Hello, this is Craig Brelsford with RedChip Companies. Thank you for joining today's event with Alliance Entertainment, which trades on the Nasdaq under the ticker AENT. With us today, we have Bruce Ogilvie, Executive Chairman of Alliance Entertainment, Jeff Walker, the CEO, and Amanda Gnecco, the CFO. We will begin with a brief presentation in a moment, and then we will answer your questions. Users may submit a question at any time by using the Q&A tool at the bottom of the Zoom window. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Alliance team, please go right ahead. Hi, Craig. Thank you very much. Thank you everybody for joining us today and taking the time to learn about our company. Some of you may be new to us, so I'll give you a little brief background where we are. I'm trying to explain everything, and then we're going to have a Q&A session after about 22 minutes. On my screen here, hopefully you can see it, this is pictures of all the different types of products we carry, which consist of movies, music, video games, toys, and collectibles. Music consists of LP, CDs, and, yes, some cassettes. As far as movies go, it's 4K, Blu-ray, standard definition, as well as SteelBooks. We shall talk more about that. On the gaming side, it's consoles, software, controllers, anything related to a video game. On toys and collectibles, it's all kind of collectible items, like products like Funko or Handmade by Robots, which is our exclusive product, as well as turntables, Bluetooth speakers, any record or music store item that would be a collectible or something they'd want to carry in their store to offer their consumers. What we are is we buy from all these major suppliers that I'm showing on my screen here. This is what we call the tent-pole Class A suppliers. Everybody likes to use the 80/20 rule, so you're looking at 80% of our business comes from our top 20% of our customers, and this is just the sampling of who those top suppliers are for us that drives our revenue. It's not easy to get open with these suppliers. You have to provide good fiscal responsibility. You have to pay your bills on time. You have to add value to the marketplace, and you have to be a stocking distributor, which we are. We stock over 325,000 SKUs in our stock. It's not things that we have made available for sale. We actually stock physically in our warehouse that we have there. As I go along here, I'll just play a little video of our warehouse behind us there. All these customers, I'm sure you've heard of all these customers. Once again, we're using the 80/20 rule here. 80% of our revenue comes from these top 20% of our customers here. They drive all this revenue. It's not easy to get open with these retailers. You have to help these retailers. You have to add value for them. You have to meet all their SLAs. Also, you have to be a financially sound company to do business with them. They don't want to just be dealing with some fly-by-night operation there. With all these retailers, we ship directly to their stores, or we'll ship to their distribution center, or we'll drop ship on their behalf, where we white label the product, make it look like it came from these retailers, but really it shipped from our facility, which is in Shepherdsville, Kentucky. To understand our revenue breakdown of our $1.1 billion in revenue here, you'll see vinyl is our largest physical category. You can see it makes up close to 32% of our revenue there. Video movies, which is DVD, Blu-ray, and Ultra HD Disc, that's another 31% of our revenue there, that $333 million there. CDs is 12% of our revenue. If you look at the quarter that just ended compared to the year-over-year numbers I'm showing here also on the screen here, you'll see the CDs had really quite an uptick in the quarter that just ended there. Collectibles and electronics are the other categories there. If you looked at year-over-year for 12 months, $1,231.25 compared to $1,231.24, $1,000,063 compared to $1,000,071. What that really tells you is we're a very steady state business. We're very consistent in our revenue. Sure, there are some headwinds in some areas, but we gain market share in other areas. We're always bobbing and weaving as the marketplace, because we're so diversified, that really helps us go along there really well. As I was talking about in the quarter that just ended there, you'll see the CDs are up by a whopping 93% and pretty much almost doubles in revenue there. CDs are just proving to be a really good value for the consumer there. Vinyl still remains very strong for us there, up 17% there. Then our movie category consisting of movies and all our licensing opportunities, which is a big growth area we're going to talk about later, you can see that was up 6% quarter-over-quarter there. Collectibles and electronics are carrying their weight. The overall quarter, up 21%. We like the fact that we're growing. That's a good thing. You can see that our revenue quarter-over-quarter there up being 21%, $258 million versus $213 million. To help understand what kind of revenue we have and our profitability, we have the fiscal years here, fiscal year 2024. Our fiscal year ends on June 30th. Fiscal year 2024, sixth through 2024, $1.1 billion, 2025, $1,063 billion. Our