Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats” or “we”), a leading
marketplace that utilizes its technology platform to connect
millions of buyers with thousands of ticket sellers across hundreds
of thousands of events each year, today provided financial results
for the second quarter ended June 30, 2023.
“It is an exciting time for Vivid Seats. We set
a new quarterly record for Marketplace GOV and delivered solid
profitability that is enabling compelling investments,” said Stan
Chia, Vivid Seats CEO. “I'm thrilled to announce that we’ve
expanded our TAM internationally with a definitive agreement to
purchase Wavedash, the leading secondary ticketing marketplace in
Japan. We are also excited to have entered into several strategic
partnerships including with the Colorado Rockies, the L.A. Dodgers
and the L.A. Chargers. Through partnerships such as these, we craft
unique and premium experiences that drive differentiation, higher
brand awareness and affinity, and ultimately contribute to higher
customer repeat rates.”
Second Quarter 2023 Key Operational and
Financial Metrics
- Marketplace GOV of $953.7 million – up 17% from $814.8 million
in Q2 2022
- Revenues of $165.4 million – up 12% from $147.7 million in Q2
2022
- Net income of $38.3 million – up 59% from $24.1 million in Q2
2022
- Adjusted EBITDA of $31.1 million – up 2% from $30.3 million in
Q2 2022
“Widespread strength in both live event supply
and demand continued in the second quarter," said Lawrence Fey,
Vivid Seats CFO. "Our 17% year-over-year Marketplace GOV growth is
a testament to solid Vivid Seats execution against a healthy market
backdrop. We are again raising our 2023 guidance and now expect
both Marketplace GOV and Adjusted EBITDA to grow by double digits
for the year. Our acquisition of Wavedash for approximately $61
million in cash* will expand profitability and reflects the
strategic optionality that our cash flow and robust balance sheet
enable as we seek opportunities to maximize long-term shareholder
returns."
*Based on enterprise value, subject to closing
adjustments, of ¥8.7 billion converted at 142.3 JPY/USD exchange
rate.
Key Performance Indicators
('000s)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Marketplace GOV(1) |
$ |
953,739 |
|
$ |
814,817 |
|
$ |
1,809,267 |
|
$ |
1,556,955 |
Total
Marketplace orders(2) |
|
2,627 |
|
|
2,410 |
|
|
4,902 |
|
|
4,429 |
Total Resale
orders(3) |
|
76 |
|
|
67 |
|
|
163 |
|
|
135 |
Adjusted
EBITDA(4) |
$ |
31,077 |
|
$ |
30,329 |
|
$ |
73,512 |
|
$ |
51,341 |
(1) |
Marketplace Gross Order Value ("Marketplace GOV") represents the
total transactional amount of Marketplace segment orders placed on
our platform in a period, inclusive of fees, exclusive of taxes,
and net of event cancellations that occurred during that period.
Marketplace GOV was negatively impacted by event cancellations in
the amount of $11.7 million and $23.8 million during the three and
six months ended June 30, 2023, respectively, and $14.7 million and
$49.5 million during the three and six months ended June 30, 2022,
respectively. |
(2) |
Total Marketplace orders represents the volume of Marketplace
segment orders placed on our platform in a period, net of event
cancellations that occurred during that period. During the three
and six months ended June 30, 2023, our Marketplace segment
experienced 29,351 and 49,831 event cancellations, respectively,
compared to 35,916 and 127,316 event cancellations during the three
and six months ended June 30, 2022, respectively. |
(3) |
Total Resale orders represents the volume of Resale segment orders
in a period, net of event cancellations that occurred during that
period. During the three and six months ended June 30, 2023, our
Resale segment experienced 827 and 1,512 event cancellations,
respectively, compared to 711 and 3,270 event cancellations during
the three and six months ended June 30, 2022, respectively. |
(4) |
Adjusted EBITDA is not a measure defined under accounting
principles generally accepted in the United States of America
("GAAP"). We believe Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our results of
operations, as well as provides a useful measure for making
period-to-period comparisons of our business performance. Refer to
the “Use of Non-GAAP Financial Measures” section below for more
information and a reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure. |
|
|
2023 Financial Outlook Vivid
Seats now anticipates Marketplace GOV, Revenues and Adjusted EBITDA
for the year ending December 31, 2023 to be:
- Marketplace GOV in the range of $3.4 billion to $3.6 billion
(increased from $3.15 billion to $3.4 billion)
- Revenues in the range of $630.0 million to $650.0 million
(increased from $605.0 million to $630.0 million)
- Adjusted EBITDA in the range of $125.0 million to $135.0
million** (increased from $115.0 million to $130.0 million)
Additional detail around the 2023 outlook will
be available on the second quarter 2023 earnings call.
