via NewMediaWire -- PodcastOne (Nasdaq: PODC), a leading podcast
platform and a subsidiary of LiveOne (Nasdaq: LVO), which
owns ~73% of the PODC outstanding common stock, announced today its
operating results for the third fiscal quarter of its fiscal year
ending March 31, 2024 (“Q3 Fiscal
2024”).
PodcastOne’s President and
Co-Founder, Kit Gray, commented, “We are incredibly excited about
what we have accomplished in FY2024, and for what we will
accomplish in FY2025. The enthusiasm within the organization is
palpable as we set our sights on another record-breaking year
ahead. The combination of organic growth and transformational
opportunities through acquiring podcast shows, podcast networks,
and other partnership opportunities will enable us to achieve new
milestones and reach unprecedented heights.”
Recent and Q3 Fiscal
2024 Highlights
-
Launched Varnamtown, a podcast with derivative IP rights, hosted by
award winning actor Kyle MacLachlan and investigative journalist
Joshua Davis has soared to the top of Apple podcast charts, ranking
5th overall for new podcasts, top 10 in the highly competitive True
Crime category and ranking as high as top 25 across all podcasts
available for download on Apple.
-
LiveOne currently owns approximately 73% of PodcastOne and it will
continue to consolidate PodcastOne’s financial results.
-
PodcastOne became the first podcast network to grant its podcast
talent and all company employees shares of PodcastOne stock as part
of its NASDAQ Listing
- PodcastOne
was ranked 10th in PODTRAC’s Podcast Industry Top Publishers
Rankings for January 2024 with a U.S. Unique Monthly Audience of
~5.3 million and Global Downloads and Streams of ~19.2
million.
- PodcastOne has
increased its slate of exclusive shows to 178 original titles.
Q3 Fiscal 2024 vs
Q3 Fiscal 2023 Results Summary (in $000’s, except
per share; unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
|
Nine Months EndedDecember
31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
10,442 |
|
|
$ |
8,589 |
|
|
|
$ |
31,595 |
|
|
$ |
25,802 |
|
|
|
|
Operating income (loss) |
|
$ |
(2,600) |
|
|
$ |
(733) |
|
|
|
$ |
(3,833) |
|
|
$ |
(1,016) |
|
|
|
|
Total other income
(expense) |
|
$ |
- |
|
|
$ |
(1,345) |
|
|
|
$ |
(9,850) |
|
|
$ |
(2,000) |
|
|
|
|
Net income (loss) |
|
$ |
(2,600) |
|
|
$ |
(2,078) |
|
|
|
$ |
(13,683) |
|
|
$ |
(3,016) |
|
|
|
|
Adjusted EBITDA* |
|
$ |
(356) |
|
|
$ |
95) |
|
|
|
$ |
405 |
|
|
$ |
(24) |
|
|
|
|
Net income (loss) per share
basic and diluted |
|
$ |
(0.11) |
|
|
$ |
(0.01) |
|
|
|
$ |
(0.64) |
|
|
$ |
(0. 02) |
|
|
|
|
Q3 Fiscal
2024 Results Summary Discussion
For Q3 Fiscal 2024, PodcastOne posted revenue of $10.4 million,
a 22% increase as compared to $8.6 million in the same period in
the prior year.
Q3 Fiscal 2024 Operating Loss was ($2.6) million compared to
Operating Loss of ($0.7) million in the third fiscal quarter for
its fiscal year ended March 31, 2023 (“Q3 Fiscal 2023”). The $1.9
million decrease in Operating Income was largely a result of an
increase in operating expenses.
Q3 Fiscal 2024 Adjusted EBITDA* was ($0.4) million, as compared
to Q3 Fiscal 2023 Adjusted EBITDA* of $0.1 million.
PodcastOne'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 11:30 a.m. ET / 8:30
a.m. PT on Thursday, February 8, 2024.
Conference Call and Webcast:
WHEN: Thursday, February 8thTIME: 11:30 AM ET / 8:30 AM
PTDIAL-IN (Toll Free): (888) 596-4144 DIAL IN NUMBER (Local): (646)
968-2525ACCESS CODE: 2040084
Replay Number:To access the platform by phone,
please dial-in using one of the numbers listed below and input
Playback ID: 2040084 followed by # key:US & Canada Toll-Free:
+1(800) 770-2030US Toll: +1(609) 800-9909United States: +1 800 770
2030Echo Replay will expire on Wednesday, 21st February 2024 11:59
PM EST
Webcast – Both the live webcast and a
replay can be accessed on the Investor Relations section of
PodcastOne's website at Events | PodcastOne.The webcast can
also be accessed
at: https://events.q4inc.com/attendee/249014981
About PodcastOne, Inc.
