via NewMediaWire -- LiveOne (Nasdaq: LVO), an award-winning,
creator-first, music, entertainment, and technology platform,
announced today its operating results for the second fiscal quarter
of its fiscal year ending March 31, 2024 (“Q2 Fiscal 2024”).
LiveOne’s CEO and Chairman, Robert Ellin,
commented, “We are thrilled that the momentum in our key
operating businesses continues to deliver hockey
stick growth across all metrics. We expect to deliver record
results in the current third quarter. In addition,
the recent extension with Tesla as well as 18 new
podcasts this year alone provides extraordinary confidence that
Fiscal 2025 will be another record-breaking year.” Mr. Ellin,
continued, “Our recent focus on new B-to-B initiatives has
delivered 27 potential blue-chip partners across five verticals and
growing that could deliver substantial revenue
opportunities.”
Recent and Q2 Fiscal
2024 Highlights
-
Paid members as of September 30, 2023 was 2.4 million, a net
increase of 679K, or 38%, as compared to the prior year. Total
members including free ad-supported memberships was approximately
3.3 million at September 30, 2023.**
-
PodcastOne was 10th in PODTRAC’s Podcast
Industry Top Publishers Rankings for October
2023 with a U.S. Unique Monthly Audience of ~6 million and
Global Downloads and Streams of ~34.5 million.
-
Entered into talent and other agreements to acquire certain former
Kast Media podcast shows in all-stock transactions, which is
expected to increase annual consolidated revenue for PodcastOne by
up to $10 million and is anticipated to be accretive to Adjusted
EBITDA*.
-
As previously announced in January 2021, with the assistance of
J.P. Morgan, LiveOne is continuing a process to explore strategic
alternatives to enhance shareholder value. Potential alternatives
may include, among others, a strategic acquisition, divestiture,
merger, sale or other form of business combination. There can be no
assurance that LiveOne's efforts will result in a specific
transaction or any particular outcome or its timing.
Q2 FY 24 and Q2 FY23 Results Summary (in
$000’s, except per share; unaudited)
|
|
Three Months EndedSeptember
30, |
|
|
Six Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
28,528 |
|
|
$ |
23,532 |
|
|
$ |
56,295 |
|
|
$ |
46,755 |
|
Operating income (loss) |
|
$ |
(2,515 |
) |
|
$ |
(987 |
) |
|
$ |
(2,754 |
) |
|
$ |
(750 |
) |
Total other income (expense) |
|
$ |
(4,024 |
) |
|
$ |
(2,393 |
) |
|
$ |
(4,204 |
) |
|
$ |
(1,284 |
) |
Net income (loss) |
|
$ |
(6,518 |
) |
|
$ |
(3,409 |
) |
|
$ |
(7,016 |
) |
|
$ |
(2,061 |
) |
Adjusted EBITDA* |
|
$ |
2,786 |
|
|
$ |
4,391 |
|
|
$ |
4,994 |
|
|
$ |
6,368 |
|
Net income (loss) per share basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 Fiscal
2024 Results Summary Discussion
For Q2 Fiscal 2024, LiveOne posted revenue of $28.5
million, a 21% increase as compared to $23.5 million in the same
period in the prior year. Slacker revenue was a record $16.4
million, a 29% increase compared to revenue of $12.7 million in the
second fiscal quarter for its fiscal year ended March 31, 2023 (“Q2
Fiscal 2023”). PodcastOne revenue was $10.5 million, a 24% increase
compared to revenue of $8.5 million in Q2 Fiscal 2023.
Q2 Fiscal 2024 Operating Loss was ($2.5) million
compared to Operating Loss of ($1.0) million in Q2 Fiscal 2023. The
$1.5 million increase in Operating Loss was largely a result of an
increase in operating expenses associated with transaction related
costs for the PodcastOne spin-out.
Q2 Fiscal 2024 Adjusted EBITDA* of $2.8 million
decreased as compared to Q2 Fiscal 2023 Adjusted EBITDA* of $4.4
million, which was primarily driven by settlements in the prior
period. Q2 Fiscal 2024 Adjusted EBITDA* was comprised of Slacker
Adjusted EBITDA* of $5.0 million and PodcastOne Adjusted EBITDA* of
$0.1 million.
Capital expenditures for Q2 Fiscal 2024 totaled
approximately $0.7 million, which were driven by capitalized
software costs associated with development of LiveOne’s integrated
music player.
