Q1 2022 Enthusiast Gaming Holdings Inc Earnings Call

May 16, 2022

Thank you for standing by. This is the conference operator. Welcome to the Enthusiast Gaming Holdings, Inc. Fiscal First Quarter 2022 Financial Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Thank you for standing by this is the conference operator welcome to the enthusiast Gaming Holdings, Inc. Fiscal first quarter 2022 financial results Conference call.

As a reminder, all participants are in listen only mode and the conference is being recorded after the presentation there'll be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you May signal, an operator by pressing star zero I would now like.

To join the question queue, you may press star, then one on your telephone.

Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Eric Bernal.

To turn the conference over to Eric Bernacki.

Chief Corporate Officer, please go ahead.

<unk> Corporate officer. Please go ahead.

[music].

Thank you Ariel.

Good afternoon, everyone. Thank you for joining enthusiast gaming's first quarter, 2022 Financial and Operating Results call. My name is Eric Bernowski, Chief Corporate Officer of Enthusiasm Gaming. With me today is our Chief Executive Officer, Adrian Montgomery, and our Chief Financial Officer, Alex McDonald. We'll begin with some prepared remarks from Adrian Nalitz before opening the floor to questions. Before we begin, I'd like to remind everyone that today's presentation contains forward-looking information that involves known and unknown risks and uncertainties, and other factors that could cause actual events to differ materially from current expectations.

Good afternoon, everyone and thank you for joining us easiest gaming first quarter 2022 financial and operating results call. My name is Eric Gronowski, Chief Corporate officer, because this gaming with me today is our Chief Executive Officer, Adrian Montgomery, and our Chief Financial Officer, Alex Macdonald will begin with some prepared remarks from Adrian Alex before opening the floor to questions before we begin.

And I'd like to remind everyone that today's presentation contains forward looking information that involve known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current expectations. These statements should not be read as assurances of future performance or results such statements involve known and unknown risks uncertainties and other factors that may cause actual results performance or achievements to be materially different from those implied by such statements.

These statements should not be read as assurances of future performance results. Such statements involve known on unknown risks on certain needs and other factors that may cause actual results, performance, or achievement to be materially different from those implied by such statements.

More complete discussion of the risks and uncertainties facing the company appear in the company's management discussion and analysis for the three month period ended March 31st 2022, which are available under the company's profiles on Cedar and Edgar as well as on the company's website, enthusiastgaming.com. Your caution not to play thunder alliance on these forward looking statements, which speak only as the date of this presentation. The company disclaims any intention obligation except the extent required by law to update and revise any forward looking statements as a result of new information future events or for any other reason.

And more complete discussion of the risks and uncertainties facing the company appear in the company's management discussion and analysis for the three months period ended March 31, 2022, which are available under the company's profile on SEDAR and Edgar as well as on the company's website. It's easiest gaming Dot Com you are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date of this presentation.

The company disclaims any intention or obligation except to the extent required by law to update or revise any forward looking statements as a result of new information future events or for any other reason.

Now, I'd like to turn the call over to Adrian Montgomery, CEO of Enthusiast Gaming. Adrian.

Now I'd like to turn the call over to Adrian Montgomery, CEO and easiest gaming Adrian.

Thank you, Eric. Good afternoon and welcome to our first quarter 2022 Financial Results Conference call.

Thank you Eric.

Good afternoon, and welcome to our first quarter 2022 financial results Conference call.

2022 is off to an incredible start. And I'm excited to share with you the details of yet another strong quarter.

2022 is off to an incredible start and I'm excited to share with you the details of yet another strong quarter.

I will share with you why we were winning in the marketplace and why we are confident that our business model is well positioned to continue to deliver rapid revenue growth, outsize margin growth, and deliver profitability in the short run.

I will share with you why we were winning in the marketplace and why we are confident that our business model is well positioned to continue to deliver rapid revenue growth outsized margin growth and deliver profitability in the short run.

As always I will also share some key operational highlights and milestones before handing the call over to Alex to share more details on our financial performance in the quarter.

As always, I will also share some key operational highlights and milestones before handing the call over to Alex to share more details on the financial performance in the quarter. Our Q1 2022 results demonstrate that our flywheel model centered around communities, content, creators, and experiences continues to drive long-term value for all stakeholders, including our audience, our brand partners, and of course, our shareholders.

Our Q1 2022 results demonstrate that our flywheel model centered around communities content creators and experiences continues to drive long term value for all stakeholders, including our audience our brand partners and of course our shareholders.

This quarter, we accelerated our revenue growth and delivered substantial margin expansion.

and to be able to do that in a quarter that is seasonally the slowest

And to be able to do that in a quarter that is seasonally the slowest is a strong sign for what's to come for the rest of the year. We're confident that the trends. We are seeing will allow us to meet profitability objectives in the short term.

Let me share some of the highlights of the quarter revenue.

Revenue in Q1 grew 57% to 47.2 million, up from 30 million last year in 2020.

Revenue in Q1 grew 57% to $47 2 million up from $30 million last year in 2021.

The year-over-year increase was driven largely by one higher views across our content channels, two stronger monetization across both web and video platforms, three growth in our direct sales channels, and four continued growth in subscript.

The year over year increase was driven largely by one higher views across our content channels to stronger monetization across both web and video platforms three growth in our direct sales channels and for continued growth in subscriptions five and lastly <unk>.

Five, and lastly, growth from the addicting games and u.gg prop.

Growth from the Addicting games, and you Die G G properties.

Gross profit grew to 13.5 million in Q1, up 127% from 5.9 million this time last.

Gross profit grew to $13 5 million in Q1 up 127% from $5 9 million. This time last year Q.

Q1 gross profit was particularly strong and effectively equal to Q4 2020-21 gross profit of 13.7 million despite a strong seasonal difference between the two periods.

Q1, gross profit was particularly strong and effectively equal to Q4 2000 2021 gross profit of $13 7 million. Despite a strong seasonal difference between the two periods.

Gross margin expanded to 28.6% in the quarter, an increase of 880 basis points versus gross margin of 19.8% in C1 of 2020.

Gross margin expanded to 28, 6% in the quarter, an increase of 880 basis points versus gross margin of 19, 8% Q1 of 2021.

The increase in gross margin is driven by the strong performance of addicting games and U.T.G. as well as the higher direct sales and subscription reps.

