LiveOne Inc (LVO) 2023 Q4 法說會逐字稿

Good morning, and welcome to the LiveOne Inc. Fourth Quarter Fiscal 2023 Financial Results and Business Conference Call. My name is Carla, and I will be operating this call. (Operator Instructions).

早上好，歡迎參加 LiveOne Inc. 2023 財年第四季度財務業績和業務電話會議。我叫卡拉，我將負責這次通話。 （操作員說明）。

I will now hand over to your host, Aaron Sullivan, Interim CFO, to begin. Please go ahead.

現在請主持人臨時首席財務官亞倫·沙利文 (Aaron Sullivan) 開始發言。請繼續。

Thank you. Good morning, and welcome to LiveOne's business update and financial results conference call for the company's fourth quarter ended March 31, 2023. Presenting on today's call are Rob Ellin, CEO and Chairman; Kit Gray, President of PodcastOne; Bradley Konkol, Head of Slacker; John Semmelhack, President of CPS; Josh Hallbauer, Head of Music; and myself, Aaron Sullivan, Interim CFO.

謝謝。早上好，歡迎參加 LiveOne 截至 2023 年 3 月 31 日的第四季度業務更新和財務業績電話會議。出席今天電話會議的包括首席執行官兼董事長 Rob Ellin； Kit Gray，PodcastOne 總裁； Bradley Konkol，Slacker 負責人；約翰·塞梅爾哈克 (John Semmelhack)，CPS 總裁；喬什·哈爾鮑爾 (Josh Hallbauer)，音樂主管；還有我自己，臨時首席財務官亞倫·沙利文 (Aaron Sullivan)。

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 this 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 for the year ended March 31, 2022, and subsequent SEC filings.

我想提醒大家，今天的電話會議中所做的一些陳述具有前瞻性，並且基於當前的預期、預測和假設，涉及各種風險和不確定性。這些聲明包括但不限於有關公司未來業績的聲明，包括預期的未來財務業績和預期的未來業務增長。由於多種原因，實際結果可能與本次電話會議中討論的結果存在重大差異。請參閱該公司向 SEC 提交的文件，了解可能導致該公司實際業績與這些前瞻性陳述存在重大差異的因素的信息，包括截至 3 月 31 日的年度 10-K 表格年度報告中描述的內容， 2022 年，以及隨後向 SEC 提交的文件。

You will 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 Investor Relations website. The company encourages you to periodically visit its Investor Relations website for important content.

您可以在公司投資者關係網站上發布的收益報告中找到非公認會計原則財務指標與今天討論的最具可比性的公認會計原則財務指標的調節表。該公司鼓勵您定期訪問其投資者關係網站以獲取重要內容。

The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, June 27, 2023. 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.

以下討論（包括對您的問題的答复）包含時間敏感信息，反映了截至本次電話會議之日（2023 年 6 月 27 日）管理層的觀點。除法律要求外，公司不承擔任何更新或修訂的義務此信息在本次通話日期之後。

I'd like to highlight to investors that this call is being recorded. The company is making it available to investors and 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 this call or the webcast in any form without the company's expressed written consent is strictly prohibited.

我想向投資者強調，這次電話會議正在錄音。該公司正在通過網絡廣播向投資者和媒體提供此次會議，電話會議結束後不久，將在其網站的投資者關係部分提供重播。此外，它是公司的財產，未經公司明確書面同意，嚴禁以任何形式重新分發、轉發或轉播本次電話會議或網絡廣播。

Now I would like to turn the call over to LiveOne's CEO, Rob Ellin.

現在我想將電話轉給 LiveOne 的首席執行官 Rob Ellin。

Thank you, Aaron, and good morning, everyone. I'd like to thank everyone for joining [us] today. After 5 years and a tremendous amount of hard work and many obstacles, including consolidation of 8 acquisitions into our core business, proudly, my team has delivered on a magnificent year and even a bigger start to this year.

謝謝你，亞倫，大家早上好。我要感謝大家今天加入[我們]。經過 5 年的巨大努力和許多障礙，包括將 8 項收購整合到我們的核心業務中，我的團隊自豪地實現了輝煌的一年，甚至今年有了一個更大的開始。

We are raising our guidance for fiscal 2024. LiveOne early projections increased to $122 million to $130 million in revenue with $12 million to $16 million of adjusted EBITDA. And our Audio Division, which includes Slacker and PodcastOne to $100 million to $110 million and adjusted EBITDA between $18 million and $21 million, with over $12 million of operating cash flow. As a creator-first platform, we have built a flywheel that off the same piece of content, we can deliver so many different revenue streams. LiveXLive, Slacker, PodcastOne, PPVOne, CPS, Splitmind, Drumify, Kast Media and Fantasy Guru, all substantial creative platforms with big communities. The combination provides the most robust offering in music and pop culture at the lowest cost and the highest margins.

我們正在提高 2024 財年的指導。LiveOne 早期預測收入增加至 1.22 億至 1.3 億美元，調整後 EBITDA 為 1200 萬至 1600 萬美元。我們的音頻部門，包括 Slacker 和 PodcastOne，營收為 1 億至 1.1 億美元，調整後的 EBITDA 為 1,800 萬至 2,100 萬美元，運營現金流超過 1,200 萬美元。作為一個創作者至上的平台，我們建立了一個飛輪，通過同一份內容，我們可以提供如此多不同的收入來源。 LiveXLive、Slacker、PodcastOne、PPVOne、CPS、Splitmind、Drumify、Kast Media 和 Fantasy Guru，都是擁有大型社區的重要創意平台。此次合併以最低的成本和最高的利潤提供最強大的音樂和流行文化產品。

Proving the superior quality of our tech team, our 45 patents, combined with the unique original programming, Slacker Radio was handpicked by Elon Musk and the Tesla team as the white label music service branded Tesla radio. Every Tesla car sold in North America comes with a paid membership to LiveOne. These memberships are paid directly by Tesla at an average of 7 years. We proudly just extended for our tenth straight year. The combination of Tesla, Verizon, T-Mobile, Sprint, many exciting B2B partnerships and an army of over 3,000 artists, podcasters, social media stars engaging across the LiveOne platform and utilizing their social media to alert fans to listen, watch and engage on LiveOne has driven our revenues and membership at record pace.

Slacker Radio 證明了我們技術團隊的卓越品質、我們的 45 項專利以及獨特的原創節目，被埃隆·馬斯克 (Elon Musk) 和特斯拉團隊精心挑選為特斯拉收音機品牌的白標音樂服務。在北美銷售的每輛特斯拉汽車都附帶 LiveOne 付費會員資格。這些會員資格由特斯拉直接支付，平均期限為 7 年。我們自豪地連續第十年延期。 Tesla、Verizon、T-Mobile、Sprint、許多令人興奮的 B2B 合作夥伴以及由 3,000 多名藝術家、播客、社交媒體明星組成的大軍在 LiveOne 平台上進行互動，並利用他們的社交媒體提醒粉絲收聽、觀看和參與LiveOne 以創紀錄的速度推動了我們的收入和會員數量的增長。

I indicated to the Street last year that we'll pass 10 million members within 5 years and over $1 billion in revenues. Exploding out of the gate this year, we have over 350,000 new paid members since January 1, adding over 60,000 per month. We passed 3.1 million total members and 2.2 million paid members, expecting to pass 4 million total members this year and over 3 million paid, an average ARPU of $3. To better understand and appreciate these metrics, Goldman Sachs just came out with their report, the industry growth will hit 1.7 billion paying subscribers to music by 2027. LiveOne would only need 1% -- less than 1% of that expected total addressable market to reach our goal.

我去年向華爾街表示，我們將在 5 年內擁有超過 1000 萬會員，收入將超過 10 億美元。自 1 月 1 日以來，我們今年迎來了爆炸式增長，新增付費會員超過 350,000 名，每月增加超過 60,000 名。我們的會員總數已超過 310 萬，付費會員數已超過 220 萬，預計今年會員總數將超過 400 萬，付費會員將超過 300 萬，平均 ARPU 為 3 美元。為了更好地理解和欣賞這些指標，高盛剛剛發布了他們的報告，到 2027 年，該行業的增長將達到 17 億付費音樂訂閱用戶。LiveOne 只需要 1%——不到預期總目標市場的 1%。達到我們的目標。

In 2018, we acquired Slacker Radio, which at the time had $20 million in revenues, losing over $10 million a year and 400,000 total members. We've increased our membership eightfold in just 5 years. At this pace, 10 million members is extremely achievable goal. LiveOne reported today 2023 fiscal results, revenues of $99 million and $10.9 million adjusted EBITDA, that is a $24.4 million improvement in adjusted EBITDA compared to 2022.

2018 年，我們收購了 Slacker Radio，當時該公司的收入為 2000 萬美元，每年虧損超過 1000 萬美元，會員總數為 40 萬。在短短 5 年內，我們的會員數量增加了八倍。按照這個速度，1000萬會員是完全可以實現的目標。 LiveOne 今天公佈了 2023 年財務業績，收入為 9900 萬美元，調整後 EBITDA 為 1090 萬美元，與 2022 年相比，調整後 EBITDA 增加了 2440 萬美元。

Our Audio Division comprised of award-winning streaming music platform, Slacker Radio and PodcastOne, one of the largest remaining podcast networks reported record revenues of $86.8 million and a record adjusted EBITDA of $18.2 million, an increase of 289% from $6.3 million last year. With the strongest balance sheet in the history of the company, we can now focus our capital and energy on both the internal growth as well as external and utilize the balance sheet to buy back substantial amount of stock. We believe our stock remains undervalued and as such, we have undertaken 3 separate initiatives to unlock substantial shareholder value.

