Q1 2023 Rumble Inc Earnings Call

May 15, 2023

After today's presentation there'll be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two please note. This event is being recorded.

It is now my pleasure to introduce your host Shannon Devine Investor Relations for Rumble. Please go ahead.

Thank you operator, I'm here today with Chris Pillar, <unk>, founder Chairman and CEO Rumble, Brandon Alexandra CFO encourage use the C O M P.

Press release detailing our first quarter 'twenty 'twenty great result.

We have today and available on the Investor Relations section of our company website before we begin the formal presentation I would like to remind everyone that statements made on the call and webcast may include predictions estimates or other information that might.

It'd be considered forward looking all forward looking statements are made only as of the date of this webcast and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

Future company updates will be available available via press releases and upkeep theater companies identified social media channels.

I will now turn the call over to Rumble, founder Chairman and CEO , Chris Pawlowski.

Thank you Shannon and Hello, everyone from our second acquisition of Mega Mega creator signings you may have observed today's an incredibly eventful day Rumble, which.

Which I'm excited to break down I want to start off with I think is one of the most historic moments and internet streaming history.

What many would say it was impossible to do six months ago is now a reality for Rumble in the past few weeks building off the top creators like D. J academics, and Julian Robow pulled off the impossible rumbles not just the leader in political content, but will now also lead in culture. The number one Youtube gaming streamer and too.

And in 'twenty, two and the single largest U S gaming Streamer I show speed is now coming to Rumble. It doesn't stop there. We also announced the number one subscribe switch streamer and February case, and that will also be coming to Rumble I'm not speaking about creators who are ranked number two or three on the world's largest platforms I will reiterate.

Right. Both are number one on their respective platforms no. One is bigger at what they do and now they are launching a show on Rumble, if you're not familiar with icos speed and <unk> don't worry you at <unk>.

Saar and so our advertisers.

The gravity and implication of this event is more than meet Si I've been personally in the trenches working to obtain new talent and Rumble was not the only platform bidding on these creators are surgical moves in launching Rumble sports, then UFC and followed by D. J academics and Jillian joining rumble solidified our deal with speed and Cai.

We think they both see the writing on the wall and realized Rumble as the future for all verticals of content politics sports and now with their help Rumble will move to establish itself as a leader in culture.

Never been shy about our strategy rebel needs to have all verticals of content. If we want to be big Tech for the past few years, we've been heavily reliant on political content, which is dictated by news cycles and elections in the past few months. Our team has done what many doubted we could do we have clearly grown far beyond the perception of only having.

Political content. These moves will make us less dependent on political news cycles and elections, which can affect the stability of kpis with respect to Q1 Kpis are monthly active users or <unk>, which is derived using Google analytics for the quarter were $48 million up 17% compared to $41 million in.

The first quarter of 2022, historically Rumble has seen dips in meus on a quarter to quarter basis and in Q1, we saw a notable decline over Q4. This was primarily due to the incredible over performance of Q4, particularly around the U S. Midterm election cycle for example, traders like Steven Crowder, who saw record.

Traffic around election day produced limited content in the first two months of 2023. Additionally.

Additionally, our fourth quarter traffic was driven by a large number of users who are new to Rumble, many of whom did not return to the platform. In Q1. This was not unexpected in our history. We have experienced other significant quarterly increases in users, which results in only partial retention of users going forward. As previously mentioned, we are diversifying our cause.

That library by seizing the opportunity to invest in new content in categories like gaming live sports and culture content from top names in the streaming community like <unk> I show speed academics, and Julian will lead to more returning users who are loyal and less driven by single news events or election cycle average.

Estimated minutes watched per month, which is based on bandwidth consumption and our best estimates of video resolution quality and co op and coding parameters were $10 8 billion for Q1. This represented a 3% increase when compared to $10 5 billion in the first quarter of 2022, and a small decline from the $11 1 billion minutes watched for them.

In the fourth quarter of 2022.

We believe our consumption is driven by new product designs and features we also saw connected TV applications grow as more users migrate to watch live streams and shows on big screens. These connected TV users consume enormous amounts of content. So far we're seeing roughly 100 minutes of usage per connected TV user.

Per day. Additionally, another major factor in driving consumption is that our average number of active livestreams nearly doubled from Q4 to Q1.

Streaming growth is something we are taking very seriously and our latest signings are an example of that I believe live sports live streaming and live podcasts via connected TV will slowly become more desirable than live cable television, especially with younger generations.