The increase in gross margin is driven by the strong performance of addicting games, and you'd add G. G as well as the higher direct sales of subscription revenue.

On direct sales, I'm pleased to report that this area of the business is off to a strong start for the...

On direct sales I am pleased to report that this area of the business is off to a strong start for the year correct.

Direct sales grew 136 percent to 5.2 million in Q1. 2 million.

Direct sales grew 136% to $5 2 million in Q1.

2 million in Q1 of last year.

Last quarter I spoke about the success we are having converting new customers into returning.

Last quarter I spoke about the success, we are having converting new customers into returning customers.

This quarter, renewals and additional business with existing customers accounted for 65% of direct sales. That's up from 42%.

This quarter renewals and additional business with existing customers accounted for 65% of direct sales that's up from 42%.

Last quarter.

And deal size among our renewals on average is larger than deal size for new customers.

And deal size among our renewals on average is larger than deal size for new customers. Again. This is a very important metric for us to watch as it continues to demonstrate to us the value that our flywheel of services. We offer brands is helping them convert their spend with us into new customers for that.

Again, this is a very important metric for us to watch as it continues to demonstrate to us the value that our flywheel of services we offer brands is helping them convert their spend with us into new customers for them.

Yes.

Some of the larger renewal partners we work with in the quarter include the United States Navy, HBO Max, the Truth Initiative, DoorDash, Elf Cosmetics, and H&R Block. While some of the new partners include Hud-8, the FDA, Coca-Cola, Toyota, Puma, Wendy's, Fidelity, Fiji, Lionsgate, and Red.

Some of the larger renewal partners, we work with in the quarter in Queens.

States Navy H B O box the truth initiative.

Dash <unk> cosmetics, and H&R block well some of the new partners include hut eight the F D. A Coca Cola Toyota Puma Wendy's fidelity to G G Lionsgate and Red Bull.

Turning to subscriptions, revenue grew 83% to 3.3 million, with paid subscribers increasing 70% from a year ago to end the quarter at 233,000.

Turning to subscriptions revenue grew 83% to $3 3 million with paid subscribers, increasing 70% from a year ago to end the quarter at 233000.

One point I'd like to emphasize here is that revenue grew faster than subscribers. Meaning our poor, the average revenue per user on those subscribers increased slightly in the quarter. This proves the value of our subscription offerings to our audiences and the ability for us to maintain price.

One point I'd like to emphasize here is that revenue grew faster than subscribers mainly <unk>.

The average revenue per user on those subscribers increased slightly in the quarter. This proves the value of our subscription offerings to our audiences and the ability for us to maintain pricing power.

Again, to reiterate, two of the main reasons we have been able to grow margins at twice the rate of revenue growth is the contribution coming from higher margin areas of the business, like direct sales and subscriptions.

Again to reiterate two of the main reasons, we have been able to grow margins at twice the rate of revenue growth is the contribution coming from higher margin areas of the business like direct sales and subscriptions.

And at this point I would be remiss.

to talk about the exemplary leadership on the operational side of our chief operating officer, Thumbna Tharmalingam, who every day drives efficient fees across the organization, as well as the strong growth that is reflected in these results. Thumbna would normally be with us tonight, but he's waving the enthusiast flag at Ad Week Europe , which has emerged as a priority growth area for the cup.

To talk about the exemplary leadership on the operational side of our Chief operating officer, Tom The third millennium, who everyday drives.

Fishing sees across the organization as well as the strong growth that is reflected in these results. Some of it would normally be with us tonight, but he's waving the enthusiast flag at AD week Europe .

<unk> has emerged as a priority growth area for the company.

On my last CEO update, I talked about how we are taking tangible steps towards the goal of increasing.

And my last CEO update I talked about how we are taking tangible steps.

Towards the goal.

Of increasing our content.

Vertical of the business.

Last quarter I spoke about making the right investments and the decisions for the company to position ourselves at the intersection of gaming culture.

As audience preferences evolve and grow we are taking a hard look at how we create content asking viewers what is important to them what product enhancements features formats would they like to see.

As audience preferences evolve and grow, we are taking a hard look at how we create content, asking viewers what is important to them, what product enhancements, features, formats would they like to see. We asked a lot of questions, and of course,

We asked a lot of questions and of course, how can we monetize that new content.

One thing we have witnessed, as I'm sure many of you have, is the speed at which TikTok is growing. It is the fastest growing social network in the world.

One thing we have witnessed as I'm sure. Many of you have is the speed at which Tictoc is growing.

It is the fastest growing social network in the world.

Over the past year, we have dedicated resources to TikTok. We now have 16 Enthusiast Gaming owned and operated TikTok channels, generating 50 million monthly views and growing. The content we are producing is extremely diverse but relevant to our fans and our audience.

Over the past year, we have dedicated resources to tick tock. We now have 16 enthusiast gaming owned and operated tick tock channels generating 50 million monthly views and growing the content, we're producing is extremely diverse but relevant to our fans and our audience. We have shows the focus on news guides.

We have shows that focus on news, guides, culture, entertainment, streaming, top 10 lists, as well as gaming.

Culture Entertainment streaming top 10 lists as well as game close we believe there is tremendous opportunity for brand partners to have a much greater presence on tick tock and we are already engaging with leading brands and organizations on this and in fact, we've already begun monetizing on this.

We believe there is tremendous opportunity for brand partners to have a much greater presence on TikTok and we are already engaging with leading brands and organizations on TikTok.

And in fact, we have already begun monetizing on this platform via a recent custom integration we did with DoorDash.

Platform via our recent custom integration, we did with door dash.

It's amazing to see the innovation happening in real time with our content and sales teams being able to ideate and execute on an idea that brings value to audiences and can be monetized with our brand partners.

It's amazing to see the innovation happening in real time, with our content and sales teams being able to ideate and execute on an idea that brings value to audiences and could be monetized with our brand partners.

Turning to luminosity gaming.

the most watched eSports organization on Twitch.

The most watched esports organization on Twitch.

Luminosity continues to move forward. Luminosity is a cornerstone in our asset portfolio, and we are focused on continuing to grow markets.

Luminosity continues to move forward luminosity of the core cornerstone in our asset portfolio and we are focused on continuing to grow market share subsequent to the quarter end, we announced that we've entered two new game titles, including a return to Halo and our new apex legends teams in.

