LiveOne Inc (LVO) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the LiveOne, Inc. Q3 results and corporate update webcast and conference call. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions) I want to hand over to our host, Aaron Sullivan, CFO, to begin. Aaron, please go ahead.

大家好，歡迎收看 LiveOne, Inc. 第三季業績和公司更新網路廣播和電話會議。我叫查理，今天我將協調通話。 （操作員指示）我想請我們的主持人、財務長 Aaron Sullivan 開始發言。亞倫，請繼續。

Thank you. Good morning and welcome to LiveOne's business update and financial results conference call for the company's second quarter ended September 30, 2023.

謝謝。早安，歡迎參加 LiveOne 公司截至 2023 年 9 月 30 日的第二季業務更新和財務業績電話會議。

Presenting on today's call with me today is Rob Ellin, CEO and Chairman of LiveOne. 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.

LiveOne 執行長兼董事長 Rob Ellin 出席了今天的電話會議。我想提醒大家，今天的電話會議中所做的一些陳述是前瞻性的，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。這些陳述包括但不限於有關公司未來業績的陳述，包括預期的未來財務表現和預期的未來業務成長。

Actual results may differ materially from those discussed in this call from 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, 2023, and subsequent SEC filings.

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有重大差異。請參閱該公司向 SEC 提交的文件，以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 2023 年 3 月 31 日的年度 10-K 表格年度報告中描述的因素，以及隨後向SEC 提交的文件。

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 investor relations website. The company encourages you to periodically visit 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。本公司鼓勵您定期造訪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, November 9, 2023. And as except, as required by law, the company does not undertake any obligation to update or revise this information after the date of the 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 11 月 9 日）管理層的觀點。除法律要求外，本公司不承擔任何更新義務或在通話日期後修改此資訊。

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 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 I read distribution, transmission, or rebroadcast of this call or the webcast in any form without the company's express or written consent is strictly prohibited.

我想向投資人強調，這次電話會議正在錄音。該公司正在透過網路廣播向投資者和媒體提供此信息，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，未經公司明確或書面同意，嚴禁以任何形式分發、傳播或轉播本次電話會議或網路廣播。

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 的執行長 Rob Ellin。

Thank you, Aaron, and good morning, everyone. I'd like to thank everyone for joining us today. Investor appetite demand for micro-cap stocks began to decline and soften almost two years ago. We made major strategic decisions then to protect our shareholders' capital, take aggressive cost cutting measures, and solely put on predictable growth units with the highest profit margins in an effort to strengthen our balance sheet, drive profits, and be a desirable place for investors when the market cycles change.

謝謝你，亞倫，大家早安。我要感謝大家今天加入我們。投資者對微型股的興趣需求在大約兩年前就開始下降和疲軟。當時我們做出了重大策略決策，以保護股東資本，採取積極的成本削減措施，並只投資利潤率最高的可預測成長單位，以努力加強我們的資產負債表，提高利潤，並成為投資者理想的地方當市場週期改變時。

We have used almost all of our resources to expand our audio division consisting of Slacker Radio and PodcastOne. This is the largest divergence disconnect that I've seen in 40 years in the public markets between large and micro caps. Growth at any cost is not the way right now. Over the past two years, I'm thrilled to announce that we have done a remarkable job of delivering $32 million in consolidated cost savings, and are looking at another $3 million to $5 million over the next few months.

我們幾乎動用了所有資源來擴展我們的音訊部門，包括 Slacker Radio 和 PodcastOne。這是 40 年來我在公開市場上看到的大型股和微型股之間最大的分歧。不惜一切代價實現成長並不是目前的出路。在過去的兩年裡，我很高興地宣布，我們已經完成了一項出色的工作，實現了 3,200 萬美元的綜合成本節省，並計劃在未來幾個月內再節省 300 萬至 500 萬美元。

We have purchased over 3.5 million shares in the buyback and have left room to acquire another 5 million shares. Our balance sheet is the best in company's history with $0 debt and over $28 million in short-term assets. On our audio business, we acquired Slacker and PodcastOne to combined companies produced about $40 million in revenues and $15 million annually. And need a lot of work to clean up.