This brings me to our second major acquisition.

I am very proud to announce that Rumble has acquired Collyn and the beginning of this year. Our team was presented with a unique opportunity to acquire calling our podcasting and live streaming platform with best in class product feature.

As we evaluated the calling platform and exceptional exceptional engineering talent building the platform. It quickly became evident that acquiring Colin would put us in a position to greatly accelerate our product roadmap and enable us to build a world class live streaming experience for those of you who may be unfamiliar Colin was founded by David Sachs.

One of the first employees at Paypal as their C O O and former colleague of Peter Teal, one of our first outside investors. David is an art and supporter of Rumbles mission to protect a free and open Internet in fact, David venture capital firm Kraft ventures became a shareholder a rumble through rumbles acquisition of locals.

And witchcraft ventures was an early investor call <unk> focuses on providing outstanding live streaming and podcasting cases capabilities designed for creators to simplify production and editing as well as supporting live audience participation unique to call and is the concept of rooms, which allows for the incident launching of Audi.

So in video content with an attractive and easy to use interface for both creators and audiences as they have continually emphasize estimated consumption is our most important kpis given that consumption reflects user engagement, which in turn drives monetization.

Colin brings features and functionality to Rumble, which will enhance user engagement and further empower our creators to generate more of their best content. That's driving monetization. While there is work ahead of us to integrate the call an experienced and so rumble I can say confidently that we are now in a better position than ever to deliver on the vision to provide creators with the <unk>.

World Class experience. It is important to note that this acquisition is another manifestation of our mission and commitment to authenticity and to protect a free and open Internet I am honored that as part of the acquisition David Sachs devoted supporter of free speech and the creator economy will be joining our board of directors later this year in the second half of <unk>.

June to conclude as evidenced by our first quarter and today's announcement, it's clear that we are becoming an unstopped, we're becoming unstoppable as we continue executing against all components of our original growth strategy. After the acquisition of Collins and being able to attract the world's top streamers like Hyphenize Nice show speed.

There is no doubt in my mind that Rumble is executing on all fronts in ways unimaginable to many and I remain confident that we will deliver on our plan with that I'll turn the call over to our CFO Brendan Alexandra Thanks, Chris.

Now I'll take you through our Q1 financials at a very high level before turning the call over to the operator for Q&A from.

From a top line perspective, we reported quarterly revenues of $17 $6 million for Q1 2023. This compares to 4 million for Q1, 2022, and was primarily driven by an $11 8 million increase in advertising revenue year over year.

The increase in advertising revenue was driven by an increase in consumption as well as the introduction of new advertising solution for creators publishers and advertisers, including host Red advertising and our online advertising management exchange, which we call Rumble advertising center or rack, both of which we started to build and test in the second half of 2020.

Two.

Our approximately $1 8 million increase in licensing and other revenue compared with Q1 2022 was driven by shipping features within our platform as well as certain cloud subscription platform hosting fees and provision of onetime content.

As a reminder, cost of services includes all programming and content costs related to payments to content providers, including amounts paid to creators based on revenues generated as well as additional costs related to incentivizing top creators to promote and join our platform.

Cost of services also includes third party service provider costs, such as data center and networking staffing cost directly related to professional service fees and cost paid to publishers.

Cost of services for the quarter were $26 million compared to $3 7 million a year ago. The increase was due to an increase in programming and content costs of $21 1 million hosting expenses of zero point $5 million and other service cost of 0.7 million move.

Moving to our cash position, we ended the quarter with $326 $3 million in cash cash equivalents in marketable securities compared to $338 3 million as of December 31, 2022, representing a $12 million use of cash in the first quarter cash cash equivalents in marketable securities consists of <unk>.

Cash on deposit with banks and amounts held in money market funds treasury bills and term deposits.

As we have consistently stated we intend to use a substantial portion of funds that we've raised to acquire content by providing economic incentives, including including minimum guaranteed earnings to a limited number of content creators, including sports leagues.

This content acquisition strategy will allow us to enter key content verticals and secure top content creators in those verticals before we have full monetization capabilities in place.

Our present focus is to grow users and usage consumption and experiment with monetization levers, which may not maximize profitability in the immediate in the immediate term, but which we believe will position our business for the long run as a result, we expect that this strategy will require us to consume a significant portion of our capital raised the contracts we have signed to date.