Subsequent to the quarter end, we announced that we have entered two new game titles, including our Return to Halo and our new Apex Legends.

In conclusion, we delivered a very strong Q1 in the face of seasonal weakness and a difficult global economic and geopolitical environment. We accelerated our revenue growth and grew profit, and twice rate it.

In conclusion, we delivered a very strong Q1 in the face of seasonal weakness and a difficult global economic and geopolitical environment, we accelerated our revenue growth and grew gross profit at twice the rate of revenue.

I would leave you with four key messages for 2022.

One, we will continue to focus on strong revenue growth.

One we will continue to focus on strong revenue growth.

Two, we also expect margin growth to continue to significantly outpace revenue growth as seen both in this quarter and in 2021.

Two we also expect margin growth to continue to significantly outpace revenue growth as seen both in this quarter and in 2021 number.

Number three, with the Surgeon Gross Profit, we have the available capital to execute our business plan. And finally, given the operating leverage of the business, we are on an accelerated path to...

Number three with the surge in gross profit we have the available capital to execute our business plan.

And finally, given the operating leverage of the business. We are on an accelerated path to positive EBITDA in the latter stages of this year.

I will now turn the call over to Alex for further commentary on our financial results.

Okay.

Yeah.

We are off to a strong start for the year with with this impressive quarter. Our first quarter 2022 before I begin my commentary on that here are my usual notes I note that our results are presented in Canadian dollars I know that the significant majority of our revenues are measured in U S dollars and are translated into Canadian dollars for presence.

We are off to a strong start for the year with this impressive quarter, our first quarter, 2022. Before I begin my commentary on that, here are my usual notes. I note that our results are presented in Canadian dollars. I note that the significant majority of our revenues are measured in U.S. dollars and are translated into Canadian dollars for presentation in our financial statements. The exchange rate between the U.S. dollar and our presentation currency of the Canadian dollar should be monitored and considered when analyzing our forecasting results.

Patients in our financial statements the exchange rate between the U S. Dollar in our presentation currency of the Canadian dollar should be monitored and considered when analyzing their forecasting results.

And I note that our business is affected by seasonal trends in digital advertising, where sequential increases each quarter throughout the year, driven by increasing ad prices and demand, which peaks in Q4. The seasonality is isolated to our media and content revenue stream.

And I know that our business is affected by seasonal trends in digital advertising, where sequential increases each quarter throughout the year, driven by increasing that prices and demand, which peaks in Q4. The seasonality is isolated to our media and contents revenue streams Q1 is seasonally the slowest quarter, but now let's talk about Q.

Q1 is seasonally the slowest quarter, but now let's talk about Q1.

One Q1 revenue was $47 2 million up 57% from Q1 2021 revenue of $30 million Q1 revenue by source was as follows media and content to $41 9 million subscription $3 3 million in news sports and Entertainment 2 million Q1 media and content revenue of 41 point.

Q1 revenue was $47.2 million up 57% from Q1 2021 revenue of $30 million. Q1 revenue by source was

media and content, 41.9 million, subscription, 3.3 million, and eSports and entertainment, 2 million. The Q1 media and content revenue are 41.9 million, compares to a 27 million reported in Q1 2021, an increase of 54%.

9 million compares to a 27 million reported in Q1 2021 an increase of 54%. This increase was driven by the following number one was higher demand for our inventory. This increased our rpms on both our web and video platforms. Our web RPM was up 64% and our video RPM was.

This increase was driven by the following. Number one, with higher demand for inventory.

This increased our RPMs on both our web and video platforms. Our web RPM was up 64% and our video RPM was up 28% year over year in Q1. Number two was more inventory. Total views of contents were 11.3 billion in Q1 versus 9.9 billion in Q1 2021.

28% year over year in Q1 number two was more inventory total views of contents were $11 3 billion in Q1 versus $9 9 billion in Q1, 'twenty 'twenty. One number three was more direct sales direct sales were $5 2 million in Q1 versus $2 2 million in Q1 of last year and number four.

Number three was more direct sales, direct sales for 5.2 million Q1 versus 2.2 million Q1 of last year. And number four was strong performances in our two larger acquisitions from 2021, being Addicting Games and U.G.

Four with strong performances in our two larger acquisitions from 2021 being addicting games and U G G.

Q1 subscription revenue was 3.3 million up 83% from 1.8 million in Q1 last year. This increase was driven by an increase in paid subscribers, which were 233,000 as that March 31st, 2022 compared to 137,000 as that March 31st, 2021.

Q1 subscription revenue was $3 3 million up 83% from $1 8 million in Q1 last year. This increase was driven by an increase in paid subscribers, which were 233000 as at March 31st 2022, compared to 137000 as at March 31, 2021 Q1 E sports and entertainment revenue.

Q1E Sports Entertainment revenue was $2 million up 67% from $1.2 million in Q1 last year. This increase was mostly driven by the return of live events. The company was able to host live events in key markets in Q1 of this year and anticipate being able to do so going forward. The ability to host future live events will depend on the regional public health regulations and guidance prevailing at the time.

With 2 million up 67% from $1 2 million in Q1 last year. This increase was mostly driven by the return of live events. The company was able to host a live events in key markets in Q1 of this year and anticipate being able to do so going forward the ability to host future live events will depend on the regional public.

Health regulations and guidance prevailing at the time.

Gross profit is likely the most notable results from the quarter. Gross profit was 13.5 million for Q1, up 129% from 5.9 million in Q1 last year. Notably, Q1 gross profit was also within 1.5% of Q4 2021 gross profit.

Gross profit is likely the most notable results from the quarter gross profit was $13 5 million for Q1 up 129% from $5 9 million in Q1 last year, notably Q1 gross profit was also within 1.5% of Q4 2021 gross profit which was.

which was 13.7 million, despite the seasonal effects, which typically make two-four strong in Q1 weeks.

$13 7 million, despite the seasonal effects, which typically makes it too far strong in Q1 week and once again the year over year growth in gross profit on a percentage basis, while exceeds the growth in revenue as reflected in the gross margin gross margin was 28, 6% up 880 basis points from 19 eight per.

And once again, the year over year growth and gross profit on a percentage basis.

Well, it feeds the growth and revenue as reflected in the gross margin. Gross margin was 28.6% up, 880 basis points from 19.8% to Q1 last year.