我們在回購中購買了超過 350 萬股，並留有空間再買 500 萬股。我們的資產負債表是公司歷史上最好的，債務為零，短期資產超過 2800 萬美元。在音響業務方面，我們收購了 Slacker 和 PodcastOne，合併後的公司收入約為 4,000 萬美元，年收入為 1,500 萬美元。並且需要大量的工作來清理。

This morning, I'm proud to announce that our management teams have reported a combined audio business now delivering $52.6 million, a record number and $10.3 million of EBITDA just for the first six months. We raised our EBITDA and cash flow guidance on the audio business $18.5 million to $21 million of EBITDA. That combined effort has been a $35 million swing from the time of these acquisitions.

今天早上，我很自豪地宣布，我們的管理團隊報告稱，合併後的音頻業務現已實現 5,260 萬美元的創紀錄數字，僅前六個月就實現了 1,030 萬美元的 EBITDA。我們將音訊業務的 EBITDA 和現金流指引從 1,850 萬美元提高到 2,100 萬美元。自這些收購之日起，這些共同努力已花費了 3,500 萬美元。

To clearly articulate and simplify why our hockey stick growth is coming from these two key revenue streams. One is subscription, and two is sponsorship. Our subscribers have grown eight times from 400,000 to over 3.3 million in the 5-year period. Our sponsorship has grown 2.5 times with over 700 blue-chip sponsors on our platform this year.

清楚地闡明和簡化為什麼我們的曲棍球棒成長來自這兩個主要收入來源。一是訂閱，二是贊助。 5 年間，我們的訂閱者數量增加了 8 倍，從 40 萬增加到 330 萬以上。今年，我們的贊助量成長了 2.5 倍，平台上的藍籌贊助商超過 700 家。

In September this year, LiveOne completed the spin out of PodcastOne as a separately traded public company on December, symbol PODC. Management commitment to increase shareholder value issued a dividend of 18% to our shareholders. The spin out made PodcastOne, the first stand-alone podcast network to list and trade on a national exchange. And so far for the first time, investors now have the opportunity to invest directly in that fast-growing podcast business.

今年 9 月，LiveOne 於 12 月完成了 PodcastOne 的分拆，成為一家獨立上市公司，股票代號為 PODC。管理階層承諾增加股東價值，向股東派發了 18% 的股利。此次分拆使 PodcastOne 成為第一個在國家交易所上市和交易的獨立播客網路。迄今為止，投資者第一次有機會直接投資快速成長的播客業務。

Trading between $60 million and 100 million valuation since it started trading on Nasdaq, LiveOne owns 80%, leaving wide ones remaining for subsidiaries trading at nominal valuation. PodcastOne is doubling the number of top creators on its platform in the three-year period, adding 18 already this year. At an average about $350,000 in revenues per podcast. We have increased revenues to $21 million for the six months and growing up from the $20 million when we acquired the business.

自在納斯達克上市以來，LiveOne 的估值在 60​​00 萬至 1 億美元之間，LiveOne 擁有 80% 的股份，剩下的大部分股份留給以名義估值交易的子公司。 PodcastOne 在三年內將其平台上的頂級創作者數量增加了一倍，今年已增加 18 名。每個播客的平均收入約為 35 萬美元。六個月內，我們的收入已從收購該業務時的 2,000 萬美元增至 2,100 萬美元。

We currently have over 100 podcasts in the pipeline. This is about 7x our normal pipelines and over 10 potential acquisitions; the largest opportunity in the history of PodcastOne. I encourage everyone to listen to the separate PodcastOne earnings and business update call at 1:30 Eastern today.

目前我們正在準備 100 多個播客。這大約是我們正常管道的 7 倍，以及 10 多個潛在收購； PodcastOne 史上最大的機會。我鼓勵大家收聽今天東部時間 1:30 舉行的 PodcastOne 收益和業務更新電話會議。

Now to Slacker Radio, we just extended our Tesla partnership for the 10th straight year. Every Tesla car sold in North America comes with a paid membership to LiveOne. These members are paid directly to LiveOne by Tesla. Expanding our management team with a clear focus on B2B partnerships, we identified five verticals and have now over 27 blue-chip billion-dollar-plus companies in our pipeline.

