835	28,912
Accumulated amortization	(18,631)	(16,433)
Capitalized Development Costs - Work In Progress [Member]
Goodwill [Line Items]
Definite-lived intangible assets	$ 6,558	$ 4,795

Earnings Per Share - Summary of Potentially Dilutive Securities (Details) - Subsidiaries [Member] - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Public Warrants and Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	13,286,644	13,286,644
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	3,830,006	991,301
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	8,807,848	9,698,759
Exercise Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	34,000,000	34,000,000
Hoya Intermediate Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	4,000,000	6,000,000

Prepaid Expenses and Other Current Assets - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Change in recovery of future customer compensation	$ 2.2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 12,870	$ 30,272
Hoya Intermediate, LLC
Net income	10,742	30,272
Other comprehensive income:
Foreign currency translation adjustment	(1,865)	0
Unrealized gain on investments	92	0
Comprehensive income	8,969	30,272
Net income attributable to redeemable noncontrolling interests	4,665	18,090
Foreign currency translation adjustment attributable to redeemable noncontrolling interests	(676)	0
Unrealized gain on investments attributable to redeemable noncontrolling interests	33	0
Comprehensive income attributable to Class A Common Stockholders	$ 4,947	$ 12,182

Goodwill And Intangible Assets - Schedule Of Changes In The Carrying Amount Of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 947,359
Foreign currency translation	(3,230)
Goodwill, Ending Balance	$ 944,129

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Related-Party Transactions

3 Months Ended

Mar. 31, 2024

Related-Party Transactions

16. 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 CEO of Eldridge Industries, LLC (“Eldridge”), which owns greater than 10% of Viral Nation. We incurred an expense of $0.3 million and zero for these services during the three months ended March 31, 2024 and 2023, respectively, which is presented in Marketing and selling expenses in the Condensed Consolidated Statements of Operations.

Rolling Stone, LLC

Rolling Stone, LLC (“Rolling Stone”) is a high-profile magazine and media platform focused on music, film, television and news coverage. Todd Boehly, a member of our Board, is the Co-Founder, Chairman and CEO of Eldridge, which owns greater than 10% of Rolling Stone. We incurred an expense of zero and $0.3 million as part of our multifaceted partnership with Rolling Stone for the three months ended March 31, 2024 and 2023, respectively, which is presented in Marketing and selling expenses in the Condensed Consolidated Statements of Operations.

Los Angeles Dodgers

The Los Angeles Dodgers (the “Dodgers”) is a Major League Baseball team based in Los Angeles, California. Todd Boehly, a member of our Board, owns greater than 10% of the Dodgers. As part of our strategic partnership with the Dodgers, including our designation as an Official Ticket Marketplace of the Dodgers and certain other advertising, marketing, promotional and sponsorship benefits, we incurred zero expense for the three months ended March 31, 2024 and 2023, and recorded a prepaid expense of $1.9 million as of March 31, 2024, which is presented in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

Tax Receivable Agreement

In connection with the Merger Transaction, we entered into a Tax Receivable Agreement (the “TRA”) with the existing Hoya Intermediate shareholders. For more information, see “Tax Receivable Agreement” in Note 17, 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 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Accrued marketing expense	$ 35,383	$ 39,210
Accrued customer credits	62,941	64,318
Accrued future customer compensation	31,426	33,010
Accrued payroll	6,493	17,381
Accrued operating expenses	20,307	20,828
Other current liabilities	24,657	16,895
Total accrued expenses and other current liabilities	$ 181,207	$ 191,642

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 12,870	$ 30,272

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Revenue Recognition - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Revenue By Related Parties	$ 30,800	$ 24,500
Number of Reportable Segments \| Segment	2
Deferred revenue	$ 32,983		$ 34,674
Deferred Revenue, Revenue Recognized	$ 8,500
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
Subsidiaries [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue				$ 32,000
Deferred Revenue, Revenue Recognized		$ 10,900

Business Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

3. Business Acquisitions

Vegas.com Acquisition

On November 3, 2023, we acquired VDC Holdco, LLC, the parent company of Vegas.com, LLC (together, “Vegas.com”), an online ticket marketplace headquartered in Las Vegas, Nevada. The purchase price was $248.3 million, comprising $152.8 million in cash and approximately 15.6 million shares of our Class A common stock. We financed the cash portion of the purchase price at closing with cash on hand. The purchase consideration allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary areas that are not yet finalized relate to the valuations of certain intangible assets and acquired income tax assets and liabilities. As a result, these allocations are subject to change during the one-year measurement period. There were no changes to the preliminary purchase price allocation during the three months ended March 31, 2024.

