Dolphin Entertainment Inc (DLPN) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Dolphin Entertainment First Quarter 2023 Earnings Call. (Operator Instructions) Please note this call may be recorded. (Operator Instructions)

大家好，歡迎來到今天的 Dolphin Entertainment 2023 年第一季度收益電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明）

It is now my pleasure to turn the conference over to Mr. James Carbonara. Please go ahead.

現在我很高興將會議轉交給 James Carbonara 先生。請繼續。

Thank you, operator, and once again, welcome to Dolphin Entertainment's First Quarter 2023 Earnings Call. With me on the call are Bill O'Dowd, Chief Executive Officer; and Mirta Negrini, Chief Financial Officer.

謝謝接線員，再次歡迎來到 Dolphin Entertainment 2023 年第一季度財報電話會議。與我通話的還有首席執行官 Bill O'Dowd；首席財務官 Mirta Negrini。

I'd like to begin the call by reading the safe harbor statement. This statement is made pursuant to the safe harbor statement for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. All statements made on this call, with the exception of historical facts, may be considered forward-looking statements within Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that expectations and assumptions reflected in these forward-looking statements are reasonable, it makes no assurances that such expectations will prove to have been correct.

我想通過閱讀安全港聲明開始通話。本聲明是根據 1995 年《私人證券訴訟改革法案》中描述的前瞻性聲明的安全港聲明作出的。除歷史事實外，本次電話會議上的所有聲明均可被視為第 27A 節中的前瞻性聲明1933 年證券法和 1934 年證券交易法第 21E 條。儘管公司認為這些前瞻性陳述中反映的預期和假設是合理的，但不保證此類預期將被證明是正確的。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those expressed or implied in the forward-looking statements, please see risk factors detailed in the company's annual report on Form 10-K contained in subsequent filed reports on Form 10-Q as well as in other reports that the company files from time to time with the Securities and Exchange Commission. Any forward-looking statements included in this earnings call are made only as of the date of this call. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent knowledge, events or circumstances.

由於各種風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。有關可能導致實際結果與前瞻性陳述中明示或暗示的結果不同的此類風險和不確定性的討論，請參閱公司隨後提交的 10-K 表格年度報告中詳述的風險因素10-Q 以及公司不時向證券交易委員會提交的其他報告。本次財報電話會議中包含的任何前瞻性陳述僅在本次電話會議之日作出。我們不承擔任何更新或補充任何前瞻性陳述以反映後續知識、事件或情況的義務。

Now I'd like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin Entertainment. Bill, please proceed.

現在我想把電話轉給 Dolphin Entertainment 的首席執行官 Bill O'Dowd。比爾，請繼續。

Thanks, James, and hi, everyone, and good afternoon, and thank you for joining us today. As always, we'll start with a review of some financial and operating highlights, followed by a full financial review and then open it up for Q&A. .

謝謝，詹姆斯，大家好，下午好，感謝您今天加入我們。與往常一樣，我們將首先回顧一些財務和運營亮點，然後進行全面的財務回顧，然後開放問答環節。 .

So from a financial highlights perspective, we're happy to report that our first quarter revenue grew by 8% year-over-year to $9.9 million. Since Q1 is always our lowest revenue quarter because of the seasonality in our business and especially with our influencer marketing companies, we expect Q2 revenue to be meaningfully higher and believe that we will hit our expected year-over-year revenue growth target of 20% to 25% for full year 2023, basically saying we're on track.

因此，從財務亮點的角度來看，我們很高興地報告，我們第一季度的收入同比增長 8% 至 990 萬美元。由於我們業務的季節性，尤其是我們的影響力營銷公司，第一季度始終是我們收入最低的季度，我們預計第二季度的收入將顯著增加，並相信我們將實現 20% 的預期收入同比增長目標到 2023 年全年增加到 25%，基本上可以說我們走上了正軌。

We are also pleased that our operating loss per share for Q1 stayed the same as last year despite adding a second influencer firm into our Q1 results. And as noted just a second ago, we expect our influencer marketing firms to be down in Q1 due to seasonality, but also expect them to more than make up the ground in the rest of the year to deliver annual profits to Dolphin.

我們也很高興，儘管我們在第一季度的業績中增加了第二家有影響力的公司，但我們第一季度的每股營業虧損與去年持平。正如剛剛提到的那樣，我們預計我們的影響力營銷公司將因季節性因素在第一季度出現下滑，但也預計他們將在今年剩餘時間彌補不足，為 Dolphin 帶來年度利潤。

Moving to operational updates. A clear highlight occurred after the quarter ended with the announcement that Amazon Studios acquired the worldwide rights to The Blue Angels. I know we spoke just 6 weeks ago, and this has occurred since. If you recall, this time last year, we announced a multiyear agreement with IMAX to jointly finance the development and production of a slate of feature length documentaries for the global market. The first project greenlit was The Blue Angels, developed and coproduced by J.J. Abrams, Bad Robot Productions and Zipper Bros Films.

轉向運營更新。本季度結束後，一個明顯的亮點出現了，亞馬遜工作室宣布獲得了《藍色天使》的全球版權。我知道我們 6 週前才談過話，從那時起就發生了這種情況。如果您還記得，去年這個時候，我們宣布與 IMAX 達成多年協議，共同資助為全球市場開發和製作一系列長篇紀錄片。第一個獲得綠燈的項目是 The Blue Angels，由 J.J. 開發和聯合製作。 Abrams、Bad Robot Productions 和 Zipper Bros Films。

The Blue Angels started filming last summer and has finished production. We expect the film to hit IMAX theaters in the second half of this year. In terms of financial implications, we expect to generate approximately $3.5 million of revenue to Dolphin from the acquisition agreement, which would result in a 75% ROI before the inclusion of any revenues to Dolphin from the ticket sales from IMAX institutional theaters.

