WEST HOLLYWOOD, Calif.,
Nov. 7, 2019 /PRNewswire/ --
LiveXLive Media, Inc. (Nasdaq: LIVX) ("LiveXLive" or the
"Company"), a global digital media company focused on live
entertainment, today announced financial results for its second
fiscal quarter ended September 30,
2019. LiveXLive posted record revenue of $9.6 million and a contribution margin* of
$1.1 million in Q2 2020,
respectively, as compared to revenue of $8.0
million and a contribution loss of ($0.2) million in Q2 2019, respectively, driven
by strong subscriber growth. The Company recorded a loss from
operations of $9.9 million, and net
loss of $10.6 million in Q2 2020,
driven by positive $1.1 million in
contribution margin* in Q2 2020 as a result of continued subscriber
growth in the period, offset by 10 events livestreamed in the
quarter, coupled with ongoing operating investments made in Q2 2020
to grow the Company and $6.2 million
of non-cash depreciation, amortization and stock compensation and
non-recurring expenses in the period. Excluding these non-cash and
non-recurring expenses, Q2 2020 Adjusted Operating Loss ("AOL")*
was $3.7 million, which was flat when
compared to Q2 2019 AOL.
"LiveXLive continued to make progress during the second quarter
of fiscal 2020, highlighted by 20% revenue growth, a significant
improvement in contribution margin and 40% growth in paid
subscribers year over year," said Robert
Ellin, CEO and Chairman of LiveXLive. "We are
revolutionizing livestreaming and music-related content for fans
around the world with a music platform that delivers the most
unique, social, and immersive experience. LiveXLive has quickly
established itself as the authentic global thought leader in live
music. We have entered into long-term agreements with major events,
created a unique content and global distribution platform, and we
and are well positioned for significant growth in the long
term."
In the second quarter of 2020, LiveXLive livestreamed 10 major
festivals and events. Second quarter 2020 festival and event
livestreams included Montreux Jazz Festival (Lake Geneva, Switzerland), Afro Nation (Portimao,
Portugal), Alt Summer Camp
(Long Beach, California), Sziget
Music Festival (Budapest,
Hungary), the first weekend of Rock in Rio (Rio de Janeiro, Brazil), Life is Beautiful
(Las Vegas, Nevada),
iHeart-Radio's Daytime Stage (Las Vegas,
Nevada) and featured leading artists including Vince Gill, Trisha
Yearwood, and the Lumineers.
Recent and Q2 2020 Highlights
- Q2 fiscal 2020 achieved over 49 million livestreams, 200 artist
streams on the Company's platform, and over 240 hours of live music
content streamed; over 60 million livestreams, 227 artists and 268
hours of live music content streamed in fiscal 2020 to date.
- Ended Q2 fiscal 2020 with paid subscribers of 775,000, growth
over 40% year-over-year.
- Partnered with Afro Nation to distribute African-origin music
and content globally and further connecting people and cultures
through music.
- Record delivery of 12.5 million livestreams during Rock in Rio,
one of the world's largest and most iconic music festivals. The
2019 lineup featured Anitta, The Black Eyed Peas, Bon Jovi,
Dave Matthews Band, H.E.R., Imagine
Dragons, Iron Maiden, Jessie J, Muse, Panic! At The Disco, P!nk,
Charlie Puth, Red Hot Chili Peppers,
Nile Rodgers, Slayer and others.
- Partnered with Allied Esports to combine live music with
Esports, the fastest-growing live entertainment categories; Allied
Esports HyperX Trucks will serve as center stage for LiveXLive's
LiveZone at music festivals and events throughout North America and Europe.
- Partnered with Zoom Media to feature LiveXLive's video content
in 3,700 health clubs and gyms across the
United States.
- Announced "LiveCause," an artist-driven philanthropic platform
harnessing the power of live music to inspire charitable
giving.
- Named Jason Miller as Head of
Global Sales and Brand Partnerships and Kyle Hoedl as Vice President of Marketing of the
Company. Mr. Miller most recently served as Executive Vice
President of Advertising and Integrated Marketing at Fuse Media.