我們的音頻部門由屢獲殊榮的流媒體音樂平台 Slacker Radio 和 PodcastOne（現存最大的播客網絡之一）組成，其收入創紀錄地達到 8680 萬美元，調整後 EBITDA 創紀錄地達到 1820 萬美元，比去年的 630 萬美元增長了 289%。憑藉公司歷史上最強勁的資產負債表，我們現在可以將資本和精力集中在內部增長和外部增長上，並利用資產負債表回購大量股票。我們認為我們的股票仍然被低估，因此，我們採取了三項單獨的舉措來釋放大量股東價值。

First, on an ongoing share buyback, we repurchased 2.9 million shares, leaving an additional $2.3 million remaining to acquire additional shares. The second exciting initiative is the spin-out of our PodcastOne business. We've just received approval on -- our registration statement is declared effective by the SEC. And we increased our dividend to our shareholders from 12% to 19%. LiveOne parent company will own over 74% of PodcastOne. Independent valuations have come out between $200 million -- $230 million and $275 million, which would value that division over $2.60 alone. The spin out will allow PodcastOne to utilize its stock as currency for both acquisitions and capital formations.

首先，在正在進行的股票回購中，我們回購了 290 萬股股票，還剩下 230 萬美元用於購買更多股票。第二個令人興奮的舉措是我們的 PodcastOne 業務的分拆。我們剛剛獲得美國證券交易委員會 (SEC) 的批准，宣布我們的註冊聲明生效。我們將股東股息從 12% 增加到 19%。 LiveOne 母公司將擁有 PodcastOne 超過 74% 的股份。獨立估值在 2 億至 2.3 億至 2.75 億美元之間，僅該部門的估值就超過 2.60 美元。此次分拆將使 PodcastOne 能夠利用其股票作為收購和資本形成的貨幣。

We have already announced 2 planned all-stock acquisition by PodcastOne. The first is a network called Kast Media, the second Fantasy Guru. The combined acquisitions are expected to increase PodcastOne revenues by $12.5 million and over $2 million of adjusted EBITDA. PodcastOne was acquired very similar to Slacker 3 years ago, with $20 million in revenues and is now estimating that this quarter alone, will be over $10.5 million. We've increased our guidance to $40 million to $45 million this year before acquisitions.

我們已經宣布了 PodcastOne 的 2 項全股票收購計劃。第一個是名為 Kast Media 的網絡，第二個是 Fantasy Guru。合併後的收購預計將使 PodcastOne 收入增加 1250 萬美元，調整後 EBITDA 超過 200 萬美元。 PodcastOne 的收購方式與 3 年前的 Slacker 非常相似，當時的收入為 2000 萬美元，現在估計僅本季度就將超過 1050 萬美元。今年我們將收購前的指導值提高至 4000 萬至 4500 萬美元。

Our third initiative is our proposed merger of Slacker Radio with Nasdaq-listed SPAC, ticker [ROGC] at a minimum of $160 million valuation or another $2 a share. If you combine these 2 prices, it's over $5 a share. With that, I would say this is the most exciting time in the history of the company. We continue to grow and expect our biggest year ever.

我們的第三項舉措是提議將 Slacker Radio 與納斯達克上市的 SPAC（股票代碼為 [ROGC]）合併，估值至少為 1.6 億美元或每股 2 美元。如果將這 2 個價格結合起來，每股價格將超過 5 美元。說到這裡，我想說這是公司歷史上最激動人心的時刻。我們繼續成長，並期待有史以來最偉大的一年。

Now I'd like to hand it over to my President, Kit Gray, over at PodcastOne. Thank you, everyone.

現在我想把它交給 PodcastOne 的主席 Kit Gray。謝謝大家。

Good morning, everyone. Thank you for the time. I appreciate it and looking forward to updating you on an action packed Q4 with PodcastOne. It was an exciting year for us and especially in that quarter with a lot of growth. We launched a bunch of new shows. We acquired some existing shows and we've started some new seasons of some already hit programs in the quarter. Those included A&E's I Survived second season. Our smash new hit, I've Had It, which is a top 5 downloaded show in our network. When Reality Hits is a Vanderpump Special. and the highlight of that so far is 375,000 downloads. Two weeks ago in one of their hit new episodes.

大家，早安。謝謝你的時間。我很感激，並期待通過 PodcastOne 向您通報充滿活力的第四季度的最新情況。對於我們來說，這是激動人心的一年，尤其是在那個季度，我們實現了巨大的增長。我們推出了一系列新節目。我們收購了一些現有的節目，並在本季度開始了一些已經熱門節目的新季。其中包括 A&E 的《I Survived》第二季。我們的熱門新劇《I’ve Had It》是我們網絡中下載量排名前 5 的節目。 《當現實來襲》是范德龐普的特別節目。迄今為止最引人注目的是 375,000 次下載。兩週前，在他們熱門的新劇集之一中。

We also launched a couple of other shows called On Brand, and we are launching [Salty Sea] with [Caspar Lee] in mid-July. So those are all in production. As well as a second season of Bad, Bad Thing, which was a hit scripted show with Barbara Schroeder crafting and telling that story. And we look forward to launching a scripted series, it's called [Barton Town] later on this year, which we're really excited about. So the network is growing in terms of content, downloads and expanding.

我們還推出了其他一些名為 On Brand 的節目，並且我們將於 7 月中旬與 [Caspar Lee] 推出 [Salty Sea]。所以這些都在生產中。還有《壞事，壞事》第二季，這是一部由芭芭拉·施羅德精心策劃和講述故事的熱門劇本劇。我們期待在今年晚些時候推出一個有腳本的系列，它被稱為[巴頓鎮]，我們對此感到非常興奮。因此，網絡在內容、下載量和擴展方面都在增長。

We also -- a critical part of our business is finding our core shows to extensions. And we had great success there, not losing any programs and finding multiyear extensions with the likes of the LadyGang Network, Adam Carolla, Dr. Drew, (inaudible), Jordan Harbinger Show, Kaitlyn Bristowe and more. So it's put us in a great position to have a great year this year, which is very exciting.

我們業務的一個關鍵部分是尋找我們的核心節目的擴展。我們在那裡取得了巨大的成功，沒有失去任何節目，並與 LadyGang Network、Adam Carolla、Dr. Drew（聽不清）、Jordan Harbinger Show、Kaitlyn Bristowe 等人找到了多年的延期。因此，這使我們能夠在今年度過一個美好的一年，這非常令人興奮。

Recently, one of our shows just won a Webby Award, and that was with Kail Lowry and her network of programs Barely Famous, Coffee Convos and others was recognized in the Webby Awards recently in New York City, so the program in place has been really exciting and continues to grow.

最近，我們的一個節目剛剛獲得了威比獎，那就是凱爾·洛瑞（Kail Lowry）和她的網絡節目《Barely Famous》、《Coffee Convos》等最近在紐約市獲得了威比獎的認可，所以這個節目真的很不錯。令人興奮並持續增長。

As we go into the new year, we've got some fun things and some acquisitions. And as Rob noted, we are working hard acquiring assets of Kast Media, which is an exciting operations with some great personalities and great shows that we're looking forward to bringing on the network and expanding and growing together as well as the Fantasy Guru, network, which is a little bit different for our model, but we're really excited about that as it's bringing in 24,000 subscribers that pay monthly fees to get their fantasy information, so we're really excited about that.

當我們進入新的一年時，我們有一些有趣的事情和一些收購。正如 Rob 指出的那樣，我們正在努力收購 Kast Media 的資產，這是一個令人興奮的業務，擁有一些偉大的人物和精彩的節目，我們期待著將其引入網絡並與幻想大師一起擴展和成長，網絡，這與我們的模型有點不同，但我們對此感到非常興奮，因為它引入了 24,000 名訂閱者，他們每月支付費用來獲取他們的幻想信息，所以我們對此感到非常興奮。

And looking at everything else, this is an exciting time for us just in the industry because what we're noticing is the podcasting world is very much coming to us. A lot of these bigger networks are scaling back, some of their initial investments are ending, and it's giving us great opportunities to continue to grow, and we're really looking forward to that as we go into the next year.

看看其他一切，這對我們這個行業來說是一個激動人心的時刻，因為我們注意到播客世界正在向我們走來。許多較大的網絡正在縮減規模，他們的一些初始投資正在結束，這為我們提供了繼續發展的絕佳機會，當我們進入明年時，我們真的很期待這一點。

Thank you very much for your time today, and we're excited about the future of PodcastOne. Thank you.

非常感謝您今天抽出時間，我們對 PodcastOne 的未來感到興奮。謝謝。

Brad, jump in here.

布拉德，跳到這裡來。

Yes. Thanks, Rob, and good morning to everyone. It's really an exciting time at Slacker Radio, it really is. To reiterate some of the metrics Rob shared. You've continued to have tremendous increases in our membership KPIs, particularly as it relates to paid memberships where we've had record growth with 612,000 new members over the last year, which is a 39% year-over-year increase.

是的。謝謝羅布，大家早上好。在 Slacker Radio，這確實是一個激動人心的時刻，確實如此。重申 Rob 分享的一些指標。我們的會員 KPI 繼續大幅增長，尤其是與付費會員相關的方面，去年我們的新會員人數增長創紀錄，達到 612,000 名，同比增長 39%。

So like I said, it's an extremely exciting time and not just because of the record growth but also because of how we're integrating with LiveOne flywheel of products, how our road map is currently aligned. And what we're strategically poised to do. For example, as part of -- one part of LiveOne's Audio Division, Slacker's alignment with PodcastOne has never been stronger. We just launched over 60 additional PodcastOne podcasts through the LiveOne Slacker Radio app on Tesla. And we also aired our first podcast pay-per-view live stream with Adam Carolla at front.

