Dolphin Entertainment, Inc. Price & Performance (DLPN)

Thank you, operator. Afternoon. And thank you for joining us once again for Dolphin Entertainment's Q3 2024 earnings call. Before we begin, I'd like to remind everyone that during the course of this conference call, management may make forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events. Please refer to the cautionary text regarding forward looking statements contained in the earnings release published earlier today as well as the most recent SEC filings and reports. During the call today, management will also discuss non GAAP financial measures, including adjusted operating income or loss, The company believes that these will provide helpful information for investors. Reconciliations to the most comparable GAAP measures are provided in the earnings Now, I would like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin. Bill, please go ahead. Thanks, James, and welcome, everyone.

I'll start by reviewing some of the key financial and operating highlights from our Q3 of 20 then Mirita will provide a more detailed financial overview before we open it up for Q and A. So starting with the financials, we are pleased to report strong financial results for [indiscernible] with significant quarter over quarter and year over year growth in both revenue and adjusted adjusted operating income. Q3 revenue grew 24.5 percent year over year $12,700,000 driven by strong performance across all operating segments. Adjusted operating income improved greatly reaching $492,000 compared to an $850,000 adjusted operating loss in Q3 2023. Year to date revenues through 9 months has increased 26.6 percent to 39,400,000 dollars leading to 1,400,000 of adjusted operating income a significant improvement from the $2,700,000 dollars adjusted operating loss in the same period of last year. The company remains on track to exceed $50,000,000 in revenue and achieved positive adjusted operating income for the full year 2020. 24, marketing a key milestone. I'll now turn to updates from our subsidiaries. Starting with 42 West, we've maintained our dominant position in entertainment PR Our team delivered exceptional results in major industry events including a substantial presence at the Toronto International Film Festival, and managing the Venice Film Festival Premier of Tim Burton's highly anticipated At San Diego Comic Con, we represented an unprecedented 13 major entertainment clients, cementing our position as the go to agency for tentpole properties.

Our clients received 60 Primetime Emmy nominations, and we've expanded our footprint to the anime and gaming space representing industry leaders like Crunchyroll and Toho at Anime Expo. As discussed on our Q2 call, but completed in Q3, Dolphin acquired L Communications a leading PR agency focused on social and environmental impact with offices in Los Angeles and New York. Now operating in conjunction with 42S L brings 16 years of expertise in Impact PR and deepens our capabilities in the $1,100,000,000,000 Impact Investing [indiscernible] The team has already integrated seamlessly with our existing PR firms and agencies strengthening our ability to serve clients who want to leverage their influence for positive change. Turning to ShoreFire Media, the team had a landmark quarter in music, We're particularly proud of our work with Dave Matthews Band, [indiscernible] all of whom were inducted into the Rock and Roll Hall of Fame.

This achievement underscores our ability to support artists across their entire career journey. And even though it's a Q4 event that we'll talk more about on our 10 ks earnings call in March, I'd be remiss if I didn't highlight the press release we put out on Tuesday of this week sharing that ShoreFire clients earned 26 nominations for the 2025 Grammys including one for Jacob Collier for Album of the Year.

And in breaking news, I was just told that we signed a new client that has 2 Grammy nominations himself, bringing ShoreFire's total to 28 Grammy nomination campaigns to handle this year. Simply phenomenal As always, go Matt Hanks. The door continues to demonstrate excellence in hospitality and lifestyle PR. A highlight was securing a prestigious 3 star review for the from The New York Times for Bongelo I've been there and it is fantastic. And our innovative work with Newmans Own on their pay what you want pizza program which shows our ability to drive meaningful consumer engagement. The digital department, our influencer marketing agency, has shown remarkable growth securing 137 new talent signings this year. We successfully expanded our brand Edit Influencer Showroom to New York Fashion Week, in September which marked an important milestone in our fashion and lifestyle vertical [indiscernible] I know our team has one coming up during Art Basel, which is very exciting because that one will also mark a first time the showroom comes to Miami. At special projects, our celebrity booking agency we maintained our long standing partnership with Wall Street Journal Magazine's Innovator Awards the Museum of Modern Art last month and our work with the Academy Museum's annual gala helped to honor industry luminaries while raising over $11,000,000 for the Motion Picture Academy.

