Q2 2022 Cinedigm Corp Earnings Call
In our call today were once again very pleased to report record results for this quarter and the first half of our fiscal year our.
Our first half consolidated revenues were over $25 million up 90% versus the prior year.
They were over $10 million in the quarter up 41% in what is historically the seasonally slowest period of the year for our business, but most importantly, we reported record triple digit revenue growth again for the third quarter in a row for our screening channel business, which was up 139% in the.
Quarter and 157% for the first half.
Led by our exploding AD supported streaming business, which was up 208% in the quarter and 247% for the first half.
John Canning, our new Chief Financial Officer will speak to these results more specifically along with Eric <unk> in a few minutes.
And speaking of our new CFO, we're very pleased to have John leading our corporate finance function. John has very quickly on boarded after joining us two months ago and is already an integral part of the senior COVID-19.
John is joining centered at the best possible time.
When we're experiencing hyper growth in our streaming business and with our balance sheet in mint condition with zero debt and plenty of access to growth capital.
We're confident that John's experience will enhance our financial efforts and support our exceptional management team as well as bolster our financial systems and processes.
John came to us with a decade of financial experience working in leadership positions with companies like Firefly systems and AD Tech startups in Silicon Valley.
The discovery channel clear channel outdoor and my own alma mater, the Walt Disney Company. After he spent the first half of his career working for consulting firms, including Deloitte and KPMG.
As I've said before on these calls I believe our senior team centered on is exceptional.
And one of the best executive groups in the business.
That's one very key reason that the board and I are so confident about our growth strategy and screaming acquisition roll up initiative.
We are absolutely certain that this great management team can handle the company much much bigger than where size today.
And we are confident we are going to double and triple the size of our business very quickly. If we continue to execute well on both our organic growth and screaming acquisition efforts.
We plan on continuing the strong business momentum as we further broaden our robust enthusiast streaming channel portfolio and expand platform distribution into the next two fiscal quarters.
Which are the historically strongest seasonal periods of our business, Eric will talk about those initiatives and the phenomenal growth in all of our key streaming metrics in just a minute.
And as I said with no debt, a strong cash position and access to additional growth capital. We remain in an excellent position to continue on pace with the successful with successful accretive acquisitions to drive further growth in our streaming revenues.
Just in the last few weeks, we relaunched two of the premium streaming channel services that we acquired over the prior eight months.
<unk> <unk>.
A leading independent cinema channel called the Netflix of indie film by the Wall Street Journal.
And screen box, a leading horror streaming channel called the perfect core streaming alternative to Netflix by tech tons.
And then we also recently announced the sixth acquisition of our screening wall up initiative.
Disgusting.
The leading horror site with many multimedia programming and who are experienced initiatives attached with bloody disgusting and screen box.
In the cinema Cinedigm fold combined with our decades of experience and demonstrated capabilities distributing films and television programs and the lucrative horror arena, we plan on nothing less than becoming the number one streaming destination for the millions of horror fans worldwide, who crave the schirmer.
All told through these accretive acquisitions, we have a broad and considered on more than 15000 crush films and TV episodes, and five premium streaming channels and less than a year.
Our unique competitive streaming position as the only independent media company with a vast content library, a successful six year track record of launching and managing streaming channels.
Our state of the art proprietary streaming platform and match point.
A huge distribution footprint and our covenant public currency.
Led us to a very robust queue of additional screening acquisition targets.
And our acquisition philosophy is relatively simple <unk>.
We target technology content and streaming channel assets that we believe 100% support and build our share in the future.
We focus on accretive acquisitions that can immediately benefit from our infrastructure technology content and distribution to ensure immediate synergies and growth.
We'll only buy assets at fair multiples to ensure they will be accretive with a focus on our own proprietary deal flow.
Much like companies that have grown rapidly by M&A like Zynga in Cisco, we view, our competencies and M&A and our platform approach to be a significant competitive advantage.
So let me underscore that we are only making accretive acquisitions, and we will finance those deals as appropriate to ensure that outcome.
And we will smartly raised funds to finance those deals based on specific accretive content technology and screening channel opportunities.
We are not in the business of raising cash and stockpiling it on our balance sheet.
We have turned down multiple opportunities to do that.
We will only look at options to finance accretive deals in the future at the lowest possible cost of capital combined with the highest potential return and continue to create shareholder value.
