Q4 2020 Dolphin Entertainment Inc Earnings Call
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Greetings and welcome to Dolphin entertainment fourth quarter 2020 earnings call at this time. All participants are in a listen-only mode. A question-and-answer session will follow the formal presentation birth to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder. This conference is being recorded. I would now like to turn the conference over to your host James carbonara of investor relations office.
Thank you. And once again, welcome with me on the call our bill O'Dowd chief executive officer and mirta negrini Chief Financial Officer. I would like to begin the call by reading the Safe Harbor statement. This statement is Faith pursuant to the safe harbor for forward-looking statements described in the private Securities litigation Reform Act of 1995. All statements made on this call with exception of historical facts, maybe considered forward-looking statements within the meaning of section 27A up to 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 actual results May differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties for 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 detail log
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 off any forward-looking statements included in this earnings call are made only as of the date of this coal. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances now, I'd like to turn the call over to Bill O'Dowd Chief Executive Officer of dolphin entertainment bill, please proceed Thanks James and thanks everyone for joining. I know there's a huge amount of Interest out there to hear more about our nft division the number of incoming calls and emails since we made that announcement. Uh, I've been numerous and I don't think there's any adults we've ever made that's gotten quite that same reaction and we're excited for that. Obviously. We released some pretty exciting news about the nfts today. But uh, we thought
Dress both the news, uh of today upfront and before I get into the nfts, I'll turn it over to mirta to explain the AK. We filed after market today so we can explain that and then we'll dive into the nfts. Talk to you guys for about 10 minutes to take some questions. Okay. Thank you Bill and good afternoon. Well prepare our year-end financial statements. We determined that we had in correctly evaluated our role when completing our work under certain statements of work specifically, we originally concluded that we were acting as principal but subsequently concluded that our role was at of agent when reporting Revenue under the role of principal revenues are recorded growth with corresponding expenses being reported gross when reporting as an agent, the amounts are reported net of each other. In this case. We reported positive expenses reimbursed by our client in both revenue and expenses.
as a result for the three and nine months ended September Thirty twenty twenty we
For reported both direct costs expenses and revenue in the amount of $862,710. Thereby offsetting each other and resulting in no change to our loss from operations net loss or loss per share in our Consolidated statement of operation.
In addition the error did not impact our Consolidated balance sheets or Consolidated statement of cash flows. We will be correcting the error on our annual report to be filed under off at which time they will schedule an earnings call. I'll now pass it back to Bill to continue the discussion on NFC perfect. Yeah, just to put a little more color on that, you know, we run influencer marketing campaigns for many of our clients every time you need to determine if you're the principle of the campaign or simply acting as an agent or the client off and you you report revenue and expense if you're the principal and you report neither if you're the agents, so that's what we're going to correct our Q3 inside of our 10-K will take the time necessary to adjust correct that inside the 10K file it and then jump on an earnings call and you know, we're excited to share the results from home.
Forum and share some forward-looking insights into how we think we're going to do it in to one and twenty Twenty-One. So on to the second part of the call off the nfts. Well talk about the 2.0. Right? So again, I know we have a lot of people joining for the first time or new to the Dolphins Story. The quick background is that we spent the last three years since we up listed on NASDAQ collecting the very best of entertainment marketing firms 42 West was our first they're the the leader in film and television and and content marketing for entertainment. Their list of awards is numerous and long. We feel blessed that we've got complimentary PR firms that are very best at what they do in their fields such as Shore Fire in music the door and culinary and Live Events. We added vhi in January gaming and Esports and wage.
We put a little bragi statement about the first three PR firms. All three are ranked in the 50 most powerful in the United States. I'm out of 12,000 PR firms in the country where the the company to own more than one and all three of ours are in the same industry entertainment to that Powerhouse. We've added influencer marketing would be social in August because we do so many of those campaigns WhatsApp PR firms as we were just mentioning as well as have Viewpoint, which does creative brand Studio work as well as a promotional videos, which will be very helpful with any issues as you might imagine the whole point of putting the group together once it gets dolphin 2.0 which we always announced since we did our first road show in advance of our uplifting 2017 off at holidays 2017 as we pointed towards January 1st, 2021 because by then we hope to have six companies which we do today. And and it's I always like to end each of my present wage.
During those three years when we had one car.