Sent in Q1 of last year since we acquired our video network in Q3 of 2020, we have consistently every quarter improved our gross margin on a year over year basis. The 880 basis point improvement is driven by the increase in direct sales the increase in subscription and the increase are the acquisitions, including most notably.

Since we acquired our video network in Q3 of 2020, we have consistently, every quarter, improved our gross margin. On a year over your basis, the 880 basis point improvement is driven by the increase in direct sales, the increase in subscription, and the acquisitions, including most notably, as mentioned earlier, very strong performances by Addicting Games, and U.G. and Q1, both of which are high margin businesses with attractive participants.

<unk> as mentioned earlier very strong performances by Addicting games and UGG in Q1, both of which are high margin businesses with strong growth curves.

This strong performance, along with the return of live events, also contributed to the notable sequential improvement in Ghost Margin Q1 over Q4, which was 460 bass.

This strong performance along with the return of live events also contributed to the notable sequential improvement in gross margin Q1 over Q4, which was 460 basis points.

Operating expenses were 28 4.8 million.

Operating expenses were 28 4.8 million up from $18 7 million in Q1 last year and downside Lee from $25 7 million in Q4 operating expenses, excluding amortization and stock based compensation was approximately 1 million Q1 over Q4, which is attributable to the esports player teaming.

up from 18.7 million in Q1 last year and down slightly from 25.7 million in Q4 operating expenses excluding amortization and stock based compensation were up approximately 1 million Q1 over Q4 which is attributable to the esports player team and game expenses returning to normal levels after a one time reduction in Q4. Outside of this there were no material net additional operating and investment.

<unk> expenses returning to normal levels. After a one time reduction in Q4 outside of this there were no material net additional operating and investments in Q1 net loss and comprehensive loss was $12 2 million down from $13 6 million in Q1 last year, resulting in a net and comprehensive loss per share both basic.

in Q1. That loss in comprehensive loss was 12.2 million down from 13.6 million in Q1 last year, resulting in a net end comprehensive loss per share, both basic and diluted of 8 cents in Q1, down from 12 cents in Q1 last year.

And diluted of eight seven in Q1 down from 12 cents in Q1 last year cash used in operating activities was $7 5 million, including $2 1 million from changes in working capital most of the working capital movements are from the pay down of the working capital adjustment stemming from the U G. G acquisition in Q4 and.

Cash dues and operating activities with $7.5 million, including $2.1 million from changes in working capital. Most of the working capital movements are from the paydown of the working capital adjustment, stemming from the U.GG acquisition in Q4 and accrued year end expenses paid in Q1. Excluding working capital adjustments.

[noise] accrued year end expenses paid in Q1, excluding working capital adjustments cash used in operating activities was $5 4 million in Q1, which is expected to be the bulk of the cash used in operating activities, excluding working capital movements for this year.

Cash used in operating activities was $5.4 million in Q1, which is expected to be the bulk of the cash used in operating activities, excluding working capital movements, for this year.

We ended Q1 with 14.1 million of cash and an operating line limit of five million for total liquidity of approximately 19.1 million. We remain of the strong opinion that the results of operations and the financial condition of enthusiast gaming has never been strong.

We ended Q1 was $14 1 million of cash and an operating line limit of $5 million for total liquidity of approximately $19 1 million. We remain of the strong opinion that the results of operations and the financial condition of enthusiast gave me and has never been stronger the seasonally weakest quarter of the year is now behind us.

The seasonally weakest quarter of the year is now behind us, and there was nothing weak about it.

And there was nothing weak about it it was our second highest revenue quarter ever next door only the seasonally high Q4 also it was our second highest gross profit quarter ever again, just marginally less in Q4 and our business. When your Q1 looks and feels like your Q4, you are set up for a very strong year.

It was our second highest revenue quarter ever. Next, only the seasonally high Q4. Also, it was our second highest growth profit quarter ever. Again, just marginally less than Q4. In our business, when your Q1 looks and feels like your Q4, you are set up for a very strong year.

We strive to be transparent and forthcoming about our plans. And I wish to elaborate on how we view growth, which we spoke about at our Q4 call.

We strive to be transparent and forthcoming about our plans and I wish to elaborate on how we view growth, which we spoke about at our Q4 call.

We have continually expressed confidence in our ability to continue to grow the company. We do believe that nothing will stand in the way of our growth. However, this confidence does not come from an ability or desire to inject operating investments. Rather, it comes from what we observe and make KPIs of the business.

We have continually expressed confidence in our ability to continue to grow the company. We do believe that nothing will stand in the way of our growth. However, this confidence does not come from an ability or desire to inject operating investments rather it comes from what we observe in the kpis of the business.

year over year, our content views are up. Our CPMs and RPMs are up. Paying subscribers are up. Direct sales are up. And most notably, gross margin is significantly up.

Year over year, our content views are up our C. P M and rpms are up paying subscribers are up direct sales are up and most notably in gross margin is significantly up.

Our confidence in these trends is bolstered by the fact that they are across a diverse portfolio of products on web and video on desktop and mobile.

This is where our growth confidence comes from. At the same time, the business is on the verge of a gross margin which allows for self-sustainability. Against that backdrop, we have entered a period of stability and operating expense.

This is where our growth confidence comes from at the same time. The business is on the verge of a gross margin, which allows for self sustainability against that backdrop. We have entered a period of stability in operating expenses and this will be coupled with the continued benefits of the tailwind of our macro environment. The Taylor.

will be coupled with the continued benefits of the tailwinds of our macro environment, the tailwinds of the trends in our internal KPIs, and from now until December 31st, the tailwinds of seasonality.

One of the trends in our internal Kpis and from now until December 31st the tail winds of seasonality.

This will help us demonstrate to the market the earnings potential of our ecosystem. But we certainly still regard the company as early stage. When it comes to the scale of the business, we still believe we are just getting started.

It will help us demonstrate to the market the earnings potential of our ecosystem, but we certainly still regard. The company is early stage when it comes to the scale of the business. We still believe we are just getting started.

I wish to thank all the analysts for their continued work on the company. I also wish to thank our shareholders and other stakeholders, and particularly the people of Enthusiasm Gaming, who I am honored to work with. They remain in my judgment our most valuable asset.

I wish to thank all the analysts for their continued work on the company I also wish to thank our shareholders and other stakeholders and particularly the people of enthusiast gaming, who I am honored to work with they remain in my judgment, our most valuable asset.

you want to show them that there may be seasonality in our business.

