Live Ventures Incorporated (NASDAQ:LIVE) Q3 2024 Earnings Call August 8, 2024 5:00 PM ET

Company Participants

Greg Powell - Director, Investor Relations
Jon Isaac - Chief Executive Officer and President
David Verret - Chief Financial Officer

Conference Call Participants

Joseph Kowalsky - JD Investments

Operator

Welcome to the Live Ventures FY 2024 Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Greg Powell, Director of Investor Relations. Please go ahead, sir.

Greg Powell

Thank you, Paul. Good afternoon, and welcome to the Live Ventures third quarter fiscal year 2024 conference call. Joining this afternoon 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 view of our businesses as we see them today. The actual results could differ materially due to a number of factors, including those outlined in our latest forms 10-K and 10-Q as 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 referenced on the call this afternoon in the Investor Relations section of the Live Ventures website. I direct you to our website, liveventures.com or sec.gov for our historical SEC filings.

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

David Verret

Thank you, Greg, and good afternoon, everyone. Let’s jump right in and discuss the financial results for the third quarter ended June 30, 2024. Total revenue for the quarter increased 35.4% to approximately $123.9 million. The increase is primarily attributable to the acquisitions of PMW, which was acquired during the fourth quarter of fiscal year 2023 and Central Steel, which was acquired in May 2024, collectively adding approximately $21.1 million in revenue.

Additionally, the increase was attributable to increased revenue in the Retail-Flooring segment of approximately $9.5 million and an increase in the Flooring Manufacturing segment of approximately $3.8 million. These increases were partially offset by decreased revenue of approximately $2.2 million in the company’s other businesses due to general economic conditions.

Retail-Entertainment revenue of approximately $16.5 million decreased $1.5 million or 8.4% compared to the prior year period. The decrease in revenue is primarily due to reduced consumer demand and a shift in sales mix towards used products, which generally have lower ticket sales prices with higher margins. Retail-Flooring revenue for the quarter was approximately $37 million, an increase of $9.5 million or 34.7% compared to the prior year period. The increase is primarily due to increased revenue in Flooring Liquidator’s builder design and installation segment, Elite Builder Services, and the acquisitions of CRO and Johnson by Flooring Liquidators during the first quarter of fiscal year 2024.