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Here’s the entire text of the Q&A from Audible’s (ticker: ADBL) Q3 2005 conference call. The prepared remarks are here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Question-and-Answer Session

Operator

Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, please press “*”, 1””on your touchtone phone and you will hear a tone acknowledging your request. Your questions will be answered in the order that they are received. To remove yourself from the queue, please press the pound key. If you require further assistance, please press “*”, “0”. One moment please for the first question.

Our first question comes from Gene Munster with Piper Jaffray. Your line is open.

Gene Munster

Thank you, good afternoon Don and Andy. If you could go through again just recap what the percentage of the new subs adds were from committed customers versus other customers.

Company Speaker

In general, for Q3 Gene, 24% were committed as compared to Q2, which was 17%.

Gene Munster

Okay. And

Company Speaker

But I added a bit of color in terms of the monthly which was that the committed number in August was 13%, and it was up to 42% in October.

Company Speaker

Yes. Let me just add a clarification to that, Gene. That’s a percentage of our new Audible listeners. That is of the 61,900 Audible listeners that we added in the quarter.

Gene Munster

Okay. So did you look at just the mechanics of how this plays out, I guess, that clearly by the month of October much or the percentage of Audible subscribers that came through a committed program were significantly higher. Do the mechanics of this math basically lead to a lower churn in the December quarter? I mean, is it inevitable or is it still potentially something that could go the other direction and be up again in December?

Company Speaker

Well, we certainly are comfortable saying it’s stabilized. We did report that it was down in October, and clearly the math is kind of accretive in this thing. So it seems to be going the right direction. Having said that, there might be programs that are incredibly profitable or additive and include a churn tick. For instance, we have a tremendous amount of free or incredibly low cost people driven to the site from whatever program or partnership, and a significant percentage of them take free trials. They will exhibit a somewhat higher churn rate, but it’s all good because the people who come up through the other end, they’re long time keepers.

Gene Munster

And I guess just on a, you’ve been, had the Shuffle program, when, since the beginning of September, or at least as far as kind of it being up in front of Audible’s website?

Company Speaker

That’s right.

Gene Munster

And why isn’t that switch to the nano (ph), because obviously that’s a better device for experiencing the Audible service?

Company Speaker

Well, you know, for one thing, it’s a little more expensive for right now. It is an amazing device for Audible. It’s by far the best one I’ve experienced of all the many iPods I’ve been using since they first came out. I agree with you there. They’re actually pretty hard to get right now in the general channels as opposed to the Apple stores.

Gene Munster

So should we be thinking that it’s going to be the Shuffle probably for the next couple of months?

Company Speaker

Yes. I think you should.

Gene Munster

Okay. And then in terms of the impact of Podcasting, what have you seen, I guess, as state of union?

Company Speaker

I think what we’ve seen is that it’s an ever more promising environment, particularly since companies that actually make premium content or at least content that we believe we can both Podcast and sell are very interested in what we’re up to. I’m excited about the products we’re abut to unveil and the sort of private response we’ve seen from companies that have been interested. And in general, it’s just a positive trend. Apple is now telling people that 25,000 Podcasts are available through their directory, and that it drives devices; it drives traffic; and I think it’s a fascinating and dynamic world. We also do see a really significant trend which is the more, people in the premium space are interest in using it for snippets and promotions. Our partners at American Public Media which is a Minnesota public radio are using Podcast to actually drive people to their www.audible.com premium product. So I think you’re going to see just a really dynamic world, and I’m very excited about the tools we’ve built.

Gene Munster

Okay. But just as far as the impact on your underlying service?

Company Speaker

I think it just increases device ownership, awareness of Audible, certainly traffic to our pages at iTunes because the links are right under the audio book link. So we only see goodness.

Gene Munster

And I guess as a final question is just general health of the Apple relationship. And then what impact did Harry Potter have on the quarter?

Company Speaker

On that, I never discuss the specific title effects, although I will say that it’s worth understanding that unlike physical retailers or even publishers, we’re far less hit-driven because we have such deep penetration of our backlist and our collection is just about everything sells in a week. So you don’t get the concentration no matter what titles there, even the DaVinci Code which is just a tremendous bestseller for us all the time. And in terms of the relationship in general, we just continue to work together on all kinds of fronts and have a very strong relationship and I think a lot of loyalty between the companies.

Gene Munster

Great. Thank you.

Operator

Again, ladies and gentlemen, if you would like to ask a question, please press “*” “1” on your touchtone phone.

Our next question comes from Barbara Coffey with Brean Murray. Your line is open.

