Dolphin Entertainment Inc (DLPN) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Dolphin Entertainment second quarter 2025 earnings call. (Operator Instructions) And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. James Carbonara of Hayden IR. Sir, the floor is yours.

大家好，歡迎參加海豚娛樂 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人 Hayden IR 的 James Carbonara 先生。先生，請您發言。

Thank you, operator. Good afternoon. 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.

謝謝您，接線生。午安.在我們開始之前，我想提醒大家，在本次電話會議期間，管理階層可能會根據 1995 年《私人證券訴訟改革法案》的含義做出前瞻性陳述。

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 cautionary text forward-looking statements contained in the earnings release published today as well as the most recent SEC filings and reports.

這些聲明是基於管理層目前的預期和信念，涉及可能與實際事件有重大差異的風險和不確定性。請參閱今天發布的收益報告以及最新的 SEC 文件和報告中包含的警告性文字前瞻性聲明。

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 release. Now I would like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin. Bill, please go ahead.

在今天的電話會議中，管理階層還將討論非公認會計準則財務指標，包括調整後的營業收入或虧損。該公司相信這些將為投資者提供有用的信息。收益報告中提供了與最具可比性的 GAAP 指標的對帳。現在我想把電話轉給海豚公司執行長比爾‧奧多德 (Bill O'Dowd)。比爾，請繼續。

Thanks, James, and welcome, everyone. As usual, I'll start by reviewing some of the key financial and operating highlights from our second quarter. And then Mirta will provide a more detailed financial overview before we open it up for Q&A. And I am definitely going to steal Mirta's thunder because starting with the financials. Well, as we just saw in the earnings release we put out, total revenue came in at a second quarter record, $14.1 million, which represents an increase of 23% year over year.

謝謝，詹姆斯，歡迎大家。像往常一樣，我將首先回顧我們第二季度的一些關鍵財務和營運亮點。然後，在我們開始問答環節之前，Mirta 將提供更詳細的財務概述。我肯定會搶走米爾塔的風頭，因為從財務開始。正如我們剛發布的收益報告中所看到的，第二季總收入創下了歷史新高，達到 1,410 萬美元，年增 23%。

On the bottom line, we reported adjusted operating income, again, the measure -- how we measure ourselves of approximately $628,000 and as opposed -- as compared, excuse me, to an adjusted operating loss of $137,000 from the same period in 2024. Obviously, we are extremely pleased with those two results. I would like to point out also that these results were fueled solely by the strength of our subsidiary portfolio without benefiting from the contributions of ventures or productions such as the impact of 2024's documentary Blue Angels.

歸根結底，我們報告了調整後的營業收入，同樣，這是我們衡量自己的標準，約為 628,000 美元，而與之相比，對不起，2024 年同期的調整後營業虧損為 137,000 美元。顯然，我們對這兩個結果非常滿意。我還想指出，這些業績完全得益於我們子公司投資組合的實力，而沒有得益於企業或製作的貢獻，例如 2024 年紀錄片《藍天使》的影響。

Also, we believe our growth to a 4.5% adjusted operating income margin this quarter is just the beginning. We believe that we will free up significant free cash flow steadily over the next three years for three reasons in addition, of course, to our subsidiaries continuing to grow.

此外，我們相信本季調整後營業收入利潤率成長至 4.5% 只是一個開始。我們相信，除了我們的子公司持續成長之外，我們還將在未來三年內穩步釋放大量自由現金流，原因有三。

First, next year in 2026, we believe the investment phase in Always Alpha and Affiliate Marketing will greatly reduce. Those results we just talked about come with those investments being made here in the second quarter. Second, our expensive long-term leases in both New York and Los Angeles will expire. New York by the end of next year 2026 and Los Angeles by the end of the following year, 2027, thereby significantly reducing our overhead costs. And third, our commercial bank loans will be repaid in full in September of 2028.

首先，明年也就是 2026 年，我們相信 Always Alpha 和聯盟行銷的投資階段將大大減少。我們剛才談到的結果來自於第二季進行的投資。其次，我們在紐約和洛杉磯的昂貴的長期租約將會到期。我們計劃在明年（2026 年）年底之前在紐約開設分店，並在後年（2027 年）年底之前在洛杉磯開設分店，從而大幅降低我們的管理成本。第三，我們的商業銀行貸款將於2028年9月全額償還。

These term loans used to fund our acquisition strategy and complete our marketing Super Group currently represent approximately $2.2 million per year in principal and interest. We will no longer need to pay that after September of 2028. Thus, even without the revenue and profit growth we expect to experience in the coming quarters and years, we expect to free up significant free cash flow throughout the next three years, which we believe provides us a clear path to improving our margins.

這些定期貸款用於資助我們的收購策略並完成我們的行銷超級集團，目前每年的本金和利息約為 220 萬美元。2028 年 9 月之後我們將不再需要支付這筆費用。因此，即使未來幾季和幾年我們預計不會實現收入和利潤成長，我們也預計未來三年將釋放大量自由現金流，我們相信這為我們提高利潤率提供了一條清晰的道路。

Beyond this core trajectory, we believe our films such as Youngblood and our venture portfolio, including Staple Gin, offer tremendous optionality, especially when comparing potential upside in success against our current market capitalization. More to come on these two topics later in my prepared remarks.

除了這一核心軌跡之外，我們相信我們的電影（例如《Youngblood》）和我們的創投組合（包括 Staple Gin）提供了巨大的選擇性，尤其是在將成功的潛在優勢與我們當前的市值進行比較時。我稍後將在準備好的發言中進一步討論這兩個主題。

But first, let's turn our attention to this morning's news. As you saw in the announcement, we've taken another significant step in expanding our integrated services model with the creation of our Tastemakers division. I want to spend a few minutes discussing why this matters strategically and how it exemplifies our broader growth strategy. I'll address what makes this offering compelling.