trailing 12 months that just ended, 12/31/2026, $1.1 billion. We are up. We're trending up, which is good. The other thing that's really trending up is our earnings per share, $0.09 fiscal year 2025, $0.30 in fiscal year 2025, and the trailing 12 months, we're running $0.45 per share. Of course, you can see on the right side, our adjusted EBITDA also grew in that same time period, $24.3 million all the way up to $47.9 million, coming in at 4.3% adjusted EBITDA there. Our debt is pretty consistent. Our inventory, it may look a little bit higher than what it did the previous quarter there. Main reason why is that we took on some licensing opportunities with Paramount and MGM Studios. We're expanding our Alliance Authentic line and our Handmade by Robots, which I'll talk more about later there. Yesterday, our stock closed at $6.01. You can see in the bottom right there the market. We are on the ticker. Our market cap's about $306 million, trading range $4.34-$8.80. That PE trailing 12 months, 13.36. That is an opportunity here now for those of you who don't have our stock. Last year, we were trading pretty much right around between 20 and 22 PE. Right now, we're on sale at a PE of 13.36. You can see what our average volume is trending there, shares outstanding of 51 million, 3.3 million shares in the float. We have warrants that are set to expire in February of 2028, strike price of $11.50, 9.2 million. The employees of the company all own stock in the company, and we think that's really important there, that everybody, we're employee-owned and everybody's vested and everybody's working hard to grow the company in the direction for all involved. These financial highlights just for the quarter here. I talked about that $258 million over $213 million, plus 21%. You can see our earnings per share went up from $0.04 to $0.05 quarter-over-quarter. You look all the way down the bottom right there, you can see our EBITDA's up 4% over the quarter there. That's all a good thing here. Just looking for nine months worth of revenue by itself there, you can see that for the nine months, our adjusted EBITDA up 47% there. All the arrows are pointing in the right direction, and we're really happy to show that kind of activity we're having there. The secret to our success is our distribution center, which is in Shepherdsville, Kentucky. That's roughly 873,000 sq ft, made up of mezzanines and sorters and handheld picking, and this big, huge red box you can see on my screen here, which is called AutoStore. AutoStore, think of it as a warehouse within a warehouse. Inside this area of 22,000 sq ft consists of 22, I'm sorry, 52,000 shelf locations. A shelf location looks like a tote, and these totes stack on top of each other. Instead of the picker, the processor walking to the shelf to pick the product, that person will stand by their workstation, and the tote and shelf is brought to them. That really speeds up the productivity. It eliminates all the travel time in trying to find an empty shelf location or just finding stock. It's a real win. We went from 41 processors that were picking vinyl, and we're now down to seven processors. We got the same benefit using for receiving. Instead of having about 12 people receiving the product and go trying to find an empty shelf location, the shelf, which is the tote, will come to that person, and all he's got to do is stow the product, and they're done. Big time saver. When you have 340,000 SKUs, and we ship over 57 million units annually, we have the ability to ship 261,000 units in one day and ship to 71 countries. We're really, really proud of this center. The particular AutoStore lease that we have is scheduled to run out in January of 2027. That was a four-year purchase that we did on that equipment. It's a $1 buyout at the end of it, so we will own that. We'll have no more expense related to AutoStore, which is about $250,000 a month there. We're going to figure out how we're going to use that money for the next type of automation equipment we can invest in to get more efficiencies and drive down our cost of pick, pack, and shipping out of that facility. We are an omni-channel distribution company. When we say omni, we basically ship to brick-and-mortar locations, and we also do e-commerce fulfillments for those retailers there. We support over 175 online retailers of their websites. When I say support, we ship them all the metadata, all the artwork, all the images, all the track listing details, basically, so they can populate their websites and make it available for the consumers to shop, what makes a very sticky relationship with all that data they provide. We ship to over 35,000 storefronts. Over 40% of our business— I'm sorry, I should say over 35% of our business, close to 40% of our business is where we are doing drop shipping on behalf of these retailers, where it gets white labeled. It looks like that retailer is the seller of record. Well, they are the seller of record, but it looks like they're also the shipper of record, and that's actually us. It's our operation in Kentucky that could do all those things and make everything look so seamless for them. Makes their job very, very simple. They don't have to have the tribal knowledge of knowing what to buy, what not