Blue Angels 於去年夏天開始拍攝並已完成製作。我們預計這部電影將在今年下半年登陸 IMAX 影院。就財務影響而言，我們預計收購協議將為 Dolphin 帶來約 350 萬美元的收入，這將帶來 75% 的投資回報率，再將 IMAX 機構影院的門票銷售收入計入 Dolphin。

This fantastic return on The Blue Angels provides a formidable proof of concept for our Dolphin Ventures model, formerly known as Dolphin 2.0, of taking equity in projects that we market. Dolphin Ventures also saw a boost in Q1 with the announcement that veteran Fortune 500 Executive Ellie Doty has joined as Chief Marketing Officer. The rationale is that we expect to source, evaluate and engage in multiple ventures opportunities over the next 12 to 24 months, opportunities wherein we get paid a cash fee to secure the services of the various Dolphin agencies working on the account but also where we receive equity in the product or services we are marketing.

The Blue Angels 的出色回報為我們的 Dolphin Ventures 模型（以前稱為 Dolphin 2.0）提供了強大的概念證明，即在我們營銷的項目中取得股權。隨著財富 500 強資深高管 Ellie Doty 加入並擔任首席營銷官，Dolphin Ventures 在第一季度也實現了增長。理由是我們希望在未來 12 到 24 個月內尋找、評估和參與多個風險投資機會，這些機會是我們獲得現金費用的機會，以確保在該賬戶工作的各種 Dolphin 機構的服務，以及我們收到的地方我們營銷的產品或服務的公平性。

Additionally, as Chief Marketing Officer, part of Ellie's role will be to communicate what we have built and giving an additional platform to both the work we are doing and to the incredible leaders within our Dolphin family. Ellie is one of those leaders herself.

此外，作為首席營銷官，Ellie 的部分職責將是傳達我們所構建的內容，並為我們正在進行的工作以及我們 Dolphin 家族中令人難以置信的領導者提供一個額外的平台。艾莉本人就是其中一位領導者。

Leaders like Shore Fire Media, Dolphin's industry-leading music PR firm, whose client, Rhiannon Giddens, was just awarded the Pulitzer Prize in Music, which followed Shore Fire clients receiving a collective 14 Grammy Awards in Q1, including Song of the Year and Best New Artist. That many Grammys is a reflection of the breadth and depth of Shore Fire's roster, which is what allowed it to place clients across a wide variety of major promotional vehicles in Q1, including Good Morning America, the TODAY Show, the Kelly Clarkson Show and Rolling Stone, just to name a few.

Shore Fire Media 等領導者是 Dolphin 行業領先的音樂公關公司，其客戶 Rhiannon Giddens 剛剛獲得普利策音樂獎，隨後 Shore Fire 的客戶在第一季度獲得了 14 項格萊美獎，包括年度歌曲和最佳歌曲新藝術家。如此多的格萊美獎反映了 Shore Fire 名單的廣度和深度，這使得它能夠在第一季度將客戶置於各種主要宣傳工具中，包括早安美國、今日秀、凱利克拉克森秀和 Rolling石頭，僅舉幾例。

We have leaders like 42West, our film and television PR powerhouse, who has helped clients and worked on projects resulting in 4 nominations for the 76th Tony Awards, 4 awards at the Sundance Film Festival and 5 awards at the South by SXSW Film Festival this year already. Additionally, 42West worked on the Top Gun: Maverick campaign, resulted in an Academy Award for Best Sound and 6 Oscar nominations, which follows a worldwide box office total of $1.49 billion in 2022, the biggest of client Tom Cruise's career to date. I realized I should have just rounded up to $1.5 billion instead of $1.49 billion. But hey, all right. Unsurprisingly, 42West and Shore Fire Media were once again honored by the Observer's PR Power list.

我們擁有像 42West 這樣的領導者，我們的電影和電視公關巨頭，他們幫助客戶並參與了項目，今年獲得了第 76 屆托尼獎的 4 項提名、聖丹斯電影節的 4 項獎項和 SXSW 電影節南方電影節的 5 項獎項已經。此外，42West 參與了 Top Gun：Maverick 活動，獲得了奧斯卡最佳音效獎和 6 項奧斯卡提名，此前 2022 年全球票房總計 14.9 億美元，這是客戶湯姆·克魯斯 (Tom Cruise) 迄今為止的最高票房。我意識到我應該四捨五入到 15 億美元而不是 14.9 億美元。但是，嘿，好吧。不出所料，42West 和 Shore Fire Media 再次榮登觀察家公關力量榜單。

We have leaders like The Door, our leading culinary hospitality and lifestyle PR firm, who just welcomed Carbone Fine Food to their ever-growing roster of clients in the consumer packaged goods space, while client Gigi Hadid paid tribute to Karl Lagerfeld in a stunning custom-made Givenchy dress on the steps of the 2023 Met Gala, and client Viceroy Hotels made Travel and Leisure's 2023 top 500 Best Hotels list.

我們有像 The Door 這樣的領導者，我們領先的烹飪酒店和生活方式公關公司，他們剛剛歡迎 Carbone Fine Food 加入他們在消費品領域不斷增長的客戶名單，而客戶 Gigi Hadid 則以令人驚嘆的定制方式向 Karl Lagerfeld 致敬- 在 2023 年 Met Gala 的台階上製作 Givenchy 禮服，客戶 Viceroy Hotels 進入 Travel and Leisure 的 2023 年 500 強最佳酒店名單。

Leaders like Be Social and Socialyte, our top influencer marketing agencies that represent over 200 leading creator talent with hundreds of millions of followers on social media. Our creators were recently asked to join campaigns for Saks, TianDe, Jose Cuervo tequila, Revlon and Pinterest, among dozens of others in Q1. Be Social and Socialyte were named Top Talent Managers for Creators by Business Insider.

Be Social 和 Socialyte 等領導者是我們最有影響力的營銷機構，代表著 200 多名領先的創作人才，在社交媒體上擁有數億粉絲。我們的創作者最近被邀請參加第一季度 Saks、TianDe、Jose Cuervo tequila、Revlon 和 Pinterest 等數十家公司的活動。 Be Social 和 Socialyte 被 Business Insider 評為“面向創作者的頂級人才經理”。

And lastly, leaders like Viewpoint Creative, Dolphin's respected creative relations agency and video production boutique -- creative agency, excuse me. Viewpoint's work in Q1 and year-to-date included a brand image campaign for CBS News New York, Big Red's Hot Sauce and PayPal, of course.