正如我所說，這是一個非常激動人心的時刻，不僅因為創紀錄的增長，還因為我們如何與 LiveOne 飛輪產品集成，以及我們目前的路線圖如何調整。以及我們在戰略上準備做什麼。例如，作為 LiveOne 音頻部門的一部分，Slacker 與 PodcastOne 的聯盟從未如此緊密。我們剛剛通過 Tesla 上的 LiveOne Slacker Radio 應用程序推出了 60 多個額外的 PodcastOne 播客。我們還播出了我們的第一個播客付費直播，亞當·卡羅拉（Adam Carolla）在前面。

Staying on pay-per-view front for just a moment. Those of you that love combat sports and ice hockey, we'll also be streaming Ice Wars 3 in July. So all that said, most important to our future success at Slacker Radio is our laser focus on strategic business-to-business partnerships to drive both paid memberships and ad-supported revenue. As such, we recently announced a multiyear deal with OTT Studio in which many of Slacker's expertly curated stations will be playable in OTT Studio's soon to launch Music [Max] application on Roku, Fire TV and Vizio. We also recently announced a joint strategic partnership with Legible, an e-book, audio book entertainment and media company. And we'll soon be bringing on a new Head of Business Development to leverage additional partnership opportunities across fitness, consumer electronics and telcos.

暫時停留在按次付費的前沿。對於那些熱愛格鬥運動和冰球的人來說，我們還將在 7 月份直播《冰雪戰爭 3》。綜上所述，對於我們 Slacker Radio 未來的成功來說，最重要的是我們高度關注企業對企業的戰略合作夥伴關係，以推動付費會員和廣告支持的收入。因此，我們最近宣布與 OTT Studio 達成一項多年期協議，其中許多 Slacker 精心策劃的電台將在 OTT Studio 即將在 Roku、Fire TV 和 Vizio 上推出的 Music [Max] 應用程序中播放。我們最近還宣布與電子書、有聲讀物娛樂和媒體公司 Legible 建立聯合戰略合作夥伴關係。我們很快將任命一位新的業務開發主管，以利用健身、消費電子和電信領域的更多合作機會。

So in summary, just really fantastic record growth, amazing collaboration with PodcastOne and across all of LiveOne's flywheel businesses and a very strong and exciting business-to-business partnership pipeline on the horizon.

總而言之，這就是令人驚嘆的創紀錄增長、與 PodcastOne 以及 LiveOne 飛輪所有業務的驚人合作，以及即將建立的非常強大且令人興奮的企業對企業合作夥伴關係。

With that, back to you, Rob.

說到這裡，回到你身邊，羅布。

Yes, I'm going to hand it off to Josh Hallbauer. Josh is running our publishing and music business and is brilliantly executing, including 2 acquisitions just completed with a big play in AI. So Josh, please take over from here.

是的，我要把它交給喬什·哈爾鮑爾 (Josh Hallbauer)。喬什 (Josh) 負責管理我們的出版和音樂業務，並且執行得非常出色，其中包括剛剛完成的 2 項收購，並在人工智能領域大放異彩。所以喬希，請接替這裡。

Thanks, Rob, and good morning, everyone. I wanted to talk about the fact that we just launched version 2.0 of our Drumify platform, which we acquired about 6 months ago. It's a very, very important tool for creators in a $9 billion publishing industry. Since the acquisition, we've implemented different AI technologies that have helped creators put together songs ranging from artists like Drake to Chloe Bailey to NBA YoungBoy, the list goes on.

謝謝羅布，大家早上好。我想談談我們剛剛推出了 Drumify 平台的 2.0 版本，該平台是我們大約 6 個月前收購的。對於價值 90 億美元的出版業中的創作者來說，這是一個非常非常重要的工具。自收購以來，我們實施了不同的人工智能技術，幫助創作者將歌曲組合在一起，從 Drake 到 Chloe Bailey 到 NBA YoungBoy 等藝術家，這樣的例子不勝枚舉。

Most importantly to us internally being a creator-first platform, we are scouring everywhere we can to find these royalties that these creators are owed. They might seem like small when you look at them individually, but they add up to large sums of potential revenue. We're proud to say that we're the premier platform, being Drumify, that is making sure that artists are retaining their rights when they're using a platform like this, unlike any others. When we're looking at the publishing industry as a whole, all we've seen over the last 5 years is significant growth. And even if we have a small percentage of that, this can be $100 million to $150 million company, we believe, in the next 2 years.

最重要的是，我們內部是一個創作者優先的平台，我們正在盡我們所能尋找這些創作者所欠的版稅。當你單獨看它們時，它們可能看起來很小，但它們加起來就是一大筆潛在收入。我們很自豪地說，我們是首屈一指的平台，即 Drumify，它確保藝術家在使用這樣的平台時保留自己的權利，這與任何其他平台不同。當我們將出版業視為一個整體時，我們在過去五年中看到的是顯著的增長。即使我們只佔其中的一小部分，我們相信，在未來 2 年內，這家公司的市值也可能達到 1 億至 1.5 億美元。

Thanks, Rob.

謝謝，羅布。

Excellent. And with that, John, at CPS, our merch business, which is really being positioned this year with substantial cost savings and really focused on owning our own products. John, take over from here, please?

出色的。約翰，在 CPS，我們的商品業務，今年的定位是大幅節省成本，並真正專注於擁有我們自己的產品。約翰，請接替這裡吧？

Thanks, Rob. Good morning, everyone. Custom personalization solutions, as you know, sell personalized gifts through the Internet and primarily through wholesalers. Overall, we're expecting our revenues to be flat for fiscal year 2023, '24. Continued softness is expected for the mid-market retail environment. Sales are expected to expand for a significant number of wholesalers that we do have through improved Christmas programs that we've already locked in.

謝謝，羅布。大家，早安。如您所知，定制個性化解決方案通過互聯網並主要通過批發商銷售個性化禮品。總體而言，我們預計 2023 年 24 財年的收入將持平。預計中端​​市場零售環境將持續疲軟。通過我們已經鎖定的改進的聖誕節計劃，我們現有的大量批發商的銷售額預計將擴大。

Some of these partners that we've locked in programs that are expanded include Walmart and Zales, Lillian Vernon, Signals and Colony Brands, so we're doing quite a bit to grow wherever we can. Offsetting that is -- from a negative standpoint is that several wholesale clients in the past 12 months have gone bankrupt or were sold due to financial difficulties, so those programs will no longer be in existence.

我們鎖定的合作夥伴包括沃爾瑪和 Zales、Lillian Vernon、Signals 和 Colony Brands，因此我們正在盡一切努力來實現增長。從消極的角度來看，抵消是，過去 12 個月中有幾個批發客戶破產或因財務困難而被出售，因此這些計劃將不再存在。

So what we're trying to do is to expand where we can to offset the sales loss and also to be adding new clients. And we're doing some of that. JCPenney is expected to go live in Q2 and Chewy, which is PetSmart, is expecting to expand from a limited test program to a Q2 rollout, so there's some substantial growth potential for both of those clients.

因此，我們正在努力擴大規模，以抵消銷售損失，並增加新客戶。我們正在做其中的一些事情。 JCPenney 預計將在第二季度上線，而 Chewy（即 PetSmart）預計將從有限的測試計劃擴展到第二季度的推出，因此這兩個客戶都有巨大的增長潛力。

On an operational expense side that Rob alluded to, we're expected to improve by over $900,000 in the current fiscal year. We're reducing our fixed costs by over $600,000 primarily through 2 means: One is the office payroll consolidation and then we've done quite a bit in going back and renegotiating contracts, especially our IT contracts wherever possible, so that's what led us to the $600,000 savings.

在 Rob 提到的運營費用方面，我們預計本財年將改善超過 900,000 美元。我們主要通過兩種方式將固定成本減少超過 600,000 美元：一是辦公室薪資整合，然後我們做了很多工作來重新談判合同，尤其是盡可能的 IT 合同，這就是我們的原因節省 600,000 美元。

Then on top of that, warehouse productivity is expected to improve by over $200,000 due to personalization capability improvements that we've made through improved programs, better equipment, better training programs and so on and also an improved scheduling system for the employees. So in total, we're looking at improvements primarily due to expense control and setting the table for when the environment -- the mid-market environment that we're in -- that we're currently in improves that we want to be ready to go.

除此之外，由於我們通過改進程序、更好的設備、更好的培訓計劃等以及改進的員工調度系統等實現了個性化能力的提高，倉庫生產力預計將提高超過 200,000 美元。因此，總的來說，我們正在考慮主要由於費用控製而進行的改進，並為我們目前所處的環境（我們所處的中端市場環境）的改善做好準備。去。

Thank you, and back to Rob.

謝謝你，回到羅布。

Great. So wrapping up, I want to thank everyone for attending today, and thanks for your patience. We will be continuing our buyback very shortly as we see a fantastic opportunity as our balance sheet has gotten stronger and stronger. The company is really -- the flywheel is now hit almost on every avenue, our sponsorships have grown in 3 years from 7 sponsors to -- this year, it will be well over 600 before the acquisition of Kast Media, probably takes us over 700 sponsors.