The company to spend approximately $164 million related to programming and content out of that amount as of March 31, 2023, we had entered agreements with a minimum contractual cash commitment of $62 million subsequent to the end of the quarter, we entered into additional agreements with a minimum contractual cash commitment of $102 million.

A significant amount of these minimum contractual cash commitments will be paid over 12 months to 48 months commencing in 2023 and.

In addition to the minimum contractual cash commitments, we are programming and content.

Content agreements that have variable cost arrangements. These future costs are dependent upon many factors and are difficult to anticipate however, these costs could be substantial.

That concludes my prepared remarks before I turn the call over to the operator I invite you all to join Chris. This evening at seven P. M. Eastern time in an exclusive post earnings interview with Mac cores to be streamed live on the Mac Coors Rumble channel I will now turn the call over to the operator to open up the line for questions from our covering analysts.

We will now begin the question and answer session too.

To ask a question you May press Star then one on your telephone keypad.

If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two.

At this time, we will pause momentarily to assemble our roster.

Our first question comes from Jason <unk> with Oppenheimer. Please go ahead.

Thanks, Hello, everybody three questions. The first can you give us any commentary on miu or engagement quarter to date in the second quarter.

<unk> versus the first quarter second question.

Just talk about the impact of Steven Crowder content broadly on the platform it.

It does sound like as hiatus in the first quarter was obviously pretty material for engagement, which is how you think about his broader impact on the platform with them coming back and kind of when you think when that happens and then.

And then just we've gotten some questions on the call and deal.

<unk>.

Is it cash stock both.

And when will we get kind of details on that acquisition. Thank you.

Yeah.

Thanks, Jason This is Chris.

So on the first question with respect to Q2, we're not providing any guidance on any of your consumption with respect to Q2 on the second question on Steven Crowder, So Steven Crowder was on the platform and.

As everyone, who probably already knows and Q4 hit some major major numbers on his midterm election streams that were very significant to our platform and he took a couple of months break and didn't come back till late March in Q1.

And what we saw when we when he came back he came back in a different capacity to our platform. He came back at the entire subscription business for Steven Crowder is now on Rumble itself, and we announced I think shortly at the at that time that he accumulated over 57000 paying annual paying.

Subscribers in the first 10 days of his announcement of coming back and coming to Rumble and that was prior to the show even starting but I also mentioned in my previous on the previous earnings call that when he did come back you know he was bigger and bigger than ever for us. His numbers have been very strong as you can see when you go to extremes.

And he's he's moved a large segment of as as viewership from from Youtube over to Rumble in that period.

Within the with a third part.

I'll, let Brendan yes, hey, Jason on the call in deals. So that just closed recently so during the second quarter. So more information will be disclosed as part of the Q2 10-Q.

Thank you.

The next question is from Tom Forte with D. A Davidson. Please go ahead.

Great. So first off Chris I look forward to cultivate a seven I lived the last lots in the last quarter's call.

Alright, so two questions I'll go one at a time when it comes to user interface, where do things stand with your Android App Your iOS app.

Your OTT apps.

What inning are we in for each one when it comes to usability versus your long term goals.

Thanks, Tom. So this is Chris the I would say that we're still in the very early innings right now when it comes to the to the apps. We've made tremendous progress on our iOS App and our Android App and then the OTT apps will be launching the Samsung App very shortly now so and then we're looking to launch.

Also on Xbox and Playstation and the coming months. So we're pretty excited with the progress the new interfaces up on all the apps now.

Cross OTT and <unk>.

In mobile.

But I would still say, it's still very early innings and the reason I say if theres a lot of product features that we can still be adding right now a lot of a lot of design changes have happened, but we still need to add a lot of product features into those OTT apps and mobile app. So it's still very early innings, and it's something that I plan to improve like through for many many years.

Going forward is that as you can imagine things evolved quite a bit.

Great. Thanks, and then for my second final question.

Don't have to talk about Tucker Carlson, specifically for <unk>.

Can you discuss why your platform, maybe more effective than others for content creators to build an audience and monetize it.

Especially versus Youtube Twitch Twitter.

Absolutely so I would say one of the most compelling reach.

<unk> to come to Rumble is authenticity.

On Rumble Rumble was the only place where you can be truly authentic when creating content and when being authentic you just naturally create more compelling content. So I believe we're a platform positioned to have the best content in the world because we're not people are not stifling their speech and people are not holding back there being truly authentic theyre being truly.

