LiveOne Inc (LVO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the LiveOne, Inc., Q4 fiscal 2025 financial results and business update webcast. (Operator Instructions)

女士們，先生們，歡迎收聽 LiveOne, Inc. 2025 財年第四季財務業績和業務更新網路廣播。（操作員指示）

I will now turn the call over to Ryan Carhart, CFO. Ryan, you may begin.

現在我將電話轉給財務長 Ryan Carhart。瑞安，你可以開始了。

Thank you. Good morning, and welcome to LiveOne's business update and financial results conference call for the company's fourth quarter and fiscal year ended March 31, 2025. Presenting on today's call with me is Rob Ellin, CEO and Chairman of LiveOne.

謝謝。早安，歡迎參加 LiveOne 截至 2025 年 3 月 31 日的第四季和財政年度的業務更新和財務業績電話會議。今天與我一起參加電話會議的是 LiveOne 執行長兼董事長 Rob Ellin。

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.

我想提醒大家，今天電話會議上的一些陳述是前瞻性的，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結果和預期的未來業務成長。

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, 2024, and subsequent SEC filings.

由於各種原因，實際結果可能與本次電話會議討論的結果有重大差異。有關可能導致公司實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱公司向美國證券交易委員會 (SEC) 提交的文件，包括截至 2024 年 3 月 31 日的年度報告 10-K 表格中所述的因素以及隨後向美國證券交易委員會提交的文件中所述的因素。

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 the Investor Relations website for important content. The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, July 3, 2025. And except as required by law, the company does not undertake any obligation to update or revise this information after the date of the call.

您可以在公司收益報告中找到非 GAAP 財務指標與今天討論的最具可比性的 GAAP 財務指標的對帳表，該報告發佈在其投資者關係網站上。本公司鼓勵您定期造訪投資者關係網站以獲取重要內容。以下討論（包括對您的問題的答复）包含時間敏感信息，並反映了管理層截至本次電話會議日期（2025 年 7 月 3 日）的觀點。並且除法律另有規定外，本公司不承擔在通話日期之後更新或修改該資訊的任何義務。

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 this call. Additionally, it is the property of the company and any redistribution, transmission or rebroadcast of this call or the webcast in any form without the company's expressed written consent is strictly prohibited.

我想向投資人強調，本次電話會議正在錄音。該公司將透過網路直播向投資者和媒體提供此電話會議，會議結束後不久，其網站的投資者關係部分將提供重播。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、傳輸或重新廣播此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。

Good morning, everyone. This is Rob Ellin, CEO and Chairman of LiveOne. I want to thank you, everyone, for joining. This has been a pivotal year for the company. The company has been transformed in some of their deals with Tesla and has come out stronger than we even expected. We have delivered 100 -- first, I'm going to talk about the today's numbers, and I'm going to talk about the future and some of the really exciting moonshots that the company is now focused on.

大家早安。我是 LiveOne 的執行長兼董事長 Rob Ellin。我想感謝大家的參與。今年對公司來說是關鍵的一年。該公司在與特斯拉的一些交易中發生了轉變，並且比我們預期的更強大。我們已經交付了 100 件——首先，我將談論今天的數字，然後我將談論未來以及公司現在關注的一些真正令人興奮的登月計劃。

Our financial performance, we did over $112 million in revenues, $108 million on our audio business and delivered $18 million of EBITDA, $6 million above what we had guided the Street to almost only two months ago. Our podcast business did over $52 million, up from $38 million last year. This quarter alone was $14 million and an EBITDA of over $900,000. We just raised our guidance to $55 million to $60 million with $3.5 million to $5 million of EBITDA.

我們的財務表現顯示，我們的營收超過 1.12 億美元，音響業務營收為 1.08 億美元，EBITDA 為 1,800 萬美元，比華爾街兩個月前的預期高出 600 萬美元。我們的播客業務收入超過 5,200 萬美元，高於去年的 3,800 萬美元。光是本季就達到 1,400 萬美元，EBITDA 超過 90 萬美元。我們剛將預期營收提高至 5,500 萬至 6,000 萬美元，EBITDA 為 350 萬至 500 萬美元。

Other highlights from our podcast business. We have now had six straight months of being a top 10 podcaster in the world. We have over a billion impressions across our network. We have 46 new podcasts in the last 24 months and passed 200-plus total with a robust pipeline of over 100 new podcasts in the pipeline today, and we are adding almost one a month. We also have 17 potential acquisitions in the podcast industry that we are looking at as we continue to roll up and consolidate the business.

