0001564590-21-024068.txt : 20210505 0001564590-21-024068.hdr.sgml : 20210505 20210505161526 ACCESSION NUMBER: 0001564590-21-024068 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Changes in Registrant's Certifying Accountant ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210505 DATE AS OF CHANGE: 20210505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GAIA, INC CENTRAL INDEX KEY: 0001089872 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812] IRS NUMBER: 841113527 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27517 FILM NUMBER: 21893442 BUSINESS ADDRESS: STREET 1: 833 WEST BOULDER ROAD CITY: LOUISVILLE STATE: CO ZIP: 80027-2452 BUSINESS PHONE: 3032223600 MAIL ADDRESS: STREET 1: 833 WEST BOULDER ROAD CITY: LOUISVILLE STATE: CO ZIP: 80027-2452 FORMER COMPANY: FORMER CONFORMED NAME: GAIAM, INC DATE OF NAME CHANGE: 20080519 FORMER COMPANY: FORMER CONFORMED NAME: GAIAM INC DATE OF NAME CHANGE: 19990701 8-K 1 gaia-8k_20210429.htm 8-K gaia-8k_20210429.htm
false 0001089872 0001089872 2021-04-29 2021-04-29

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of Earliest Event Reported): April 29, 2021

 

GAIA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Colorado

 

000-27517

 

84-1113527

(State or Other Jurisdiction
of Incorporation)

 

(Commission File
Number)

 

(IRS Employer
Identification No.)

 

833 West South Boulder Road, Louisville, CO 80027-2452

(Address of Principal Executive Offices; Zip Code)

 

Registrant’s telephone number, including area code: (303) 222-3600

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock

GAIA

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


 

 

Item 2.02

Results of Operations and Financial Condition.

On May 3, 2021, Gaia issued a press release announcing results for its quarter ended March 31, 2021. A copy of the press release is attached as Exhibit 99.1 to this Current Report and a transcript from the conference call is attached as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any of the Registrant’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 4.01

Changes in Registrant’s Certifying Accountant.

(a) Dismissal of Independent Registered Public Accounting Firm

On April 29, 2021, the Audit Committee (the “Audit Committee”) of the Board of Directors of Gaia, Inc. (the “Company”) approved the dismissal of Plante & Moran PLLC (“Plante Moran”) as the Company's independent registered public accounting firm.

The reports of Plante Moran on the Company's consolidated financial statements for the fiscal years ended December 31, 2019 and 2020 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended December 31, 2019 and 2020, and through April 29, 2021, there have been no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) with Plante Moran on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Plante Moran would have caused Plante Moran to make reference thereto in its reports on the consolidated financial statements for such years. During the fiscal years ended December 31, 2019 and 2020, and through April 29, 2021, there have been no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K).

The Company provided Plante Moran with a copy of the disclosure it is making herein in response to Item 304(a) of Regulation S-K and requested that Plante Moran furnish the Company with a copy of its letter addressed to the Securities and Exchange Commission (the “SEC”), pursuant to Item 304(a)(3) of Regulation S-K, stating whether or not Plante Moran agrees with the statements related to them made by the Company in this report. A copy of Plante Moran’s letter to the SEC dated April 29, 2021 is attached as Exhibit 16.1 to this report.

(b) Newly Engaged Independent Registered Public Accounting Firm

On April 29, 2021, the Audit Committee approved the appointment of Armanino LLP ("Armanino") as the Company's new independent registered public accounting firm, effective immediately, to perform independent audit services for the fiscal year ending December 31, 2021.  During the fiscal years ended December 31, 2019 and 2020, and through April 29, 2021, neither the Company, nor anyone on its behalf, consulted Armanino regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and no written report or oral advice was provided to the Company by Armanino that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a “reportable event” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).


 


 

 

Item 5.07

Submission of Matters to a Vote of Security Holders.

 

On April 29, 2021, Gaia held its 2021 annual meeting of shareholders. At that meeting, the shareholders elected seven directors for one-year terms. For more information on the meeting, see Gaia’s definitive proxy statement for the 2021 annual meeting of shareholders, filed with the Securities and Exchange Commission on March 8, 2021.