Anthony two companies three companies as we get to 6, I I asked everyone in the audience if you had the only collection of entertainment marketing companies of this caliber Under One Roof, what would you do with it? And answer to us is Dolphin 2.0 which which is now we're going to start owning some of the assets that we're marketing and we're very excited for that the CEO speech of the companies. We've been with them. We've been pointing to this day as our starting line matter of fact, I'm doing this came from a hotel room in South Beach where I'm from Miami where we've gathered all the CEOs to actually do a two-day Summit about dolphin 2.0 and the rollout of all the different opportunity that we have of which nfts are one. We have several others. We're excited to share with you later this spring and summer throughout the year.
But then if he's got a lot of notice since we had them in our sights for a couple of months now it started the year. They've exploded I think it's fair to say in the last four or five weeks off. So what I thought I'd do because of the intense amount of interest and spend a few minutes to share a little background educate some people on the call that that have asked to know more about it if T's and then you'll do some Fair reporting of why some people think they're just a bubble a fad While others think they're a good opportunity and why we think and they may represent even more than a good opportunity. So I'm all right. Here we go. So then empty first. Let me frame it. And if TVs are widely credited starting at 2017 but things got cryptokitties, but they were they were very small 2019. The total volume of entity sold is reported as sixty million dollars in twenty-twenty the total volume grew to $250 million dollars or times grown.
Put in February of this year alone that one month and if he sold for over $330 in one month, so we and others think that this will be four or five billion dollars minute to sales encounter. You're twenty Twenty-One. So to go from 60 million to 250 million to four or five billion. That's something and in the last month alone. It's hit a little bit of the pop culture of Gronkowski's in a peaceful people sold his art 469 million Patrick Mahomes dropped his on Saint Patrick's day, which is a brilliant marketing move. Anybody knows that he wants a second career as a publicist. Please have him call Jack Dorsey the founder of Twitter sold his as an mft sold his original tweet for 2.9 Million a lot of the pop culture right SNL skit on it off. And so now a lot of people are talking about nfts. And since we've made our announcement little over two weeks ago their argument for some people out in the world glass-half-empty. Yep.
We starts with well, it's a bubble, right and it's going to crash like 1927 or something usually fueled by the fact that there's a misperception out there. They don't really understand that empties and what's blockchain technology confuses a lot of people and it feels like it an art bubble, you know, will someone really pay another five million per piece of art et cetera et cetera. Well, the answer is I don't know off and I honestly it's it's not relevant to how we look at it empties because on the glass-half-full side. We saw the potential and see the potential of entities as Collectibles as memorabilia. What spurred us to put this in accelerate nfts as one of the 2.0 Ventures we would do this years in the in the bucket. We call consumer products is because of the success of top shots for the NBA and the fact that we have Thursday.
history of selling and
Promoting the sale of Collectibles and memorabilia and when we think about dolphin 2.0 we're looking for sectors we can get into where our expertise will most influence the success of the product. So I assume we could you know, design fantastic marketing campaigns for electric vehicles, but we don't have any expertise electric vehicles. We have a ton of expertise and marketing the very best of pop culture and collectibles. I mean forty-two s is out there doing PR for James Bond for top a gun permission impossible for a slew of independent films probably dozens of streaming series a year. Um, Shore Fire is promoting hundreds of album drops sister drops a year concert tours, obviously the door represents the three largest food and wine festivals in the country. It's those types of things in the sports memorabilia and an Entertainer.
And collectibles Market that we think is the true value in these early years of nfc's and obviously the NBA has done a tremendous job creating a digital version of trading cards, right? And I don't know how many of them on the call at bought one of the moments from NBA top shots, but they do 45 million dollars business in one day in February.
And that four-dimensional Cube they have is something we think was brilliant and that we think we have relationships that would want to play in the empty space with us. Obviously. We formed a partnership with the NFL. We certainly we announced today and know a lot of people have complimented and congratulated on the initial announcement of the of the first entities will be bringing to Market will be unique factors items around three of the men that are the most exclusive Club in football. They are three of the ten men that have won a Heisman Trophy and also been inducted into the Professional Football Hall of Fame Earl Campbell Jim Allen Tim, Tim Allen sort of entertainment Tim Brown Excuse me, the great wide receiver from Notre Dame and dog walker and there will be more coming off that's very exciting for us and to put the Collectibles Market in perspective.