但首先，讓我們先專注於今天早上的新聞。正如您在公告中看到的，隨著 Tastemakers 部門的成立，我們在擴展綜合服務模式方面又邁出了重要一步。我想花幾分鐘討論為什麼這在策略上很重要，以及它如何反映我們更廣泛的成長策略。我將解釋一下是什麼讓這個產品如此引人注目。

Bringing together the exceptional capabilities of two of our subsidiaries, The Digital Department's talent management expertise in the creator economy and The Door's unmatched lifestyle and hospitality PR prowess. But this isn't simply about collaboration, it's about creating an entirely new service category that doesn't exist elsewhere in the market. Think about the traditional landscape.

融合我們兩家子公司的卓越能力，數位部門在創作者經濟方面的人才管理專業知識和 The Door 無與倫比的生活方式和酒店公關實力。但這不僅僅是合作，而是創造市場上其他地方不存在的全新服務類別。想想傳統的景觀。

Creators and lifestyle icons typically engage separate firms for representation and publicity, often leading to disconnected strategies and missed opportunities. We've eliminated that friction. Our teams now work as one unit from the outset, crafting cohesive strategies that maximize both commercial opportunities and cultural relevance.

創作者和生活方式偶像通常會聘請不同的公司來代表和宣傳，這常常導致策略脫節和錯失機會。我們已經消除了這種摩擦。我們的團隊從一開始就作為一個整體開展工作，制定有凝聚力的策略，最大限度地發揮商業機會和文化相關性。

Let me put it even more simply. The Door's PR campaigns keep these talent top of mind for both brand managers and the public at large, while The Digital Department monetizes that cultural cachet for the talent through brand partnerships and endorsements. This creates a virtuous flywheel for the talent, more visibility through PR and earned media leads to the ability to capitalize on greater endorsement potential.

讓我再簡單地說一下。Door 的公關活動讓這些人才成為品牌經理和廣大公眾關注的焦點，而數位部門則透過品牌合作和代言將這些人才的文化聲望轉化為金錢。這為人才創造了良性飛輪，透過公關和贏得媒體提高知名度，從而能夠利用更大的代言潛力。

Long-time listeners remember how excited we were for the acquisitions of Be Social and Socialyte. The two influencer marketing companies we purchased in 2020 and 2022, respectively, and that we merged to create The Digital Department in late 2023.

長期的聽眾還記得我們對 Be Social 和 Socialyte 的收購有多興奮。我們分別於 2020 年和 2022 年收購了兩家網紅行銷公司，並於 2023 年底合併成立了數位部門。

These were highly strategic acquisitions to marry with our industry-leading PR firms in a combination we call the equivalent of peanut butter and jelly. Well, how has Tastemakers been received even in these very early days, the initial response has been remarkable. We've already assembled a great roster of creator spanning culinary, wellness and lifestyle sectors, like Josh Scherer from Mythical Kitchen, my personal favorite culinary influencer, he is just a great guy; Jeanine Donofrio, who's built Love and Lemons into a powerhouse brand; and Jessica Bui, who's transformed home design content.

這些都是高度策略性的收購，與我們領先業界的公關公司相結合，我們稱之為花生醬和果凍的組合。那麼，即使在早期，Tastemakers 的反應如何呢？最初的反應非常顯著。我們已經聚集了一群橫跨烹飪、健康和生活方式領域的優秀創作者，例如 Mythical Kitchen 的 Josh Scherer，他是我個人最喜歡的烹飪影響者，他是個很棒的人；還有 Jeanine Donofrio，她將 Love and Lemons 打造成為一個強大的品牌；還有 Jessica Bui，她改變了家居設計內容。

These creators understand how to connect with modern audiences and drive engagement across platforms. And all of these icons, personalities and creators are excited by the prospect of increased exposure through PR, leading to additional money and endorsement opportunities through influencer marketing.

這些創作者懂得如何與現代觀眾建立聯繫並推動跨平台的參與。所有這些偶像、名人和創作者都對透過公關增加曝光率的前景感到興奮，透過影響力行銷帶來額外的收入和代言機會。

What excites me most is how this initiative demonstrates the multiplier effect of our ecosystem. These creators aren't just getting management in PR, they're gaining access to our entire suite of capabilities. When one of our talent wants to launch her next product line, we have the infrastructure. When another one needs production support for his next series, we're ready. This is precisely the kind of value creation we've been discussing with you throughout the years.

最讓我興奮的是這項措施如何展現我們生態系的乘數效應。這些創作者不僅獲得了公關管理，也獲得了我們全套功能的使用權。當我們的某個人才想要推出她的下一個產品線時，我們有基礎設施。當另一個人需要為他的下一部系列劇提供製作支援時，我們已經準備好了。這正是我們多年來一直與您討論的價值創造。

Now that we've reached horizontal scale across the super group, we're innovating within our existing portfolio to generate new revenue streams and deepen client relationships. Every creator we sign open stores to brand partnerships, content opportunities and cross-pollinization across all other divisions. Looking ahead, Tastemakers represents a blueprint for future initiatives. We're actively exploring similar integrated models in other verticals where our agencies combined expertise can create differentiated offerings. The market is clearly moving towards comprehensive solutions, and we're positioning ourselves at the forefront of that evolution.

現在，我們已經在整個超級集團中實現了橫向規模，我們正在現有產品組合中進行創新，以創造新的收入來源並深化客戶關係。我們簽約的每一位創作者都會為品牌合作夥伴、內容機會以及與所有其他部門的交叉合作打開大門。展望未來，Tastemakers 代表了未來舉措的藍圖。我們正在其他垂直領域積極探索類似的綜合模式，在這些領域，我們各機構的綜合專業知識可以創造出差異化的產品。市場顯然正在朝著綜合解決方案邁進，而我們正處於這項變革的前沿。

Moving along, each of Dolphin subsidiaries bring something unique to the table, but together, they create something far greater than the sum of their parts. We believe this collective strength is what makes Dolphin a leader across the pop culture landscape. Furthermore, these cross-selling initiatives help fuel organic growth within our companies. And as we do so, we believe that our adjusted operating income margin will continue to grow. I should point out, is this a good point to mention 23% year over year revenue growth and positive adjusted operating income of over $600,000, probably it's a good point to insert that again.

