Good afternoon. Welcome to the Enthusiast Gaming Fiscal Q1 2023 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal the conference specialist by pressing the star key followed by zero. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you must press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I'll now like to turn the conference over to Mr. Matthew Chesler, Investor Relations. Please go ahead. Thank you, Darcy. Good afternoon, everyone, welcome to the Enthusiast Gaming Q1 2023 conference results call. My name is Matthew Chesler of FNK IR, we've recently been retained by Enthusiast Gaming to serve as investor relations counsel. With me today is our Chief Executive Officer, Nick Brien, and our Chief Financial Officer, Alex Macdonald. We'll begin with some prepared remarks from Nick and Alex, and then open 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. 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. A 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 ending March 31st, 2023, which are available under the company's profiles on SEDAR and EDGAR, as well as on the company's website, enthusiastgaming.com. You're cautioned not to place undue reliance on these forward-looking statements, which speak only as the date of this presentation. The company disclaims any intention or obligation, except to 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. Now, I'd like to turn the call over to Nick Brien, CEO of Enthusiast Gaming. Take it away, Nick. Thanks, Matt. Thank you very much. I joined Enthusiast Gaming as the Chief Executive Officer, or as I like to say, the Chief Enthusiast Officer, on March 1st. Very shortly thereafter, I conducted my first earnings call, and now, just several weeks later, I have a great deal to share with you. My excitement to join Enthusiast Gaming at this critical point in its evolution has only grown in the two and a half months since I joined the company. We have a remarkable business with many outstanding assets operating across every aspect of the gaming media and entertainment ecosystem. We have a highly engaged and scaled audience of nearly 50 million monthly average users. According to Comscore, the largest audience of gamers ahead of Twitch and Roblox. As well as a talented management team with deep gaming expertise and a truly massive opportunity to lead in one of the most exciting, yet underdeveloped sectors of marketing today. Even as brands and advertisers continue to deal with certain economic uncertainty, they are increasingly shifting more of their campaign dollars to innovative marketing environments that offer them opportunities to reach the elusive Gen Z Millennial audiences with higher creative impact and proven ROI. With all these strengths and catalysts, it's now about driving the rapid transformation of Enthusiast Gaming from a collection of entrepreneurial assets to an enterprise-scale platform company that is tech-enabled, data-driven, and content-led. We are implementing a strategic growth plan that puts all of these pieces together to position Enthusiast Gaming as the leading independent gaming media and entertainment company. Our goal is to create a more profitable revenue flywheel that better leverages our highly- engaged communities across our diversified gaming assets, from casual games to esports, to gamer community sites, to creator channels, to talent management, to Web 3.0 games built on blockchain technology. With that in mind, I'd like to focus my prepared comments on five key areas. First, platform consolidation for greater leverage. Second, ad tech excellence for yield optimization. Third, AI and automation for operational efficiency. Fourth, Brand Solutions and strategic partnerships for accelerated growth. Fifth, diversified revenue streams for higher margin performance. First, a reminder that this company was created through rapid M&A. The tech and engineering needs vary tremendously according to the particular area of gaming activity. We are now building a unified technology platform to ensure that we're as agile and efficient as possible across all aspects of product development, data management, and systems integration. This R&D initiative isn't only for our internal operating units, but also for our key external tech partners who are critical to ensure that we're meeting the very high expectations of our demanding gaming communities. This platform innovation becomes even more important as we embrace the future opportunities of Web3, as well as bringing maximum value and ROI to our brands and agency partners. I'd like to discuss our commitment to ad tech excellence to ensure that our digital media flywheel is selling our valuable inventory programmatically at the highest possible yield. To ensure that we become the biggest independent gaming publisher network of owned and operated and external publisher sites, we need to be working with the best ad tech partners possible. This begins with our partnership with Permutive. Permutive is a leading data management platform who will be helping us to activate our first-party data across all of our audience cohorts in the bid stream today. We're selling today through over 25 sell-side platforms. We're now finalizing our marquee SSP partner with whom we can create and sell unique gaming audience segments in higher price direct deals versus the open exchange. We've also consolidated our ad serving partners to only Equativ and Google Ad Manager 360, thus streamlining our display and video ad delivery with minimum delay and maximum creative impact. There is no doubt in my mind that with our commitment to programmatic excellence, we will soon be selling omni-channel campaigns fueled by unique gaming inventory, powered by first-party data and custom content. All of these developments will enable us to significantly improve the revenue growth and profit margin for the advertising line of business in the near future, while ensuring that we help our advertisers maximize the ROI of every campaign dollar they're spending with