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- Audio Division Revenue of $64M and Adjusted EBITDA* of $15M for Nine Months Fiscal 2023 with Q3 Fiscal 2023 Revenue of $22M and Adjusted EBITDA* of $5.1M<\/i><\/b><\/li>\n
- Raises Company Guidance for Fiscal 2023 Adjusted EBITDA* to $11M – $12M<\/i><\/b><\/li>\n
- Company has Filed S-1 for PodcastOne Spin-Out<\/i><\/b><\/li>\n
- Record Growth of 553K+ New Paid Members Over the Previous Year – a 40% Increase \u2013 Now Passing 1.95M Paid Members with Total Members at Approx. 2.8M**<\/i><\/b><\/li>\n
- LiveOne Debt Holders Recently Exchanged $21M of Existing Debt for Preferred Shares Convertible at $2.10 Per Share<\/i><\/b><\/li>\n
- Expects to Commence Expanded $2M Stock Repurchase Program<\/i><\/b><\/li>\n
- Short-Term Assets of $27.7M and $8.5M of Cash<\/i><\/b><\/li>\n
- LiveOne Plans to IPO Slacker This Year<\/i><\/b><\/li>\n
- LiveOne\u2019s Senior Management Will Host a Live Conference Call and Audio Webcast Beginning at 10:30 A.M. ET on Thursday, February 9, 2023<\/i><\/b><\/li>\n<\/ul>\n
LOS ANGELES–(BUSINESS WIRE<\/a>)–
\nLiveOne (Nasdaq: LVO<\/a>), an award-winning, creator-first, music, entertainment, and technology platform, announced today its operating results for the third quarter (\u201cQ3 Fiscal 2023\u201d) and first nine months ended December 31, 2022 (\u201c9M Fiscal 2023\u201d).\n<\/p>\n\nIn 9M Fiscal 2023, LiveOne posted consolidated revenue of $74.1 million, as well as Contribution Margin* of $25.6 million. LiveOne posted a net loss of $5.3 million on a consolidated basis, or $(0.06) per diluted share for the same period. LiveOne\u2019s Adjusted EBITDA* in 9M Fiscal 2023 was a record $9.4 million. In 9M Fiscal 2023, LiveOne extinguished approximately $16 million of payables. The company ended Q3 Fiscal 2023 with $27.7 million in short-term assets and $8.5 million in cash.\n<\/p>\n
\nLiveOne\u2019s CEO and Chairman, Robert Ellin, commented, \u201cOver the past year, we have been laser focused on optimizing and streamlining our operations, led by our audio business, which includes Slacker Radio and PodcastOne. The combination of improving Contribution Margins*, coupled with over $30 million in annual expense and overhead reduction, is resulting in record operating results.\u201d\n<\/p>\n
\nMr. Ellin continued, \u201cWe are excited about the continued strong growth of paid memberships coming largely through B-to-B partnerships, including our nine-year relationship with Tesla. We expect our strong operating performance to continue for the foreseeable future led by our Audio Division and for it to collectively achieve revenue in excess of $88 million in Fiscal 2023 and generate more than $18 million in Adjusted EBITDA*.\u201d\n<\/p>\n
\nSeparately, LiveOne previously announced that its board of directors has authorized it to expand its stock repurchase program by up to an additional $2,000,000 worth of shares of its common stock to be repurchased from time to time. Since April 1, 2022, LiveOne has repurchased 2,000,000 shares under the program. The authorization to repurchase will expire on December 31, 2023.\n<\/p>\n
\nThe timing, price and actual number of shares planned to be repurchased under LiveOne\u2019s expanded 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 be executed consistent with LiveOne’s capital allocation strategy, which will continue to prioritize growing LiveOne’s business. The expanded repurchase program is planned to be implemented subject to LiveOne obtaining applicable approvals and consents.\n<\/p>\n
Recent and Q3 Fiscal 2023 Highlights<\/span><\/b><\/p>\n
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- \nPaid members as of February 7, 2023 was 1.96 million, a net increase of 553,000, or 40%, as compared to the prior year. Total members including free ad-supported memberships was approximately 2.8 million at February 7th, 2023.**\n<\/li>\n
- \nLiveOne\u2019s wholly-owned subsidiary, PodcastOne<\/a>, posted record 9M Fiscal 2023 revenue of $25.8 million as U.S. unique monthly audience surpassed 14 million.\n<\/li>\n
- \nAs 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.\n<\/li>\n<\/ul>\n
Q3 Fiscal 2023 and 2022 Results Summary (in $000\u2019s, except per share; unaudited)<\/span><\/b><\/p>\n
- \nAs 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.\n<\/li>\n<\/ul>\n
- Raises Company Guidance for Fiscal 2023 Adjusted EBITDA* to $11M – $12M<\/i><\/b><\/li>\n
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