That team in the museum. That team is especially busy including the store opening for LVMH happening tonight, in Manhattan. These results reflect our team's expertise, creativity and ability to deliver impact across multiple sectors. Turning to Dolphin Ventures, our division that secures ownership stakes in promising businesses or products, primarily in content creation consumer products and live experiences, we're open to various opportunities that these three sectors remain our focus as they best align with where our marketing expertise increases the likelihood of success. And starting with content creation, our IMAX partnership maintained strong momentum with a $2,600,000 Q3 payment from licensing the streaming rights to the Blue Angels. The film success has exceeded our expectations leading to planned expansion into prestigious institutional theaters across the country starting in January. And as a reminder, expect to film the Play Doh theaters for years to come providing an annuity for both Dolphin and NYMEX.

With this powerful foundation and fall development season underway, we anticipate announcing our next major part project in partnership with IMAX soon. Also, we expect to be able to announce shortly additional distribution partnerships for Staple Gen our first celebrity partnered spirits venture developed with culinary icon Rachel Ray. Crafted in New York's Catskills region, the gin has earned double gold and 96 points at the New York International Spirits Competition. Stapleton is now available at restaurants and retail outlets throughout New York State through Southern Glaser's Wine and Spirits a fellow Miami based company and the nation's largest distributor with $26,000,000,000 in revenue last year and operations in 44 states. With those updates on the ventures front, I'll turn to 2 headlines from the month of October First, we announced the launch of Always Dolphin, a groundbreaking initiative that marks our strategic entry into the women's sports management space.

We believe that Always Alpha is the 1st ever comprehensive management firm dedicated exclusively to women's sports, This venture is led by an extraordinary team the most accomplished U. S. Track and field athlete in history, It's a pretty good start. Alongside her brother and business partner, Wes Felix, and distinguished sports executive, Josef Schappuch. The timing of this launch aligns perfectly with the explosive growth we're witnessing in women's sports.

Our research and market analysis indicate this is a significantly undervalued sector with immense growth potential. Always Dolphin represents more than just a new revenue stream It's a strategic advancement that we believe will be a major growth driver for our company in the years ahead. What sets Always Dolphin apart is its holistic approach to talent management. Not just representing athletes, we're building a platform that supports women who are simultaneously competing at the highest levels serving as brand ambassadors, building businesses, and driving social change This of course aligns perfectly with Dolphin's existing expertise in celebrity management brand development, influencer marketing, and Impact PR. Dissynergies with our current operations are substantial. Our entertainment marketing infrastructure, which has delivered remarkable success this year, thousands of influencer campaigns through the digital department alone is immediately complementary. Also the market leading position of our entertainment PR firm driving 24 Oscar nominations 60 Emmy nominations and 28 Grammy nominations for our clients creates a broad platform to increase awareness through pop culture events providing an immediate competitive advantage for Always Alpha's roster. From both potential clients and brand partners the unique positioning of Volley's output in the market has already attracted attention major advertisers who are increasingly focused on authentic engagement in the women's sports space.

From a financial perspective, Always Dolphin represents a compelling opportunity. Women's sports market has demonstrated remarkable momentum probably anybody is aware, listening into this call with viewership sponsorship revenue and media rights valuations all showing strong upward trajectories for women's sports. Looking ahead, we expect Always Dolphin to contribute to our revenue mix through several channels. First, we'll make talent management fees.