Mr. Hoedl, a veteran of Viacom, was most recently at MTV
International, where he oversaw digital marketing and content
strategy for global music events.
- Appointed Bridget Baker to the
Company's Board of Directors. Ms. Baker is the former President of
Content Distribution at NBCUniversal. At NBCUniversal, Ms. Baker
launched CNBC, served as NBCUniversal's first President of TV
Networks Distribution, oversaw NBCUniversal's multibillion content
distribution business and was involved in acquisitions and
integrations totaling nearly $50
billion, including Bravo, Telemundo, Vivendi/Universal,
Oxygen and Comcast. Ms. Baker drove the multi-platform content
distribution strategy that was instrumental in transforming
NBCUniversal from a veteran broadcasting company into a global
content powerhouse acquired by Comcast Corp. in 2011 for
$30 billion.
- Completed a $10.5 million
registered offering of the Company's common stock in July 2019, raising net proceeds of $9.6 million after offering fees and
expenses. The Company plans to use these proceeds for
repayment of its debentures, working capital and general corporate
purposes, including without limitation future acquisitions,
purchases of outstanding warrants and capital expenditures.
Second Quarter 2020 and 2019 Results Summary (in
$000's, except per share;
unaudited)
|
|
Three
Months
Ended
September
30, 2019
|
|
Three
Months
Ended
September
30, 2018
|
Revenue
|
|
$9,583
|
|
$7,968
|
Operating
loss
|
|
(9,932)
|
|
(9,516)
|
Adjusted Operating
Loss*
|
|
(3,705)
|
|
(3,559)
|
Net Loss
|
|
(10,619)
|
|
(10,325)
|
Loss per share -
basic and diluted
|
$(0.19)
|
|
$(0.20)
|
Second Quarter 2020 Results Summary Discussion
During Q2 2020, the Company posted revenue of $9.6 million versus $8.0
million in Q2 2019. The increase was due to the growth
in subscription revenue. Q2 2020 paid subscribers increased over
40%, or by a net 226,000 subscribers year-over-year from Q2 2019,
ending Q2 2020 with 775,000 paid subscribers as compared to 549,000
subscribers at September 30,
2018.
LiveXLive streamed 10 live events during its second fiscal
quarter 2020, and made incremental investments to drive long-term
growth. These growth activities drove a net loss of $10.6 million, loss from operations of
$9.9 million and Adjusted Operating
Loss* of $3.7 million.
Q2 2020 Operating Loss of $9.9
million was slightly higher compared to a $9.5 million Operating Loss in Q2 2019. The
$0.4 million increase was driven in
part by higher operating expenses of $1.5
million and non-recurring costs of $0.2 million, offset by a $1.3 million in improved Contribution Margin*.
The $1.5 million increase in
operating expenses was largely driven by higher sales and marketing
expenses to support 10 livestream events versus 8 in Q2 2019 and
higher product development costs to support new product
initiatives. The $1.3 million
improvement in Contribution Margin* was driven by the growth in
LiveXLive's subscription revenue and corresponding improvement in
subscription contribution margin year over year.
Q2 2020 AOL* of $3.7 million,
which was flat when compared to Q2 2019 AOL of $3.6 million, was driven by Music Operations loss
of $(2.1) million and Corporate loss
of $(1.6) million.
Capital expenditures for Q2 2020 totaled approximately
$1.0 million, which were largely
driven by capitalized software costs associated with development of
our integrated music player and services in Q2 2020.
The Company finished Q2 2020 with approximately $16.1 million in cash and cash equivalents and
$16.2 million in debt (inclusive of
net $1.3 million of deferred debt
issuance costs and $0.4 million in
fair value embedded derivatives).
* Refer to "About Non-GAAP Financial
Measures" within this release for
definitions of Adjusted Operating Loss and Contribution Margin
(Loss).
