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Live Ventures Reports Fiscal Second Quarter 2024 Financial Results

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Live Ventures Incorporated reported financial results for the second fiscal quarter of 2024, with revenue increasing by 30.2% to $118.6 million. However, the net loss was $3.3 million, resulting in a diluted loss per share of $1.04. Adjusted EBITDA was $4.5 million, compared to $9.2 million in the prior year period. The company repurchased 11,849 shares of common stock and had total assets of $433.9 million as of March 31, 2024. Live Ventures remains confident in its long-term strategy despite industry challenges.

Positive
  • Revenue increased by 30.2% to $118.6 million, driven by strategic acquisitions of Flooring Liquidators and Precision Metal Works.

  • Total assets reached $433.9 million, with $36.0 million in cash and credit availability.

  • The company repurchased 11,849 shares of common stock, demonstrating confidence in its long-term prospects.

Negative
  • Net loss was $3.3 million, resulting in a diluted loss per share of $1.04, compared to prior year net income of $1.6 million.

  • Adjusted EBITDA decreased to $4.5 million, down from $9.2 million in the prior year period.

  • Operating income decreased, mainly due to temporary inefficiencies and lower margins in certain segments.

Insights

Live Ventures Incorporated's recent financial results show a significant increase in revenue, primarily driven by acquisitions, yet there's a stark contrast with a net loss and a substantial decrease in Adjusted EBITDA. This divergence suggests that while the company is expanding its revenue base, it may be facing integration challenges or margin pressure in its acquired entities, especially PMW, which is known for lower margins. It's worth noting that increased revenue does not always correlate with profitability, a important lesson for investors. The repurchase of shares could be a signal of self-confidence from management about the intrinsic value of the company, even as they navigate current market conditions. However, investors should weigh this against the increased operating losses and how the company plans to address the inefficiencies cited, particularly in the Retail-Flooring segment. From a long-term perspective, if the company can optimize operations and maintain revenue growth, there could be potential for recovery. However, the short-term implications appear challenging.

Live Ventures' aggressive growth strategy through acquisitions is a double-edged sword. The boost in revenue streams, as reflected by the robust performance in the Retail-Flooring and Steel Manufacturing segments, is commendable. However, the decline in Adjusted EBITDA and the transition to a net loss position raises concerns about the sustainability of growth, especially when organic growth factors and market conditions are not mentioned as significant contributors. The adverse impacts highlighted in the operating and net income margins are worrisome for stakeholders who might question the execution of the 'buy-build-hold' strategy. Increased attention to operating efficiencies and customer satisfaction will be critical areas to monitor. The variance in Adjusted EBITDA across segments underscores the need for operational excellence to match the pace of acquisition-driven growth.

The increase in interest expense, potentially due to financing recent acquisitions and its role in the reported net loss, is a point of concern that hints at the company's leverage strategy. The reported cash availability, both on-hand and under credit lines, suggests that Live Ventures could manage short-term obligations, but the strategic focus for investors should be on the company's long-term debt management and how it affects shareholder value. With the Retail-Flooring segment facing temporary inefficiencies post-acquisition, careful scrutiny of future filings will be important to assess whether management can remedy these issues without further straining the balance sheet. Investors should also consider the potential strain on liquidity if market conditions worsen, or if the newly acquired businesses fail to meet performance expectations.

LAS VEGAS, May 13, 2024 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its second fiscal quarter ended March 31, 2024. 

Fiscal Second Quarter 2024 Key Highlights:

  • Revenue increased 30.2% to $118.6 million, compared to $91.1 million in the prior year period
  • Net loss was $3.3 million and diluted loss per share was $1.04, compared to prior year period net income of $1.6 million and diluted earnings per share (“EPS”) of $0.49
  • Adjusted EBITDA¹ was $4.5 million, compared to $9.2 million in the prior year period
  • Repurchased 11,849 shares of the Company’s common stock at an average price of $25.16 per share
  • Total assets of $433.9 million and stockholders’ equity of $95.9 million as of March 31, 2024
  • Approximately $36.0 million of cash and availability under the Company’s credit facilities as of March 31, 2024

“Our second quarter revenue increased 30.2% compared to the prior year period, primarily driven by the strategic acquisitions of Flooring Liquidators, Inc. (“Flooring Liquidators”), and Precision Metal Works, Inc. (“PMW”), both of which were acquired in fiscal year 2023, as well as an increase in revenue in our Flooring Manufacturing segment,” commented David Verret, Chief Financial Officer of Live Ventures.

