Live Ventures Incorporated (NASDAQ:LIVE) Q2 2023 Earnings Conference Call May 11, 2023 5:00 PM ET

Company Participants

Greg Powell - Director of Investor Relations

David Verret - Chief Financial Officer

Conference Call Participants

Operator

Good day, everyone, and welcome to today's Live Ventures Incorporated Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note today's call maybe recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Director of Investor Relations, Greg Powell. Please go ahead.

Greg Powell

Thank you, Chloe. Good afternoon, everyone, and welcome to the Live Ventures fiscal 2023 second quarter conference call. Joining us this afternoon for the call are Jon Isaac, our Chief Executive Officer and President; and David Verret, our Chief Financial Officer.

Some of the statements we are making today are forward-looking and are based on our best use of our businesses as we see them today. The actual results could differ material due to the number of factors, including those outlined in our latest forms, Form 10-K and Form 10-Q, filed with the Securities and Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. You can find our press release and 10-Q which are referenced on the call in the Investor Relations section of the Live Ventures website. I will direct you to our website which is www.liveventures.com or www.sec.gov for our historical SEC filings.

I will now turn the call over to David to walk us through our financial performance.

David Verret

Thank you, Greg, and good afternoon, everyone. For our second quarter, we delivered revenue of $91.1 million, net income of $1.6 million and adjusted EBITDA of $9.2 million. We were able to report these results despite a tough market environment characterized by rising interest rates, inflation and weakening consumer demand. In addition, during the quarter, we acquired Flooring Liquidators for approximately $78.7 million. Despite the challenging macroeconomic conditions, we continue to execute our multi-lever buy-build-hold strategic plan while also investing in our existing businesses.

Before we jump into the number, let's briefly discuss the Flooring Liquidators acquisition. We are very excited about the Flooring Liquidators acquisition, which closed in January of this year. Flooring Liquidators is a retailer and installer of floors, carpets and countertops to consumers, builders and contractors in California and Nevada, operating 20 warehouse format retail stores in a design center. Over the years, they have established a strong reputation for innovation, efficiency and service in the home renovation and improvement market.