最後，像 Viewpoint Creative 這樣的領導者，Dolphin 備受推崇的創意關係機構和視頻製作精品店——創意機構，不好意思。 Viewpoint 在第一季度和年初至今的工作包括為紐約哥倫比亞廣播公司新聞、Big Red's Hot Sauce 和 PayPal 開展的品牌形象宣傳活動。

Now I'll turn to providing updates on some of our projects, where Dolphin and its shareholders have equity and participate in the upside that our best-in-class marketing companies regularly enable for our clients. Starting with Midnight Theatre. As a reminder, Dolphin manages all aspects of publicity and marketing for Midnight Theatre and its restaurant, Hidden Leaf, while also facilitating talent and commercial relationships within the entertainment and culinary industries. Dolphin also holds a meaningful ownership stake in the venture.

現在我將介紹我們的一些項目的最新情況，在這些項目中，Dolphin 及其股東擁有股權並參與我們一流的營銷公司定期為我們的客戶提供的好處。從午夜劇院開始。提醒一下，Dolphin 負責管理 Midnight Theatre 及其餐廳 Hidden Leaf 的宣傳和營銷的各個方面，同時還促進娛樂和烹飪行業內的人才和商業關係。 Dolphin 還持有該合資企業重要的所有權股份。

As we ramp up the programming at the theater throughout the summer, aiming to have a full 7-day-a-week schedule shortly after Labor Day, we have played host to an array of talent, including Gloria Steinem; Nu York Cabaret; The Moth; The Daily Show's Roy Wood Jr., who incidentally just hosted the White House Correspondents' dinner; the Amy Schumer shows; Rachel Feinstein; Broadway's Andrew Barth Feldman, who co-stars with Jennifer Lawrence in an upcoming comedy film from Sony, that, by all accounts, looks like it could be a summer hit; as well as screenings of Academy Award-winning Everything Everywhere All at Once; and NCAA Best as well as March Madness in 4K high definition, just to name a few. Go, Bluejays.

整個夏天我們都在增加劇院的節目，目標是在勞動節後不久有一個完整的每週 7 天的時間表，我們接待了包括 Gloria Steinem 在內的一系列人才。努約克歌舞表演；飛蛾； The Daily Show 的 Roy Wood Jr.，他剛剛主持了白宮記者的晚宴；艾米·舒默 (Amy Schumer) 秀；雷切爾范斯坦；百老彙的 Andrew Barth Feldman 與 Jennifer Lawrence 共同主演即將上映的 Sony 喜劇電影，從各方面來看，這部電影可能會成為夏季熱門影片；以及獲得奧斯卡金像獎的放映會。和 NCAA Best 以及 4K 高清的瘋狂三月，僅舉幾例。去吧，藍鳥。

We also anticipate putting out our first original production called A Brief History of Magic in Midnight Theatre in July. We're very excited for that as it should allow us to double the number of shows per month this summer versus what we did this winter and spring, and so the theater is kicking into gear.

我們還預計將於 7 月在午夜劇院推出我們的第一部原創作品，名為《魔法簡史》。我們對此感到非常興奮，因為它應該使我們今年夏天每月的演出數量比我們今年冬天和春天的演出數量增加一倍，因此劇院正在開工。

Turning back to our multiyear agreement with IMAX to jointly finance the development and production of a slate of feature length documentaries. You heard at the top of the call that with the sale to Amazon Studios of our first project together, The Blue Angels, that this partnership could not have gotten off to a better start. We're now looking for and evaluating opportunities for our second documentary together. We also anticipate doing more work with IMAX. We're actively sourcing and developing live shows with them that we can broadcast from Midnight Theatre into IMAX theaters nationwide. We expect to have a lot more to talk about on this topic between now and our Q2 earnings call.

回到我們與 IMAX 的多年協議，共同資助一系列長篇紀錄片的開發和製作。你在電話會議的最前面聽說，隨著我們一起將第一個項目“藍色天使”出售給亞馬遜工作室，這種合作關係的開端再好不過了。我們現在正在一起尋找和評估我們第二部紀錄片的機會。我們也期待與 IMAX 合作。我們正積極與他們一起尋找和開發現場表演，我們可以從午夜劇院向全國的 IMAX 影院播放。從現在到我們的第二季度財報電話會議，我們預計將有更多關於這個話題的討論。

In summary, it's been a great start to the year with record Q1 revenues. And as in previous years, we are confident that Q2 will be even significantly higher in revenues than Q1 and Dolphin Ventures, previously known as Dolphin 2.0, will enjoy a fantastic return on its investment in The Blue Angels with revenues from IMAX institutional theaters still to come.

總而言之，今年第一季度的收入創下了一個良好的開端。與往年一樣，我們有信心第二季度的收入將比第一季度高得多，而 Dolphin Ventures（以前稱為 Dolphin 2.0）將在其對藍天使的投資中獲得豐厚的回報，IMAX 機構影院的收入仍將增長來。

Thank you for joining us. And to that end, I'll now turn it over to Mirta.

感謝您加入我們。為此，我現在將其交給 Mirta。

Thank you, Bill, and good afternoon, everyone. I will now discuss results for the quarter ended March 31, 2023. Revenue for the quarter ended March 31, 2023, was approximately $9.9 million, 8% above the revenue for the quarter ended March 31, 2022. Overall operating expenses for the 3 months ended March 31, 2023 were approximately $12.5 million compared to approximately $11.1 million in the same period in the prior year.

謝謝你，比爾，大家下午好。我現在將討論截至 2023 年 3 月 31 日的季度的結果。截至 2023 年 3 月 31 日的季度的收入約為 990 萬美元，比截至 2022 年 3 月 31 日的季度的收入高 8%。這 3 個月的總運營費用截至 2023 年 3 月 31 日止約為 1250 萬美元，而去年同期約為 1110 萬美元。

Operating expenses are composed of direct costs; payroll and benefits; selling, general and administrative expenses, SG&A; changes in the fair value of contingent consideration; depreciation and amortization; and legal and professional fees. Direct costs for the quarter ended March 31, 2023 were $219,000 compared to $1.1 million in the same period in prior year. Payroll costs were approximately $9.1 million compared to $7 million in the same period in the prior year.