PodcastOne (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, Kyle MacLachlan 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. For more investor information, please
visit ir.podcastone.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: LiveOne’s reliance on one key
customer for a substantial percentage of its revenue; LiveOne’s and
PodcastOne’s ability to consummate any proposed financing,
acquisition, spin-out, special dividend, merger, distribution or
transaction, including the spin-out of LiveOne’s pay-per-view
business, 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; Slacker’s ability to list on a national
exchange; PodcastOne’s ability to continue as a going concern;
PodcastOne’s ability to attract, maintain and increase the number
of its users and paid members; PodcastOne identifying, acquiring,
securing and developing content; LiveOne’s intent to repurchase
shares of its and/or PodcastOne’s common stock from time to time
under LiveOne’s announced stock repurchase program and the timing,
price, and quantity of repurchases, if any, under the program;
PodcastOne’s ability to maintain compliance with certain financial
and other covenants; PodcastOne successfully implementing its
growth strategy, including relating to its technology platforms and
applications; management’s relationships with industry
stakeholders; uncertain and unfavorable outcomes in legal
proceedings; changes in economic conditions; competition; risks and
uncertainties applicable to the businesses of PodcastOne’s
subsidiaries; and other risks, uncertainties and factors including,
but not limited to, those described in PodcastOne’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
PodcastOne’s other filings and submissions with the SEC. These
forward-looking statements speak only as of the date hereof, and
PodcastOne disclaims any obligation to update these statements,
except as may be required by law. PodcastOne 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.
PodcastOne IR
Contact:Liviakis Financial Communications, Inc. (415)
389-4670john@liviakis.com
PodcastOne Press
Contact:(310)246-4600Susan@Guttmanpr.com
Financial Information
The tables below present financial results for the three and
nine months ended December 31, 2023 and 2022.
PodcastOne, Inc.Consolidated Statements of
Operations (Unaudited)(In thousands, except share
and per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
$ |
10,442 |
|
|
$ |
8,589 |
|
|
$ |
31,595 |
|
|
$ |
25,802 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
9,387 |
|
|
|
7,045 |
|
|
|
26,666 |
|
|
|
19,954 |
|
Sales and marketing |
|
|
732 |
|
|
|
1,115 |
|
|
|
3,433 |
|
|
|
3,931 |
|
Product development |
|
|
15 |
|
|
|
26 |
|
|
|
70 |
|
|
|
134 |
|
General and administrative |
|
|
2,601 |
|
|
|
1,111 |
|
|
|
4,736 |
|
|
|
2,723 |
|
Amortization of intangible assets |
|
|
307 |
|
|
|
25 |
|
|
|
523 |
|
|
|
76 |
|
Total operating expenses |
|
|
13,042 |
|
|
|
9,322 |
|
|
|
35,428 |
|
|
|
26,818 |
|
(Loss) income from
operations |
|
|
(2,600) |
|
|
|
(733) |
|
|
|
(3,833) |
|
|
|
(1,016) |
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
- |
|
|
|
(1,661) |
|
|
|
(2,247) |
|
|
|
(3,043) |
|
Change in fair value of derivative |
|
|
- |
|
|
|
178 |
|
|
|
(7,603) |
|
|
|
1,043 |
|
Other income (expense) |
|
|
- |
|
|
|
138 |
|
|
|
- |
|
|
|
- |
|
Total other expense, net |
|
|
- |
|
|
|
(1,345) |
|
|
|
(9,850) |
|
|
|
(2,000 |
) |
|
|
|
|
|
|
|
|
|
Loss before provision
for income taxes |
|
|
(2,600 |
) |
|
|
(2,078 |
) |
|
|
(13,683 |
) |
|
|
(3,016 |
) |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net loss |
|
$ |
(2,600 |
) |
|
$ |
(2,078 |
) |
|
$ |
(13,683 |
) |
|
$ |
(3,016 |
) |
|
|
|
|
|
|
|
|
|
Net loss per
share – basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.02 |
) |
Weighted average
common shares – basic and diluted |
|
|
23,072,179 |
|
|
|
147,984,230 |
|
|
|
21,252,375 |
|
|
|
147,984,230 |
|
PodcastOne, Inc.Consolidated Balance
Sheets (Unaudited)(In thousands) |
|
|
|
|
|
|
|
December 31, |
|
March 31, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
(Unaudited) |
|
(Audited) |
Assets |
|
|
|
|
Current
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,405 |