us. I'd like to talk about AI and our focus on automation. I really like what the CEO of Coca-Cola said publicly about AI after their recent earnings call. I quote, "Much has been said about AI, and it's certainly going to abate the maxim. Profound transformative technology is often overestimated in its impact in the short- term and underestimated in the long- term. This is going to have a profound impact, profound internally for the way our business operates, but also how we engage with consumers." He then added, "I think AI is going to make a huge impact in marketing." We're very excited about our position as the largest independent player in the gaming, media, and entertainment industry, not owned by a tech giant operating a walled garden. This allows us to focus on the power of AI for the benefit of our enthusiastic communities, as well as the marketeers who are partnering with us to create winning brand activations and engaging ad campaigns. We will be testing every relevant AI tool at our disposal to improve ad sales, our ROI metric, and user acquisition, as well as the emerging creative talent identification challenge. The fourth area to discuss is the repositioning of direct sales to Brand Solutions, as well as the creation of a strategic partnerships division. We renamed our leading growth engine Brand Solutions to reflect the true value of our customized content, media, and sponsorship integrations that our teams imagine and deliver. After four years of tremendous service for Enthusiast Gaming, we're promoting Amanda Rubin to EVP, Brand Solutions, and she will be responsible for both Brand Solutions and programmatic media sales. We have also more closely aligned customer success with Brand Solutions with the goal of ensuring the seamless integration of creating, pricing, and packaging our Brand Solutions in as resource-efficient way as possible. In addition, we established a strategic partnerships division to accelerate the pace with which we explore alliance opportunities with the key strategic partners involved in the gaming industry and popular culture today. The partnership with the NFL Tuesday Night Gaming was a great case study for the types of events, promotions, and partnerships we can deliver. We expect to establish meaningful partnerships with the leading game publishers, sports associations, entertainment companies, and music industry leaders. To lead this important function, we have promoted Matt Goodman to EVP, Strategic Partnerships, in addition to his current responsibility for customer success. Our content division remains a driving force for Enthusiast Gaming, so we must continue to attract the best creators, writers, producers, and directors. We have developed in-house production capabilities, and with the NFL Tuesday Night Gaming pre-season content in the pipeline and Luminosity's efforts to attract new talent throughout 2023, we are well positioned for growth. Our content team is working closely with the Brand Solutions team to create multiple content tentpoles throughout the year with successful collaborations such as Nintendo Juniors already under our belt. Bill D'Angelo has been promoted to the role of EVP, Content and Creators, reflecting his strong contribution to build critical strength in this important creative area of our business. Our Q1 achievements include 311 million owned and operated views and custom content activations for major brands like Xbox, Cabbage Patch Kids, Carnival Cruises, and many popular films. Additionally, our Storied Talent Agency has expanded its network, adding a vast array of content creators, athletes, and gamers to our offerings. This has increased visibility and diversified content while enabling new revenue streams. Finally, I'd like to discuss our strategic focus on developing alternative revenue streams to better diversify our business model and lessen our reliance on the highly competitive advertising revenue. We currently enjoy our highest profit margin in subscription revenues, and we see further opportunities to charge subscriptions to access our high-value content and create a community site. We're testing different subscription models across a number of our properties today, and expect these to create preferable user engagement models to the existing ad-supported content experiences. As evidenced by the strong demand for travel and entertainment, we believe that live events and gaming experiences offer similar high margin revenue growth as we experience today with Pocket Gamer, our global B2B events business. We're investigating different live consumer events for the gaming enthusiasts to play, compete, and connect across North America, especially as the highly popular and annual E3 Gaming Expo in L.A. has been canceled for 2023. Luminosity, our eSports division, is in talks with strategic partners to host multiple upcoming live game events in Toronto, New York, Miami, and Mexico. Community commerce is an area of strategic focus for many digital publishers and content creators, we too are testing different product and service offerings that we believe will extend our monetization opportunities in addition to our ad-supported and paid subscription business models in place today. As part of this transformation, we will continue to invest in our people and grow our culture. I passionately believe that talent and teamwork are the key building blocks of success. My first step was to create a revised management structure so we can invest in the best people. We recently welcomed Tara Fournier as our Chief People Officer. Tara 's proven experience at Zillow, Vizio, Disney, and most recently at InMobi, where we worked closely together for the past 10 months. Tara will ensure that every aspect of the people management function, including compensation and benefits, training and development, career management, culture building, and diversity and inclusion, will all be managed to the highest professional standards. Our biggest investment is in our people, and it is also our greatest