to buy. These companies have a lot of turnover in personnel, where we're kind of really steady state there with our team, and all that tribal knowledge is still with us there. Taking advantage of our years' worth of history and knowledge in our data warehouse and using AI, we can model and forecast exactly what these retailers need, what should be brought in, what should not be brought in, basically by every trade, by every ZIP code in the country. You saw that our music category was up. Vinyl was really up. In addition to all those, and I showed you all those top retailers we sell to, we pretty much sell to every independent retailer in the U.S. They rely on us for their vinyl. In working with all those independent retailers who we sell to, we're a proud supporter of Record Store Day. That's a big, huge event for the record industry. It's almost 19 years and counting. Every year, it's always better than the year before. Just to give you an example, the last year, we shipped about 660,000 exclusive titles, Record Store Day titles, to those stores. This year that just ended, which was the April, right around tax day in April, we shipped over 700,000 units to those stores there. What it is, it's the independents, a coalition to get together and decide what exclusive content can we bring in that gets the consumer excited about that they want to get them to come into their record store and make a purchase. It doesn't go to any of the large chains. No Walmart, no Target, no Best Buy, no Barnes & Noble, no Amazon, only independent retail, and we're a large part of that, and we're very happy that the industry trusts us so much. The backbone of helping those independent music stores is one of our divisions is called AMPED. AMPED is our music division. This is a division where we're the exclusive seller of over 101 music labels of their content. I like to call these labels, they're basically like the fourth major right now in consolidating them all together. At the peak, the majors probably had about 90%-92% market share, but their market share has been shrinking a little bit because the independents have been gaining more market share, which really helps our business because we gain more market share when they gain their market share. The reason that's all happening, it's very easy for a label or an artist, basically to set up their own studio, create their own music, do their own marketing, get on all the playlists, do their marketing, get on TikTok. They can do all that themselves and manage all their digital side of the business. All they really need is somebody that can handle the physical side, and that's where we come in. A lot of these labels, instead of going to a major record company, they want to do it themselves, and they will, and they do a very good job, and then they come to us to handle their physical distribution. As we pick up more labels and we keep adding to that, and it just keeps growing every year. It's over $100 million, our $1.1 billion is coming from this division there of all these exclusive labels, and it's a real growth area for us. This is something we started back in 2013 or 2014. I think the first year was less than $10 million, and we've grown it to be over $100 million today, and it continues to grow. To complement or to not really compete, but in addition, we have all these exclusive distribution opportunities on the music label side. We did the same thing on the video side with the movie studios. We started this back in 2018. We took over a division for Sony Pictures. We picked up about 20 different movie studios that we're the exclusive distributor, and we were the only person selling that product. Since then, we've grown up to over 48 studios. Some of our major studios, we are the licensor, where we've taken over the home entertainment departments of some of the major studios. There's a lot of change going on in the marketplace with the movie studios. About 2022, Disney decided they wanted to outsource their home entertainment department. They did an RFP, and we won that RFP, and we got their bottom 1,800 titles from Disney Studios, which included Fox. Paramount did the same thing in 2024, I believe. They put out their RFP, and we won that RFP. Starting in January 1st, 2025, we became the home entertainment department for Paramount. We bought some of their inventory, licensed their content, and now we're an exclusive seller of that. That's just been a really great shot in the arm for our movie studio division. We did such a good job with Paramount, we were able to convince Amazon, MGM, this is the James Bond franchise, and plus everything is on Prime Video. We now have that. That started January 1st of 2026. We look at this growth and there's opportunities. There's still going to be more opportunities out there. We're all just kind of waiting to see what the final outcome is with Skydance completing the purchase of Warner Bros. Discovery. Sometime that will be decided by the end of this year, and there'll probably be an RFP to outsource some of those home entertainment departments, which we'll be involved in those. Another channel of profitability and growth is our Handmade by Robots division. This company was originally owned by another company, and we purchased them