我們的播客業務的其他亮點。我們現在已經連續六個月成為全球十大播客之一。我們的網路曝光量已超過十億次。在過去的 24 個月中，我們推出了 46 個新播客，總數已超過 200 個，目前已有超過 100 個新播客正在籌備中，並且我們幾乎每月都會增加一個。隨著我們繼續擴大和鞏固業務，我們還在考慮播客行業中的 17 個潛在收購對象。

As you got to meet Ryan earlier, Ryan has done a brilliant job of stepping in as CFO and made some very transformative financial moves, including replacing East West Bank's $7.5 million credit line with JGB, a partner of ours for four years previously, has come back in with a credit facility of up to $27.5 million, giving us an opportunity of having on performance, the biggest cash position we'll ever have.

正如您之前見到的 Ryan，Ryan 在擔任首席財務官一職方面做得非常出色，並做出了一些非常具有變革性的財務舉措，包括用 JGB 取代華美銀行 750 萬美元的信用額度，JGB 曾是我們四年前的合作夥伴，現在又為我們提供了高達 2750 萬美元的信用額度，這讓我們有機會擁有有史以來最大的現金頭寸。

We've eliminated over $10 million in short-term liabilities. We've cut a third of our staff at Slacker Radio and over 70% of our cash at CPS. With over $40 million in total cost, this is the reason that our EBITDA was able to outperform even our own guidance.

我們已經消除了超過1000萬美元的短期負債。我們已將 Slacker Radio 的員工數量削減了三分之一，並將 CPS 的現金削減了 70% 以上。總成本超過 4000 萬美元，這就是我們的 EBITDA 甚至能夠超越我們自己預期的原因。

Now, I'm going to talk about the future. The future is pretty remarkable. Out of 2 million Tesla cars, we have now converted over 1.3 million. We now have over 1.5 million subscribers and ad-supported users. We've launched two massive partnerships with Amazon over $16.5 million and with a Fortune 50 company for over $25 million. We have 75 additional B2B deals in the pipeline. We're now at almost a $50 million run rate on those new partnerships across five new B2B deals.

現在，我要談談未來。未來是相當美好的。在 200 萬輛特斯拉汽車中，我們現在已經改裝了超過 130 萬輛。我們現在擁有超過 150 萬訂閱者和廣告支援用戶。我們與亞馬遜建立了兩家價值超過 1,650 萬美元的大規模合作夥伴關係，並與一家財富 50 強公司建立了價值超過 2,500 萬美元的大規模合作夥伴關係。我們還有 75 筆 B2B 交易正在籌備中。目前，我們在五筆新的 B2B 交易中對這些新合作關係的營運成本已接近 5,000 萬美元。

We're expecting to launch our biggest B2B partner potentially in the history of the company with almost 10x subscribers to Tesla, and that first phase will be launched in August. As we continue to look at the future of technology, as most of you know, my background is taking media companies and finding transformative technologies. I will be focusing almost all of my energy on AI and on Web3 crypto initiatives.

我們預計將推出該公司史上最大的 B2B 合作夥伴，用戶數量幾乎是特斯拉的 10 倍，第一階段將於 8 月啟動。當我們繼續展望科技的未來時，正如你們大多數人所知，我的背景是帶領媒體公司尋找變革性技術。我將把幾乎所有的精力集中在人工智慧和 Web3 加密計劃上。

On the AI side of it, we have been able to cut dramatic costs, including a third of our costs at Slacker Radio by adding AI and be able to utilize hosting and be able to utilize marketing. With that marketing, we have just started our first campaign to start to advertise in conjunction with DAX, the largest programmatic advertiser in the world, and our fill rate on our Tesla users is over 50%.

在人工智慧方面，我們透過添加人工智慧並利用託管和行銷，已經能夠大幅削減成本，包括將 Slacker Radio 的成本削減了三分之一。透過該行銷，我們剛啟動了第一個廣告活動，開始與世界上最大的程式化廣告商 DAX 合作投放廣告，我們對特斯拉用戶的填充率超過 50%。

We are about to launch our second phase of that initiative to start converting, utilizing AI to convert those subscribers -- convert those users into subscribers. As we look at our Web3 crypto initiatives, the starting point was to build a renowned group of crypto experts with Steve McClurg joining our team who started the first ETF in the history of Web3. Steve Lehman on the Board of Coinbase and Lou Kerner, one of the great analysts at Goldman Sachs who is starting CryptoMondays.