Now I will hand things over to John Canning, CFO, who will speak to our results in the quarter and year to date periods, and then Erick Pico will speak to our streaming results phenomenal streaming metrics growth and strategy.
Following that we will take your questions and finally I'll provide some closing remarks John.
Thank you, Chris and good afternoon, everyone I'm really pleased to be here with you to discuss our results I'd like to cover some of our key second quarter and year to date results with you before handing it over to Eric our consolidated revenues were $10 1 million up 41% over the prior year quarter driven by <unk>.
Factors, including the addition of new streaming channels and expansion of the Companys distribution with new and existing smart TV platforms deploying new advertising technology from streaming partner, a marquee, which had an immaterial impact on the company's advertising cell and CPM rates and digital cinema equipment sales.
Our total operating expenses declined 6% in the quarter versus the prior year quarter, primarily driven by lower depreciation and amortization expense.
Equipment segment.
Our adjusted EBITDA was <unk>.
$7 million in the current quarter.
Versus a negative $1 $1 million in the prior year period, representing an increase of $1 8 million.
This was driven by our significantly higher revenues and reduced operating expenses.
We recorded a net loss of $3 million or nil zero per share versus net loss of $26 $6 million or 23 per share in the prior year quarter. This is an increase of $26 4 million or 23 per share.
Now onto our key first half financial results for the six months ended September 32021.
Let me just say that this is a very it is very important to look at our year to date results versus just quarterly results. That's.
Because we're in a period of volatile hyper growth in our screening business, coupled with the significant historical seasonality that Chris noted plus we always face the usual timing issues and quarterly cutoffs. So in our two most seasonally slow quarters for fiscal first and second our consolidated year to date revenues were 20.
$5 1 million up 90% over the same period of the prior year driven by several factors, including the addition of new streaming channels and expansion of the Companys distribution with new and existing smart TV platforms and digital cinema equipment sales.
In the first half of the year and our adjusted EBITDA was $6 2 million.
Versus a negative $1 3 million in the prior year period, representing an increase of $7 $5 million. This was primarily driven by significantly higher revenues.
We also generated net income in the first half of $4 $8 million or <unk> <unk> per share versus a net loss of $46 6 million or <unk> 45 per share in the same period of the prior year, an increase of $51 4 million or <unk> 48 per share.
It is important to note that we carefully assess the tradeoff between our bottomline and spending against growth and market share. When we have high return opportunities in this hyper growth period, where we are operating with little competition and with multiple new business opportunities for new content streaming channels and technology presenting themselves virtue.
Truly every week, we will often opt to spend behind accretive growth. We believe that this is the proper tradeoff to make for our shareholders. At this explosive growth moment in the screening business, particularly when we have demonstrated positive net income already this year when most of our streaming competitors are losing tens of millions of dollars.
<unk> if not quarterly.
We ended the quarter with a very strong balance sheet, including $12 $6 million in cash and zero debt.
As Chris emphasized that sets us up very nicely to pursue additional accretive growth opportunities that are immediately leverage our assets capabilities technology and unique competitive position and the streaming ecosystem also in the quarter, we set up a facility with B Riley, which we plan to utilize only for accretive acquisition.
And on an opportunistic basis, now I would like to hand, it over to Eric.
Thank you John and thanks to everyone for joining the call today.
Our technology centric approach to the scaled enthusiast streaming market continued to show immense progress this quarter as we reached new records for revenue growth.
This has been driven by a razor sharp focus on partnering with or acquiring the best brands and companies and streaming.
Growing and scaling audiences in minutes viewed and leveraging our proprietary technology to launch distribute and monetize as broadly and as quickly as anyone in the industry.
We have completely transformed our business over the past few years are becoming a leader in tech enabled independent streaming and entertainment in the U S. We.
We developed the high growth streaming and digital business by driving rapid double digit organic growth on top of our accretive roll up strategy to acquire channels and content that enables us to super serve our audiences at.
At the same time, we have continued to reduce costs by streamlining our operations and expanding the capabilities of our industry, leading proprietary match point technology by further automating our internal digital supply chain, while also expanding the number of key partnerships across the digital and OTT ecosystem.
Match point as soon as <unk> engine that enables the company's growth and I will discuss in a moment increased focus investment on this area as well that we're currently planning.
But before I discuss our streaming results I wanted to provide some industry context around the significant opportunity in front of us that frankly continues to become an even bigger opportunity each year.