a year ago December. We picked up their form factor. We say form factor as these little figurines that you see on the left-hand side of the screen there. There are molds, and we picked up the IP and picked up that name. Jeff Walker, my business partner, he had the idea and the vision and belief that if we could buy this company and take advantage of all our relationships we currently have with the movie studios, the video game companies, the record labels, the collectible companies, and go license the rights to put out different versions of our form factor, and then sell that because we are so entrenched in all of mass retail with all the relationships we have with all those big, large retailers that I shared with you earlier there. If we could just grow this to be a $100 million division, and it might take us three years to get to that $100 million, that would add about $40 million worth of gross profit to our business. That would be fantastic to add to our bottom line. That's just kind of all of our plan there. How do we diversify into more higher margin products that we can distribute? This is one of our paths to get there. So far, it's doing really, really well. Jeff will probably talk about later, he's at Comic-Con, San Diego. That's a big licensing show, big stuff there. There's a lot of stuff going on there. We have a great presence there at that particular event. Another vision of diversification, Jeff will talk more about this later, is called the Alliance Authentic. Alliance Authentic is a way of taking vinyl, a record, and encapsulating that vinyl. There's so much going on in the collectible space right now with the trading cards, the Yu-Gi-Oh! cards, baseball cards, as well as could be movies, games, anything where it's getting encapsulated in plastic, and then a grading authority is putting a grade on and determining what the grading quality is of that there. We're right in the middle of all this vinyl, and all this vinyl is coming in, and there's a tremendous demand for vinyl. People have been collecting vinyl for years. This is a way of just kind of making it and preserving it for history and prosperity. Back in the old days, when I was a kid, and Jeff's the same way, you used to be able to get uncirculated coins that were in plastic, that had never been circulated, and they were sealed. Same idea. We take a record that gets released by an artist. We encapsulate it in plastic. We number it to create scarcity. So far, we've done no more than 100 of any one title, and as little as one. We could put an NFC chip into that, and that's to create authenticity, to make sure it's not counterfeit, it's legitimate. Also, it's a way of linking your product to our website, our marketplace, a way of tracking what's in your collection, who owns it, and when it was purchased, and what number you have, and what any other material that belongs, any other bonus material that can link to it digitally will also be part of that website. Getting tremendous amount of interest on this, especially from the label side and the artist. This is a way that we can come up with partnership and ideas there where the artist can get residual income on future sales. When you think of the concert tickets, they don't really like those because they get sold by scalpers, and scalpers make all the money. There's a way, some way, there's rev-share opportunities here to work with the artists and the labels, and we're pretty excited about this because it's another growth area opportunity for us. While we were learning about Alliance Authentic and trying to get that established, we came across a company called Endstate Authentic. Endstate Authentic is the company that came up with all the technology using the NFC chip. An NFC chip is a way of. You would put that in the product, and you could use that, and you could tap on that chip. When you tap on that chip, that can take you to a website or a portal, wherever is needed. Kind of think of as a QR code when you tap it with a web address. With that, it's a unique ID, and it's only used, it's a one and done. Once you tap it once, it's a new key. There's just a lot of great opportunities in dealing with the world of counterfeiting and authenticity, and we thought that Endstate had a really fantastic product here and the technology, the founders of that company. We liked it so much, we purchased it last year. That transaction closed last year on 12/31, and they're in some fantastic conversations with a lot of opportunities out there where this technology can be embedded in all kinds of products. It's not just going to be for Alliance Authentic. It's customers they have already that they're using this. It's a very fast way to get consumers registered. It's one way you could totally block out counterfeiting and stealing of goods and all that because you've authenticated. The consumer just takes their cell phone out, taps the chip, boom. This is legit. Boom. We don't know what the heck this is. That's how quickly it is. You could put them in a Louis Vuitton purses, shoes, apparel, anything you imagine. We think there's a real growth area. There's a new initiative in Europe, and it's called the EU Ecodesign for Sustainable Products Regulation requiring digital products passport, or