我們即將啟動該計劃的第二階段，開始轉換，並利用人工智慧將這些訂閱者轉化為訂閱者。當我們審視我們的 Web3 加密計劃時，起點是建立一個知名的加密專家團隊，Steve McClurg 加入我們的團隊，並啟動了 Web3 歷史上第一個 ETF。Coinbase 董事會成員 Steve Lehman 和高盛 (Goldman Sachs) 傑出分析師之一、CryptoMondays 創辦人 Lou Kerner。

We have just launched the first-ever podcast network focused on Web3 and crypto. We see a massive opportunity for us to acquire and start new initiatives in the podcast space with over 75 potential podcasters in the crypto space right now in our pipeline as well as using AI initiatives to create our own original IP and initiatives in this space.

我們剛剛推出了第一個專注於 Web3 和加密的播客網路。我們看到了一個巨大的機會，我們可以在播客領域收購並啟動新的計劃，目前我們的頻道中加密領域有超過 75 個潛在的播客，同時我們可以利用人工智慧計劃在這個領域創建我們自己的原創 IP 和計劃。

To show our confidence and our belief in how weak our stock has been and how undervalued it is, the company has just bought back over 350,000 shares of LiveOne and over a million shares of PODC. We will continue that buyback as we have over $6 million -- just under $6 million of additional room in our buyback and show our confidence in the company and explore all options to add to our holdings in both of those companies.

為了表明我們的信心以及我們對我們股票疲軟和低估程度的信念，該公司剛剛回購了超過 350,000 股 LiveOne 股票和超過 100 萬股 PODC 股票。我們將繼續回購，因為我們有超過 600 萬美元 - 回購中還有不到 600 萬美元的額外空間，這表明我們對該公司充滿信心，並探索所有增加我們在這兩家公司的持股的選擇。

As LiveOne continues to demonstrate our ability to be nimble, our ability to fight through difficult times, our ability to utilize technology to transform the industry. This is the most exciting time that we've seen in the history of the company and with a balance sheet to really be able to grow aggressively the business, we see this as an extremely exciting year going forward, and we look forward to talking to you at the end of the next quarter. So thank you, everyone, for joining, and we look forward to an update shortly.

LiveOne 不斷展示我們靈活的能力、我們度過困難時期的能力、我們利用科技改變產業的能力。這是公司歷史上最令人興奮的時刻，憑藉著能夠真正實現業務大幅增長的資產負債表，我們認為這是極其令人興奮的一年，我們期待在下個季度末與您交談。所以，感謝大家的加入，我們期待很快就會得到更新。

I'd like to hand it off to Ryan. Ryan is our new CFO, and as I stated, has just done an absolutely brilliant job of maneuvering replacing East West Bank under difficult circumstances and doubling our credit -- or more than doubling our credit facility, literally within weeks of finding out that East West Bank was pulling their line.

我想把它交給瑞安。瑞安 (Ryan) 是我們的新任財務官，正如我所說，他在困難的情況下出色地完成了更換華美銀行的任務，並將我們的信貸額度增加了一倍——或者說，不僅僅是增加了一倍，這僅僅是在發現華美銀行撤資後的幾週內。

So Ryan, with that, I'd like to hand it off to you, and thank you for your help.

所以 Ryan，我想把它交給你，謝謝你的幫助。

Thanks, Rob. I'll spend just a few minutes providing a very brief overview of our results for the fourth quarter of fiscal 2025 and the fiscal year ended March 31, 2025. Beginning with our quarterly results. Consolidated revenue for the 3-month period ended March 31, 2025, was $19.3 million. Our Audio division posted revenue for Q4 of $18.2 million and adjusted EBITDA of $4.1 million. Consolidated adjusted EBITDA for the fourth quarter of fiscal year '25 was $1.1 million. On a US GAAP basis, LiveOne posted a consolidated net loss of $10.9 million or $0.07 per diluted share in Q4 2025.

謝謝，羅布。我將花幾分鐘時間簡要概述我們 2025 財年第四季和截至 2025 年 3 月 31 日的財年的業績。從我們的季度業績開始。截至 2025 年 3 月 31 日的 3 個月合併收入為 1,930 萬美元。我們的音訊部門第四季營收為 1,820 萬美元，調整後 EBITDA 為 410 萬美元。25 財年第四季的合併調整後 EBITDA 為 110 萬美元。根據美國公認會計準則，LiveOne 在 2025 年第四季的合併淨虧損為 1,090 萬美元，即每股攤薄虧損 0.07 美元。

Our full year fiscal 2025 results posted consolidated revenue of $114.4 million and adjusted EBITDA of $8.4 million. Our Audio division posted full year revenue of $108.9 million and adjusted EBITDA of $18.2 million. Additionally, I'm excited to announce, as Rob said -- noted that we completed our financing after year-end with our partners at JGB Capital, which replaced our East West Bank line of credit. This will help facilitate the growth of our business and position us for the future. We are excited about the potential of the opportunities in our business development pipeline and are poised to see growth forward with these opportunities.