偉大的。最後，我要感謝大家今天的出席，並感謝你們的耐心等待。我們將很快繼續回購，因為隨著我們的資產負債表變得越來越強大，我們看到了一個絕佳的機會。該公司確實 - 現在幾乎在各個方面都受到飛輪的影響，我們的讚助商在三年內從 7 個贊助商增加到 - 今年，在收購 Kast Media 之前，贊助商數量將遠遠超過 600 個，可能會讓我們超過 700 個贊助商。

So our sponsorship, our advertising, our subscription were all growing simultaneously and for the first time, we can really start to see the future of where we're going. And as you break that $100 million mark, the team comes together in such a unique way and that you found the best of our team and really everybody is laser focused and I couldn't be more proud of this team. They are laser focused on bottom line. We have over $200 million NOL. I expect next year, we're going to be able to enjoy that NOL as we start focusing on next level of earnings.

因此，我們的讚助、廣告、訂閱都在同時增長，這是我們第一次真正開始看到我們的未來。當你突破 1 億美元大關時，團隊以一種獨特的方式聚集在一起，你發現了我們團隊中最好的人才，每個人都非常專注，我為這個團隊感到無比自豪。他們專注於底線。我們擁有超過 2 億美元的 NOL。我預計明年，當我們開始關注更高水平的盈利時，我們將能夠享受 NOL。

So I want to thank everyone for attending and thank you for spending the time with us today and I open it up for any questions -- I'm sorry, Aaron, you got to go. Aaron's next.

所以我要感謝大家的出席，感謝你們今天花時間與我們在一起，我願意回答任何問題 - 對不起，亞倫，你得走了。下一個是亞倫。

Thanks, Rob. I'll spend just a few minutes providing a very brief overview of our results for the full year fiscal '23 and the fourth quarter ended March 31, 23. Consolidated revenue for the 3- and 12-month period ended March 31, '23 was $25.5 million and $99.6 million, respectively. Our Audio Division posted revenue for the 3 and 12 months of $22.9 million and $86.8 million, respectively. For the fourth quarter ended March 31, '23, revenue consists of 55% membership and 45% advertising, sponsorship merchandising and ticketing events compared to 50% membership and 50% advertising, sponsorship and ticketing events in the prior year period.

謝謝，羅布。我將花幾分鐘簡要概述我們 23 年財年全年和截至 23 年 3 月 31 日的第四季度的業績。截至 23 年 3 月 31 日的 3 個月和 12 個月期間的合併收入分別為2550萬美元和9960萬美元。我們的音頻部門公佈前 3 個月和 12 個月的收入分別為 2290 萬美元和 8680 萬美元。截至2023年3月31日的第四季度，收入由55%的會員費和45%的廣告、贊助商品和票務活動組成，而去年同期的收入為50%的會員費和50%的廣告、贊助和票務活動。

Consolidated adjusted EBITDA for the 3 and 12 months was $1.5 million and a record $10.9 million, respectively. On a U.S. GAAP basis, LiveOne posted a consolidated net loss of $4.8 million or $0.06 per diluted share in Q4 fiscal '23 and a net loss of $10 million or $0.12 a share for the 12 months ended March 31, '23.

前 3 個月和 12 個月的綜合調整後 EBITDA 分別為 150 萬美元和創紀錄的 1,090 萬美元。根據美國公認會計原則，LiveOne 在 2023 年第四財季的綜合淨虧損為 480 萬美元，即稀釋後每股虧損 0.06 美元，截至 2023 年 3 月 31 日的 12 個月淨虧損為 1000 萬美元，即每股虧損 0.12 美元。

Our Audio Division's adjusted EBITDA for the 3 and 12 months was $4.5 million and record $18.2 million, respectively.

我們音頻部門前 3 個月和 12 個月的調整後 EBITDA 分別為 450 萬美元和創紀錄的 1820 萬美元。

And as of June 26, we had approximately 2.2 million paid members, a net increase of [292] or 15% compared to December 31 of '22. Total members include -- total members include members, are approximately 3.1 million as of June 26 '23. Note that included in the total members are certain members who are not currently subject -- sorry, included in the total members are certain members who are currently subject to a contractual dispute for which we are not currently recognizing revenue. Briefly turning to the balance sheet, we ended Q4 with cash of $8.7 million, including restricted cash of $300,000.

截至 6 月 26 日，我們擁有約 220 萬付費會員，與 2022 年 12 月 31 日相比淨增加 [292] 人，即 15%。截至 2023 年 6 月 26 日，會員總數約為 310 萬。請注意，會員總數中包括某些目前不受約束的會員 - 抱歉，會員總數中包括某些目前受到合同糾紛影響的會員，而我們目前尚未確認收入。簡單地看一下資產負債表，第四季度末我們的現金為 870 萬美元，其中包括 30 萬美元的限制性現金。

Rob, I'll turn it back to you.

羅布，我會把它還給你。

Yes. Thank you, everyone. I'll open it up for questions now and would look forward to any thoughts you have.

是的。謝謝大家。我現在就開放提問，並期待您的任何想法。

(Operator Instructions) Our first question is from Brian Kinstlinger from Alliance Global Partners.

（操作員說明）我們的第一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Got a handful of questions. First, for your fiscal '24 revenue guidance, does that include Kast and Fantasy Guru? And if so, what are the assumptions on the timing of the closing? And then can you close these acquisitions before the spin-off? Or does this spinoff have to happen for them to close?

有幾個問題。首先，對於您的 24 財年收入指引，是否包括 Kast 和 Fantasy Guru？如果是這樣，對交割時間的假設是什麼？那麼你能在分拆之前完成這些收購嗎？或者說，必須要發生這種分拆才能讓他們關閉嗎？

Yes. So off the bat, that does not include the acquisitions. We expect to close these very quickly, and it does not affect the spin-off -- when the spin-out happens or not.

是的。因此，這不包括收購。我們預計會很快關閉這些項目，並且無論是否發生分拆，都不會影響分拆。

Great. And then how do you determine the actual shares on Fantasy Guru, there was a range? And then how should we think about any shares issued for Kast? Can you help with a range of valuation for Kast?

偉大的。那麼如何確定Fantasy Guru的實際份額，有一個範圍嗎？那麼我們應該如何看待為 Kast 發行的任何股票呢？您能幫忙對卡斯特進行一系列估值嗎？

Yes. I mean, again, without giving -- going too far because we haven't publicly disclosed it, right, the valuations of the company were valued at $200 million plus, right? We're acquiring these companies, extremely accretive, very similar to the fashion that we've acquired Slacker Radio and PodcastOne and there'll be a lot more details to come shortly, Brian, but they're going to be very much in line with the type of deals that we did and that sort of 1x revenue range for those companies. So these are going to be truly accretive to both revenues and EBITDA.

是的。我的意思是，再一次，沒有給予——太過分了，因為我們還沒有公開披露，對吧，公司的估值超過 2 億美元，對吧？我們正在收購這些公司，它們的增值能力非常強，與我們收購 Slacker Radio 和 PodcastOne 的時尚公司非常相似，布萊恩，很快就會有更多細節，但它們會非常一致。我們所做的交易類型以及這些公司的 1 倍收入範圍。因此，這些將真正增加收入和 EBITDA。

But they're both for PodcastOne shares and not LiveOne shares. Is that right?

但它們都是 PodcastOne 股票，而不是 LiveOne 股票。是對的嗎？

Correct.

正確的。

Great. And then the $10.5 million of PodcastOne revenue that you've discussed or targeted for the first quarter, can you quantify how much was aided by the Adam Carolla pay-per-view event on June 4. And then separately, just generally maybe talk about the trends you're seeing in podcasting in terms of download growth versus potentially the pressure, if at all, on CPMs.

偉大的。然後，您所討論或設定的第一季度 PodcastOne 收入 1050 萬美元，您能否量化一下 6 月 4 日 Adam Carolla 按次付費活動幫助了多少。然後分別談談您在播客中看到的下載增長趨勢與每千次展示費用 (CPM) 的潛在壓力（如果有的話）之間的關係。

Kit, do you want to take that?

基特，你想接受這個嗎？

Yes, sure. The Adam Carolla event was successful, not a huge percentage of our total revenue, of that $10.9 million, to be like a significant number, but it was a successful, profitable endeavor that the fans really enjoyed and loved. We had separate levels of engagement whether you could just watch online and then there were meet and greets and merch, which really just expands Adam's connection to his fan base, so a lot of positives out of that experience.

是的，當然。亞當·卡羅拉 (Adam Carolla) 活動很成功，雖然占我們總收入 1090 萬美元的比例並不大，但它是一次成功、盈利的活動，粉絲們非常享受和喜愛。我們有不同層次的參與，無論你是否可以在線觀看，然後還有見面、問候和商品，這實際上只是擴大了亞當與他的粉絲群的聯繫，所以從這次經歷中得到了很多積極的東西。

The podcast and industry continues to explode numbers of -- really what we're seeing are the people that listen to podcasts are now, I believe Edison Research came out with their -- they're up to 10 hours a week, which is a tremendous amount of time. I think that has a lot to do with people going back to the offices and commuting a lot for work and meetings, and they're just consuming more and more podcasts, so we have no fear on the growth of podcast and downloads.

播客和行業繼續呈爆炸式增長，我們所看到的實際上是現在收聽播客的人數，我相信愛迪生研究中心得出了他們的結論——他們每週收聽播客的時間長達 10 個小時，這是一個大量的時間。我認為這與人們回到辦公室、經常通勤工作和開會有很大關係，他們只是消費越來越多的播客，所以我們並不擔心播客和下載量的增長。

CPMs, absolutely are taking a bit of a hit. It's not -- we're seeing companies pull back a little bit and need some help to get more conversions, more sales. So we're working with these agencies and the clients direct to get them through some of these harder times to come back to where we used to be. It's still a significant -- on average, we're seeing $25, $35 CPMs for the most part. Some of our higher rated shows are still seeing tremendous CPM, so we're really happy with where the advertising and the growth of the podcast consumption is right now.

