LiveOne, Inc.

Thank you for standing by the conference will begin momentarily. Again, thank you all for standing by the conference will begin momentarily. We'll be right back. Thank you. Thank you for standing by and welcome to the LiveOne Incorporated fourth quarter and full year fiscal 2022 webcast. My name is Sam and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question at this time, please press star one on your cell phone keypad. I'd now like to turn the call over to our host, Aaron Sullivan, interim CEO. Aaron?

Thank you. Good morning and welcome to LiveONE's Business Update and Financial Results conference call for the company's fourth quarter and full fiscal year ended March 31, 2022. Presenting on today's call are Rob Ellen, CEO and Chairman, and myself, Aaron Sullivan, Interim CFO. I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations, forecasts, and assumptions that involve various risks and uncertainties. These statements include but are not limited to statements regarding the future performance of the company, including expected future financial results and expected future growth in the business. Actual results may differ materially from those discussed on the call for a variety of reasons. Please refer to the company's filings with the SEC for information about factors which could cause the company's actual results to differ materially from these forward-looking statements, including those described in its annual report on Form 10-K, to the year ended March 31, 2022 and subsequent SEC filing. You'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release, which is posted on its Investors Relations website at ir.live1.com. And the company encourages you to periodically visit its IR website for important content. The following discussion, including its responses to your questions, contains time-sensitive information and reflects management's views as of the date of this call, June 29, 2022. And except as required by law, the company does not undertake any obligation to update or revise this information after the date of this call. I'd like to highlight to investors that this call is being recorded. The company is making it available investors, and the media via webcast, and a replay will be available on its website in the investor relations section shortly following the conclusion of the call. Additionally, it is the property of the company, and any redistribution, retransmission, or rebroadcast of the call or the webcast in any form without the company's express written consent is strictly prohibited. Now, I would like to turn the call over to LiveOne CEO, Rob Elland.

Thank you, Aaron, and good morning, everyone. I would like to thank you for joining for our fourth quarter in fiscal year 2022 business update and financial results. Despite this challenging environment, we posted a record $117 million in revenues in fiscal year 2022 and in March 30, 2022. A year-over-year increase of over $51 million or 79%. And revenue for the quarter of $23.4 million an 11% increase compared to last year. I'm happy to report we are maintaining our previous guidance of $125 million to $140 million and adjusted EBITDA of $5 to $10 million. For the current first quarter of fiscal 22, we expect to report revenues of approximately $23 million, adjusted EBITDA of $500 to $1 million positive. This will be the first time in the company's history that we will achieve positive EBITDA. As the environment and the backdrop in the capital markets has changed over the past two quarters, we have strategically pivoted to accelerate our path and timeline to achieve positive EBITDA. As part of LiveWarm's plan to focus on generating cash for operations on a consolidated basis, our team has implemented a cost and expense reductions from both operations and corporate overhead, which has anticipated the result in over $23 million in current savings. I believe we still have an opportunity to further increase efficiencies and reduce costs as we focus on streamlining our business operations and generating positive EBITDA. In addition to cost savings, we improved our balance sheet again with over $5.5 million in payables and short-term liabilities extinguished. As many of you may know, through our nine-year exclusive partnership with Tesla, a live on Slack radio membership is pre-installed as its default radio service in every new Tesla car sold in America. LiveOne is paid directly from Tesla for all these memberships. We recently completed our user interface refresh of all new and top stations within Tesla Car and proudly announced we have added our podcasts into the cars as well. In December, we launched LiveOne's music streaming service, including Podcast One content, on google android's automotive platform this launch brings live one into the car with a seamlessly integrated in-car user experience without the need for your mobile device and allows us to reach all current and upcoming vehicles we have now passed over 86 cars up from 45 last year allowing consumers to enjoy our library of over 30 million songs and original exclusive content of 500 curated radio stations, 250 podcasts and vodcasts, and all the original live events. Android Automotive continues to see wide adoption from virtually all the major automotive OEMs, including Ford, Chevrolet, Nissan, Dodge, Volvo, Lincoln, and others. The LiveOne Slacker app is pre-installed in 85 days. as well as across major cell carriers, Verizon, Sprint, and T-Mobile, which allows Slacker members to listen to their cars and their mobile devices. We have compelling growth opportunities for Slack by partnering with other automotive OEMs, just as we do with Tesla, through their default radio service, as well as white-labeled B2B partnerships through its Android Automotive Partnerships. As of June 26, 2022, We have now passed 1.6 million paying members and close to 2.4 million total members. We see a path for paid members to reach 2 million as we look over the next few years and ultimately reach 10 million paid subscribers by 2027. The addressable market is 1.7 billion. With that, that's under 1% of the current market and would put us in line to a billion dollars plus in revenues. Our wholly owned subsidiary, Podcast One, which we acquired in July 2020, is a leading advertising supported on demand digital audio network. It was ranked number seven on PodTrack. With its unique monthly audience exceeding 6.9 million and a global downloads and stream exceeding 44 million, that is ranking us above CNN, Fox, Barstool Sports as one of the top independent podcast platforms in a list of 10 podcast publishers. The market is growing fast with looking at over $5 billion in revenues by 2027. As we look out over the next four years as a top 10 provider of podcasts around the globe, there's a unique opportunity to expand those revenues We did over 8 million last quarter, and this quarter will be our largest quarter in the history of the company. Podcast One continues to experience robust growth as more than 50 new podcast series have been launched since 2020 upon acquisition. We've expanded our distribution by making Podcast One available in all Tesla cars, Android automotive devices, Spotify, Apple, Samsung devices. Simply put, the podcast team has done an outstanding job in both recurring new podcasts as well as securing meaningful advertising sponsors as we have now passed over 300 sponsors. It's important to understand that Podcast One has the exclusive advertising sponsorship rights for all of our podcasts, but people can access and listen to our podcast shows on both Podcast One's exclusive platform as well as a number of outlets including Spotify, Apple, Samsung, Podcast One, its franchise of exclusive shows, has grown to more than 250 podcasts and produces 300 podcast episodes per week. I would like to add, as a result of successful integration of our advertising and sales division, Live One has added over 100 blue chip sponsors, over 300 total, and has over 175 in our pipeline alone for the first quarter of this year. In fact, PopCamp's one has more 1 million plus sales leads in calendar 2022 than any time in the history of the company. On the pay-per-view front, since launching our pay-per-view platform in May 2020, we generated 26.7 million in pay-per-view related sales and live and pay-per-view events. Imagine live now opening up. The opportunity is massive. As many of you know, we previously announced our intention to spin out an existing pay-per-view business as a separately traded public company and plan to distribute a portion of the new company's equity to our existing LiveOne shareholders. We anticipate the pay-per-view spin-out to occur in fiscal 2023. I would now like to hand it back over to Aaron Sullivan, who will review the full fourth quarter numbers. Aaron?