隨著時間的推移，Dolphin 的每一家子公司都帶來了獨特的產品，但它們共同創造的東西遠大於各部分的總和。我們相信，正是這種集體的力量讓海豚成為流行文化領域的領導者。此外，這些交叉銷售措施有助於推動我們公司內部的有機成長。隨著我們這樣做，我們相信我們的調整後營業利潤率將繼續成長。我應該指出，這是一個值得提及的要點，即收入同比增長 23% 以及調整後營業收入超過 60 萬美元，再次提及這一點可能是一個不錯的要點。

Anyway, back to the prepared remarks, this is the first half of the better mousetrap that we believe we are building. Those who have followed our story from the very beginning know that our idea to create this unique collection of best-in-class entertainment marketing companies was so that we could create a solid foundation of revenue and profit from our core activities and then have the upside of transformational optionality represented by productions and ventures that we can own or co-own and wherein our form of marketing will give us a greater likelihood of success.

無論如何，回到準備好的發言，這是我們認為正在建造的更好的捕鼠器的前半部分。那些從一開始就關注我們故事的人都知道，我們創建這個獨特的一流娛樂行銷公司集合的想法是為了從我們的核心活動中創造堅實的收入和利潤基礎，然後獲得由我們可以擁有或共同擁有的製作和企業所代表的轉型選擇權的優勢，其中我們的營銷形式將為我們帶來更大的成功可能性。

In other words, we believe that our core business will provide both stability and continuous growth to the top and bottom line, as we just saw here in Q2 and that our ventures into content, consumer products and live events will provide us with tremendous upside, disproportionate to our core business. With that said, we shared exciting news on our latest production venture yesterday. The feature film adaptation of Youngblood has been selected to Premier at the Toronto International Film Festival next month.

換句話說，我們相信我們的核心業務將為營收和利潤帶來穩定性和持續成長，正如我們在第二季度看到的那樣，我們進軍內容、消費品和現場活動領域的業務將為我們帶來巨大的上升空間，與我們的核心業務不成比例。話雖如此，我們昨天分享了有關我們最新生產項目的令人興奮的消息。由劇情片《年輕的血脈》改編的電影已被選中於下個月在多倫多國際電影節首映。

This is a tremendous honor and we hope it will provide a springboard for us to successfully sell the project to a theatrical distributor or streaming service. We are also hoping lightning strikes twice as it was at The Toronto Film Festival, where we premiered the first footage of the Blue Angels, which led to our highly successful sale of the streaming rights for that movie to Amazon.

這是一個巨大的榮譽，我們希望它能為我們提供一個跳板，以便成功地將專案出售給影院發行商或串流媒體服務。我們也希望能再次遇到像多倫多電影節那樣的驚喜，我們在那裡首映了藍天使隊的首批鏡頭，並成功將該電影的串流版權出售給了亞馬遜。

Fingers crossed, we will enjoy the same level of success this year. I'll certainly be able to provide updates on our next earnings call. Toronto, for those who don't know, is always the week after Labor Day.

祝福我們今年能夠取得同樣的成功。我當然能夠在下次財報電話會議上提供最新資訊。對於那些不知道的人來說，多倫多總是在勞動節後的一周。

To conclude, I'd like to highlight how our achievements from the launch of Tastemakers to leading global sales for Youngblood exemplify the strength and innovation of our diversified portfolio. Additionally, my continued personal investment in Dolphin, including the purchase since just this April, of an additional 1% of all common stock outstanding underscores my confidence in the exceptional value we are building for shareholders. Thank you for your time and attention today. And with that, I'll turn it over to Mirta for a deeper dive into the financials.

最後，我想強調一下，從推出 Tastemakers 到引領 Youngblood 全球銷售，我們所取得的成就體現了我們多元化產品組合的實力和創新。此外，我個人繼續對 Dolphin 進行投資，包括自今年 4 月以來購買的額外 1% 的所有流通普通股，這突顯了我對我們正在為股東創造的卓越價值的信心。感謝您今天的時間和關注。接下來，我將把話題交給米爾塔，讓他更深入探討財務狀況。

Thank you, Bill, and good afternoon, everyone. Let me walk you through our financial results for the second quarter of 2025. Total revenue for the quarter ended June 30, 2025 was approximately $14.1 million, an increase of 23% from $11.4 million in the same period of prior year.

謝謝你，比爾，大家下午好。讓我向您介紹我們 2025 年第二季的財務表現。截至 2025 年 6 月 30 日的季度總營收約為 1,410 萬美元，較去年同期的 1,140 萬美元成長 23%。

Operating loss was approximately $57,000 for the three months ended June 30, 2025 compared to an operating loss of $1.1 million for the three months ended June 30, 2024. Adjusted operating income was $600,000 for the three months ended June 30, 2025 as compared to an adjusted operating loss of $137,000 for the same period in 2024.

截至 2025 年 6 月 30 日的三個月的營業虧損約為 57,000 美元，而截至 2024 年 6 月 30 日的三個月的營業虧損為 110 萬美元。截至 2025 年 6 月 30 日的三個月，調整後營業收入為 60 萬美元，而 2024 年同期調整後營業虧損為 13.7 萬美元。

Operating expenses for the second quarter of 2025 were approximately $14.1 million, including depreciation and amortization of approximately $600,000 and nonrecurring or noncash expenses of approximately $90,000. This compares to operating expenses of $12.6 million in the second quarter of 2024 including depreciation and amortization of $600,000 and nonrecurring or noncash expenses of $400,000.

2025 年第二季的營運費用約為 1,410 萬美元，其中包括約 60 萬美元的折舊和攤提以及約 9 萬美元的非經常性或非現金費用。相較之下，2024 年第二季的營運費用為 1,260 萬美元，其中包括 60 萬美元的折舊和攤提以及 40 萬美元的非經常性或非現金費用。

Net loss for the second quarter of 2025 was approximately $1.4 million including depreciation and amortization of $600,000 and nonrecurring or noncash expenses of approximately $900,000. This compares to a net loss of $1.6 million for the second quarter of 2024, including depreciation and amortization of $600,000 and nonrecurring or noncash expenses of $400,000.