營業費用由直接費用組成；工資和福利；銷售、一般和行政費用、SG&A；或有對價的公允價值變動；折舊和攤銷；以及法律和專業費用。截至 2023 年 3 月 31 日止季度的直接成本為 219,000 美元，而去年同期為 110 萬美元。工資成本約為 910 萬美元，而去年同期為 700 萬美元。

SG&A expenses of $1.9 million compared to $1.5 million for the same period in the prior year. Legal and professional fees were $763,000 compared to $938,000 in the same period of the prior year. Operating loss for the quarter ended March 31, 2023, up $2.566 million, includes noncash items from depreciation and amortization of $533,096 and a loss from the change in the fair value of contingent consideration of $15,485, along with onetime and nonrecurring audit fees of $300,000. This compares to an operating loss for the quarter ended March 31, 2022 of $1,889,060, which includes noncash items from depreciation and amortization of $407,238 and a loss from the change in the fair value of contingent consideration of $161,451, along with onetime and nonrecurring professional fee expenses of approximately $300,000, primarily related to the 2021 audit.

SG&A 費用為 190 萬美元，上年同期為 150 萬美元。法律和專業費用為 763,000 美元，上年同期為 938,000 美元。截至 2023 年 3 月 31 日的季度營業虧損增加 256.6 萬美元，其中包括來自折舊和攤銷的非現金項目 533,096 美元和因或有對價公允價值變動產生的虧損 15,485 美元，以及一次性和非經常性審計費用 300,000 美元。相比之下，截至 2022 年 3 月 31 日止季度的運營虧損為 1,889,060 美元，其中包括來自折舊和攤銷的非現金項目 407,238 美元和因或有對價公允價值變動產生的虧損 161,451 美元，以及一次性和非經常性專業費用約 300,000 美元的開支，主要與 2021 年的審計有關。

Net loss for the quarter ended March 31, 2023, up $2,969,320, included noncash items from depreciation and amortization of $533,096 and a loss from the change in the fair value of contingent consideration of $15,485, along with onetime and nonrecurring audit fees of $300,000. This compares to a net loss for the quarter ended March 31, 2022 of $1,717,832, which includes noncash items from depreciation and amortization of $407,000 to $407,238 and a loss from the change in the fair value of contingent consideration of $161,451, along with onetime and nonrecurring professional fee expenses of approximately $300,000, primarily related to the 2021 audit.

截至 2023 年 3 月 31 日的季度淨虧損增加 2,969,320 美元，其中包括來自折舊和攤銷的非現金項目 533,096 美元和因或有對價公允價值變動產生的虧損 15,485 美元，以及一次性和非經常性審計費用 300,000 美元。相比之下，截至 2022 年 3 月 31 日的季度淨虧損為 1,717,832 美元，其中包括 407,000 美元至 407,238 美元的折舊和攤銷的非現金項目以及 161,451 美元或有對價的公允價值變動產生的虧損，以及一次性和非經常性專業費用開支約為 300,000 美元，主要與 2021 年審計有關。

Basic and fully diluted loss per share was $0.23 per share based on 12,640,285 weighted average shares outstanding. This compares to $0.20 of basic loss per share and 8,713,700 weighted average shares and $0.23 fully diluted loss per share based on 8,846,567 weighted average shares outstanding in the same period in the prior year. Unrestricted cash and cash equivalents of $7.9 million as of March 31, 2023 as compared to $0.1 million as of March 31, 2022.

基於 12,640,285 股加權平均流通股，每股基本和完全攤薄虧損為每股 0.23 美元。相比之下，每股基本虧損為 0.20 美元，加權平均股票為 8,713,700 美元，根據去年同期的 8,846,567 股加權平均已發行股票，每股完全攤薄虧損為 0.23 美元。截至 2023 年 3 月 31 日，不受限制的現金和現金等價物為 790 萬美元，而截至 2022 年 3 月 31 日為 10 萬美元。

That concludes my financial remarks. I will now ask the operator to open the phone lines for Q&A. Operator, can you please poll for questions?

我的財務評論到此結束。我現在將要求接線員開通問答電話線路。接線員，您可以輪詢問題嗎？

(Operator Instructions) Our first question will come from Allen Klee with Maxim Group.

（操作員說明）我們的第一個問題將來自 Maxim Group 的 Allen Klee。

Congratulations on the quarter. Questions on Blue Angel (sic) [The Blue Angels]. So I think I heard you say that you're done with the production. Remind us when the goal is for this to hit the theaters. How many theaters it goes and for how long? And then when it becomes available? And when do you recognize the revenue from Amazon?

祝賀這個季度。關於藍色天使 (sic) [藍色天使] 的問題。所以我想我聽到你說你已經完成了製作。當目標是上映時提醒我們。它去了多少家劇院，持續了多長時間？然後什麼時候可用？你什麼時候確認來自亞馬遜的收入？

Sure. Yes, this is a big deal, so we should unpack it a little bit. And certainly didn't expect to have such an amazing result on the first one out of the gate. So thank you for highlighting it, Allen. The -- we did -- we just announced the deal a year ago this week in Cannes, where I'm going tomorrow, and we started filming last summer. We finished filming in March. We're editing it now. We expect to -- as of now, the plan is to be in theaters this fall, late September, October.

當然。是的，這是一件大事，所以我們應該把它拆開一點。並且當然沒想到在第一個出門的時候會有如此驚人的結果。所以謝謝你強調它，艾倫。我們做到了——我們剛剛在一年前的這個星期在戛納宣布了這筆交易，我明天要去那裡，我們從去年夏天開始拍攝。我們在三月份完成了拍攝。我們現在正在編輯它。我們預計——截至目前，計劃是在今年秋天、9 月下旬、10 月上映。

Of course, those things can move up or back, depending on a wide variety of factors, but that's the current plan. it would hit Amazon 30 days after or so. It goes into theaters. With a documentary like this, we'd love to capture a little bit of the tailwinds to try and do a flying analogy maybe of Top Gun: Maverick, certainly helped us with the hype and excitement around this film, which by all accounts is turning out beautiful.