“Our second quarter revenue growth demonstrates our ability to expand our businesses through strategic acquisitions,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite industry-specific headwinds, we are committed to adapting to market changes, maintaining operational efficiency, and enhancing customer satisfaction. As we navigate the current market conditions, we’re confident about our business prospects and are steadfast in our commitment to our long-term strategy of ‘buy-build-hold.’ This approach underscores our belief in creating sustainable growth and value over time.”

Second Quarter FY 2024 Financial Summary (in thousands except per share amounts)

 During the three months ended March 31,
  2024   2023 % Change
Revenue$118,626  $91,122 30.2%
Operating Income (loss)$(838) $4,952 N/A
Net income (loss)$(3,281) $1,558 N/A
Diluted earnings (loss) per share$(1.04) $0.49 N/A
Adjusted EBITDA¹$4,457  $9,187 -51.5%
          

Revenue increased approximately $27.5 million, or 30.2%, to approximately $118.6 million for the quarter ended March 31, 2024, compared to revenue of approximately $91.1 million in the prior year period. The increase is primarily attributable to the acquisitions of PMW, which was acquired during the fourth quarter of fiscal year 2023, and Flooring Liquidators, which was acquired during the second quarter of fiscal year 2023, which collectively added approximately $29.6 million, as well as an increase of approximately $3.8 million in revenue in the Flooring Manufacturing segment. The increase was partially offset by decreased revenue of approximately $5.9 million in the Company’s other businesses due to general economic conditions.

Operating loss was approximately $0.8 million for the quarter ended March 31, 2024, compared with operating income of approximately $5.0 million in the prior year period. The decrease in operating income is primarily attributable to the Retail-Flooring segment’s temporary inefficiencies associated with the acquisitions of Carpet Remnant Outlet, Inc. (“CRO”) and Johnson Floor & Home (“Johnson”) by Flooring Liquidators, which were closed during the first quarter of fiscal year 2024. The decrease was also attributable to the Steel Manufacturing segment’s decrease in gross margin primarily as a result of the acquisition of PMW, which has historically generated lower margins, as well as an overall decrease in margins in the Steel Manufacturing segment due to reduced production efficiencies as a result of lower demand.

For the quarter ended March 31, 2024 net loss was approximately $3.3 million, and diluted loss per share was $1.04, compared with net income of approximately $1.6 million and diluted EPS of $0.49 in the prior year period. The change in net loss is attributable to the operating loss and higher interest expense related to the acquisitions of Flooring Liquidators and PMW, net of income taxes.

Adjusted EBITDA¹ for the quarter ended March 31, 2024 was approximately $4.5 million, a decrease of approximately $4.7 million, or 51.5%, compared to the prior year period. The decrease is primarily due to decreases in gross profit and operating income.

As of March 31, 2024 the Company had total cash availability of $36.0 million, consisting of cash on hand of $4.5 million and availability under its various lines of credit of $31.5 million.

¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below.

Second Quarter FY 2024 Segment Results (in thousands)

 During the three months ended March 31,
  2024   2023  % Change
Revenue     
Retail - Entertainment$16,842  $19,188  -12.2%
Retail - Flooring 32,032   20,769  54.2%
Flooring Manufacturing 34,180   30,340  12.7%
Steel Manufacturing 35,488   19,916  78.2%
Corporate & other 84   909  -90.8%
Total Revenue$118,626  $91,122  30.2%
      
 During the three months ended March 31,
  2024   2023  % Change
Operating Income (loss)     
Retail - Entertainment$1,784  $2,327  -23.4%
Retail - Flooring (3,023)  (216) N/A
Flooring Manufacturing 1,978   2,406  -17.8%
Steel Manufacturing 872   2,814  -69.0%
Corporate & other (2,449)  (2,379) -2.9%
Total Operating Income$(838) $4,952  -116.9%
      