Similar to our influencer division from a growing roster of elite athletes, broadcasters and coaches, starting with Allison herself, Secondly, we'll have brand partnership revenues. Including strategic consulting for brands entering the women's sports space. 3rd, we anticipate being able to develop content and have other production opportunities And 4th and finally, we know that there will be potential opportunities to create exciting ventures together. With always alpha, believe we're positioning Dolphin at the forefront what we expect to be one of the most dynamic sectors in sports and entertainment for years years to come. Now turning to our newest alliance formed at the end of October, with Lodi AI, a breakthrough move that reshapes how we safeguard safeguard our clients' digital presence. It's probably not news to anyone that in today's day and age where digital manipulation has become increasingly sophisticated, We've taken decisive action. Our new collaboration with Lodi dotai equips our full network spanning our entertainment marketing powerhouses like ShoreFire, 42 West, The Door, the Digital Department and our newest company we just spoke about, always alpha with state of the art digital protection tools. Why did we partner with Lodi? The numbers tell a compelling story.

Lodi's technology sweeps through nearly 500,000,000 digital assets daily monitoring major social networks, web platforms and inappropriate content sites unauthorized content appears their system achieves removal in under a day with a success rate exceeding 95%. Simply put, we're just we're not aware of anything else in the market with that level of reach and success. And with our celebrity clients, they're frequently targets So this move accomplishes several key objectives for the Dolphin Companies. It strengthens our core service by offering strengthens our core service offering by adding robust digital protection. It opens fresh revenue channels through enhanced security services. Most importantly, it launches Dolphin into the AI technology sphere, setting the stage for future innovations and opportunities in entertainment and marketing. What excites us most is the collaborative nature of this partnership. We're not just implementing existing solutions, we're actively developing next generation tools tailored to our clients' evolving needs, We think of it as building tomorrow's digital safety net Like always, Alpha, the timing couldn't be better. As deepfakes, digital impersonation and under authorized content become more sophisticated, our clients need more than traditional PR and marketing support to manage their public persona. They need comprehensive digital protection and we're now uniquely positioned to provide it.

Also, this partnership isn't just about defense, it's about innovation. While AI technology is still evolving, we know it has the potential to revolutionize and marketing. Through this alliance, we're positioning Dolphin as a responsible leader in entertainment for the ethical use of AI, at the intersection of creativity and technology, ready to shape the future of digital content [indiscernible] Now usually after our ventures updates, I would conclude and pass it over to Meredith. But first, I want to reiterate what stated in our recent shareholder letter and also in my presentation at the LD Micro Conference a couple of weeks ago that we believe that our current market cap starkly undervalues the true strength the true strength and prospects of our unique portfolio. Let's just look again at what has been accomplished so far in just the past 12 months. We achieved record revenues in Q4 of last year, and then broke that record again in Q1 Our IMAX co production Blue Angels was a standout hit with the full recoupment of our production investment and well over $1,000,000 in ROI, already achieved and received with a long revenue tail ahead. Also in May, we successfully launched Rachael Ray's award winning staple gin, in July we acquired the profitable L Communications to add Impact PR to our capabilities.

And as we just highlighted, most recently in October, we announced the launch of Always Dolphin, our management firm exclusively focused on the rapidly growing multibillion dollar women's sports market all in the last 12 months. Now these milestones along with the the consistently stellar work by our industry leading entertainment marketing companies positioned Dolphin for continued success. As noted at the top of the call, through 9 months, our revenue is up over 26% year over year. We anticipate our revenue this year to exceed 50,000,000 with over $39,000,000 in revenues through the 1st 9 months, and with Q4 typically being our strongest quarter, believe it will be very difficult for us to not hit this goal. Thus, we are trading at approximately 1 quarter of 1x the expected revenue of the current year. We also anticipate achieving positive adjusted Operating income for full year 2024 and again after reporting positive adjusted operating income of $1,400,000 through the 1st 9 months, and with Q4 historically being our best quarter, believe it will be very difficult for us to not hit this goal. That's an understatement. More than 20% of year over year growth excuse me, more than 25% year over year revenue growth while achieving positive adjusted operating income believe these results set us apart from many of our microcap peers.

