Live Ventures Inc (LIVE) 10-K Annual Report December 2023

LAS VEGAS, December 20, 2023 -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal year ended September 30, 2023.

Fiscal Year 2023 Key Highlights:

•Acquired Flooring Liquidators, Inc. (“Flooring Liquidators”), Precision Metal Works, Inc. (“PMW”), certain assets from Cal Coast Carpet Warehouse, Inc., and the Harris Flooring Group® brands, transactions valued at approximately $117 million

•Revenues were $355.2 million, as compared with $286.9 million in the prior year, an increase of 23.8% over the prior year period

•Net loss was ($0.1) million and diluted loss per share was ($0.03), as compared with prior year net income of $24.7 million and diluted earnings per share (“EPS”) of $7.84

•Adjusted EBITDA¹ was $31.5 million, as compared with $38.4 million in the prior year

•Repurchased 39,092 shares of the Company’s common stock at an average price of $25.35

•Total assets of $421.8 million and stockholders’ equity of $100.1 million as of year end

•Approximately $37.1 million of cash and availability under the Company’s credit facilities as of year end

“During fiscal year 2023, revenues increased 23.8%, largely driven by the strategic acquisitions of Flooring Liquidators and PMW acquired during fiscal year 2023 and The Kinetic Co., Inc. (“Kinetic”) acquired in late fiscal year 2022, together contributed in excess of $115 million in revenue and approximately $8.5 million in Adjusted EBITDA. We remain focused on our expansion and innovation, steering our course toward sustained success,” commented David Verret, Chief Financial Officer of Live Ventures.

“In the fiscal year 2023, we bolstered our portfolio through several strategic transactions, aligning with our long-term ‘buy-build-hold’ strategy. Achieving a historic milestone, we executed four transactions, totaling an investment of approximately $117 million,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “We are enthusiastic about the prospects these acquisitions unlock, solidifying our steadfast dedication to creating enduring value for our stockholders."

FY 2023 Financial Summary (in thousands except per share amounts)


	During the year ended September 30,
	2023	2022	% Change
Revenues	$ 355,171	$ 286,913	23.8%
Operating Income	$ 15,449	$ 25,927	-40.4%
Net income	$ (102)	$ 24,741	100.0%
Diluted earnings (loss) per share	$ (0.03)	$ 7.84	100.0%
Adjusted EBITDA	$ 31,538	$ 38,384	-17.8%

¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below.

The following information was filed by Live Ventures Inc (LIVE) on Wednesday, December 20, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Live Ventures Inc's 10-K Annual Report:

Financial - Cash Flow Highlight
Cash Flows from Financing Activities Our cash flows provided by financing activities of approximately $37.6 million for the year ended September 30, 2023 primarily consisted of approximately $15.8 million in proceeds from the issuance of notes payable, net proceeds from revolver loans of approximately $13.7 million, proceeds from failed sales and leaseback transactions of $12.7 million, and proceeds from the issuance of related party debt of $7.0 million, partially offset by payments on notes payable and finance leases of approximately $10.5 million, and purchases of treasury stock of approximately $1.0 million.

Other - Other Highlight
As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by the Company, should not be compared to any similarly titled measures reported by other companies.
Financial - Cash Flow Highlight
Cash Flows from Operating Activities The Company's cash at September 30, 2023 was approximately $4.3 million compared to approximately $4.6 million at September 30, 2022, a decrease of approximately $300,000.
Financial - Cash Flow Highlight
Our cash flows provided by financing activities of approximately $33.6 million for the year ended September 30, 2022 primarily consisted in net proceeds from revolver loans of approximately $21.6 million, approximately $17.0 million in proceeds from the issuance of notes payable, and proceeds from a failed sales and leaseback transaction of approximately $8.2 million, partially offset by payments on notes payable and finance leases of approximately $10.6 million, and purchases of treasury stock of approximately $2.7 million.
Revenue - Product Highlight
Revenues and operating income for our legacy directory services business continue to decline due to decreasing renewals.
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On September 20, 2023, Marquis...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Live Ventures Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 97.1: Ex-97.1

Ticker: LIVE
CIK: 1045742
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-042586
Submitted to the SEC: Fri Dec 22 2023 12:14:07 PM EST
Accepted by the SEC: Fri Dec 22 2023
Period: Saturday, September 30, 2023
Industry: Investors