Investor Relations
Financials
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Sep. 30, 2022
Assets    
Cash $ 3,547 $ 4,600
Trade receivables, net of allowance for doubtful accounts of $194,000 at June 30, 2023 and $132,000 at September 30, 2022 27,358 25,665
Inventories, net of reserves of $3.5 million at June 30, 2023 and $2.4 million at September 30, 2022 114,075 97,659
Income taxes receivable 4,087 4,403
Prepaid expenses and other current assets 3,249 2,477
Total current assets 152,316 134,804
Property and equipment, net of accumulated depreciation of $34.3 million at June 30, 2023, and $26.7 million at September 30, 2022 65,431 64,590
Right of use asset - operating leases 45,321 33,659
Deposits and other assets 1,593 647
Intangible assets, net of accumulated amortization of $3.4 million at June 30, 2023 and $2.1 million at September 30, 2022 24,117 3,844
Goodwill 71,389 41,093
Total assets 360,167 278,637
Liabilities:    
Accounts payable 14,808 10,899
Accrued liabilities 22,748 16,486
Current portion of lease obligations - operating leases 10,582 7,851
Current portion of lease obligations - finance leases 355 217
Total current liabilities 73,182 56,388
Lease obligation long term - operating leases 39,588 30,382
Lease obligation long term - finance leases 20,004 19,568
Deferred taxes 13,046 8,818
Other non-current obligations 852 1,615
Total liabilities 255,964 181,475
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,164,432 and 3,074,833 shares issued and outstanding at June 30, 2023 and September 30, 2022, respectively 2 2
Paid in capital 68,888 65,321
Treasury stock common 659,961 and 620,971 shares as of June 30, 2023 and September 30, 2022, respectively (8,203) (7,215)
Retained earnings 43,971 39,509
Equity attributable to Live stockholders 104,651 97,610
Non-controlling interest (448) (448)
Total stockholders' equity 104,203 97,162
Total liabilities and stockholders' equity 360,167 278,637
Nonrelated Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 23,689 18,935
Long-term debt, net of current portion 64,519 59,704
Related Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 1,000 2,000
Long-term debt, net of current portion 44,773 5,000
Series E Convertible Preferred Stock    
Stockholders' equity:    
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at June 30, 2023 and September 30, 2022, respectively, with a liquidation preference of $0.30 per share outstanding 0 0
Treasury stock Series E preferred 80,000 shares as of June 30, 2023 and September 30, 2022, respectively $ (7) $ (7)

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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenues $ 91,516 $ 68,269 $ 251,624 $ 213,133
Cost of revenues 59,347 45,920 165,903 138,215
Gross profit 32,169 22,349 85,721 74,918
Operating expenses:        
General and administrative expenses 23,226 13,407 60,443 40,718
Sales and marketing expenses 3,382 3,078 10,198 9,480
Total operating expenses 26,608 16,485 70,641 50,198
Operating income 5,561 5,864 15,080 24,720
Other (expense) income:        
Interest expense, net (3,485) (674) (8,767) (2,549)
Gain (loss) on debt extinguishment 0 279 0 (84)
Gain on disposal of fixed assets (29) (443) (22) (444)
Loss on write-off of ROU asset 0 (522) 0 (522)
Salomon Whitney settlement 1,000 0 2,000 0
Loss on disposition of Salomon Whitney (1,696) 0 (1,696) 0
Gain on bankruptcy settlement 0 0 0 11,352
Other income (expense) 6 333 (671) 751
Total other income (expense), net (4,204) (1,027) (9,156) 8,504
Income before provision for income taxes 1,357 4,837 5,924 33,224
Provision for income taxes 297 1,365 1,462 7,848
Net income 1,060 3,472 4,462 25,376
Net income attributable to Live stockholders $ 1,060 $ 3,472 $ 4,462 $ 25,376
Income per share:        
Basic (in usd per share) $ 0.33 $ 1.12 $ 1.43 $ 8.11
Diluted (in usd per share) $ 0.33 $ 1.11 $ 1.42 $ 8.01
Weighted average common shares outstanding:        
Basic (in shares) 3,166,842 3,090,321 3,123,177 3,128,813
Diluted (in shares) 3,186,904 3,130,925 3,143,634 3,169,258

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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net income $ 4,462,000 $ 25,376,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 9,978,000 4,616,000
(Gain)/loss on disposal of property and equipment 29,000 443,000
Gain on bankruptcy settlement 0 (11,501,000)
Amortization of debt issuance cost 223,000 (95,000)
Stock based compensation expense 396,000 37,000
Amortization of right-of-use assets 2,069,000 8,517,000
Write-off of ROU asset 0 522,000
Change in reserve for uncollectible accounts 62,000 (6,000)
Change in reserve for obsolete inventory 1,030,000 431,000
Change in deferred income taxes 4,227,000 2,529,000
Disposition of SW Financial, net of cash retained 1,509,000 0
Changes in assets and liabilities, net of acquisitions:    
Trade receivables 2,940,000 (362,000)
Inventories 2,917,000 (18,582,000)
Income taxes payable/receivable 316,000 (481,000)
Prepaid expenses and other current assets 3,482,000 (450,000)
Deposits and other assets (1,002,000) (362,000)
Accounts payable (1,039,000) 3,741,000
Accrued liabilities (5,656,000) (3,553,000)
Other Liabilities 63,000 24,000
Net cash provided by operating activities 26,006,000 10,844,000
Investing Activities:    
Acquisition of Flooring Liquidators, net of cash acquired (33,929,000) 0
Acquisition of Kinetic 0 (24,355,000)
Acquisition of Cal Coast Carpets (1,300,000) 0
Purchase of property and equipment (3,499,000) (8,304,000)
Net cash used in investing activities (38,728,000) (32,659,000)
Financing Activities:    
Net borrowings under revolver loans 3,133,000 18,179,000
Proceeds from issuance of notes payable 9,878,000 20,292,000
Payments on notes payable (5,555,000) (15,122,000)
Proceeds from issuing related party notes payable 7,000,000 0
Payments for debt acquisition costs (98,000) 0
Purchase of common treasury stock (988,000) (2,528,000)
Payments on financing leases (1,621,000) (120,000)
Payments on seller financing arrangements (51,000) 0
Cash paid for taxes on net settlement of stock option exercise (29,000) 0
Debtor-in-possession cash 0 75,000
Net cash provided by financing activities 11,669,000 20,776,000
Decrease in cash (1,053,000) (1,039,000)
Cash, beginning of period 4,600,000 4,664,000
Cash, end of period 3,547,000 3,625,000
Supplemental cash flow disclosures:    
Interest paid 7,443,000 2,496,000
Income taxes paid 102,000 5,795,000
Noncash financing and investing activities:    
Noncash items related to Flooring Liquidators acquisition 36,900,000 0
Noncash stock options exercise $ 327,000 $ 0

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