當然，這些東西可以向上或向後移動，具體取決於多種因素，但這是當前的計劃。它會在大約 30 天后登陸亞馬遜。它進入劇院。有了這樣的紀錄片，我們很想抓住一點順風，嘗試做一個飛行類比壯志凌雲：特立獨行，這肯定幫助了我們對這部電影的炒作和興奮，大家都說這部電影正在轉變出美麗。

We would recognize this $3.5 million in stages. But by the time it goes on the Amazon service, it would be -- recognize at least 90% of the revenue, if not the full 100%. And if we're missing that last 10%, it would come very shortly thereafter. So if the film's released this year, we should recognize it all during the year, and that's exciting for us.

我們將分階段確認這 350 萬美元。但當它在亞馬遜服務上運行時，它會——確認至少 90% 的收入，如果不是全部 100%。如果我們錯過了最後的 10%，它很快就會到來。所以如果這部電影今年上映，我們應該會在這一年裡認出它，這讓我們很興奮。

That's great. So as we look into 2023, and we're thinking about Dolphin Ventures, you have -- could you kind of go through what you've publicly said already of projects that are out there that could hit in revenue for yourselves this year?

那太棒了。因此，當我們展望 2023 年時，我們正在考慮 Dolphin Ventures，你有——你能不能回顧一下你已經公開說過的那些今年可能會為你自己帶來收入的項目？

Sure. Yes, it really is this -- Blue Angels really is kind of kicking off, being able to recognize revenue from Dolphin Ventures. So it's an exciting time. Well, obviously, Blue Angels will happen, which is fantastic. And I should point out, before I forget to, I'm sure somebody would kill me, that the deal with Amazon is fabulous for us. We also will have additional revenue on the project from IMAX institutional theaters forever.

當然。是的，確實如此——Blue Angels 真的開始了，能夠確認來自 Dolphin Ventures 的收入。所以這是一個激動人心的時刻。好吧，顯然，Blue Angels 會發生，這太棒了。我應該指出，在我忘記之前，我敢肯定有人會殺了我，與亞馬遜的交易對我們來說非常棒。我們還將永遠從 IMAX 機構影院獲得該項目的額外收入。

So that's exciting as well that we share with IMAX, of course, and the creatives on the film. But this will have a nice annuity, we believe, for us. And so that 75% ROI, not bad less than 12 months later. So that's annualized. So less than 12 months will be higher, will continue to increase over the years. So we're excited about what the next documentary might be with IMAX.

因此，我們與 IMAX 分享這一點也很令人興奮，當然，還有電影中的創意。但我們相信，這對我們來說將是一筆可觀的年金。這樣 75% 的投資回報率，在不到 12 個月後就不錯了。所以這是年化的。所以不到12個月會更高，以後還會繼續增加。所以我們很期待下一部 IMAX 紀錄片。

And then that leads to directly answer your question, Allen. We'll have more to talk about on our Q2 earnings call. But the ability to do more projects with IMAX will include some live streaming out of our theater. That could result in some revenue, generally, during 2023. Midnight Theatre as a whole will be up running and fully operational very shortly.

然後直接回答你的問題，艾倫。我們將在第二季度的財報電話會議上討論更多內容。但是用 IMAX 做更多項目的能力將包括我們影院的一些現場直播。一般來說，這可能會在 2023 年期間帶來一些收入。整個午夜劇院將很快投入運行並全面投入運營。

We've got the restaurant open. We're -- we've got shows in there now, about 3 many weeks, 3 weeks -- 3 nights a week, excuse me. When we have our magic show up in July, that will give us comfort that we could be more in the 4-, 5-night-a-week range and then shortly after Labor Day. With that -- when that happens -- and shortly after Labor Day, excuse me, we expect to be 7 days a week. So when that does happen, Midnight Theatre will be generating meaningful revenue, we believe, here in 2023 and will be a nice catalyst for us. Be on the lookout for that press release about our magic show.

我們已經把餐廳開張了。我們 - 我們現在在那裡有演出，大約 3 個星期，3 個星期 - 每週 3 個晚上，對不起。當我們在 7 月展現我們的魔力時，這會讓我們感到安慰，因為我們可以每週工作 4、5 個晚上，然後在勞動節之後不久。有了那個 - 當發生這種情況時 - 在勞動節之後不久，對不起，我們預計每週工作 7 天。因此，當這種情況真的發生時，我們相信，午夜劇院將在 2023 年在這裡產生可觀的收入，並將成為我們的一個很好的催化劑。請留意有關我們魔術表演的新聞稿。

And then we have other Dolphin Ventures in the works. We do own a stake in Crafthouse Cocktails. Those types of deals, I know many people on the call are fans of, wherein we put up no money, we don't make an investment of cash, but a company gets access to our Super Group. So we get paid a cash fee every month in the structure, and we get equity in the company that we're promoting or the venture that we're promoting. Those, we -- without giving a specific number and not kidding, stealing thunder from future announcements, I do believe we've identified the next couple of those and are working towards closing and anticipate being able to announce the next one shortly or in the coming weeks, let's just leave it at that, ahead of our Q2 earnings call.

然後我們還有其他的 Dolphin Ventures 正在籌備中。我們確實擁有 Crafthouse Cocktails 的股份。那些類型的交易，我知道電話中的很多人都是粉絲，我們不投入資金，我們不進行現金投資，但公司可以使用我們的 Super Group。因此，我們每個月都會在結構中獲得一筆現金費用，並且我們獲得了我們正在推廣的公司或我們正在推廣的企業的股權。那些，我們 - 沒有給出具體數字，也不是開玩笑，從未來的公告中竊取雷聲，我相信我們已經確定了接下來的幾個，並且正在努力關閉並預計能夠在短期內或在未來宣布下一個接下來的幾週，讓我們就此打住，在我們的第二季度財報電話會議之前。

So our goal there is maybe a year from the holidays, that 6 to 8 of those types of ventures in our portfolio. Each will have an exit strategy. Maybe it's selling the company that we're working with, maybe it's doing a fund raise, et cetera, but it would give us an exit within 2 to 3 years of it entering our portfolio. And having a slate like that, we obviously expect some of them to have Blue Angels type results. It wouldn't qualify to be a venture for us if it wouldn't result in 7 figures, certainly, to Dolphin and a few of them where we have high hopes that it could be exits of 8 figures or more. So obviously, for a company of our size, a $10 million exit is extremely meaningful.