LiveOne's senior management will host a live
conference call and audio webcast to provide a business update and
discuss its operating and financial results beginning at 10:30 a.m.
ET / 7:30 a.m. PT on Thursday, November 9, 2023.
Conference Call and Webcast:
WHEN: Thursday, November 9thTIME: 10:30 AM ET /
7:30 AM PTDIAL-IN (Toll Free): (833) 470-1428DIAL IN NUMBER
(Local): (404) 975-4839ACCESS CODE: 270174
Replay Number:US (Local): (929)
458-6194Access Code: 172703
Webcast – Both the live
webcast and a replay can be accessed on the Investor Relations
section of LiveOne's website at Events | LiveOne. The webcast
can also be accessed
at: https://events.q4inc.com/attendee/335928348
The timing, price and actual number of shares
repurchased under LiveOne’s stock repurchase program will be at the
discretion of its management and will depend on a variety of
factors, including stock price, general business and market
conditions, and alternative investment opportunities. The
repurchase program will continue to be executed consistent with
LiveOne's capital allocation strategy, which will continue to
prioritize growing LiveOne's business.
Under the stock repurchase program, repurchases can
be made from time to time using a variety of methods, including
open market purchases, all in compliance with the rules of the U.S.
Securities and Exchange Commission and other applicable legal
requirements. The repurchase program does not obligate LiveOne to
acquire any particular amount of shares, and the program may be
suspended or discontinued at any time at LiveOne's discretion.
LiveOne will review the stock repurchase program periodically and
may authorize adjustment of its terms and size. The increase in the
stock repurchase program, which may include the possibility of
buying back shares of common stock of PodcastOne, is subject to
approval by LiveOne’s board of directors and any other applicable
approvals and consents, which LiveOne fully expects to promptly
obtain.
About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne,
Inc. (Nasdaq: LVO) (the “Company”) 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. The Company's
subsidiaries include Slacker Radio, PodcastOne (Nasdaq: PODC),
PPVOne, Palm Beach Records, 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 Statements
All 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: the Company’s
reliance on one key customer for a substantial percentage of its
revenue; the Company’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; the Company’s ability to
continue as a going concern; the Company’s ability to attract,
maintain and increase the number of its users and paid members; the
Company identifying, acquiring, securing and developing content;
the Company’s intent to repurchase shares of its common stock from
time to time under its announced stock repurchase program and the
timing, price, and quantity of repurchases, if any, under the
program; the Company’s ability to maintain compliance with certain
financial and other covenants; the Company successfully
implementing its growth strategy, including relating to its
technology platforms and applications; management’s relationships
with industry stakeholders; the effects of the global Covid-19
pandemic; uncertain and unfavorable outcomes in legal proceedings;
changes in economic conditions; competition; risks and
uncertainties applicable to the businesses of the Company’s
subsidiaries; and other risks, uncertainties and factors including,
but not limited to, those described in the Company’s Annual Report
on Form 10-K for the fiscal year ended March 31, 2023, filed with
the U.S. Securities and Exchange Commission (the “SEC”) on June 29,
2023, Quarterly Report on Form 10-Q for the quarter year ended June
30, 2023, filed with the SEC on August 15, 2023, and in the
Company’s other filings and submissions with the SEC. These
forward-looking statements speak only as of the date hereof, and
the Company disclaims any obligation to update these statements,
except as may be required by law. The Company intends that all
forward-looking statements be subject to the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995.
**Included in the total number of paid members for
the reported periods are certain members which are the subject of a
contractual dispute. LiveOne is currently not recognizing revenue
related to these members.
* About Non-GAAP Financial
Measures
To 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 2024 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 more information on these non-GAAP financial
measures, please see the tables entitled “Reconciliation of
Non-GAAP Measure to GAAP Measure” included at the end of this
release.
LiveOne IR
Contact:Kirin SmithPCG Advisory(646)
823-8656ksmith@pcgadvisory.com
Press
Contact:LiveOnepress@liveone.com
Financial Information
The tables below present financial results for the
three months ended June 30, 2023 and 2022.