2025 年第二季淨虧損約為 140 萬美元，其中包括 60 萬美元的折舊和攤提以及約 90 萬美元的非經常性或非現金支出。相較之下，2024 年第二季的淨虧損為 160 萬美元，其中包括 60 萬美元的折舊和攤提以及 40 萬美元的非經常性或非現金支出。

Net loss per share was $0.13 per share based on 11,168,572 weighted average shares for the basic loss per share and 11,232,511 weighted average shares per diluted loss per share for the three months ended June 30, 2025.

截至 2025 年 6 月 30 日的三個月，每股淨虧損為 0.13 美元，基於每股基本虧損 11,168,572 股加權平均數和每股稀釋虧損 11,232,511 股加權平均數。

Net loss was $0.17 per share based on 9,723,155 and 9,787,094 respectively weighted average shares outstanding for basic and fully diluted loss per share for the quarter ended June 30, 2024. With that, I'll now turn it back to the operator to open the floor for questions. Operator, would you please poll for questions?

截至 2024 年 6 月 30 日的季度，基本每股虧損和完全稀釋每股虧損的加權平均流通股數分別為 9,723,155 股和 9,787,094 股，淨虧損為每股 0.17 美元。現在，我將把時間交還給接線員，以便大家提問。接線員，請問可以投票提問嗎？

(Operator Instructions) Allen Klee, Maxim Group.

（操作員指示）Allen Klee，Maxim Group。

Congrats on the strong results. For revenue, where would you say the upside came in for your revenue in the quarter?

恭喜您取得如此優異的成績。就收入而言，您認為本季營收的成長點在哪裡？

Yes. Thanks, Allen. And it was broad is the answer. The -- each of our operating subsidiaries, we have seven marketing companies. I think they all had a steady growth during the quarter. I know we really exceeded the revenue expectation for Q2. And it was building throughout the quarter. June was stronger than April. The special projects, our event company had a particularly good quarter. They're having a particularly good year.

是的。謝謝，艾倫。答案是廣泛的。我們的每一家營運子公司都有七家行銷公司。我認為他們在本季度都實現了穩定成長。我知道我們確實超出了第二季的營收預期。並且整個季度它都在不斷發展。六月的表現比四月強。特殊項目，我們的活動公司本季表現特別好。他們今年過得特別好。

The second half of the year is going to be better than the first half of the year for them. The door has been very strong. They're continuing that throughout the whole summer, so is Shore Fire, our music PR firm. I'd say we're blessed to have really strong results across multiple of the subsidiaries. So there was no one reason or one silver bullet, if you will.

對他們來說，下半年將會比上半年更好。這扇門已經非常堅固了。他們整個夏天都在繼續這樣做，我們的音樂公關公司 Shore Fire 也是如此。我想說，我們很幸運能夠在多個子公司取得非常強勁的業績。因此，如果你願意的話，不存在單一的原因或單一的靈丹妙藥。

And that was the point I was trying to make in the prepared remarks that this is a quarter we didn't put out a movie. We didn't get the big hit like we did in Q1 of last year for the Blue Angels. This is just our blocking and tackling our core companies doing well. And we're continuing to grow them. And they're getting better and better at selling with each other. And this Tastemakers division is a good example of that. But to answer your question succinctly, it was a broad revenue growth.

這就是我在準備好的發言中試圖表達的觀點：本季我們沒有推出電影。我們並沒有像去年第一季藍天使隊那樣遭受重大打擊。這只是我們阻止和解決我們的核心公司做得很好。我們正在繼續發展它們。而且他們之間的銷售合作也越來越好。這個 Tastemakers 部門就是一個很好的例子。但簡潔地回答你的問題，這是一個廣泛的收入成長。

That's great. And I know that one of your big investment focus is Always Alpha and your Affiliated Marketing. Can you talk a little about how you're making out in the investments to grow those businesses?

那太棒了。我知道您的一大投資重點是 Always Alpha 和您的聯盟行銷。您能否簡單談談您是如何進行投資以發展這些業務的？

Yes. Happy to. And the adjusted operating income, again, the measure by which we measure ourselves what's our operating income when you strip out the noncash amortization and other onetime noncash expenses and things like that. We made over $600,000 in the quarter, which is fantastic. We were very close Q2 last year. I think we lost a little over $100,000 in the quarter.

是的。很開心。調整後的營業收入是我們衡量自己的標準，當你扣除非現金攤銷和其他一次性非現金支出等之後，我們的營業收入是多少。本季我們的獲利超過 60 萬美元，這真是太棒了。去年第二季我們非常接近了。我認為我們本季的損失略高於 10 萬美元。

We obviously exceeded $600,000 this time. But that $600,000 is depressed, if you want to think of it that way, by the investments we're making in women's sports and affiliate marketing, but we know how they're going to pay off in 2026 and beyond. So -- and we're continuing to make those investments in Q3. Q3 will have the same level, if not more, a little bit up, in those areas as we build Always Alpha, I'll start there. We're blessed.

這次我們顯然超過了 60 萬美元。但是，如果你想這樣想的話，這 60 萬美元是因為我們投資了女子運動和聯盟行銷而減少的，但我們知道它們將在 2026 年及以後帶來回報。所以——我們將在第三季繼續進行這些投資。隨著我們建立 Always Alpha，Q3 在這些領域將保持相同的水平，甚至更高，我會從那裡開始。我們很幸運。

We brought in two very senior talent managers for us. Malea Hotson and Tracy Hughes, that will give us entry points into women's basketball in a big way as well as further Olympic athletes and soccer players, and they joined us in July. And as we build up their roster of clients and as we ramp up, that's an investment you make now, and we'll see the benefits of the start of revenue in Q4, but it really is a play into 2026. And in success, it's going to be highly profitable for us, and we're building a beautiful company there. But it's completely an investment year this year with that company.