Barbara Coffey

Yes. Thank you. When you’re looking into the holiday season, are there certain, how are you going to be joint promoting these through the retail channel? And are there any sort of online advertisements that you’re setting up?

Company Speaker

Yes. We’re always looking at dozens and dozens of different channels, the majority invariable kinds of marketing as well as partnership relationships, Barbara. And we continue to proliferate them and gain awareness, preferably with variable economics underneath it. But I mentioned a couple in the call. I mean, the gift card phenomena, as you’ve probably heard from other companies, is a big hit, but it’s very focused on gift buying. It really is a gift experience to buy. In our case, these cards for $9.99 that give you the first experience of an audio book.

Barbara Coffey

And then follow up, the Harry Potter is right now just exclusive on iTunes. Is there a date at which it will be available up on Audible?

Company Speaker

Yes. There is, but we’re just going to say it shortly will come back to Audible, too. And I think people who watch both sites know that we in the past offered -- we have exclusive Audible audio book content available early at iTunes, so we’re very happy with the whole thing.

Barbara Coffey

Thank you.

Company Speaker

Thanks.

Operator

Again ladies and gentlemen, if you would like to ask a question, please press “*”, “1” on your touch, our next question comes from Mark Mahaney with Citigroup. Sir, your line is open.

Mark Mahaney

Great. Thank you very much. A couple of quick questions. First, was there any material revenue contribution from the UK in the quarter?

Andrew Kaplan

Hi Mark this is Andy, the UK started up in mid-June. We were happy with the results for the first full quarter, but we’re not disclosing them at this time.

Mark Mahaney

Second question. I think your full guidance for the year on the bottom line, you haven’t changed. That implies an operating loss in the December quarter that’s pretty similar to what you did in the September quarter, could be a little bit higher, could be a little bit lower. I think that math is right. Is that your thinking, that the operating loss in the December quarter will be similar to what it was in the September quarter? And do you expect these to be the trough loss quarters?

Company Speaker

Yes, Mark. Andy might want to add to this. But we decided to be conservative. And the main thing to remember is that our revenue rate, the numbers are pretty small and the -- and elements of -- particularly the Q4 season can tip expenses one way or another. For instance, just a big upfront promotion with one of our retailers on $100 off were the taking off of the Shuffle program, can create an amazing effect for 2006 on the positive, but it can also hit the expense line. There’s patterns of gift giving and whether or not revenues recognize from people opening up their boxes at Christmas and downloading it, it just makes it a very iffy thing. Within a fairly small number of dollars, but it does tend to effect the bottom line. So we decided to be conservative. Do you want to add to that Andy?

Andrew Kaplan

Yes. What I would add to that Mark, is that one of the unique features of the fourth calendar quarter of the year is that it’s just generally our biggest quarter in terms of Audible listen acquisitions, so we spend the most amount of money on marketing. But at the same time, the calendar works against us on a full year basis because we only have a couple of months to earn revenue from those new customers. So that creates some of the dynamics that put pressure on the bottom line in Q4.

Mark Mahaney

Okay. And then one last question. Just in terms of the patterns of the new customers that you’re seeing now, are you seeing any major change in the patterns between the products, the books that are being downloaded and bought, you know, say this quarter or two versus what you’d had a year ago? Or are the purchase patterns fairly similar in terms of the products they’re buying? I guess what I’m trying to get at is whether you’re starting to see in terms of the book purchases trends that might indicate you’re starting to tap into a more of a mass market phenomenon than perhaps you’ve had before. Thank you.

Company Speaker

I’d say that’s a really good question. We do start to see trends with some of our shorter and more generalized content. It tends to be trending up in terms of sales as well as things that are, some of our original programming such as our romance line which are arguably focused more at the main market. So I do see those kinds of trends. The other trend that we do see is that we’re just becoming better at our ability to be strong merchants, and the sales variances when we do promotions that are vertically integrated with our boutique partners and with iTunes are very different. And we’re beginning to see a tremendous delta which is important in terms of both margin control and also just getting the right people what they want.

Mark Mahaney

Great. Thank you very much.

Company Speaker

Thank you Mark.

Operator

Our next question comes from Barton Crockett with JP Morgan. Your line is open.

Rob Malaise

Good afternoon. This is actually Rob Malaise (ph) calling for Barton. I just had a couple of quick questions with regard to some of the lines on the income statement. And, royalties and other content charges seem to be creeping up the last couple of quarters; they’ve been around 36 % of sales. And I know long term you had been looking for more of the 30%. Is that still achievable? What’s kind of driving royalties up? Are you seeing pricing pressure?