Looking ahead, we see immense potential in influencer marketing women's sports and innovative ventures like staple gin the new Lodi AI partnership we just discussed In my view, our current market cap starkly undervalues the true strength and prospects of our unique portfolio, Furthermore, we believe there is a significant discrepancy between our present market capitalization and the fundamental worth of our assets. I believe we are significantly undervalued. And as CEO, I'm putting my money where my mouth is by actively increasing my personal stake in DLPN with $100,000 of open market purchases in the past year alone and I plan to buy more here before the end of the year.

I'm confident the market will soon better appreciate Dolphin's robust financial health and exciting growth catalysts on the horizon as we continue to create long term value [indiscernible] And with that in mind, one last piece before I turn it over to Mirtha. I want to share the announcement of the upcoming launch of our new shareholder rewards program. Partnership with Ticker, same company that works with Starbucks and Whirlpool and others, we're set to debut in January 2025 And this new shareholder rewards program will offer our shareholders exclusive access to DLPM client products invitations to unique events, and other perks to celebrate our community's support and connection to Dolphins Dynamic Ventures. Stay tuned for more details as we get closer to January It's our way of saying thank you to those who are part of our Dolphin journey. So thank you for your continued support of Dolphin Entertainment I'll now turn it over to Mirth to walk through the financials and then we'll open it up for Q and A. [indiscernible] Thank you, Bill. I'll now review our Q3 20 24 financial results in more detail. Total revenue for the 3rd quarter was 12.7 $1,000,000 representing an increase of 24.5 percent over the Q3 of 2023.

Operating expenses were $20,800,000 including approximately $600,000 of depreciation, amortization $6,500,000 of goodwill impairment $150,000 of acquisition transaction costs related to our acquisition of L Communications and a $1,300,000 write off of the Midnight Theater notes receivable. This compares to operating expenses of $12,300,000 in Q3 2023 that included an impairment of intangible assets of approximately $300,000 $500,000 of depreciation and amortization. Net loss for the 3 months ended [indiscernible] of $8,700,000 includes the depreciation, amortization impairment charges, acquisition transaction costs, and the notes receivable write off discussed in the operating loss remark plus interest expense of approximately $500,000 This compares to a net loss of $3,900,000 in Q3 of 2023 that include the depreciation, amortization and impairment costs detailed in the operating loss remark, plus interest expense of approximately $600,000 Adjusted operating income a non GAAP measure, improved to $500,000 in Q3 2024 from an adjusted operating loss of $800,000 in Q3 2023. Loss per share was $0.80 per share based on 10,900,000 weighted average shares outstanding for both basic loss per share and fully diluted loss per share for the 3 months ended September 30, 2024. For the 3 months ended September 30, 2020 3, loss per share was $0.55 based on 7,100,000 weighted average shares outstanding for both basic and fully diluted loss per share.

Cash and cash equivalents were $6,600,000 as of September 30, 2024, compared to $7,600,000 as of December 31, 2023. I will now ask the operator to open the phone lines for questions. Operator, would you please poll for questions? [indiscernible] Your first question for today is from Alan Klee [indiscernible] Hello, can you hear me? Yes, I hear you, Al. Thank you. Hi, sorry, I'm having phone problems. Congrats, strong quarter, good job. Thank you. The jump in revenue this quarter year over year, how could you kind of rank some of what some of the bigger factors were that that you would point to?

Sure. Yes. Let's see. [indiscernible] 24.5 percent year over year revenue growth comes from multiple to the factors as you might anticipate And certainly, special projects in L [indiscernible] play a factor in that L had a particularly strong quarter going into an election year, I've learned is good for the Impact PR business. As many people are looking to create additional awareness of the good work that they're doing. And many of the clients receive some funding from whether it be city, local or state or government federal government agencies. Also though, legacy PR firms of ShoreFire and The Door and 42 West had good quarters and increases 42 us has had a strong [indiscernible] stretch of having strong results and SureFire in the door while they also have as well that we're seeing momentum with them through Q1 to Q2 to Q3 of this year.