 

Proposal 1

 

All nominees for director were elected by the following votes, each to serve until the next annual meeting of shareholders to be held in 2021 or until successors are duly elected and qualified:

 

 

 

 

 

 

 

 

 

 

 

Broker

 

 

For

 

 

Withheld

 

 

Non-Votes

Jirka Rysavy

 

 

58,710,247

 

 

 

2,585,206

 

 

Kristin Frank

 

 

58,675,660

 

 

 

2,619,793

 

 

James Colquhoun

 

 

58,698,979

 

 

 

2,596,474

 

 

David Maisel

 

 

58,687,513

 

 

 

2,607,940

 

 

Keyur Patel

 

 

58,699,552

 

 

 

2,595,901

 

 

Paul Sutherland

 

 

58,630,855

 

 

 

2,664,598

 

 

Anaal Udaybabu

 

 

58,777,880

 

 

 

2,517,573

 

 

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 

 

 

 

Exhibit No.

  

Description of Exhibit

 

 

 

16.1

 

Plante Moran’s letter to the SEC dated May 5, 2021

99.1

  

Press Release issued by Gaia on May 3, 2021

99.2

 

Transcript from First Quarter Earnings Conference Call on May 3, 2021

104

 

Cover Page Interactive Data File


 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GAIA, INC.



By:  
/s/ Paul Tarell
        Name: Paul Tarell
        Title: Chief Financial Officer

Date: May 5, 2021

 

EX-16.1 2 gaia-ex161_43.htm EX-16.1 gaia-ex161_43.htm

EXHIBIT 16.1

 

 

May 5, 2021

 

Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

 

Re:Gaia, Inc.

File Reference No: 000-27517

Commissioners:

We have read Item 4.01 included in the Form 8-K of Gaia, Inc. filed with the Securities and Exchange Commission regarding its change in auditors. We agree with the statements made regarding our firm. We have no basis to agree or disagree with other statements made under Item 4.01.

 

 

Very truly yours,

/s/ PLANTE & MORAN, PLLC

 

 

EX-99.1 3 gaia-ex991_6.htm EX-99.1 gaia-ex991_6.htm

Exhibit 99.1

 

Gaia Reports First Quarter 2020 Results

Positive Adjusted EBITDA and Cash Flow from Operations

BOULDER, CO, April 27, 2020 — Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights vs. Same Year-Ago Quarter

 

16% increase in revenues to $14.5 million.

 

Generated positive Adjusted EBITDA, an improvement of $4.1 million.

 

Generated $2.0 million in cash flow from operations, an improvement of $4.7 million.

 

“For the second quarter in a row, we generated positive Adjusted EBITDA and cash flow from operations,” said Paul Tarell, Gaia’s CFO. “We remain on track to be free cash flow positive beginning in July, which has been further supported by an uptick in new member growth as a result of the stay-at-home orders that began in mid-March and have continued through April.”

First Quarter 2020 Financial Results

Revenues in the first quarter increased 16% to $14.5 million from $12.5 million in the year-ago quarter. This was primarily due to growth in paying members and an increase in average revenue per member. Paying members increased to 605,100 as of March 31, 2020, which includes the impact of finalizing and implementing price increases in the first quarter. As of April 27th, Gaia has surpassed 625,000 paying members.

Gross profit in the first quarter increased 16% to $12.6 million compared to $10.9 million in the year-ago quarter. Gross margin declined slightly to 86.9% versus 87.2% in the year-ago quarter primarily due to increased amortization for content released in 2019 but was unchanged from the fourth quarter of 2019.

Total operating expenses in the first quarter declined 8% to $15.9 million from $17.3 million in the year-ago quarter, primarily due to reductions in marketing spend. Customer acquisition costs as a percentage of revenue decreased to 52% in the first quarter of 2020 from 69% in the year-ago quarter.

Net loss in the first quarter improved significantly to $3.6 million, or $(0.19) per share, compared to a net loss of $6.7 million, or $(0.38) per share, in the year-ago quarter.

Adjusted EBITDA also improved significantly to $0.2 million compared to $(3.9) million in the year-ago quarter.

