Increases Record Adjusted EBITDA* Guidance to $9.5 – $12 Million for Fiscal 2023
Short-Term Assets of $25 Million and $8.6 Million Cash
Signed LOI for New Credit Line for Up to Maximum $20 Million
LOS ANGELES– (BUSINESS WIRE) -$LVO #liveone–LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that as part of its focus on generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $30 million in its fiscal year ending March 31, 2023 (“Fiscal 2023”).
Separately, LiveOne increased its previous guidance for consolidated positive Adjusted EBITDA* to between $9.5 million – $12 million for Fiscal 2023 ending March 31, 2023.
LiveOne recently increased guidance for its Audio Division consisting of Slacker Radio and PodcastOne to between $17.5 million – $19 million in positive Adjusted EBITDA* without corporate overhead expense allocation for its fiscal year ending March 31, 2023. LiveOne’s current cash balance is $8.4 million and short-term assets are $25 million.
LiveOne’s CEO and Chairman, Robert Ellin, commented, “Over the past year, we have successfully reduced costs and overhead by an expected $30 million on an annual basis while focusing on the operating performance of our Audio Division. These measures will allow us to continue to strengthen our balance sheet, buyback stock and focus on the growth of our profitable businesses.”
The LOI for LiveOne’s new credit line is non-binding and there can be no assurance that formal agreements will be entered into with the new potential lender, which agreements shall be subject to LiveOne obtaining applicable approvals and consents from its subordinated senior secured lender. The LOI is intended to replace the current credit line with LiveOne’s senior secured lender.
Iwwer LiveOne, Inc.
Sëtz zu Los Angeles, Kalifornien, 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 was awarded Best Live Moment by Digiday for its “Social Gloves” PPV Event, and has been a finalist for 8 more awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming from Cynopsis and Digiday. As of December 30, 2022, the Company has accrued a paid and free ad-supported membership base of 2.7 million**, streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company’s wholly-owned subsidiaries include Slacker Radio, React Presents, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, LiveXLive, PPVOne and PodcastOne, which generates more than 2.48 billion downloads per year and 300+ episodes distributed per week across its stable of top-rated podcasts. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more information, visit liveone.com a gitt eis op Facebook, Instagram, TikTok, YouTube an Twitter bei @liewen.
* Iwwer Non-GAAP Finanzmoossnamen
Fir eis konsolidéiert finanziell Aussoen z'ergänzen, déi ausgeschafft a presentéiert ginn am Aklang mat de Comptabilitéitsprinzipien allgemeng akzeptéiert an de Vereenegte Staate vun Amerika ("GAAP"), presentéiere mir Contribution Margin (Loss) and Adjusted Earnings Before Interest Tax Depreciation and Amortization (" Adjusted EBITDA"), déi net-GAAP finanziell Moossname sinn, als Moossname vun eiser Leeschtung. D'Presentatioun vun dësen net-GAAP finanzielle Moossnamen ass net virgesi fir isoléiert vun, oder als Ersatz fir, oder méi héich wéi, Operatiounsverloscht an oder Nettoakommes (Verloscht) oder all aner Leeschtungsmoossnamen ofgeleet am Aklang mat GAAP oder wéi eng Alternativ zu Nettogeld, déi duerch Operatiounsaktivitéite geliwwert gëtt oder all aner Moossname vun eise Cashflows oder Liquiditéit.
Mir benotze Contribution Margin (Verloscht) an Adjusted EBITDA fir d'Leeschtung vun eisem Betribssegment ze evaluéieren. Mir gleewen datt Informatioun iwwer dës net-GAAP finanziell Moossnamen Investisseuren hëlleft andeems se et erlaben Ännerungen an de Betribsresultater vun eisem Geschäft separat vun net-operationelle Faktoren ze evaluéieren, déi d'Operatiounsakommes (Verloscht) an d'Nettoakommes (Verloscht) beaflossen, also Abléck an béid Operatiounen an déi aner Faktoren déi gemellt Resultater beaflossen. Upasst EBITDA gëtt net berechent oder presentéiert am Aklang mat GAAP. Eng Begrenzung vun der Notzung vum Adjusted EBITDA als Leeschtungsmoossnam ass datt et net déi periodesch Käschte vu bestëmmte amortiséierende Verméigen reflektéiert fir Einnahmen an eisem Geschäft ze generéieren. Deementspriechend soll ugepasst EBITDA zousätzlech ugesi ginn an net als Ersatz fir Operatiounsakommes (Verloscht), Nettoakommes (Verloscht), an aner Moossname fir finanziell Leeschtung, déi am Aklang mat GAAP gemellt ginn. Ausserdeem kann dës Moossnam tëscht anere Firmen variéieren; also, ugepasst EBITDA wéi hei presentéiert kann net mat ähnlechen Titel Moossnamen vun anere Firmen vergläichbar sinn.