strength. To better manage the complex operations of our business, we've established a broader strategic leadership team to help our talented management execute flawlessly against the most important strategic initiatives that I've discussed with you today. For brands, gaming is a massive opportunity that can no longer be ignored. It is arguably the best media sector for brands to connect with their current consumers whilst engaging the younger audience that they are desperate to recruit. Gaming has the scale of mass media combined with the personal engagement of social media. As more people play, compete, and socialize, gaming environments will become the most prized marketing spaces. Advertising is only the tip of the iceberg. As commerce, esports sponsorships, creator partnerships, real-life and virtual merchandising, in-platform branded experiences, they all represent innovative brand activation possibilities. Enthusiast Gaming is uniquely able to operate across every level of the gaming ecosystem, enabling brands to not just tap into popular culture, but to become part of it. I believe that we are capable of making Enthusiast Gaming the most dynamic, innovative, and profitable independent gaming media and entertainment company on the planet. I'd now like to hand over to Alex to discuss the financial performance for quarter one. Thank you, Nick, and thank you to all our shareholders, analysts, lending partners, and other stakeholders for joining us today to discuss a great start to the year, our Q1 2023. During the quarter, we observed several interesting trends. We saw our traffic rise sequentially to surpass 10 billion views of content once again in Q1. We also saw the continuation of a depressed digital ad market, resulting in lower CPMs on our programmatic channels. Despite the challenges posed by the digital ad market, our high-margin revenue streams remained resilient. In fact, we achieved several milestones as our subscription revenue reached an all-time high and our Brand Solutions, formerly known as Direct Sales, nearly doubled year-over-year. The positive impacts of those trends, coupled with our controlled OpEx, has resulted in a fantastic start to 2023 and indicates profitability inside the year. First, here are my usual notes. I note that our results are presented in Canadian dollars. The significant majority of our revenues and expenses are measured in US dollars and are translated into Canadian dollars for presentation in our financial statements. The exchange rate between the US dollar and our presentation currency of the Canadian dollar should be monitored and considered when analyzing or forecasting results. I note that our business is affected by seasonal trends in digital advertising with 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 streams. Let's get back to the financial results. Q1 revenue was $42.9 million, which is down 9% from Q1 2022 revenue of $47.2 million. Q1 revenue by source was as follows: media and content, $35.5 million; subscription, $4 million; and esports and entertainment, $3.4 million. Q1 media and content revenue of $35.5 million compares to $41.9 million reported in Q1 2022, a decrease of 15%. The decrease was driven by a decrease in RPM caused by lower CPMs in the programmatic markets. A decrease in video views also contributed to the decrease in media and content revenue. Video views were 5.8 billion, down from 7.1 billion in Q1 last year. These items were offset by strong Brand Solutions' revenue. Brand Solutions were CAD 10 million in Q1 versus CAD 5.2 million in Q1 of last year, a 92% increase, with the majority of these sales being recognized in media and content. Q1 subscription revenue was an all-time high of CAD 4 million, up 18% from approximately CAD 3.3 million in Q1 last year. This increase was largely driven by an increase in paid subscribers, which were 275,000 as at March 31, 2023, as compared to 233,000 as at March 31, 2022. The yield on a per-subscriber bi-basis was consistent year-over-year. Q1 esports and entertainment revenue was CAD 3.4 million, up 72% from CAD 2 million in Q1 of last year. The increase in esports and entertainment revenue is mainly attributable to the success of the Pocket Gamer Connects London event held in January, which hosted 2,600 attendees. Last year, PGC London hosted approximately 2,000 attendees. Gross profit increased to $16.8 million in Q1, up 24% from $13.5 million in Q1 2022. This resulted in an all-time high gross margin of 39.1%, which is up 1,050 basis points from 28.6% in Q1 2022. Total operating expenses were $25.2 million, up slightly from $24.8 million in Q1 of last year, but down substantially from $30.3 million in Q4. Operating expenses in Q1 include non-cash items of amortization and depreciation of $3.3 million and share-based compensation of $1.1 million, as well as a foreign exchange loss of $0.1 million. The decrease in OpEx from Q4 was largely in technology support, web development, and content, which decreased to $5.3 million from $8.6 million in Q4. This decrease was driven by lower production costs for NFL TNG, which aired seven episodes in Q1 as compared to 12 episodes in Q4, and the normalization of cost savings initiatives undertaken in Q3 and Q4 in our technology and content expenses. As NFL TNG has entered the off-season, this decrease in technology support, web development, and content expense should be expected to persist through Q2, with both NFL TNG revenues and expenses picking back up again in mid Q3 with the kickoff of Season two. Net loss improved 21% to CAD 8.7 million in Q1, down from CAD 11 million in Q1 2022, resulting in a net loss per share, both basic and diluted of CAD 0.06 in Q1, down from CAD 0.08 in Q1 2022. Turning to the balance sheet, the company ended the quarter with CAD 3.5 million in cash and in addition, had an available operating line of CAD 5 million, for total available cash of CAD 8.5 million as of March 31st, 2023. The change in cash during the quarter was largely due to $2.6 million of cash