我們的 2025 財年全年業績顯示，綜合營收為 1.144 億美元，調整後 EBITDA 為 840 萬美元。我們的音訊部門全年營收為 1.089 億美元，調整後 EBITDA 為 1,820 萬美元。此外，我很高興地宣布，正如 Rob 所說——我們在年底與 JGB Capital 的合作夥伴完成了融資，這取代了我們的華美銀行信用額度。這將有助於促進我們的業務成長並為我們的未來做好準備。我們對業務發展管道中蘊藏的機會潛力感到興奮，並準備借助這些機會實現成長。

Further, our growth in the PodcastOne subsidiary is expected to continue, and we expect to see a tremendous year ahead for them.

此外，我們預計 PodcastOne 子公司的成長將持續，我們預計他們未來一年將取得豐碩成果。

Rob, I'll turn it back to you.

羅布，我會把它還給你。

And just to wrap up, and thank you, Ryan. Our B2B initiatives are really starting to move in place. As we said, over five B2B partnerships signed, over $50 million of revenues. Our largest potential opportunity to be launched in August. We will have partnerships this year with additional carriers, retailers, streaming networks, auto companies and really just focused our energy around those B2B deals and really those initiatives that can move the needle that will be tens of millions to hundreds of millions of dollars over a 5-year period.

最後，謝謝你，Ryan。我們的 B2B 計劃已開始真正實施。正如我們所說，簽署了超過 5 份 B2B 合作夥伴關係，收入超過 5000 萬美元。我們最大的潛在機會將於八月推出。我們今年將與其他營運商、零售商、串流媒體網路、汽車公司建立合作夥伴關係，並將精力集中在 B2B 交易以及那些能夠在 5 年內帶來數千萬美元甚至數億美元收益的舉措上。

With that, our initiative to move into the Web3 space is moving fast and aggressively. You'll continue to see additional names in Web3 joining our platform as well as podcasters and Web3 crypto joining our platform. Our AI initiatives have allowed us to make substantial cuts in the business. We have over 500 music channels. We used to have over 120 hosts. We now have a handful of hosts that are able to host those. We also are very excited about our TV and film initiative.

由此，我們進軍 Web3 領域的計畫正在快速且積極地推進。您將繼續看到 Web3 中的更多名稱加入我們的平台，以及播客和 Web3 加密貨幣加入我們的平台。我們的人工智慧舉措使我們能夠大幅削減業務。我們有超過 500 個音樂頻道。我們曾經有超過 120 位主持人。我們現在有少數主機可以承載這些內容。我們對我們的電視和電影計劃也感到非常興奮。

We sold our third television show, third podcast, moving to second windows to television as you start to see the dynamics of where podcasting is going and how much is moving to video. As we sell these to television, these are brand-new revenue streams that could be tens of millions of dollars with zero additional cost to the business. So we're going to continue to buy back stock. We're going to continue to strengthen our balance sheet. We're going to continue to strengthen our B2B deals, and we look forward to a really exciting year.

我們出售了我們的第三個電視節目、第三個播客，將第二個窗口轉向電視，你開始看到播客的發展動態以及有多少播客轉向視訊。當我們將這些產品賣給電視台時，這些就是全新的收入來源，可能達到數千萬美元，而且不會為企業帶來任何額外成本。因此我們將繼續回購股票。我們將繼續加強我們的資產負債表。我們將繼續加強我們的 B2B 交易，並期待真正令人興奮的一年。

And I want to thank everyone for joining and open up for any questions.

我要感謝大家的參與，並願意回答任何問題。

(Operator Instructions) Sean McGowan, Roth Capital Partners.

（操作員指示）Sean McGowan，Roth Capital Partners。

A couple of questions on some of the details that you talked about. Rob, when you say fill rate of over 50%, can you just clarify what exactly that means from a financial standpoint?

針對您談到的一些細節，我有幾個問題。羅布，當您說填充率超過 50% 時，您能否從財務角度解釋一下這到底意味著什麼？

Yes. I mean I can't give too much details yet on the financial on what the revenues are going to be. You'll see that shortly because we haven't put out guidance, but we will at the end of next quarter. But what really means is really simply, Sean, is that 50% of that inventory is being filled now and it's well over 50%, but 50-plus percent of the inventory that previous was zero. Now, that does two things, right? Number one is it drives revenues. But number two, it also is that is setting the stage, right? Spotify claims at 60% of their subscriber -- of their free supporters and the reason they have free, right, convert to paid eventually.

