LiveOne, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ended: December 31, 2023
  • Total Revenue: $31.2 million, compared to $28.8 million in Q3 FY23 (up ~8%)
  • Adjusted EBITDA: $3.3 million, up from $0.5 million in Q3 FY23
  • GAAP Net Loss: $(2.6) million or $(0.03) per diluted share
  • Revenue Mix: 54% membership, 46% ad/sponsorship/merchandise vs. 49%/51% last year, indicating increased subscription revenue share

Segment Performance

  • Slacker Radio:
    • Revenue: $16.8 million (record high)
    • Adjusted EBITDA: $6.8 million
    • Membership surpassed 3.5 million users, with 1M+ new members expected in FY2025
  • PodcastOne:
    • Revenue: $10.4 million
    • Adjusted EBITDA: $(0.4) million
    • Signed 24 new podcasts in Q3, now 180 shows in network
    • 10 podcast acquisitions in pipeline
    • Over 600 advertisers and sponsors
    • 8-figure+ sponsorship deal landed with major Fortune 500 streaming partner
  • Merchandise & CPS:
    • Only segment with negative EBITDA
    • Cut $5M+ in costs, targeting additional $7.5M-$10M in reductions

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Operator: Hello, everyone, and welcome to the LiveOne Inc Q3 Fiscal 2024 Financial Results and Business Update Call. And thank you for standing by. My name is Davvy, and I'll be coordinating your call today. [Operator Instructions] And I would now like to hand the call over to your host, Aaron Sullivan, CFO, to begin. So 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 third quarter ended December 31, 2023. Presenting on today's call is Rob Ellin, CEO and Chairman of LiveOne. 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 filing 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 our annual report on Form 10-K for the year ended March 31, 2023, and subsequent SEC filings. You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial

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