因此，我們的目標可能是假期後的一年，即我們投資組合中的 6 到 8 家此類企業。每個人都會有一個退出策略。也許它正在出售與我們合作的公司，也許它正在籌集資金，等等，但它會讓我們在進入我們的投資組合後的 2 到 3 年內退出。有了這樣的名單，我們顯然希望其中一些能有 Blue Angels 類型的結果。如果它不會產生 7 位數的收益，那麼它就沒有資格成為我們的冒險，當然，對於 Dolphin 和其中一些我們寄予厚望的是，它可能是 8 位數或更多的退出。所以很明顯，對於我們這種規模的公司來說，1000 萬美元的退出是非常有意義的。

So we're excited for that, and we're able to ramp that up because of hiring Ellie, putting the management team in place for ventures. We'll have more to say on that over the summer and being able to handle [6 to 8] of those at once and manage them to success. So that's -- from a 2023 perspective, I'd say those are the big highlights. So more IMAX, Midnight Theatre and more ventures that we'll be able to share with everyone.

因此，我們對此感到很興奮，並且由於聘請了 Ellie，我們能夠提高這一點，讓管理團隊為風險投資做好準備。我們將在整個夏天對此有更多話要說，並能夠同時處理 [6 到 8] 個問題並管理它們取得成功。所以這就是——從 2023 年的角度來看，我想說這些是最大的亮點。更多 IMAX、Midnight Theater 以及更多我們將能夠與大家分享的項目。

That's great color. The writers' strike that's going on, do you -- does that have an impact on your business? Or does it have to be going on for a long time for that to happen?

那是很棒的顏色。編劇罷工正在進行中，對你的生意有影響嗎？或者它必須持續很長時間才能發生嗎？

Yes. No, we're blessed. We're similar to the movie theaters in that we're kind of insulated in terms of -- it would have to go on a long time because the projects we've already been hired to promote through the end of this year, we're identifying projects to promote early to middle of next year. Those are already finished films, much like Blue Angels would be, right? So it will affect TV production if it goes on throughout the summer. And I wish I could be more optimistic about how quickly this may be over, but I think most of the industry is not optimistic at the moment. But it will not affect our business, no, happy to say.

是的。不，我們很幸運。我們與電影院相似，因為我們在某種程度上是絕緣的——它必須持續很長時間，因為我們已經受僱在今年年底之前推廣的項目，我們”重新確定明年年初到年中要推進的項目。那些已經完成的電影，就像藍色天使一樣，對吧？因此，如果它持續整個夏天，它將影響電視製作。我希望我能更樂觀地看待這可能會以多快的速度結束，但我認為目前大多數行業並不樂觀。但不會影響我們的生意，不，高興的說。

Okay. That's great. In terms of Socialyte and Be Social, how do you feel about integrate the combining of the two and the opportunity you have with these two powerful companies now working together?

好的。那太棒了。就 Socialyte 和 Be Social 而言，您如何看待兩者的結合以及您現在與這兩家強大的公司合作的機會？

Well, on -- yes. I mean, in terms of Dolphin 1.0, our core businesses, this combination, quite frankly, is probably the most exciting thing going because as listeners of these earnings calls know in the last couple, we bought Socialyte the day of our earnings call back in November, and we've been working to integrate -- get these two companies ready to merge and which we'll be announcing over the summer a new name and excitement around what will be, when they are together, we think, the largest and most formidable influencer marketing agency in all of entertainment.

好吧，是的。我的意思是，就 Dolphin 1.0 而言，我們的核心業務，坦率地說，這種結合可能是最令人興奮的事情，因為正如這些財報電話會議的聽眾所知，在過去的幾次中，我們在財報電話會議當天購買了 Socialyte 11 月，我們一直在努力整合——讓這兩家公司準備好合併，我們將在今年夏天宣布合併的新名稱和令人興奮的事情，當他們在一起時，我們認為，最大和所有娛樂領域最強大的影響力營銷機構。

With that said, it's only going to grow because we're going to invest in the growth of that combined company, more divisions, more segments, more platforms we promote on because influencer marketing, I don't know if it's the fastest-growing area in all of marketing, but if it's not, it's got to be very near the top. And anybody that's followed anything in marketing the last 5 years knows that influencer marketing is going only in one direction.

話雖如此，它只會增長，因為我們將投資於合併後公司的增長，更多的部門、更多的細分市場、更多的平台，因為有影響力的營銷，我不知道它是否是增長最快的在所有營銷領域中，但如果不是，它必須非常接近頂部。過去 5 年關注營銷的任何人都知道影響者營銷只會朝著一個方向發展。

Because when you think about it, 10 years ago, it started with mommy bloggers. And 5 years ago, you might have Instagram campaigns. TikTok challenged the industry to come in with short-form video. And now think of all the different segments that are promoted online, right? I mean, it's affected every industry, from books, remember, book talk's a thing. Let's talk college athletes, NIL, I played basketball at Creighton. Those who have met me in person know I'm 7 feet tall. It's a far different world today than when I played in terms of NIL. Those are influencers, video gaming influencers. We really have synergies we can create with our large video gaming business within 42West and the influencer marketing firms, which we don't do today.

因為當你想到它時，10 年前，它是從媽媽博主開始的。 5 年前，你可能有 Instagram 活動。 TikTok 以短視頻向業界發起挑戰。現在想想在線推廣的所有不同細分市場，對嗎？我的意思是，它影響了每一個行業，從書籍開始，記住，書談是一回事。讓我們談談大學運動員，NIL，我在 Creighton 打過籃球。見過我本人的人都知道我有 7 英尺高。今天的世界與我玩 NIL 時截然不同。那些是影響者，視頻遊戲影響者。我們確實可以與我們在 42West 內的大型視頻遊戲業務和有影響力的營銷公司創造協同效應，這是我們今天沒有做到的。

We are heavily, heavily female and beauty, lifestyle, wellness and are the market leader, which is the core cornerstone of influencer marketing today. But in the next 3 to 5 years, I'd love to see us be twice as big, 3x as big in influencer marketing. This year, influencer marketing will represent 25% of our revenues, up from 0 before we bought Be Social, right? And it would be a great success story if in 3 to 5 years influencer marketing is half of our revenues, which is saying a lot considering how strong our PR firms are. So that combination on our core business, that merger and doing it right this summer and into the fall, will set us up for a lot of growth in the future years.

