Dolphin Entertainment Inc (DLPN) 2024 Q3 法說會逐字稿

Greetings, welcome to the Dolphin Entertainment third quarter, 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, James Carbonara with Hayden. Ir. You may begin.

Thank you operator. Good afternoon and thank you for joining us once again for Dolphin Entertainment third quarter, 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 nongaap 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 release.

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 third quarter of 2024. And then Merita will provide a more detailed financial overview before we open it up for Q&A.

So starting with the financials, we are pleased to report strong financial results for the quarter with significant quarter over quarter and year over year growth in both revenue and adjust adjusted operating income.

Q3 revenue grew 24.5% year over year to 12.7 million 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 nine months has increased 26.6% to 39.4 million leading to 1.4 million of adjusted operating income. A significant improvement from the 2.7 million adjusted operating loss in the same period of last year, the company remains on track to exceed 50 million in revenue and achieve positive adjusted operating income for the full year. 2024 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 premiere of Tim Burton's highly anticipated Beetlejuice, Beetlejuice at San Diego Comic Con. We represented an unprecedented 13 major entertainment clients cementing our position as the go to agency for 10 Pole properties. Our clients received 60 prime time Emmy nominations and we've expanded our footprint to the anime and gaming space representing industry leaders like Crunchyroll and Toho and anime Expo as discussed as discussed on our Q2 call, but completed in Q3. It's often 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 42 West L brings 16 years of expertise and impact pr and deepens our capabilities in the $1.1 trillion impact investing industry. The team is 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 short fire media, the team had a landmark quarter in music. We're particularly proud of our work with Dave Matthews band. Cool and The Gang and MC five, all of whom were inducted into the rock and roll Hall of Fame.

The, 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-K 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 sure fire clients earn 26 nominations for the 2025 Grammys, including one for Jacob Collier for album of the year. And then breaking news. I was just told that we signed a new client that has two Grammy nominations himself. Bringing Sure Fires 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 the highlight was securing a prestigious three star review for the from the New York Times for bungalow.

I've been there and it is fantastic. And our innovative work with Newman Zone 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. And our I know our team is one coming up during Art Basel which is very exciting is that one will also mark the first time the showroom comes to Miami and special projects. Our celebrity booking agency, we maintained our long standing partnership with Wall Street Journal Magazine's Innovator Awards at the Museum of Modern Art last month. And our work with the Academy Museums Annual Gala helped honor industry luminaries while raising over $11 million for the Motion Picture Academy.

That team in the museum, that team is especially busy with three major events this week alone, for example, including the store opening for Lb Mh, 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 maintains strong momentum with a $2.6 million Q3 payment from licensing the streaming rights to the Blue Angels. The film's success has exceeded our expectations leading to planned expansion into prestigious institutional theaters across the country starting in January. And as a reminder, we expect the film to play those theaters for years to come, providing an annuity for both Dolphin and IMAX. With this powerful foundation and fall development season underway, we anticipate announcing our next major part project in partnership with IMA. Soon.

Also we expect to be able to announce shortly additional distribution partnerships for Staple gin. Our first celebrity partnered spirits venture developed with culinary icon Rachel ray crafted in New York's Catskills region. The gin is earned double gold and 96 points at the New York International Spirits Competition. Staple gin is now available at restaurants and retail outlets throughout New York State through Southern Glazers, wine and spirits, a fellow Miami based company and the nation's largest distributor with 26 billion in revenue last year in operations in 44 states.

With those updates on the ventures front, I'll turn to two headlines from the month of October 1st. We announced the launch of Always Alpha, a groundbreaking initiative that marks our strategic entry into the women's sports management space.

We believe that Always Alpha is the first ever comprehensive management firm dedicated exclusively to women's sports. This venture is led by an extraordinary team, starting with Allison Felix, the most accomplished us, track and field athlete in history. It's a pretty good start alongside her brother and business partner, Wes Felix and distinguished sports executive co that put 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 alpha 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 alpha apart is its holistic approach to talent management. We're 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 dolphins, existing expertise in celebrity management, brand development, influencer marketing and impact pr the synergies 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 firms driving 24 Oscar nominations, 60 Emmy nominations and 28 Grammy nominations for our clients creates a bla broad platform to increase awareness through pop culture events, providing an immediate competitive advantage for always alpha's roster. We're seeing strong early interest from both potential clients and brand partners. The unique positioning of always alpha in the market has already attracted attention from major advertisers who are increasingly focused on authentic engagement in the women's sports space.