Each month, nearly 214 million U S. Users watch programming on connected televisions. This number is expected to continue to rise as legacy TV subscriptions or abandon and more users migrate to smart TV ecosystem.
That's the primary or even sole way they consume entertainment <unk>.
Recent article and business insider expects more than $11 billion of AD spend to shift into connected TV over the next 36 months.
But these shifts are not just happening years out they're happening right now when media buyers were surveyed by business insider earlier this year more than 60% of them said theyre shifting AD budgets from linear TV to connected TV and OTT.
Concurrent 12 months due.
Due to these trends contact connected television advertising growth has become the fastest growing segment of any advertising channel in the U S market driven by a 40% increase overall in this segment in the last year.
This growth is also continuing in the subscription side of the business.
A major trend that we're seeing that bodes well for an enthusiastic remix strategies horizon. What is called subscription stacking are subscribing to multiple streaming services, while household penetration of <unk>.
Is peaking overall and reached about 84% of U S households, having at least one service. According to a study by research firm Ampere analysis more than half of these households, now have access to three or more services up over 48% from last year.
The study identified a segment noted is super staffers, who have five or more services.
Users now make up more than three and 10 U S households.
Given that the average U S household watched around 14 channels on average in the cable era, we see a significant opportunity for continued stacking, especially with the enthusiast channels and we think our enthusiast channels are the perfect complement to general Entertainment services as consumers are now able to fulfill what they've always been asking for the ability.
To build their own bundle.
To capture this incredible market opportunity ahead of us in the AD supported content environment.
We have completely transformed our company into a technology centric streaming company.
With our match point technology, we can scale the operation distribution.
Tumor apps and analytics of our streaming channels and content across hundreds of consumer touch points with these whether they are own apps third party marketplaces or even content licensing partners. This.
This technological proficiency is now all of the engine of our current growth. It is also the competitive advantage that enables us to deliver superior economic returns due to our low lower total cost of operation versus our peers.
It also enables us to more systematically and cost effectively engage in our M&A strategy.
Where we find attractive streaming prospects that we can make even more attractive once we apply our tech to enhance their distribution and monetization as.
As the growth engine of our strategy, we plan on doubling the engineering and operations workforce in India over the next 12 months. This investment will enable us to further the development of machine learning and AI based technologies expand process automation and further system systematize and streamline the integration and operation.
Of new channels that we acquire.
Our vision is a scalable technology platform that can manage a massive library of hundreds of thousands of titles and support tens of millions of users that can consume billions of minutes viewed per month.
Now, let's discuss our recent streaming related results as Chris stated our streaming channel revenues, where we operate AD supported and subscription streaming services were up 139% over the prior year quarter and were up 150% in the first half over the prior year period.
As part of streaming channel revenues, our AD supported streaming channel revenues increased 208% and increased 240% over the prior quarter and first half respectively.
The substantial increase in segment revenues reflects several key initiatives.
First we spent the last quarter intensely focused on the continued optimization of our AD stack, which resulted in providing more ad opportunities to higher performing AD partners. Additionally, we spent a considerable amount of effort on optimizing our programming strategy of our networks.
We've been utilizing match points data analytics to inform our programming strategy on linear which has resulted in record setting watch time from several of our properties, resulting and consequently higher AD revenue. Finally, we've continued to expand distribution of our channel footprint.
And channel distribution, which also drove increased monetization.
Onto the subscription streaming channel revenues, they increased 73% increased and 80% over the prior year quarter and first half respectively.
This was predominantly due to increased distribution of our channels onto new platforms, including the expansion of our services on Comcast and Youtube TV.
We also began the process of refreshing and re launching our recently acquired streaming services Vandorn screen box as Chris noted.
<unk> strong increases subscribers as we've added hundreds of new titles to each service.
Finally, we've continued our efforts to expand wholesale subscriptions with Mvpds telcos and other bundling partners.
These deals are lower ARPA or average revenue per unit or user, but drive a larger base of subscribers quickly providing a cable like predictable revenue stream that can be substantial as we expand that model.
In aggregate our.
And bind streaming revenues were up 139% to $4 5 million and up 157% to $8 6 million over the prior year quarter and first half respectively.
It's important to note that due to the law of big numbers in the future quarters, we're forecasting mid to high double digit growth, but comparisons will be with prior smaller revenue base this quarter and at higher growth rates that point aside we still anticipate significant growth for the foreseeable future.