So I would say some surge with special projects and and L, but also organic growth and of the legacy PR businesses. Probably the primary drivers We're getting stronger each quarter at cross selling And I think it's just going to continue to show in the quarters ahead.

Thank you. And the digital department, What items I know that this is 4th quarter is going to be the seasonally strong quarter. But just in terms of you've been doing a lot there. Was there any other things you wanted to highlight of kind of new business you're doing and cross selling?

Yes, yes. I'm very proud of the work done by the team the digital department. We've done a lot of work with that company this year and growing. I think it well, first of all, the digital apartment excuse me, has 3 main operating divisions, talent management, [indiscernible] campaigns [indiscernible] [indiscernible] I try and talk about them equally But the talent department has gone through strong growth as we've hired quite a few new talent managers in the past 6 months. The skin care group, the dermatology group has has been real highlight We're investing additional talent managers in that group and we see a lot of growth [indiscernible] professional advice, if you will, or content from professionals online So that would definitely be something to look for in 2025. And I've mentioned before that in our Ventures group, we'd like to have a skincare product in market by the end of 2025. That's been a real source of upside for us. The brand division had a very strong start of the year. We have done work for some major recognizable brands And anticipate doing it again in 2025. That's a real strength of our overall company quite frankly. And the Events division as we expand the showrooms As I mentioned in my prepared remarks, we hit New York for the first time with the showroom We expanded the showrooms outside Los Angeles for the first time.

And it started with New York at Fashion Week in September. By all accounts, that was a very successful showroom for us. We just came off a showroom the last 2 days in Los Angeles for the holiday season we're about to do another one here in Miami at Art Basel in a couple of weeks. 2, 3 weeks. So digital department is going into their Q4 which is why I didn't mention them as a highlight in Q3 because as you said, they're their explosive quarter is Q4 and we have no reason to believe it won't be again this year.

Thank you. I just wanted to understand a little bit you said you received second installment of $2,600,000 of content licensing licensing agreements.

Could you just back up and explain like how much money you got overall And then that $2,600,000 how that did that get recognized as revenue or in a different way? And Going forward is the way to think of it that you'll get revenue from the institutional theaters? Is that the there shouldn't be any revenue from anywhere else? Thank you.

Sure. Yes, Blue Angels did very well for us. That $2,600,000 the revenue was the cash we received in July and Q3. From revenue we had recognized when we delivered the film earlier in the year. So we've received over $3,400,000 from Blue Angels alone.

And that against total cash investment of 2.25. So we've recouped the full cash investment and have made a nice profit return on that.

Even before it goes into institutional theaters. Which I'll start doing in January. And then the beauty of the institutional theaters is, as I mentioned in the prepared remarks, we treat it like an annuity. It will we get a percentage of that box office revenue of tickets sold at the Smithsonian or Museum of Natural History or the Miami Planetarium or wherever it might it might run, those are all IMAX institutional theaters and we expect they'll probably run most, if not all of those theaters around the country. [indiscernible] and as you know, it may run-in that theater for a month at a time and a month out of every year for the next 10 years. So it's a good business and we have a good partnership with IMAX for sure and the Blue Angels Just to success it had in traditional theaters in May, fact that it was the number one movie over Memorial Day weekend on Amazon It had continued viewership for 3, 4, 5 weeks which is again just not common with the documentary. It was just well made. So it sets us up to do more of these and gives us a unique position in the marketplace that we can put documentaries and movie theaters.

So we're excited for it and starting in January, it'll be a nice annuity for us as well.

You've spoken in the past some other ventures or new areas for young people And I was wondering is how is how that might be progressing?