是的。我的意思是，我還不能透露太多有關財務收入的細節。您很快就會看到這一點，因為我們還沒有發布指導，但我們將在下個季度末發布。但肖恩，這實際上意味著，現在 50% 的庫存已被填滿，而且遠遠超過 50%，但之前 50% 以上的庫存為零。現在，這有兩件事，對吧？第一，它能帶來收入。但第二點，這也是在搭建舞台，對嗎？Spotify 聲稱，其 60% 的訂閱者是免費支持者，而他們之所以免費，最終都會轉變為付費用戶。

One of those reasons is that some people don't like advertising. Some people do, right? So hopefully, we'll start to convert through that. And that will be the first phase of the next big AI initiative, which is going to be launched imminently, is to really press to convert as many as possible these to paid subscribers as well. And I think that 50% inventory will go to 75% very quickly. And as you know, our partner in that is DAX, which is the largest programmatic advertiser in the world.

其中一個原因是有些人不喜歡廣告。有些人確實如此，對吧？所以希望我們能夠透過這種方式開始轉變。這將是即將啟動的下一個大型人工智慧計畫的第一階段，其目的是盡可能地將這些人轉化為付費用戶。我認為 50% 的庫存很快就會上升到 75%。如您所知，我們的合作夥伴是 DAX，它是世界上最大的程式化廣告商。

So the 50% refers to the inventory of available advertising account.

所以50%指的是可用廣告帳號的庫存。

Correct.

正確的。

That's what I understand. Okay. And at the moment, right, you're still broadening the funnel and getting advertising driven. But at the moment, there are no -- not a significant number of paid subscribers. Is that the right way to interpret it?

這就是我的理解。好的。目前，您仍在拓寬管道並利用廣告推動業務發展。但目前，付費用戶數量並不多。這是正確的解釋方式嗎？

No. I mean I wouldn't say that at all. I mean, we have added 1.5-plus million, right? We have well over 250,000 paid subscribers, right? Now, it's going to be the time we're really going to be pressing to convert a sizable amount and hopefully, we can convert anywhere from 25% to 30% of them over the next year. If we do, it will be very, very substantial revenues to kick back in as you do that.

不。我的意思是我根本不會這麼說。我的意思是，我們已經增加了 150 多萬，對吧？我們有超過 25 萬名付費用戶，對嗎？現在，我們真正需要做的就是努力實現大量貨幣的兌換，希望在明年，我們能夠將其中的 25% 兌換成 30%。如果我們這樣做，那麼這樣做將會為我們帶來非常非常可觀的收入。

Okay. Thanks for clarifying that. Shifting gears for a second. So when you're talking about things like Web3 and crypto, are you talking primarily about podcast content? Or is it something else.

好的。感謝您澄清這一點。換個話題。那麼，當您談論 Web3 和加密之類的東西時，您主要談論的是播客內容嗎？或者是別的什麼。

Yes. I mean I can't get into much more detail than that, as you know, Sean, right? But what I would say to you is, as Steve McClurg has joined and Steve's background is running on the first ETF and selling it to Coinbase, right? And Steve Lehman sits on the Board of Coinbase, right? We have very aggressively moved in this space and that there's only three megaphones to the Web3 crypto industry, which is Twitter, YouTube and podcasting.

是的。我的意思是我無法講得更詳細，肖恩，你知道的，對吧？但我想告訴你的是，史蒂夫·麥克萊格 (Steve McClurg) 已經加入，而且史蒂夫的背景是經營第一隻 ETF 並將其出售給 Coinbase，對嗎？史蒂夫雷曼 (Steve Lehman) 是 Coinbase 董事會成員，對嗎？我們非常積極地進軍這個領域，Web3 加密產業只有三個傳聲筒，分別是 Twitter、YouTube 和播客。

So the first phase of that is we've just announced our podcast network, where we will start to both create our own host and our own IP, right, using AI to create those. And second is we'll be acquiring, just like we do with the rest of our podcast, we were building a community of crypto podcasters in there. And then the opportunity, right, to do much more with Web3 is certainly there for us to expand. And when you have a community of our size and you have a billion impressions, there's certainly tremendous opportunity to expand that opportunity financially.

因此，第一階段是我們剛剛宣布的播客網絡，我們將開始創建我們自己的主機和我們自己的 IP，對吧，使用 AI 來創建它們。其次，我們將進行收購，就像我們對其他播客所做的那樣，我們正在那裡建立一個加密播客社群。那麼，利用 Web3 做更多事情的機會肯定存在，我們可以擴展。當你擁有像我們這樣規模的社區並且有十億次的印象時，肯定有巨大的機會在財務上擴大這一機會。

Okay. But just to be clear, like just because I'm a novice at this, you're not talking about getting directly into the crypto business with mining or trading or exchanges and -- you're talking about around content, right, and being a [condo] for information.