LiveOne,
Inc. Consolidated
Statements of Operations (Unaudited)(In thousands,
except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember
30, |
|
|
Six Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
$ |
28,528 |
|
|
$ |
23,532 |
|
|
$ |
56,295 |
|
|
|
$ |
46,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
20,547 |
|
|
|
13,742 |
|
|
|
39,748 |
|
|
|
|
29,152 |
|
Sales and marketing |
|
|
2,253 |
|
|
|
2,362 |
|
|
|
4,157 |
|
|
|
|
4,727 |
|
Product development |
|
|
1,439 |
|
|
|
1,240 |
|
|
|
2,685 |
|
|
|
|
2,857 |
|
General and administrative |
|
|
6,352 |
|
|
|
4,475 |
|
|
|
11,760 |
|
|
|
|
6,685 |
|
Impairment of intangible assets |
|
|
- |
|
|
|
1,356 |
|
|
|
- |
|
|
|
|
1,356 |
|
Amortization of intangible assets |
|
|
452 |
|
|
|
1,344 |
|
|
|
699 |
|
|
|
|
2,755 |
|
Total operating expenses |
|
|
31,043 |
|
|
|
24,519 |
|
|
|
59,049 |
|
|
|
|
47,505 |
|
Loss from operations |
|
|
(2,515 |
) |
|
|
(987 |
) |
|
|
(2,754 |
) |
|
|
|
(750 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(780 |
) |
|
|
(2,576 |
) |
|
|
(2,198 |
) |
|
|
|
(3,573 |
) |
Other income (expense) |
|
|
(3,244 |
) |
|
|
183 |
|
|
|
(2,006 |
) |
|
|
|
2,289 |
|
Total other expense, net |
|
|
(4,024 |
) |
|
|
(2,393 |
) |
|
|
(4,204 |
) |
|
|
|
(1,284 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
(6,539 |
) |
|
|
(3,380 |
) |
|
|
(6,958 |
) |
|
|
|
(2,034 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
(21 |
) |
|
|
29 |
|
|
|
58 |
|
|
|
|
27 |
|
Net loss |
|
$ |
(6,518 |
) |
|
$ |
(3,409 |
) |
|
$ |
(7,016 |
) |
|
|
$ |
(2,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
|
$ |
(0.02 |
) |
Weighted average common shares – basic and
diluted |
|
|
87,485,495 |
|
|
|
84,709,971 |
|
|
|
87,097,201 |
|
|
|
|
74,189,970 |
|
LiveOne, Inc.Consolidated Balance Sheets
(Unaudited)(In thousands) |
|
|
|
|
|
|
|
|
|
September 30, |
|
March 31, |
|
|
|
2023 |
|
|
2023 |
|
|
Assets |
|
|
|
|
(Audited) |
|
Current
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,606 |
|
|
$ |
8,409 |
|
|
Restricted cash |
|
|
205 |
|
|
|
240 |
|
|
Accounts receivable, net |
|
|
17,184 |
|
|
|
13,658 |
|
|
Inventories |
|
|
2,280 |
|
|
|
2,596 |
|
|
Prepaid expense and other current assets |
|
|
2,959 |
|
|
|
2,823 |
|
|
Total Current
Assets |
|
|
26,234 |
|
|
|
27,726 |
|
|
Property and equipment, net |
|
|
2,990 |
|
|
|
3,325 |
|
|
Goodwill |
|
|
23,379 |
|
|
|
23,379 |
|
|
Intangible assets, net |
|
|
12,640 |
|
|
|
11,035 |
|
|
Other assets |
|
|
157 |
|
|
|
423 |
|
|
Total
Assets |
|
$ |
65,400 |
|
|
$ |
65,888 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities, Mezzanine Equity and Stockholders’
Deficit |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
26,046 |
|
|
$ |
22,772 |
|
|
Accrued royalties |
|
|
13,092 |
|
|
|
12,826 |
|
|
Notes payable, current portion |
|
|
694 |
|
|
|
15 |
|
|
Deferred revenue |
|
|
880 |
|
|
|
992 |
|
|
Senior secured line of credit |
|
|
7,000 |
|
|
|
- |
|
|
Bridge loan |
|
|
- |
|
|
|
4,726 |
|
|
Derivative liabilities |
|
|
- |
|
|
|
3,148 |
|
|
Total Current
Liabilities |
|
|
47,712 |
|
|
|
44,479 |
|
|
Senior secured line of credit, noncurrent |
|
|
- |
|
|
|
7,000 |
|
|
Notes payable, net |
|
|
1,055 |
|
|
|
