The following is a summary of the Live Ventures Incorporated (LIVE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Live Ventures reported Q1 revenue of $117.6 million, a 70.5% increase, primarily due to acquisitions and an increase in the flooring manufacturing segment.
Gross profit rose to $36.3 million from the prior year's $21.9 million, but the gross margin decreased to 30.9% from 31.8%.
General and administrative expenses increased by $13.1 million due to the Flooring Liquidators and PMW acquisitions.
The company reported a net loss of approximately $700,000, with a loss per share of $0.22.
Adjusted EBITDA for Q1 was approximately $8.7 million, an increase of 15.3% compared to the prior year.
Business Progress:
Live Ventures completed two acquisitions, Flooring Liquidators, and PMW, and added 10 new showrooms across three states.
Total assets stood at $436.6 million with total stockholders' equity at $99.4 million as of the end of December.
The company repurchased 4,346 shares of common stock at an average price of $24.51 per share, and has $3.2 million available for further repurchases under the program.
More details: Live Ventures IR
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