好的。但要明確的是，僅僅因為我是這方面的新手，你並不是在談論直接進入加密貨幣業務，進行挖礦、交易或兌換——你談論的是內容，對吧，以及成為資訊的[公寓]。

Yes. So again, I can't -- yes, I can't answer much more. We're not going into the mining business for sure. But the tokenization business, right, as you're watching the Robinhood announcement and what the stock did right in tokenization. Tokenization of podcasters is really interesting, right? And there's just tremendous opportunities of where we can go with this and what we can leverage by being one of those megaphones. And when you have a billion impressions a month, right, and the kind of downloads we have, we just have a huge influence over it. And our demographic audience certainly fits in with the Web3 crypto audience in a very unique way.

是的。所以再說一次，我不能——是的，我無法回答更多。我們肯定不會涉足採礦業。但是代幣化業務，對吧，正如您所看到的 Robinhood 公告以及股票在代幣化方面所做的正確的事情。播客的標記化真的很有趣，對吧？並且，透過成為這些擴音器之一，我們可以獲得巨大的發展機會，並且可以利用這些機會。當你每個月有十億次的印象，對吧，以及我們擁有的下載量時，我們對其會有巨大的影響力。我們的人口統計受眾確實以非常獨特的方式與 Web3 加密受眾相契合。

Okay. Last question, and then I'll jump back in the queue. Ryan, when will the 10-K be filed?

好的。最後一個問題，然後我會回到隊列中。Ryan，10-K 什麼時候提交？

Yes, it should be filed. We're hoping early next week. Everything is there. We're just waiting. The auditors have to just do some documentation to wrap it up. So it's in final form. We're just waiting for them to do that, and then we'll get it out to you early next week.

是的，應該提交。我們希望下周初。一切都在那裡。我們只是在等待。審計人員只需做一些記錄就可以了。所以它已經是最終形式了。我們正在等待他們這樣做，然後我們將在下週初將其發送給您。

(Operator Instructions) Sean McGowan, Roth Capital Partners.

（操作員指示）Sean McGowan，Roth Capital Partners。

Yeah. Jumping in the queue quickly there. So Rob to the extent that you can, can you talk about any change in the types of deals, some new deals that you're working on versus what you talked about before, you've done a great job laying the table, setting the table for what areas you might be looking at new that you can add to that, anything different from what we talked about before?

是的。趕緊插隊吧。那麼 Rob，在你能做到的範圍內，你能談談交易類型的任何變化嗎？與你之前談到的相比，你正在進行的一些新交易，你在製定計劃方面做得很好，為你可能會關注的新領域做好了準備，你可以添加到其中，這與我們之前談到的有什麼不同嗎？

Yes. I'm sorry, you're cutting out a little bit, Sean, but you're talking about the B2B deals?

是的。抱歉，肖恩，你有點離題了，但你談論的是 B2B 交易嗎？

Yes. You talked in the past about the kinds of verticals (technical difficulty) different from (technical difficulty) before.

是的。您過去曾談到與以前不同的垂直領域（技術難度）。

Yes. This is the most exciting time maybe in the history of the company. Now, probably since the original Tesla deal, which when it first thought it was only a couple of hundred thousand dollars, right? Tesla has 2 million subscribers. We'll be launching with a partner that has 10 times the amount of subscribers and we're in deep conversations as I've described before, where I totally expect the momentum is now building where after you land $25 million deal, $16.5 million deal with Amazon, the momentum is building in the direction, very much like I built Digital Turbine and I built my other companies, right? You're feeling that momentum that across carriers, across auto companies, across retailers, across streaming networks, cable, satellite, anyone with 10 million to 3 billion eyeballs like Facebook who has a need for a subscription product, which we're just watching everybody going in, right?

是的。這也許是公司史上最令人興奮的時刻。現在，可能從最初的特斯拉交易開始，當時它最初認為只需要幾十萬美元，對嗎？特斯拉擁有200萬訂閱用戶。我們將與擁有 10 倍訂閱者數量的合作夥伴一起推出這項服務，正如我之前所描述的，我們正在進行深入的對話，我完全相信現在的勢頭正在增強，在與亞馬遜達成 2500 萬美元的交易、1650 萬美元的交易之後，勢頭正在朝著這個方向發展，就像我建立 Digital Turbine 和其他公司一樣，對嗎？您是否感覺到這種勢頭，無論是運營商、汽車公司、零售商、串流媒體網絡、有線電視、衛星電視，還是像 Facebook 這樣擁有 1000 萬到 30 億眼球的公司，都需要訂閱產品，而我們只是看著每個人都在加入，對嗎？

You watch Walmart going to VIZIO, right? You're watching Amazon going to music and film and television. Everybody's businesses are now infringing and crossing over them. We're 1 of 10 DSPs left on earth, right? You just watch Napster sell for $200 million. They were doing one-fourth of our revenues, right? You watched [title] sell a couple of years for $450 million. They then made a dime. So we're really well positioned here that both on the B2B side as well as a potential partner or potential buyer of one or both of the businesses, as we publicly stated, is very much, very much timely right now and that you're starting to see that momentum keep back up in the industry and huge interest around this.