我們非常非常重視女性和美容、生活方式、健康，並且是市場領導者，這是當今影響者營銷的核心基石。但在接下來的 3 到 5 年裡，我希望看到我們在影響力營銷方面的規模擴大兩倍、三倍。今年，影響者營銷將占我們收入的 25%，高於我們收購 Be Social 之前的 0，對嗎？如果在 3 到 5 年內影響者營銷占我們收入的一半，那將是一個偉大的成功故事，考慮到我們的公關公司有多強大，這說明了很多。因此，在我們的核心業務上進行合併，並在今年夏天和秋天進行正確的合併，將為我們未來幾年的大量增長做好準備。

On the last call, you said that you had a desire to acquire a company in the live events space. Subsequent to that, we picked up a company that's kind of does things like that, and I got educated on what a good business it is. But how do you think about how live events could play into what you do?

在上次通話中，您說您希望在現場活動領域收購一家公司。在那之後，我們選擇了一家做類似事情的公司，我得到了關於它是多麼好的企業的教育。但是您如何看待現場活動如何影響您的工作？

Well, it's nothing new for us in that, that type of company was always something we said would be part of our group since 2017, right? It was going to be the last piece we had because just we wanted to have the PR firms in place first and the influencer marketing agencies because they will water -- there'll be firehoses of water to potential clients for the right live events company that deals in our space.

好吧，這對我們來說並不是什麼新鮮事，自 2017 年以來，我們一直說這種類型的公司將成為我們集團的一部分，對吧？這將是我們擁有的最後一塊，因為我們只想讓公關公司首先到位，然後是有影響力的營銷機構，因為他們會澆水 - 將為合適的現場活動公司的潛在客戶提供大量的水在我們的空間交易。

Because the live events can mean a lot of things to a lot of people, it can be a very lucrative business, especially, though, when you've got sister agencies like they will. Why? Every movie premiere is a live event. Every streaming service show premiere is a live event. Look -- think of all the different movies. I'm going to Cannes. We're blessed to represent Martin Scorsese. He's got Killers of the Flower Moon premiering this Saturday, Di Caprio's in it. That's a live event. And how many of those we represent every year?

因為現場活動對很多人來說意義重大，所以它可能是一項非常有利可圖的業務，尤其是當你有像他們這樣的姐妹機構時。為什麼？每部電影首映式都是現場活動。每個流媒體服務節目的首映式都是現場直播。看——想想所有不同的電影。我要去戛納我們很幸運能代表馬丁·斯科塞斯。他讓《花月殺手》在本週六首映，迪卡普里奧也在其中。那是一個現場活動。我們每年代表多少人？

But how about every hotel opening that The Door does? How about every restaurant opening The Door does? How about everything that can be done at Midnight Theatre? We've hosted, oh, my goodness. I don't even know now, is it 10, 12 premieres in Midnight Theatre? We're not fully open. So it's very hard. Call it live events, call it experiential marketing. I have a very good friend that's listening in on this call now that's a big, big magazine publisher. I think he's probably made more money from his live events than he has from his magazines.

但是 The Door 開設的每一家酒店又如何呢？每家開 The Door 的餐廳怎麼樣？在午夜劇院可以做的一切怎麼樣？我們舉辦了，哦，天哪。我現在都不知道，是午夜劇院的 10、12 首演嗎？我們沒有完全開放。所以很難。稱之為現場活動，稱之為體驗式營銷。我有一個非常好的朋友，現在他是一家很大很大的雜誌出版商，正在聽這個電話會議。我認為他從現場活動中賺到的錢可能比他從雜誌中賺到的錢還多。

That type of, like I say, experiential marketing is the other piece of earned media, which is what we specialize in. PR, influencer marketing and experiential marketing, that is the cornerstone of our strategy. One last -- just while I'm riffing on this answer. 42West is the unquestioned leader, right, film and TV marketing. We are promoting -- proud to say you'll see a press release out on this, this week or next week. We're promoting the Harry Potter exhibition that's coming to New York. We have a friends and family Thursday, and I think it's open to the public Friday, if I've got that right. I'll be over in Cannes.

就像我說的那樣，體驗式營銷是另一種賺取的媒體，這是我們的專長。公關、影響者營銷和體驗式營銷，這是我們戰略的基石。最後一個 - 就在我重複這個答案的時候。 42West 是毋庸置疑的領導者，對吧，電影和電視營銷。我們正在推廣——很自豪地說，您將在本週或下週看到有關這方面的新聞稿。我們正在宣傳即將來到紐約的哈利波特展覽。我們星期四有一個朋友和家人，我想星期五對公眾開放，如果我沒記錯的話。我會在戛納結束。

Well, obviously, that's a big, big exhibition, right? I wonder if they're going to do well financially. I'll think about it. Now those types of opportunities, obviously. Warner Brothers owns the IP on that, but whether it's food festivals, music festivals, exhibitions, immersive experiences, think of the Van Gogh exhibits and everything else I just said before. And if you're going to bring celebrities to those types of events, which we would look for a company that does that, I think the world's your oyster at that point. So yes, I do think that live events should be a part of our future, for sure.

好吧，很明顯，這是一個非常非常大的展覽，對吧？我想知道他們是否會在財務上做得很好。我會考慮一下。顯然，現在這些類型的機會。華納兄弟擁有這方面的IP，但無論是美食節、音樂節、展覽、沉浸式體驗，想想梵高的展覽和我剛才說的其他一切。如果你要邀請名人參加這些類型的活動，我們會尋找一家這樣做的公司，我認為那時世界就是你的牡蠣。所以，是的，我確實認為現場活動應該成為我們未來的一部分，這是肯定的。

That's great. My last question is not as exciting, but more financial.

那太棒了。我的最後一個問題不是那麼令人興奮，而是更多的財務問題。

Not as exciting as Harry Potter, Allen?

沒有哈利波特那麼刺激，艾倫？

No, I -- just how to think about the -- with your mix of business now, you mentioned 1Q is the seasonally slowest quarter. How to think about how, just in general, the other quarters are relatively?