Q1 has shown that there may be seasonality in our business, but there is no seasonality and the people of our business and of course, ladies and gentlemen, our business is the business of gaming. Thank you operator back to you.

but there is no seasonality in the people of our business. And of course, ladies and gentlemen, our business is the business of gaming. Thank you, operator back to you.

Thank you. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You'll hear it.

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Our first question comes from Mike Crawford of B Riley Securities. Please go ahead.

Our first question comes from Mike Crawford of Be Rylee Securities. Please go ahead.

Thank you very much. So I'm hopeful you can quantify the margins and growth curves at UDOTGG and addicting games and just maybe in conjunction with that. Can you give us some color on the NFT1 in Schlast week that went live at ev.io.

Thank you very much so.

I'm hopeful you can quantify the margins and growth curves that you'd at G. G and addicting games and just maybe in conjunction with that can you give us some color on the N F. T launch last week that went live it you'd be done.

Like how are you doing Alex.

So, it's Addicting Games and New.GG, look, they're strong contributors, and they are still less, quantify it this way. They're still less than 10% of revenue.

So it's addicting games and E. G. G. Like they are strong contributors and and they are still less or quantify it this way, there's still less than 10% of revenue.

But they are high margin. So they thought a one time thing to the gross margin, which I suspect you may be trying to understand that huge leap into one. That's, I mean, that's real. It's not one time they have strong growth curves. They are high margin businesses. But to quantify it, I'll say that there's still less than 10% overall revenue.

So, but they are high margin. So it's not a onetime thing to the gross margin, which I suspect.

You may be trying to understand that that huge leap in Q1, that's I mean, that's real it's not one time they have strong growth curves. They are high margin businesses, but to quantify it all I'll say that there's still less than 10% of overall revenue.

And then I think the NFTs went live just a few days ago, DB.io.

And then I think the N F. T's went live from just a few days ago would you be done Io.

So we did have a very successful and we're extremely proud of the team at a Dicking Games. Successful NFT launch, I believe we are over 4,000 units or so NFT.

So we did have a very successful and we're extremely proud of the team at addicting games successful enough to launch I believe we are over 4000.

Units are so and ftes that we minted that sale ended I believe it was Sunday overnight.

That fail ended I believe it was Sunday overnight And it's very fresh, but there are 4,000 more NFTs in the market now that were mentioned by enthusiasts gaming and particularly by the The the people that are dictating games and one thing I do want to point out just as a gamer I love this aspect. These are NFTs you buy them you can wear them in the game as you're playing EV.io So it's very neat technology. It's very cool I think it was over 4,000 are approximately 4,000 units were sold

And it's very fresh, but there are 4000 more rfps in the market now that were mentioned by enthusiast gaming and particularly by the the the people that are addicting games and.

One thing I do want to point out just as a gamer I loved. This aspect. These are entities you buy them you can wear them in the game as you're playing E V. I O. So its very new technology, it's very cool over I think it was over 4000, approximately 4000 units were sold and and that's that's fresh fresh off the presses that that sell just concluded over the weekend.

That's fresh off the presses, that they're just concluded over the week.

Yeah.

Excellent. So I don't want to ask too many, but I'll just go one more. So I'm glad to hear that OpEx appears to be on a flattened trajectory and you come in it to positive EBITDA and that quote, latter stages of the year. Does that mean NQ4, maybe Q3, or is there any more quantifying you can do around that? And then further should we take that to expect positive EBITDA and perhaps even free cash flow for the whole next year?

Excellent so I don't want to as too many but I'll just go one more so I'm glad to hear that opex appears to be on a flattened our trajectory and you commit it to positive EBITDA in the quote latter stages of the year does that mean in Q4, maybe Q3 or is there any more.

Quantifying you can do around that and then further should we take that to expect positive EBITDA or perhaps even free cash flow for the whole of next year.

So I mean, look, I will say for the back half of the year, I don't want to create a milestone.

Sure I mean.

Look I will say for the back half of the year I don't want to create a milestone.

How about putting like a milestone prejudice around that zero number, whether it's a dollar or negative a dollar materially It's it's going to be significant improvements throughout the year, which will lead to profitability Whether or not that trips in Q4 Q Q3

How do I put it like a milestone prejudice around that zero number whether it's a dollar a negative a dollar materially it's there's going to be significant improvements throughout the year, which will lead to profitability, whether or not that trips in Q4 to Q3.

I don't want to turn that into a necessary PPI, but there's going to be material improvements. Optics is very stable, and we've described a bunch of the growth metrics, which give us a lot of tailwinds to work out the rest of the year. As for next year, the answer to your question is yes.

I don't want to I don't want to turn that into a unnecessary PPI, but there's going to be material improvements opex is very stable and we've described a bunch of the growth metrics, which give us a lot of tailwind to work out the rest of the year as for next year are the answer to your question is yes.

Great excellent. Thank you so much.

Our next question comes from raw young of canaccord genuity.

Our next question comes from Robert Young of Canaccord Genuity. Please go ahead.

Hi, Good evening last quarter, I think I came away with the impression that you were gonna see gross margins sequentially improving through the year. So up in Q2, Q3, Q4, and so it strikes me that this might be a quarter, where the gross margins are quite a bit stronger than you expected and so would you still expect to improve.

Hi, good evening. Last quarter, I think I came away with the impression that you were going to see grow smarter.

sequentially improving through the year so up in Q2

And so it strikes me that this might be a quarter where the gross margins are quite a bit stronger than you expected it. So would you still expect to improve sequentially through the year off of this base?

Sequentially through the year off of this space.

How you do in Rob it's Alex again, I mean the answer is yes. It is a very strong result and we're proud of it and

How are you doing Rob its Alex again, I mean, the answer is yes. It is a very strong results and we're proud of it and.

Got.

It is.

Certainly, you know, it didn't surprise us, but we are very pleased. And yes, we expect to continue.

Certainly it didn't surprise us, but we are very pleased and yes. We expect continued incremental gains on the on the gross margin. That's what we set out to do and we've said that for you know closer two years I guess now and we've done it every single quarter, where we want to we want to continue to do that I wouldn't expect of course 460 basis points.

incremental gains on the gross margin. That's what we set out to do. We've said that for, you know, close to two years, I guess, now and we've done it every single quarter. We want to continue to do that. I wouldn't expect, of course, 460 basis points a quarter. That is not normal. I think in the past we've said, look, if we can do 50 or 100 basis points a quarter, then that's fine by us and I would expect continued gains on the gross margin.