現在，Slacker Radio 宣布，我們剛剛連續第十年延長了與特斯拉的合作關係。在北美銷售的每輛特斯拉汽車都附帶 LiveOne 付費會員資格。 Tesla 直接向 LiveOne 支付這些會員費用。我們擴大了我們的管理團隊，明確關注 B2B 合作夥伴關係，確定了五個垂直領域，目前我們的管道中擁有超過 27 家價值超過 10 億美元的藍籌公司。

This combined efforts -- combined opportunities almost guarantee another huge growth year for next year already in place before we even finished our 9th month of this year. I indicated last year we'll pass over 10 million members within five years and over $1 billion in revenues. Over the past 12 months, we've added a record 679,000 new paid members, an average of over $3 ARPU. And now passed 3.3 million total members, 2.4 million paid members. We expect to pass over 4 million total members by the end of next year and over 3 million paid members.

這種共同的努力——共同的機會幾乎保證了明年的另一個巨大增長年在我們今年第九個月結束之前就已經到位。我去年曾表示，五年內我們的會員數將超過 1,000 萬，營收將超過 10 億美元。在過去 12 個月中，我們新增了創紀錄的 679,000 名新付費會員，平均 ARPU 超過 3 美元。現在會員總數已超過330萬，其中付費會員240萬。我們預計到明年年底會員總數將超過 400 萬，付費會員將超過 300 萬。

To better understand these metrics, Goldman Sachs issued a report that the industry will hit 1.7 billion paying subscribers by 2027. LiveOne would only need 1% of that addressable market to easily surpass that number. Given the strength in the business, we believe our stock is extremely undervalued. So we recently expanded our buyback program to $8.5 million, leaving almost $5 million of additional buying.

為了更好地理解這些指標，高盛發布了一份報告，稱該行業的付費用戶到 2027 年將達到 17 億。LiveOne 只需要佔據該目標市場的 1% 即可輕鬆超越這一數字。鑑於業務實力，我們認為我們的股票被嚴重低估。因此，我們最近將回購計畫擴大到 850 萬美元，剩下近 500 萬美元的額外購買。

Now I'd like to hand it off to Aaron Sullivan, our CFO. Thank you, Aaron.

現在我想將其交給我們的財務長 Aaron Sullivan。謝謝你，亞倫。

Thanks, Rob. I'll spend just a few minutes providing a very brief overview of our results for the second quarter of fiscal 2024, which is ended September 30. Consolidated revenue for the three-month period ended September 30, '23, was $28.5 million. Slacker posted record revenue for Q2 of $16.4 million and adjusted EBITDA of $5 million. And PodcastOne posted revenue of $10.5 million and adjusted EBITDA of $100,000.

謝謝，羅布。我將花費幾分鐘時間非常簡短地概述我們截至 9 月 30 日的 2024 財年第二季度的業績。截至 2023 年 9 月 30 日的三個月期間的合併收入為 2850 萬美元。 Slacker 公佈第二季營收創紀錄，達到 1,640 萬美元，調整後 EBITDA 為 500 萬美元。 PodcastOne 公佈營收為 1,050 萬美元，調整後 EBITDA 為 10 萬美元。

In the second quarter of fiscal '24, revenue consists of 58% membership and 42% sponsorship, advertising, merchandising, and other compared to 64% membership and 46% advertising, sponsorship, and merchandise in the prior year period. Consolidated adjusted EBITDA for Q2 FY24 is $2.8 million.

在24 財年第二季度，收入由58% 的會員收入和42% 的贊助、廣告、商品及其他收入組成，而去年同期的收入為64% 的會員收入和46% 的廣告、贊助和商品收入。 2024 財年第二季的合併調整後 EBITDA 為 280 萬美元。

On a US GAAP basis, LiveOne posted a consolidated net loss of $6.5 million or [$0.07 per diluted share in Q2] fiscal '24. As of September 30, 2023, we had approximately 2.4 million paid members, a net increase of 697,000 or 38% compared to the prior year. Total members, which include free members were approximately 3.3 million as of September 30. Note that included in the total members or certain members who are currently subject to a contractual dispute for which we are not currently recognizing revenue.

根據美國公認會計原則，LiveOne 公佈的 24 財年綜合淨虧損為 650 萬美元，即[第二季攤薄後每股虧損 0.07 美元]。截至2023年9月30日，我們約有240萬付費會員，較上年淨增加69.7萬人，增幅38%。截至 9 月 30 日，會員總數（包括免費會員）約為 330 萬。請注意，會員總數中包括目前存在合約糾紛但我們目前尚未確認收入的某些會員。

Rob, I'll turn it back to you.