Business Outlook
Updating full-year fiscal 2020 guidance as follows:
- Revenue of $38-40 million
- Adjusted Operating Loss** of $12-14 million
- Capital expenditures in the range
of $2-3 million
- Expectation to livestream up to 40 music festivals and
events
** With respect to projected full year 2020 Adjusted
Operating Loss, 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 Operating Loss*. We expect
that the variability of these items could have a potentially
unpredictable, and potentially significant, impact on our future
GAAP financial results.
Conference call and Webcast
LiveXLive will host a webcast to provide a business update and
discuss its second quarter 2020 fiscal year results on Thursday, November 7, 2019 at 8:30 a.m.
EST (5:30 a.m. PST) DOMESTIC
DIAL-IN: 844-746-0736 and INTERNATIONAL DIAL-IN: 412-317-0796. For
those unable to participate in the live conference call or webcast,
a replay will be available until November
14, 2019. To access the replay, dial 877-344-7529 or
412-317-0088. The replay passcode is: 10136433. An archived webcast
of the conference call can be accessed on the Investor Relations
section of LiveXLive's website
at http://ir.livexlive.com/upcoming-events.
About LiveXLive Media, Inc.
Headquartered in Los Angeles,
California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the
"Company") is a global digital media company focused on live
entertainment. The Company operates LiveXLive, the first 'live
social music network', delivering premium livestreams, digital
audio and on-demand music experiences from the world's top music
festivals and concerts, including Rock in Rio, EDC Las Vegas, the
Montreux Jazz Festival, and many others. LiveXLive also gives
audiences access to premium original content, artist exclusives and
industry interviews. For more information, visit www.livexlive.com
and follow us on Facebook, Instagram and Twitter at @livexlive.
* 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 Operating Loss ("AOL"), 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 AOL 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. AOL is not calculated or presented in accordance
with GAAP. A limitation of the use of AOL 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, AOL 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, AOL 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. AOL is defined as operating income (loss) 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 (e) depreciation and amortization
(including goodwill impairment, if any), and 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 2020 AOL, 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 AOL. 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 this non-GAAP financial measure, please
see the table entitled "Reconciliation of Non-GAAP Measure to GAAP
Measure" included at the end of this release.
Forward-Looking Statements
We make forward-looking statements in this release within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "PSLRA"). Certain statements contained in this earnings
release (or otherwise made by us or on our behalf from time to time
in other reports, filings with the U.S. Securities and Exchange
Commission (the "SEC"), news releases, conferences, internet
postings or otherwise) that are not statements of historical fact
constitute "forward-looking statements" notwithstanding that such
statements are not specifically identified. These
forward-looking statements relate to our expectations or forecasts
for future events, including without limitation our earnings,
revenues, expenses, Adjusted Operating Loss, Contribution Margin
(Loss), capital expenditures or other future financial or business
performance or strategies, or the impact of legal or regulatory
matters on our business, results of operations or financial
condition. These statements may be preceded by, followed by or
include the words "may," "might," "will," "will likely result,"
"should," "estimate," "plan," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "seek," "continue," "target" or