That's that is not a normal I think in the past. We've said look if we can do 50 or 100 basis points a quarter.

Then that's fine by Us and I would expect continued continued.

Continued gains on the gross margin.

Alright, and what's my premise correctly or was it a surprisingly.

Rich Quarter for Gross Margin, or did it come in more or less?

Rich quarter for gross margin or did it come in more or less in line with what you expected.

Well, no, we're pleased. I will say we've even surprised ourselves in many areas in gross profit and margin for one of them. But we've had a chance to absorb that and measure it and it's going to continue. Well, what we've always said to you, Rob, is, you know, we very much have built a business that we see as...

No were pleased I will say, we even surprised ourselves in many areas in gross profit and margin were one of them, but but we've had a chance to absorb that and measure it and it's going to continue but what we've always said to Rob is.

We very much have built.

A business that we see as a.

a 21st century media and entertainment company and a content company. And we think and have always thought aspirationally that

20, <unk> century media and entertainment company in a content company.

And we think can have always thought aspirational leave that the same.

The same gross margin profile of those traditional media entertainment content companies is something that we should be able to achieve. And that's north of 40 percent. And we're trending across that and we're getting to it. And really it comes from owning more of our ecosystem, producing more of our content for our audience.

Gross margin profile of those traditional media entertainment content companies is something that that we should be able to achieve and you know that's north of 40%.

And where we're trending.

We're trending across that.

And we're getting to it and really it comes from owning more of our ecosystem producing more of our content for our audience.

And we've really started to affect that pivot of a company that is more proprietary in terms of the things that we do to generate that engagement with our audience.

And we've really started to affect that pivot of our company.

That is more proprietary in terms of the things that we do to generate that engagement with our audience.

Okay great.

Last question for me I guess for a pass of line would be on the big jump in the same store sale.

Last question for me I guess before I pass the line would be on the big jump in the.

Same store sales then the repeat business I think you said, 60% plus.

What is the driver of that? Is that seasonality? Is it just that you see less new customers in Q1? Or is there something else that plays?

What is the driver of that is that seasonality is it just that you see less new customers in Q1.

Or is it is there something else that play because it just seems like a big jump.

Yeah, it is a big jump. And what it represents at the very, very heart of the matter is

Yeah. It is a big jump and and what it what it represents at the very very heart of the matter is that the customers that we've been working with are generating the results that they're looking for.

that the customers that we've been working with are generating the results that they're looking for by using this one-stop solution called Enthusiasm Gaming that creates bespoke content that creates esports sponsorship and that really wraps our arms around fans and generates results for them.

By using this one stop solution called enthusiast gaming that creates bespoke.

Content that creates E sports sponsorship and that really wraps our arms.

Around fans and generates results for them and so.

When we started with the Direct Sales effort in 2020, as you recall, and we did a number of casts and private marketplace deals, and really, we cast them that widely. And now, what we're finding is that people are doing more and more and more with us, because if you're in HBO Max, if you're a Disney Plus,

We when we started with the direct sales effort in 2020 as you recall, we did a number of tests and private marketplace deals and really we cast the net widely and now what we're finding is that people are doing more and more and more with us because if you're an HBO Max if you're at a Disney plus.

You're only coming back to the well with a partner if they deliver and they convert for you. That's what we're doing. We're seeing larger and larger spend from our existing customers. It is a big jump. But what it also does in a quarter, like the first quarter, which is seasonally the slowest quarter, it sets us up.

You're only coming back to the well with a partner if they deliver and they convert for you and that's what we're doing and we're seeing larger and larger spend.

From our existing customers and it is a big jump, but what what it also does in a quarter like the first quarter, which is seasonally the slowest quarter as it it sets us up.

We get more and more revenue visibility as we grow the business. And as you well know, that's a great and encouraging place to be when you have more and more visibility over your revenue going forward. And certainly that is evidenced by the fact that we're growing our repeat business with some pretty, pretty strong brand names.

To get more and more revenue visibility as we grow the business and as you well know that's that's a great and encouraging place to be when you have more and more visibility over over your revenue going forward and certainly that is evidenced by the fact that we're growing.

Our repeat business with some pretty pretty strong brand names.

Great.

Just to put a finer point on it was that when you when you're winning new business with new logos.

to put a finer point on it, when you're winning new business with new logos, is more of that likely to come in the second half when the seasonality benefits.

More of that likely to come in the second half when the seasonality benefits, but as you are getting this repeat business that sort of sets up a more stable serve.

or getting this repeat business that sets up more stable sort of a repeat business through the year and so it just maybe accelerate.

Ah repeat business through the year and so it just maybe accelerates in the back half of the year when the when the new business starts to come back is that.

Reasonable yeah, I think that that's generally fair and I also think that more and more companies are taking bigger and bigger steps into the world of the gamer generation and so there's going to be more and more companies that are going to you know.

I think that's generally fair. And I also think that...

more and more companies are taking bigger and bigger steps into the world.

of the gamer generation. And so there's going to be more and more companies that are going to...

You know, look, again, if H&R Block and State Farm Insurance have recognized the connection between enthusiast gaming...

Look a again, if if if H&R block and state farm insurance have recognized the connection between enthusiast gaming and and the ability to convert new customers into the lifecycle of their product offerings are more and more companies are coming to that realization everyday.

and the ability to convert new customers into the life cycle of their product offerings.

More and more companies are coming to that realization every day. And so we expect that to continue throughout the year and in the years to come. Okay, thank you.

And so we expect that to continue throughout the year end and in the years to come.

Okay. Thank you.

Thanks.

Our next question comes from drew Mcreynolds of RBC. Please go ahead.

Yeah. Thanks, very much good afternoon, and certainly relative to my forecast I E.

Yeah, thanks very much. Good afternoon and certainly relative to my forecast. You kind of blew it away, which is good to see. A couple of follow-ups here. Maybe Adrian just on the size of campaigns, you know, who you're dealing with and what kind of campaigns they run. Do you think you're in the early phases of

Kind of blew it away, which is good to see.

A couple of follow ups here, maybe Adrian just on the size of campaigns.