每千次展示費用（CPM）絕對受到了一些打擊。事實並非如此——我們看到公司有所收縮，需要一些幫助來獲得更多轉化、更多銷量。因此，我們正在與這些機構和客戶直接合作，幫助他們度過一些困難時期，回到我們以前的狀態。這仍然是一個重要的數字——平均而言，我們看到的 CPM 大部分為 25 美元、35 美元。我們的一些收視率較高的節目仍然擁有巨大的每千次展示費用，因此我們對目前的廣告和播客消費的增長感到非常滿意。

Great. Last question and 2 part for either Kit or Rob. Are you seeing more opportunity to run pay-per-view events to monetize your talent and/or content? And then with the 2 podcast acquisitions you recently announced, can you maybe talk about the playbook for continuing to acquire more content?

偉大的。最後一個問題和 2 部分是針對 Kit 或 Rob 的。您是否看到了更多舉辦按次付費活動來通過您的才能和/或內容獲利的機會？然後，通過您最近宣布的兩項播客收購，您能否談談繼續收購更多內容的策略？

Yes. So on the pay-per-view side, as you know -- on the pay-per-view side, we pulled back tremendously last year. We're seeing telltale signs that the consumer is demanding this from music festivals, music events, podcasters, live events, there's a tremendous opportunity, and we see that as one of our biggest growth engines coming. And I think we've announced 3 pay-per-view events in the last 3 weeks for the first time in probably 6 months, I think you're going to see that continue.

是的。因此，在按次付費方面，如您所知，在按次付費方面，我們去年大幅縮減。我們從音樂節、音樂活動、播客、現場活動中看到了明顯的跡象，表明消費者對此有要求，這是一個巨大的機會，我們認為這是我們最大的增長引擎之一。我認為我們在過去 3 週內宣布了 3 個按次付費活動，這可能是 6 個月以來的第一次，我認為您會看到這種情況繼續下去。

In terms of acquisitions, not only do you see it on the podcast side, what I publicly said is the reason to do these spin-offs, one is, as you can see, we have just this great management team in each of the subsidiaries, right? But on top of it, it gives us an opportunity to use that currency to roll up additional acquisitions. And we see in the podcast side, there's a tremendous opportunity to do that.

在收購方面，不僅在播客方面看到，我公開說的是進行這些分拆的原因，一是，正如你所看到的，我們每個子公司都有這個偉大的管理團隊， 正確的？但最重要的是，它讓我們有機會使用該貨幣來進行額外的收購。我們在播客方面看到，有一個巨大的機會可以做到這一點。

Same thing on the Slacker side, right? We just announced with Byron Roth with Roth Capital V, right, their fifth SPAC, which -- their fourth SPAC just had a tremendous success a couple of weeks ago, going from [10 to 20.] We see a great opportunity in Slacker to utilize that currency as well. So while our stock is down, this is that unique opportunity for us to use that currency in these subsidiaries to be able to do that, to be able to grow, so fully expect acquisitions on the Slacker side as well.

懶鬼方面也是如此，對吧？我們剛剛與拜倫·羅斯（Byron Roth）和 Roth Capital V（右）一起宣布了他們的第五個 SPAC，他們的第四個 SPAC 幾週前剛剛取得了巨大成功，從 [10 到 20]。我們看到了 Slacker 的絕佳機會也使用該貨幣。因此，雖然我們的股票下跌，但這是我們在這些子公司中使用這種貨幣的獨特機會，能夠做到這一點，能夠實現增長，因此也充分期待 Slacker 方面的收購。

Our next question comes from Sean McGowan from ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Sean McGowan。

I also had a couple of questions. I don't know if Josh is still on the line, but I wanted to drill in a little bit more on that Drumify. How exactly does that get monetized? And where is the relationship going forward? And did I hear you right that you think that alone could be a $150 million business?

我還有幾個問題。我不知道 Josh 是否還在在線，但我想深入了解一下 Drumify。具體如何貨幣化？兩國關係未來將走向何方？我沒聽錯吧，您認為僅此一項就可以成為一項價值 1.5 億美元的業務嗎？

Yes, Josh, it's still here.

是的，喬什，它還在這裡。

So the way that the Drumify split works is with any creators that upload to the platform, they're splitting the back-end rev share with us 50-50. So the publishing and the master that gets negotiated post the song coming out on an independent or major label release is literally split in half. And on the front end, when the songs are actually downloaded, the creators are getting paid as well, and that's a 60-40 split.

因此，Drumify 的分配方式是與上傳到該平台的任何創作者一起，他們以 50-50 的比例與我們分配後端收益份額。因此，在獨立或主要唱片公司發行歌曲後，出版商和母帶協商實際上分成了兩半。在前端，當歌曲實際下載時，創作者也會獲得報酬，比例為 60-40。

And when I say that, it could be $100 million or $150 million business, this is why. I've been in the business a long time. And this platform is quite literally changing how a song is created. It's taking the A&Rs out of the music business and allowing people to share sounds and put together songs in a completely different way.

當我這麼說時，它可能是 1 億美元或 1.5 億美元的業務，這就是原因。我從事這個行業已經很長時間了。這個平台確實正在改變歌曲的創作方式。它將 A&R 從音樂行業中剔除出來，讓人們能夠以完全不同的方式分享聲音和組合歌曲。

I'll give you an example of something that I always tell people that really that just blows my mind. You can have a song that's almost completely finished. And with this platform, you can say, I love my song, but it's really missing the [car] sound from the 1992 Red Hot Chili Peppers album and then boom, it will pop out any sound that sounds somewhere similar to that sound that you're actually looking for. I think this is the future of the music publishing business. I think we're at early stages, but we got to version 2.0 a lot quicker than any of us planned to. And as soon as we start building in a subscription model, I think the sky is the limit. And that's for Drumify 3.0 in the next 6 months.

我舉個例子，我總是告訴人們，這真的讓我大吃一驚。您可以擁有一首幾乎完全完成的歌曲。有了這個平台，你可以說，我喜歡我的歌曲，但它確實缺少 1992 年 Red Hot Chili Peppers 專輯中的 [汽車] 聲音，然後砰的一聲，它會彈出任何聽起來與你的聲音相似的聲音。實際上正在尋找。我認為這就是音樂出版業的未來。我認為我們還處於早期階段，但我們到達 2.0 版本的速度比我們任何人計劃的都要快得多。一旦我們開始建立訂閱模式，我認為天空就是極限。這就是未來 6 個月內的 Drumify 3.0。

Okay. And is that included in the Audio numbers for the company?

好的。這是否包含在該公司的音頻數據中？

No, this -- is not.

不，這——不是。

There's very little in the projections today, Sean. But I can tell you that this is Josh's partner, Aidan, who started this is a 26-year-old young man who is really just so impressive and has really, really changing the industry in such a unique way and when I go back in my career and remember when I bought [Atmosphere] Films, as you know, Sean, right, when I hit the movie 300 and you start getting mailbox money, meaning every month or every quarter, you start getting money, it becomes so viral.

今天的預測很少，肖恩。但我可以告訴你，這是 Josh 的合夥人 Aidan，他是一個 26 歲的年輕人，他創辦了這個公司，他真的非常令人印象深刻，並且以如此獨特的方式真正改變了這個行業，當我回去時我的職業生涯，還記得當我購買[Atmosphere]電影時，肖恩，你知道，當我的電影達到300部時，你開始收到郵箱錢，這意味著每個月或每個季度，你開始收到錢，它變得如此病毒式傳播。

And literally, as we've launched 2.0, the phone is ringing off the hook on how many people are calling in that want to join our network now and the amount of songs that we have. And with Josh's background and his experience coming out of Roc Nation and his performance in creating and curating songs, right? We just have this really unique opportunity. And Josh maybe shy of what that number could be over the next 5 years, of how big that division could be. And we all know how big publishing has become, and every day you add -- it's almost a self-fulfilling prophecy, right? As you add more subscribers in music, free and paid, more dollars come into publishing, right? It's just going to expand that business, so this is a really exciting subsidiary with very little cost. It's almost all upside.

從字面上看，當我們推出 2.0 時，電話就會響起，顯示有多少人正在打電話希望加入我們的網絡以及我們擁有的歌曲數量。喬什的背景和他在 Roc Nation 的經歷以及他在創作和策劃歌曲方面的表現，對嗎？我們只是擁有這個非常獨特的機會。喬什可能不太清楚未來 5 年這個數字會是多少，也不知道這個部門會有多大。我們都知道出版業已經變得多麼龐大，每天你都會補充——這幾乎是一個自我實現的預言，對吧？當你增加更多的音樂訂閱者（無論是免費的還是付費的）時，就會有更多的錢投入到出版業，對嗎？它只是為了擴大業務，所以這是一個非常令人興奮的子公司，成本非常低。這幾乎都是有利的。

Question for Aaron. There's been some shifts in the repayment of debt and some changes there. Can you give us some sense of where the balance sheet stands today and what would you be expecting to pay in interest expenses over the course of fiscal '24?

問亞倫的問題。債務償還方式發生了一些變化，也發生了一些變化。您能否讓我們了解一下目前的資產負債表狀況以及您預計在 24 財年期間支付的利息費用是多少？

Rob, maybe you want to take -- you're back, sorry.

羅布，也許你想帶——你回來了，抱歉。

Yes, I'm back on. Thanks, Josh. So interest expense, let me see. So we're going to have -- so the preferred -- so we convert a preferred share, I'll just kind of walk through the kind of changes on the balance sheet very quickly. We convert a preferred share -- or sorry, preferred cash -- convertible debt to preferred shares, so that interest rate will pretty much be the same going forward. So there's no real changes there in terms of interest expense.