我們聘請了兩位非常資深的人才經理。Malea Hotson 和 Tracy Hughes 將為我們進入女子籃球以及奧運運動員和足球員提供很大的幫助，她們在 7 月加入了我們。隨著我們建立客戶名冊並不斷擴大規模，這是您現在進行的一項投資，我們將在第四季度看到收入開始帶來的好處，但這實際上是在 2026 年發揮作用。一旦成功，我們將獲得豐厚的利潤，並在那裡建立一家美麗的公司。但對該公司來說，今年完全是投資年。

And Affiliate Marketing, it inside The Digital Department is similar. It's a little bit broader in the cost. You can build teams of talent for less cost per team, but you can have more teams if that makes sense. So we'll build that through the end of this year. That investment will probably slow down tremendously after these next six months.

和聯盟行銷一樣，數位部門內部也是類似的。從成本上來說，它的範圍更廣一些。您可以以較低的每隊成本組建人才團隊，但如果合理的話，您可以組建更多的團隊。因此我們將在今年年底前完成這項目標。未來六個月後，這項投資可能會大幅放緩。

But we expect it to build a nice return for us. So these results are happening while we're making those investments. But the sports investment in particular is highly strategic in addition to what a great opportunity in a moment in time, as you've heard me say before, to be an early pioneer in women's sports. I think it's beyond a moment. It's a movement, as they say, and feeling like we've got the right leader for it with Cosette Chaput and Allyson Felix, of course.

但我們預期它能為我們帶來豐厚的回報。因此，這些成果是在我們進行投資時所產生的。但體育投資尤其具有高度的策略性，此外，正如你之前聽我說過的那樣，這是一個成為女子體育先驅的絕佳機會。我認為這已經超越了片刻。正如他們所說，這是一場運動，我們感覺我們已經找到了合適的領導者，當然還有 Cosette Chaput 和 Allyson Felix。

It's strategic for us because it plays across our other companies. Imagine the events we can do in the women's sports world and with our ability to bring celebrities to those events. We're in active conversations now on that with multiple parties. And there's just so much excitement from both brands and others of getting in on that space.

這對我們來說具有戰略意義，因為它與我們的其他公司息息相關。想像一下我們可以在女子體育界舉辦的活動以及我們邀請名人參加這些活動的能力。我們目前正在與多方就此進行積極對話。這兩個品牌和其他品牌都對進入該領域感到非常興奮。

Imagine the consumer products we could launch together with female athletes. So it's more than just that one company is like a little microcosm of the greater Dolphin investment thesis. We expect that company to be profitable. We're building towards that and continue to grow profits year over year, but they give us a springboard into our ventures. The consumer products and the events, it opens up entirely new consumer products and entirely new events because we have access to the sports world to go with our already market-leading access to the entertainment world.

想像一下我們可以與女運動員共同推出的消費產品。因此，這不僅僅是一家公司，而是海豚投資理論的小縮影。我們預計該公司將會獲利。我們正在朝著這個目標努力，並逐年增加利潤，但他們為我們的事業提供了跳板。消費產品和活動，它開闢了全新的消費產品和全新的活動，因為我們可以進入體育界，與我們已經在市場中領先的娛樂界相結合。

So yes, we're very excited. This quarter exceeded anyone's expectations, and we hope to build on it. But while we're making those investments, that's great.

是的，我們非常興奮。本季超出了所有人的預期，我們希望在此基礎上再接再厲。但當我們進行這些投資時，這很好。

Switching to Youngblood, remind us -- can you give us a sense of how much you think it's going to cost to produce? And does that -- just remind me the accounting, does that show up as like capitalized costs that -- on the cash flow statement, not on the income statement? And then how that works and then when you recognize that or when it's sold? Just if you could go through that.

前往 Youngblood，提醒我們—您能告訴我們您認為製作它需要多少成本嗎？這是否——只是提醒我一下會計，這是否像資本化成本一樣出現在現金流量表上，而不是損益表中？那麼它是如何運作的呢？當您意識到這一點或它被出售時？如果你能經歷這一切就好了。

Sure. And the Dolphin studio, the original Dolphin before I took it public, right, what I did for 20 years, it's really a bridge company for us to help you think about it, too, because while it's been part of my life for 30 years, almost each of these films is like its own little mini venture, right?

當然。還有海豚工作室，在我將其上市之前的原始海豚工作室，對吧，我做了 20 年，它實際上是一家橋樑公司，可以幫助你思考這個問題，因為雖然它已經成為我 30 年生活的一部分，但幾乎每部電影都像是自己的小型冒險，對吧？

You're putting a consumer product out in the market. This is one of those types of deals that I know others are very fond of because we didn't put up any capital. We produced the movie in partnership with our Canadian partner, Aircraft Pictures, longtime friend, Anthony Leo, who was a Board member of Dolphin for many years.

您正在向市場推出一款消費品。我知道這是其他人非常喜歡的交易類型之一，因為我們沒有投入任何資金。我們與加拿大合作夥伴 Aircraft Pictures、我們的老朋友、曾擔任 Dolphin 董事會成員多年的安東尼·利奧 (Anthony Leo) 合作製作了這部電影。

Oscar-nominated production company. We're blessed to have made the remake of Youngblood, of course, without getting into the total budget of the film, which we obviously don't disclose for other reasons, but let's just say it was a solid independent film budget of north of $5 million and less than $15 million and we're going to go sell it.

奧斯卡提名的製作公司。當然，我們很榮幸能夠翻拍《新血統》，但我們不會透露這部電影的總預算，因為其他原因我們顯然不會透露，但我們可以說這是一部穩定的獨立電影預算，在 500 萬美元以上、1500 萬美元以下，我們會去出售它。

And if we can sell it for what we sold Blue Angels for, everyone is going to be extremely happy. But if we can sell it for $2 million to $3 million and Dolphin has financial results in the range of $0.5 million to $1 million from that, then I think without putting up any capital, that's a pretty good win. $1 million is just under 10% of our entire market capitalization today, which is a crazy thought, right?

