LiveOne, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Reporting Period: Quarter and 9-month period ended December 31, 2021
  • Revenue:
    • Q3 FY22 revenue: $32.9 million, up 72% YoY vs. $19.1 million in Q3 FY21.
    • 9-month revenue: $93.6 million, up 112% YoY vs. $44.2 million in prior year period.
  • Adjusted EBITDA:
    • Q3 FY22: Loss of $4.8 million (vs. $1.9 million loss in Q3 FY21), primarily due to $3.1 million loss from Spring Awakening Music Festival.
    • 9-month period: Loss of $8.7 million (vs. $3.4 million loss in prior year).
  • Subscribers:
    • 1.36 million paid subscribers as of Dec 31, 2021 — up 360,000 YoY.
    • Net subscriber growth of 37% YoY.
  • Key Business Highlights:
    • PodcastOne exceeded 2.48 billion downloads in 2021 and now hosts 235+ exclusive shows producing 300+ weekly episodes.
    • Pay-per-view business has generated $26.7 million since May 2020, with plans to spin out into a separate public company in H1 2023.
    • LiveOne's Slacker Radio is pre-installed in Tesla vehicles and recently added to the Android Automotive platform — now integrated into 85+ car models (up from 46 YoY).

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Aaron Sullivan: Good afternoon, and welcome to LiveOne's business update and financial results conference call for the company's third quarter and 9-month period ended December 31, 2021. 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, 2021, quarterly reports on Form 10-Q for the quarters ended June 30, 2021 and September 30, 2021, along with subsequent SEC filings. You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release, which is posted on its Investors website at ir.liveone.com. And the company encourages you to periodically visit its IR website for importa

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