 During the three months ended March 31,
  2024   2023  % Change
Adjusted EBITDA¹     
Retail - Entertainment$2,153  $2,652  -18.8%
Retail - Flooring (1,849) $1,111  -266.4%
Flooring Manufacturing 2,897   3,363  -13.9%
Steel Manufacturing 2,331   3,670  -36.5%
Corporate & other (1,075)  (1,609) 33.2%
Total Adjusted EBITDA¹$4,457  $9,187  -51.5%
      
Adjusted EBITDA¹ as a percentage of revenue     
Retail - Entertainment 12.8%  13.8%  
Retail - Flooring -5.8%  5.3%  
Flooring Manufacturing 8.5%  11.1%  
Steel Manufacturing 6.6%  18.4%  
Corporate & otherN/A N/A  
Total Adjusted EBITDA¹ 3.8%  10.1%  
as a percentage of revenue     
      

Retail – Entertainment

Retail-Entertainment segment revenue for the quarter ended March 31, 2024 was approximately $16.8 million, a decrease of approximately $2.3 million, or 12.2%, compared to prior year period revenue of approximately $19.2 million. Revenue decreased primarily due to reduced consumer demand and a shift in sales mix toward used products, which generally have lower ticket sales with higher margins. The shift in sales mix also contributed to the increase in gross margin to 58.4% for the quarter ended March 31, 2024, compared to 55.5% for the prior year period. Operating income for the quarter ended March 31, 2024 was approximately $1.8 million, compared to operating income of approximately $2.3 million for the prior year period.

Retail – Flooring

The Retail-Flooring segment consists of Flooring Liquidators, which was acquired in January 2023. Revenue for the quarter ended March 31, 2024, was approximately $32.0 million, an increase of approximately $11.3 million, or 54.2%, compared to prior year period revenue of approximately $20.8 million. The increase is due to the acquisition of Flooring Liquidators in the second quarter of fiscal year 2023 and the acquisitions of CRO and Johnson by Flooring Liquidators during the first quarter of fiscal year 2024. The gross margin for the quarter ended March 31, 2024 was 36.5%, compared to 37.3% for the prior year period. Operating loss for the quarter ended March 31, 2024 was approximately $3.0 million, compared to an operating loss of approximately $0.2 million for the prior year period. The increase in operating loss was primarily due to temporary inefficiencies associated with the acquisitions of CRO and Johnson in the current period.

Flooring Manufacturing

Revenue for the quarter ended March 31, 2024 was approximately $34.2 million, an increase of approximately $3.8 million, or 12.7%, compared to prior year period revenue of approximately $30.3 million. The gross margin was 25.6% for the quarter ended March 31, 2024, compared to 24.2% for the prior year period. The revenue and gross margin increases are primarily due to increased sales associated with the acquisition of the Harris Flooring Group® brands in the fourth quarter of fiscal year 2023. Operating income for the quarter ended March 31, 2024 was approximately $2.0 million, compared to operating income of approximately $2.4 million for the prior year.

Steel Manufacturing

Revenue for the quarter ended March 31, 2024 was approximately $35.5 million, an increase of approximately $15.6 million or 78.2%, compared to the prior year period revenue of approximately $19.9 million. The increase is primarily due to increased revenue of approximately $18.3 million at PMW, partially offset by a $2.7 million decrease in the Company’s other Steel Manufacturing businesses. The gross margin was 14.3% for the quarter ended March 31, 2024, compared to 28.4% for the prior year period. The decrease in gross margin is primarily due to the acquisition of PMW, which has historically generated lower margins, as well as an overall decrease in margins in the Steel Manufacturing segment due to reduced production efficiencies as a result of lower demand. Operating income for the quarter ended March 31, 2024 was approximately $0.9 million, compared to operating income of approximately $2.8 million in the prior year period.

Corporate and Other

Revenue for the quarter ended March 31, 2024 was approximately $0.1 million, a decrease of approximately $0.8 million, or 90.8%, compared to the prior year period revenue of approximately $0.9 million. The decrease was primarily due to the closure of SW Financial in May 2023. Operating loss for both quarters ended March 31, 2024 and March 31, 2023 was approximately $2.4 million.