From a financial perspective, always also represents a compelling opportunity. The women's sports market has demonstrated remarkable momentum as probably anybody is aware. Listening to this call with viewership sponsorship revenue and media rights valuations all showing strong upward trajectories for women's sports. Looking ahead, we expect all alpha 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, while brand partnership revenues including strategic consulting for brands entering the women's sports space, third, we anticipate being able to develop content and have other production opportunities. And fourth and finally, we know that there will be potential opportunities to create exciting ventures together with always alpha. We believe we're positioning dolphin at the forefront of what we expect to be one of the most dynamic sectors in sports and entertainment for years and years to come.

Now, turning to our newest alliance formed at the end of October with Lodi AIA breakthrough move that reshapes how we safeguard, safeguard our client's digital presence.

You know, 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 AI equips our full network spanning our entertainment marketing powerhouses like Surefire 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 Lody? Well, the numbers tell a compelling story. Lodi technology sweeps through nearly half a billion digital assets daily monitoring major social networks, web platforms and inappropriate content sites when 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, excuse me, it strengthens our core service offering by adding robust digital protection. It opens fresh revenue channels through enhanced security services. And most importantly, it launches Dolphins the A I technology sphere, setting the stage for future innovations and opportunities and 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 client's evolving needs. We think of it as building tomorrow's digital safety net. While addressing today's challenges like always alpha, the timing couldn't be better as deep fakes, digital impersonation and and unauthorized content become more sophisticated. Our clients need more than traditional pr and marketing support to manage their p 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 a wide variety of aspects in entertainment and marketing. Through this alliance, we're positioning Dolphin as a responsible leader in entertainment for the ethical use of A I at the intersection of creativity and technology ready to shape the future of digital content and protection.

Now, usually after our ventures updates, I would conclude and pass it over to Mirta. But first, I want to reiterate what we 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 Truth Bank, 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 recruitment of our production investment and well over 1 million in ro I already achieved and received with a long revenue tail ahead. Also in May, we successfully launched Rachel Ray's award winning staple Gen 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 alpha, our management firm exclusively focused on the rapidly growing multi billion dollar women's sports market all in the last 12 months. Now, these milestones along with the cost, the consistently stellar work by industry leading entertainment marketing companies positioned Dolphin for continued success.

As noted at the top of the call through nine months, our revenue is up over 26% year, over year, we anticipate our revenue this year to exceed 50 million and with over 39 million in revenues through the first nine months. And with Q4, typically being our strongest quarter, we believe it would be very difficult for us to not hit this goal.

Thus, we are trading at approximately one quarter of one time, 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 1.4 million through the first nine months. And with Q4 historically being our best quarter, we believe it would 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, we believe these results set us apart from many of our micro cap peers. Looking ahead, we see immense potential in influencer marketing, women's sports and innovative ventures like Staple G and the new Lodi A I 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's 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 for shareholders. And with that in mind, one last tease before I turn it over to Mirta, I want to share the announcement of the upcoming launch of our new shareholder rewards program in partnership with ticker, same company that works with Starbucks and Whirlpool and others. We're set to debut in January of 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 support and connection to do 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 Mirta to walk through the financials and then we'll open it up for Q&A Myrta.

Thank you Bill. I'll now review our Q3 30 2024 financial results in more detail. Total revenue for the third quarter was $12.7 million representing an increase of 24.5%. Over the third quarter of 2023 operating expenses were $20.8 million including approximately $600,000 of depreciation and amortization. $6.5 million of goodwill impairment. 100 and $50,000 of acquisition transaction costs related to our acquisition of L communications and a $1.3 million writeoff of the midnight theater notes receivable. This compares to operating expenses of $12.3 million in Q3 2023 that included an impairment of intangible assets of approximately $300,000 and $500,000 of depreciation and amortization net loss for the three months ended. September 30,2024 of $8.7 million includes the depreciation of mortification, 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 $3.9 million 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 80¢ per share based on 10.9 million weighted average shares outstanding for both basic loss per share and fully diluted loss per share for the three months ended September 30 2024 for the three months ended September 30 2023 loss per share was 55¢ based on 7.1 million weighted average shares outstanding for both basic and fully diluted loss per share.

Cash and cash equivalents were $6.6 million as of September 30 2024 compared to $7.6 million. As of December 31st 2023 I will now ask the operator to open the phone line for questions. Operator. Would you please pull for questions?

Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

You may press star two. If you would like to remove your question from the queue for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please. While we poll for questions as a reminder. If you would like to ask a question, please press star one.

Your first question for today is from Allen Klee with Maxim.

Hello. Can you hear me?

Yes, I hear you. Thank you.

Oh, hi, sorry, I'm having phone problems. Congrats. Strong quarter. Good job. Thank you.

The, the jump in revenue this quarter year over year. How well could you kind of rank some of what some of the bigger factors were that, that you would point to?

