Vivid Seats Inc. (NASDAQ: SEAT) shares rose more than 18% since the company’s reported Q1 earnings yesterday.

The company posted a big beat but smaller raise and an implied H2 EBITDA guide down. Positively, the company is participating in the stronger live event demand trends, is driving incremental margin efficiencies, and has left the full-year outlook almost unnecessarily conservative.

Q1 revenue came in at $161 million, compared to the Street estimate of $140.19 million. For the full year, the company expects revenue to be in the range of $605-$630 million, compared to the Street estimate of $594.6 million.