Andrew Kaplan

Hey, Rob, this is Andy Kaplan, royalties really are a function of several things. They’re a function of what people buy; they’re a function of the mix of our business between what we sell to consumers and those titles that we sell through the Apple iTunes music store. We believe and we’re confident that we can get content cost down to our target operating level of 30%. We expect to do that over time. It’s evolution; it’s not revolution. And I think you saw, or you’re beginning to see a piece of that. In fact, this past quarter where our content costs as a percentage of consumer content revenue has started to tick down.

Rob Malaise

And thanks Andy. In regard to that, also, what is exactly driving the accrued expenses up? Is that mostly royalties?

Andrew Kaplan

The largest portion of it is royalties. That’s exactly right.

Rob Malaise

Okay. And then also just really briefly, on the G&A line, that seems to have crept up a little bit as well. And you said the new initiative costs are mostly in the operations and the technology and development line. So is there something kind of one-off going on there in the third quarter that brought that up as a percent of revenues?

Company Speaker

We had some higher expenses in G&A, but it’s nothing to be concerned about for the long-term.

Rob Malaise

Great. Thank you very much.

Company Speaker

You’re welcome.

Operator

Again ladies and gentlemen, if you would like to ask a question, please press star one on your touchtone phone. Our next question comes from Steve Frankel with Adams, Harkness.

Company Speaker

Are you there Steve? I think he has dropped. Operator shall we go over to the next question? Operator is he still there?

Operator

Pardon me Mr. Frankel, your line shall now be open.

Steven Frankel

Okay great.

Company Speaker

Steve really sorry about that.

Steven Frankel

You know I thought it wasn’t my fault. I feel okay.

Company Speaker

Yeah I think it turned the whole call off, Steve.

Steven Frankel

It seems I’ve had that effect before on crowd. So anything if you look at the down-sinking churn, how much of that is the appeal to Shuffle versus shorter commit?

Company Speaker

I think it’s a combination of fewer trials and fewer trials particularly bought from certain programs that we identified early in the year that were just not productive and were high churn, and the fact that more people are taking Shuffles which just creates a quality of customer who tends to stay with us. And the commitment level creates a qualification as well as a habituation experience, and we’re just keeping those people a real long time.

Steven Frankel

If we look in general at your infrastructure commits that you made this year, my impression that you were a little bit behind in the first couple of quarters. Would you now say you’re caught up in where you thought you’d be in spending that money?

Company Speaker

In 2005, we will be caught up, so through the end of this year, we will have spent all of the money we planned to spend.

Steven Frankel

Okay, great. And I know you’re not going to give us any details on the UK, but at a high level, are you seeing any different customer behaviors there than here?

Company Speaker

A little bit. It’s partially because right now there isn’t a lot of shorter content. There definitely is a prejudice for the UK-sourced content with happily we have a lot of us thanks partially to our CBC deal and other key publishers coming onboard. And I think that other than that, it seems to be tracking in very similar ways.

Steven Frankel

Great. Thank you.

Company Speaker

Thanks, Steve.

Operator

Our next question comes from Mark Argento with Craig-Hallum Capital. Sir, your line is open.

Mark Argento

Hi guys. Mark Argento, Craig Hallum. Just a couple of quick questions here. I apologize. I’ve been kind of on and off on another call, so I hope I don’t duplicate myself. Could you talk a little bit about the XM deal and when you actually think you can get into the dashboard of a car and really start to lever the education opportunities as well? When do we actually see a little meat behind these programs, i.e., in the form of some revenue? Can you just talk a little bit more in detail on some of those initiatives?

Company Speaker

Sure. Starting with XM, we have set forward according to plan with XM. We have both of their flagship spoken word programs up at www.audible.com. And in fact, Opey & Anthony is very popular, so we’re already seeing a good sales pop from that. That’s a pretty well known in radio world to do one of those kind of pop following pieces. And it’s the only place you get it is XM and now from Audible. And we’re pretty excited about the programs we just launched, and it’s plays on the XM and also we have a boutique which is one of our 13 operating boutiques which sells audio books to the www.xm.com visitors. It’s in ‘06 that we begin to come together on the technology side, and the focus at the beginning is their handheld lines. The point is that the chip integration that’s involved is obviously transferable into dashboards. I don’t want to be more specific than that. And then education, I think you can assume that the last half of ‘06 is when we see education really start to kick in with the back-to-school season. And part of that is what we talked about in terms of the Pearson study guide products and their 1,000 person channel sales force putting out these extremely innovative new products that professors will be telling students to get from Audible. And in some of the related deals there indicate a rich website that will be speaking to all different categories of education content. SparkNotes is a great company; very, very successful; huge web traffic; and probably the most well known web aide to getting through high school among kids. And so in general, I think we’re pretty pleased, but I’m looking more to the back-to-school season for revenue.