used in operations and $1.1 million of repayments on the company's term facility. During the quarter, our lender agreed to extend the maturity date of our term and operating facilities for an additional 12 months from December 31st, 2023 to December 31st, 2024. The term facility has been reclassified from current liabilities to long-term liabilities on the March 31st balance sheet. It was a great start to the year despite the seasonally slow nature of Q1. We delivered on our expectations, coming in strong on gross profit and steady in expenses. The continued margin expansion reflects the strength and effectiveness of our strategy, and we remain agile as we position for long-term success. In the meantime, we remain on track to deliver profitability this year with a strong pipeline for the second half. This includes, but isn't limited to, one, NFL TNG Season 2, which is already in the market with a pipeline in place and kicks off in Q3. Two, platform expansions, including U.GG's expansions into Valorant and World of Warcraft. Three, strong results from our B2B live events, which are flourishing in a post-COVID world with our next flagship event being Helsinki in September. Four, promising early results from the introduction of a paid user acquisition strategy in our subscription business. This pipeline will allow us to build on these already strong Q1 results and point to a promising year to come. As Nick outlined earlier. We are looking to grow the business in a more profitable way versus chasing low-margin top-line revenue. We will continue to leverage our strengths across the gaming ecosystem while also embracing innovative technologies and capturing new opportunities to drive sustainable and profitable growth. I offer my gratitude to the analysts for their continued work on the company. I also want to thank my team for their work on the quarter, led by the VP Finance, Nathan Teal. To all our stakeholders, thank you for your continued trust in us as custodians of Enthusiast Gaming. We are excited about the road ahead and are grateful for the dedication and hard work of our exceptional teams. It is their passion and commitment that fuels our business. Of course, ladies and gentlemen, our business is the business of gaming. Thank you, operator. I kindly turn it back to you. Thank you. 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. Your first question comes from Griffin Boss from B. Riley Securities. Please go ahead. Hi, thanks for the question. First one maybe for Alex, just regarding the programmatic CPMs. Did you see any further deterioration in the CPMs this quarter, or have they stabilized at those depressed levels that you mentioned in the prepared remarks? Thanks, Griffin. Actually a little bit of the opposite on our pricing. I don't want to go into too much detail. Q1 was certainly a depressed market for programmatic CPMs. I like the patterns I'm seeing. I'm seeing a bit more of an return to normalcy in the seasonal patterns. That's a big part of what was missing last year. The seasonal patterns fell apart. We saw some recovery in February and March. From what I've seen in the market that there is some recovery there. Certainly bottoms. I think we also may be slightly outperforming the markets in our, in our recent pricings that I'm observing. I believe it's at a bottom. I believe a recovery may be starting. What is also very important to me in summary is I like the patterns I've seen, the seasonality inside the quarter, the seasonality inside the month, even the seasonality inside the week. They are predictable to me, even if they're at depressed levels, which is fine, because I want to see the markets return to a normal pattern because that's what was missing last year. Got it. Appreciate that. Thanks, Alex. Sticking with the programmatic theme, maybe one for Nick. I appreciate the five key areas that you elaborated on. That's nice to see. To the extent you can, could you give any more color on how you're thinking about the programmatic opportunity for Enthusiast in terms of maximizing the value of the first party data that you have? I'm just curious how you're looking at the longer term opportunities there in terms of increasing CPMs and yield optimization on your inventory, which could... I mean, potentially, I would think support programmatic margin expansion in the future. I mean, again, to the extent you can, how much of, sort of a CPM lift do you think that you can realize from these initiatives? Well, first of all, thanks, Griffin. I really appreciate your question. The programmatic excellent initiative on the way is significant. We have been pulling apart every aspect of pipes and data and partners and everything to really leverage that. I'm convinced that with the team that we are going to see, a very solid increase in not only the amount of our inventory that we're selling at the prices we're selling it for. Again, you hinted at and one of the most important areas, which is how we are integrating first- party data to ensure that our inventory is as smart as possible. The better the data infusion, the higher the CPM, the higher the value, the higher we can prove it, because we know that the big programmatic buyers are all buying on audience cohorts and they want to be, choosing inventory that is sold. Also, the other part of it is not just the fact that, with cookies going away, the need to be obviously selling our inventory is to ensure that we can therefore leverage, the data enhancement for margin improvement. I'm not prepared to say exactly where the CPMs are going to end up 'cause we've got a broad mix between display and video. I am going to say that we are very, very confident, and we know the model is that better data will yield better offerings, which will lead to higher CPMs. We are working through every element of the tech. As I said, consolidating our SSP partners. We did a big review of who was going to be our DMP partner. We've chosen who we believe the right one, and now we're doing a lot of internal work