This revenue growth has been impressive and has been driven by equally impressive growth in our viewership kpis.
Total streaming minutes in the quarter rose to $1 2 billion up 189% from the prior year quarter.
Strong showing despite as we had noted the late summer early fall being the slowest viewing quarter of the year.
Due to the tailing of summer in the beginning of the school year.
Cumulative minute stream in the first half were $2 $5 9 billion up more than 233% over the 778 million streaming in the prior first half.
Total monthly AD supporting streaming channel viewers in the quarter were $32 9 million up 122% versus $14 8 million in the prior year quarter.
This number is important to note because it is the predecessor to generating AD impressions and ultimately revenue in the long term.
Total subscribers to the company's subscription video streaming services increased to approximately 717000.
469% from the prior year quarter and up sequentially five 6% from the prior quarter.
In addition during the quarter.
We successfully launched real Madrid, TV, Robert Rodriguez as El Rey network, and the only way is ASIC or Essex or <unk> as it's called affectionately by all three and its fans.
With all three media and just the first full month of operation.
Noting that we launched these towards the end of the quarter. The three channels are already delivering more than $5 6 million monthly viewers.
We also closed the acquisition of bloody discussing as noted a premier multi platform whore company with more than 20 million users.
We've expanded the distribution of our linear channel offerings and subscription offerings to Comcast Xfinity dishes, sling TV and Youtube TV.
And as we noted completed the relaunch of screen box <unk> and move them onto match point from other non proprietary platforms and last but not least we launched two key NFC initiatives <unk> select and bloody discussing blood packs.
As we have recently put those in the market and continue to get data to inform and.
And further develop our <unk> strategy.
Turning now to our long term strategy.
Our strong results this quarter illustrate the soundness of a two pronged strategy for growth.
Leveraging our match point tech platform to continuously expand and monetize our existing streaming assets, while providing us a highly differentiated competitive advantage from the rest of the market as we execute an M&A growth strategy.
As we execute this plan I'd like to reiterate the recent long term goals we've stated.
We expect to occur over the next three to five years first we're targeting at a minimum 50% annual revenue growth in streaming and digital.
We expect to grow revenue to $150 million.
Annual revenue run rate through organic and acquired revenue.
We will increase our monthly viewers to over 40 million monthly viewers and grow our engagement to more than 1 billion connected TV minutes per month.
And last but not least grow our content library to more than 75000 film and TV titles.
With that let me turn things back over to Chris.
Thanks, Eric I.
I believe it's very clear that our screening momentum continues to surge ahead.
Now registered three triple digit screaming revenue growth quarters in a row for future is brighter than ever.
Expect more news in the immediate future as we continue to build a robust enthusiast streaming channel portfolio and execute our successful accretive acquisition strategy on our way to doubling and tripling the size of our business. This as fast as our exceptional management team.
And with that we'll now take questions operator.
If you would like to ask a question. Please press the star followed by one on your telephone keypad now if you turn your mind. Please press the star followed by tool when preparing to ask a question. Please and so youll suddenly it locally.
Our first question comes from Dan <unk> from benchmark. Please <unk>. Your line is now open.
Great. Thanks.
Congrats guys on the progress some really meaningful improvements in some of the underlying Kpis and also really appreciate you guys starting to breakout some of the more detail around <unk> and some of the underlying strategy I think today you made it pretty clear.
On a couple of fronts.
Other it's another partnership or M&A.
There is probably some incremental news coming so maybe I just wanted to talk a little bit about the strategy going forward. Here you guys are clearly moved up here you are starting to expand your you've got a much larger and broader distribution footprint well at.
Content. So I know you guys have been and continue to be sort of the aggregation of enthusiast network are you now considering broader bigger library purchases.
Multiple vertical are you looking at more kind of larger plays an individual verticals, where you think you have.
Leverage and how does that play into continuing to expand your distribution footprint knowing that there are probably a bunch of decisions to be made by.
The one is in terms of channel lineup and placement as we head into the new year. Thanks.
Hey, Dan Let me just quickly give you a top line answer to that and I'll turn it over to Eric who can go into more detail, but I think.
The answer to your question is really we're looking at all of the above.
We're looking at targets that will increase the quality of our portfolio.
Expand our distribution both here and internationally.
And get us a footprint in verticals that truly have a real upside on a global basis that possibly we're not operating in right now.
The other thing Thats important is.