Themselves and being very real when it comes on actual product I also think we have a major advantage on the product side, especially on the subscription side. After the acquisition of locals and we've kind of demonstrated that with Steven Crowder. When he came to on our platform. He brought his entire mug club subscription business to run.

<unk>.

Which is sitting on the on the locals platform.

And we had enormous success out of the gate like before we even started as I mentioned that Jason.

He he acquired 57000, plus paying annual paying subscribers.

And that was that only took 10 days and that's using the subscription platform that sits on local so I think we have a real competitive advantage both on our anticipation and on the on the actual product the locals product for a subscription I think that is a greater you can monetize with that subscription product better than anywhere else. He can.

Great. Thanks for taking my questions.

Thank you.

The next question is a follow up from Jason <unk> with Oppenheimer. Please go ahead.

Hey, just a follow up on advertising and rack too.

Our food depending on how you want to define it was.

No.

And a bit better than we thought.

How should we think about.

Kind of milestone you reached with rack in the first quarter and kind of how we should thinking about what's the next milestone with your AD server.

Hey, Jason This is Chris again.

With respect to Iraq.

We're still in beta on that but what I'm really excited about it and you'll hear a lot more about in the next week or two here is that we're going to be launching the alpha version of our live read marketplace, which I am extremely excited to start testing.

That product is fully built and ready and we should start rolling it out and testing with creators by the end of the month or by at least by early June but that product is ready now and I'm very excited about that and the prospects of that.

This concludes our question and answer session and the conference is also now concluded. Thank you for attending today's presentation. You may now does.

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Ladies and gentlemen, greetings and welcome to the Rumble first quarter 2023 earnings Conference call. All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.

Please note this event is being recorded.

It is now my pleasure to introduce your host Shannon Devine Investor Relations for Rumble. Please go ahead.

Thank you operator, I'm here today, with Chris Pawlowski, founder, Chairman and CEO Rumble, Brandon Alexandra CFO and Karen Hughes.

A press release detailing our first quarter 2020 results was released today and available on the Investor Relations section of our company website before we begin the formal presentation I would like to remind everyone that statements made on the call and webcast may include predictions estimates or other information that might be considered forward looking.

All forward looking statements are made only as of the date of this webcast and should be considered in conjunction with the cautionary statements in our earnings release.

The risk factors included in our filings with the SEC.

Future company updates will be available and available via press releases and updates via the company's identified social media channels.

I'll now turn the call over to Rumble, founder Chairman and CEO , Chris Pawlowski.

Thank you Shannon and Hello, everyone from our second acquisition to Mega Mega creator signings you may have observed today's an incredibly eventful day at Rumble.

Which I'm excited to breakdown I want to start off with I think is one of the most historic moments and internet streaming history.

What many would say it was impossible to do six months ago is now a reality for Rumble in the past few weeks building off the top creators like DJ academics, and Jillian Rahmbo pulled off the impossible Rumble as not just the leader in political content, but will now also lead in culture. The number one Youtube gaming streamer and too.

And then in 'twenty, two and the single largest U S gaming Streamer I show speed is now coming to Rumble.

It doesn't stop there we also announced the number one subscribe Twitch streamer and February case, and that will also be coming to Rumble I'm not speaking about creators who are ranked number two or three on the world's largest platforms I will reiterate both are number one on their respective platforms. No. One is bigger at what they do and now they are.

<unk> a show on Rumble, if youre not familiar with ico speed and <unk> don't worry you.

Kids are and so our advertisers the gravity and implication of this event is more than meet Si I've been personally in the trenches working to obtain new talent and Rumble was not the only platform bidding on these creators are surgical moves in launching Rumble sports, then USC and followed by D J academics and GDN joining run.

<unk> solidified our deal with speed and Kai we think they both see the writing on the wall and realized Rumble as the future for all verticals of content politics sports and now with their help Rumble will move to establish itself as a leader in culture.

<unk> never been shy about our strategy rubble needs to have all verticals of content. If we want to be big Tech for the past few years, we have been heavily reliant on political content, which is dictated by new cycles and elections in the past few months. Our team has done what many doubted we could do we have clearly grown far beyond the perception of only <unk>.

Political content. These moves will make us less dependent on political news cycles and elections, which can affect this stability of kpis with respect to Q1 Kpis are monthly active users or <unk>, which is derived using Google analytics for the quarter were $48 million up 17% compared to $41 million.