你看到沃爾瑪進軍 VIZIO 了，對吧？你正在目睹亞馬遜進軍音樂、電影和電視領域。現在每個人的生意都在侵犯和跨越這些權利。我們是地球上僅存的 10 個 DSP 之一，對嗎？你只需看著 Napster 以 2 億美元的價格出售即可。他們賺了我們四分之一的收入，對吧？您看到 [title] 以 4.5 億美元的價格出售了幾年。然後他們賺了一角錢。因此，我們在 B2B 方面以及作為一項或兩項業務的潛在合作夥伴或潛在買家方面都處於非常有利的地位，正如我們公開表示的那樣，現在正是時候，而且您開始看到這種勢頭在行業中保持回升，並對此產生巨大興趣。

Okay. And then my last question is, is there anything new on the discussions with (inaudible) that relationship, I think it's changed (inaudible) --

好的。我的最後一個問題是，關於（聽不清楚）這種關係的討論有什麼新進展嗎？我認為它已經發生了變化（聽不清楚）——

No, I mean it's kind of a beautiful thing. I mean if you go in almost any Tesla car now and a lot of people have called me and it's really -- we're really proud of this, Sean. It's like we used to have a little red button, right? And we had a great subscriber number, right? We got paid $3 a month when the industry was moving up to $12 a month, right? And it was beautiful. You made some money out of it. But we really got no branding. We got no database. And now today is if you go in almost any Tesla car, you're going to see the LiveOne logo, so they're building brand value there.

不，我的意思是這是一件很美好的事情。我的意思是，如果你現在坐進幾乎任何一輛特斯拉汽車，很多人都會給我打電話，這真的——我們對此感到非常自豪，肖恩。就像我們以前有一個小紅按鈕一樣，對吧？我們的訂閱用戶數量非常多，對吧？當行業工資漲到每月 12 美元的時候，我們每月只得到 3 美元，對嗎？它很漂亮。你從中賺了一些錢。但我們確實沒有品牌。我們沒有資料庫。現在，如果你坐進幾乎任何一輛特斯拉汽車，你都會看到 LiveOne 的標誌，所以他們正在那裡打造品牌價值。

Think about your phone and seeing on your phone and if you saw LiveOne on the front of your phone every single time, what that means to you, right? I'm really proud of the fact that somehow we converted 1.3 million out of 2 million cars have converted, right? It's a staggering number. It's almost unheard of, especially when you got competition from Apple and Cirrus and so on. It shows the appreciation and respect for the product, right, and the brand. And then they're using it for an average of like 40 minutes, multiple times a day. So you can see that how much people really enjoyed, how much respect they have for the brand and why it fits with their needs.

想想您的手機，如果您每次在手機上看到 LiveOne，這對您意味著什麼，對嗎？我真的很自豪，在 200 萬輛改裝車中，我們成功改裝了 130 萬輛，對吧？這是一個驚人的數字。這幾乎是聞所未聞的，尤其是當你面臨來自 Apple 和 Cirrus 等公司的競爭時。這顯示了對產品、對、以及品牌的欣賞和尊重。他們每天使用它多次，每次平均 40 分鐘。所以你可以看到人們真正喜歡這個品牌的程度，他們對品牌的尊重程度，以及為什麼它符合他們的需求。

I think the next component of that is that we now have advertising there. We've never been able to talk to those consumers. Now, we're talking to them. And then last but not least, and maybe the most important part is, we never control the database, right? Sean, you would be VIN number 1.25 million, right? Now, it's Sean McGowan, who lives in Orange County or now in New York, right, your age, your credit card. So we're actually building a real relationship and real foundation for a database that could be worth a fortune.

我認為下一個要素就是我們現在在那裡做廣告。我們從來沒有能夠與這些消費者交談。現在，我們正在與他們交談。最後但並非最不重要的一點，也許是最重要的部分是，我們從來都無法控制資料庫，對嗎？肖恩，您的車輛識別號碼 (VIN) 應該是 125 萬，對嗎？現在，是住在奧蘭治縣或現在在紐約的肖恩·麥高恩 (Sean McGowan)，對，你的年齡，你的信用卡。因此，我們實際上是在為價值連城的資料庫建立真正的關係和真正的基礎。

Like think about with that database of actually having 1.3 million wealthy Tesla owners as subscribers and knowing the demographics and knowing they're from. So it's really exciting. It's obviously -- it takes time to bring those revenues back up, right, and bring some of those profits back up.

