LiveOne (Nasdaq: LVO), a creator-first music, entertainment, and
technology platform, announced today certain of its preliminary and
unaudited results for the first fiscal quarter ended June 30, 2024
(“Q1 FY2025”).
“We're thrilled to announce our anticipated record-breaking Q1
FY2025 results, driven by strong revenue growth and cost savings
initiatives,” said LiveOne CEO and Chairman Robert Ellin. “With a
solid cash position and expanded share buyback program, we're
poised for continued success.”
The select anticipated financial results discussed in this press
release are based on management’s preliminary unaudited analysis of
financial results for Q1 FY2025. As of the date of this press
release, LiveOne has not completed its financial statement
reporting process for Q1 FY2025, and LiveOne’s independent
registered accounting firm has not reviewed the preliminary
financial results discussed in this press release. During the
course of LiveOne’s quarter-end closing procedures and review
process, LiveOne may identify items that would require it to make
adjustments, which may be material, to the information presented
above. The estimated preliminary unaudited financial results
contained in this press release are based only on currently
available information as of the date hereof. As a result, the
estimates above constitute forward-looking information and are
subject to risks and uncertainties, including possible adjustments
to preliminary financial results, and are not guarantees of future
performance and may differ from actual results.
About LiveOneHeadquartered in Los Angeles, CA,
LiveOne (Nasdaq: LVO) is an award-winning, creator-first, music,
entertainment, and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events. LiveOne's wholly-owned subsidiaries
include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR’s OTT applications. For
more information, visit liveone.com and follow us on Facebook,
Instagram, TikTok, YouTube and Twitter at @liveone. For more
investor information, please visit ir.liveone.com.
Forward-Looking StatementsAll statements other
than statements of historical facts contained in this press release
are “forward-looking statements,” which may often, but not always,
be identified by the use of such words as “may,” “might,” “will,”
“will likely result,” “would,” “should,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,”
“seek,” “continue,” “target” or the negative of such terms or other
similar expressions. These statements involve known and unknown
risks, uncertainties and other factors, which may cause actual
results, performance or achievements to differ materially from
those expressed or implied by such statements, including: LiveOne’s
reliance on one key customer for a substantial percentage of its
revenue; LiveOne’s ability to consummate any proposed financing,
acquisition, spin-out, special dividend, merger, distribution or
transaction, the timing of the consummation of any such proposed
event, including the risks that a condition to the consummation of
any such event would not be satisfied within the expected timeframe
or at all, or that the consummation of any proposed financing,
acquisition, spin-out, merger, special dividend, distribution or
transaction will not occur or whether any such event will enhance
shareholder value; LiveOne’s ability to continue as a going
concern; LiveOne’s ability to attract, maintain and increase the
number of its users and paid members; LiveOne identifying,
acquiring, securing and developing content; LiveOne’s intent to
repurchase shares of its and/or PodcastOne’s common stock from time
to time under LiveOne’s announced stock repurchase program and the
timing, price, and quantity of repurchases, if any, under the
program; LiveOne’s ability to maintain compliance with certain
financial and other covenants; LiveOne successfully implementing
its growth strategy, including relating to its technology platforms
and applications; management’s relationships with industry
stakeholders; uncertain and unfavorable outcomes in legal
proceedings; changes in economic conditions; competition; risks and
uncertainties applicable to the businesses of LiveOne’s
subsidiaries; and other risks, uncertainties and factors including,
but not limited to, those described in LiveOne’s Annual Report on
Form 10-K for the fiscal year ended March 31, 2024, filed with the
U.S. Securities and Exchange Commission (the “SEC”) on July 1,
2024, and in LiveOne’s other filings and submissions with the SEC.
These forward-looking statements speak only as of the date hereof,
and LiveOne disclaims any obligation to update these statements,
except as may be required by law. LiveOne intends that all
forward-looking statements be subject to the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995.
* About Non-GAAP Financial MeasuresTo
supplement our consolidated financial statements, which are
prepared and presented in accordance with the accounting principles
generally accepted in the United States of America (“GAAP”), we
present Contribution Margin (Loss) and Adjusted Earnings Before
Interest Tax Depreciation and Amortization (“Adjusted EBITDA”),
which are non-GAAP financial measures, as measures of our
performance. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation from, or as a
substitute for, or superior to, operating loss and or net income
(loss) or any other performance measures derived in accordance with
GAAP or as an alternative to net cash provided by operating
activities or any other measures of our cash flows or
liquidity.
We use Contribution Margin (Loss) and Adjusted EBITDA to
evaluate the performance of our operating segment. We believe that
information about these non-GAAP financial measures assists
investors by allowing them to evaluate changes in the operating
results of our business separate from non-operational factors that
affect operating income (loss) and net income (loss), thus
providing insights into both operations and the other factors that
affect reported results. Adjusted EBITDA is not calculated or
presented in accordance with GAAP. A limitation of the use of
Adjusted EBITDA as a performance measure is that it does not
reflect the periodic costs of certain amortizing assets used in
generating revenue in our business. Accordingly, Adjusted EBITDA
should be considered in addition to, and not as a substitute for
operating income (loss), net income (loss), and other measures of
financial performance reported in accordance with GAAP.
Furthermore, this measure may vary among other companies; thus,
Adjusted EBITDA as presented herein may not be comparable to
similarly titled measures of other companies.
Contribution Margin (Loss) is defined as Revenue less Cost of
Sales. Adjusted EBITDA is defined as earnings before interest,
other (income) expense, income tax expense, depreciation and
amortization and before (a) non-cash GAAP purchase accounting
adjustments for certain deferred revenue and costs, (b) legal,
accounting and other professional fees directly attributable to
acquisition activity, (c) employee severance payments and third
party professional fees directly attributable to acquisition or
corporate realignment activities, (d) certain non-recurring
expenses associated with legal settlements or reserves for legal
settlements in the period that pertain to historical matters that
existed at acquired companies prior to their purchase date and a
one-time minimum guarantee to effectively terminate a live events
distribution agreement post COVID-19, (e) depreciation and
amortization (including goodwill impairment, if any), and (f)
certain stock-based compensation expense. Management does not
consider these costs to be indicative of our core operating
results.
With respect to projected full year 2025 Adjusted EBITDA, a
quantitative reconciliation is not available without unreasonable
efforts due to the high variability, complexity and low visibility
with respect to purchase accounting adjustments,
acquisition-related charges and legal settlement reserves excluded
from Adjusted EBITDA. We expect that the variability of these items
to have a potentially unpredictable, and potentially significant,
impact on our future GAAP financial results.
For media inquiries, please contact:
LiveOne IR Contact:Liviakis Financial Communications, Inc.(415)
389-4670john@liviakis.com
LiveOne Press Contact:LiveOnepress@liveone.com
Follow LiveOne on social media: Facebook, Instagram, TikTok,
YouTube, and Twitter at @liveone.
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