LiveOne, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Quarter Ended June 30, 2022)

  • Revenue: $23.2 million – Slight increase year-over-year.
  • Adjusted EBITDA: $2.0 million – First-ever positive EBITDA for the company, compared to a loss of $1.8 million in Q1 FY22; $3.8M improvement.
  • Net Income: $1.35 million or $0.02 per diluted share vs. a net loss of $8.1 million or $0.10 per share in Q1 FY22.
  • Contribution Margin: Increased to 34% from 20% in Q1 FY22.
  • Subscription Revenue: Accounted for 52% of total Q1 revenue.
  • Cash Position: $11.3 million including $300K in restricted cash.

Operational & Strategic Highlights

  • Subscription Growth: Total paid members reached 1.59 million — a 37% increase YoY or +432,000 subscribers.
  • Total Members: 2.36 million including free users.
  • Spin-Off Strategy:
    • PodcastOne: Closed $8.1 million financing at a $68 million valuation; intends to spin it off as its own public company by FY2023. Existing shareholders will receive 5%-10% of shares in spinout.
    • Pay-Per-View Unit: Also planned for a separate public spinout this fiscal year.

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Operator: Welcome to today's LiveOne, Inc. Q1 Fiscal 2023 Business Update and Earnings Webcast. My name is Jordan, and I'll be coordinating your call today. [Operator Instructions] I'm now going to hand over to Aaron Sullivan, CFO, to begin. Aaron, please go ahead. Aaron Sullivan: Thank you. Good morning, and welcome to LiveOne's business update and financial results conference call for the company's first fiscal quarter ended June 30, 2022. Presenting on today's call are Rob Ellin, CEO and Chairman; and myself, Aaron Sullivan, Interim CFO. I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations, forecasts and assumptions that involve various risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of the company, including expected future financial results and expected future growth in the business. Actual results may differ materially from those discussed on this call for a variety of reasons. Please refer to the company's filings with the SEC for information about factors which could cause the company's actual results to differ materially from these forward-looking statements, including those described in its annual report on Form 10-K for the year ended March 31, 2022, and subsequent SEC filings. You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the comp

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