是的，我回來了。謝謝，喬什。那麼利息支出，讓我看看。因此，我們將擁有——所以是優先股——所以我們轉換優先股，我將很快地介紹一下資產負債表上的這種變化。我們將優先股（或者抱歉，優先現金）可轉換債務轉換為優先股，這樣利率在未來幾乎是相同的。因此，利息支出沒有真正的變化。

The big piece is that the PodcastOne bridge notes, where we paid $3 million back there, which is substantial -- that's over 50% of the balance that is outstanding with third-party shareholders, so you're going to see over a 50% reduction in that interest expense kind of going forward. So that's probably the biggest change on the interest line.

最重要的是 PodcastOne 橋記錄，我們在那裡支付了 300 萬美元，這是一筆巨款——超過第三方股東未償還餘額的 ​​50%，所以你會看到超過 50%未來利息支出將會減少。所以這可能是利息線上最大的變化。

But doesn't that just...

但這不就是...

And Sean just -- correct, correct. There's only $2 million left of that and we're happy that we've been able to buy back $3 million of the $5 million. It's very likely we'll be able to buy back the rest of it, so we're happy to do that. We really -- we're only -- almost debt free now. As you know, our friends over at No Street converted all their debt to equity. I converted all of mine, so $31 million in debt, which converted into equity at $2.10. And really, we're down to the only thing we have today is just a credit facility that is against our receivables and inventory. And we're $28 million -- almost $29 million of short-term assets and over $8 million in cash, and we closed -- it's a very nominal line of $7 million.

肖恩只是——正確，正確。只剩下 200 萬美元了，我們很高興能夠回購 500 萬美元中的 300 萬美元。我們很可能能夠回購剩下的部分，所以我們很高興這樣做。我們現在真的——我們只是——幾乎沒有債務了。如您所知，我們在 No Street 的朋友將他們所有的債務都轉換為股本。我轉換了我的全部資產，即 3100 萬美元的債務，以 2.10 美元的價格轉換為股權。實際上，我們今天擁有的唯一東西就是針對我們的應收賬款和庫存的信貸安排。我們有 2800 萬美元——近 2900 萬美元的短期資產和超過 800 萬美元的現金，我們結束了——這是名義上的 700 萬美元。

Right. Okay. And then, Rob, could you give us an update on your expected timing for finalizing the podcast spin-off? And then what's your ballpark timing on the Slacker transaction?

正確的。好的。然後，羅布，您能給我們介紹一下您完成播客衍生產品的預計時間嗎？那麼您對 Slacker 交易的大概時間安排是怎樣的呢？

Yes. So on the PodcastOne, as we stated, the SEC has approved it, right? So we're officially a public company in that. We're waiting on Nasdaq right now what they've asked us for, and we publicly disclosed, which -- it's not an unfair ask. I wish they had asked for it a lot earlier, but they asked for the audits to be given to them, so we'll provide the audits to them this week as soon as they have those audits there'll be a conference call with Nasdaq, and we're going to push full speed ahead. And I'm hoping to have this done certainly before the end of the summer. And if we're lucky, it will be in July.

是的。所以在 PodcastOne 上，正如我們所說，美國證券交易委員會已經批准了，對吧？所以我們正式成為一家上市公司。我們現在正在等待納斯達克，他們要求我們提供什麼，我們公開披露了，這不是一個不公平的要求。我希望他們早點提出要求，但他們要求向他們提供審計，所以我們將在本周向他們提供審計，一旦他們完成這些審計，就會與納斯達克舉行電話會議，我們將全速前進。我希望能在夏天結束之前完成這項工作。如果幸運的話，那將是七月。

Okay. And then Slacker?

好的。然後是懶鬼？

Slacker, as you know, with SPAC, this is with Byron and this SPAC that they've done. It's going to take -- I think we announced the deal probably 5 weeks ago. It takes 3 to 4 months minimum, but it's well in the works. And obviously, we're moving forward and expect to have announcements around it in terms of the stage that it's at and hopefully have the merger agreement signed shortly, so I think it's moving at a rapid pace but it will take somewhere in the 3- to 4-month period.

正如你所知，Slacker 與 SPAC 合作，這是與 Byron 和他們完成的 SPAC 合作。這需要——我想我們可能在五週前就宣布了這筆交易。至少需要 3 到 4 個月的時間，但進展順利。顯然，我們正在向前推進，並期望在目前的階段發布相關公告，並希望很快簽署合併協議，所以我認為它正在快速進展，但需要在 3-至4個月期間。

And as I articulated earlier, during that period, we will be using that currency and focused on that currency to be getting ready for that to be looking at additional tuck-in acquisitions into this exciting run. And as we stated in the Audio numbers, they're just -- it's really a runaway train right now. The numbers are spectacular, so it's a great time for us and a great opportunity for us to continue to grow that.

正如我之前所闡明的，在那段時期，我們將使用該貨幣並專注於該貨幣，為這一激動人心的運行做好準備，考慮進行額外的收購。正如我們在音頻數據中所說，它們現在確實是一列失控的火車。這些數字非常驚人，所以這對我們來說是一個美好的時光，也是我們繼續發展的絕佳機會。

Our next question comes from Jon Hickman from Ladenburg.

我們的下一個問題來自拉登堡的喬恩·希克曼。

Rob, I guess this question is for Aaron. I just want to check my math. From what you released today, it looks like Slacker's on track for -- if you take out the -- or they're on track for about $90 million in annual revenues, just off of what the fourth quarter was, and PodcastOne is on track for about $40 million, maybe more. So if you add those 2 numbers up, you get $130 million and your guidance is for $120 million to $130 million, is my math correct there?

羅布，我想這個問題是問亞倫的。我只是想檢查一下我的數學。從你今天發布的內容來看，Slacker 的年收入似乎有望達到約 9000 萬美元，略低於第四季度的水平，而 PodcastOne 也步入正軌。大約4000萬美元，也許更多。所以，如果你把這兩個數字相加，你會得到 1.3 億美元，而你的指導是 1.2 億到 1.3 億美元，我的數學正確嗎？

You're a little hard on the Slacker side.

你在懶鬼方面有點強硬。

$22 million times 4, $88 million, is that correct?

2200 萬美元乘以 4，即 8800 萬美元，對嗎？

No. I think you're taking 22 -- I think you're taking -- bear with me a second. So $22 million includes Slacker. And the $22.9 million, I think you're referring to is the Audio Division, that includes both [Slacker] and PodcastOne.

不，我想你要花 22 個——我想你要花——請耐心等待。所以 2200 萬美元包括 Slacker。我想你指的是音頻部門，其中包括 [Slacker] 和 PodcastOne，這 2290 萬美元。

(Operator Instructions) Our next question comes from Kevin Dede from H.C. Wainwright.

（操作員說明）我們的下一個問題來自 H.C. 的 Kevin Dede。溫賴特。

I'm curious about the international sphere, that question usually comes up. And I'm wondering how your progress is going there.

我對國際領域很好奇，這個問題經常出現。我想知道你的進展如何。

Excellent. So as you know, as part of this -- as we've always articulated, part of this was all the payables that needed to be cleaned up, right, from the original Slacker acquisition, which is really how we acquired the company, right? Now that, that's cleaned up, we're not only in a position with the record labels and publishers where previously we owed them a lot of money. Now we have advances with a lot of the record labels. So I think this is a unique time via acquisition right, or internal growth for us to expand overseas.

出色的。正如你所知，作為其中的一部分 - 正如我們一直闡明的那樣，其中一部分是需要清理的所有應付賬款，對吧，來自最初的 Slacker 收購，這實際上就是我們收購該公司的方式，對吧？現在，問題已經解決了，我們不僅可以與唱片公司和出版商合作，而之前我們欠他們很多錢。現在我們已經與很多唱片公司取得了進展。因此，我認為這是我們通過收購權或內部增長向海外擴張的獨特時機。

And when you think about these numbers, most subscription models are going to have 50% of their revenues in U.S. and 50% globally. I think this is our year to really attack the global market and I see huge expansion opportunities. And very similar to when I did Digital Turbine, I always talked about as interest rates change, you're going to see carriers as well as distributors, right, change their models dramatically and really focusing on owning their own content and having a direct relationship with their consumers. And I think this is at -- that's the inflection point that you're starting to see in a massive way, you're seeing announcements all over the place, a real focus on having a direct dialogue between distributors, carriers, cable companies, satellite, social media companies and their consumers with their own content. So it's an exciting time for us to expand overseas.

考慮到這些數字，大多數訂閱模式的收入將有 50% 來自美國，50% 來自全球。我認為今年是我們真正進攻全球市場的一年，我看到了巨大的擴張機會。與我做數字渦輪機時非常相似，我總是談到隨著利率的變化，你會看到運營商和分銷商，對吧，極大地改變他們的模式，真正專注於擁有自己的內容並建立直接關係與他們的消費者。我認為這是一個拐點，你開始大規模地看到，你會看到到處都是公告，真正關注分銷商、運營商、有線電視公司之間的直接對話，衛星、社交媒體公司及其消費者擁有自己的內容。因此，對於我們來說，這是一個激動人心的海外擴張時刻。

You mentioned just in passing the opportunity for live events again. Can you kind of go through what you're seeing there and what you're thinking about? And then -- and apologies for the ignorance on this question, but where it's going to fit in? Into which group? Would that go under Audio and the spin with PodcastOne?

