via NewMediaWire - LiveOne (Nasdaq: LVO), an
award-winning, creator-first, music, entertainment and technology
platform, announced today guidance for its fiscal year ending March
31, 2025, as well as certain other updates. LiveOne’s audio
division consists of Slacker Radio and PodcastOne (Nasdaq:
PODC). LiveOne owns 100% of Slacker Radio and ~80% of PodcastOne’s
outstanding common stock.
Robert Ellin, Chairman and CEO of LiveOne, commented, "We are
extremely excited to give our investors the first forward guidance
for our fiscal year ending March 31, 2025. The guidance we released
today is predominantly a reflection of organically growing our
existing Audio Division and does not reflect any additional
acquisitions or any unannounced potentially lucrative B2B
partnerships currently in the pipeline or in advanced negotiations.
Furthermore, we believe our initiatives into celebrity brands and
our ever-expanding Music Publishing Division could have a material
positive impact on our revenues in the near future."
LiveOne also recently raised revenue guidance for its fiscal
year ending March 31, 2024 to $118M - $120M.
The timing, price and actual number of shares repurchased under
the stock repurchase program will be at the discretion of LiveOne's
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.
The anticipated financial results discussed in this press
release are based on management's preliminary expectations. During
the course of LiveOne’s and PodcastOne’s standard quarter-end and
fiscal year-end closing procedures and review process, LiveOne and
PodcastOne may identify items that would require it to make
adjustments, which may be material, to the information presented
above. As a result, the estimates above constitute forward-looking
information and are subject to risks and uncertainties, including
possible adjustments to preliminary financial results.
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.
About PodcastOnePodcastOne (Nasdaq: PODC) is a Los
Angeles based podcast network founded in 2012 by Kit Gray and Norm
Pattiz providing creators and advertisers with a full 360-degree
solution in sales, marketing, public relations, production, and
distribution delivering over 2.1 billion downloads per year with a
community of 250 of the top podcasters, including Adam Carolla,
Kaitlyn Bristowe, Jordan Harbinger, LadyGang, and A&E's Cold
Case Files. PodcastOne has built a distribution network reaching
over 1 billion listeners a month across all of its own properties,
LiveOne (Nasdaq: LVO), Spotify, Apple Podcasts, iHeartRadio,
Samsung and over 150 shows exclusively available in Tesla vehicles.
PodcastOne is also the parent company of LaunchpadOne, an
innovative self-serve platform developed to launch, host,
distribute and monetize independent user-generated podcasts. For
more information, visit podcastone.com and follow us
on Facebook, Instagram, YouTube and Twitter
at @podcastone.
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 and PodcastOne’s
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 debt 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 September
30, 2023, filed with the SEC on November 20, 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.
* 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 Smith PCG Advisory
(646) 823-8656 ksmith@pcgadvisory.com
Press Contact: LiveOne press@liveone.com
For PodcastOne 310.246.4600 Susan@Guttmanpr.com
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