across all of our owned and operated sites as well to ensure that our formats, whether they're in video or display, really are as excellent as they can be. We have identified certain issues across some of our partners that we've needed to make significant changes for. The conversations we're having with Google, the introduction of Equativ in ad serving. This is all intended to ensure that our tools and our tech for ad tech optimization are the best that they can be. We will see a continued, as Alex said, we're already seeing a continuation of the increase in CPMs. We're going to see that. That has to be fantastic because we do have a very large audience. We do have many opportunities to monetize those audiences with the impressions and the ad units we have. This is going to be an area that we've made quite considerable restructuring in other parts of the business, so we can be investing in this. I think we see, our vision is to make sure we've got a real stairway to the stars, that our advertising strategy starts first and foremost with our inventory ad network as the biggest independent gaming publisher network, moves from an inventory ad network to an audience ad network. We obviously have our publisher network, and then we can identify our gaming audiences across screens, not just on our platforms. We effectively become the Enthusiast Gaming audience network. The next level is the data marketplace, where we have highly sophisticated, high-value gaming audience data that we can then basically trade within a data marketplace. Eventually that leads to another level, which is a self-service platform. Our vision is to increase not only the community size, but the monetization opportunities that we really become a place, a platform, an integrated platform that brands can come to us seeking those omni-channel campaigns that are fueled by our unique gaming inventory and powered by our unique data. Is that going to generate higher CPMs? Yes, it certainly will. Excellent. I appreciate all that detail, Nick. I'll leave it there and hop back in the queue. Thanks for the time. Thanks, Griffin. Thank you. Your next question comes from Robert Young from Canaccord Genuity. Please go ahead. Hi. Hi, good evening. Maybe I'll just key on something you said at the very end of the prepared remarks, the promising early results from paid subscription. I wasn't sure what you meant there. Have you already started to roll out some new strategy or some new efforts there? Robert, hi. Thank you for your question. Yes, we have. We're looking at different subscription models that either for user acquisition, that have a subscription to access sites and content, and also to do it on a monetary basis. We have a number of tests moving at the moment. We've had where we have focused resources on increasing our subscription revenue, whether it's on existing sites like The Sims Resource, or in new areas that we're not prepared to discuss today, but we are prepared to discuss when we have the results of those tests that we're running. We're very confident that with our level of commitment and resource to this area, we're going to see a significant increase in revenue in this revenue stream. Those are underway at the moment. Okay. Second question would be around gross margins, which you already highlighted are very strong, stronger than I was expecting certainly. Yes. I think you'd targeted 40% gross margin in the long run, and you're nearly there. Part of it, I guess, is driven by the weaker CPMs. does that suggest that maybe there's an opportunity for even higher than 40% gross margins? Maybe if you could just talk about that and, where the business can go now that you're so close to 40%. I think that our ambition is to ensure that we continue to drive our top line revenue, but as it should all be contributing to increasing gross margin. We're taking certain decisions that you can see already that we've had across our, video advertising part of the business with our MCN, that we made certain calls where we felt that the higher revenue came at the expense of our focus on gross margin improvement. We are at 40%. We're nearly at 40% on this term. Through our continued focus on diversifying our revenue streams, we're confident that that becomes the minimum that we're going to be delivering. In terms of setting targets for how it goes for the future, I need to have another quarter of our strategy, which I've only put in. It's been early days for me here, Robert, but to be able to put that in place to demonstrate what that will look like based on all of the activations that we have underway at the moment, and see how those really demonstrate that we can go forward from 40 to, where does that go? To 45. Does it go to 46? Does it go to 50? I need another quarter before I'm prepared to put any commitment on that to any of you. Okay, that's fair. Maybe just one maybe additional question around that? I mean, we've been used to seeing the gross margins go up quarter-over-quarter over quarter with the increased direct sale and the growing subscription. With this big jump, like should we expect to see gross margins continuing to step up quarter-over-quarter through this year o r should we expect it to take a step backward? Well, I'd like Alex to... because he's been doing some more sophisticated modeling based on obviously towards the back half of the year, and we've been looking at our pipeline, a very exciting pipeline of significant high caliber RFPs. Alex, why don't you respond to that, please? No, absolutely. Happy to. Thank you. Hey, Rob. I mean, what to expect in the short- term, you'll recall in my remarks, there's a new element of seasonality that will impact the margin. That's the NFL season. It's simply a timing thing. You have season one ending in Q1, season two picking up midway through Q3. That just introduces a bit of a short term seasonality. There's also the dynamic of the volatility in the ad market if a recovery occurs. Of course, that may, we would love it, but that may be