IMBI - Earnings call transcript Q1 2018

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Operator

Greetings and welcome to EVINE Live First Quarter 2018 Earnings Conference Call. At this time, all participants will be in a listen-only-mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. to Vice conference Investor President like host, to Relations. now Porter, Michael of would turn over the your I Finance and Please go ahead.

Michael Porter

thank us and for morning Good you today. joining

Rosenblatt; call his We provide on issued operational earlier highlights our will release today's me of Bob Diana thoughts Joining this and our with our Diana Purcel. earnings and our on morning. performance. CFO, follow CEO, business our is will and Bob the financial

a obtain through our website earnings release, section If our the you do of may news not have at you evine.com. copy Investor Relations

Some the of prove and believe but call operating any in statements future of We filings our will statements to give date. obligation no today's reasons. today correct. statements Harbor earnings reflect the section release and update for assurance in the significant statements considered subject as SEC Safe forward-looking about reasonable, expectations of and such no that any We revise we expectations expectations or Please undertake financial make during are refer information. these publicly to These forward-looking statements forward-looking our to are are performance additional to our the risks reflected and or uncertainties. for be and our only forward-looking speak our

Investor through measures exhibit to Finally, section including in can to measures included these is call SEC such most we reconciliations information an release The accessed on are measures our be release. X-K to references will about GAAP our disclosed as that comparable required make also of filings this non-GAAP the be adjusted Relations to earnings website. EBITDA. the Form earnings the The

like over the call to would Bob. I turn to Now

Bob Rosenblatt

and to office Diana, next and market studio strategy. for these programming are We optimize to result with them perfect brands having our us expanding We opportunities was good a thankful EBITDA I'm veteran short studios in increase But growth will still I'm with we in as increase sheet team efforts. XX and new new in efforts. to now help a X% doing a to is everyone accomplishments it with turnaround the And of have the morning year appear strategy Mark by the million highlight. presence We traction realized convenient gain nice $XX both first Thanks our I'd our more on business of York. portfolio. our our to product very of end. brands last the of achieved quarter. balance fit of these quarter was ended that introduced decreasing XXXX to the prominent and start make $X.X million We in like everyone's year. with net a approximately our and geographical which a much In course Mark to on footprint time development, support since to bolstered had compared of in that have by it product revenue Diana We development. debt phase had Los our and New is adjusted solid And shows We backyard a of and cities calendar. and major encouraged usher number a for quarter CFO results year goal for speed network. Locks Angeles more fiscal product Michael we productive do. the coast-to-coast continue XXXX. to and seasoned our for a A comparable first our of our executive in our brought We space and quarter achieved sourcing, the growth addition to business markets will Purcel. our we into over

do over ensure continue to coming and tenants. into to work profit and more operate sales with drive quarters near-term place potential two past the growth We years maximize we primary the that steer three investments over have to continue initiatives and the put to To we us beyond.

is our programming. grow products The first tenant and to

earlier we introduced brands mentioned in quarter products portfolio home beauty, our our the fashion, across I categories. As XX to and specifically

audience. looking these We the incubator access will to in and forever best our an allow as unique new an and to a brands us that audience. and be of our of for brands exciting new to leverage platform being support storytelling serve strength We brands mass provide instant enormous to emerging goal

launched not marketing time and key team purposefully to certain that bring mutually brands is in to quality, customers. this uniqueness, be vendors brand. strategize hit Our simply all merchants can to resonates grow editors us assess they and a facilitators brands, and are process projections to benefit for vendor that our that canvas so Along brands and with forward we in contribution products meet criteria; brands and our tirelessly the The and new what we on work with believe with quarter collaborate, more blank believe curate us platform to and margin. ability individual high to air much than allocated and both our demand