Gaia generated cash from operations of $2.0 million in the first quarter of 2020 compared to cash used of $2.7 million in the year ago quarter, an improvement of $4.7 million.

Gaia’s cash conversion cycle has continued to improve, with overall cash used during the quarter of $1.5 million compared to a use of $7.7 million in the year ago quarter.

As of March 31, 2020, Gaia had $10.0 million in cash compared to $11.5 million as of December 31, 2019.


1

 


 

 

 

Conference Call

The company will hold a conference call today at 4:30 p.m. Eastern time to discuss its first quarter 2020 results.

Date: Monday, April 27, 2020

Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)

Toll-free dial-in number: (855) 327-6837

International dial-in number: (631) 891-4304

Conference ID: 10009485

 

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

 

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.ir.gaia.com. A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 11, 2020.

 

Toll-free replay number: (844) 512-2921

International replay number: (412) 317-6671

Replay ID: 9392365

About Gaia

Gaia is a global video streaming service and community that provides curated conscious media in four primary channels—Seeking Truth, Transformation, Alternative Healing and Yoga—to its subscribers in 185 countries with approximately 8,000 titles. Over 90% of its library is exclusive to Gaia, and approximately 80% of the views are generated by content produced or owned by Gaia. For more information about Gaia, visit www.gaia.com.

Forward-Looking Statements

This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as “expect,” “believe,” “will,” or comparable terminology or by discussions of strategy. While Gaia believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, operating losses, general economic conditions, competition, changing consumer preferences, acquisitions, new initiatives we undertake, costs of acquiring new subscribers, subscriber retention rates, and other risks and uncertainties included in Gaia’s filings with the Securities and Exchange Commission. Gaia assumes no duty to update any forward-looking statements.


2


 

 

 

Contacts

Paul Tarell

Gaia, Inc.

(303) 222-3330

Paul.Tarell@gaia.com

 

Cody Slach

Gateway Investor Relations

(949) 574-3860

GAIA@gatewayir.com

 


3


 

 

 

GAIA, INC.

Condensed Consolidated Statements of Operations

 

 

For the Three Months Ended March 31,

 

(in thousands, except per share data)

 

2020

 

 

2019

 

 

 

(unaudited)

 

Revenues, net

 

$

14,511

 

 

$

12,467

 

Cost of revenues

 

 

1,901

 

 

 

1,600

 

Gross profit

 

 

12,610

 

 

 

10,867

 

Expenses:

 

 

 

 

 

 

 

 

Selling and operating

 

 

14,458

 

 

 

15,722

 

Corporate, general and administration

 

 

1,417

 

 

 

1,593

 

Total operating expenses

 

 

15,875

 

 

 

17,315

 

Loss from operations

 

 

(3,265

)

 

 

(6,448

)

Interest and other income (expense), net

 

 

(246

)

 

 

37

 

Loss before income taxes

 

 

(3,511

)

 

 

(6,411

)

Income tax expense

 

 

69

 

 

 

 

Loss from continuing operations

 

 

(3,580

)

 

 

(6,411

)

Loss from discontinued operations

 

 

 

 

 

(315

)

Net loss

 

$

(3,580

)

 

$

(6,726

)

Loss per share-basic and diluted:

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.19

)

 

$

(0.36

)

Discontinued operations

 

 

-

 

 

 

(0.02

)

Basic and diluted net loss per share

 

$

(0.19

)

 

$

(0.38

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

18,482

 

 

 

17,890

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

 

$

169

 

 

$

(3,949

)

 

* See definition and reconciliation on following page.

4


 

 

GAIA, INC.