Wavedash Acquisition

On September 8, 2023, we acquired WD Holdings Co., Ltd., the parent company of Wavedash Co., Ltd. (together, “Wavedash”), an online ticket marketplace headquartered in Tokyo, Japan. The purchase price was JPY 10,946.1 million, or approximately $74.3 million based on the exchange rate in effect on the acquisition date, before considering the net effect of cash acquired. We financed the purchase price at closing with cash on hand. The purchase consideration allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary areas that are not yet finalized relate to the valuations of certain intangible assets and acquired income tax assets and liabilities. Acquired assets and liability amounts are also still being finalized. As a result, these allocations are subject to change during the one-year measurement period. There were no changes to the preliminary purchase price allocation during the three months ended March 31, 2024.

Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2024

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

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

Goodwill is included in our Marketplace segment. The following tables summarize the changes in the carrying amount of goodwill (in thousands):


	Goodwill
Balance at December 31, 2023	$	947,359
Foreign currency translation		(3,230	)
Balance at March 31, 2024	$	944,129

We had recorded $377.1 million of cumulative impairment charges related to our goodwill as of March 31, 2024 and December 31, 2023.

Definite-Lived Intangible Assets

The following table summarizes components of our definite-lived intangible assets (in thousands):


	March 31, 2024			December 31, 2023
Definite-lived Intangible Assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		29,240			29,240
Capitalized development costs		31,835			28,912
Capitalized development costs – Work in progress		6,558			4,795
Foreign currency translation		(818	)		1,315
Total gross book value	$	158,558		$	156,005
Less: Accumulated amortization
Supplier relationships	$	(6,185	)	$	(2,881	)
Customer relationships		(6,158	)		(3,522	)
Acquired developed technology		(4,424	)		(2,551	)
Capitalized development costs		(18,631	)		(16,433	)
Foreign currency translation		80			(97	)
Total accumulated amortization	$	(35,318	)	$	(25,484	)
Indefinite-lived Intangible Assets
Trademarks	$	110,538		$	110,538
Foreign currency translation		(59	)		96
Intangible assets – net	$	233,719		$	241,155

Amortization expense on our definite-lived intangible assets was $10.0 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense is presented in Depreciation and amortization in the Condensed Consolidated Statements of Operations.

Accounts Receivable - Net - Shedule of Accounts receivable balance, net of allowance for doubtful accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (10,900)	$ (10,000)
Other	6,927	5,963
Total Accounts Receivable	69,649	58,481
Market Place [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable net	5,980	5,632
Distribution Partners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable net	13,750	12,736
Allowance for doubtful accounts	(10,853)	(10,074)
Uncollateralized Payment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable net	49,100	32,810
Insurance and Other Commissions [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable net	$ 4,745	$ 11,414

Accounts Receivable - Net (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Allowance for doubtful accounts	$ 10.9		$ 10.0
Accounts receivable write offs	$ 0.0	$ 0.0

Impairments - Summary of Impairment Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 944,129	$ 947,359
Property and equipment - net	$ 9,831	$ 10,156

- Definition

+ References + Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

19. Earnings Per Share

We calculate basic and diluted net income 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 income per share, and we do not present basic and diluted income per share of Class B common stock. However, holders of our Class B common stock are allocated income in Hoya Intermediate (our operating entity) according to their weighted average percentage ownership of Intermediate Units during each quarter.

Net income attributable to redeemable noncontrolling interests is calculated by multiplying Hoya Intermediate’s net income 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 our 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 March 31, 2024 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 our Class A common stock and is subject to our Board’s approval.