dilutive. Long run, away from that short term volatility, this is our new reality. We are a north of a 35% margin business. We're well north of that. As Nick has pointed out, we are, we're after high margin, high yield, high margin revenue streams, right? We have many three years of history behind us doing that and Nick's pushing it forward. These are initiatives, and this is our new reality. I think the short answer is possibly some short-term volatility there, just driven by the NFL schedule and the volatility in the digital ad market. But long-term, once we get over the next few quarters, yes, this is our new reality. Yes, we want to continue to push higher from here. Thanks a lot. I'll pass the line. Thank you. Thank you. Once again, if you'd like to ask a question, please press star one and wait for your name to be announced. Your next question comes from Drew McReynolds from RBC. Please go ahead. Yes, thanks very much. Good afternoon. Nick, just elaborating on one of the comments in your opening remarks where you said there's a shift in allocation, of ad dollars, where I guess in this environment, advertisers obviously have more limited budgets to place these dollars and, they are shifting to Gen Z and millennial. I mean, directly not surprising to me, but, how would you characterize the strength of that maybe relative to, what you were seeing before and maybe previous cycles? I'll just have a couple more. Yes, thanks. Hello, Drew, and thanks for the question. I don't think it's temporary. I think that we are seeing the continued focus of brands and agencies recognizing that they are really desperate to continue to reach audiences so badly served by traditional TV, whether it be, linear or cable. I know it's come as a welcome relief for many of the advertisers that increasingly paid streaming TV and CTV options that the big streamers, that there's a increased choice for ad solutions over paid subscriptions because there's a continued challenge that many of the audiences that they're trying to reach aren't being served very well by the channels that are there. I think, it reminds me when some of the salespeople in Yahoo were walking around 15 years ago showing the bars of, the bar chart of audience attention so high, and yet marketed dollars were so low, and that was the entire challenge of the web at that stage. Now we see that $0.80 on every dollar spent in the US is spent in digital advertising, which is dominated by principally two, now increasingly three with Amazon, massive digital players. I think the promise, it's interesting that if you look at the ad tech results, the ad tech results that have recently been coming out, led by The Trade Desk and Magnite, they're all higher and a higher performance than the walled gardens. I think that speaks to the fact that there is still a real attractiveness for the greater world, the greater web opportunity, the greater opportunity to engage with audiences where you can find them in areas that is exciting the most, and they're not necessarily dominated by the walled gardens. What we're so excited about, and what I'm personally so excited about, having been on the buying side, the agency side, for over 30 years, is I'm realizing that our audiences, our communities of gamers are the most engaged audiences in the history of the planet. There is no one that has not just this scale, but also the level of attention. The level of intent in an attention economy, where not only is it very hard to reach these younger and very attractive audiences, but how do you engage with them? This is where I'm most excited that we have all the different pieces at Enthusiast Gaming, because we're not just about saying, "Okay, reach them and just hit them with a banner ad or a video pre-roll." We are able to integrate your brand in a much more native and authentic and creative way that allows you to truly engage and connect. The other thing we're doing a lot of work on our measurement, on our metrics to make sure that we're not just selling our inventory on traditional media metrics, so reach and frequency, but we're recognizing and revaluing our audiences as community of highly engaged audiences that these brands want to engage, and there's a higher value for who they are and how we can help those brands reach them. I think this is... I don't think, I know this is continuing because I've spent a lot of time in my first two and a half months here now talking to the leading brands and the leading CMOs and all the leaders of the big agency groups, they are struggling. Traditional social media, 70%, we did an analysis of our Comscore by that month, I think it was 68% of that entire community of 49 million monthly average users do not use Facebook. Their social info-integration is through the gaming platforms they use. Not only are these communities of scale, they are communities of intimacy and engagement in the social dynamic. This is a completely unique audience profile. By the way, that's without even Gen Alpha coming up behind them. I'm most excited that Enthusiast Gaming is a company that not only is in effectively the audience aggregation business, but in the context of games and sites and experiences and events where this is really fueling the pattern of what gaming enthusiasts want, and then we're going to take that and monetize that in a different way. It will not just be based in the traditional push-based interactive ad model that got lifted off TV, slapped into social media, and then people are thinking that that's the best way to engage the gaming communities. It's not. The brands are really waking up to that. I'm seeing this because I'm seeing our pipeline of the RFPs, and I'm intimately involved now in all the big RFPs that are knocking on our door, and some of those brands have a high- level of enthusiasm, some have a genuine interest, some are very focused on reaching an audience, some see it as an opportunity for relatively inexpensive R&D and innovation in terms of Web3 and Metaverse. We've got a whole range of