Live Ventures Inc Q1 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Hi.

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Hey, guys. Congratulations on a good quarter despite the issues here. Last quarter and this quarter both cited inflation as issues for the retail segment and the flooring segment. Do you see any abatement of that now we're here in February? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2023 / 10:00PM, LIVE.OQ - Q1 2023 Live Ventures Inc Earnings Call

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : And I know you talked about the flooring acquisition in your prepared remarks at the beginning. Is there any kind of guidance you can give us as to how that revenue might flow in over the subsequent quarters coming up?

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Okay. That's fine.

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Understood.

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Okay. Thanks. In the steel manufacturing segment, is there a seasonality to that business that would make revenue maybe go up next quarter or future quarters here?

Question: Theodore O'Neill - Litchfield Hills Research, LLC - Analyst : Thanks very much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2023 / 10:00PM, LIVE.OQ - Q1 2023 Live Ventures Inc Earnings Call

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Hi, gentlemen, and thank you. Thank you for the hard work and a good quarter. I have several questions. So just stop me if I'm taking a more than my fair share of time, if that's all right. The first one is I'm not an accountant, and I just want to understand the dilution compared to the increase in the asset value. I mean, we are getting a new asset for that dilution. So it sounds like since stockholders' equity is up, does that mean that each share actually owns more even after the dilution given the new asset that has become part of the portfolio?

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : That, I understand. That, I understand. What I'm asking is that the actual assets that each share owns, did that go up given the new (multiple speakers)

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Got it. All right. My next question is --

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Thank you. That's exactly what I'm looking for. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2023 / 10:00PM, LIVE.OQ - Q1 2023 Live Ventures Inc Earnings Call

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Thank you for pulling the word out that I was looking for; I appreciate it. And that is what I was looking for, and I appreciate the elucidation. It's what I thought from when I first read it, but I just wanted to make sure that I was correct in that. Why do you use a fiscal year compared to a calendar year?

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : I mean, is there a benefit to the company? Is there a detriment? Or is just because you have? I just don't know --

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Oh, I know.

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Okay. All right. That's fine. I just didn't know if there was a business benefit and that's why it was done or not. Okay. You mentioned macroeconomic headwinds; you both mentioned it. And I just wondered if that -- you expect that in all areas and all of your subsidiaries or more in particular areas than in others. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2023 / 10:00PM, LIVE.OQ - Q1 2023 Live Ventures Inc Earnings Call

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Thank you. And then my last question, so I guess I made it through them all. Salomon Whitney, are you still planning to buy the remainder of the shares outstanding? Number one. And actually -- I guess, actually, there are several questions related to Salomon Whitney. What is their total assets under management and what made you decide to go after them in the first place? I don't know that it seems to fit with the other purchases that you've made.

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : And then as far as their total assets under management currently?

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : I appreciate that. And the last question about them is: last time, I asked you about them, you mentioned that they were -- it was a smaller focus on RIA than on brokerage. And I wonder if that's changing or if that's still the case?

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : I'm sorry. You're saying it's entirely BD not RIA, did I hear you correctly? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2023 / 10:00PM, LIVE.OQ - Q1 2023 Live Ventures Inc Earnings Call

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : And is that intended to stay that way, or are you considering RIA?

Question: Joseph Kowalsky - Upstream Investment Partners - Analyst : Okay. Thank you very much.