The total in 2019 the sales revenue from licensed merchandise and services was about a three hundred billion dollar industry. We think there's a tremendous amount of growth from We're end up T's are today in the digital world and to what the physical world has of three hundred billion for for Collectibles a second reason. The glass is half-full for our company specifically is because a lot of brands are using in the last 30 days and we'll continue and if T's is promotional items whether it's Pringles Taco Bell and Pizza Hut Etc the fact that you can sell digital art with promotional items attached. It's it's it's going to become a tool that all PR firms and and marketing agencies want to use and it's that token.
Madan fungible token
That has a smart contract attached to it. That's very important because you can offer in real world benefits to go along with the sale in theory. You could have uh, 20% off coupon package goes with every token and that's obviously on the you know, when you sell digital tokens for buck or ten bucks. What I'm excited about though is on the Collectibles, you sell a piece of art you sell a trading card around football players off and it resell resell. Excuse me, you get a percentage of the resale. The resale is an increase or decrease typically in market right now the average purchase the resale is 20%
So every time that piece of art resells in perpetuity, you have that commission. Well, now what you've just done is is you've created annuity off and in the entertainment business, we know this very well. It's what's called a library for studio. Right? It's the core value we see and creating entertainment assets and again back to Dolphin 2.0. We wash own the assets that we're promoting or towing with our partners. And now we have a you have a way to continue
Monetizing that asset in perpetuity and especially as you think about ways to cross-promote between the assets and that's our greatest strength, right? We will have faith in movies and TV and music and other areas of entertainment as well as Sports and think of the cross-promotional plans we can do on a year-long calendar. We're very excited for that long as I talk about you know, which one is it the glass half empty or the glass half-full. I'll give everyone in the call to third option which is what what made us want to get into this business and where we think we can be very successful at it off. We think that the glass may not just be half full. It may be completely full and overflowing why because nfts to us. There's going to be two reasons. The first is dead.
Regal on your thinking into are they a disruptive delivery mechanism what they're really doing is creating digital delivery of a collectible right? Have we ever seen one of them is an entertainment? Well, for those of us have been in business a few years now we have and it's called Netflix when you think about Netflix. It's a single Product Company a single project. Right and for the majority of their lifetime, they delivered other people's content right Studio content television content, but they delivered it better originally by mail off my mail and then on the digital delivery system right now for the last eight years or so, they've made their own content as well.
When you do a digital delivery system like that in a more efficient delivery system like that. It's immediately global.
The NBA is doing very well. And I'm sure they're very excited about the fact that they can drop digital playing cards that they don't have to produce package ship close retail deals cake back unsold inventory.
account
Inventory and not have to go through customs to create an international program. All of that is done in a digital delivery system and it reminds me very nfts for Collectibles. Not for art that I'm not making any opinion on I have no idea of art world's in a bubble or it's going to expand but I am very excited about the Collectibles and memorabilia market for sports and entertainment for digital delivery of that. We already promote a whole host of collectibles in the entertainment space we have what we think is the gold standard of a partner Sports space with the Hall of Fame Village and resort we're excited for that. But the single biggest reason that we're excited about nfc's more than half of that.
And why we think that the market for Collectibles could exceed the in Real World Market for Collectibles is because of consider one simple fact if the Thursday market today is four or five billion. This year will see right. Could it exceed the physical world of Collectibles within three or four years that would mean it would have to go up a hundred times to $400 billion could even go higher. What would make a market go up a hundred X in less than four years. How about the fact that it's not being reported and I've read so many articles out of the times Wall Street Journal Business Insider etcetera, and I've yet to find an article or this has been mentioned.
You can only buy and if these today the overwhelming majority of entities are only available to you if you have a crypto wallet and you have a Serial that was the light bulb moment for me life celebrated or entity plans what happens when the marketplace takes credit cards right now, we've had active conversations with a pick one a young adult movie franchise would sell we think extremely well animated posters custom animated posters of a hit why a movie franchise sell them for price points of fifty to one hundred dollars make them collectors items and give them additional benefits in the real world that attached to the Token you can imagine what we could do with that with the celebrities that are the lead actors in the movie.
