LiveOne, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ended: June 30, 2020
  • Revenue: $10.5 million, up 11% YoY from Q1 FY2020.
  • Adjusted Operating Income: $1.1 million (positive for the first time), compared to a $3.1 million loss YoY.
  • Paid Subscribers: 877,000 subscribers, a 20% YoY increase with 144,000 net additions.
  • Contribution Margin: $2.8 million (27.1% of revenue), up from $0.5 million (5.1%) YoY.
  • Live Events: 455 events livestreamed with over 76 million views; average cost per event reduced to ~$30K from $251K YoY.
  • Pay-Per-View Platform: Launched in May 2020, contributing $0.2M in Q1 ticket sales. Saw tens of thousands of ticket sales in almost 100 countries.
  • Balance Sheet Improvements:
    • $17.5 million equity financing completed in July.
    • $10 million conversion of accounts payable into equity by world’s largest music label.
    • $15 million convertible debt to refinance short-term debt and eliminate cash restrictions.
    • Cash on hand (including restricted): $17.1 million at quarter-end, $20M+ post financing.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the LiveXLive Media Q1 2021 Earnings Conference Call. [Operator Instructions]. I'd now like to hand the conference over to your speaker today, Emily Greenstein, Investor Relations. Please go ahead. Emily Greenstein: Thank you. Good morning, and welcome to LiveXLive Media's Business Update and Financial Results Conference Call for the company's first quarter ended June 30, 2020. Joining me on today's call are Rob Ellin, CEO and Chairman; Norm Pattiz, Founder and Executive Chairman of PodcastOne; Mike Zemetra, CFO; and Dermot McCormack, President. 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 results and 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, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and subsequent SEC filings. You will fin

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