Sure. Yeah, let's see. Yeah, twe 24.5% year of your revenue growth comes from multiple to the factors as you might anticipate. And certainly special projects and l would play a factor in that. L had a particularly strong quarter going into an election year I've learned is, is good for the impact pr business. As as many people are, 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 the legacy pr firms of Short Fire and the door and 42 West had good quarters and, and increases. 40 plus has had a strong, long, a long stretch of, of having strong results and, and, and sure fire 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, with special projects and, and L but also organic growth and of of the legacy pr businesses. We're probably the primary drivers. We're getting stronger each quarter at cross selling. And, I think it's, it's just going to continue to show in the quarters ahead.

Thank you. And, and the digital department. What items I know that this is fourth quarter is going to be the seasonally strong quarter. But, just in terms of you, 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?

Yeah. Yeah, I'm very proud of the work done by the team of the digital department. We've, we've done a lot of work with that company this year and, and growing you know, I think it, well, first of all, the digital department, excuse me, has three main operating divisions, you know, talent management, brand campaigns and the events division. I try and talk about them equally. But the talent department's gone through, you know, the strong growth as we've, you know, hired quite a few new talent managers in the, in the past six months.

The skin care group, the Dermatology group has, has been a real highlight. We're investing in additional talent managers in that group and we see a lot of growth with professional advice if you will or, or content from professionals online. So that would definitely be something to look for in 2025. And, and I've, I've mentioned before that in our ventures group, we'd like to have a skin care product in market by the end of 2025. That's been, that's been a real source of of side force. The brand division had a very strong start of the year. You know, we, we have done work for some major recognizable brands, and anticipate doing it again in 2025. And that's a real strength of our overall company quite frankly and and the events division as we expand the showrooms. And you know, as I mentioned in my prepared remarks, we hit New York for the first time with the showroom. So 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 two days in Los Angeles for the holiday season and we're about to do another one here in Miami at our base in a couple of weeks to three 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, their, 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 with the, you said you received a second installment of 2.6 million of content licensing licensing agreement. Could, could you just back up and explain like how much money you got overall and then that 2.6 million, 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, that there shouldn't be any revenue from, from anywhere else or? Thank you.

Sure. Yeah, Blue Angels did very well for us that 2.6 million was the revenue. It was the cash we received in July in Q3 from revenue we had recognized when we delivered the film earlier in the year. So we, we've received over 3.4 million from Blue Angels alone. And that's, you know, gives the total cash investment of 2.25. So we've recouped the full cash investment and, and have made a nice profit return on that. Even before it goes into institutional theaters, which it'll start doing in January. And then the the beauty of the institutional theaters is as I mentioned in the prepared markets, we treat it like an annuity. It'll 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, we expect they'll probably run in most, if not all of those theaters, around the country. So, and, and as you know, you know, they 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, and, we have a good partnership with IMAX for sure. And the Blue Angels just the, the success it had in, in traditional theaters in May. The fact that it was the number one movie over Memorial Day Weekend on Amazon.

It, it had continued viewership for 345 weeks, which is again, just not common with the documentary. It, it was just well made. So it, it sets us up to do more of these and, and it gives us a unique position in the marketplace that we can put documentaries and movie theater. So we're excited for it. And starting in January, it'll, it'll be a nice annuity for us as well.

Okay, thank you. So you, you've spoken in the past of some other ventures or, or new areas like for, for young people. And I was wondering is how is how that might be progressing?

Yeah. Well, you know, in terms of, I think you're referencing the, the influencer marketing agency having different divisions that we could expand. You know, I've had this experience before with in 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, our skin care and Dermatology group, I mean, there that would be the equivalent of a hit TV show. And and, and it can, it can get a lot of the air time, but there are a lot of good talent managers doing a lot of good work across different, different verticals with influencer marketing. Clearly, we're 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 the social and socialite before we merged to create the digital apartment a year ago. And we just have such strong brand relationships in that in those verticals too. And it, and it feeds into and it, and it gets fed from the showrooms which have a heavy beauty fashion and wellness focus. With that said, yes, we, we are continuing to expand the types of creators that we represent and we can imagine building rosters of creators and specific verticals like we did with skin care and dermatology in in areas such as the young adults that you're referencing in our partnership with the offspring agency, Allen, as well as you know, in the future that may include culinary or other areas that cross over into our pr expertise as well.

What I don't know, what I don't know is if we're going to start a vertical for accounting, I'm going to talk to Mirta about that. And if we get some online influencers interested in that space, we may, we may expand it.

Okay.

Your partnership, your A I partnership, Lodi that this sounds very compelling. Explain. 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, could you tell us what, what you're thinking about there, potentially?