No you you know, who you're dealing with and what kind of campaigns. They run do you think you are in the early phases of those campaign sizes that there's still some runway to go.

those campaign sizes as there's still some runway to go. And then secondly, just on seasonality, I think we're all aware of the season last step of your business.

And then secondly, just on seasonality I think we're all aware of the seasonal aspect of your business just in terms of your current asset mix and in the run rate that you have.

Just in terms of your current asset mix and the run rate that you have.

Are you able to just fine tune that seasonality for us, or at least give us an update just broadly on how the quarters play out from here?

Are you able to just to fine tune that seasonality for us or at least give us an update just broadly on how the quarters play out from here.

Yes.

Sure I'll I'll answer the first question.

Sure, I'll answer the first question. We're seeing the budget.

We're seeing the budgets.

and the campaign spends go up each and every week it seems because

And the campaigns spends go up.

Each and every week it seems because.

There is more and more recognition as I said of the relationship between.

there is more and more recognition as I said of the relationship between the gamers and the company's need gaming as a conduit to get young people to pay attention to them. And so what's happening?

The gamers and the companies need gaming as a conduit to get young people to pay attention to them and so what's happening is that realization is coming they're shifting in prioritizing their spend into this world.

is that realization is coming, they're shifting and prioritizing their spend into this world and they're realizing through the great efforts of our sales teams and our customer activation teams that enthusiast gaming is effectively a one-stop.

<unk> and they're realizing them through the great efforts of our sales teams and our customer activation teams that enthusiast gaming is effectively a one stop shop.

shop for them. Some companies in the past that said, look, you know, we recognize the importance of gaming influencers. And so we've gone out and spent some money with influencers. We recognize esports is becoming more and more prevalent. And so we've done a separate esport sponsorship. We also know of the power of that

Shop for them.

Some companies in the past have said look you know we we we recognize the importance of gaming Influencers and so we've gone out and spent some money with Influencers, we recognize esports is becoming more and more prevalent and so we've done a separate E. Sports sponsorship. We also know of the power of that Youtube inventory on some.

YouTube, inventory, and some of these popular channels. So we've done a bifurcated spend over there. And oh my gosh, you have all of that. You can give us all of that access and all of that placement and all of that content. And so we're winning in the market as a result of the diverse mix of assets and the fact that they collaborate with each other. And so we're seeing the spend and all of that.

These popular channels. So we've done a bifurcated spend over there and Oh My Gosh, you have all of that and you can give us all of that access and all of that placement and all of that content and so we're winning in the market as a result of the diverse mix of assets and the fact that they collaborate with each other.

So we're seeing the spends.

And we're seeing the RFP sizes grow substantially, and we're winning a disproportionate share of that business. So we're very excited about how we're placed to continue to profit on the direct sales side. And on the...

And we're seeing the RFP sizes grow substantially and we're winning a disproportionate share of that business. So.

We're very excited.

About how how we're placed to continue to profit.

On the direct sales side.

And on the seasonality I'll I'll defer that I'll defer to Alex on that right, Andrew It's Alex So I mean quantitatively and this this is a bit rough but typically what you would expect in the AD market.

I'll explain later. It's on like some, I mean, quantitatively, and this is a bit rough, but typically what you would expect in the ad market.

Quarter by quarter would be something like a 15% in Q1, 25 in each of Q2 and Q3, and then it's 35 remaining in Q4. What we've seen this year though, the ad market was actually quite strong. I just speak of our demand in my prepare remarks. There was a notable increase in ad spending Q1, a bit which helped pace the seasonality, just that's a macro effect. So whether or not that will tighten the range for the year.

Quarter by quarter would be something like a 15% in Q1 25 in each of Q2 and Q3 and then it's 35 remaining in Q4, what we've seen this year, though that that market was actually quite strong I did speak to bar demand in my prepared remarks.

There was a notable increase in AD spend in Q1, a bit which outpaced the seasonality just that's a macro effect, so whether or not that will tightened the range for the year.

is to be seen. So I think that range that I gave 15 growing to 35% Q4. I would suspect it may be a little tighter over range this year, just given the strong start, but that's generally what you would expect.

Is to be seen so I think that range that I gave a 15 growing to 35% in Q4.

I would suspect it may be a little tighter over a range. This year just given the strong start but that's generally what you would expect to see for seasonality in <unk>.

see for seasonality in the digital ad market, but particularly which perhaps affects our media and content revenue streams. Yeah, got it. Super. Thanks very much. Thanks, Drew.

The digital AD market, but particularly which affects our media and content revenue streams.

Yep got it Super Thanks very much.

Thanks drew.

Our next question comes from Kevin Mckee.

Analyst. Please go ahead.

Hi, and great work on the quarter. Some impressive numbers. I've asked this before and I'll ask it again. So I apologize if I'm bugging you, but any update on the return on ad spend that some of your customers are seeing.

Hi, and great work on the quarter. Some impressive numbers I've asked this before and I'll ask it again, so I apologize if I'm bugging, yet, but any update on.

The return on AD spend that some of your customers or seek.

If you could specify that so we can... I don't know why I don't.

Specific sorry, if you could specify that so we can get sales women's like ROI on them.

Sure, like most of the resources I've seen have a broken down between like return on ads bed for radio, return on ads bed for TV.

Sure Mike.

Most of the resources I've seen have a broken down between like Portola is bad for radio return on AD spend for T V.

if you're seeing numbers comparable to any one of those, or basically what I'm getting is why are these customers coming back? Are you better than radio? Are you better than TV? What information can you share with us there? Yes.

You're seeing numbers comparable to any one of those or basically what I'm getting at is why are these customers coming back are you better than radio or you're better than T V. What.

What information can you share with us there.

Yeah, sure I think that.

Where we're different and where we're winning in the market places, we're creating a very unique solutions for our clients where scale media is an important part of that the spokes believe solution, but it's not it's.

Where we're different and where we're winning in the marketplace is we're creating very unique solutions for our clients. Where scale media is an important part of that, the spoke solution, but it's not in any way, shape or form, the beginning and the end of that solution. The custom content that we created, we created and animated the...

It's not in any way shape or form.

You know.

The beginning of the end of that solution. The custom content that we created we we created an animated.

Uh huh.

episode for DoorDash, introduced a new character. We have eSports sponsorship. We've got the top gun to movie premiere next quarter where we've created a whole new content activation with a big, big gamer called Ludwig. And so what we're driving.

After so for door dash introduced a new character.