羅布，我會把它還給你。

We may have lost Rob. Operator, do you want to open it up for questions?

我們可能失去了羅布。接線員，您想打開它提問嗎？

Sorry, guys. So just to wrap it up before we go to Q&A. Balance sheet, the strongest it's have been in history of the company, $28 million of short-term assets with $0 debt. $15 million of debt was converted at $2.10 and another $8 million of debt was converted into PodcastOne stock at $3, well above both of those markets. Record subscriber growth, record listenership, largest pipeline in the history of the company, a record EBITDA, record cash flows, and a largest pipeline of acquisitions in the hopper as well.

對不起大家。在我們進行問答之前先總結一下。資產負債表達到公司歷史上最強勁的水平，短期資產為 2800 萬美元，債務為零。 1500 萬美元的債務以 2.10 美元的價格轉換，另外 800 萬美元的債務以 3 美元的價格轉換為 PodcastOne 股票，遠高於這兩個市場。創紀錄的訂戶成長、創紀錄的聽眾數量、公司歷史上最大的管道、創紀錄的 EBITDA、創紀錄的現金流以及最大的收購管道。

So with that, I'd like to open it up to Q&A. Thank you, everyone, for joining.

因此，我想將其開放給問答環節。謝謝大家的加入。

(Operator Instructions)

（操作員說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

And this is [Sheldon] on for Brian. Thanks for taking my questions. Firstly, could you share any updates on [cast]? More specifically, how many podcasts from cast have you onboarded and how many more do you expect to onboard and over what timeframe?

這是 [Sheldon] 為 Brian 做的。感謝您回答我的問題。首先，可以分享一下[cast]的最新情況嗎？更具體地說，您已經加入了多少個播客，您預計還會加入多少個播客，以及在什麼時間範圍內加入？

It's a great question. Thank you. So on cast, they had about 27 podcasts. We've onboarded around 6 or 7 at this point. It took a little longer than we expected because of the timing of the uplisting, which took us almost five months longer than we expected, but we're seeing great telltale signs. We'll continue to add podcasts. And I think you should see an additional update over the next few days with substantial podcasts added to the network.

這是一個很好的問題。謝謝。所以在演員陣容中，他們有大約 27 個播客。此時我們已經加入了大約 6 或 7 個。由於升級的時間，我們花費的時間比我們預期的要長一些，這比我們預期的時間長了近五個月，但我們看到了很好的跡象。我們將繼續添加播客。我認為您應該在接下來的幾天內看到額外的更新，並在網路中添加大量播客。

Great, thank you. And then outside of cast, can you talk about what the reasonable goals are for a number of titles you hope to onboard annually?

太好了謝謝。那麼除了演員之外，您能談談您每年希望推出的一些遊戲的合理目標是什麼嗎？

Yeah. So this is going to be a really special year and that we've onboarded 18 podcasts already this year. We have over 100 in our pipeline that we're bidding on today. And these are existing -- almost all of are existing podcasts that are moving from other networks that the doors have open. That right now it has been --. For the last three years, this has been a seller's market for podcasters.

是的。因此，這將是非常特別的一年，今年我們已經推出了 18 個播客。今天我們正在競標的項目中有 100 多個。這些都是現有的——幾乎所有的現有播客都是從其他已經開放的網路轉移過來的。現在已經是——。在過去的三年裡，這對播客來說一直是賣方市場。

Right now, it's a buyer's market for podcast networks. And so there's great opportunities and way better deals and economics for the networks than they were previously. And actually the floodgates opening. This should be -- the second half of year should be very similar to the first half of the year. And I could see us adding well over 30 podcasts this year.

目前，播客網路處於買方市場。因此，與以前相比，網路有巨大的機會、更好的交易和經濟效益。實際上閘門打開了。這應該是──下半年應該與上半年非常相似。我預計今年我們將增加超過 30 個播客。

And lastly, can you touch on the lower revenue guidance range for fiscal '24? How much is the result of the ad market versus the pace of onboarding new podcasts or any other factors that I might be missing?