Summary of Cash Flows

 

 

For the Three Months Ended March 31,

 

(in thousands)

 

2020

 

 

2019

 

 

 

(unaudited)

 

Net cash provided by (used in):

 

 

 

 

 

 

 

 

Operating activities - continuing operations

 

$

2,006

 

 

$

(2,760

)

Operating activities - discontinued operations

 

 

 

 

 

19

 

Operating activities

 

 

2,006

 

 

 

(2,741

)

Investing activities

 

 

(3,601

)

 

 

(4,924

)

Financing activities

 

 

120

 

 

 

 

Net change in cash

 

$

(1,475

)

 

$

(7,665

)

Reconciliation of Loss from Continuing Operations to EBITDA and Adjusted EBITDA

 

 

For the Three Months Ended March 31,

 

(in thousands)

 

2020

 

 

2019

 

 

 

(unaudited)

 

Loss from continuing operations

 

$

(3,580

)

 

$

(6,726

)

Interest expense (income), net

 

 

246

 

 

 

(37

)

Provision for (benefit from) income taxes

 

 

69

 

 

 

 

Depreciation and amortization expense

 

 

2,969

 

 

 

2,220

 

EBITDA

 

 

(296

)

 

 

(4,543

)

Share-based compensation expense

 

 

465

 

 

 

594

 

Adjusted EBITDA

 

$

169

 

 

$

(3,949

)

EBITDA represents net loss before interest expense, provision for income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to remove share-based compensation expense. EBITDA and Adjusted EBITDA do not represent net income, as that term is defined under GAAP, and should not be considered as an alternative to net income (loss) as an indicator of our operating performance.

Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management or discretionary use as such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements. EBITDA and Adjusted EBITDA as presented herein are not necessarily comparable to similarly titled measures.

5


 

 

GAIA, INC.

Condensed Consolidated Balance Sheets

 

 

March 31,

 

 

December 31,

 

(in thousands, except share and per share data)

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

10,019

 

 

$

11,494

 

Accounts receivable

 

 

1,944

 

 

 

2,310

 

Prepaid expenses and other current assets

 

 

2,046

 

 

 

2,443

 

Total current assets

 

 

14,009

 

 

 

16,247

 

Building and land, net

 

 

22,493

 

 

 

22,681

 

Media library, software and equipment, net

 

 

37,924

 

 

 

36,921

 

Goodwill

 

 

17,289

 

 

 

17,289

 

Investments and other assets

 

 

13,148

 

 

 

13,034

 

Total assets

 

$

104,863

 

 

$

106,172

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued and other liabilities

 

$

11,274

 

 

$

10,594

 

Deferred revenue

 

 

10,677

 

 

 

8,025

 

Total current liabilities

 

 

21,951

 

 

 

18,619

 

Long-term debt

 

 

16,717

 

 

 

18,433

 

Deferred taxes

 

 

276

 

 

 

206

 

Total liabilities

 

 

38,944

 

 

 

37,258

 

Total equity

 

 

65,919

 

 

 

68,914

 

Total liabilities and equity

 

$

104,863

 

 

$

106,172

 

 

 

 

 

6

EX-99.2 4 gaia-ex992_58.htm EX-99.2 gaia-ex992_58.htm

EXHIBIT 99.2

Gaia, Inc. Earnings Call Transcript – Monday May 3, 2021 2:30 P.M. Mountain Time

 

Participants from Management:

 

Jirka Rysavy, Chairman and CEO

Paul Tarell, CFO, Secretary, Office of President

 

Analysts:

 

Darren Aftahi, ROTH Capital Partners, LLC, Research Division

Eric Christian Wold, B. Riley Securities, Inc., Research Division

Mark Nicholas Argento, Lake Street Capital Markets, LLC, Research Division


Operator

 

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Gaia, Inc.'s financial results for the first quarter ended March 31, 2021. Joining us today are Gaia's CEO, Jirka Rysavy; and CFO, Paul Tarell. [Operator Instructions]

 

Before we get started, however, I would like to take a minute to read the safe harbor language. The following constitutes the safe harbor statement under the Private Securities Litigation Reform Act of 1995. The matters discussed today include forward-looking statements that involve numerous assumptions, risks and uncertainties. These include, but are not limited to, general business conditions, historical losses, competition, changing consumer preferences, subscriber cost and retention rates, acquisitions, and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our reports on Form 10-K and Form 10-Q. Gaia assumes no obligation to publicly update or revise any forward-looking statements.

With that, I would now like to turn the call over to Gaia's CEO, Jirka Rysavy. Please go ahead, sir.