The following table provides the net income attributable to Hoya Topco’s redeemable noncontrolling interest (in thousands):


	Three Months Ended March 31,
	2024			2023
Net income—Hoya Intermediate	$	12,870		$	30,272
Hoya Topco’s weighted average % allocation of Hoya Intermediate's net income		36.2	%		59.8	%
Net income attributable to Hoya Topco's redeemable noncontrolling interests	$	4,665		$	18,090

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

Net income per Class A common stock–diluted is based on the average number of shares of our 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. Net income attributable to Class A common stockholders–diluted is adjusted for (i) our share of Hoya Intermediate’s consolidated net income after giving effect to Intermediate Units that convert into potential shares of our Class A common stock, to the extent it is dilutive, and (ii) the impact of changes in the fair value of Hoya Intermediate Warrants, to the extent they are dilutive.


	Three Months Ended March 31,
	2024		2023
Numerator—basic:
Net income	$	10,742	$	30,272
Less: Income attributable to redeemable noncontrolling interests		4,665		18,090
Net income attributable to Class A Common Stockholders—basic		6,077		12,182
Denominator—basic:
Weighted average Class A common stock outstanding—basic		134,068,276		77,410,820
Net income per Class A common stock—basic	$	0.05	$	0.16

Numerator—diluted:
Net income attributable to Class A Common Stockholders—basic	$	6,077	$	12,182
Net income effect of dilutive securities:
Effect of dilutive Noncontrolling Interest		3,248		16,849
Effect of RSUs		4		20
Net income attributable to Class A Common Stockholders—diluted		9,329		29,051
Denominator—diluted:
Weighted average Class A common stock outstanding—basic		134,068,276		77,410,820
Weighted average effect of dilutive securities:
Effect of dilutive Noncontrolling Interest		76,225,000		118,200,000
Effect of RSUs		616,585		213,162
Weighted average Class A common stock outstanding—diluted		210,909,861		195,823,982
Net income per Class A common stock—diluted	$	0.04	$	0.15

Potential shares of our Class A common stock are excluded from the computation of diluted net income per share of Class A common stock if their effect would have been anti-dilutive for the period presented or if the issuance of shares is contingent upon events that did not occur by the end of the period.


	Three Months Ended March 31,
	2024		2023
RSUs		3,830,006		991,301
Stock options		8,807,848		9,698,759
Public Warrants and Private Warrants		13,286,644		13,286,644
Exercise Warrants		34,000,000		34,000,000
Hoya Intermediate Warrants		4,000,000		6,000,000

Investments (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jul. 31, 2023
Schedule of Investments [Line Items]
Convertible Debt			$ 6.0
Investment Interest Rate			8.00%
Servicing Asset at Amortized Cost	$ 2.8	$ 2.7
Unrealized Gain (Loss) on Investments	$ 0.1
Warrant [Member]
Schedule of Investments [Line Items]
Purchase of Warrants			1,874,933

- Definition

Rate of interest on investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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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

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Financial Instruments

13. Financial Instruments

We issued the following warrants during the year ended December 31, 2021 in connection with the Merger Transaction:

Public Warrants

We issued to former warrant holders of Horizon Acquisition Corporation warrants to purchase 18,132,776 shares of our Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”), of which warrants to purchase 5,166,666 shares were issued to Horizon Sponsor, LLC. The Public Warrants are traded on the Nasdaq Stock Market under the symbol “SEATW.” As of March 31, 2024, there were 6,766,853 Public Warrants outstanding.

Private Warrants

We issued to Horizon Sponsor, LLC warrants to purchase 6,519,791 shares of our Class A common stock at an exercise price of $11.50 per share (the “Private Warrants”). As of March 31, 2024, there were 6,519,791 Private Warrants outstanding.

Exercise Warrants

We issued to Horizon Sponsor, LLC warrants to purchase 17,000,000 shares of our Class A common stock at an exercise price of $10.00 per share (the “$10 Exercise Warrants”) and warrants to purchase 17,000,000 shares of our Class A common stock at an exercise of $15.00 per share (the “$15 Exercise Warrants” and, together with the $10 Exercise Warrants, the “Exercise Warrants”). As of March 31, 2024, there were 17,000,000 $10 Exercise Warrants and 17,000,000 $15 Exercise Warrants outstanding.