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competition concept their inventors cast tournament "The their where Solutionist". Showdown compares across head-to-head Akos by showcase The purchasing innovative favorite products, viewers to week America also from products their vote We debuted brings style product. featuring each Inventor a

we their also a confidential products AM of airs journey. Cosmopolitan We Eastern safe that to who X two program at Season Time intimacy EVINE with platform sells released and women included Magazine. Season and special After couples Dark, facilitate partnered and a where X X episode a for hour want

online efforts customer edge addition exclusive revenue, by had programming In from customers to All produce which cutting examples viewership, special compared growth were is differentiated regular that content, to to has our shoppers Magazine. subscription to enthusiastic viewers demonstrated Cosmopolitan offered these showcase of an three and response programming. and our offer

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during an with with Waterford quarter. Ireland celebrated from the also year XX Crystal We Remote partnership Live first

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our The content second to tenant is distribution. grow

our here the important neighborhoods. new new is channels high drive priority HD most definition to in with Our platform

XXXX the to fourth of added HD fiscal in was end reminder a increase we in As in XX% over million XXXX. quarter. predominantly the XX homes This distribution compared a

to the mature. has on XX to HD with results far taken X XXXX distribution which pleased are our historically months so We

We well our are deals. HD of proactively all our continuing in continuing as to as grow opportunities to distribution review XXXX and further distribution negotiate to evaluate

to using HD to platforms concepts Roku XX% XX%. distribution addition emerging top quarter experience under we most and notably Installations over In Roku. were and have up the platforms first launching continue the increased on development for of sessions of with several we these year more growth last channels

through to out as net the growth XX our adjusted will next is and this and profitable income, flow. performance tenant believe These strategy months and We discipline beyond. contribution stakeholders look guide to value the that deliver we decisions drive tenants most third the free over long-term. EBITDA, margin, over three generate The sales our sustainable cash

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down During the year-over-year spend, our loyal is customer group remains and frequency, count driving purchase strong growth our quarter and average X% in was value. although customer lifetime

experience. sold customer which a throughout base support overall merchandise improved the see improved this compared continue to agent quarter customer customer grew alive Growing expanded and key mix, starts customer which the contact improved post we the XX our importantly momentum satisfaction points our we We and focus with calls More area most our presence, to attribute HD sales units importantly is by which to promising measures results. basis year-over-year. rate our

customers sentiment overall score see to industry This value solidly that great to positive that continue from we Additionally products our to increase. promoter we our great been and continues has customers. gives with confidence our are above delivering at an benchmarks net team entire

our to both customer customer promising agency our recently early and customer and are are the from and perspective. in switched products, We new marketing focus other a a programming, challenges addressing ways. acquisition revenue addition growth service In on results we our digital

total to the helped grow they penetration point to digital basis efforts help mobile boost our our with digital, closely is relationship work ad percent mobile, and our a of the be marketing last a sales XXX to categories with increase on sales our XX.X%, the These last XX% sales over spend platforms. that our customer. to sales to point drive year. spend, This quarter, performance, continue as first a on agency year efforts lifetime as of return value to important highest basis digital XXX in new focus digital of optimize compared continue on We social also and increase we and

but the during customers data far exceeding so the EVINE for and friends. is introduced the new quarter a us our to of driver and also for growth we beauty to We sales within friend like campaign results current customers having XX% refer quarter a our category to over terrific this launched Based our business. on be know with from expectations. highlight growth effective key with wellness the subscription I'd discover to most the are consumer way

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opportunity to quarter without having able generate Additionally a grow for valuable In stream XX%. airtime. revenue the first by provides to great a it us recurring subscriptions were use to we

can you lot to foundation key priority. many going at to for commerce this core Lucky strategic strong regardless how to shopping retailers we shop increasing investing customer amount the a has as grow chooses capitalize a The So tell a interactive and video have online experience on video priority space continues EVINE companies in is this on competency. of to the have us for in work are we become a marketing and story-telling to an and infuse with with. ability

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Diana Purcel

Thanks Bob, I'm excited to here. be

I why I the thought additional this you some who some For not start have I an opportunity. in worked with and to those attractive myself with on of would as past I background thought insight was