** We calculate forward-looking Adjusted EBITDA
based on internal forecasts that omit certain information that
would be included in forward-looking net income, the most directly
comparable GAAP measure. We do not provide a reconciliation of
forward-looking Adjusted EBITDA to forward-looking net income
because forecasting the timing or amount of items that have not yet
occurred and are out of our control is inherently uncertain and
unavailable without unreasonable efforts.
Webcast Details Vivid Seats
will host a webcast at 8:30 a.m. Eastern Time today to discuss its
second quarter 2023 financial results, 2023 financial outlook and
acquisition of Wavedash. Participants may access the live webcast
and supplemental earnings presentation on the events page of the
Vivid Seats Investor Relations website at
https://investors.vividseats.com/events-and-presentations.
About Vivid Seats Founded in
2001, Vivid Seats is a leading online ticket marketplace committed
to becoming the ultimate partner for connecting fans to the live
events, artists, and teams they love. Based on the belief that
everyone should “Experience It Live,” the Chicago-based company
provides exceptional value by providing one of the widest
selections of events and tickets in North America and an industry
leading Vivid Seats Rewards program where all fans earn on every
purchase. Vivid Seats has been chosen as the official ticketing
partner by some of the biggest brands in the entertainment industry
including ESPN, Rolling Stone, and the Los Angeles Clippers. Vivid
Seats also owns Vivid Picks, a daily fantasy sports app. Through
its proprietary software and unique technology, Vivid Seats drives
the consumer and business ecosystem for live event ticketing and
enables the power of shared experiences to unite people. Vivid
Seats has been recognized by Newsweek as one of America’s Best
Companies for Customer Service in ticketing. Fans who want to have
the best live experiences can start by downloading the Vivid Seats
mobile app, going to vividseats.com, or calling 866-848-8499.
Forward-Looking Statements This
press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. The forward-looking
statements in this press release relate to, without limitation: our
future results of operations and financial position, including our
expectations regarding Marketplace GOV, Revenues and Adjusted
EBITDA and the impact of our investments; our expectations with
respect to live event industry growth; our competitive positioning;
our business strategy; the planned acquisition of Wavedash; and the
plans and objectives of management for future operations. Words
such as "estimate," "project," "expect," "anticipate," "forecast,"
"plan," "intend," "believe," "seek," "may," "will," "should,"
"future" and "propose," as well as similar expressions which
predict or indicate future events or which do not relate to
historical matters, are intended to identify such forward-looking
statements. Forward-looking statements are not guarantees of future
performance, conditions or results, and are subject to risks,
uncertainties and assumptions, many of which are outside of our
control. Important factors that could cause actual results or
outcomes to differ materially from those anticipated in the
forward-looking statements include, but are not limited to: the
supply and demand of large-scale sporting events, concerts and
theater shows; our relationships with buyers, sellers and
distribution partners; changes in internet search engine algorithms
or in marketplace rules; competition in the ticketing industry; the
willingness of artists, teams and promoters to continue to support
the secondary ticket market; our ability to maintain and improve
our platform and brand or to develop successful new solutions and
enhancements or improve existing ones; the impact of potential
unfavorable legislative developments; the successful completion of
our acquisition and integration of Wavedash; the effects of any
recession and inflation; ongoing and future effects of pandemics;
our ability to generate sufficient cash flows or raise additional
capital necessary to fund our operations; the impact of system
interruption and the lack of integration and redundancy in our