Hoya Intermediate Warrants

Hoya Intermediate issued to Hoya Topco, LLC (“Hoya Topco”) warrants to purchase 3,000,000 Intermediate Units at an exercise price of $10.00 per unit (the “$10 Hoya Intermediate Warrants”) and warrants to purchase 3,000,000 Intermediate Units at an exercise of $15.00 per unit (the ”$15 Hoya Intermediate Warrants” and, together with the $10 Hoya Intermediate Warrants, the “Hoya Intermediate Warrants”).

A portion of the Hoya Intermediate Warrants, consisting of warrants to purchase 1,000,000 Intermediate Units at exercise prices of $10.00 and $15.00 per unit, respectively (the “Option Contingent Warrants”), were issued in tandem with stock options we issued to members of our management team (the “Management Options”). The Option Contingent Warrants only become exercisable by Hoya Topco if a Management Option is forfeited or expires unexercised.

On December 7, 2023, Hoya Topco voluntarily terminated a portion of the Hoya Intermediate Warrants, consisting of Option Contingent Warrants to purchase 1,000,000 Intermediate Units at exercise prices of $10.00 and $15.00 per unit, respectively.

As of March 31, 2024, there were 2,000,000 $10 Hoya Intermediate Warrants and 2,000,000 $15 Hoya Intermediate Warrants outstanding.

The following assumptions were used to calculate the fair value of the Hoya Intermediate Warrants:


	March 31,			December 31,			December 7,
	2024			2023			2023
Estimated volatility		50.0	%		48.0	%		48.0	%
Expected term (years)		7.6			7.8			7.9
Risk-free rate		4.2	%		3.9	%		4.2	%
Expected dividend yield		0.0	%		0.0	%		0.0	%

For the three months ended March 31, 2024, the fair value of the Hoya Intermediate Warrants decreased by $0.5 million, which is presented in Other (income) expense on the Condensed Consolidated Statements of Operations. For the three months ended March 2023, the fair value of both the Hoya Intermediate Warrants and the Option Contingent Warrants decreased by $0.3 million, which is presented in Other (income) expense on the Condensed Consolidated Statements of Operations.

Upon the valid exercise of a Hoya Intermediate Warrant for Intermediate Units, we will issue an equivalent number of shares of our Class B common stock to Hoya Topco.

Mirror Warrants

Hoya Intermediate issued to us warrants to purchase 17,000,000 of its common units (“Intermediate Units”) at an exercise price of $10.00 per unit (the “$10 Mirror Warrants”), warrants to purchase 17,000,000 Intermediate Units at an exercise of $15.00 per unit (the “$15 Mirror Warrants”), and warrants to purchase 24,652,557 Intermediate Units at an exercise price of $11.50 per unit (the “$11.50 Mirror Warrants” and, together with the $10 Mirror Warrants and the $15 Mirror Warrants, the “Mirror Warrants”). Upon the valid exercise of a Public, Private or Exercise Warrant, Hoya Intermediate will issue to us an equivalent number of Intermediate Units. Similarly, if a Public, Private or Exercise Warrant is tendered, an equivalent number of Mirror Warrants will be tendered. As of March 31, 2024, there were 17,000,000 $10 Mirror Warrants, 17,000,000 $15 Mirror Warrants and 13,286,644 $11.50 Mirror Warrants outstanding.

