Live Ventures (LIVE) 2026 財年第三季法說會：地板業務疲弱拖累獲利

Live Ventures (NASDAQ: LIVE) 發布會計年度第三季營收與獲利下滑，主因是零售地板業務表現疲軟，抵銷了其他三個營運部門的成長。

重點摘要

• 2026 會計年度第三季營收年減 3.2% 至 1.089 億美元，主因是零售地板業務營收減少 900 萬美元。
• 營業利益下滑 34% 至 530 萬美元，調整後 EBITDA 則下降 29.5% 至 930 萬美元。
• 該公司錄得淨虧損 110 萬美元，或每股虧損 0.34 美元，而去年同期淨利為 540 萬美元，稀釋後每股盈餘為 1.24 美元。
• 零售娛樂業務營收成長 12.7% 至 2,140 萬美元，營業利益成長 33.8%，調整後 EBITDA 成長 28.9%。
• 鋼鐵製造業務營收成長 7.3% 至 3,630 萬美元。營業利益成長 68.9%，調整後 EBITDA 成長 16.3%。
• 截至 6 月 30 日，流動資金總計約 3,980 萬美元，其中包括 1,090 萬美元現金與 2,890 萬美元的可調度信用額度。

主要財務績效

一般及行政費用增加 5% 至 2,760 萬美元，反映了零售娛樂、地板製造及總部部門的薪酬與專業服務費用上升。銷售與行銷費用成長 5.4% 至約 420 萬美元。

去年同期包含來自員工留任稅額抵減的 150 萬美元收益，以及與結算 Precision Marshall 扣留款負債相關的 130 萬美元收益。

業務與營運表現

零售地板業務：營收由 3,040 萬美元下滑 29.4% 至 2,140 萬美元。管理層將此下滑歸因於新屋建設與房屋翻修市場持續疲軟，導致零售及承包商銷售額減少。

零售娛樂業務：營收成長 12.7% 至 2,140 萬美元，得益於所有產品線強勁的消費者需求。營業利益與調整後 EBITDA 分別成長 33.8% 及 28.9%。

鋼鐵製造業務：營收成長 7.3% 至 3,630 萬美元。金屬加工、硬化耐磨及模具業務的銷量增加，充份抵銷了金屬成型、組裝與表面處理解決方案營收下滑的影響。營業利益成長 68.9%，調整後 EBITDA 成長 16.3%。

地板製造業務：營收由 3,100 萬美元成長 2.8% 至 3,180 萬美元。扣除內部交易對銷後的淨營收年增約 110 萬美元。

截至 6 月 30 日，Live Ventures 報告總資產為 3.858 億美元，股東權益為 9,190 萬美元。在其 1,000 萬美元的股份回購計畫中，仍有約 950 萬美元的可用額度。

風險與關注事項

管理層指出，新屋建設與房屋翻修市場持續疲軟仍是主要的營運壓力。儘管該公司其他三個營運部門均有所成長，但零售地板業務的弱勢仍削弱了合併營收與毛利。

薪酬、專業服務費用以及銷售與行銷費用的上升，也拖累了營業利益。管理層表示，公司仍專注於提升各營運部門的表現，並創造永續的長期價值。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Welcome to the Live Ventures Fiscal Year 2026 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, Jen. Good afternoon, and welcome to the Live Ventures Third Quarter Fiscal Year 2026 Conference Call. Joining us 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 the number of factors, including those outlined in our latest filings, 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 and our 10-Q referenced on this call 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 through our financial performance.

David Verret

Thank you, Greg. Good afternoon, everyone. Before discussing our financial results, I'd like to touch on a key -- a few key highlights from the quarter. During the quarter, our Retail-Entertainment and Steel Manufacturing segments posted revenue growth, improved operating income and higher adjusted EBITDA. The Retail-Entertainment segment's revenue grew 12.7%, while operating income and adjusted EBITDA increased 33.8% and 28.9%, respectively. The Steel Manufacturing segment's revenue increased 7.3% with operating income and adjusted EBITDA up 68.9% and 16.3%, respectively. These results were partially offset by continued weakness in the Retail-Flooring segment where softness in the new home construction and home refurbishment markets weighed on operating performance.