And the next calendar year, we're going to be very focused on.
Looking at an idea that we've talked about in the past, which is umbrella centered on channel.
And I won't get into that too much detail on this call, but we're looking at opportunities that will clearly support the.
Very effective quick.
Rollout of.
Of that umbrella channel.
To get it up to scale as quickly as we possibly can and that's another factor that we're considering but I'll, let eric get into more detail.
Go ahead Sir.
Yes.
Thanks for your question.
I think.
As you look at.
And two on two sides of the coin right just in the organic growth.
<unk>.
We have really dramatically upgraded.
Our partner base, both in brand licensing joint.
<unk> joined ventures partnerships.
At <unk>.
Between American public media and Bob Ross, All three media authentic brands with with.
Elvis Presley channel real Madrid, So I think.
And a lot of cases success begets success.
And we are.
Tracking.
Lot of similar high quality opportunities on the organic side.
We think those are as we go back to our notion of a portfolio strategy.
Whereas you continue to add.
Like any portfolio, you want to add bigger and better prospects with higher higher growth potential global potential.
And we're doing the same thing on the channel side. So on the organic side, we're going to continue to do that continue to.
Improve the portfolio by bringing in great brands developing great brands on the acquisition side I think we're doing the same thing right.
We've.
<unk> acquired.
A nice array of properties that have given us some pretty strong market positions in verticals that we think have a lot of strength, but.
But I think.
As we look to next year.
As the market really is both our platforms our partners are really.
Coming to us and looking to us for solutions in a way that they haven't previously.
So I think.
As we look at M&A to fuel growth.
I think our focus is going to be on.
Larger opportunities that fit within the verticals that we're starting to have strength and I think.
Moving up market, there is going to be a big priority for us as well.
Got it that's super helpful. I won't press you on the Cinedigm umbrella channel, but given the groundwork you guys have laid with.
Your international partnerships and.
The bundling, which obviously is going to significantly lower your CAC it feels like a pretty easy lift from here. So congrats guys. Thanks.
Dan will speak more to that on the next earnings call in February Yes, no. It sounds good I don't want to front run anything in terms of what you guys are planning or don't want to say, yes, but clearly you guys are building. It so it sounds like an incredible opportunity for you guys to leverage.
We agree thank you.
Thank you. Our next question comes from Laura Martin from anytime. Please <unk>. Your line is now open.
Hi, there I'll ask three from most detailed biggest pixar.
APM Tam.
Tim Youre getting and how much of your revenue make programmatically versus.
Second one I'd love your opinion on fast channels versus a vice president.
And you brought up <unk>.
So interested in how big you think those could be every three years and more interestingly really the most interesting questions Jamie.
How do you guys think about the net of ours.
Our company sits inside this trend towards the virtual reality of this nature.
This book is talking about thanks, guys.
Hi, Laurence this is Eric.
Thanks for joining us today, so I'll take each in order so on the CPM side, we're entering our.
Busy.
Busy busiest seasonal quarter.
Throughout the year were averaging we typically average in the mid teens.
We get into the high teens to low twenties.
As we get into the into the holiday season.
Where we.
We are considered.
With enthusiasm channels, even though we're in the <unk> space, we're still considered because we're relatively new player to the market relative to some of the bigger names. So we're considered a broad based value play. So that's reflective of our CPM. So we actually think that is a very good place for us to be right now as that.
The supply chain uncertainties.
Are causing some of the bigger campaigns to be theirs.
Some uncertainty around those a lot of dollars are flowing into.
Programmatic in value, where theyre getting a lot more value for the for the same amount of.
<unk>.
The AD spend that they are putting out in the market. So.
In terms of direct versus programmatic.
So while we have we have several agency partnerships that are doing direct sales I would say the vast majority.
Of our revenue today comes from programmatic and.
And private marketplace deals.
I think as we continue to scale.
Direct AD sales component is going to be a key focus.
Probably we're going to start looking at that mid next year.
Ben in that.
I'll call it the awkward teenage phase where.
We're probably big enough to support it.
We're getting very close but the the cost structure.
Kevin would negate some of the benefits until we added a little more scale, we're starting to see the benefits of that scale and we think as.
As we look forward.
Into next year with some M&A things that we may or may not do and other things.
Like we said M&A is a big part of our growth. So we think.
We should have the scale where that starts to make sense next year.
If we do execute on the things that we would like to do.