The first quarter of 2022, historically Rumble has seen dips in <unk> on a quarter to quarter basis and in Q1, we saw a notable decline over Q4. This was primarily due to the incredible over performance of Q4, particularly around the U S. Midterm election cycle for example, creators like Steven Crowder, who saw record.

Traffic around election day produced limited content in the first two months of 2023 <unk>.

Additionally, our fourth quarter traffic was driven by a large number of users who are new to Rumble, many of whom did not return to the platform. In Q1. This was not unexpected in our history. We have experienced other significant quarterly increases in users, which result in only partial retention of users going forward. As previously mentioned, we are diversifying our con.

That library by seizing the opportunity to invest in new content categories like gaming live sports and culture content from top names in the streaming community like Kaiser that I show speed academics, and Julian will lead to more returning users who are loyal and less driven by single news events or election cycle.

Average estimated minutes watched per month, which is based on bandwidth consumption and our best estimates of video resolution quality and co op and coding parameters were $10 8 billion for Q1. This represented a 3% increase when compared to $10 5 billion in the first quarter of 2022, and a small decline from the $11 1 billion minutes.

<unk> per month in the fourth quarter of 2022.

Per day. Additionally, another major factor in driving consumption is that our average number of active livestreams nearly doubled from Q4 to Q1.

Streaming growth is something we're taking very seriously and our latest signings are an example of that I believe live sports live streaming and live podcast via connected TV will slowly become more desirable than live cable television, especially with younger generations. This brings me to our second major acquisition.

One of the first employees at Paypal as their CEO and former colleague of Peter Teal, one of our first outside investors. David is an art and supporter of Rumbles mission to protect a free and open Internet in fact, David venture capital firm Kraft ventures became a shareholder a rumble through rumbles acquisition of locals.

And witchcraft ventures was an early investor the calling App focuses on providing outstanding live streaming and podcasting cases capabilities designed for creators to simplify production and editing as well as supporting live audience participation unique to call and is the concept of rooms, which allows for the instant launching of audio.

And video content with an attractive and easy to use interface for both creators and audiences.

As I have continually emphasize estimated consumption is our most important kpis given that consumption reflects user engagement, which in turn drives monetization.

Colin brings features and functionality to Rumble, which will enhance user engagement and further empower creators to generate more of their best content. Thus driving monetization. While there is work ahead of us to integrate the call an experienced and so rumble I can say confidently that we are now in a better position than ever to deliver on the vision to provide creators with the <unk>.

June to conclude as evidenced by our first quarter and today's announcement. It is clear that we are becoming an unstopped, becoming unsolvable as we continue executing against all components of our original growth strategy. After the acquisition of Collins and being able to attract the world's top streamers like Hyphenize Nice show speed.

Now I'll take you through our Q1 financials at a very high level before turning the call over to the operator for Q&A from.

From a top line perspective, we reported quarterly revenues of $17 $6 million for Q1 2023.

This compares to 4 million for Q1, 2022, and was primarily driven by an $11 8 million increase in advertising revenue year over year the increase in advertising.

Advertising revenue was driven by an increase in consumption as well as the introduction of new advertising solution for creators publishers and advertisers.

<unk> advertising and our online advertising management exchange, which we call Rumble advertising center or Iraq, both of which we started to build and test in the second half of 2022.

Our approximately $1 8 million increase in licensing and other revenue compared with Q1 2022 was driven by tipping features within our platform as well as certain cloud subscription platform hosting fees and provision of onetime content.

Cost of services also includes third party service provider costs, such as data center and networking staffing cost directly related to professional service fees and cost paid to publishers.

Moving to our cash position, we ended the quarter with $326 3 million in cash cash equivalents in marketable securities compared to $338 3 million as of December 31, 2022, representing a $12 million use of cash in the first quarter cash cash equivalents in marketable securities consists of cash.

Cash on deposit with banks and amounts held in money market funds treasury bills and term deposits.

<unk> in those verticals before we have full monetization capabilities in place.

The contracts, we have signed to date obligate the company to spend approximately $164 million related to programming and content of that amount as of March 31, 2023, we had entered agreements with a minimum contractual cash commitment of $62 million subsequent to the end of the quarter, we entered into additional agreements with a minimum contractual cash commitment.

$102 million.

A significant amount of these minimum contractual cash commitments will be paid over 12 months to 48 months commencing in 2023.