|
|
$ |
3,562 |
|
Accounts receivable, net |
|
|
7,816 |
|
|
|
6,876 |
|
Prepaid expense and other current assets |
|
|
402 |
|
|
|
1,006 |
|
Total Current
Assets |
|
|
9,623 |
|
|
|
11,444 |
|
Property and equipment, net |
|
|
309 |
|
|
|
242 |
|
Goodwill |
|
|
12,041 |
|
|
|
12,041 |
|
Intangible assets, net |
|
|
3,052 |
|
|
|
732 |
|
Related party receivable |
|
|
2,650 |
|
|
|
3,768 |
|
Total
Assets |
|
$ |
27,675 |
|
|
$ |
28,227 |
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
Current
Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
7,802 |
|
|
$ |
6,898 |
|
Bridge loan, net |
|
|
- |
|
|
|
7,155 |
|
Derivative liabilities |
|
|
- |
|
|
|
4,767 |
|
Related party payable |
|
|
3,128 |
|
|
|
2,288 |
|
Total Current
Liabilities |
|
|
10,930 |
|
|
|
21,108 |
|
Other long term
liabilities |
|
|
276 |
|
|
|
- |
|
Total
Liabilities |
|
|
11,206 |
|
|
|
21,108 |
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
Common stock, $0.00001 par value; 200,000,000 shares authorized;
23,122,149 and 20,000,000 shares issued and outstanding as of
December 31, 2023 and March 31, 2023, respectively |
|
|
- |
|
|
|
- |
|
Additional paid in capital |
|
|
45,031 |
|
|
|
19,785 |
|
Accumulated deficit |
|
|
(28,562 |
) |
|
|
(12,666 |
) |
Total stockholders’ equity |
|
|
16,469 |
|
|
|
7,119 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
27,675 |
|
|
$ |
28,227 |
|
|
|
|
|
|
PodcastOne, Inc.Reconciliation of Non-GAAP
Measure to GAAP MeasureAdjusted EBITDA*
Reconciliation (Unaudited)(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
Acquisition and |
|
Other |
|
(Benefit) |
|
|
|
|
|
Net Income |
|
and |
|
Stock-Based |
|
Realignment |
|
(Income) |
|
Provision |
|
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Compensation |
|
Costs (1) |
|
Expense (2) |
|
for Taxes |
|
|
EBITDA* |
Three Months Ended December 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(2,600) |
|
|
$ |
372 |
|
$ |
1,786 |
|
$ |
86 |
|
$ |
- |
|
$ |
- |
|
|
$ |
(356) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(2,078) |
|
|
$ |
159 |
|
$ |
166 |
|
$ |
504 |
|
$ |
1,345 |
|
$ |
- |
|
|
$ |
95 |
|
|
|
|
|
|
|
|
|
Non- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
Acquisition and |
|
Other |
|
(Benefit) |
|
|
|
|
Net Income |
|
and |
|
Stock-Based |
|
Realignment |
|
(Income) |
|
Provision |
|
Adjusted |
|
|
(Loss) |
|
Amortization |
|
Compensation |
|
Costs (1) |
|
Expense (2) |
|
for Taxes |
|
EBITDA* |
Nine Months Ended
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(13,683) |
|
|
$ |
710 |
|
$ |
2,724 |
|
$ |
804 |
|
$ |
9,850 |
|
$ |
- |
|
$ |
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(3,016) |
|
|
$ |
241 |
|
$ |
751 |
|
$ |
- |
|
$ |
2,000 |
|
$ |
- |
|
$ |
(24) |
|
|
(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 fair value of derivative liabilities, 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. |
PodcastOne, Inc.Reconciliation of Non-GAAP
Measure to GAAP MeasureContribution Margin*
Reconciliation (Unaudited)(In
thousands) |
|
|
|
|
|
Three Months Ended |
|
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Revenue: |
|
$ |
10,442 |
|
|
$ |
8,589 |
|
Less: |
|
|
|
|
Cost of sales |
|
|
(9,387) |
|
|
|
(7,045) |
|
Amortization of developed
technology |
|
|
(58) |
|
|
|
(57) |
|
Gross Profit |
|
|
997 |
|
|
|
1,487 |
|
|
|
|
|
|
Add back amortization
of developed technology: |
|
|
58 |
|
|
|
57 |
|
Contribution Margin* |
|
$ |
1,055 |
|
|
$ |
1,544 |
|
|
Nine Months Ended |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue: |
$ |
31,595 |
|
|
$ |
25,802 |
|
Less: |
|
|
|
Cost of sales |
|
(26,666 |
) |
|
|
(19,954 |
) |
Amortization of developed
technology |
|
(170 |
) |
|
|
(154 |
) |
Gross Profit |
|
4,759 |
|
|
|
5,694 |
|
|
|
|
|
Add back amortization
of developed technology: |
|
170 |
|
|
|
154 |
|
Contribution Margin* |
$ |
4,929 |
|
|
$ |
5,848 |
|
|
* |
See the definition of Contribution Margin under “About Non-GAAP
Financial Measures” within this release. |
PodcastOne (NASDAQ:PODC)
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부터 5월(5) 2024 으로 6월(6) 2024
PodcastOne (NASDAQ:PODC)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024