您剛才提到了再次舉辦現場活動的機會。您能介紹一下您在那裡所看到的和所想的嗎？然後——對這個問題的無知表示歉意，但它適合在哪裡呢？分到哪個組？這會屬於音頻和 PodcastOne 的旋轉嗎？

Yes, it's a great question. So to start with, just to be clear, we are not going back into the live business where we're producing our own shows and doing our own shows on our dime, right? So that -- we got our learning lesson. We went through -- obviously, when we bought React in Chicago, right, even though there were substantial revenues, it cost us a ton of money.

是的，這是一個很好的問題。首先，要明確的是，我們不會回到現場業務，用我們的錢製作我們自己的節目並做我們自己的節目，對吧？這樣——我們就得到了教訓。我們經歷了——顯然，當我們在芝加哥購買 React 時，對吧，儘管收入可觀，但我們還是花了很多錢。

And we got a lot of bad luck. Obviously, COVID, the variants of COVID and being shut down for 3 years. But I think as a team, we recognize we just -- we couldn't play in that field when 3 years it was shut down [due to] COVID, so we moved away from those live events. But from the digital side of it, what's happening is the consumer is awaken during COVID, just like sports 40 years ago that the consumer is demanding that you see Coachella and Rock in Rio. When you hear these numbers, they're like Super Bowl numbers, 100 million people watched Coachella this year. Our dynamics on that are moving more and more towards pay-per-view or sponsored events that are already paid for.

我們的運氣也很不好。顯然，新冠病毒，新冠病毒的變種，被封鎖了三年。但我認為作為一個團隊，我們認識到我們只是 - 由於新冠疫情而關閉了三年，我們無法參加該領域的比賽，所以我們不再參加那些現場活動。但從數字方面來看，正在發生的事情是消費者在新冠疫情期間被喚醒，就像 40 年前的體育運動一樣，消費者要求你在里約看到科切拉音樂節和搖滾音樂節。當你聽到這些數字時，它們就像超級碗數字一樣，今年有 1 億人觀看了科切拉音樂節。我們在這方面的動態越來越傾向於按次付費或已經付費的讚助活動。

So you've seen us do a giant event with eBay where they're paying for all of it up front. You seen us lead T-Pain's festival, he paid for it upfront. So each of these events that you're seeing now are paid for versus us buying those rights, and you're not going to see us go back into the market with our own live events. We're going to be partnering with the Live Nations and the AEGs in the -- parts of the world, and I think the opportunity is just going to be massive.

您已經看到我們與 eBay 合作舉辦了一場大型活動，他們預先支付了所有費用。你看到我們主持了 T-Pain 的音樂節，他預先支付了費用。因此，您現在看到的每場活動都是付費的，而不是我們購買這些權利，而且您不會看到我們以自己的現場活動重新進入市場。我們將與世界各地的 Live Nations 和 AEG 合作，我認為機會將是巨大的。

And I think you're going to see this year the first ever pay-per-view event. If you think that we had 5 years in a row, where 90 million people are now watching Rock in Rio. If you can just get 1% of that audience to pay a pay-per-view ticket at $0.10 on the dollar on what they pay for the live event, you can add billions of dollars of revenues over the next couple of years. And we see it as one of our giant growth engines with almost no risk to us anymore.

我認為今年您將看到有史以來第一個按次付費的活動。如果你認為我們已經連續 5 年有 9000 萬人觀看里約搖滾了。如果你能讓 1% 的觀眾以 0.10 美元的價格購買按次觀看的門票，那麼你就可以在未來幾年內增加數十億美元的收入。我們將其視為我們巨大的增長引擎之一，對我們來說幾乎不再有任何風險。

You just -- you see each of the announcements that we make. We announced hockey wars, we're getting paid for that upfront, right? We got margin in it, and then we have the upside of all the additional revenues from it that can drive it, including pay-per-view, merchandise, NFTs, et cetera across the board and obviously the pay-per-view.

您只需--您就會看到我們發布的每一項公告。我們宣布了曲棍球大戰，我們為此獲得了預付款，對嗎？我們從中獲得了利潤，然後我們還獲得了所有可以推動它的額外收入的優勢，包括按次付費、商品、NFT 等，當然還有按次付費。

Then how do you cultivate these relationships with Live Nation and AEG and building a pay-per-view audience or a pay-per-view opportunity against something that they might want to do internally?

那麼，您如何培養與 Live Nation 和 AEG 的關係，並建立按次付費觀眾或針對他們可能想要在內部做的事情的按次付費機會？

It's a great question. And what I would tell you is that Brad and the tech team have brilliantly on top of the 45 patents we have in the history of 20 years in building Slacker Radio and being one of the 10 platforms in the world that's really left, right, in this market that's tens of billions of dollars. There's only 10 of us left in the world enabled to do it. Brad and the team have brilliantly built a pay-per-view, digital meet and greets, NFTs, we've partnered with Polygon, and we really positioned ourselves as the thought leader in it. And I don't think anybody has ever streamed with the quality that we have to really to perfection from everywhere from Brazil to China to Japan to Sziget in Budapest to Jazz Montreux in Switzerland.

這是一個很好的問題。我要告訴你的是，Brad 和技術團隊在 20 年構建 Slacker Radio 的歷史中擁有 45 項專利，並取得了出色的成就，並成為世界上真正左、右、右的 10 個平台之一。這個市場有數百億美元。世界上只剩下我們 10 個人能夠做到這一點。 Brad 和他的團隊出色地構建了按次付費的數字見面會、NFT，我們與 Polygon 合作，我們真正將自己定位為其中的思想領袖。我認為，從巴西到中國，再到日本，再到布達佩斯的 Sziget，再到瑞士的 Jazz Montreux，我認為沒有人能夠達到我們必須真正做到完美的質量。

And now is just moving -- the next move to that, is who's really going to be able to deliver that production at that level, who's going to be able to deliver the pay per view and make sure that it works and lasts. And I think we're the only ones in the world that can do it at that level.

現在只是移動 - 下一步是誰將真正能夠提供該級別的製作，誰將能夠提供按次付費並確保其有效和持久。我認為我們是世界上唯一能夠達到這一水平的國家。

Okay. Last question is just for clarity's sake because I think things are a little scrambled up in my head, Rob, and I apologize. But, you -- in addressing Brian's question early on, you thought that most valuations in the podcast space were coming in about 1x rev. So I just like to understand how your looking at those valuations versus your perception that LiveOne is itself is and its trading is overly discounted. How are these acquisitions going to become accretive based on -- sort of based on your perception.

好的。最後一個問題只是為了清楚起見，因為我覺得我腦子裡的事情有點混亂，羅布，我很抱歉。但是，您在早些時候回答 Brian 的問題時，認為播客領域的大多數估值約為 1 倍。因此，我只是想了解您如何看待這些估值以及您對 LiveOne 本身及其交易過度折扣的看法。這些收購將如何變得增值——有點取決於你的看法。

Yes, Kevin, I think you heard wrong. The valuations for podcast businesses, right, have been -- literally have been 5x to 30x revenues. So the last deal that was done, Sirius Radio just bought a podcast network 7 months ago and was doing $10 million in revenues. It's not even on the charts of top podcast networks and it sold for $150 million in cash. And if you look at just about every deal in the space because the industry is growing so fast, it's grown from $400 million pre-COVID to $1.6 billion this year, right? And it's going to $7 billion to $10 billion over the next 5 to 7 years, right?

是的，凱文，我想你聽錯了。播客業務的估值確實是收入的 5 倍到 30 倍。在完成的最後一筆交易中，Sirius Radio 於 7 個月前剛剛收購了一個播客網絡，當時的收入為 1000 萬美元。它甚至沒有進入頂級播客網絡的排行榜，但它以 1.5 億美元的現金價格出售。如果你看看該領域的幾乎每一筆交易，因為該行業增長如此之快，它的交易額已從新冠疫情前的 4 億美元增長到今年的 16 億美元，對嗎？未來 5 至 7 年內，這一數字將達到 70 億至 100 億美元，對嗎？

There's going to be this unique opportunity right now that we can roll up some of these smaller podcast networks that really -- there's not a home to go to right now. They need the sophistication and the talent that Kit and his team have and the hand-holding process and the relationship with the creators. So it's really unique, but it's not a 1x revenue. It's really, really been 5x to 30x revenues for these businesses.

現在將有一個獨特的機會，我們可以整合一些較小的播客網絡，現在確實沒有家可以去。他們需要 Kit 和他的團隊所擁有的成熟度和才華，以及與創作者的牽手過程和關係。所以它確實很獨特，但它不是 1 倍的收入。這些企業的收入確實是原來的 5 倍到 30 倍。

Okay. But I guess -- I apologize, Rob, but I guess the ones that you're targeting are discounted because they don't have that sophisticated back-end in access, and maybe that's where I heard the onetime revenue number that you threw out.

好的。但我想——我很抱歉，羅布，但我想你所瞄準的那些人都打了折扣，因為他們沒有那麼複雜的後端訪問，也許這就是我聽到你拋出的一次性收入數字的地方。

Yes. These are businesses that don't have any technology, right? They have some creators on the platform -- some amazing creators on the platform, but they don't have it. The second thing that's happened is, the market's collapsed, right? There is no venture capital money or private equity money going into these because they're too small, right? For the focus -- for people to focus on it, right? And so like all industries, when it has that run up, you're going to have this little break that is going to be anywhere from 9 months to 2 years. It's just a fantastic opportunity.