similar expressions. These forward-looking statements are not
guarantees of future performance and are based on information
available to us as of the date of this release and on our current
expectations, forecasts and assumptions, and involve substantial
risks and uncertainties. Actual results may vary materially from
those expressed or implied by the forward-looking statements herein
due to a variety of factors, including: our ability to integrate
our acquired businesses, the ability of the combined businesses to
grow, including through acquisitions which we are able to
successfully integrate, and the ability of our executive officers
to manage growth profitably; the outcome(s) of any legal
proceedings pending or that may be instituted against us, our
subsidiaries, or third parties to whom we owe indemnification
obligations; changes in laws or regulations that apply to us or our
industry; our ability to recognize and timely implement future
technologies in the music and live streaming space; our ability to
capitalize on investments in developing our service offerings,
including LiveXLive app to deliver and develop upon current and
future technologies; significant product development expenses
associated with our technology initiatives; our ability to deliver
end-to-end network performance sufficient to meet increasing
customer demands; our ability to timely and economically obtain
necessary approval(s), releases and or licenses on a timely basis
for the use of our music content on our service platform; our
ability to obtain and maintain international authorizations to
operate our service over the proper foreign jurisdictions our
customers utilize; our ability to expand our service offerings and
deliver on our service roadmap; our ability to timely and
cost-effectively produce, identify and or deliver compelling
content that brands will advertise on and or customers will
purchase and or subscribe to across our platform; general economic
and technological circumstances in the music and live streaming
digital markets; our ability to obtain and maintain licenses for
content used on legacy music platforms; the loss of, or failure to
realize benefits from, agreements with our music labels, publishers
and partners; unfavorable economic conditions in the airline
industry and economy as a whole; our ability to expand our domestic
or international operations, including our ability to grow our
business with current and potential future music labels, festivals,
publishers, or partners; the effects of service interruptions or
delays, technology failures, material defects or errors in our
software, damage to our equipment or geopolitical restrictions;
costs associated with defending pending or future intellectual
property infringement actions and other litigation or claims;
increases in our projected capital expenditures due to, among other
things, unexpected costs incurred in connection with the roll out
of our technology roadmap or our plans of expansion in North America and internationally; fluctuation
in our operating results; the demand for live and music streaming
services and market acceptance for our products and services; our
ability to generate sufficient cash flow to make payments on our
indebtedness; our incurrence of additional indebtedness in the
future; our ability to repay the convertible notes at maturing or
to repurchase the convertible nets upon a fundamental change or at
specific repurchase dates; the effect of the conditional conversion
feature of the convertible notes; our compliance with the covenants
in our debentures; and other risks and uncertainties set forth
herein, including those factors described in our 2019 Annual
Report on Form 10-K for the fiscal year ended March 31, 2019, filed with the SEC on
June 24, 2019, Quarterly Report on
Form 10-Q for the quarter ended June 30,
2019, filed with the SEC on August 8,
2019, and our other filings with the SEC. The
forward-looking statements contained in this press release speak