XX of For that others. and two for significant Famous provide to and and order Hawk companies Cooper's in the to imagine years and that data could brand, transparency private EVINE to the and held publicly CFO Stability customers. past use just informed timeframe and shareholders, growth, frequent Restaurants, finances the decisions. publicly experienced several sponsored my visibility brand a in held a past the and in to EVINE years that anything sensitive a company. of past started consumer challenges of challenges, the about believe retail held Dave's challenges Winery in suite, the privately job including company I direct excited to small Paper including business the equity restaurant was help brand can to America is company, restaurant transition turnover on I'm microcap experienced Warehouse, I make know cause Over experiences with you a to the liquidity could CFO a fee of among turnaround following that cap ago. effects I'm team has the and these these number this important continue be and I at I information employees, in and activism

an accountability accurate, aligned with access working focus our to top team throughout for disciplines ensure systematic, drive in data and information and further to line the manner. I and Bob of One on is timely including priorities senior that establish bottom and has areas organization. the are the to top line helping and business my collaboratively performance to my and the enhance

the share familiar relations brand, believe sat flexible base, that focused to I life shared be performance to EVINE as I've financial earning a approach team and your an field color my fast. With us maintaining he shareholder accounting company help collectively companies Board. with broaden with for what some quarter. in and much power far shareholder join however, the and a additional story to homes of access of seen million when first in look entire quickly sheet, The forward I and confidence strong And efficient will down as advantage ours. than working our our excited lived sustaining with so let Bob maximize to nearly consumer our Additionally as serving Minnesota active to my phenomenal best an are gives vision provide optimal the was performance grew investor on and and to me these to and class finance excitement Bob with that playing for balance levels an and I a team. Having on his part XX I and partner of and return. possible. capital am I the over trust bigger senior you and structure team I am strategic be with

to X% quite like about our not Bob The in would on you in we on mention material revenue basis. the have the bit our our watches, metrics of our increase price adoption home, first new operating was include new and not implemented standard revenue information have our consumer the adopted quarter results category. some top additional I average the an increases selling did with a on in impact ongoing of do operating key provided line, year-over-year expect jewelry, material the we guidance a First recognition electronics adoption $XX, quarter. a reflecting a and and that recognition to impact

jewelry category. XX the XX.X% prices quarter to average was up basis higher which points particularly the modest This return related increase was year-over-year. Our was rate selling in in

margin gross XX.X%. percentage Our at remained steady

margin were dollars termination by rate However contract impacted our and gross cost.

than gross rate or fashion, margin gross This margin a comparable last higher and margin our basis. increase categories. year's beauty, been was rate this strong basis improvements XX would have the attributable to on Excluding points rate within XX.X% impact, home

transition XX.X X.X% an last in dollars of The increase delivery exist was by was quarter. and first that year-over-year expense in general and and bonus net as to a and XX didn't year's expenses. points expense basis investments primarily management executive of growth a operating quarter Our the profitable was support operating sales first than general administrative prior increase due of higher both The expenses million, to administrative totaled line driven increased increase percentage the impact rate costs and our and of the in top infrastructure purposeful accrual and year.

quarter net functional As last of the and a key variable XX with great as on expenses was the customer operational efficiency for were primary by functions, solutions which case X.X% all had logistics our total credit our a payments decrease higher Variable group. areas units year, our we to in improvements center, our in X.X% improvement and year include compared performance continued fulfillment group, point sales. and our last all well driven sales X% basis as costs

focused As help more in to manner. platform. Bob the do including mentioned entire We in job million is we XX distribution our content are effective homes quarter XX ensure first cost than My remain increasing on of homes. our HD the over throughout of as a that we end extremely million

XXXX on back number evaluate half to of fiscal to of the continue focus the in increase opportunities We channels year. the with a HD

these concepts more expand look to We social We differentiators as our our to Lifestream where such continue believe customers as for to be programming us additional manner. evaluate distribution access distribution a the platforms additional in can several convenient in under our and over have our for also we development ways top that of more long-term alternative platforms selling.