By the poster gets it listed on the same call with your favorite actor et cetera et cetera do a lot with that but they couldn't buy it. They don't have a theory about what happens when they can since we did our announcement two weeks ago. We did a lunch and learn across all of our companies last week and mentioned this and said, I really do believe that the end of the summer we're going to have a whole bunch of these marketplaces for nfts right now a little bit of a wild wild west are eight or nine leading marketplaces only one of which currently even Ken is even capable of taking a credit card what happens when they all take credit cards and then so this past week a couple of nights announcements out in the marketplace occurred Tom Brady, of course announced his new initiative and had up T's and I think that was great for us valid off the market tells people this is you know, something more than a passing fad and also repositions entities for the first application of entities towards Collectibles and memorabilia. We're excited for future wage.
Locations to but the other announcement that kind of went under the radar. I don't know. If a lot of people noticed Visa announced it was working to accept transactions and settled transactions with cryptopsy from cryptocurrency.
The US That's The Floodgate and I don't think we're talking about a market last year that was 250 million in twenty twenty four or five billion and twenty Twenty-One. I think this is
Sure the future but pretty much the now and that's what's got dolphin excited about it. And we think about what our potential is in this space. We know a couple of things very very well. We believe we should promote and Market entertainment better than anybody in the world. We have the leading PR firms and entertainment all Under One Roof and we have relationships with the artists. The digital artists that will allow us to make the very best content for entities. So if we're talking about trading cards and memorabilia to begin with and they'll be many more applications right off when you talk about that culture is going to be a major sales point. I think we can all agree sports and entertainment I think will be the biggest application who are the artists that are helping make these this initial wave of trading cards Collectibles et cetera. Well the best digital artists in the world, where do you work if your wage
Those Hollywood and guess what? We call them animators right visual effects supervisors, right the very best of the best the folks working on the market for movies. Well, do we know them we've crept many of them and that's what's got us excited. We can both develop the intellectual property. We can produce the end of tees. We can negotiate her own store fronts on both ways on the marketplaces and we can promote the sugar out of them and we're very excited with our first partnership with the NFL Hall of Fame Village Inn Resort company and we have some great and empties. We're happy to announce now, we'll have many more in that partnership in the coming weeks and we're going to have many more Partners in the coming weeks that we're excited to announce the whole slate of initiatives in the empty world. So that's a little bit about what got us excited about entities. Why did dolphin enter into it why we think we're positioned? Yep.
Very well in it and I know there's a lot of interests. I'm happy. We got the opportunity to actually share that with you today in advance of a full earnings call would follow the 10K. So with that said, I'll I'll turn it over and back for any questions.
Thank you at this time will be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad a confirmation to authenticate your lines in the question queue. You may press start to if you would like to remove your question from a cue for participants using speaker equipment and babies necessary to pick up your handset before pressing the star Keys. One moment, please while we pull for questions.
Our first question is from Allen Klee of Maxim group. Please proceed.
Afternoon, so just tell me if I'm thinking about it right for the statement. It seems to me like this is kind of a wash so it doesn't really make a change of anything on the financial side. So it's just a timing issue for when you get the numbers out and and then on the nft side effects. Are you able to share at this point anything in terms of how you think of the timeline for for adding these and maybe just explaining a little more of how long an example one of how you would maybe just the whole process of how it where it gets auctioned off and the economics if if you're able to share anything like that. Thank you.
Sure. Thank you. And thanks for joining today on your first point. Yes, the expenses in the revenues offset each other and will include that correction when we file the 10K, so it'll all be in the in the 10K, your second Point. Yeah the nfts. Well another big benefit of entities if I could from an old television film producer writer of speed-to-market, holy cow. So we've identified the athletes in partnership with Mike and his team at Hall of Fame and I'm really excited for this first three athletes. I had the chance to be on a zoom call with him Brown and and he's a really classy very nice individual excited for the heart will be doing with that said, you know, we've already identified the first we're excited to share in a future announcement first of the visual artist, and and I think everyone on the call would go wow and dead.