these different brands leaning in, and there's another factor that you said, Drew, at the beginning, which is they can't be reached elsewhere, or they can be reached with great difficulty in the traditional media channels. I consider this, as I said in my prepared remarks at the beginning of this call, I think this is the most underdeveloped area of marketing today. Yes. That's really, really excellent context. Thank you for all of that. Just one follow-up maybe for you, Alex, as we just kind of level set expectations here from a modeling perspective. When you look at median content and the, pressure year-over-year, do you have any sense of how that just kind of plays out through Q2 and maybe over the remainder of the year, just given some of the moving parts to the extent you have that visibility? Well, look, the pressure certainly persists. I think t hat's market- wide, even Facebook themselves, their earnings call two, three weeks ago reported they're 17% down year-over-year on CPMs. It persists. As I noted earlier, I'm seeing a bit more of a normalcy to the pattern. While it may be at depressed levels, a return to the normalcy of the pattern will mean sequential increases each quarter throughout the year, like I repeat at the beginning of my remarks every quarter, that typical seasonal impact. I'm hopeful for that. We are cautiously optimistic on that. We're, we're patient. We're cautiously optimistic there. Where we are impatient is on these higher margin, higher yield revenue streams, of course. We're not waiting for subscription. We're not waiting to optimize, to reach programmatic peak performance, and we're not waiting for Brand Solutions. We're still pushing in those areas. I'm cautiously optimistic, but more for the back half of the year. It, it'll take some time, for it to recover further, but early patterns indicate a possible good back half of the year on the programmatic side. Understood. Thank you very much. Drew, I just want to say one point, I think it builds on what we said to Robert Young at the end of the conversation about the higher gross margins and where do they go. We're not going back. We're not going back. If we have to make calls on our gross revenue on certain continued challenges we face, whether it be, YouTube's introduction obviously of a stronger language moderation or whether we're dealing with renegotiation with some of the creators on the AdSense model on our MCN. we're going to be very choiceful and very deliberate on every dollar of revenue we're taking. If it builds us up and it provides what is necessary for us to continue to drive a continual, consistent rolling thunder of revenue growth and increased gross margin, we will take it. We are not going to chase low margin, low value revenue for the sake of it. It has to continue to demonstrate that we're driving towards profitability. We want to be in that situation where we have really excellent top-line revenue growth, but we are on a mission, and I made it very clear to the entire leadership team, and it was made very clear to me when I was, asked to join the company by the board of directors, this is about turning what has been a highly entrepreneurial series of individual assets operating now into an integrated platform to create sustainable, profitable performance. I just want to reiterate that on this call today. Yes. Crystal clear. Thank you both. Thank you. Once again, if you have a question, please press star then one. Thank you. Your next question comes from Kevin from Scotiabank. Please go ahead. Hey there. Good evening. Just one for me. It might have been brought up. Just on the OpEx profile for Q2, maybe Q3. Is the $20 million ex amortization and SBC that we saw in Q1 sort of a good run rate to use there? I mean, there might have been some NFL within that numbers. Just want to know your thoughts on how to think about the OpEx profile the next couple of quarters. Thanks. Thanks, Kevin. We appreciate the question. Alex, I'd like you to grab that one, please. Of course. Thank you, Nick. Hey, Kevin. L ook, there were decreased NFL episodes in Q1 versus Q4, and that is further decreased. There is some off-season content, but further decreased. Some savings perhaps that is as far as the profile goes, and normally, that's mostly out of advertising promotion and then, of course, technology support, specifically the content, bucket of that. However, it's not as notable as the reduction in Q4 to Q1. We're evening out, the $20 million X of non-cash items is a good proxy for a run rate. Okay. Thanks for that. Maybe I'll just sneak in one more. We talked a lot about CPM, RPM dynamics. Can you talk about maybe, anything to note on views? You did about 10 billion in the quarter. I think you grew your total views in 2022 versus 2021. what are you seeing there? Can you talk about some of the dynamics, with maybe YouTube Shorts and some of the... I think, Nick, you talked about it, maybe getting out of some relationships with some creators that maybe cause a bit of a pressure Q over Q on the video views. Just can you help us, maybe for modeling purposes, the video and the web views? Thanks. Yes. Thanks, Kevin. As we said, the introduction of YouTube Shorts, the back end of quarter four as they sought to chase TikTok, they realized that they themselves were going to suffer from that because the level of monetization was so much lower on those views than longer form content. I think all creators and all channels suffered as a consequence of that. We've got some exciting new creator agreements in the works at the moment, and we're going to see that, and we're going to see our views increasing. Alex is the one that models overall views. We're thinking about how we have not just the amount of views, but it's worth saying that we're thinking a lot about our utilization across not just on our views on our owned and operated sites, but also across our publisher partners. We see very significant opportunities for how we can improve the formats to therefore drive higher