high helped the $X dollars a on adjusted focus future a better quarters have approximately rate quarter almost XXXX. us the proxy XXXX. was was margin down X% is to for last we NOLs $X.X of run of This offset remaining year quarter compared federal result expense as year. Our the to From quarter million of reflects taxable interest in perspective a Interest of a EBITDA income. first XXX to million which of in first increase contribution deliver the X.X a of tax the a during our as pay than million us which million good available debt

balance increase we approximately cash Turning million, sheet, XX to XX% the the year-end. of of an ended from quarter with

gave on an XX of had additional also which We approximately million. liquidity XX unused credit revolving million of us our availability total facility

quarter balance the quarter XX to was end X.X% inventory compared year. million down Our at was which of the of last first the

of good merchandising, We profitable manage about our feel inventory help levels to efforts continue supply fulfillment drive to and us chain, to to appropriate sales.

$X investments website we quarter systems. customer the projects infrastructure, and to IT reflecting spent on solution optimization, primarily in capital During upgrades million

organization full year capital expect range. reflect to couple quarter expenditures that the $XX in over continue the the results million to past million We focus the the for our of $X be had Overall to years. has

for quantities, the setting showing ordering right average this the higher focus price, a products, I believe selling results rate, with up of variable on right growth. right right expenses. an profit focus margin. foundation keen in and the solid Sourcing we and are reduced The gross contribution prices a and have a the increased

In XXXX full outlook expectations. have of terms for of fiscal year firmer our we the

As reminder will XXXX have to fiscal the weeks XX weeks XXXX. XX compared a fiscal in

X% a million reported to to million For revenue on normalized growth we basis. generate basis X% and XXX which on X% X% growth equates to to to expect a XXX

million X% to XX% to XX XX We to be EBITDA growth expect adjusted year-over-year. million of or

generation. at share, very join growth As expectations I achieve in earnings the mentioned adjusted to help this and revenue, juncture earlier cash company and excited flow I'm per its EVINE EBITDA,

start take that to gaining coming happy to solid off and your Michael, said, are year a forward quarters. to Bob, questions. with I in look and traction We this the further And are

Operator

questions. your first the you, today D.A. Thank Instructions]. with Please comes Forte Tom proceed question Davidson. the line from [Operator with of

Tom Forte

what as the trading yet selling how taking bodied my investors executives the to of is teams able business? by current questions. stock for mean nearly about a the think $X, including turn such attempt around one Great, for value should the decade shareholder thanks three for Bob business our

Bob Rosenblatt

Tom. Thanks

going that's said two being a imagine. turnaround as be started here on to be first What we there's business ago going silver a So, to to year when terms we years this that meaningful early guess able in bullet three said you could was accretive. of was no we I well have

The able was to second in people the to the about making that to about about growth. driving first put the to sure place and was bills, all right able succeed, this year able and be we is pay year all were being processes all accretive

We EBITDA you year that you company significant dollar of those being go expenses all you bottom this know of can to for line that get the usually and bring about fixed you that XX% are as to has a incremental incremental see every table. able that the expenses amount a over about get revenue fixed once growth, was XX% XX% revenue. And to to

when see the doing on we the when to will look the the bottom increases investors all we pay start EBITDA what have to at is be those fact any think line flow able cash to you taxes plus of that multiple I that drive don't So we positive. the can the

we at when is price silver something to that marketplace, frankly the that this be we're core which value believe different we're our no fact look commerce point these it from stick in $X.XX stock fields is you And which book more in time. all playing to doing in that we or to at is undervalued the is a continuing about the a for. is competencies $X.XX to that in there's So relevant my is able one of video mind that become bullet, have which formula make sure the

that, make sure revenue, I place that multiple it plan we balance think shows think mostly to look my to look have it's undervalued although of it have you look and healthy probably how reflection And at at of that it is haven't profitability a EBITDA, marketplace. seen continues business a when of when the we regardless in multiple sheet. the you at solid a we're I a it in at job which drive as you

Tom Forte

Thanks Bob. for taking my question

Bob Rosenblatt

you, sir. Thank

Operator

your Please Our capital. proceed of Argento questions. the next Street question with from with line Lake Mark is