I don't want to get ahead of Mike on this but you know, these types of things are are are pretty quick to Market. Obviously Patrick Mahomes did it in lightning speed? I think it was nine days or something. I'm not saying that in this case, but I do think you'll I think Mike's already said, you know certainly in this quarter a pretty soon in this quarter will have the first out in the marketplace, uh, you know with with Our Brands the often and all the fame, you know, we're looking for the best way to position in which Marketplace um, you know, create our own dedicated destination and and really be able to drive people to it. We have a a destination we can point to with our marketing and PR firms because you know, we're number one and done. I mean quite the opposite we're going to you know, I don't want to be dozens and hundreds of entities overtime in the market and and continuously right. So what we were thinking of it more like a release calendar of of of a film studio, right and we can and because we have the ability to cross-promote both within any given industry in April month.
Industries, you know, we can create tentpole moments. You know, I'm borrowing terms from you know think Disney and and Marvel with the Avenger movies, right and and you culminate into into the big
Moments in time and and you could package certain elements within real world benefits or experiences for people that have different entities across from Industries or across verticals or across you know our sets. So there's just a lot that we're excited about on this and so in terms of speed you just don't see that right you make a movie and you've got it in theaters a year later and start collecting, you know, three months after that here. It's much much faster. So we expect the first rollout certainly in this quarter and it's only going to we expect to expand and accelerate that roll out in subsequent quarters. Of course as we add more, uh, scale to the Hall of Fame partnership and and we have some really neat things in the works there and then of course across multiple Partnerships, you should imagine, you know, I guess I'll ask you another question to the group. I mean if you had this collection of relationships and and and marketing companies and film and television, what would you do with it in the N empty space right? Can you imagine?
Collectibles ordered the gaming and he Sports space that we added in January or in the music space so you can see why we're so excited and it's really a full 2.0 opportunity for us cuz it sucks all of our companies. Uh, so uh, yeah, that's without being able to be more concrete at this point since we have it selected which of the Gateway partner the marketplace Partners will go with with with Hall of Fame yet. Uh, uh, but we will be announcing that shortly and I can sell you that
Given what you've said, it's tell me if I'm thinking about this, correct? It would seem like it's likely that this business on average would would be of a higher margin than than dolphin overall that it would be accretive to your margins is I mean, I know you're not going into numbers now, but is that a reasonable way to think about it off?
Yes very much. So and this is a very much a high-margin business and and and also especially with the quality of the IP of the Partnerships. We be having right? I think we're blessed and and we know that in the fact that we I feel blessed, you know, we have our PR firms are very much best-in-class, right? There's just no denying, you know, the number of Grammy winners the number of Emmy winners the number of Oscar winners that more than any other PR firm. I mean you saw, you know record Hall at the Emmys last year as an example, right? I think on the Emmy night, we we ran campaigns twice as many winners as the rest of the industry combined. So when you start with that length of Ip to create from right it must be like whoever first saw the Marvel comic library and said, how do we make movies out of this right? Here is overwhelmed.
With possibilities. What do you start with? How do you well the I feel we're blessed.
Something that we have a lot of Partnerships and a lot of Ip we can ideate around develop around and launch around right? And and so as we think about that from our perspective, I think that's what we are trying to both be quick to Market and also smart about how we launched different initiatives and then how we can cross-promote between our companies for them if that if that answers your question out.
That's great and just on the exchanges and this this is a little new to me. I guess I'm going to have to open a crypto account. But click do you envision you're working with multiple ones or or or how does I don't know how does it work? Yeah sure. And and by the way on your on your high-margin question to you know, that that's where we're also feel blessed because you know your margins Skyrocket of your selling certain things at certain prices, but but also, you know, we think there's volume to you know, if you if you have uh certain entities you might do ones that are 141 like what Patrick Mahomes did you know, you sell one piece to one buyer for thousands of dollars, right? That's fantastic. And obviously, that's great. You can also do things that are promotional in nature or volume game, right, you know back to my example of a y a of movie fridge.
I supposed to her and I made a poster something super cool. Can you imagine again back to that moving animated poster that we get, you know the best of the business to design and create for us? Well, you might sell ten thousand of those twenty thousand of those Thursday some of those at $100 each, right? So do you look at what type shots is doing with their moments, you know, they're dropping packs of and it's thousands and thousands per cars right now. There's a limited number of months and that's what creates the resale value right? So that's where it becomes very high-margin business when you're doing that cuz you only in the digital, you know, the the biggest obvious Advantage is just so it doesn't go unsaid what makes it such a high margin businesses because when you create something digitally you only have to do it once right? So right. Fantastic versus you know, you make a bobblehead doll. Do you need and you want to sell $10,000 to make ten thousand for probably make more than $10,000 to allow for breakage, right? And then you got a storm and package them and ship them and all that you have none of those costs in this business none. So, yep.