In addition to the minimum contractual cash commitments, we are programming and content and content agreements that have variable cost arrangements. These future costs are dependent upon many factors and are difficult to anticipate however, these costs could be substantial.

That concludes my prepared remarks before I turn the call over to the operator I invite you all to join Chris. This evening at seven P. M. Eastern time in an exclusive post earnings interview with Matt cores to be streamed live on the Mac quarters Rumbled channel I will now turn the call over to the operator to open up the line for questions from our covering analysts.

We will now begin the question and answer session.

To ask a question you May press Star then one on your telephone keypad.

If you are using a speakerphone please pick up your handset before pressing the keys.

To withdraw your question. Please press Star then two at this time, we will pause momentarily to assemble our roster.

Our first question comes from Jason <unk> with Oppenheimer. Please go ahead.

Thanks, Hello, everybody three questions.

Can you give us any commentary on miu or engagement quarter to date in the second quarter.

Compared versus the first quarter.

Second question.

Just talk about the impact of Steven Crowder content broadly on the platform.

It does sound like a hiatus in the first quarter was obviously pretty material for engagement, but just how you think about his broader impact on the platform with them coming back and kind of when you think that when that happens and then.

And then just we've gotten some questions on the call and deal.

<unk>.

Is it cash stock both.

And when will we get kind of details on that acquisition. Thank you.

Yeah.

Please proceed.

Thanks, Jason This is Chris.

As everyone, who probably already knows and Q4 hit some major major numbers on his midterm election streams that were very significant to our platform.

And he took a couple of months break and didn't come back until late March in Q1.

Scriber as in the first 10 days of his announcement of coming back and coming to Rumble and that was prior to show even starting but I also mentioned in my previous on the previous earnings call that when he did come back he was bigger and bigger than ever for us. His numbers have been very strong as you can see when you go to extremes.

And he's he's moved a large segment of as a zero ship from from Youtube over to Rumble in that period.

Within the with the third part.

I'll, let Brendan yes, hey, Jason on the call in deals. So that just closed recently so during the second quarter. So more information will be disclosed as part of the Q2 10-Q.

Thank you.

The next question is from Tom Forte with D. A Davidson. Please go ahead.

Great. So first off Chris I look forward to the call today to seven I learned a lot from the last quarter's call.

So two questions I'll go one at a time.

When it comes to user interface, where do things stand with your Android apps.

IOS App.

Your OTT apps.

Inning are we in for each one when it comes to usability versus your long term goals.

So on Xbox and Playstation and the coming months. So we're pretty excited with the progress the new interfaces up on all the apps now across.

OTT and <unk>.

In mobile.

But I would still say, it's still very early innings and the reason I say if theres a lot of product features that we can still be adding right now a lot of a lot of design changes have happened, but we still need to add a lot of product features into those OTT apps and in mobile app. So it's still very early innings, and it's something that I plan to improve like through for many many years.

Going forward is that as you can imagine things evolved quite a bit.

Great. Thanks, and then for my second final question.

Don't have to talk about Tucker Carlson specifically.

Can you discuss why your platform, maybe more effective than others for content creators to build an audience and monetize it.

Especially versus Youtube Twitch Twitter.

Absolutely so I would say one of the most compelling reach.

<unk> to come to Rumble is authenticity.

<unk>.

Which is sitting on the locals platform.

And we had enormous success out of the gate like before we even started as I mentioned that Jason.

He he acquired 57000, plus paying annual paying subscribers.

And that was that only took 10 days and that's using the subscription platform that sits on local so I think we have a real competitive advantage both on the anticipation and on the on the actual product the locals product for subscription I think that as a greater you can monetize with that subscription product better than anywhere else you can.

Great. Thanks for taking my questions.

Thank you.

The next question is a follow up from Jason <unk> with Oppenheimer. Please go ahead.

Hey, just a follow up on advertising and rack too.

Our food depending on how you want to define it was.

No.

And a.

A bit better than we thought.

How should we think about.

Kind of milestone you reached with rack in the first quarter and kind of how we should thinking about what's the next milestone with your AD server.

Hey, Jason This is Chris again.

With respect to Iraq.

That product is fully built and ready and we should start rolling it out and testing with creators.

By the end of the month or by at least by early June but that product is ready now and I'm very excited about that and the prospects of that.

This concludes our question and answer session and the conference is also now concluded. Thank you for attending today's presentation you may now disk.

Connect.

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