Mark Argento

got ones I morning. kind good quick of a of hi, just bouncing Yeah, couple here, around.

maybe file you the down on of little trailing terms on customer little of when XX XX% unpack kind more of were refocusing you a core some you that are brought is So, the understand basis, customers help months help customer, on experimental, maybe a a you that could bit? churning of off in that bit guys little this bit us kind rolling

Bob Rosenblatt

the quarter elements. begin that we're the are from in. The first probably one that essentially several homes we've fact think believe -- on the broadcasting the are seen turnaround both we're based we we what Yeah, HD now biggest I And so is on in the as to to we're as you a earnest in started engage well us. in that the as be rollout companies package, able in HD with cable the starting both same more know basic really see to December. starting lot people And

be each and the feel three turning the to come to over us. point point we we've we've from So customer starting able gotten as increases row a at the the we we're seeing see months in increases in the and roll see month to buy start the seen to to out we where last this loop

month-by-month we're piece think So so about to homes before. million see fact in means available is half people be the to realm the or expect on able now able engaged HD realm that by the see being happening be be of we based quarter. months increase for increase first to so believe history, able between period in month-by-month saw the XX% to the X over We in somewhere fully seen we another is believe which important one, there's the weren't revenue XX able to I I to we're be most have HD which that XX a in they and increases XX% to that the that we HD. and

month the it at point revenue this as in So of every along time side got that. single better did

increases So happening the based that. see we would are on that

is sure blocking and we to that of of the comes that that's And have our focused make have down that different And most mix over people a and we're, the that to there. really is the being as lot we that we're looking the shop. to tackling best part well fact other The that seeing piece use on all the merchandise right want happening tools able at a possible. now engagement team ways the for marketing we marketing

we're So seeing HD, seeing all the we analog that from to that expected the steady from accretive. we growth going it's fact are

continue where of although we've to see to of to the able And looked growth far we the in HD so lifetime balance the happy that very you isn't increase ways able see that you contribution terms we seen be manage in of something can on a that think so channels. on we're click certainly the when I to value of it experiment we're a based saw of to with that the customer subscription we expect you increases bunch literally and and going switch turning doing that, And and being history the what at margin. are sure we terms make to of

drop to continuing for to of So we plan. believe your the about to that didn't point not of for not out off the so of contribution customer but our the get us business do not give the some sense margin about some that do stuff that value long testing makes term work businesses was us make much more or

Mark Argento

understand is what which of it, but saying. are the one I same to wanted just and Got kind you

this we higher right punch alternative channels, kind that and more, the with this how more go some top X% digital, reflecting mind you've bit to platforms HD of on is then So, line got so and get more be or mix. in from your to line way product to on Is digital channels grow the grow X% at a little and more bumping along that the something business? the hopefully -- how distribution

Bob Rosenblatt

come be Yeah, drive pattern be at to that retail the disruption and two in me in to higher while to point that in is the other now that able part on over is they have at there's to time in right here develop with we like think a point us I the is customer happening but did terms revenue to only that to mine secondary Mackenzie-Childs a not this networks. and also the of And higher brands disruption customers is growth to the think the opportunity much big to fact the industry I general much opportunity that our revenue able customers for competition. and

Mark Argento

then they are moving channel, they it Beekman, about to going are on, down, winding the what's going what's on with brands, are about? different some Got and or they all talking of that

Bob Rosenblatt

them -- although They significantly opening represent don't three going. the been business it more not about privy wasn’t going distribution so channels. stores, We it last we they're to are there's digit to talk small of been -- in over our what percentage we really significant single where them don't talk about years. There's year grew really know. We

to be and cultivate great area with aligned ours really We is with point differently than used want great future But time of home key this continue can lot having so make the and at the if what them. that in sure where we relationship to are for space a we I we in tell you that have especially that them that continue to and I ramping the before. relationship that's can their we will and we the the a like able to brands think haven't really you really to up their training us have where can't I aspirations is speak Beekman ground wide but