Extreme, you know, it's simplifies the business tremendously and and it creates a higher-margin the on in to answer your question about the market places. We haven't made a choice termination yet. If we want to build all of our different opportunities into one Marketplace, but what I or or spread them out and and and there are some marketplaces each with a few different advantages and disadvantages that we would like to keep to ourselves for now as we evaluate evaluate this we're we're very, you know, this isn't something we announced in The Fad but week ago been developing toward this announcement for months. And you know, I I hope we get credit for being in the market early, right? This is two and a half weeks ago. We announced this in the partnership with with Hall of Fame and money and you know before as a concerted business effort into nfts, this isn't a single individual selling a single piece of art we have a business here and we're excited for it to that song.
come across so with with the
With the market places, you know, we have a volume of this which allows us to create a you know, perhaps a different dynamic in a different negotiation with any of these marketplaces. What I do think is we will pray select a Marketplace per partnership or you know, I don't think we want to direct our fans Paula fame or our fans and other verticals across multiple markets choices unless there's a specific business reason to do so because obviously from a marketing standpoint you want to stay consistent and drive repetition. So I think you'll probably see that from us and projects see some announcements around it and it a specific partnership in that respect.
That's great.
Sorry, and then could you just touch on with Dolphin 2.0 were you will own content and and you have the resources to Market it touch on like other areas besides nfts you're thinking about and if and if T's is such a big areas or is there a I don't know if risk is the right word but could this crowd out what you were thinking you were going to maybe do in some of the other areas are for those still kind of how do you think about that? Yeah, it's been a it's been a wild ride a I I think the Tuesday we met it's been in the morning. I receive more emails and I have it any other day in my life and and phone calls but you know, it's been it's been challenging at times to just be responsive. But with that said I definitely had a couple of people say when especially after I mentioned the credit card line, you know, why why that why entities for us was was the lightbulb moment of the credit cards off.
Waking up one morning o m g and and and their response to it was why would you do anything else the potential in this is so big but in in we're fortunate we we hope wage success. We will work very hard for that with that said, you know, it is also true that we have multiple other initiatives in consumer products in content. We have plans for Live Events of those have been following us as they waited for us to build scale in two different verticals of entertainment that we think we can be very successful and you think about you know, this this unique collection again, there is no other collection of the very best PR and marketing firms across entertainment that took this and what would you do with it and and sure enough T's is one answer and quite frankly the markets exploding up 2 months ago. I never would have thought that the month of February would have done off.
330 million dollars to sales, right? So it's it's moved up the ladder quickly into what we've launched first and we felt the time we needed to move then Thursday. We have some other things coming that we're equally excited about again in those spaces and the purpose of bringing all the COS to Miami quite frankly today and tomorrow. We just been all day listing how we're thinking about those other initiatives and how we want to sequence them out to the market. So we're we're hopefully going to be very thoughtful about that and
there's a couple of
Four months we'll have some of those announcements we can thoughtfully share with the market how we're organizing ourselves to be successful across multiple initiatives.
Okay. Thank you so much. Thank you Alan. I appreciate those questions very much.
Ladies and gentlemen, we have reached the end of the question and answer session would like to turn the call back to billowed out for closing remarks.
Oh, okay. Well, thank you. And thank you everyone for joining today, you know, we will work quickly as quickly as possible to file the bank and get the correction 4 to 3 p and there so we can do at that time as we mentioned earlier. We'll do a full earnings call. We're excited for that share our Q4 and and 2020 numbers off as well. As you know predict or or help guide. Um, um how we're looking at 2021 and also in the office short order and next few weeks. We'd like to also share, you know, additional thoughts about 2.0 and and how we're thinking about it. And of course and in this rapidly changing World probably by Thursday, the next few weeks will be able to talk about the first entities and markets. So so exciting times and we're very excited for the wage.
Support and and look forward to the next conversation. So thank you all for joining us today, and hope to talk to you very very soon. Thank you.
This concludes tonight's conference. You may disconnect your lines at this time. Thank you for your participation.