DPP as a shorthand. Basically, these tags are getting so long on the garments because you got to identify everything that's in that garment, went into it, where it was done, and what. A perfect solution for all that information and keeping that information, keeping it unique to that actual garment, is using an NFC chip. Our team has a lot of great conversations. There are going to be some more announcements for possible grading companies using this technology. We're pretty excited about that. We have a retail division. This retail division has all these different brands that we sell on these websites, these catalogs, in every marketplace that out there we're trying to sell. We just want to make sure our product's available anywhere and everywhere in the world. It helps us understand what the pulse of the consumer is, what they're after there. Another thing it does, it really gives us an advantage if we ever have any distressed inventory that we're trying to turn into cash. When you have something that you can't get rid of, you can't sell, you got to sell it to some guy for $0.10 on the dollar, which we're not too excited about. This way, we can retail it for a lower price and make sure we at least get our cost out of it there. That's a win. Most of our product is returnable, but there are some items that we own that we have to sell it on our own. In closing here, before I open the Q&A, we got to where we got, Jeff and I, from 2001 to 2020, or beyond 2020, Jeff and I completed 16 successful acquisitions. We acquired a bunch of companies so we could diversify, maybe eliminate a competitor, go in areas we've never been in before, or take on more customers that we didn't have before. All those things took us from $18 million in revenue to $1.4 billion in revenue at the peak of 2020 during COVID there. We plan to continue expanding our collectibles and media portfolio. We'll just keep adding more things that we can distribute and diversify and do all that. I talked about Handmade by Robots. That's a real growth area for us. Just continue to strengthen our pop culture and collectibles offering. Future targets are more collectible brands, licensing opportunities on the video side. There's going to be more studios that want to come our way. There's always lots of discussion and dialogue going in that area, so we're really excited about that. We also know we have to grow by doing acquisitions. We've probably got three or four discussions going on, companies we'd want to acquire. We got to where we got by doing lots of acquisitions, and we did all that without bringing in private equity. There were no raise. We did it all by bank debt, that always preserves shareholder value by doing it that way, by borrowing money versus issuing more shares. Now, being a public company and the ability to raise money or issuing stock where it makes sense, all these things that we can do, we have the opportunity to do that, exciting times for Alliance here. I'm going to pause at this moment, I'm going to open it up for Q&A. Thanks, Bruce. Click the Q&A button type your question into the text box. We are only going to be able to take your written questions today. Again, that's the text box, which will appear after you have clicked the Q&A button at the bottom of your Zoom window. Bruce, AMPED Distribution posted 39% year-on-year revenue growth for the first nine months of fiscal 2026. Can you break that down? How much is new label artist pickups? How much is category tailwind from the vinyl and CD demand curves? How much is share consolidation from smaller indie distributors exiting? Which of those three is most durable heading into fiscal 2027? That sounds like a competitor asking the question. I'll take it, Bruce. All right. Our AMPED division has consistently been producing good results with our existing labels that we represent there. We did pick up our biggest label, is Virgin Music Group, which went live the beginning of September of last year. That's a pretty significant label. They were distributed through Universal before, and they moved that distribution from Universal to Alliance. One of the questions is, why did they do that? The reason that it's working for the independent labels to be at Alliance versus at a Universal is we sell to all of the major retailers, as well, obviously, Amazon and other major retailers. We also sell to all the independent stores. A lot of those stores will order from us on at least a weekly, if not every day or every other day schedule. They can quickly replenish if they sold a title and bring that title back in. The next part is we're the guys that when all that product from a Virgin Music Group is in our warehouse, all of their inventory, that inventory is feeding up into all the e-commerce sites that Bruce mentioned that we do fulfillment for. It maximizes all the buy buttons on websites, including Amazon and Barnes & Noble and Walmart and so forth. When these labels come over, they're seeing an increase in sales by coming over to Alliance. We also did pick up a significant amount of business from Redeye as well, because they were seeing the same thing for their labels. We're in a lot of continuing conversations about other labels coming over. We've got some pretty big releases. We're