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 10,483	$ 2,598
Income before income taxes	6,077	12,182
Net income attributable to Class A Common Stockholders	6,077	12,182
Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	190,852	161,063
Cost of revenues (exclusive of depreciation and amortization shown separately below)	49,583	37,760
General and administrative	42,366	32,389
Depreciation and amortization	10,483	2,598
Income from operations	20,675	33,510
Interest expense – net	5,082	3,280
Other income	2,582	(327)
Income before income taxes	6,077	12,182
Net income attributable to Class A Common Stockholders	6,077	12,182
Marketplace \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	160,012	136,581
Cost of revenues (exclusive of depreciation and amortization shown separately below)	26,141	20,060
Marketing and selling expenses	67,745	54,772
Contribution margin	66,126	61,749
Resale \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	30,840	24,482
Cost of revenues (exclusive of depreciation and amortization shown separately below)	23,442	17,700
Marketing and selling expenses	0	0
Contribution margin	7,398	6,782
Consolidated \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	190,852	161,063
Cost of revenues (exclusive of depreciation and amortization shown separately below)	49,583	37,760
Marketing and selling expenses	67,745	54,772
Contribution margin	73,524	68,531
General and administrative	42,366	32,389
Depreciation and amortization	10,483	2,598
Change in fair value of contingent consideration		34
Income from operations	20,675	33,510
Interest expense – net	5,082	3,280
Other income	2,582
Income before income taxes	13,011	30,557
Other (income) expense		(327)
Net income attributable to Class A Common Stockholders	$ 13,011	$ 30,557

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

9. Investments

In July 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% per annum and outstanding principal and accrued interest 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 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. The Note is classified as an available-for-sale security and is recorded at fair value with the change in unrealized gains and losses reported as a separate component on the Condensed Consolidated Statements of Comprehensive Income until realized. The Note’s unrealized gain for the three months ended March 31, 2024 was $0.1 million. The Note’s amortized cost was $2.8 million and $2.7 million at March 31, 2024 and December 31, 2023, respectively. We did not recognize any credit losses related to the Note during the three months ended March 31, 2024.

We account for the Warrant in accordance with ASC Topic 815, Derivatives and Hedging, pursuant to which we record the derivative instrument on the Condensed Consolidated Balance Sheets at fair value with changes in fair value recognized in Other (income) expense on the Condensed Consolidated Statements of Operations on a recurring basis. The classification of the derivative instrument, including whether it should be recorded as an asset or a liability, is evaluated at the end of each reporting period.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Recovery of future customer compensation	$	23,563	$	25,750
Prepaid expenses		11,811		8,218
Other current assets		1,448		93
Total prepaid expenses and other current assets	$	36,822	$	34,061

Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

5. Segment Reporting

Our reportable segments are Marketplace and Resale. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers and partners 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. Revenues and contribution margin (defined as revenues less cost of revenues and marketing and selling expenses) are used by our Chief Operating Decision Maker (our “CODM”) to assess performance of the business.

We do not report our assets, capital expenditures, general and administrative expenses or related 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 represent our segment information (in thousands):


	Three Months Ended March 31, 2024
	Marketplace		Resale		Consolidated
Revenues	$	160,012	$	30,840	$	190,852
Cost of revenues (exclusive of depreciation and amortization shown separately below)		26,141		23,442		49,583
Marketing and selling		67,745		—		67,745
Contribution margin	$	66,126	$	7,398	$	73,524
General and administrative						42,366
Depreciation and amortization						10,483
Income from operations						20,675
Interest expense – net						5,082
Other expense						2,582
Income before income taxes					$	13,011


	Three Months Ended March 31, 2023
	Marketplace		Resale		Consolidated
Revenues	$	136,581	$	24,482	$	161,063
Cost of revenues (exclusive of depreciation and amortization shown separately below)		20,060		17,700		37,760
Marketing and selling		54,772		—		54,772
Contribution margin	$	61,749	$	6,782	$	68,531
General and administrative						32,389
Depreciation and amortization						2,598
Change in fair value of contingent consideration						34
Income from operations						33,510
Interest expense – net						3,280
Other income						(327	)
Income before income taxes					$	30,557

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 30, 2024
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	false
Entity Shell Company	false
Entity Emerging Growth Company	true
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
Class A Common Stock
Document Information [Line Items]
Trading Symbol	SEAT
Entity Common Stock, Shares Outstanding		131,426,561
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,225,000
Warrant [Member]
Document Information [Line Items]
Trading Symbol	SEATW
Title of 12(b) Security	Warrants to purchase one share of Class A common stock
Security Exchange Name	NASDAQ