148 |
|
|
Lease liabilities, noncurrent |
|
|
- |
|
|
|
161 |
|
|
Derivative liabilities, noncurrent |
|
|
127 |
|
|
|
376 |
|
|
Other long-term liabilities |
|
|
8,906 |
|
|
|
9,578 |
|
|
Deferred income taxes |
|
|
332 |
|
|
|
332 |
|
|
Total
Liabilities |
|
|
58,132 |
|
|
|
62,074 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
|
|
Redeemable convertible
preferred stock, $0.001 par value; 10,000,000 shares authorized;
5,000 shares issued and outstanding as of June 30, 2023 and March
31, 2023, respectively |
|
|
4,827 |
|
|
|
4,827 |
|
|
Stockholders’ Equity
(Deficit) |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized;
16,177 shares issued and outstanding as of June 30, 2023 and March
31, 2023, respectively |
|
|
16,177 |
|
|
|
16,177 |
|
|
Common stock, $0.001 par value; 500,000,000 shares authorized;
87,676,140 and 89,632,161 shares issued and outstanding,
respectively |
|
|
91 |
|
|
|
90 |
|
|
Additional paid in capital |
|
|
209,043 |
|
|
|
209,151 |
|
|
Treasury stock |
|
|
(3,750 |
) |
|
|
(2,162 |
) |
|
Accumulated deficit |
|
|
(231,921 |
) |
|
|
(224,269 |
) |
|
Total stockholders’ deficit |
|
|
(10,360 |
) |
|
|
(1,013 |
) |
|
Non-controlling interest |
|
|
12,801 |
|
|
|
- |
|
|
Total equity |
|
|
2,441 |
|
|
|
(1,013 |
) |
|
Total Liabilities,
Mezzanine Equity and Stockholders’ Deficit |
|
$ |
65,435 |
|
|
$ |
65,888 |
|
|
LiveOne,
Inc.Reconciliation of Non-GAAP Measure to GAAP
MeasureAdjusted EBITDA* Reconciliation
(Unaudited)(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income(Loss) |
|
|
Depreciation andAmortization |
|
|
Stock-BasedCompensation |
|
|
Non-RecurringAcquisition andRealignmentCosts
(1) |
|
|
Other(Income)Expense
(2) |
|
|
(Benefit)Provisionfor
Taxes |
|
|
AdjustedEBITDA* |
|
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations – PodcastOne |
|
$ |
(13,073 |
) |
|
$ |
252 |
|
|
$ |
854 |
|
|
$ |
413 |
|
|
$ |
11,660 |
|
|
|
$ |
- |
|
|
$ |
106 |
|
|
Operations – Slacker |
|
|
2,250 |
|
|
|
694 |
|
|
|
998 |
|
|
|
742 |
|
|
|
355 |
|
|
|
|
- |
|
|
|
5,039 |
|
|
Operations – Other |
|
|
3,168 |
|
|
|
294 |
|
|
|
179 |
|
|
|
108 |
|
|
|
(4,308 |
|
) |
|
|
- |
|
|
|
(559 |
) |
|
Corporate |
|
|
1,137 |
|
|
|
4 |
|
|
|
686 |
|
|
|
77 |
|
|
|
(3,683 |
) |
|
|
|
(21 |
) |
|
|
(1,800 |
) |
|
Total |
|
$ |
(6,518 |
) |
|
$ |
1,244 |
|
|
$ |
2,717 |
|
|
$ |
1,340 |
|
|
$ |
4,024 |
|
|
|
$ |
(21 |
) |
|
$ |
2,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations – PodcastOne |
|
$ |
(87 |
) |
|
$ |
81 |
|
|
$ |
348 |
|
|
$ |
5 |
|
|
$ |
460 |
|
|
|
$ |
- |
|
|
$ |
807 |
|
|
Operations – Slacker |
|
|
2,521 |
|
|
|
1,968 |
|
|
|
442 |
|
|
|
87 |
|
|
|
703 |
|
|
|
|
- |
|
|
|
5,721 |
|
|
Operations – Other |
|
|
(2,854 |
) |
|
|
1,586 |
|
|
|
79 |
|
|
|
3 |
|
|
|
364 |
|
|
|
|
- |
|
|
|
(822 |
) |
|
Corporate |
|
|
(2,989 |
) |
|
|
6 |
|
|
|
527 |
|
|
|
246 |
|
|
|
866 |
|
|
|
|
29 |
|
|
|
(1,315 |
) |
|
Total |
|
$ |
(3,409 |
) |
|
$ |
3,641 |
|
|
$ |
1,396 |
|
|
$ |
341 |
|
|
$ |
2,393 |
|
|
|
$ |
29 |
|
|
$ |
4,391 |
|
|
|
|
Net Income(Loss) |
|
|
Depreciation andAmortization |
|
|
Stock-BasedCompensation |
|
|
Non-RecurringAcquisition andRealignmentCosts
(1) |
|
|
Other(Income)Expense
(2) |
|
|