only as of the date the statements were made. We do not undertake
any obligation to update these forward-looking statements, unless
required by law. We intend that all forward-looking statements be
subject to the safe-harbor provisions of the PSLRA.
Financial Information
The tables below present unaudited financial results for the
three and six months ended September 30, 2019 and 2018.
LiveXLive Media,
Inc.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
(In thousands,
except share and per share amounts)
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Six Months
Ended
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
$
|
9,583
|
|
|
$
|
7,968
|
|
|
$
|
19,081
|
|
|
$
|
15,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
8,453
|
|
|
|
8,135
|
|
|
|
17,466
|
|
|
|
16,571
|
|
Sales and
marketing
|
|
|
2,100
|
|
|
|
1,306
|
|
|
|
3,811
|
|
|
|
2,220
|
|
Product
development
|
|
|
2,505
|
|
|
|
1,969
|
|
|
|
4,928
|
|
|
|
3,811
|
|
General and
administrative
|
|
|
5,103
|
|
|
|
3,664
|
|
|
|
9,928
|
|
|
|
7,742
|
|
Amortization of
intangible assets
|
|
|
1,354
|
|
|
|
2,410
|
|
|
|
3,142
|
|
|
|
4,833
|
|
Total operating
expenses
|
|
|
19,515
|
|
|
|
17,484
|
|
|
|
39,275
|
|
|
|
35,177
|
|
Loss from
operations
|
|
|
(9,932)
|
|
|
|
(9,516)
|
|
|
|
(20,194)
|
|
|
|
(19,619)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(940)
|
|
|
|
(782)
|
|
|
|
(1,810)
|
|
|
|
(1,397)
|
|
Other income
(expense)
|
|
|
253
|
|
|
|
(27)
|
|
|
|
419
|
|
|
|
(77)
|
|
Total other
expense
|
|
|
(687)
|
|
|
|
(809)
|
|
|
|
(1,391)
|
|
|
|
(1,474)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
provision for income taxes
|
|
|
(10,619)
|
|
|
|
(10,325)
|
|
|
|
(21,585)
|
|
|
|
(21,093)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net
loss
|
|
$
|
(10,619)
|
|
|
$
|
(10,325)
|
|
|
$
|
(21,585)
|
|
|
$
|
(21,093)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
– basic and diluted
|
|
$
|
(0.19)
|
|
|
$
|
(0.20)
|
|
|
$
|
(0.40)
|
|
|
$
|
(0.41)
|
|
Weighted average
common shares – basic and diluted
|
|
|
55,891,299
|
|
|
|
51,949,517
|
|
|
|
54,115,343
|
|
|
|
51,739,841
|
|
LiveXLive Media,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
(Unaudited)
|
|
|
|
September
30,
|
|
March 31,
|
|
|
2019
|
|
2019
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
16,053
|
|
$
|
13,704
|
Restricted
cash
|
|
|
235
|
|
|
235
|
Accounts receivable,
net
|
|
|
3,843
|
|
|
4,314
|
Prepaid expense and
other assets
|
|
|
1,794
|
|
|
1,311
|
Total Current
Assets
|
|
|
21,925
|
|
|
19,564
|
Property and
equipment, net
|
|
|
3,161
|
|
|
2,720
|
Goodwill
|
|
|
9,672
|
|
|
9,672
|
Intangible assets,
net
|
|
|
23,801
|
|
|
26,943
|
Other
assets
|
|
|
164
|
|
|
-
|
Total
Assets
|
|
$
|
58,723
|
|
$
|
58,899
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
21,876
|
|
$
|
20,906
|
Accrued
royalties
|
|
|
11,417
|
|
|
9,921
|
Note
payable
|
|
|
322
|
|
|
312
|
Deferred
revenue
|
|
|
855
|
|
|
950
|
Senior secured
convertible debentures, net
|
|
|
10,908
|
|
|
2,111
|
Total Current
Liabilities
|
|
|
45,378
|
|
|
34,200
|
Other long-term
liabilities
|
|
|
3,868
|
|
|
-
|
Lease liabilities,
noncurrent
|
|
|
87
|
|
|
-
|
Senior secured
convertible debentures, net
|
|
|
-
|
|
|
10,284
|
Unsecured convertible
notes, net of discount and current maturities
|
|
|
4,928
|
|
|
4,741
|
Deferred income
taxes
|
|
|
211
|
|
|
211
|
Total
Liabilities
|
|
|
54,472
|
|
|
49,436
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value; 10,000,000 shares authorized; no shares issued or
outstanding
|
|
|
-
|
|
|
-
|
Common stock, $0.001
par value; 500,000,000 shares authorized; 57,834,822 and 52,275,236
shares issued and outstanding, respectively
|
|
|
58
|
|
|
52
|
Additional paid in
capital
|
|
|
114,972
|
|
|
98,605
|
Accumulated deficit
|
|
|
(110,779)
|
|
|
(89,194)
|
Total
stockholders' equity
|
|
|
4,251
|
|
|
9,463
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
58,723
|
|
$
|
58,899
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Measure to GAAP Measure
|
(In
thousands)
|
(Unaudited)
|
LiveXLive Media,
Inc.