如果我們能以出售藍天使飛機的價格出售它，那麼每個人都會非常高興。但如果我們能以 200 萬到 300 萬美元的價格出售它，並且 Dolphin 的財務業績在 50 萬到 100 萬美元之間，那麼我認為，無需投入任何資本，這就已經是相當不錯的勝利了。 100 萬美元僅占我們今天整個市值的 10% 以下，這是一個瘋狂的想法，對吧？

If we sell for Blue Angels, you're tripling that number, quadrupling that number. So we're going to go into Toronto with fingers crossed and hoping for the best result and we're proud of the film. And we're going to have some exciting announcements about the film to make ahead of our next earnings call, we're already with some of the partnerships we can create, we think. But yes, we're excited for it.

如果我們為藍天使飛行表演隊銷售，那麼這個數字就會增加三倍，甚至四倍。因此，我們將滿懷希望地前往多倫多，希望能取得最好的結果，我們為這部電影感到自豪。我們將在下次財報電話會議之前宣布一些關於這部電影的令人興奮的消息，我們認為我們已經建立了一些合作夥伴關係。但是是的，我們對此感到很興奮。

But that's why we think of films like that or Blue Angels as lottery tickets as some people call them or optionality as other people call it, because if you're risking little to no capital and you have the upside of that, then -- and we've got the industry's best film marketing company and 42West helping us with it. And as you saw in the press release, by the way, we're co-selling it with CAA. You can't do better than that and that's the same group. We put the band back together that it's the same group we sold Blue Angels with, right?

但這就是為什麼我們將這樣的電影或藍天使電影視為彩票（有些人稱之為彩票）或可選性（其他人稱之為可選性），因為如果你冒的資本風險很小甚至沒有資本風險，並且你擁有其中的優勢，那麼 - 我們有業內最好的電影營銷公司和 42West 來幫助我們。順便說一句，正如您在新聞稿中看到的，我們正在與 CAA 聯合銷售它。你不可能做得比這更好，而且這是同一個群體。我們重新組了樂隊，他們和我們出售藍天使隊的樂隊是同一個，對嗎？

I mean, you've got the world's most powerful PR agency in film with the world's most powerful talent agency in film with Dolphin selling the film at Toronto, that's how we sold Blue Angels. So I'm hoping lightning strikes twice.

我的意思是，你們擁有世界上最強大的電影公關公司和世界上最強大的電影人才公司，海豚公司在多倫多銷售這部電影，這就是我們銷售藍天使的方式。所以我希望閃電能再次擊中你。

So the reason why you put no capital up is because you're offering the PR marketing.

所以您不投入資金的原因是因為您提供的是公關行銷。

No. What we did there and what was very exciting about that film and it was -- we're making a movie and not making a balance sheet or something, but I'm proud of this structure. We -- Aircraft auctioned the film -- auctioned the rights to the film with us. And we were able to make it as Canadian content. And as many people know that follow films, we were blessed to bring in Telefilm Canada as a partner.

不。我們在那裡所做的事情以及那部電影最令人興奮的地方是——我們正在製作一部電影，而不是製作資產負債表或類似的東西，但我對這種結構感到自豪。我們——飛機拍賣了這部電影——與我們一起拍賣了這部電影的版權。我們能夠將其製作成加拿大內容。許多人都關注電影，因此我們很榮幸能與加拿大電影電視公司合作。

Canada will provide credits for shooting in Canada. The Telefilm will make investments in films. They feel we have strong commercial potential. And they came in as a partner against the Canadian rights and then we were able to get a bank loan against the remainder secured just by the copyright in the film, the remaining part of the budget because so much of the film was being covered by Canada that the rest of the world seemed like a safe bet. And it's very rare that you can completely finance a film that way.

加拿大將為在加拿大拍攝的影片提供片尾字幕。西班牙電影公司將對電影進行投資。他們認為我們具有強大的商業潛力。他們作為合作夥伴加入進來，爭奪加拿大的版權，然後我們就能夠以電影版權作為抵押，獲得銀行貸款，這是預算的剩餘部分，因為這部電影的大部分內容都在加拿大拍攝，所以世界其他地方似乎是一個安全的選擇。能夠透過這種方式完全籌集到一部電影的資金的情況非常罕見。

But these people believed in the commercial potential of Youngblood. And as a result, we didn't put up capital to make the film. So hopefully, we can get a good sale and everyone feels great about the end result.

但這些人相信Youngblood的商業潛力。結果，我們沒有投入資金來製作這部電影。因此希望我們能夠取得良好的銷售業績，並且每個人都對最終結果感到滿意。

Interesting. So then you talked about earlier that different legacy things that could go away, you could benefit from that. Could you just go through some of the numbers for them again? You mentioned some of it. But it.

有趣的。那麼，您之前談到，不同的遺留問題可能會消失，您可以從中受益。您能再給他們看一下這些數字嗎？您提到了其中的一些。但它。

Yes. And in the -- this falls into the -- squarely into the not as sexy realm, but in operating a business, it's this level of blocking and tackling that matters to investors in a Dolphin at this stage, right? I think we're at the point where we're just going to keep talking about it because it's not that far away. So Dolphin today, when we had the -- we acquired those companies, all these companies over the years, you inherit their leases, right? And so even today, we're we have three offices in New York City.

是的。而這，雖然不是那麼性感，但在經營企業時，這種程度的阻礙和解決對於現階段海豚基金的投資者來說才是最重要的，對吧？我認為我們現在會繼續談論它，因為它並不遙遠。所以今天的 Dolphin，當我們收購了這些公司時，這些年來的所有這些公司，你繼承了他們的租約，對嗎？即使在今天，我們在紐約市仍設有三個辦事處。

We don't need three offices in New York City. And we have more space than it's being used because, of course, those leases were signed pre-COVID. So we anticipate when those leases are all up next year, the big one expires next December. So as we go into 2027, we're going to save real money and without trying to commit to a hard number, but if it was $0.5 million a year or more in New York, I think that's safe. We certainly would hope so.