是的。這些企業沒有任何技術，對嗎？他們的平台上有一些創作者——平台上有一些令人驚嘆的創作者，但他們沒有。發生的第二件事是，市場崩潰了，對吧？沒有風險投資資金或私募股權資金進入這些領域，因為它們太小了，對吧？為了焦點——讓人們集中註意力，對嗎？因此，像所有行業一樣，當它開始運行時，您將有一個短暫的休息時間，時間從 9 個月到 2 年不等。這真是一個絕佳的機會。

The pipeline of acquisitions as well as the pipeline of just creators who are going to leave the bigger platforms because they're just not meaningful enough to them where they're so meaningful to us, right? And because we're a hands-on, white glove relationship with our creators, it's just a -- it's a very unique opportunity right now. We have over 100 pipes -- in the pipeline right now over 100 podcasts alone, yet acquiring businesses to acquire podcasters becoming free agents.

收購的渠道以及創作者的渠道，他們將離開更大的平台，因為它們對他們來說不夠有意義，而對我們來說卻如此有意義，對吧？因為我們與我們的創作者是一種親力親為、白手套的關係，所以現在這是一個非常獨特的機會。我們有超過 100 個管道——目前僅在管道中就有 100 多個播客，但我們還在收購企業以收購成為自由代理的播客。

Can you talk a little bit about how the integration between PodcastOne and Slacker has reflected on your membership growth?

您能談談 PodcastOne 和 Slacker 之間的整合對您的會員增長有何影響嗎？

Yes. I mean, just to start with, just think about -- and I apologize, we're always going to talk about this amazing relationship with Tesla that's now going on 10 years. But for the first time ever, we now have over 100 podcasts inside of Tesla cars, right? It's a whole new revenue stream that comes through, right? Our combination across it, right, when we did Adam Carolla's first show, we're surprised and put, I think it was 2 or 3 of his favorite artists on to his live show, and we had over 1 million people watching, so the combination of music and pop culture and combining across podcasting and music is obviously very powerful. And both keeping your subscribers as well as growing your subscribers, and we're really in the infancy stage of that, right?

是的。我的意思是，首先，想一想——我很抱歉，我們總是會談論與特斯拉的這種奇妙的關係，這種關係現在已經持續了 10 年。但有史以來第一次，我們現在在特斯拉汽車內擁有 100 多個播客，對嗎？這是一個全新的收入來源，對吧？我們的組合，對吧，當我們做 Adam Carolla 的第一場演出時，我們很驚訝，我認為有 2 到 3 位他最喜歡的藝術家參加了他的現場表演，我們有超過 100 萬人觀看，所以音樂和流行文化的結合，以及跨播客和音樂的結合顯然是非常強大的。既要留住訂閱者，又要增加訂閱者，我們確實處於起步階段，對嗎？

It took time to consolidate. This was hard with COVID, right? We've just gotten these teams together. And I couldn't be happy the relationship between Brad and Kit is so powerful. The relationship between our tech teams and our media has come together. And I think this is that year that we really have an opportunity to knock the cover off the ball and continue to grow with the rapid and record-breaking paces of both sponsorship as well as membership.

需要時間來鞏固。這對新冠病毒來說很難，對吧？我們剛剛將這些團隊聚集在一起。我很高興布拉德和基特之間的關係如此牢固。我們的技術團隊和媒體之間的關係已經融為一體。我認為今年我們確實有機會打破常規，並隨著贊助和會員的快速且破紀錄的步伐繼續發展。

Do you expect to continue that trend of integrating podcast content into Slacker?

您是否希望繼續將播客內容集成到 Slacker 中？

Absolutely. Absolutely -- yes, absolutely. I mean just -- again, we're a creator-first platform, right? The more original program we put on, right, the stronger our offering is. And as I articulated on the call, we're the lowest-cost provider. So we're 1/3 of the price of our competitors. In some cases, we're 1/10 of the price, as you know with Sirius Radio, so we're an average of under $3.5 a month.

絕對地。絕對——是的，絕對。我的意思是——再說一次，我們是一個創作者優先的平台，對嗎？我們推出的節目越原創，對吧，我們的產品就越強大。正如我在電話中所說，我們是成本最低的提供商。所以我們的價格是競爭對手的 1/3。在某些情況下，我們的價格是 Sirius Radio 的 1/10，因此平均每月費用不到 3.5 美元。

And the reason we can do that is because we have so much original programming. The more original programming we command, the better margins we're going to have. The more revenue streams that we can drive from the same piece of content, right, the more money we can make. What we see in Adam Carolla when we go from -- he started as a radio guy. Radio to podcasting to pay-per-view, right, now add into that, add merchandising. And we're about to launch multiple different products that are in conjunction and ownership with our talent with very little risk in the company a huge massive upside. And as you watch everyone from Kim Kardashian to George Clooney to McGregor have all built these businesses -- Rihanna have all built these businesses with $1 billion-plus numbers on them, right? And they've built them off the backs of their social media. And I don't think that trend is ever changing ever again, right?

我們之所以能做到這一點，是因為我們有如此多的原創節目。我們掌握的原創節目越多，我們的利潤就越高。我們從同一內容中獲得的收入流越多，我們就能賺到越多的錢。當我們離​​開時，我們在亞當·卡羅拉身上看到的是——他最初是一名廣播員。廣播到播客，再到按次付費，對吧，現在添加進去，添加推銷。我們即將推出多種不同的產品，這些產品與我們的人才相結合併擁有所有權，而公司風險很小，具有巨大的優勢。當你看到從金·卡戴珊 (Kim Kardashian) 到喬治·克魯尼 (George Clooney) 到麥格雷戈 (McGregor) 的每個人都建立了這些業務時，蕾哈娜 (Rihanna) 都建立了這些價值超過 10 億美元的業務，對嗎？他們是在社交媒體的基礎上建立起來的。我認為這種趨勢不會再改變，對吧？

As you see it, you have these superstar talents, these creators have over 100 million followers. They could have the same amount of people watching content on a daily basis that the Super Bowl has 1 day a year, so we're going to continue to do that. And you're going to see a big push for that additional revenue stream coming from those same creators across audio, podcasts and social media and our overall platform.

正如你所看到的，你擁有這些超級巨星的才華，這些創作者擁有超過一億的粉絲。他們每天觀看內容的人數可能與超級碗每年觀看一天的人數相同，因此我們將繼續這樣做。您將看到來自音頻、播客和社交媒體以及我們整個平台的相同創作者對額外收入流的巨大推動。

So everything you're watching us do is build communities and those communities just keep getting bigger and bigger. And what Kit and the team have done so brilliantly is they cross over between that community, right? And now you have T-Pain doing a podcast, right? So have a music artist doing it. We did the same thing with Pitbull. You're going to see more and more of that -- more of the crossover and pop culture that gets more and more exciting every day.

所以你看到我們所做的一切都是為了建立社區，而這些社區正在變得越來越大。 Kit 和團隊做得如此出色的地方在於他們跨越了這個社區，對吧？現在 T-Pain 正在做播客，對吧？所以請音樂藝術家來做這件事。我們對比特犬也做了同樣的事情。你將會看到越來越多的這種現象——越來越多的跨界和流行文化，每天都變得越來越令人興奮。

We have no further questions registered. I will now hand back to Rob Ellin for final remarks.

我們沒有登記任何其他問題。現在我將把最後的發言交還給羅布·埃林。

I just want to thank everyone again for being here with us today. As you can see, this is the most exciting time in the history of the company. We really put together a massive community across audio, video, pay-per-view, social media. It's going to continue to grow. And I think this is the most exciting time in the history of this company. And for any of you that have been investors with me before and our companies, I truly, as I've articulated before, this is the first time ever that not only is this -- do we have a company that could be a unicorn. We have multiple companies within the same -- within LiveOne, that each one of them has the opportunity of being a unicorn. And I think you're going to see more and more of that and just seeing the likes of bankers and outside parties valuing our podcast business over $200 million, valuing our Slacker business, right, at $160 million, and it's grown so fast even since that valuation, could be higher than that.

我只想再次感謝大家今天和我們在一起。正如您所看到的，這是公司歷史上最激動人心的時刻。我們確實建立了一個涵蓋音頻、視頻、按次付費、社交媒體的龐大社區。它將繼續增長。我認為這是這家公司歷史上最激動人心的時刻。對於任何曾經與我和我們公司一起做過投資者的人來說，我真的，正如我之前所闡述的那樣，這是有史以​​來第一次，這不僅是——我們有一家可以成為獨角獸的公司。我們在同一家公司內有多家公司——在 LiveOne 內，他們每一家都有成為獨角獸的機會。我認為你會看到越來越多的這種情況，看到銀行家和外部人士對我們的播客業務的估值超過 2 億美元，對我們的 Slacker 業務的估值為 1.6 億美元，而且即使從那時起，它的增長速度仍然如此之快。該估值可能會更高。

As you put those pieces together, just those 2 divisions alone -- just Audio Division could be worth $5 a share. As you think about our publishing, as Josh articulated, you think about our merchandise and owning your own products, right? And you look across our pay per view, we've got 5 potential unicorns within 1 company. I'm looking forward to PodcastOne starting to trade on its own. I'm looking forward to Slacker Radio being able to trade on its own, and I appreciate everybody for spending the time with us and being patient with us and we're going to continue to grow, and we're going to continue to work really, really hard to deliver for our shareholders.

當你把這些部分放在一起時，僅這兩個部門——僅音頻部門就可以每股值 5 美元。正如喬什所闡述的那樣，當您想到我們的出版時，您會想到我們的商品並擁有您自己的產品，對嗎？你看看我們的按次付費，我們在 1 家公司中有 5 家潛在的獨角獸。我期待 PodcastOne 開始自行交易。我期待 Slacker Radio 能夠自行進行交易，我感謝大家花時間與我們在一起並對我們保持耐心，我們將繼續成長，我們將繼續努力為我們的股東提供服務確實非常困難。

So I want to thank everyone.

所以我要感謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。