Mark Argento

Have you generated any revenue out of education or any of those products made available? I think originally you thought you’d have a handful of some of the more common titles available.

Company Speaker

Well, if you look at Audible Education, you’ll see a soft reconfiguration, a soft launch reconfiguration of the education site which you will see many changes on that coming forward. But you can begin to see that it’s much more richly stocked. And fairly quietly, we’re filling in with a lot more educational content and also redesigned the taxonomy so that our rich education content is presented more powerfully. So, we see apart from that, but in terms of these more channel-oriented elements that comes in next year.

Mark Argento

Last question and maybe you addressed this earlier. That the Dell deal, did that ever really get off the ground? And if not, what are some of the impediments in terms of working with some of these other companies and doing some co-marketing? Is that a channel that you continue to like, or are you going to try to look elsewhere to drive incremental sub growth?

Company Speaker

Yeah. The Dell, traffic is pretty much focused on the Axiom and then, it’s a pocket PC, which you don’t hear about as much as other devices. But they sell a lot of them, and actually we have a very strong attachment rating if you go to check out -- as if you’re checking out an Axiom at Dell, you’ll see a very prominent commitment offer that brings the price down by $100. And it’s been really strong. Having said that, all the Dell products including the little mp3 player and DJ are all shipping Audible-ready, but there’s not a very prominent marketing program on those yet. But I think that one’s going very well. And it’s a sum of a lot of different channels, and I see a pretty long list of different kinds of channels of awareness and conversion, and most of them with variable economics.

Mark Argento

Great. Thank you.

Company Speaker

Thanks.

Operator

Our next question comes from George Mihalos with Gilford Securities.

George Mihalos

Hi guys. A couple of questions. If we can go back to the UK play, I’m not sure if you’ll answer this, but can you give us a sense of what they contributed in terms of subscriber growth?

Company Speaker

No. But it was just the first quarter of operation. But no, we’ll start to give more visibility when the numbers are up. But we’re on track in terms of not burning more than $2 million which is what we said at the beginning.

George Mihalos

Okay. And can you perhaps discuss your churn rate amongst legacy customers who have been with you for 12 months or more?

Company Speaker

Well, George, certainly the longer a customer has been with us, the lower their churn rate is. And if you look at our base of customers, we’ve got customers going back all the way to August of 2000, and their churn rates are really, really low. So people sign up for the Audible service; they weave it into their everyday life; and the longer they stay with us, the lower their churn rate.

George Mihalos

Okay. Thank you.

Company Speaker

You’re welcome.

Operator

Our next question comes from Sameet Sinha with Kaufman Brothers. Sir, your line is open.

Sameet Sinha

Thank you very much. First a bookkeeping question. What were the recurring revenues as a percentage of sales?

Company Speaker

I’m sorry, Sameet. I didn’t hear the question.

Sameet Sinha

What were the reoccurring revenues during the quarter as a percentage of total sales?

Company Speaker

The…

Sameet Sinha

The recurring revenue.

Company Speaker

Oh, recurring revenue. Sorry, Sameet.

Company Speaker

Audible listeners including the membership fees and their ala carte buying over plan comprised 80% of our revenue in the quarter.

Sameet Sinha

Thank you. During the previous quarter, you had spoken about CapEx being, increased the guidance for CapEx by 5 million saying that you needed it for upgrading the website. This quarter you seem to have spent about $1 million. Do we expect the other 4 to come in the fourth quarter?

Company Speaker

It will come in on the balance of the year. What I said on the last call was we were going to spend an additional 5 million. You’re exactly right. We spent about 1 million in Q3. We’ll spend the other 4 million in Q4.

Sameet Sinha

On that point, capitalized software, this was the first time that you capitalized software. Can you talk to that? What exactly was this software and is this going to be something you do going forward?

Company Speaker

What I can say about it, Sameet, is part of it was software that we bought from a third party, and other -- another portion of it was software that we developed ourselves.

Sameet Sinha

Okay. And would we consider this part of the 5 million or is it a separate line item?

Company Speaker

No. It’s part of the 5 million.

Sameet Sinha

Okay. Final question. Could you, when you increased your price for your high end plan from 19.95 to 21.95, can you talk to what some of the dynamics that you’ve seen since then? Any churn? Has it gone up or gone down either ways?

Company Speaker

We’ve actually seen some trending up in the preference to premium listener.

Sameet Sinha

So more and more people…

Company Speaker

They can seem to (ph).