very excited about the new Shaboozey album that's coming out July 31st. That's a big title for us as we know he was a breakout artist last album, and that's coming through our AMPED division. We're definitely seeing some big growth. We don't see it slowing down on there. Last part is with growth in CD and vinyl, both categories growing, that's also supporting the revenue growth in AMPED. You've now stacked Paramount 2025 and Amazon MGM 2026. Without commenting on any specific counterparties, what's your read on studio appetite for outsourcing physical to a specialist? If you were going to ramp a new agreement in 2027, how soon would that need to be nailed down? Yeah. We are in active conversations with all the studios, every studio has their own agendas and their own strategies and their own operations and their own agreements in place for different things. It's really a studio-by-studio conversation. We do think in the long term that Alliance is the appropriate solution for studios. It's just a matter of timing and things like that happening. Bruce did mention this Paramount/Warner, we have no idea what that's going to entail, we do know if that merger goes through, that creates different changes within the video industry overall. It leads to different people having to review their status quo of what they're doing and reevaluate all their different opportunities. We are in a good position there, we can't really comment on decisions from other studios. We do think that we are a great solution, I do know that both Paramount and MGM are happy with what we're doing. One of the things that we are doing that is important, that then demonstrates to the studios we don't have, is we've been able to expand the catalog selection of both Paramount and MGM. Products that were not available, movies that weren't out on a particular DVD format or something like that, we've been able to get them onto a 4K format. Been doing strategic SteelBook products and things like that. Because we're focused on physical product, we're much more focused on what we can bring out into that physical market, where on the studio side, when they're managing it, they're really just focused on their top-line tent-pole releases and how they sell those. We're really looking to continue to expand the sales in their ongoing catalog of movies. There's a little bit of a difference there. There's quite a bit of catalog product for MGM. They're going to be extremely happy with the royalty that they're getting from Alliance, with us doing an extra $10 million or so of MGM product because we brought out some catalog product that they weren't selling in the past. The Comic-Con pop-up opening today with preserved vinyls from major artists is a very interesting start for Alliance Authentic. It's your first in-person activation. What are you hoping it proves out, and how does putting the platform directly in front of collectors turn into recurring higher-margin revenue? Well, yeah. I'm actually here in the lobby of Comic-Con right now while I'm on this call. The Alliance Authentic, the vinyl is a pretty hot ticket here right now. This is a world of collectors here, obviously, and they collect all sorts of different products. When you put a vinyl in the encapsulation, add the NFC chip, and they're numbered, which is a big thing for collectors, they're really hot on this product. I think the other component is people love vinyl for the art of the album, the album cover. When you put this album in a really nice acrylic encapsulation, and you can display it there, the colors and everything just pop on it. It truly becomes a piece of art that you could have on your bookshelf or your desk or somewhere in your house. Think about your favorite album and having it on display there, being separate from your whole vinyl collection. It's like, "Hey, I want to have my favorite album right here that I can display and show that," as Bruce said, "There might only be 100 of those encapsulated, and you have one of the 100." There's a lot of aspects to it, especially in the collector space. The limited aspect of it, making them numbered is a huge component. The last part on this with Alliance Authentic, everybody on the call should take a look at allianceauthentic.com, and you'll see what we're talking about there. There's also a peer-to-peer marketplace, so we're developing the aspect of everybody that owns either a vinyl collectible, a Funko or a Handmade by Robots or any other encapsulated one. They're one of our collectors in Alliance Authentic. You can sell that item on the marketplace by tapping the chip and listing it for sale. We're building a peer-to-peer marketplace with Alliance Authentic as well. That whole technology with the chip and the marketplace is all part of the Endstate tools that we're also working to sell to other companies as a back-end component for Endstate. Consumer direct fulfillment is one-third of revenue, you have described it as capital light. In plain terms, why is fulfilling on behalf of a retailer more profitable than traditional wholesale? I think the profitability on it is just a tad bit better. It's not significantly better. On the other side of it's an aspect where it's a huge benefit for the retailers and our partners