最後，您能否談談 24 財年較低的收入指引範圍？廣告市場的結果與新播客的加入速度或我可能錯過的任何其他因素的影響有多大？

Yeah. Good question. So most of that is coming from the merchandise business. We have two things. One is, as articulate in the call, we made the determination to focus all of our energy on our audio business, and in buying back stock, and in cleaning and strengthening the balance sheet. So our merchandise, the merchandise business, we are starting to cut -- we just took $2 million of costs out that we announced a couple of weeks ago. We're looking at costs and revenues that are not as profitable. Some -- a little bit of it is -- some of the cash wants to take a little bit sign on board but most of it is coming from the merchandise side of the business.

是的。好問題。因此，其中大部分來自商品業務。我們有兩件事。一是，正如電話中明確指出的那樣，我們決定將所有精力集中在音訊業務、回購股票以及清理和強化資產負債表上。因此，我們的商品、商品業務，我們開始削減——幾週前我們宣布削減了 200 萬美元的成本。我們正在考慮利潤不那麼高的成本和收入。一些——其中一小部分——一些現金想要在船上留下一點標誌，但大部分來自業務的商品方面。

All right. Thanks so much. I'll hop back in the queue.

好的。非常感謝。我會跳回到隊列中。

(Operator Instructions)

（操作員說明）

Thierry Wuilloud, Water Tower Research.

Thierry Wuilloud，水塔研究。

Good morning. Rob, a couple of questions. You mentioned five verticals. Can you give us a sense for what they are for new potential flagship partners?

早安.羅布，有幾個問題。您提到了五個垂直領域。您能否讓我們了解一下新的潛在旗艦合作夥伴是什麼？

Yes. And these are just the beginning. There's going to be way more verticals. So yeah, for anyone that knows my background and knows what I've built with Digital Turbine, you're going to have carriers, which we've already been a partner with Verizon, T-Mobile, and have been partners with many others. So carriers, additional auto companies like Tesla, additional merchandise companies. I'm being careful in giving names because as we said in the last call, this pipeline is very meaningful. It's over 27 companies in that pipeline, and we expect to announce some of those shortly.

是的。而這些只是開始。將會有更多的垂直領域。所以，是的，對於任何了解我的背景並知道我用Digital Turbine 構建了什麼的人來說，您都會擁有運營商，我們已經成為Verizon、T-Mobile 的合作夥伴，並且已經與許多其他運營商成為合作夥伴。因此，營運商、特斯拉等其他汽車公司以及其他商品公司。我在給出名字時非常小心，因為正如我們在上次通話中所說，這條管道非常有意義。該管道中有超過 27 家公司，我們預計很快就會公佈其中的一些公司。

So retailers, anyone that is competing with Amazon is going to need that. Cable and satellite operators as well as a personal gym equipment, anything from the telecoms in the world to gym equipment. I mean, there's going to be way more verticals that you're going to hear us talking about very shortly. We just hired a whole B2B team and you'll be seeing us expanding that B2B team dramatically throughout the next few months.

因此，零售商以及任何與亞馬遜競爭的人都需要它。有線和衛星運營商以及個人健身設備，從世界電信到健身設備的任何東西。我的意思是，很快您就會聽到我們談論更多的垂直領域。我們剛剛聘請了整個 B2B 團隊，您將在接下來的幾個月中看到我們大幅擴展該 B2B 團隊。

That's great. You mentioned 675,000 increase in paid members. Do you have a way to -- is it new partners that you brought in? Or is it existing partners that are growing the members, that are on the platform.

那太棒了。您提到付費會員增加了 675,000 名。你有辦法──是你引進的新合作夥伴嗎？或是現有的合作夥伴正在增加平台上的會員。

All the above. Now, we have a spectacular relationship with Tesla that is continuing to grow and now has been extended for its 10th year, but we're going to continue to grow our partnerships utilizing all of our podcast creators, all of our social media creators, all of account creators as well as our B2B partnerships. And we're really special. And we separate ourselves from the rest of the crowd is threefold. Number one in pricing, we're by far the lowest in the industry. We're a third of the price of most of our competitors.