Jirka Rysavy
Founder, Chairman & CEO

 

Thank you, and good afternoon, everyone. So 2021 is off to a great start. We continue to execute against our plan of consistently growing revenue, while generating positive net income and the cash flow. Revenues for the quarter increased 30% to $18.9 million as we crossed the 750,000-member milestone.

 

Gross margin increased to 87.1%. And even with the 30% growth of revenue, our operating expenses stayed flat in dollars, which obviously improved significantly as a percentage of revenue to 85% from 109% a year ago. This big improvement was driven by a 39% increase in the gross profit per employee to $531,000 from $382,000 a year ago.

 

EBITDA grew to $3.5 million or 19% of revenue from a loss during the year ago quarter. We generated net income of $358,000 or $0.02 per share, and cash flow from operations of $5.2 million. And Paul will talk more about these numbers.

 

Paul Tarell
CFO, Secretary & Office of President

 

Thanks, Jirka. Revenues for the first quarter increased 30% to $18.9 million, with gross margins also improving to 87.1%. This marks our fourth consecutive quarter of revenue growth over 20%, while generating positive EBITDA. We ended the quarter with 750,100 members, which keeps us on pace for our target revenue growth of 20+% percent for the year while maintaining profitability and positive cash flows.

 

Beginning in October 2019, we experienced a shift in the initial plan selection for new members from 10% to 30% selecting the annual plan. Members on annual billing represent a core up-sell opportunity for our $299 premium live access annual plan, which we will now begin promoting more aggressively.

 

 


 

 

Total member acquisition costs during the quarter were $7.6 million or 40% of revenues, which was improved from 52% of revenues in the year ago quarter. We did see some relief during the quarter on the pricing in the digital advertising market, which allowed us to bring our per customer acquisition costs in line with the prior year quarter at $68.

 

We recently hired our new SVP of Sales to build up on the recent early traction in our member-driven growth initiatives. She will be focused on growing our member ambassador sales team to go after our sizable global market opportunity.

 

Selling and operating expenses, excluding marketing and member acquisition costs in the first quarter were $7.0 million or 37% of revenues, which improved from 47% of revenues in the year ago quarter. Corporate and G&A expenses in the first quarter were $1.5 million, in line with the year ago quarter.

 

EBITDA improved to $3.5 million or 19% of revenues in the quarter from negative $0.2 million or negative 2% of revenues in the year ago quarter. This marks our fourth consecutive quarter of generating positive EBITDA and puts us on an annualized EBITDA run rate of $14+ million, which is almost double the full year 2020 EBITDA.

 

We generated net income of $0.4 million or $0.02 per share during the first quarter of 2021, which is an improvement of $4 million from a net loss of $3.6 million or $0.19 a share in the prior year quarter. This increase reflects the fact that most of the incremental gross profit generated in the first quarter of 2021 compared to the prior year quarter flowed through to net income.

 

Cash flow from operations increased to $5.2 million during the quarter, an improvement of $3.2 million from Q1 2020, and our sixth consecutive quarter of generating cash flows from operations. We increased our content investment during the quarter as planned, while also increasing our overall cash balance to $13 million. With 80% of our monthly viewership going to our original programming, and our end-to-end content production fully in-house, we have been able to control the cost on a per hour basis to ensure that our new content is providing a high return on investment given our current member levels.

 

With the significant improvements we have made in our operational performance over the past 2 years, and the financial stability we have created with the sale of a portion of our corporate campus in September 2019 -- excuse me, '20, and the predictability of our cash flows going forward, our Board has authorized a 5 million share repurchase program, as announced in our earnings release we filed this afternoon. This will provide flexibility as we look to optimize return on shareholder capital as we continue to focus on growing revenues, operating margins and cash flows.

 

With that, I would like to open up the call for questions. Operator?

 

Question and Answer

 

Operator

 

[Operator Instructions] And our first question will come from the line of Darren Aftahi with ROTH Capital Partners.

 

Darren Aftahi

ROTH Capital Partners, LLC, Research Division

 

Nice job on the quarter. Three, if I may. First one, Paul, you talked about annual adds or annual mix. I'm just curious if that stayed consistent on the annual plan at 30% in the quarter. Second one, looks like ARPU ticked up. Just wondering is there any movement from the premium live events business yet or is that more of a second half of the year? And then you talked about or reiterated your 20% kind of growth objective for this year. Just kind of curious your thoughts on operating leverage versus growth, and if it's more skewed towards operating leverage. It looks like your costs were fairly flat. So should we think about the business as growing 20% and modest, if any, operating cost growth? And is that the right way to think about your business in 2021?