Six Months FY 2024 Financial Summary (in thousands except per share amounts)

 During the six months ended March 31,
  2024   2023 % Change
Revenue$236,219  $160,108 47.5%
Operating Income$2,703  $9,519 -71.6%
Net income (loss)$(3,963) $3,402 N/A
Diluted earnings (loss) per share$(1.25) $1.08 N/A
Adjusted EBITDA¹$13,153  $16,727 -21.4%
          

Revenue increased approximately $76.1 million, or 47.5%, to $236.2 million for the six months ended March 31, 2024, as compared to revenue of $160.1 million in the prior year period. The increase is primarily attributable to the acquisitions of PMW, and Flooring Liquidators, which collectively added $81.4 million, as well as an increase of approximately $6.7 million in revenue in the Flooring Manufacturing segment. The increase was partially offset by decreased revenue of approximately $11.9 million in the Company’s other businesses due to general economic conditions.

Operating income decreased to $2.7 million for the six months ended March 31, 2024, compared to $9.5 million in the prior year period. The decrease in operating income is primarily attributable to the Retail-Flooring segment’s temporary inefficiencies associated with the acquisitions of CRO and Johnson by Flooring Liquidators, which were closed during the first quarter of fiscal year 2024. The decrease was also attributable to the Steel Manufacturing segment’s decrease in gross margin primarily as a result of the acquisition of PMW, which has historically generated lower margins, as well as an overall decrease in margins in the Steel Manufacturing segment due to reduced production efficiencies as a result of lower demand.

For the six months ended March 31, 2024 net loss was $4.0 million and diluted loss per share was $1.25, compared with net income of $3.4 million and diluted EPS of $1.08 in the prior year period. The change in net loss is attributable to lower operating income and higher interest expense related to the acquisitions of Flooring Liquidators and PMW, net of income taxes.

Adjusted EBITDA for the six months ended March 31, 2024 was $13.2 million, a decrease of approximately $3.6 million, or 21.4%, compared to the prior year period. The decrease is primarily due to decreases in gross profit and operating income.

Six Months FY 2024 Segment Results (in thousands)

 During the six months ended March 31,
  2024   2023  % Change
Revenue     
Retail - Entertainment$37,428  $42,461  -11.9%
Retail - Flooring 66,351   20,769  219.5%
Flooring Manufacturing 63,425   56,772  11.7%
Steel Manufacturing 68,841   37,897  81.7%
Corporate & other 174   2,209  -92.1%
Total Revenue$236,219  $160,108  47.5%
      
 During the six months ended March 31,
  2024   2023  % Change
Operating Income (loss)     
Retail - Entertainment$4,973  $5,991  -17.0%
Retail - Flooring (2,935)  (216) N/A
Flooring Manufacturing 2,923   3,158  -7.4%
Steel Manufacturing 1,855   4,270  -56.6%
Corporate & other (4,113)  (3,684) -11.6%
Total Operating Income$2,703  $9,519  -71.6%
      
 During the six months ended March 31,
  2024   2023  % Change
Adjusted EBITDA¹     
Retail - Entertainment$5,867  $6,656  -11.9%
Retail - Flooring (546)  1,111  N/A
Flooring Manufacturing 4,774   5,147  -7.2%
Steel Manufacturing 5,133   6,195  -17.1%
Corporate & other (2,075)  (2,382) 12.9%
Total Adjusted EBITDA¹$13,153  $16,727  -21.4%
      
Adjusted EBITDA¹ as a percentage of revenue     
Retail - Entertainment 15.7%  15.7%  
Retail - Flooring -0.8%  5.4%  
Flooring Manufacturing 7.5%  9.1%  
Steel Manufacturing 7.5%  16.3%  
Corporate & otherN/A N/A  
Total Adjusted EBITDA¹ 5.6%  10.4%  
as a percentage of revenue     
      

Retail - Entertainment

Retail-Entertainment segment revenue for the six months ended March 31, 2024 was approximately $37.4 million, a decrease of approximately $5.0 million, or 11.9%, compared to the prior year period revenue of approximately $42.5 million. The decrease in revenue is primarily due to reduced consumer demand and a shift in sales mix toward used products, which generally have lower ticket sales with higher margins. The shift in sales mix also contributed to the increase in gross margin to 57.1% for the six months ended March 31, 2024, compared to 53.8% for the prior year period. Operating income for the six months ended March 31, 2024 was approximately $5.0 million, compared to operating income of approximately $6.0 million for the prior year period.