(Benefit)Provisionfor
Taxes |
|
|
AdjustedEBITDA* |
|
Six Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations – PodcastOne |
|
$ |
(13,119 |
) |
|
$ |
338 |
|
|
$ |
938 |
|
|
$ |
719 |
|
|
$ |
12,063 |
|
|
$ |
- |
|
|
$ |
939 |
|
Operations – Slacker |
|
|
5,831 |
|
|
|
1,408 |
|
|
|
1,214 |
|
|
|
873 |
|
|
|
102 |
|
|
|
- |
|
|
|
9,428 |
|
Operations – Other |
|
|
2,391 |
|
|
|
544 |
|
|
|
213 |
|
|
|
133 |
|
|
|
(4,952 |
) |
|
|
- |
|
|
|
(1,671 |
) |
Corporate |
|
|
(2,119 |
) |
|
|
9 |
|
|
|
1,229 |
|
|
|
130 |
|
|
|
(3,009 |
) |
|
|
58 |
|
|
|
(3,702 |
) |
Total |
|
$ |
(7,016 |
) |
|
$ |
2,299 |
|
|
$ |
3,594 |
|
|
$ |
1,855 |
|
|
$ |
4,204 |
|
|
$ |
58 |
|
|
$ |
4,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations – PodcastOne |
|
$ |
1,756 |
|
|
$ |
156 |
|
|
$ |
634 |
|
|
$ |
80 |
|
|
$ |
(1,726 |
) |
|
$ |
- |
|
|
$ |
900 |
|
Operations – Slacker |
|
|
3,512 |
|
|
|
3,941 |
|
|
|
440 |
|
|
|
91 |
|
|
|
942 |
|
|
|
- |
|
|
|
8,926 |
|
Operations – Other |
|
|
(3,457 |
) |
|
|
1,858 |
|
|
|
169 |
|
|
|
115 |
|
|
|
395 |
|
|
|
- |
|
|
|
(920 |
) |
Corporate |
|
|
(3,872 |
) |
|
|
12 |
|
|
|
941 |
|
|
|
(1,319 |
) |
|
|
1,673 |
|
|
|
27 |
|
|
|
(2,538 |
) |
Total |
|
$ |
(2,061 |
) |
|
$ |
5,967 |
|
|
$ |
2,184 |
|
|
$ |
(1,033 |
) |
|
$ |
1,284 |
|
|
$ |
27 |
|
|
$ |
6.368 |
|
|
(1 |
) |
|
Other Non-Operating and Non-Recurring Costs include outside legal,
accounting and other professional fees directly attributable to
acquisition activity in the period, in addition to certain
non-recurring expenses associated with legal settlements or
reserves for legal settlements in the period that pertain to
historical matters that existed at certain acquired companies prior
to their purchase date and non-recurring employee severance
payments and to a lesser extent, a one-time minimum guarantee to
effectively terminate a live-event distribution agreement post
COVID-19. |
|
|
|
|
|
|
(2 |
) |
|
Other (income) expense above primarily includes interest expense,
net, change in derivative fair value, forgiveness of PPP loans, and
loss on extinguishment of debt. These are included in the statement
of operations in other income (expense) and are an add back to net
loss above in the reconciliation of Adjusted EBITDA* to loss. |
|
|
|
|
|
|
* |
|
See the definition of Adjusted EBITDA under “About Non-GAAP
Financial Measures” within this release. |
LiveOne, Inc.Reconciliation of Non-GAAP
Measure to GAAP Measure Contribution Margin*
Reconciliation (Unaudited)(In
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
$ |
28,528 |
|
$ |
|
23,532 |
|
Less: |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
(20,547 |
) |
|
|
(13,742 |
) |
Amortization of developed technology |
|
|
(726 |
) |
|
|
(1,151 |
) |
Gross Profit |
|
|
7,255 |
|
|
|
8,639 |
|
|
|
|
|
|
|
|
|
|
Add back amortization of developed
technology: |
|
|
726 |
|
|
|
1,151 |
|
|
Contribution Margin* |
|
$ |
7,981 |
|
|
$ |
9,790 |
|
|
|
* |
See the definition of Contribution Margin under “About Non-GAAP
Financial Measures” within this release. |
PodcastOne (NASDAQ:PODC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
PodcastOne (NASDAQ:PODC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024