We have E sports sponsorship, we've got the top gun two movie premiere next quarter, where we've created a whole new content activation with a big Big game are called Ludwig and [laughter].

And so what we're driving.

is we're driving impressions, we're driving brand awareness metrics and then the case of, as I said, the HBO's and the Disney's, we're converting subs for them. As it pertains,

Is we're driving impressions, we're driving brand awareness.

Tricks and in the case of you know as I said in the H B OS in the Disney's where we're converting subs for them as it pertains to some specific metrics and I think I mentioned this on the last call or Youtube.

to some specific metrics. And I think I mentioned this on the last call. Are YouTube inventors?

Inventory has over 90% view ability and over 90% completion rates and someone like yourself would know to be an industry leader.

has over 90% viewability and over 90% completion.

And someone like yourself would know could be an industry leader in that category, you need...

In that category, you need 70% view ability, 70% completion, and so to be delivering over 90% on both those metrics is very very strong.

70% viewability, 70% completion. And so to be delivering over 90% on both those metrics is very, very strong for us and for our customers. And what it means in very simple terms is that our gaming audience is ready willing and able to sit through an ad to get to the content that lies on the other side of it. So I would point to the 90% viewability and completion rates as one metric.

For us and for our customers and what it means in very simple terms is that.

Our gaming audience is is ready willing and able to.

To sit through and add them to get to the content that lives on the other side of it so I would point to the 90% view ability and completion rates.

As one metric.

Yeah.

Great, thank you. My question also has to do with seasonality as some of the others have brought up.

Great. Thank you. My question also has to do with seasonality of some of the others have brought up I'm wondering if.

I'm wondering if some of your seasonality might start to attach itself to some of the bigger event in the video game world. For example, the League of Legends World Championship happens mid-year or something like that. So do you expect to see some seasonality in that regard and do you intend to do some targeted spend?

Some of your seasonality might start to attach itself to some of the bigger event in the videogame World I'm. For example, the league of Legends World Championship happens mid year or something like that so do you expect to see them.

Some seasonality in that regard and do you intend to do some targeted spend.

to enhance that and might that even things out as opposed to kind of a more vanilla added.

To enhance that and make that even things out as opposed to kind of a more vanilla AD agency.

Yeah, that's a really good perspective. And I think it speaks to the diversity of the assets.

Yeah, that's that's a really good perspective, and I think it speaks to the diversity of the assets.

that we have. So we've really focused the business around four pillars, which is communities.

That we have and so we've really focused the business around four pillars, which is communities.

Content.

Creators and experiences and whereas some of our traditions

Creators and experiences and whereas some of our traditional media.

media competitors might say, look, Q1, you're not going to find Hollywood blockbusters premiering and people waiting in line to go to the theaters and watch a Marvel movie until after Memorial Day. We're able to draw on the lever of the return of Pocket Game or London in Q1, which was a tremendous success.

Immediate competitors might say look.

Q1, youre not going to find Hollywood blockbusters, premiering and people waiting in line to go to the theaters and watch them Marvel movie until after Memorial day, we were able to draw on the lever of the return of pocket game or London in Q1.

Which was a tremendous success.

Success for Us when you speak of the league of Legends World Championships those are in November .

when you speak of the legal legends world championship

Those are in November , but whether or not they were in November , you know, the fact that we own the fastest growing lead allegiance fan community in the world being U.G. We're starting to have very, very advanced conversations with companies who may have...

But whether or not they were in November .

Fact that we own the fastest growing league of legends fan community in the World being you Die G. G. We're starting to have very very advanced conversations with companies, who may have spent with the league and with riot, but now recognize maybe there's.

with the league and with Riot, but now recognized, maybe there's more of a 12 month program we could put behind League of Legends and we can do it with U.G. as opposed to...

More of a 12 month program, we can put behind league of legends and we can do it with U G G as opposed to.

at the post-the official legal legends organization. And so we have a number of levers to draw on that might contribute to flattening out these annality, but generally speaking.

As opposed to the official legal legends, our organization and so we have a number of leavers to draw on.

That you know might contribute to flattening out seasonality, but generally speaking.

You know Q1 is slower than Q2, which is lower than Q3, and then Q4, you have the bonanza of holidays, and Thanksgiving and and all those sorts of things.

you know Q1 is slower than Q2 which is slower than Q3 and then Q4 you have the bananza of holidays and thanks-givings and uh... and all those sorts of things

Great. Thank you.

Yeah.

This concludes the question and answer session. I would like to turn the conference back over to Adrian Montgomery for any closing remarks.

This concludes the question and answer session I would like to turn the conference back over to Adrian Montgomery from any closing remarks.

Thank you very much and thanks to all those who have tuned in to our Q1 call.

Thank you very much and thanks to all of those who are who have tuned in.

Two our Q1 call.

As you've heard from us.

As you've heard from from Us.

We're really excited about the growth that we're seeing in the business. We're really excited about how Q1 has positioned us for further growth in momentum throughout the year. But I'm just gonna use my closing comments.

We're really excited about the growth that we're seeing in the business and we're really.

Excited about how Q1 has positioned us for further growth and momentum throughout the year, but I'm just going to use my closing comments.

uh... to think all of our stakeholders are analysts are shareholders uh... but for me uh... the people of enthusiast gaming alice at it in his remarks they are are great as fast that they are secret sauce uh... the passion the creativity

To thank all of our stakeholders, our analysts or shareholders.

But for me the people of enthusiast gaming Alex said it in his remarks, they are our greatest asset they are our secret sauce.

The passion, the creativity and the innovation to collaboration.

innovation, the collaboration that they demonstrate each and every day is what is driving this performance and driving this result.

That they demonstrate each and every day is what is driving this performance and driving this results in.

I just want to say thank you to all the people of Enthusiast for making us a better company each and every day and for giving Alex and Eric and I and Samba when he's not traveling the confidence to present this performance and the pride that we have in the business that we're building. Thank you.

I just wanted to say thank you to all the people of enthusiasts for making us a better company each and everyday.

And forgiving, Alex and Eric and I and.

In samba when he's not traveling to the confidence to present this performance and the pride that we have.

In the business that we're building so thank you enthusiasts.

and appreciate everyone's time today on the call.

And appreciate everyone's time today on the call.

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.

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Q1 2022 Enthusiast Gaming Holdings Inc Earnings Call

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