Yes. Well, in terms of I think you were referencing the [indiscernible] that we could expand I've had this experience before with my previous life with Dolphin and producing content, we have a hit show sometimes your other shows don't get the love And with our skincare and dermatology group, I mean, that would be the equivalent of a hit TV show. [indiscernible] [indiscernible] and it can get a lot of the airtime, but there are a lot of good talent managers doing a lot of good work across different different verticals with influencer marketing. [indiscernible] always going to be very strong in beauty, fashion, lifestyle, it's the bread and butter and it was the bread and butter of both B Social and Socialite. Before we merged to create the digital apartment a year ago.

And we just have such strong brand relationships in those verticals too. And it feeds into and it gets fed from the showrooms which have a heavy beauty fashion and wellness focus. With that said, yes, we are continuing to expand the types of creators that we represent And we can imagine building rosters of creators in specific verticals like we did with skincare and dermatology. In areas such as the young adults that you're referencing in our partnership with the Osprey Inc agency Alan, as well as in the future, may include culinary or other areas that crossover into our PR as well. What I don't know is if we're going start a vertical for [indiscernible] I'm going to talk to Myrta about that. And if we get some online influencers interested in that space, we may expand it.

Okay. Partnership your AI partnership Lodi, this sounds very compelling. Explain kind of and you said something interesting in the release of Well, can I understand how does you how you get paid in this? But then also you said there's an opportunity to become a venture. Kind of make it a venture investment in this. Could you tell us what you're thinking about there potentially?

Sure. I mean, AI is still so new to everyone. Right? With that said though, we do have we're blessed to have market leading companies and we have market leading clients. And so you just can't ignore the potential of HI and you want to be market leading in that space. So we made this partnership with Lodi to Coming first, our first entry into AI is actually one to bolster our core services, right? We're many of our PR firms are in the When you summarize what they're doing, they're managing the public persona. They're managing public relations, PR at its core, for either individuals or brands. [indiscernible] and you can't manage a public persona today unless you can protect it online, right? I mean, it's that straightforward. And has anybody attempted to get any content or removed from online? I mean, good luck. And AI has the [indiscernible] to transform that that industry and that capability by being able to search much faster than any previous technology and attempt to take down much faster than any previous technology. And And we did our research We selected the company we feel is the strongest and to our knowledge, we're the first entertainment PR firm to partner.

With an AI firm We represent them as well. They are cash paying client. Which is fantastic. And in success and in testing with many of our signature clients, then we have the potential to turn this into some that may be a venture. In 2025 for us because if we could have success with Lodi and we expect to then we could work to greatly expand them both within entertainment and into other verticals. And other brands across industries. That's exciting for us for sure.

And as we look into other forms of AI, then we'll start playing with AI to create product. Not content specifically, but other forms of subscription services or ways to access information that weren't possible before, those types of some creative solutions that weren't possible before. And so we might have some we hope to have some interesting announcements and interesting products created from AI capabilities in 2025.

Thank you. As we're getting closer to 2025, what would you say kind of your priorities are for the next year Well, I would say a couple of will be a good blocking and tackling and organic growth year would be my first answer. As I said, we feel very good about getting better and better at cross selling. We have the group companies we like We don't know of any marketing capabilities that we don't have in house now that we would have wanted. And so we can focus on a few things. 1, we we will grow always alpha by the way. I know we haven't talked about that yet, but big announcement in October and there's a lot of complementary services that we can help [indiscernible] All those brands we just talked about for the digital department and beauty fashion wellness are all brands that could work very, very well with in women's sports. We can we hope to open a lot of doors and expand the type of partner [indiscernible] can have. But we'll also continue to grow our Impact PR division for sure. There's just a lot of cross pollination between our entertainment companies and our existing relationships in the nonprofit space [indiscernible] L can benefit and benefit from also.

So I think that'll be fantastic for us And then Dolphin story 2025 will probably mark a pivotal year.