Retail - Flooring

The Retail-Flooring segment consists of Flooring Liquidators, which was acquired in January 2023. Revenue for the six months ended March 31, 2024 was approximately $66.4 million, an increase of approximately $45.6 million, or 219.5%, compared to the prior year period revenue of $20.8 million. The increase is due to the acquisition of Flooring Liquidators in the second quarter of fiscal year 2023 and the acquisitions of CRO and Johnson by Flooring Liquidators during the first quarter of fiscal year 2024. The gross margin for both of the six months ended March 31, 2024 and March 31, 2023 was 37.3%. Operating loss for the six months ended March 31, 2024 was approximately $2.9 million, compared to an operating loss of approximately $0.2 million for the prior year period. The increase in operating loss was primarily due to temporary inefficiencies associated with the acquisitions of CRO and Johnson in the current period.

Flooring Manufacturing

Revenue for the six months ended March 31, 2024 was approximately $63.4 million, an increase of approximately $6.7 million, or 11.7%, compared to the prior year period revenue of approximately $56.8 million. The gross margin was 23.9% for the six months ended March 31, 2024, compared to 21.1% for the prior year period. The increase in revenue and gross margin are primarily due to increased sales associated with the acquisition of the Harris Flooring Group® brands in the fourth quarter of fiscal year 2023. Operating income for the six months ended March 31, 2024 was approximately $2.9 million, compared to operating income of approximately $3.2 million for the prior year period.

Steel Manufacturing

Revenue for the six months ended March 31, 2024 increased approximately $31.0 million or 81.7% to approximately $68.8 million, as compared to the prior year period revenue of $37.9 million. The increase is primarily due to increased revenue of approximately $35.8 million at PMW, partially offset by a $4.8 million decrease in the Company’s other Steel Manufacturing businesses. The gross margin was 15.0% for the six months ended March 31, 2024, compared to 26.5% for the prior year period. The decrease in gross margin is primarily due to the acquisition of PMW, which has historically generated lower margins, as well as overall decreased margins in the Steel Manufacturing segment due to reduced production. Operating income for the six months ended March 31, 2024 was approximately $1.9 million, compared to operating income of approximately $4.3 in the prior year period.

Corporate and Other

Revenue for the six months ended March 31, 2024 decreased by approximately $2.0 million to $0.2 million. The decrease was primarily due to the closure of SW Financial in May 2023. Operating loss for the six months ended March 31, 2024 was approximately $4.1 million, compared to an operating loss of approximately $3.7 million in the prior year period.

Non-GAAP Financial Information

Adjusted EBITDA

We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

Forward-Looking and Cautionary Statements

The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

About Live Ventures Incorporated

Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011 Jon Isaac, Chief Executive Officer and strategic investor, joined the Board of Directors of the Company and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com 
www.liveventures.com

Source: Live Ventures Incorporated

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(dollars in thousands, except per share amounts)