systems and infrastructure; the impact of cyber security risks,
data loss or other breaches of our network security; our being a
controlled company; and other factors detailed in the “Risk
Factors” sections of our most recent Annual Report on Form 10-K,
subsequent Quarterly Reports on Form 10-Q and other filings with
the Securities and Exchange Commission. Forward-looking statements
speak only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contacts:
Investors Kate Africk
Kate.Africk@vividseats.com
Media Julia Young
Julia.Young@vividseats.com
|
VIVID SEATS
INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands, except per share data) (Unaudited) |
|
|
June 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
306,202 |
|
|
$ |
251,542 |
|
Restricted
cash |
|
672 |
|
|
|
748 |
|
Accounts
receivable – net |
|
46,301 |
|
|
|
36,531 |
|
Inventory –
net |
|
28,010 |
|
|
|
12,783 |
|
Prepaid
expenses and other current assets |
|
46,608 |
|
|
|
29,912 |
|
Total current assets |
|
427,793 |
|
|
|
331,516 |
|
Property and
equipment – net |
|
10,356 |
|
|
|
10,431 |
|
Right-of-use
assets – net |
|
7,564 |
|
|
|
7,859 |
|
Intangible
assets – net |
|
82,031 |
|
|
|
81,976 |
|
Goodwill |
|
715,258 |
|
|
|
715,258 |
|
Deferred tax
assets |
|
79,275 |
|
|
|
1,853 |
|
Other
non-current assets |
|
2,407 |
|
|
|
2,538 |
|
Total assets |
$ |
1,324,684 |
|
|
$ |
1,151,431 |
|
Liabilities and shareholders’ deficit |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
204,217 |
|
|
$ |
161,312 |
|
Accrued
expenses and other current liabilities |
|
192,038 |
|
|
|
181,970 |
|
Deferred
revenue |
|
30,070 |
|
|
|
31,983 |
|
Current
maturities of long-term debt |
|
2,750 |
|
|
|
2,750 |
|
Total current liabilities |
|
429,075 |
|
|
|
378,015 |
|
Long-term
debt – net |
|
263,873 |
|
|
|
264,898 |
|
Long-term
lease liabilities |
|
14,808 |
|
|
|
14,911 |
|
Tax
Receivable Agreement liability |
|
98,977 |
|
|
|
— |
|
Other
non-current liabilities |
|
20,868 |
|
|
|
13,445 |
|
Total long-term liabilities |
|
398,526 |
|
|
|
293,254 |
|
Commitments and contingencies |
|
|
|
|
|
Redeemable
noncontrolling interests |
|
790,416 |
|
|
|
862,860 |
|
|
|
|
|
|
|
Shareholders' deficit |
|
|
|
|
|
Class A
common stock, $0.0001 par value; 500,000,000 shares authorized at
June 30, 2023 and December 31, 2022; 101,611,805 and 82,410,774
issued and outstanding at June 30, 2023 and December 31, 2022,
respectively |
|
11 |
|
|
|
8 |
|
Class B
common stock, $0.0001 par value; 250,000,000 shares authorized,
99,800,000 and 118,200,000 issued and outstanding at June 30, 2023
and December 31, 2022, respectively |
|
10 |
|
|
|
12 |
|
Additional
paid-in capital |
|
717,990 |
|
|
|
663,908 |
|
Treasury
stock, at cost, 5,291,497 and 4,342,477 shares at June 30, 2023 and
December 31, 2022, respectively |
|
(40,106 |
) |
|
|
(32,494 |
) |
Accumulated
deficit |
|
(971,238 |
) |
|
|
(1,014,132 |
) |
Total
Shareholders' deficit |
|
(293,333 |
) |
|
|
(382,698 |
) |
Total liabilities, Redeemable noncontrolling interests, and
Shareholders' deficit |
$ |
1,324,684 |
|
|
$ |
1,151,431 |
|
|
|
|
|
|
|
|
|
VIVID SEATS
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in
thousands) (Unaudited) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
$ |
165,380 |
|
|
$ |
147,694 |
|
|
$ |
326,443 |
|
|
$ |
278,466 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (exclusive of depreciation and amortization shown
separately below) |
|
42,616 |
|
|
|
32,422 |
|
|
|
80,376 |
|
|
|
64,586 |
|
Marketing
and selling |
|
65,192 |
|
|
|
59,412 |
|
|
|
119,964 |
|
|
|
113,640 |
|
General and
administrative |
|
38,307 |
|
|
|
36,207 |
|
|
|
70,696 |
|
|
|
65,482 |
|
Depreciation
and amortization |
|
2,704 |
|
|
|
1,726 |
|
|
|
5,302 |
|
|
|
3,111 |
|
Change in
fair value of contingent consideration |
|
(1,052 |
) |
|
|
— |
|
|
|
(1,018 |
) |
|
|
— |
|
Income from operations |
|
17,613 |
|
|
|
17,927 |
|
|
|
51,123 |
|
|
|
31,647 |
|
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense – net |
|
2,772 |
|
|
|
2,699 |
|
|
|
6,052 |
|
|
|
6,641 |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,285 |
|
Other
(income) expense |
|
1,000 |
|
|
|
(8,832 |
) |
|
|
673 |
|
|
|
(6,553 |
) |