 

 

 


 

 

Paul Tarell

 

Sure. So I'll just take them top to bottom. The annual mix has been relatively consistent, absent a few promotional things that we do to push the annual plan given certain times of year, like around Thanksgiving and the holidays. But yes, it's been pretty close at that 30% level since we made that shift back in October.

 

From the ARPU perspective, actually, my numbers show a slight tick down in Q1 from where we were in Q4. But to answer your specific question, the live events are not going to be a meaningful contributor to revenues this year, likely because we're limited at a per event capacity of about 50 people. So the ticket revenue is not going to be that interesting. But what we are focused on is building on the $299 annual premium digital subscription, which I mentioned in my prepared remarks, but that will take a little bit of time to build. So it didn't meaningfully contribute in Q1, and we expect it to help out in the second half of the year.

 

And then in terms of the operating leverage. A lot of what we focused on through 2020 was getting over the hump to generating net income and overall cash flows. And we did that in July as planned. And then we kept our head count and expenses relatively flat through, basically, February. We had 6 people start in March, and so that's not reflected in the full quarter operating expenses. But what I will say is we're focused on staying net income positive and generating cash flows. But not being happy with future years' revenue growth of only 20%. So we're going to start investing, as we mentioned on the last call in those growth areas, which will require some incremental head count.

 

Jirka Rysavy

 

I'd like to add to it. So when you look at the growth, obviously, we went from our marketing as a percentage of revenue, being historically in 120% of revenue to down to 60%, then 50%-56%. Now we're at 40%. So it's really, the goal is to obviously bring the cost of acquisition or marketing costs down while we growing 20% plus, obviously, first quarter is 30%. But we want to kind of continue to bring the cost down. But we were not kind of investing in this ambassador…member-driven growth model as we talk about is starting next year. So we want to get these numbers higher, but keep the marketing cost dropping as a percentage of revenue.

 

Operator

 

Our next question comes from Eric Wold with B. Riley Securities.

 

Eric Christian Wold

B. Riley Securities, Inc., Research Division

 

A couple of questions as well, if I may. I guess, one, how should we think about the strong quarter end subscriber numbers? Were those more a function of more efficient spend and subscriber additions or a reduction in churn?

 

Paul Tarell

 

It was a combination of both. I think when we look at the quarter and we look at what happened a year ago, we didn't really start seeing the benefit of the "lockdown" sign-up volume until the back half of March. So Q2 is going to really be the quarter that we see that big wave that we saw from the year ago. And so this subscriber add was in line with our expectations. I know it's probably a little bit ahead of where your numbers had us. But as we think about the quarter that we're going to have a challenge, it's going to be Q2 just given the volume of renewals that we have. And historically, 2020 as an anomaly, Q2 has been the softest quarter from a net-add perspective, if you look back over the historical years.

 

But all that being said, we're still confident in our ability to be able to drive 20% revenue growth for the year while maintaining positive net income and cash flow. So even if there is a little bit of headwind in Q2, we're not too worried about it based on where we are now.

 


 


 

 

Jirka Rysavy

 

Yes. We're going to start to get a little more from our, we call, Live Access, to premium subscription at $300 a year. So there is more focus on that than getting, let's say, push some other way of the membership. So we really kind of like that to make the $300 push. So revenue and members might separate a little bit. But generally, we're very pleased with what actually happened. We kind of -- we're not sure as we kind of saw these different reports on market, but actually came for us. Even the end of the quarter was pretty good.

 

Paul Tarell

 

Yes. So just to give that in a sound bite, Jirka, what he said is we're focused on migrating more members up to that higher ARPU $299 plan, then focusing on specifically sub growth if the market is not there for us to take advantage of it during the summer.

 

Eric Christian Wold

 

Okay. And then you talked about seeing some relief in advertising rates. I guess, what are you expecting going forward? And are you expecting you're going to change or shift in how you allocate your spend across the various channels because of it?