Sameet Sinha

Okay. And would you quantify, do you have any sense of why is that?

Company Speaker

Partly it’s occasionally that the exposure of which offer against particularly the committed programs. But I think it’s also the value proposition of getting two audio books that could cost you $80 in a retail store for $11 a piece.

Sameet Sinha

Okay. Thank you very much.

Company Speaker

Thank you, Sameet.

Operator

Our next question comes from Chris Kinkade with Americas Growth Capital. Your line is open.

Christopher Kinkade

I had a question on Audible Air. I realize it’s pretty early here, but any metrics you can share with us on initial adoption and download activity?

Company Speaker

No. Except that I can tell you that the happiness of the beta testers that we had on for several number of weeks and the usage, the download activity is incredibly high and people were pretty much transported with pleasure over the experience. Because the reality is that we have an amazing array of subscription programs that are extremely valuable to anyone who cares about their productivity and the level of their, the information they take in. It’s just that the tethering to the computer was occasionally for the busy person, just exactly the amount of, you know, the five minutes they don’t have. And to wake up in the morning and have it waiting for you and to have it easily, the way we do things, you have digital skipping points; you can actually skip through the stories and the paper and the journals. And it’s really brought those products to life in an important way for that user group. And I think the Treo community which very much has its own culture and communications has been raving about it and talking about it. It’s just a tremendous advantage for the Treo, as has the CEO of Palm, so all things are pretty exciting if the early experience is any indication.

Christopher Kinkade

Sounds good. I was wondering if you could spend a minute talking about the competitive landscape and any changes in the quarter? I did notice that one competitor launched a retail website in October. I was wondering if you can comment on that as well.

Company Speaker

Yes. There was a competitor that launched in October. And you know, we have a pretty open and happy idea about competition in the sense that we want the category itself to have more awareness. It’s a category that ought to have more awareness, and I think we’ll actually profit handsomely from that because ultimately we have a content franchise that will stand out for a long, long time, and we intend to keep it that way, and access to a large number of devices, notably the most popular ones, would be particular to our service. So we’re welcoming competition.

Christopher Kinkade

Okay. Thanks a lot.

Operator

Our last question comes from Richard Fetyko with Merriman Curhan Ford. Your line is open.

Richard Fetyko

Thanks guys. Early in the year you outlined the target for gross subscriber growth or additions of 260,000. I’m wondering if you still think you can get to that number. And also, in terms of the cost structure, do you think the fourth quarter will be the quarter that will sort of peak in terms of costs, operating expense growth and we’ll start seeing some leverage in ‘06? And then I may have another follow-up. Thanks.

Andrew Kaplan

Richard, this is Andy, certainly our target for ALs or Audible listeners in 2005 remains at $260,000.

Company Speaker

Customers.

Company Speaker

I’m sorry. 260,000 Audible listeners. As we said earlier in the call, in Q4 because it’s our biggest season of the year in terms of Audible listener acquisition, expenses are very high in this quarter relative to other quarters. In terms of ‘06, we’re not commenting on ‘06 right now.

Richard Fetyko

Okay. And as you sort of look out at I guess fall of next quarter or so, fourth quarter and then ‘06, but even further out, what do you think is the target mix between subscribers coming with sort of committed plans or commitments and without? Should we now see the committed customers as a percentage of total increase? What do you think the long term target is? And obviously at some point more and more customers are coming with their own devices, so I’m not sure what the sustainable level of sort of committed customers is.

Company Speaker

We’re very pleased with the behavior of those customers and the character of helping them get the device in their hands that creates this opportunity and opens up a new habit. So, it’s not, the penetration level, Richard, at this point is relatively small versus something like the DVD or other devices. And I think that we’re finding every day people who are aware of the service and aware enough to want to have it be part of their lives, but they don’t have digital devices. They’re not early adopters of music players, and we put them in their hands for all the right reasons and they become incredibly happy and profitable customers. But you know what? The people who have come in with their own devices are real profitable, too. So we see it a consistent mix. And over the longer term, you’re absolutely right; it’s not like anybody needs a television to watch TV anymore. They might upgrade, but at some point it becomes ubiquitous penetration. But at this point, it’s ramping.

Richard Fetyko

Okay. Thanks.

Company Speaker

Thanks Richard.

Operator

Ladies and gentlemen, that does conclude the question and answer session. Mr. Katz, please continue.

Donald Katz, Chairman and Chief Executive Officer

I just want to thank everybody. We’re really proud of the quarter, and look forward to talking to you next time. Bye-bye.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference call. At this time, you may all disconnect.

Related:

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