Income before income taxes |
|
13,841 |
|
|
|
24,060 |
|
|
|
44,398 |
|
|
|
27,274 |
|
Income tax
expense (benefit) |
|
(24,485 |
) |
|
|
— |
|
|
|
(24,200 |
) |
|
|
76 |
|
Net
income |
|
38,326 |
|
|
|
24,060 |
|
|
|
68,598 |
|
|
|
27,198 |
|
Net income
attributable to redeemable noncontrolling interests |
|
7,614 |
|
|
|
14,405 |
|
|
|
25,704 |
|
|
|
16,284 |
|
Net
income attributable to Class A Common Stockholders |
$ |
30,712 |
|
|
$ |
9,655 |
|
|
$ |
42,894 |
|
|
$ |
10,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIVID SEATS
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in
thousands) (Unaudited) |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Cash
flows from operating activities |
|
|
|
|
|
Net income |
$ |
68,598 |
|
|
$ |
27,198 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation
and amortization |
|
5,302 |
|
|
|
3,111 |
|
Amortization
of deferred financing costs and interest rate cap |
|
453 |
|
|
|
575 |
|
Equity-based
compensation expense |
|
12,910 |
|
|
|
8,909 |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
4,285 |
|
Change in
fair value of warrants |
|
673 |
|
|
|
(6,553 |
) |
Amortization
of leases |
|
295 |
|
|
|
1,177 |
|
Loss on
asset disposals |
|
17 |
|
|
|
— |
|
Change in
fair value of contingent consideration |
|
(1,018 |
) |
|
|
— |
|
Deferred
taxes |
|
(24,577 |
) |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
Accounts
receivable |
|
(9,770 |
) |
|
|
(8,171 |
) |
Inventory |
|
(15,227 |
) |
|
|
(9,429 |
) |
Prepaid
expenses and other current assets |
|
(16,696 |
) |
|
|
13,412 |
|
Accounts
payable |
|
42,905 |
|
|
|
(638 |
) |
Accrued
expenses and other current liabilities |
|
13,586 |
|
|
|
(38,014 |
) |
Deferred
revenue |
|
(1,913 |
) |
|
|
7,518 |
|
Other
non-current assets and liabilities |
|
7,132 |
|
|
|
(1,974 |
) |
Net
cash provided by operating activities |
|
82,670 |
|
|
|
1,406 |
|
Cash
flows from investing activities |
|
|
|
|
|
Purchases of
property and equipment |
|
(606 |
) |
|
|
(1,392 |
) |
Purchases of
personal seat licenses |
|
(486 |
) |
|
|
(137 |
) |
Investments
in developed technology |
|
(4,491 |
) |
|
|
(5,394 |
) |
Cash
adjustment in acquisition |
|
— |
|
|
|
(8 |
) |
Net
cash used in investing activities |
|
(5,583 |
) |
|
|
(6,931 |
) |
Cash
flows from financing activities |
|
|
|
|
|
Payments of
February 2022 First Lien Loan |
|
(1,375 |
) |
|
|
(687 |
) |
Repurchase
of common stock as treasury stock |
|
(7,612 |
) |
|
|
— |
|
Cash paid
for milestone payments |
|
(2,500 |
) |
|
|
— |
|
Tax
distributions |
|
(11,016 |
) |
|
|
— |
|
Payments of
June 2017 First Lien Loan |
|
— |
|
|
|
(465,712 |
) |
Proceeds
from February 2022 First Lien Loan |
|
— |
|
|
|
275,000 |
|
Payments of
deferred financing costs and other debt-related costs |
|
— |
|
|
|
(4,856 |
) |
Net
cash used in financing activities |
|
(22,503 |
) |
|
|
(196,255 |
) |
Net
increase (decrease) in cash, cash equivalents, and restricted
cash |
|
54,584 |
|
|
|
(201,780 |
) |
Cash, cash equivalents, and restricted cash – beginning of
period |
|
252,290 |
|
|
|
489,810 |
|
Cash, cash equivalents, and restricted cash – end of
period |
$ |
306,874 |
|
|
$ |
288,030 |
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial
Measures
We present Adjusted EBITDA, which is a non-GAAP
financial measure, because it is a measure frequently used by
analysts, investors, and other interested parties to evaluate
companies in our industry. Further, we believe this measure is
helpful in highlighting trends in our operating results because it
excludes the impact of items that are outside the control of
management or not reflective of ongoing performance related
directly to the operation of our business.
Adjusted EBITDA is a key measure used by our
management internally to make operating decisions, including those
related to analyzing operating expenses, evaluating performance,
and performing strategic planning and annual budgeting. Moreover,
we believe Adjusted EBITDA provides useful information to investors
and others in understanding and evaluating our results of
operations, as well as provides a useful measure for making
period-to-period comparisons of our business performance and
highlighting trends in our operating results.