 March 31, 2024 September 30, 2023
 (Unaudited)   
Assets   
Cash$4,489  $4,309 
Trade receivables, net of allowance for doubtful accounts of $1.1 million at March 31, 2024 and $1.6 million at September 30, 2023 45,510   41,194 
Inventories, net 130,980   131,314 
Income taxes receivable    1,116 
Prepaid expenses and other current assets 4,430   4,919 
Total current assets 185,409   182,852 
Property and equipment, net 78,432   80,703 
Right of use asset - operating leases 64,867   54,544 
Deposits and other assets 1,579   1,282 
Intangible assets, net 26,942   26,568 
Goodwill 76,639   75,866 
Total assets$433,868  $421,815 
Liabilities and Stockholders' Equity   
Liabilities:   
Accounts payable$26,466  $27,190 
Accrued liabilities 33,180   31,826 
Income taxes payable 322    
Current portion of lease obligations - operating leases 13,459   11,369 
Current portion of lease obligations - finance leases 361   359 
Current portion of long-term debt 31,396   23,077 
Current portion of notes payable related parties 1,200   4,000 
Total current liabilities 106,384   97,821 
Long-term debt, net of current portion 75,322   78,710 
Lease obligation long term - operating leases 56,678   48,156 
Lease obligation long term - finance leases 33,023   32,942 
Notes payable related parties, net of current portion 10,124   6,914 
Seller notes - related parties 40,354   38,998 
Deferred taxes 10,320   14,035 
Other non-current obligations 5,795   4,104 
Total liabilities 338,000   321,680 
Commitments and contingencies   
Stockholders' equity:   
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at March 31, 2024 and September 30, 2023, respectively, with a liquidation preference of $0.30 per share outstanding     
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,148,135 and 3,164,330 shares issued and outstanding at March 31, 2024 and September 30, 2023, respectively 2   2 
Paid in capital 69,487   69,387 
Treasury stock common 676,258 and 660,063 shares as of March 31, 2024 and September 30, 2023, respectively (8,610)  (8,206)
Treasury stock Series E preferred 80,000 shares as of March 31, 2024 and September 30, 2023, respectively (7)  (7)
Retained earnings 34,996   38,959 
Total stockholders' equity 95,868   100,135 
Total liabilities and stockholders' equity$433,868  $421,815 
        

LIVE VENTURES, INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share)

 For the Three Months Ended March 31, For the Six Months Ended March 31,
  2024   2023   2024   2023 
Revenues$118,626  $91,122  $236,219  $160,108 
Cost of revenues 83,159   59,514   164,425   106,556 
Gross profit 35,467   31,608   71,794   53,552 
        
Operating expenses:       
General and administrative expenses 29,824   22,617   57,503   37,217 
Sales and marketing expenses 6,481   4,039   11,588   6,816 
Total operating expenses 36,305   26,656   69,091   44,033 
Operating income (loss) (838)  4,952   2,703   9,519 
Other expense:       
Interest expense, net (4,167)  (3,235)  (8,330)  (5,282)
Other Income (expense) 507   391   223   330 
Total other expense, net (3,660)  (2,844)  (8,107)  (4,952)
(Loss) income before provision for income taxes (4,498)  2,108   (5,404)  4,567 
(Benefit) provision for income taxes (1,217)  550   (1,441)  1,165 
Net (loss) income$(3,281) $1,558  $(3,963) $3,402 
        
(Loss) income per share:       
Basic$(1.04) $0.50  $(1.25) $1.10 
Diluted$(1.04) $0.49  $(1.25) $1.08 
        
Weighted average common shares outstanding:       
Basic 3,154,771   3,143,911   3,159,180   3,101,007 
Diluted 3,154,771   3,184,982   3,159,180   3,137,625 
                

LIVE VENTURES INCORPORATED
NON-GAAP MEASURES RECONCILIATION

Adjusted EBITDA

The following table provides a reconciliation of Net income (loss) to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

 For the Three Months Ended  For the Six Months Ended
 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Net (loss) income$(3,281) $1,558  $(3,963) $3,402 
Depreciation and amortization 4,188   3,647   8,483   6,297 
Stock-based compensation 50   109   100   109 
Interest expense, net 4,167   3,235   8,330   5,282 
Income tax (benefit) expense (1,217)  550   (1,441)  1,165 
SW Financial settlement gain    (1,000)     (1,000)
Acquisition costs 468   1,088   874   1,472 
Debt acquisition costs       183    
Other non-recurring charges 82      587    
Adjusted EBITDA$4,457  $9,187  $13,153  $16,727 


FAQ

What was Live Ventures' revenue in the second fiscal quarter of 2024?

Live Ventures reported revenue of $118.6 million in the second fiscal quarter of 2024.

What was Live Ventures' net loss in the second fiscal quarter of 2024?

Live Ventures' net loss was $3.3 million in the second fiscal quarter of 2024.

What was Live Ventures' diluted loss per share in the second fiscal quarter of 2024?

Live Ventures' diluted loss per share was $1.04 in the second fiscal quarter of 2024.

How much cash did Live Ventures have available as of March 31, 2024?

Live Ventures had approximately $36.0 million in cash and availability under its credit facilities as of March 31, 2024.

Live Ventures Inc

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