Fair Value Measurements - Schedule Of Reconiliation Of The Financial Instruments Measured At Fair Value Using Level 3 Significant Unobservable Inputs (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2024	$ 2,868
Accretion of discount	22
Interest paid-in-kind	120
Recognized in earnings	0
Recognized in Other comprehensive income	92
Balance at March 31, 2024	3,102
Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2024	4,125
Accretion of discount	0
Interest paid-in-kind	0
Recognized in earnings	(37)
Recognized in Other comprehensive income	0
Balance at March 31, 2024	$ 4,088

Debt - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
	Feb. 03, 2022	Oct. 28, 2019	Jun. 30, 2017	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 18, 2021	Jul. 02, 2018
Line of Credit Facility [Line Items]
Maturity date	Feb. 03, 2029
Amortization payments				$ 236	$ 226
Term loan				264,008		$ 264,632
June 2017 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit			$ 575,000
Proceeds from Revolving Facility			50,000
June 2017 Second Lien-Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 275,000		185,000
Line of Credit Up-sized								$ 115,000
Debt Instrument, Redemption Period, End Date		Oct. 28, 2019
Repayments of debt	190,700
February 2022 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit	275,000
Amortization payments				$ 700
Effective interest rate				8.98%		9.05%
Maximum [Member]
Line of Credit Facility [Line Items]
Term loan				$ 3,100
Revolving Credit Facility \| June 2017 Second Lien-Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit			$ 525,000
Revolving Credit Facility \| February 2022 First Lien Loan
Line of Credit Facility [Line Items]
Proceeds from Revolving Facility	$ 100,000
Outstanding Borrowings				0
WaveDash's Long-Term Debt [Member]
Line of Credit Facility [Line Items]
Term loan				$ 458,300
Debt Interest Rate				1.27%
Merger Transaction
Line of Credit Facility [Line Items]
Loan principal payments							$ 148,200
SOFR Rate
Line of Credit Facility [Line Items]
Effective interest rate				3.25%
SOFR Rate \| February 2022 First Lien Loan
Line of Credit Facility [Line Items]
Floor Rate				0.50%

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for earnings per share calculation
Net income	$ 12,870	$ 30,272
Less: Income attributable to redeemable noncontrolling interests	4,665	18,090
Subsidiaries [Member]
Numerator for earnings per share calculation
Net income	10,742	30,272
Less: Income attributable to redeemable noncontrolling interests	4,665	18,090
Net income attributable to Class A Common Stockholders-diluted	$ 4,947	$ 12,182
Denominator for earnings per share calculation
Weighted average Class A common stock outstanding-basic	134,068,276	77,410,820
Weighted Average Number of Shares Outstanding, Diluted	210,909,861	195,823,982
Basic EPS
Effect of dilutive Noncontrolling Interest	76,225,000	118,200,000
Effect of RSUs	4	20
Effect of RSUs	616,585	213,162
Net income per Class A common stock-basic	$ 0.05	$ 0.16
Diluted EPS
Effect of Noncontrolling Interest	3,248	16,849
Net income per Class A common stock-diluted	$ 0.04	$ 0.15
Common Class A [Member] \| Subsidiaries [Member]
Numerator for earnings per share calculation
Net income attributable to Class A Common Stockholders-diluted	$ 9,329	$ 29,051
Denominator for earnings per share calculation
Weighted average Class A common stock outstanding-basic	134,068,276	77,410,820
Weighted Average Number of Shares Outstanding, Diluted	210,909,861	195,823,982
Basic EPS
Net income attributable to Class A Common Stockholders-basic	$ 6,077	$ 12,182
Net income per Class A common stock-basic	$ 0.05	$ 0.16
Diluted EPS
Net income per Class A common stock-diluted	$ 0.04	$ 0.15

Income Taxes (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Income tax expense in continuing operations	$ 2.3	$ 0.3
State and Federal Net Operating Loss Rate	21.00%	21.00%
Tax receivable agreement percentage of amount of tax savings	85.00%
Tax receivable agreement period due for payments	12 months
Aggregate tax amount saved	$ 165.7
Amount of tax payable under tax receivable agreement	$ 5.5
Tax Receivable Agreement [Member]
Income Taxes
Tax receivable agreement period due for payments	15 years