以上全部。現在，我們與特斯拉的關係持續發展，現已延續第十個年頭，但我們將利用我們所有的播客創作者、所有社交媒體創作者、所有的人，繼續發展我們的合作夥伴關係。帳戶創建者以及我們的B2B 合作夥伴關係。我們真的很特別。我們與其他人群的差異是三重的。我們的定價排名第一，是迄今為止業界最低的。我們的價格是大多數競爭對手的三分之一。

Number two, in service and that we can be nimble and have the ability to do things that we do for our customers that others can't do. And number three is white labeling, being able to provide a white label solution and be able to call it Tesla radio or a Verizon radio. For that matter, almost any one of our partners that is 10 million to 1 billion users have the ability to white label and utilize that solution, which there really is no one else in the industry has that capability of doing based on their size.

第二，在服務方面，我們可以靈活且有能力為客戶做別人做不到的事。第三是白標，能夠提供白標解決方案並能夠將其稱為 Tesla 無線電或 Verizon 無線電。就這一點而言，我們擁有 1000 萬到 10 億用戶的合作夥伴幾乎任何一個都有能力進行白標並利用該解決方案，而業內確實沒有其他人有能力根據其規模做到這一點。

Great. Maybe just one last question. You mentioned 58% of the revenue from membership and 42% from sponsorship. Is that -- do you see that trending higher on membership as time goes or you think that's a good balance? Currently, how should we think about that?

偉大的。也許只是最後一個問題。您提到 58% 的收入來自會員資格，42% 來自贊助。您是否認為隨著時間的推移，會員數量會呈上升趨勢，或者您認為這是一個很好的平衡？目前，我們該如何思考？

What's nice to see is we've got two horses in the race now running fast. And so the podcast business has grown dramatically from $34 million. We gave guidance of $47 million to $52 million, right on a run rate. And the same thing on the Slacker side of it, on the audio side of it, we've grown from $20 million -- each of these businesses started at $20 million when we're acquiring them. Slacker, which we've owned two years longer is now doing -- this year, it'll be $65 million.

令人高興的是我們有兩匹馬正在比賽中跑得很快。因此，播客業務從 3,400 萬美元急劇成長。我們根據運行率給出了 4700 萬至 5200 萬美元的指導。同樣的事情，在 Slacker 方面，在音訊方面，我們已經從 2000 萬美元成長起來——當我們收購這些業務時，每項業務的起步價都是 2000 萬美元。 Slacker，我們已經擁有了兩年多的時間，現在正在做——今年，它的營收將達到 6500 萬美元。

And the same thing on podcast was doing $20 million. These were both losing a lot of money. They're now profitable. They're now EBITDA -- size about EBITDA coming out of it. And on the podcast side as you grow from $20 million, you're seeing some real sizable growth. And I see a two-horse race here where they're going to be pretty neck-and-neck over the next three years.

同樣的事情在播客上也賺了 2000 萬美元。這些都損失了很多錢。他們現在已經獲利了。它們現在是 EBITDA——大約是由此產生的 EBITDA 規模。在播客方面，當你的收入從 2000 萬美元開始成長時，你會看到一些真正可觀的成長。我在這裡看到了一場兩匹馬的競賽，他們將在未來三年內勢均力敵。

Great. Hey, thanks for the answers and nice quarter. I appreciate your comments on the microcap sectors and how kind of unprecedented that current situation is. But hopefully better times ahead. Thanks again.

偉大的。嘿，感謝您的回答和美好的季度。我感謝您對微型資本行業的評論以及當前情況是前所未有的。但希望未來會有更好的時光。再次感謝。

Thank you. Appreciate you joining.

謝謝。感謝您的加入。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼，拉登堡塔爾曼。

Rob, just one quick question. Will you elaborate on your comment that the current quarter, the December quarter is going to be record. Does that mean the best quarter you've had in corporate history or the best third quarter you have ever had?

羅布，我只想問一個簡單的問題。您能否詳細說明您對本季（即 12 月季度將創紀錄）的評論。這是否意味著這是您公司歷史上最好的季度或您有史以來最好的第三季？

Now to be -- it will be the best quarter in the history of the company. And this -- you can see by a lot of the metrics that we've already announced. We've already given telltale signs of where the growth is and what the growth is. We're growing about 60,000 subscribers a month. We're announcing almost a new podcast every two weeks. So it's really kind of -- now the model is to come really easy. As you know Jon, with new podcast, we're adding $350,000 to $500,000 of revenues. So you see those announcements, you can easily figure those out.