pricing. It isn't just about the views. The views is one metric of it. What we want to do on the next quarter, on the next call, is start to introduce other metrics beyond just CPMs, RPM and views. We'll talk to you about that next time. Alex, do you want to give a point of view about how you've modeled the views going forward? Yes, sure. We are going to introduce some new metrics, as Nick said. For the time being, look at the total views is, as you can see, very consistent over the last four quarters, now cresting once again above 10 billion. There is a slight shift. You can see, it's in the disclosures, the pro rata between the web page views versus the video views, a slight shift towards web, but video views still sitting right now just below that 6 billion mark, web page views just above the 4 billion mark. We're expecting continued consistency, particularly on the total number, right in and around that 10 billion. The shift, video obviously monetizes at a higher rate, in the case of the MCN is of course much lower margin. This is important inventory when it comes to Brand Solutions. However, as you're well aware, we are very underutilized from an inventory perspective, from Brand Solutions, as in we have inventory coming out of our ears to sell. We haven't been selling it that long. We have a long way to go as we continue to build Brand Solutions. I'm not concerned about inventory availability. Yes, consistency for the next few quarters on the views line. Great. I appreciate the commentary. Good quarter. Thanks. Pass the line. Thank you, Kevin. Thank you. Your next question comes from Gianluca Tucci from Haywood Securities. Please go ahead. Hi, good afternoon, guys. Most of my questions have been asked, here, but how should we think about live events going forward, and what focus will the business have on, this, business line? I'm just curious, as to how the live events business fits into your growth plans and overall strategy, here going forward. Well, thank you. Thank you, Gianl uca. I really appreciate your question. As I said, that was very much part of, one of the key and the last of the strategic focuses we've had, which is on our revenue diversification, ensuring that we can really go for that. Live events is definitely we've seen tremendous success by having the leading B2B gaming industry events leader. They have more events right now they're all in Seattle. Before you know it, they're in Helsinki, then they're in the Middle East and there. We see the remarkable profitability and the level of engagement levels, as Alex shared with you earlier, how many more people have been attending their events so far versus last year. We're excited. I'm here in New York. I've got a meeting with two different live events organizing companies, who I've worked with in the past to really discuss how and where we will be able to create and put on some live events. Again, it's something I need to do the full cost benefit analysis against and discuss it with the board, but we're certainly very excited about that. Also Luminosity, because Luminosity isn't just one gaming team. We have 12 different teams operating in different areas of the gaming landscape. They have been invited to participate and are working with many different partners about having more live gaming events. We're excited about it. It's not just about a post-COVID world. We see the opportunity for this to create that, between the digital and the online realities of our communities to be able to meet and connect in real life. There was one significant EGLX had a live event in Toronto that was significant over a three-day period before COVID hit and shut the whole sort of initiative down. In a way, we're rebooting what we were doing before, but really going to look at it in a more consistent way. If we can do it on the B2B side, we can do it on the consumer side. There's no reason why. I just gave the example of E3 being canceled, 'cause I remember 15 years ago when I was running Nintendo globally at one of my agencies, the first three days were the industry B2B meetings, and the next four days were open to the gaming community, and it was just remarkable. There's no reason why with our breadth of communities and sites and the creators we have within our organization, we couldn't put on absolute marquee live, gaming experience and community events. We're very excited about it. I don't anticipate we're going to be seeing the economics of that rolling forward. Hopefully, because these things take obviously a long time to plan and organize, we're going to see some benefit of that in quarter four. This is really laying pipe. All of these situations that I've been talking about in terms of our overall strategy to continue to explore new ways to grow, is really part of it. This is one under our very noses because we've got a company in our own family, that does it very, very well, who's got very good perspective and very good context to help us think about how we can do that, in the consumer general space. We will share the news as we have something more significant to talk about. It's more than an idea. It's part of a strategic plan. Okay, that's perfect. Thanks for that color. Perhaps a question for Alex, a follow-up question. Like, historically speaking, what has been the typical gross margin of a live event? Sure. The typical gross margins were about. Pre-COVID, they were about 50. When we turned them in 50% gross, when we turned them into digital or hybrid digital live events, that raised the margin somewhat because obviously digital came with less cost. Now we are moving, I mean, such success in the live, we're moving back. Think in the 50-60% range, on those events. Quite, quite profitable, good little business and flourishing at the moment. Okay. Thanks, guys. Congrats on the quarter. Thank you. Thank you. Thank you. As there are no further questions, this concludes our question and answer session and conference at this time. Thank you for attending today's presentation. You may now disconnect.