|
Adjusted Operating
Loss* Reconciliation
|
|
|
|
Contribution
Margin
(Loss)
|
|
|
Operating
Income
(Loss)
from
Operations
|
|
|
Depreciation
and
Amortization
|
|
|
Stock-Based
Compensation
|
|
|
Non-
Recurring
Acquisition
and
Realignment
Costs
(1)
|
|
|
Other
Non-
Operating
Costs
(1)
|
|
|
Adjusted
Operating
Loss
|
|
Three Months Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Music Operations
|
|
$
|
1,130
|
|
|
$
|
(6,069)
|
|
|
$
|
1,984
|
|
|
$
|
1,969
|
|
|
$
|
-
|
|
|
$
|
45
|
|
|
$
|
(2,071)
|
|
Corporate
|
|
|
-
|
|
|
|
(3,863)
|
|
|
|
-
|
|
|
|
790
|
|
|
|
-
|
|
|
|
1,439
|
|
|
|
(1,634)
|
|
Total
|
|
$
|
1,130
|
|
|
$
|
(9,932)
|
|
|
$
|
1,984
|
|
|
$
|
2,759
|
|
|
$
|
-
|
|
|
$
|
1,484
|
|
|
$
|
(3,705)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Music
Operations
|
|
$
|
(167)
|
|
|
$
|
(6,125)
|
|
|
$
|
2,622
|
|
|
$
|
1,096
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(2,407)
|
|
Corporate
|
|
|
-
|
|
|
|
(3,391)
|
|
|
|
1
|
|
|
|
2,119
|
|
|
|
-
|
|
|
|
119
|
|
|
|
(1,152)
|
|
Total
|
|
$
|
(167)
|
|
|
$
|
(9,516)
|
|
|
$
|
2,623
|
|
|
$
|
3,215
|
|
|
$
|
-
|
|
|
$
|
119
|
|
|
$
|
(3,559)
|
|
|
|
Contribution
Margin
(Loss)
|
|
|
Operating
Income
(Loss)
from
Operations
|
|
|
Depreciation
and
Amortization
|
|
|
Stock-Based
Compensation
|
|
|
Non-
Recurring
Acquisition
and
Realignment
Costs (1)
|
|
|
Other
Non-
Recurring
Costs (1)
|
|
|
Adjusted
Operating
Loss
|
|
Six Months Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Music
Operations
|
|
$
|
1,615
|
|
|
$
|
(13,088)
|
|
|
$
|
4,213
|
|
|
$
|
3,140
|
|
|
$
|
-
|
|
|
$
|
45
|
|
|
$
|
(5,690)
|
|
Corporate
|
|
|
-
|
|
|
|
(7,106)
|
|
|
|
2
|
|
|
|
2,736
|
|
|
|
-
|
|
|
|
1,764
|
|
|
|
(2,604)
|
|
Total
|
|
$
|
1,615
|
|
|
$
|
(20,194)
|
|
|
$
|
4,215
|
|
|
$
|
5,876
|
|
|
$
|
-
|
|
|
$
|
1,809
|
|
|
$
|
(8,294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Music
Operations
|
|
$
|
(1,013)
|
|
|
$
|
(12,876)
|
|
|
$
|
5,142
|
|
|
$
|
2,325
|
|
|
$
|
-
|
|
|
$
|
117
|
|
|
$
|
(5,292)
|
|
Corporate
|
|
|
-
|
|
|
|
(6,743)
|
|
|
|
2
|
|
|
|
3,737
|
|
|
|
-
|
|
|
|
181
|
|
|
|
(2,823)
|
|
Total
|
|
$
|
(1,013)
|
|
|
$
|
(19,619)
|
|
|
$
|
5,144
|
|
|
$
|
6,062
|
|
|
$
|
-
|
|
|
$
|
298
|
|
|
$
|
(8,115)
|
|
|
|
(1)
|
Other Non-Recurring
Costs principally include 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.
|
|
|
*
|
See the definition of
Adjusted Operating Loss under "About Non-GAAP Financial Measures"
within this release.
|
Reconciliation of
Non-GAAP Measure to GAAP Measure
|
(In
thousands)
|
(Unaudited)
|
LiveXLive Media,
Inc.
|
Contribution
Margin (Loss)* Reconciliation
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Six Months
Ended
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
$
|
9,583
|
|
|
$
|
7,968
|
|
|
$
|
19,081
|
|
|
$
|
15,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Cost of
Sales:
|
|
|
(8,453)
|
|
|
|
(8,135)
|
|
|
|
(17,466)
|
|
|
|
(16,571)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution Margin
(Loss)*
|
|
$
|
1,130
|
|
|
$
|
(167)
|
|
|
$
|
1,615
|
|
|
$
|
(1,013)
|
|
|
|
*
|
See the definition of
Contribution Margin (Loss) under "About Non-GAAP Financial
Measures" within this release.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/livexlive-media-announces-results-for-second-quarter-fiscal-2020-300953545.html
SOURCE LiveXLive Media, Inc.