現在，這將是公司歷史上最好的季度。您可以透過我們已經宣布的許多指標來看到這一點。我們已經給出了成長點和成長內容的明顯跡象。我們每月增加約 6 萬名訂戶。我們幾乎每兩週就會發布一個新的播客。所以現在這個模型真的變得非常簡單。正如您所知，喬恩，透過新的播客，我們將增加 350,000 美元到 500,000 美元的收入。所以你看到這些公告，你就可以很容易地弄清楚它們。

Sky and somewhere in that 10% to 15% your net margins [to those and profit don't]. Same thing in subscribers. Every subscriber that we're adding, every paid subscribers are already adding, we're adding in the -- between $3 to $3.5 ARPU with about 30% margins. So if we can continue to do that, we continue to add those, this quarter is just going to be -- it's going to be a very, very special quarter coming up.

天空和某個地方你的淨利潤率為 10% 到 15%（而利潤則不然）。訂閱者也是如此。我們增加的每個訂閱者，每個付費訂閱者都已經在增加，我們增加的 ARPU 值在 3 美元到 3.5 美元之間，利潤率約為 30%。因此，如果我們能夠繼續這樣做，我們會繼續添加這些內容，本季將是一個非常非常特別的季度。

And that's the reason we, again, raised our EBITDA guidance, even though our revenues won't hit the numbers, we would like to because the IPO took longer than we expected but the uplisting took longer than we expected. But I see telltale signs that the cast media as well as the pipeline of podcasts are kicking in fast right now.

這就是我們再次提高 EBITDA 指導的原因，儘管我們的收入不會達到預期數字，但我們希望這樣做，因為 IPO 花費的時間比我們預期的要長，而上市時間也比我們預期的要長。但我看到了一些明顯的跡象，表明媒體和播客的管道現在正在快速啟動。

So with the lower revenue guidance and the higher EBITDA, is that difference coming out of expense control or better margin?

那麼，隨著收入指引較低和 EBITDA 較高，這種差異是來自費用控制還是更好的利潤率？

Nudge. Yeah, just we're being very cautious. We just took another $2 million of costs out of the business and being very cautious on what pieces of business we do. Any risk business -- we're not doing any of those live shows unless we're getting paid on them. As you and I have talked about before. And then we'll start to see telltale signs. We're going to start to get paid a lot of money in next year for us to produce those shows with margins very much like Social Gloves, but we're not going to do any of them unless there is money upfront.

輕推。是的，只是我們非常謹慎。我們剛剛從業務中削減了 200 萬美元的成本，並且對我們從事的業務非常謹慎。任何有風險的業務——我們不會做任何現場表演，除非我們從中獲得報酬。正如你和我之前談過的。然後我們將開始看到明顯的跡象。明年我們將開始獲得大量資金來製作那些利潤率非常高的節目，就像《社交手套》一樣，但除非有預付款，否則我們不會做任何這樣的節目。

Unless there is money upfront with a guaranteed profit on them, we're going to focus our energy on the core businesses that are working right now and delivering revenues. And we're going to use our capital to continue to strengthen the balance sheet and continue to buy back stock. If our stock is traded at almost a nominal valuation right now, we're just going to keep buying back stock right now.

除非有預付資金並保證利潤，否則我們將把精力集中在目前正在運作並帶來收入的核心業務上。我們將利用我們的資本繼續強化資產負債表並繼續回購股票。如果我們的股票現在的交易價格幾乎是名目估值，我們現在就會繼續回購股票。

Okay, thank you.

好的謝謝。

(Operator Instructions) At this stage, we have no further questions. So I'll hand back over to Rob Ellin for any closing remarks.

（操作員說明） 在此階段，我們沒有其他問題。因此，我將把結束語交給 Rob Ellin。

I just want to thank everyone. Thank you for joining and appreciate it, and we look forward to next quarter's numbers. Please join the Podcast's call on a few -- in a short period. And thank you everyone.

我只想感謝大家。感謝您的加入並表示讚賞，我們期待下個季度的數據。請在短時間內加入播客的一些電話會議。謝謝大家。

Ladies and gentlemen, this concludes today's call. Thank you for joining, and you may now disconnect your lines.

女士們、先生們，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了。