 

Paul Tarell

 

Yes. We are -- we manage all of our spend in-house. We don't put any of it out to an agency. So it allows us to be very nimble and take advantage of any day-to-day trends that we're seeing. And so we've reduced our dependency on our predominantly largest source of traffic from down to sub-15%, and that gives us a lot of flexibility as we try to optimize our spend.

 

Generally, I would say where we are right now is the per subscriber number that I feel comfortable with a plus or minus 10% on either side of it, being able to do what we're trying to do. And we made it through the toughest period, which was Q1 with the "reopening" trade happening. And you've probably seen all the headlines about the digital ad market after Facebook and Google and the big platforms released and their expectations that more and more money is going to be moving online. The benefit for us is we're very targeted in who we're going after. So we're not trying to just spend x amount of money. We're looking at the conversions, and we can do that very effectively.

 

Jirka Rysavy

 

And also by basically focusing on the $300 Live Access, you -- it's obviously -- our goal is to generate more cash as well. I mean it's generally more income and cash. So if you kind of look at the percentage of the incremental growth or annual growth, what's dropping to do our pretax line, it's pretty high. We kind of expect this year somewhere 50% to 60% of incremental growth to drop to bottom. We even have a little more last year. And -- but a lot of that is kind of increase in -- because the cost of acquisition for the customer at $300 is not that different as is for the regular subscriber.

Eric Christian Wold

 

Got it. And then final question, I guess, how does the kind of more aggressive move in the international markets impact your planned media spend versus current levels? And how do you plan going forward to focus your budget on media spend in terms of your subscriber revenue growth plans?

 

Paul Tarell

 

When do you say media, you mean our content?


 


 

 

Eric Christian Wold

 

Yes. Content. Yes. Sorry.

 

Paul Tarell

 

Yes. Okay. So when we gave the guideance last call that we were looking at ramping up to about 20% of revenues being spent on content investment, which as we continue to scale, means that as we exit this year, the additions to the content investment library should start to approximate what we're bleeding off each month through amortization. And that's a targeted focus of the model.

 

And so then the question gets down to how do you allocate that spend to the different languages. What we learned from our growth into the Spanish market over the last 3 years is we have an opportunity to go and license or acquire really good content for a lower per hour cost than we would likely be able to do it ourselves, given that we'd have to identify someone over there to do it for us. So one of the areas that we're looking at is there library investments that we can make, which again, is exactly how we played it with the Spanish language. And so it will be opportunistic from that perspective. And Jirka might have a few things to add.

 

Jirka Rysavy

 

Well, yes, it's like the cost is roughly same. If we go do it ourselves or if we acquire it. So we can probably do it a little cheaper, actually, if you do it ourselves, but takes longer. So it's kind of the opportunity. We prepare to do both. None of them are really significant numbers as we -- for 2021. It's again created basis. We don't expect a lot of growth from those countries this year. But general cost per acquisition on those markets is lower than United States.

 

Operator

 

[Operator Instructions] Our next question comes from Mark Argento with Lake Street.

 

Mark Nicholas Argento

Lake Street Capital Markets, LLC, Research Division

 

Just wanted to just kind of philosophical your thinking around buyback versus growth or growth capital? And kind of when you're thinking about spending on customer acquisition versus the buyback you put in place, kind of what's the criteria or the thought process there? And then I just want to make sure that, did you say $5 million or 5 million shares?

 

Paul Tarell

 

You bet, Mark. So yes, it's 5 million shares. The purpose of putting that in place was really to reauthorize management to have a buyback in place. We've had one historically in place for many years, and it just lapsed as we made the transition over to Gaia. So we wanted to get that back out there for optionality sake.

 

As we look at the world into the future, we see a much rosier horizon on investing for growth than pulling back even more float from the public market. But that being said, there is periods of time where it skews so heavily into the favor of doing a share repurchase because of the market dynamics that we wanted to be able to have the flexibility to be able to do that. But our primary focus is going to be on growth capital and driving incremental growth above 20%, not necessarily by spending more on marketing, but by spending more on these other initiatives, member-driven growth and professional ambassador groups, the international expansion into French and German and potentially other languages as we look out into the future years. And then really about reducing our overall dependency on paid media to drive our growth so that we can decouple the growth rate from our spend.