我們不需要在紐約市設立三個辦事處。我們擁有的空間比實際使用的空間還要多，因為這些租約是在疫情之前簽署的。因此，我們預計，當這些租約明年全部到期時，最大的租約將於明年 12 月到期。因此，當我們進入 2027 年時，我們將節省真正的資金，並且不會試圖承諾一個硬性數字，但如果紐約每年的資金為 50 萬美元或更多，我認為這是安全的。我們當然希望如此。

Probably even more in Los Angeles. We inherited those leases. They're up in 2027. So as you get out of the New York leases, you get out of multiple leases in Los Angeles. You're saving real cash. But then obviously too the biggest amount of cash will be saved because we took out the term loans with BankUnited to help us make the acquisitions. I think when we started the process, it was with BankProv. It was a six-year -- it would have been am six-year process. Well, next month marks the halfway point three years. So when we hit the halfway point, we said, well, we'll start talking about it.

洛杉磯的情況可能更是如此。我們繼承了這些租約。它們將在 2027 年出現。因此，當您解除紐約租約時，您也就解除了洛杉磯的多份租約。您省下的是真金白銀。但顯然，我們將節省最大筆現金，因為我們從 BankUnited 獲得了定期貸款來幫助我們進行收購。我認為當我們開始這個過程時，是與 BankProv 合作的。這是一個為期六年——本來應該是一個為期六年的過程。嗯，下個月就是三年的一半了。所以當我們進行到一半時，我們說，好吧，我們開始討論它。

So people in the market understand that in September 29 of 2028, not that I've got the date stamped on my forehead, we're out of the last of the commercial bank loans, right? And we pay right now happily. They got us the companies we wanted to form this group. But we pay about $2.2 million a year, principal and interest. And you combine that with, let's say, $1 million plus of lease savings we hope to make between New York and L.A.

因此，市場上的人們明白，到 2028 年 9 月 29 日，雖然我的額頭上還沒有刻上這個日期，但我們的最後一筆商業銀行貸款就用完了，對嗎？我們現在就愉快地付款。他們幫我們找到了我們想要組成這個集團的公司。但我們每年支付約 220 萬美元的本金和利息。再加上我們希望在紐約和洛杉磯之間節省的超過 100 萬美元的租賃費用。

We go three years from now on a roll-forward basis, we're saving over $3.25 million of cash if our companies don't grow at all, it would just stay flat. And while $3.25 million is meaningful, I hope to anybody, I'll remind everyone of our market capitalization today is $13 million. That's 25% of our market cap is freeing up in cash with no growth three years from now and along the way, too, some of it's being freed up along the way.

從現在起三年內，如果我們的公司不再成長，我們將節省超過 325 萬美元的現金，它將保持不變。雖然 325 萬美元意義重大，但我希望對任何人來說，我都會提醒大家，我們今天的市值是 1300 萬美元。這意味著，我們的市值的 25% 將以現金形式釋放，三年後不會成長，而且在此過程中，部分資金也會被釋放。

So it's just one of the reasons why we think we're severely undervalued today and why I've been purchasing stock under the 10b5 one plan and even outside the 10b5 when I'm in an open window to show -- try and signal to the market just one of the reasons why we think we're undervalued. And results like today certainly add to that narrative, I hope.

所以這只是我們認為我們今天被嚴重低估的原因之一，也是為什麼我一直在 10b5 計劃下購買股票，甚至在 10b5 計劃之外購買股票，當我處於開放窗口期時——試圖向市場發出信號，這只是我們認為我們被低估的原因之一。我希望今天的結果肯定會為這個敘述增添色彩。

Yes. No, this is great. So can you just remind us if there's any typical seasonality in your business?

是的。不，這太棒了。那麼，您能否提醒我們您的業務是否存在典型的季節性？

Sure. Yes. Each of the companies or some of the companies, not each, may have some seasonality. Typically, Q1 is our hardest quarter. Q4 is our strongest quarter. That's partly because our two biggest subsidiaries by revenue would be 42West and of course, going into the -- through the fall, they typically get a lot of independent films and business as we gear up into award season.

當然。是的。每家公司或部分公司（不是每家）可能都有一定的季節性。通常，第一季是我們最艱難的一個季度。第四季是我們表現最強勁的一個季度。部分原因是，以收入計算，我們最大的兩家子公司是 42West，當然，進入秋季，隨著我們進入頒獎季，他們通常會獲得大量獨立電影和業務。

And then obviously, The Digital Department, our influencer marketing company is weighted towards Labor Day through Thanksgiving for holiday season. So they might -- they do a disproportionate amount of revenue in those months versus any other time of the year. That's typical. Of course, they're typically -- their business is typically slowest in July and August.

顯然，我們的影響力行銷公司數位部門將重點放在勞動節至感恩節的假期上。因此，他們可能——他們在這些月份的收入與一年中的任何其他時間相比不成比例。這很典型。當然，他們的業務通常在七月和八月最為清淡。

So it tends to balance a little bit. Q3 could be down for them. But otherwise, our summers are strong for Door and Shore Fire [and L] impact PR. 42West still can often have strong summer, so going into their main selling season of fall. So while as a general rule, Q1 is our worst quarter, Q4 is our strongest as a general rule, second half of the year is better, slightly better than the first half.

所以它會趨於平衡一點。第三季他們的業績可能會下滑。但除此之外，我們的夏季對 Door and Shore Fire [和 L] 的 PR 影響很大。42West 的夏季銷售仍然強勁，因此即將進入秋季的主要銷售季節。因此，雖然一般來說，第一季是我們表現最差的季度，而第四季度是我們表現最強勁的季度，但一般來說，下半年會更好一些，比上半年略好。

Q3 and Q2 tend to mirror each other somewhat. But that's a little bit of our seasonality. That's in the core business. Now if you have a movie or a venture or something, obviously, that could like we had in Q1 last year, made Q1 shoot through the roof when we had Blue Angels. But if you don't have that, then that's a little -- that's the best I can answer that question, I think.