As 2024 is starting to do because when you've got the companies you want, then you can choose what you want to do together. [indiscernible] obviously, what we're we've indicated for 8 years is that when we finished building the group, what we want to do together is to own some of the assets that we're marketing. So we've got staple gin in the market now. Next year should bring multiple staple gins. Level opportunities, we hope. We've got Blue Angels in the market. 2025 should give us more should see more content in the market. 25 is going to see our first live events. Special projects, being at the vanguard of that capability for our company. So yes, I really do see 2025 as being the year in which We take the foothold we established in 2024 and we blow the door open. In terms of having multiple ventures in market 2024 though, it's going to be sad to see this year go, Alan. I mean, it's a year in which we crossed $50,000,000 we anticipate going to cross $50,000,000 in revenue.

Again, that would be very hard not to do since we're sitting on $39,000,000 already. It's a year we hit full year positive adjusted operating income. Years ahead, we'll look to grow that adjusted operating income, of course, we'll look to grow revenue but we'll also look to build some of these lottery tickets that any one of which certainly against our current market cap would be worth more than our market cap. So that's what I think we have in store for 2025.

Thank you. And I forgot to ask about always alpha. You have so many things. It's hard to remember. But do you see this as kind of or how do you develop I mean, you have a strong management team, but the ability to bring on new new clients. How do you think about like How you go to market on that?

Well, I'll tell you, it's we have a couple of advantages there, but thank you for highlighting the management team. I mean, because that's a real rockstar. Alison is a legend. And her brother West may be the nicest guy I do business with. So very, very accomplished himself. So and I think I got asked recently, what are the core strengths of Dolphin and think probably the number one answer is look at the management teams at each of these companies. I mean these are people that are at the top of their game So when you've got people like Amanda Lundberg at 42 West or Mary [indiscernible] Lowe's, O'Neill and Charlie at the door and all of our companies. You're starting from a position of strength right? So when it comes to recruiting new talent for always alpha, I would love to tell you that I'm essential to the process, Alan. But I think you just put Allison Felix in front of other female athletes and say we're blessed to work with Allison and to manage Allison's career [indiscernible] you've already established a whole lot of trust I would say, in the women's sports industry, right?

And then secondly, when you get a chance to educate potential clients about all the other companies Dolphin has under its umbrella and how they can assist and making those dreams come true whatever they may be. For those female athletes or female sportscasters I think it's just an incredibly compelling story and many of them have asked [indiscernible] for businesses to become brand ambassadors or to become influencers and of course we know a whole lot about that. To build a PR presence, we know a whole lot about that. Also to do some positive good in the world with whatever charities that they're affiliated with. And now we have enormous capabilities in that world too. So I think we have a [indiscernible] I don't know of anything that they might want to do that we don't have an opportunity to help. And I think that's you pair that with the credibility that Allison and Cozzette give us, it gives us we feel a unique story in the market. In an industry where there just aren't management firms for female athletes, So we have a first mover advantage and then we think we've got a team behind it that could sustain it for the long run.

Thank you very much. That's it for my questions. Thank you.

Sure. What I'm also hoping that 2025 does not bring me challenge to a foot race from Allison Felix. That would be embarrassing. [indiscernible] There appear to be no further questions in queue. I would like to turn the call over to Bill for closing remarks.

Well, I'm sitting here thinking I think Alison won 11 Olympics medals incredible and that our signature event was the 200 meter. How big a lead would she need to give me for it to be a tie?

Let's just not answer that question either. Well, thank you everybody for listening. Obviously, we we're very proud of the year we've had so far. We've accomplished many great things. Due to the hard work of the team [indiscernible] Wow. Across the country. Our financial results are speaking for themselves. And then the ventures that we're doing and the companies we're bringing in we think speak for themselves, the partnerships we've created. And we hope to have a very successful Q4 and into 2025. So more to come should be another announcement or 2. And certainly before we speak again in March. We look forward to it all. So thank you all for being on this ride with us and we'll talk again in a couple of months. Happy holidays, everybody.

Bye now.

This concludes today's conference. And you may disconnect your lines at this time. Thank you for your participation.