想像一下，這個資料庫實際上有 130 萬富有的特斯拉車主作為訂閱者，並且了解他們的人口統計數據和他們來自哪裡。這真的很令人興奮。顯然，恢復這些收入和部分利潤需要時間。

But from our standpoint of it is -- this is what we've always hoped for. We hope for the opportunity to be able to take those ARPUs up from $3, right, which are 12 years old. It'd be like owning a piece of real estate on the ocean and you're renting it for $3 a month, but you can never raise your rents, right?

但從我們的角度來看，這正是我們一直以來所希望的。我們希望有機會將這些 ARPU 從 3 美元提高到 12 年前的水平。這就像在海邊擁有一塊地產，你以每月 3 美元的價格出租，但你永遠不能提高租金，對嗎？

Now, we own the real estate, we can raise the rent. So our ARPUs are up from $3 to $5. Now, we got to really aggressively market. You're going to see it coming very, very aggressively. You're going to see us marketing to convert those people and then literally starting in the next couple of weeks.

現在，我們擁有了房地產，我們可以提高租金。因此我們的 ARPU 從 3 美元上升到了 5 美元。現在，我們必須真正積極地進行行銷。你會看到它以非常非常激進的方式出現。您將會看到我們進行行銷來轉化這些人，並在接下來的幾週內正式開始。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Just one, I wanted to understand, if I heard you right in August, you hope to launch your largest B2B deal with a bigger subscriber base or bigger base of consumers than Tesla. Is that a signed deal already, something you're hoping to announce in the -- and when does revenue generate? And how does that ramp?

我只想了解一點，如果我八月沒聽錯的話，您希望推出最大的 B2B 交易，擁有比特斯拉更大的用戶群或消費者群。這是否已經是一份簽署的協議？您希望在什麼時候宣布這項消息？什麼時候能產生收入？那它是如何上升的呢？

Yes. As we've said before, Brian, we've already signed other deals, right? This is an actual launch, right? Does that mean it will work? You never know, right? But we're highly confident. And I think Tesla is a profitable, is profit to literally showing right, how magnetic this technology is and what our platform does. But we'll be launching with a partner that has over 10x the amount of subscribers, right? You can start to guess numbers and figure it out, but we're not going to do that today.

是的。正如我們之前所說，布萊恩，我們已經簽署了其他協議，對嗎？這是一次真正的發射，對嗎？這是否意味著它會起作用？你永遠不知道，對吧？但我們非常有信心。我認為特斯拉是盈利的，盈利確實表明了這項技術的吸引力以及我們的平台的作用。但我們將與擁有超過 10 倍訂閱者數量的合作夥伴一起推出產品，對嗎？您可以開始猜測數字併計算出來，但我們今天不這樣做。

What we're going to do is we're going to very confidently right, do that just like we did with Tesla years ago. We have a high level of confidence that this will be -- potentially be our biggest partner in history and that we have an opportunity that proving the Tesla that this number of people converted again, shows the affection for our product. And I think that's why these B2B deals are starting to fall and get signed. So stay tuned. You're going to get lot more value.

我們要做的是，非常自信地去做，就像我們幾年前對特斯拉所做的那樣。我們非常有信心，這將成為我們歷史上最大的合作夥伴，我們有機會向特斯拉證明，如此多的人再次轉變，表明了他們對我們產品的熱愛。我認為這就是這些 B2B 交易開始成功並簽署的原因。敬請關注。您將獲得更多的價值。

A lot more signed and you hope to launch, is that right?

簽署了許多協議，您希望推出更多協議，對嗎？

Correct.

正確的。

And have you announced who that is? Or can you not announce who that is?

您公佈過他是誰嗎？或者你不能宣布那是誰？

We cannot announce yet who it is, but you will see shortly.

我們目前還不能宣布是誰，但您很快就會知道。

(Operator Instructions) There are no further questions at this time. I will now turn the call over to Robert Allen for closing remarks. Robert?

（操作員指示）目前沒有其他問題。現在我將把電話轉給羅伯特艾倫 (Robert Allen) 作結束語。羅伯特？

Yes, thank you, everyone. I appreciate your time and I appreciate your support, and we look forward to a terrific year, and we look forward to talking to you again shortly about the next quarter.

是的，謝謝大家。感謝您的時間和您的支持，我們期待著一個美好的一年，並期待很快再次與您討論下一季。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。