 

But again, it was put in place from an optionality perspective, not because we want to necessarily start reinvesting heavily in shrinking the float anymore. But it needs to be there because it is a necessary tool in my toolkit as I think about balancing shareholder return along with Jirka

Mark Nicholas Argento

 


 

 

Great. That's helpful. And then thinking about additional channels or content. Any other road map or additional channels that you guys are thinking about launching? And then dovetailing into that, the opportunity for M&A, and maybe some tuck-in acquisitions on the content side, how do you guys think through that?

 

Paul Tarell

 

Yes. So we're focused this year on what I would call, connecting the dots between our existing topics so that we can understand based on the work that we're doing with our member journey analysis that our data and engineering and product teams have been looking at to understand where can we create, we'll call it, filler pieces of content to connect our vast and deep library of content before we need to look at expanding into other verticals. That being said, we are also looking aggressively internationally to see if there's opportunity to bring in 500 or 1,000 native language titles in French or German or Spanish because we see the benefit of doing that based on how we grew our Spanish audience with a relatively efficient content spend, and then it allows you to go to market. And as Jirka already alluded to, the per subscriber acquisition costs in those new markets is significantly lower than it is in the U.S. because there's not so much competition.

 

Mark Nicholas Argento

 

That's great. And congrats on a solid quarter. It's fun watching you guys execute it.

 

Paul Tarell

 

Thanks, Mark.

 

Operator

 

And our next question comes from Peter Rabover with Artko Capital.

 

Peter Rabover

 

I think you answered most of my questions on the previous -- the previous one, but I'm just curious, what's your media budget for the rest of the year?

 

Paul Tarell

 

The content, again…is that what you're referring to?

 

Peter Rabover

 

Yes. Yes, yes. Sorry

 

Paul Tarell

 

Generally -- yes, that's okay. Generally, I would say Q1 is a little higher than other quarters just as we renew a lot of our ongoing shows. So generally, you could look at Q1 as being a reasonable proxy for the rest of the year as revenues continue to grow. So I think we're $4 million and change for Q1. So you could just annualize that.

 

Peter Rabover

 

And then do you have -- on the buyback, is there a price where you would buy more? Or do you guys have some sort of strategy with that?

 


 


 

 

Paul Tarell

 

No comment on the price. But I think I alluded to the strategy on Mark's question. It's really -- as we look at our internal analysis and understanding of what drives shareholder value, we want to make sure that we had something in place that we could take advantage of dislocations and pricing, whatever that may be. And it's not a static equation because it's also looking at what is our other investment opportunities on the horizon. Because with our cash flows from operations where they are, Q1 over $5 million a quarter, we have quite a bit of flexibility, particularly understanding that content investment is almost 100% discretionary from period to period for us to look at where we would want to put that incremental cash.

 

Peter Rabover

 

Great. Congrats on a good quarter.

 

Paul Tarell

 

Thanks, Peter.

 

Operator

 

At this time, this concludes our question-and-answer session. I'll now turn the call back over to Mr. Rysavy for closing remarks.

 

Jirka Rysavy

 

Well, thank you, everyone, for joining us, and we look forward to speaking with you when we will report our second quarter, somewhere in early August. Thank you very much.

 

Operator

 

Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

 

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CO 000-27517 84-1113527 833 West South Boulder Road Louisville CO 80027-2452 303 222-3600 false false false false Class A Common Stock GAIA NASDAQ false XML 10 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document And Entity Information
Apr. 29, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 29, 2021
Entity Registrant Name GAIA, INC.
Entity Central Index Key 0001089872
Entity File Number 000-27517
Entity Incorporation, State or Country Code CO
Entity Tax Identification Number 84-1113527
Entity Address, Address Line One 833 West South Boulder Road
Entity Address, City or Town Louisville
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80027-2452
City Area Code 303
Local Phone Number 222-3600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Class A Common Stock
Trading Symbol GAIA
Security Exchange Name NASDAQ
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