不，我 - 只是如何考慮 - 你現在的業務組合，你提到 1Q 是季節性最慢的季度。怎麼想怎麼樣，就一般吧，其他宿舍相對來說呢？

Yes. As we wait more and more with influencer marketing, we're just going to have to get used to this because smoothing it out over the year just won't be possible. Q2, Q3 don't sequentially ramp up traditionally. With our PR business, too, by the way, but PR has, I'll call it, a dip in Q1. Influencer marketing is -- I don't -- there's no other word for it other than seasonality because Q4 is through the roof for influencer marketing traditionally because the brands want to hire the influencers for holiday sales. And then the brands shut off their budgets until you get to spring. Coachella and other events, back to live events, traditionally start a heavy brand marketing season with influencers.

是的。隨著我們越來越多地等待有影響力的營銷，我們將不得不習慣這一點，因為在一年內將其平滑化是不可能的。傳統上，Q2、Q3 不會依次上升。順便說一句，我們的公關業務也一樣，但公關業務在第一季度有所下降。有影響力的營銷——我不知道——除了季節性之外別無他法，因為傳統上，第四季度是有影響力的營銷，因為品牌想聘請有影響力的人進行假日銷售。然後品牌會停止預算，直到春天來臨。 Coachella 音樂節和其他活動，回到現場活動，傳統上與有影響力的人一起開始一個沉重的品牌營銷季。

So Q1 is always going to be down for us and Q4 could -- well, every single year will be our highest revenue quarter. It will be very interesting to see what happens this year since we've got 2 influencer marketing campaigns, which by then will be 1 merged entity. But still -- so yes, I think that's going to be true. This year's second half of the year is going to be overweight anyway because of the recognizing -- probably recognizing the revenue of Blue Angels.

所以第一季度對我們來說總是會下降，而第四季度可能——好吧，每一年都將是我們收入最高的季度。看看今年會發生什麼將非常有趣，因為我們有 2 個有影響力的營銷活動，到那時將成為 1 個合併實體。但仍然 - 所以是的，我認為這將是真的。今年下半年無論如何都會超重，因為確認 - 可能確認 Blue Angels 的收入。

So -- but I think as a rule going forward, we'll grow year-over-year every quarter as we've done for the past 3 years. We're confident in that because each of our companies learns to cross-sell with the other, better, stronger, faster and easier. We've added 1 more component that allows them to cross-sell with now at Socialyte. So we'll -- our Q2 should be better than last year's Q2. Our Q3 will be better than last year's Q3, et cetera, et cetera. But Q4 will always be overweight, and Q1 will always be underweight. Q2 and Q3 are often quite similar. Was that helpful?

所以 - 但我認為作為一項規則，我們將像過去 3 年一樣，每個季度都實現同比增長。我們對此充滿信心，因為我們的每家公司都學會了與另一家公司進行交叉銷售，更好、更強、更快、更容易。我們又添加了 1 個組件，允許他們與 Socialyte 進行交叉銷售。所以我們會 - 我們的第二季度應該比去年的第二季度好。我們的第三季度將比去年的第三季度好，等等。但是Q4永遠是增持，Q1永遠是減持。 Q2 和 Q3 通常非常相似。這有幫助嗎？

Yes. And congratulations.

是的。祝賀你。

Thank you. It's an exciting time. Just don't expect 75% ROI on every venture. Ellie might have a heart attack, Allen.

謝謝。這是一個激動人心的時刻。只是不要指望每次投資都能獲得 75% 的投資回報率。埃莉可能心髒病發作了，艾倫。

At this time, there are no additional questioners. I'd like to turn it back to Mr. O'Dowd for closing remarks.

此時，沒有額外的提問者。我想把它轉回給 O'Dowd 先生作結束語。

Oh, gosh. Okay. Well, first of all, I teach at the University of Miami. A shout-out out to all Hurricanes who just graduated and those past graduates that are on this call, and there are a few of those as well. And I know the Q1 call, I always feel a little guilty because I get to talk to everybody twice in 6 weeks. And usually, not a lot has changed.

哦，天哪。好的。嗯，首先，我在邁阿密大學任教。向所有剛剛畢業的颶風和參加這次電話會議的過去的畢業生大聲疾呼，其中還有一些。而且我知道 Q1 電話會議，我總是感到有點內疚，因為我在 6 週內與每個人交談了兩次。通常，變化不大。

Obviously, The Blue Angels is -- has pride of place on this earnings call. I'm very happy that we were able to, together, get off to such a great start with our ventures. It's exciting times. And of course, having been in this business a long time, 27 years, and having formed multiyear partnerships with studios and networks in the past, I think having a success like that right out of the gate just cements the relationship we believe we've built with IMAX.

顯然，藍色天使在本次財報電話會議上佔有一席之地。我很高興我們能夠一起開始我們的事業。這是激動人心的時刻。當然，從事這項業務已有 27 年的時間，並且過去與工作室和網絡建立了多年的合作夥伴關係，我認為一開始就取得這樣的成功只會鞏固我們相信我們已經建立的關係用 IMAX 建造。

And I think there's -- when two good companies, with all of our reach together, whiteboard additional ways to work together, good things come out of it. So I'm excited for that and sharing some of those ideas that we'll be executing on over the summer and into the Q2 earnings call. Obviously, I've been asked more than once, what's the next documentary? Well, we're going to bask in the glow of this one for a month or two and really make sure that we kick the right next project together. We have some great exciting submissions.

而且我認為 - 當兩家優秀的公司，在我們所有的影響力的共同作用下，在白板上增加更多的合作方式時，就會產生好的結果。因此，我對此感到很興奮，並分享了我們將在夏季和第二季度財報電話會議上執行的一些想法。顯然，我不止一次被問到，下一部紀錄片是什麼？好吧，我們將沉浸在這個項目的光輝中一兩個月，並真正確保我們一起開展正確的下一個項目。我們有一些很棒的令人興奮的提交。

But thank you all for listening. Thank you for giving us the opportunity to tell you our good news, and I look forward to the next earnings call in about 3 months. So thank you, everybody.

但謝謝大家的聆聽。感謝您給我們機會告訴您我們的好消息，我期待大約 3 個月後的下一次財報電話會議。所以謝謝大家。

Thank you. Ladies and gentlemen, this concludes today's presentation. You may now disconnect.

謝謝。女士們，先生們，今天的演講到此結束。您現在可以斷開連接。