Contribution Margin (Verloscht) ass definéiert als Akommes minus Käschte vum Verkaf. Adjustéiert EBITDA ass definéiert als Akommes virum Zënssaz, aner (Akommes) Ausgaben, Akommessteierkäschten, Ofschätzung an Amortiséierung a virun (a) net-cash GAAP Akeef Comptablesmethod Upassunge fir bestëmmte Recetten a Käschten, (b) legal, Comptablesmethod an aner professionell Fraisen, déi direkt un d'Acquisitiounsaktivitéit zougeschriwwe sinn, (c) d'Employée-Entloossungsbezuelungen an d'Beruffskäschten vun Drëtt Partei, déi direkt un d'Acquisitioun oder d'Firmenausrichtungsaktivitéite attributéiert sinn, (d) bestëmmte net widderhuelende Ausgaben, déi mat legale Siedlungen oder Reserven fir juristesch Siedlungen an der Period bezéien historesch Themen déi bei erkaafte Firmen virum Akafsdatum existéiert hunn an eng eemoleg Mindestgarantie fir effektiv e Live Event Verdeelungsvertrag no COVID-19 ofzeschléissen, (e) Ofschätzung an Amortiséierung (inklusiv Goodwill Behënnerung, wann iwwerhaapt), an (f) ) bestëmmte Stock-baséiert Kompensatiounskäschte. D'Gestioun betruecht dës Käschten net als indikativ fir eis Kärbetribsresultater.
Mat Respekt zum projizéierte ganze Joer 2023 Adjusted EBITDA, ass eng quantitativ Reconciliatioun net verfügbar ouni onverständlech Efforten wéinst der héijer Variabilitéit, der Komplexitéit an der gerénger Visibilitéit mat Respekt fir Akafsrechnungsupassungen, Acquisitiounsbezunnen Käschten a gesetzleche Siidlungsreserven ausgeschloss vum Adjusted EBITDA. Mir erwaarden datt d'Variabilitéit vun dësen Elementer e potenziell onberechenbaren, a potenziell bedeitende Impakt op eis zukünfteg GAAP finanziell Resultater huet.
Zukunftsgeriicht Aussoën
All Aussoen ausser Aussoe vun historesche Fakten, déi an dëser Pressematdeelung enthale sinn, sinn "Forward-sicht Aussoen", déi dacks, awer net ëmmer, identifizéiert kënne ginn duerch d'Benotzung vu Wierder wéi "kéint", "kéint", "wëll", "wäert méiglecherweis resultéieren", "géift", "soll", "schätzen", "planen", "projet", "prognostéieren", "absicht", "erwaarden", "virauszesoen", "gleewen", "sichen", "weider", "Zil" oder den negativen vun esou Begrëffer oder aner ähnlech Ausdréck. 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, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne or its pay-per-view business, the timing of the consummation of such proposed event, including the risks that a condition to consummation of such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to list on a national exchange; 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, 2022, filed with the U.S. Securities and Exchange Commission (de "SEC") den 29. Juni 2022, Véierelbericht op Form 10-Q fir de Fiskalquartéier, deen den 30. September 2022 ofgeschloss ass, dee bei der SEC de 17. Soumissioun mat der SEC. Dës Forward-sicht Aussoe schwätzen nëmme vum Datum vun dësem, an d'Firma entlooss all Verpflichtungen dës Aussoen ze aktualiséieren, ausser wéi et vum Gesetz verlaangt ka sinn.
** An der Gesamtzuel vun de Membere fir déi gemellt Perioden abegraff sinn bestëmmte Memberen déi d'Thema vun engem kontraktuelle Sträit sinn. LiveOne erkennt de Moment net Akommes am Zesummenhang mat dëse Memberen.
Kontakter
Press Kontakter:
LiveOne
LiveOne IR Kontakt:
(310) 601-2505
Source: https://thenewscrypto.com/liveone-slashes-additional-5-million-of-costs-bringing-total-savings-to-over-30-million-in-fiscal-2023/