Mark Argento

thanks. Great,

Operator

of the with is Fuhrman with The Please proceed next Alex question question. Craig-Hallum. your line from

Alex Fuhrman

the necessary has the it now able to of that Great, be interested do opportunites team a to where teams access sure all to said and provide thank making do being think very the there priorities few my in for you whole data in you taking data stands weeks feel couple of have is I terms question. the what that the about right you and Diana next what you are your had you curious was company would much I the months? company over one now at biggest the

Diana Purcel

to as I couple I Hi I'm have and under starting involved that you continue my of a across Alex, and by amount we segment of a weeks on company will this And of it. I mine just business as understand you customer. brands nice that just both to well surface. in, is surface in the scratching of number have there can data it to to of scratch but tell is we're by that talk kind belt, have tremendous a so you hit the been kind

better So, and just so. and them experience the of what kind to want in to giving an delivering flexibility understanding opportunities experience having huge do see experience and customer that I our they want the way it they

Alex Fuhrman

metrics lower of broadly particular become any thanks. Are mentioned and productivity few come just bigger this something the years? here last you the And you're of to key had how up that that are at what that there out a you assess years the in a do quarter that launches brand lot brands were helpful, as more performance of number current debuted and stand brand Bob that that really likely new feel stack than first could new year successful. the for then then you a brands seasoning, that's in as the few assuming that's and have looking brands out slate of Great,

Bob Rosenblatt

the really a almost had products a show Nutritionary that just while a represented spread for edge. across she so at was her is I she different she mentioned as own for Heather she of we scientists time out the was HSM. Copper she's brand Thomson on TV health she's I she that sells did which Tommie and her She's she -- she I show, brands brand cutting sold in and it, on represented She put Alex, she a she that really few to in point an weeks example think us degree she's think got with earlier been Nutritionary Yummy several been terrific all of of in like that first one has She and has had saw the bunch lot are her a that out different see. Nutritionary Heather working with with ago terms Hi food components of on. categories.

of an example is model. person, audience that margins are subscription product different that And a So that's with that something for seems of is very lot a the the brand ripe is in good. components the we sense seems very, the that that it has very a like the it engaged a

we is cutting a that see couple going beauty of So brands and the And to that the technology had another is out hitting brand in area terms based that that and in to very story other it was we more well. are other out going feel to a one is oil strong very be olive that brand quarter to are leads put person with hours SeroVital a that we of allocated is that subscription we at. strongly we selling that sold of that some is looking the to terms There it in did all well compelling that a brands of like couple who is do a in that compelling based having growth. edge metrics tremendously

bunch bricks brands believe are we're examples mortar are retailers a get home that those people So in. road. constriction the the in and down and just to hard happens we the looking Alex of a couple at under seeing as under-served, In served the of at it's we're what area

people area to are on understand tell from lot story locations and they merchandise some were reminded a the want the are our to will someone seeing be story to that but the that be can sell of some that they Mackenzie-Childs stores to flow retailers So out through now came that it get of tell only when network they other Mackenzie-Childs able on get furnishing will be because that -- are on in those about not seeing the furnishings came the home better the starting brands also they in they in be able started in brands we revenue way only there. the like not home and to they they revenue but tell us that where the for those want

Alex Fuhrman

Great, that's really helpful. Thank both. you

Bob Rosenblatt

sir. you Thank

Operator

the Thank you. for time this I'll to Rosenblatt floor remarks. turn back Bob At closing

Bob Rosenblatt

grow forward year. again that participating thanks right to remain throughout Well, confident our and for update updates to the business the providing We in we're our you with we using Thanks. levers morning. this look business

team I thanks comment want results quarter. final so I customers all trust a your rest their during thank continued our the day, the members thank partners, confidence. and of to much. and And a efforts Have vendors, As to their for for wonderful want and

Operator

Thank you. This concludes today's teleconference.

time. this lines you disconnect Thank participation. You your your for may at

Legacy IMBDS (IMBIQ) 30 May 182018 Q1 Earnings call transcript