Sure. I mean, you know, A I is still so new to everyone, right? With that said though, you know, we do have, we're blessed to have market leading companies and we have market leading clients. And so that you just can't ignore the potential of H I and you want you want to be market leading in that space. So we made this partnership with Lodi to coming first, our first entry into A I is actually one to bolster our core services, right? You know, we're many of our pr firms are in the are 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. And, and you can't manage a public persona today unless you can protect it online.

I mean, it's, it's that straightforward and has anybody attempted to get any content removed from online? I mean, good luck. You and A I has the potential to transform that, that industry and that capability by being able to, you know, to search much faster than any previous technology and, and attempt to take down much faster than any previous technology. And, and, and, and we did our research, we selected the company we feel is the strongest and, and to our knowledge, we're the first entertainment pr firm to partner with an A I firm. We represent them as well. They are cash paying client, which is fantastic and in success and, and in, in testing with many of our signature clients, then, then we have the potential to turn this into something 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. So that's exciting for us for sure. You know, and, and as we look into other forms of A, I, then we'll start playing with A I 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, you know, we might have some, we hope to have some interesting announcements and interesting products created from A I Capabilities in 2025.

Thank you. As, as we're getting closer to 2025 what, what would you say kind of your priorities are for, for the next year?

Well, I would say a couple of it'll be a good blocking and tackling and organic growth here. Would be my first answer. You know, we're, we're, as I said, we, we feel very good about getting better and better at cross selling. We have the group of 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. One, we, we will grow always alpha, by the way, I know we haven't talked about that yet, but the, the big announcement in October and, and there's a lot of complementary services that we can help cost and Alison grow that company hopefully faster. 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, and expand the type of partnerships that these athletes and these broadcasters can have. But we'll also continue to grow our impact pr division for sure. There's just a lot of cross pollinization between our entertainment companies and our existing relationships in the nonprofit space that can benefit and benefit from also. So I think that'll be fantastic for us. And then, 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. And obviously, what we're we've indicated for eight years is that when we finish building the group, what we want to do together is to, to own some of the assets that we're marketing. So we've got staple gen in the market. Now, next year should bring multiple staple gens opu level opportunities. We hope we've got Blue Angels in the market. 2025 should give us more con should see more content in the market. 2025 is going to see our first live events, you know, special projects being at the vanguard of that capability for our company. So, yeah, I 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 million, we anticipate we're going to cross 50 million in revenue again. That would be very hard not to do since we're sitting on 39 already. And, you know, it's a year, we hit full year positive, you know, adjusted operating income. That's a nice milestone for our company. And so, years ahead, we'll look to grow that, you know, adjusted operating income. Of course, we'll look to grow revenue, but we'll also look to, you know, 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 everything. But do you see this as kind of or how, how do you develop? I mean, you have a strong management team but the ability to bring on new, new clients. How, how do you think about like how you, 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 rock star. Allison is a legend and her brother, we may be the nicest guy I do business with so very, very accomplished himself. So, and I think if I got asked recently, you know, what are the core strengths of Dolphin? And I think probably the number one answer is look at the management teams at each of these companies. I mean, these, these are people that are at the top of their game. So when you've got, you know, people like Amanda Lumberg at 42 West or Maryland, Laverty at Sure Fire Lois o'neill and Charlie at the door and, and all of our companies, you're starting from a position of strength, right? So, you know, when it comes to recruiting new talent for Always Alpha, I would love to tell you that I'm essential to the process, Allen, 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.

Well, you've already established a whole lot of trust, I would say in the women's sports industry, right? And, 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 in making those dreams come true whatever they may be for those female athletes or female sportscasters. And I think it's just an incredibly compelling story and, and, and many of them have aspirations, of course off the court, off the field, off the track and field for businesses or to become brand ambassadors or to become influencers and of course, we know a whole lot about that. You know, to take, to build APR presence, we know a whole lot about that, but 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 really II, 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 a when you pair that with the credibility that Alison and cost give us, it gives us we feel a unique story in the market in, in, 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 the team behind it that could, you know, sustain it for the long run.

Thank you very much. Well, that's it for my questions. Thank you.

Sure.

What I'm also hoping that 2025 does not bring me as a challenge to a foot race from Allison Felix. That would be embarrassing. So.

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 Allison won 11 Olympics Metals. Incredible. And that our signature event was the 200 m.

How big a lead would you 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. The 270 Dolphins now. Wow. Across the country, Our financial results are, are speaking for themselves. And 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 two and certainly before we speak again in March. And we look forward to it all. So thank you all for being on this ride with us and we'll talk again in, in a couple of months happy holidays to everybody. Bye. Now.

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