Let's now discuss the financial results for the third quarter ended June 30, 2026. Revenue decreased approximately $3.6 million or 3.2% to $108.9 million compared to revenue of $112.5 million in the prior year period. Notably, 3 of our 4 operating segments delivered year-over-year growth. Revenue decreased primarily due to a decline of approximately $9 million in the Retail-Flooring segment, partially offset by an increase of approximately $2.4 million in the Retail-Entertainment segment, $1.8 million in the Steel Manufacturing segment and $1.1 million in the Flooring Manufacturing segment.

The Retail-Entertainment segment revenue increased approximately $2.4 million or 12.7% to $21.4 million compared to $19 million in the prior year period. The revenue growth was driven by strong consumer demand across all product lines.

Retail-Flooring segment revenue decreased approximately $9 million or 29.4% to $21.4 million compared to $30.4 million in the prior year period. The decline was primarily driven by lower retail and contractor sales due to continued headwinds in the home and new home construction and home refurbishment markets.

Flooring Manufacturing segment revenue increased approximately $800,000 or 2.8% to $31.8 million compared to $31 million in the prior year period. Revenue net of intercompany eliminations increased approximately $1.1 million compared to the prior year period.

Steel Manufacturing segment revenue increased approximately $2.5 million or 7.3% to $36.3 million compared to $33.8 million in the prior year period. The increase in revenue was primarily driven by higher sales volumes in the fabricated, hardened wear, tool and die businesses, partially offset by lower revenue in the metal forming, assembly and finishing solutions business. Revenue net of intercompany eliminations increased approximately $1.8 million compared to the prior year period.

Gross profit decreased approximately $1.2 million or 3.1% to $37.1 million compared to $38.3 million in the prior year period, driven primarily by lower revenue in the Retail-Flooring segment. Gross margin increased approximately 10 basis points to 34.1%, reflecting improved margins in the Retail-Flooring and Steel Manufacturing segments.

General and administrative expenses increased 5% to approximately $27.6 million. The increase was primarily driven by increased compensation and professional fees in the Retail-Entertainment, Flooring Manufacturing and Corporate segments. These increases were partially offset by lower general and administrative expenses in the Retail-Flooring and Steel Manufacturing segments.

Sales and marketing expenses increased 5.4% to approximately $4.2 million, primarily reflecting higher sales and marketing expense in the Retail-Flooring and Retail-Entertainment segments. Operating income decreased approximately $2.7 million or 34% to $5.3 million compared to $8 million in the prior year period. The decrease was driven by lower gross profit of $1.2 million as well as higher operating expenses previously mentioned. Interest expense was approximately $3.8 million, flat compared to the prior year period.

Income before income taxes was approximately $1.4 million compared to $7.5 million in the prior year period. Net loss was approximately $1.1 million and a loss per share of $0.34 compared to net income of approximately $5.4 million and diluted EPS of $1.24 in the prior year period. The prior year period results benefit from a $1.5 million gain on employee retention credits and a $1.3 million gain on the settlement of a holdback liability related to Precision Marshall.

Adjusted EBITDA decreased approximately 3.9% or -- I'm sorry, $3.9 million or 29.5% to $9.3 million compared to $13.2 million in the prior year period. The decrease in adjusted EBITDA was primarily due to the decrease in revenue.

Turning to liquidity. We ended the second quarter with total cash availability of approximately $39.8 million, consisting of cash on hand of approximately $10.9 million and $28.9 million available for borrowing under our various lines of credit. As of June 30, total assets were $385.8 million and total stockholders' equity was $91.9 million. As a part of our capital allocation strategy, we may make share repurchases from time to time. We currently have approximately $9.5 million remaining available under our $10 million share repurchase program.

In conclusion, our third quarter performance demonstrates the resilience of our diversified operating portfolio. While we continue to navigate challenging conditions in our Retail-Flooring segment, our Retail-Entertainment segment, our Steel Manufacturing segment both delivered solid growth and improved profitability. We remain focused on initiatives to improve performance across our operating segments and drive sustainable value creation over the long term.

We will now take questions from those of you on the conference call. Operator, please open the line for questions.

Operator

[Operator Instructions]

David Verret

Okay. Seeing as there are no questions, I'll go ahead and just give closing remark. I want to thank everyone attending our Q3 fiscal 2026 earnings call, and we look forward to talking with you on our year-end call. Thank you.

Operator

And this does conclude today's conference call. Thank you for attending.