In terms of fast versus Avon.
As we look at the.
For us.
We see.
We're leaning into the fast side, we have been leaning into the fast side.
Just due to the lower cost of getting those AD impressions and users.
Being baked into the OS one button away you see a lot of a lot of companies have been buying.
Buttons on remotes.
You almost have the same relative effect of high scaling growth in users.
Button placement by being in the fast environment, where there is.
Maybe at best a few hundred choices and when we have somewhere in the neighborhood of.
10% on some of these services of the available channels, we're starting to see a lot of activity there.
We're not saying we're not also bullish on Avon that will be a core focus of our.
Call It the mother ship channel strategy.
Around a bigger a bigger channel play encompassing all of our content and brands.
But obviously that requires.
A much more sizeable investment in acquiring customers and getting app installs and getting an install base.
We have a good installed base across our current network.
Of channels and apps, but we think we're going to have to invest more into that.
For us to have an effective Avon strategy going forward.
In terms of <unk>.
I think our prospect on that business.
And we think it's very early days, where we think we may end up being.
We're as we look at the NFC market.
If you look at us as a technology oriented company.
The biggest one of the biggest opportunities that we see.
And that will drive partners to us as if we can leverage our match point technology to really make an FTE authoring distribution for entertainment companies.
Integrated into the workflows of their current existing content workflows and leverage the same assets that they've already spent a lot of time and money investing in we.
We think we've got some good ideas around that.
Sure.
In effect could you be.
An adobe of ft creation for <unk> companies.
That may be a lofty goal, but we think on a very small scale that could be a place for us. So it's.
It's too I think it's too early days to predict where that will be in terms of revenue for us since were just now assessing the market.
But.
We're monitoring very closely and we think.
Like in any sort of new technology being a a pick.
Pick and shovel creator versus.
Part of the gold rush could be quite lucrative strategy for us on that front.
Lastly, as it relates to the meta versus we think.
When we talk about the <unk> channel strategy.
A lot of.
Lot of what we've been talking about to date has been video, but if you kind of look what we're doing with bloody disgusting, we think theres a broader approach to being enthusiasts consumers who are enthusiasts and Hulu.
Horror don't say, I love or video or I, only love horror podcast or I love her editorial content, they love horror and so we want to super serve them throughout the entire richness of whatever vertical area that they are into so where the meta versus quite unique is you can take it.
Company like bloody discussing where we have podcasts audio.
A robust editorial video and can we use technology within these emerging med adverse environments.
To build super serve fan experiences.
Within them I think we have the tools and the makings of a business model that can be quite <unk>.
Quite compelling where.
We could cater specific experiences to people's unique fan interest within these emerging environment. So we're looking closely at it and I think we're putting the pieces together our strategy is to own a vertical.
End to end not just in video but podcasts.
No.
Consumer experiences and so forth so.
I know that was a lot of information there I hope that I don't know if you had any follow up questions on any of that.
No.
Really like the thinking on the matter of ours.
Nathan So I really appreciate your thoughtful response, thank you.
Thank you Laura.
That's what Eric was going to announce we're going to do a Bob Ross matters, but.
Just.
Are there any other questions.
[laughter].
We currently have no further questions I would now over to Kris <unk> for any final remarks.
Thank you Ron.
Thank you everyone for joining us today and for your interest in Senator.
<unk> summarized for the last three quarters, we have recorded an extraordinarily strong triple digit streaming revenue growth results as we delivered on our promise to shareholders to transform our business into a high growth independent streaming company with a broad portfolio of enthusiast channels and content.
This strategy is enhanced by our unique array of assets and capabilities, along with our proprietary matchbook technology platform.
Combined all of those assets cements, our position as a leader in the streaming industry that more and more blue chip partners are true turning to Prescreening solutions.
We are in the strongest position we've ever been in financially operationally competitively and from a management talent standpoint, we expect to generate both strong organic growth.
Wired growth by targeting smart accretive acquisitions that accelerate our streaming momentum.
The future looks very bright and we are delighted to have such a supportive investor base behind us.
Please follow up with Laura Kiernan team approach Investor relations with any other questions you may have.
She can be reached.
Cinedigm.
<unk> dot net.
We look forward to speaking with you again, when we report our third quarter and nine month results. Thank you all very much.
This concludes today's call. Thank you for joining you may now disconnect your lines and enjoy the rest of your day.
Yeah.
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Yes.
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