LiveOne, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter End: December 31, 2022
  • Date of Call: February 9, 2023
  • Presenters: Robert Ellin (CEO & Chairman), Aaron Sullivan (Interim CFO)
  • Company Overview: LiveOne has completed a consolidation of six acquisitions, trimmed >30% of staff, eliminated debt by converting it into preferred equity at $2.10/share, repurchased 2 million shares, and initiated an additional $2 million buyback.

Financial Highlights (Q3 FY2023 vs. Prior Period)

  • Consolidated Revenue: $27.3M for Q3 (Total $74.1M for 9 months)
  • Audio Division Revenue: $22M for Q3; up from $64M for 9 months (double-digit YoY growth)
  • Adjusted EBITDA: $3.1M for Q3; $9.4M for 9 months
  • Audio Division Adjusted EBITDA: $5.1M for Q3; $15M for 9 months
  • Net Loss: $3.2M or $0.04/share for Q3; $5.3M or $0.06/share for 9 months
  • Cash Position: $8.5M, including $300K restricted
  • One-time Non-Recurring Benefit: $700K this quarter

Operational and Strategic Highlights

  • Paid Membership Growth: 1.96M paid members (+620K or 45% YoY); 2.8M total (paid + free)

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Operator: Hello, and welcome to the LiveOne, Inc. Q3 Fiscal 2023 Financial Results and Business Update Webcast. My name is Elliot, and I will be coordinating your call today. [Operator Instructions] I'd now like to hand over to Aaron Sullivan, Interim CFO. The floor is yours. 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, 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 di

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