that have the websites, because they don't have to invest in inventory. They list our inventory, that inventory gets sold, then they pay us for the inventory. For the whole ecosystem, it is very efficient. That aspect is a big component. It works well for us and it works well for our customers as well as when you think about our inventory on those sites, they're marketing it, they're working to sell it. I look at it from a perspective of our inventory that's in our Kentucky warehouse. We want that inventory available on as many websites around the world as possible. That's how you maximize the sales of that e-commerce channel. Jeff, the only thing I would add to it is that because it reduces the cost of taking back any returns because you're not putting a bunch of product in the marketplace and a bunch of stores where we could ship it out one location and then everybody, there's less returns to handle, only the freight companies make profit on taking back returns. It's a cost center which we mitigates and reduces it. You just secured exclusive North American physical and U.S. EST rights to Heated Rivalry and Amazon MGM went effective January 1 on top of Paramount. The exclusive content order book is already north of $350 million a year. What new wins would you be most excited about to change the margin mix? Specifically on video, if the question's revolving around video, expanding our license components in a video side definitely continues to help our margin. Any other studio product or other product that we can license is a big aspect for margins. One other thing, overall in the company, one of the reasons that we're very hot on Handmade by Robots, Alliance Authentic and Endstate, those are all much higher margin categories than our traditional distribution margins. We are focusing a lot of time and energy on that. We are investing money in people and leadership and marketing and things like that on those three channels to drive that. It is impacting us right now with the expenses that we have in those three categories, but we look at that as an investment in those categories similar to if we had acquired a business or if we acquire stuff. We're looking at how we build that, and if through our combined efforts at Alliance, we can build those three into substantial business divisions, that's a home run for us. We're actively investing in it right now, and part of the reason that we chose to invest in those so strongly is that they have strong margins in all those three categories. We know that we want to continue to go towards strong margin opportunities, and that's where we're focusing it. Reminder to our participants to click the Q&A button and type your question into the text box. That is the Q&A button at the bottom of your Zoom window. We will give everyone a moment or two to think of any final questions for the Alliance Entertainment team. While I am waiting for the last question, I will say one thing that has been fantastic for us is there is a huge social media push right now towards collecting everything. People are heavy into collectibles, whether it is music, video, trading cards, all the collectibles that are here at Comic-Con. People are collecting watches, all sorts of products, art and so forth. We really see that aspect of human behavior continuing. People are not just living in their phones. They want to have physical things and be able to differentiate themselves from other people. We are definitely seeing that in the music side. Our growth in vinyl and now CD is pretty extraordinary right now, and it is driven by a lot of social media conversation about the benefits of having physical product and ownership and things that you collect and so forth. We are continuing to focus our energy and really our company, as we are really a collectible company. Everything that we sell, as Bruce mentioned, is something that people collect, and we are continuing to go hot and heavy down that path. That is definitely the right direction, and we see the collectible world expanding, and we are trying to create our own collectible products with Alliance Authentic and Handmade as well as what other collectible products can we be a distributor for and sell and grow it outside as well. We are definitely heading in that direction, and we are pretty optimistic about where we are going right now. Thank you very much for that, Jeff, and thank you to our participants for all their questions today. For more information on Alliance Entertainment, reach us at 1-800-RedChip or email us at aent@redchip.com. Please visit the information page created by RedChip for Alliance Entertainment. It is aentinfo.com. There, you can view and download the investor presentation and fact sheet and sign up for news alerts on Alliance Entertainment. Watch Small Stocks, Big Money, RedChip's program featuring exciting small cap companies on CNBC every Sunday morning at 11:00 A.M. U.S. Eastern and on Bloomberg USA every Saturday night at 7:00 P.M. U.S. Eastern. Finally, join our next webinar with First Phosphate, Wednesday, July 29th at 4:15 P.M. U.S. Eastern. Register for all RedChip webinars at redchip.com/events. Thanks to our many participants today, and as always, thank you very much, Alliance team. Thank you, Craig. Thanks.