Q3 和 Q2 在某種程度上傾向於互相映照。但這有點屬於我們的季節性。這是核心業務。現在，如果你有一部電影或企業或某樣東西，顯然，這可能會像我們去年第一季一樣，當我們有藍天使隊時，第一季的業績會直線上升。但如果你沒有，那麼這有點——我想這是我能回答這個問題的最佳答案。

Okay. And my last question would be just related to your IMAX partnership. Do you think it's possible that there might be something in 2026 that could be announced related to that?

好的。我的最後一個問題與你們的 IMAX 合作關係有關。您認為 2026 年有可能宣布與此相關的某件事嗎？

Allen, I would like nothing more. I don't think I wanted -- I don't think I even wanted a pony at age six more than I want that. We were actively negotiating to have a follow-up to Blue Angels. IMAX very much wants us to have a follow-up to Blue Angels and I'll go to church on Sunday and pray for that follow-up to Blue Angels. So yes, we've got that as a focus now.

艾倫，我別無所求。我覺得我並不想要──我覺得我六歲時甚至不想要一匹小馬，我更想要那匹。我們正在積極協商，以跟進藍天使飛行表演隊的情況。IMAX 非常希望我們能有《藍天使》的後續作品，我星期日會去教會為《藍天使》的後續作品祈禱。是的，我們現在把這個當作重點。

In the meantime, Youngblood represents a second front, if you will, of productions for us. That was our -- Blue Angels put us back in the documentary business and restarted that. I wish I had another documentary for 2025. We expect to have one in 2026, but Youngblood here this year was our reentry into scripted films. Obviously, that's what we did more of when it was a private company and production company.

同時，如果你願意的話，Youngblood 代表我們製作的第二個戰線。那是我們的——藍天使讓我們重返紀錄片行業並重新啟動了它。我希望我能有另一部關於 2025 年的紀錄片。我們預計 2026 年會有一部這樣的電影，但今年的《年輕血液》是我們重返劇本電影領域的第一步。顯然，當它還是一家私人公司和製作公司時，我們做的更多是這些事情。

We were known for our scripted. So Youngblood is important to us because in the fact that it got into a film festival is incredible as a sports movie. A real tribute to we think to, hey, some people out there think this is a pretty good move, right? But it announces that Dolphin is in that business again as well. So gives us a couple of different ways to have a film, either documentary or scripted.

我們因劇本而聞名。所以《年輕血液》對我們來說很重要，因為作為一部運動電影，它能夠進入影展是不可思議的。我們認為這確實是一種致敬，嘿，有些人認為這是一個非常好的舉措，對吧？但它宣布海豚也將再次涉足該業務。因此，我們有幾種不同的方式來製作電影，無論是紀錄片還是劇本。

So we're going to ride the Youngblood wave this fall, and then hopefully, it leads us to have a follow-up project we can announce as soon as possible.

因此，我們將在今年秋天乘上 Youngblood 的浪潮，並希望它能讓我們盡快宣布後續項目。

That's great. Congratulations.

那太棒了。恭喜。

No. Thank you, Allen, and it feels very good this quarter.

不。謝謝你，艾倫，這個季度感覺非常好。

Thank you, ladies and gentlemen. As we have no further questions on the line at this time, I would like to hand it back to management for any closing remarks.

謝謝各位，女士們、先生們。由於我們目前沒有其他問題，因此我想將其交還給管理層以作結束語。

Gosh, it always comes so sudden. Well, thank you, everybody, for listening. And obviously, I think the highlight for us, the numbers speak for themselves. I don't -- please don't anticipate 23% year over year every quarter, but we are growing. And again, I'd point everyone to how we measure ourselves.

天哪，它總是來得這麼突然。好的，謝謝大家的聆聽。顯然，我認為對我們來說最精彩的是，數字說明了一切。請不要期望每季的年成長率為 23%，但我們正在成長。我再次向大家指出我們如何衡量自己。

We're blessed to have a quarter that has positive adjusted operating income. And again, it's not Q4, so we do it again in Q3, and we can do it again in Q4. Obviously, we knew we were shooting this year to have it for the full calendar year. We were able to do so last year because of Blue Angels. We'll do it this year without Blue Angels.

我們很幸運，本季的調整後營業收入為正。再說一次，現在不是第四季度，所以我們在第三季度再做一次，我們也可以在第四季再做一次。顯然，我們知道今年的拍攝是為了拍攝全年的影片。去年我們能夠做到這一點，多虧了藍天使飛行表演隊。今年我們將在沒有藍天使飛行表演隊的情況下完成這項任務。

Our company is growing. And the better mousetrap I spoke about in the prepared remarks, we're shooting to -- we're working every day to have growing revenues, create -- get to the point of creating free cash flow, a meaningful free cash flow and then have our upside, have the ventures, have the films, have the things that could be in success, could result in numbers that are larger than our entire market cap.

我們的公司正在成長。我在準備好的演講中談到了更好的捕鼠器，我們正在努力——我們每天都在努力增加收入，創造——達到創造自由現金流、有意義的自由現金流的程度，然後獲得優勢，擁有企業、電影，擁有可能成功的事情，可能產生的數字大於我們的整個市值。

So that's the investment thesis for Dolphin. So we're excited about where we are. And then long time followers have seen that progress step-by-step and brick-by-brick over the years and kudos to the super group.

這就是 Dolphin 的投資論點。所以我們對自己的現狀感到非常興奮。長期以來的追隨者們見證了多年來一步步、一磚一瓦的進步，並為這個超級團體點讚。

I mean it's the collective group that got to this quarter, and it will be the collective group that creates the results we'll announce in three months for Q3 and very proud of the team. So thank you, everybody, and look forward to talking again in November.

我的意思是，正是這個集體創造了這個季度的業績，也正是這個集體創造了我們將在三個月後宣布的第三季度業績，我為這個團隊感到非常自豪。謝謝大家，期待十一月再次交談。

Thank you, ladies and gentlemen. This does conclude today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的會議到此結束，大家可以斷開線路了，感謝大家的參與。