Adjusted EBITDA is not based on any
comprehensive set of accounting rules or principles and should not
be considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP. Adjusted EBITDA does not
reflect all amounts associated with our operating results as
determined in accordance with GAAP and may exclude recurring costs,
such as interest expense, equity-based compensation, litigation,
settlements and related costs and change in value of warrants. In
addition, other companies may calculate Adjusted EBITDA differently
than us, thereby limiting its usefulness as a comparative tool. We
compensate for these limitations by providing specific information
regarding the GAAP amounts excluded from Adjusted EBITDA.
The following is a reconciliation of Adjusted
EBITDA to its most directly comparable GAAP measure, net income (in
thousands):
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net
income |
|
$ |
38,326 |
|
|
$ |
24,060 |
|
|
$ |
68,598 |
|
|
$ |
27,198 |
|
Income tax
expense (benefit) |
|
|
(24,485 |
) |
|
|
— |
|
|
|
(24,200 |
) |
|
|
76 |
|
Interest
expense – net |
|
|
2,772 |
|
|
|
2,699 |
|
|
|
6,052 |
|
|
|
6,641 |
|
Depreciation
and amortization |
|
|
2,704 |
|
|
|
1,726 |
|
|
|
5,302 |
|
|
|
3,111 |
|
Sales tax
liability(1) |
|
|
— |
|
|
|
2,010 |
|
|
|
— |
|
|
|
2,932 |
|
Transaction
costs(2) |
|
|
4,488 |
|
|
|
2,345 |
|
|
|
4,944 |
|
|
|
3,747 |
|
Equity-based
compensation(3) |
|
|
7,380 |
|
|
|
5,312 |
|
|
|
12,910 |
|
|
|
8,909 |
|
Loss on
extinguishment of debt(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,285 |
|
Litigation,
settlements and related costs(5) |
|
|
(66 |
) |
|
|
1,009 |
|
|
|
234 |
|
|
|
995 |
|
Change in
fair value of warrants(6) |
|
|
1,000 |
|
|
|
(8,832 |
) |
|
|
673 |
|
|
|
(6,553 |
) |
Change in
fair value of contingent consideration(7) |
|
|
(1,052 |
) |
|
|
— |
|
|
|
(1,018 |
) |
|
|
— |
|
Loss on
asset disposals(8) |
|
|
10 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
31,077 |
|
|
$ |
30,329 |
|
|
$ |
73,512 |
|
|
$ |
51,341 |
|
(1) |
We have historically incurred sales tax expense in jurisdictions
where we expected to remit sales tax payments but were not yet
collecting from customers. During the second half of 2021, we began
collecting sales tax from customers in the required jurisdictions.
The sales tax liability presented herein represents the tax
liability for sales tax prior to the date we began collecting sales
tax from customers reduced by abatements received, inclusive of any
penalties and interest assessed by the jurisdictions. The remaining
historic sales tax liability payments were made during the year
ended December 31, 2022. |
(2) |
Transaction costs consist of legal, accounting, tax and other
professional fees; personnel-related costs, which consist of
retention bonuses; and integration costs. Transaction costs
recognized in 2023 were primarily related to expenses incurred in
connection with a secondary offering by Hoya Topco, LLC of our
Class A common stock, expenses incurred for strategic investments
and legal expenses and retention bonuses related to our acquisition
of Betcha Sports, Inc. (“Betcha,” which was rebranded as “Vivid
Picks”). Transaction costs recognized in 2022 were primarily
related to the merger transaction with Horizon Acquisition
Corporation (the “Merger Transaction”), our acquisition of Betcha
and the refinancing of the June 2017 First Lien Loan with the
February 2022 First Lien Loan. |
(3) |
We incur equity-based compensation expenses for profits interests
issued prior to the Merger Transaction and equity granted pursuant
to the 2021 Incentive Award Plan (the “2021 Plan”), which we do not
consider to be indicative of our core operating performance. 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. |
(4) |
Losses incurred resulted from the extinguishment of the June 2017
First Lien Loan in February 2022. |
(5) |
These amounts relate to external legal costs, settlement costs and
insurance recoveries, which were unrelated to our core business
operations. |
(6) |
This relates to the revaluation of warrants to purchase common
units of Hoya Intermediate, LLC held by Hoya Topco, LLC following
the Merger Transaction. |
(7) |
This relates to the revaluation of Vivid Picks cash earnouts. |
(8) |
This relates to asset disposals, which are not considered
indicative of our core operating performance. |
|
|
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