Good morning, ladies and gentlemen, and welcome to the Rivalry Q1 2024 Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, 30 May 2024. I would now like to turn the conference over to Jeff Codispoti, Investor Relations for Rivalry Corp. Please go ahead. Thank you, and good morning, everyone. Our speakers on today's call will be Steven Salz, Co-founder and Chief Executive Officer of Rivalry Corp., and Katherine Curry, Chief Financial Officer. Before we begin, I would like to remind listeners that certain statements made during this conference call presentation may constitute forward-looking information and forward-looking statements within the meaning of applicable securities. These statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results or achievements of Rivalry Corp. and its subsidiary entities or the industry in which it operates, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this conference call presentations, such statements use words such as may, will, expect, believe, plan, and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this presentation. These statements involve known and unknown risks, uncertainties, and other factors, including those risk factors identified in the company's MD&A, dated 30 April 2024, under the heading Risk Factors, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under securities legislation. I'll now turn the call over to Steven Salz. Steven? Thank you, Jeff, and thank you, everyone, for joining us today. This morning's news release contained two key announcements: our Q1 financial results and our decisive moves to more deeply tap into the crypto segment. On the Q1, I'll offer a high-level overview, and then Katherine will provide additional details on the results. Following Katherine's remarks, I'll devote the bulk of my comments to the Rivalry token announcement and what it means for us strategically. Q1 marked a return to growth after a relatively flat finish to 2023. Betting handle was up 11% from Q4 2023. Gross gaming revenue increased by 20%, and net revenue was up 51% from Q4. We benefited from a range of recent product introductions, audience diversification efforts, and a ramp-up in marketing, which has brought total registered accounts on Rivalry to more than 2 million. A particularly encouraging aspect of our Q1 results is the margin strength. We identified margin stabilization and improvement as a priority last year and launched a number of initiatives to help move the needle throughout the back half of 2023 in particular, and those efforts are starting to bear fruit or started to bear fruit in Q1. For example, new products like Same Game Combos and pre-made parlays are driving users to higher-margin verticals that also offer them a more entertaining betting experience. In addition to these higher-margin products, we've also been reviewing and, where appropriate, adjusting our posted margin higher on our sportsbook, where Rivalry may have been too far below market. It's worth noting, though, that any adjustments where they were made are still at a level where we remain competitive. As a result of these efforts, Q1 net revenue margin of 58.5%, equivalent to what was previously reported as gross margin, was the highest of any quarter in our history. As a percentage of betting handle, net revenue margin of 4.7% was among the highest in our history. While we expect to see continued variability in margins, the recent trend is certainly positive, and we believe there is further upside to be gained as we continue to refine our product offering. Customer KPI, including average revenue and handle per user, remain at the record levels achieved last year, while brand and entrenchment in gaming and internet culture continues to profitably acquire under 30 customers. All that said, we are very encouraged by the positive momentum behind us and believe our strengthening business model will continue delivering more to the bottom line as we grow. In this context, our expansion into the crypto space, which opens up significant new avenues of growth, is very timely. More on that in a moment, but first, I'll turn the call over to our CFO, Katherine, to review our financials in greater detail. Thank you, Steven. As Steven described, our Q1 2024 results can be characterized as a return to positive trends following a more flattened sequential trend in the back half of last year. Betting handle was CAD 94.7 million in the Q1, a sequential increase of CAD 9.6 from 85.2 million in Q4 2023. Betting handle in Q1 was split roughly 60% to 40% between the gaming and sportsbook segments, respectively. This is in line with the Q4 breakdown and reflects an ongoing trend of gaming claiming an increasing share of handle as we build out our casino product suite and add new original games. In contrast, sportsbook continues to generate a larger share of gross gaming revenue, or GGR, at roughly an 80/20 split versus the gaming segment in the Q1. That is in line with the average split for 2023. GGR of CAD 7.7 million in Q1 was up CAD 1.2 million from the Q4. Based on the respective contributions to GGR, the sportsbook segment has been a greater focus in our efforts to improve margins. Gaming typically generates lower but more predictable margins. As Steven mentioned, many of the new sportsbook products we have introduced in recent quarters offer the advantage of higher margin contributions. We saw the results of this product evolution in Q1... net revenue, which we previously reported as gross profit, was CAD 4.5 million in Q1, an increase of CAD 1.5 million over Q4 2023. Expressed as a percentage of GGR, our net revenue margin of 58.5% this quarter was a record high for Rivalry. The comparable figure was in the 45% to 46% range throughout each quarter of 2023. I'll now turn to operating expenses. Total operating expenses decreased by approximately CAD 1 million, or 10% compared to the Q4. The only OPEX item that increased, up approximately CAD 350,000 sequentially, was the marketing, advertising, and promotion expense. As we mentioned when we raised capital last fall, we made the decision to invest more in marketing at the start of 2024 to take advantage of growth opportunities. We believe that spending helped drive the increased betting handle and increased adoption of the new products. Our largest OPEX line item, general and administrative expense at CAD 4.5 million, was roughly flat from the average experience throughout last year, demonstrating continued prudent cost management. Net loss was CAD 5.2 million in Q1, 2024. This represented a CAD 3.4 million improvement from Q4 2023, and was our lowest net loss of the last four quarters. While we're encouraged to see improved profitability trends, we've decided to update our previous profitability guidance. Our new guidance is to reach profitability by the end of 2024. Lastly, I will briefly touch on our financial resources. We ended Q1 2024 with CAD 9.4 million of cash, which includes CAD 3.3 million of restricted cash. We remain confident that we have sufficient liquidity to fund our continued growth. I'll now turn the call back to Steven. Thanks, Katherine. I'll start by reiterating what I often say on these calls, which is that Rivalry is defining the future of online gambling for a generation born on the Internet. To expand on that briefly, this is a consumer entering the fold that is markedly different from the traditional online gambler that the industry has been built around. They're consuming less sports content and engaging with video game content, following social creators in place of celebrities, and are immersed in online culture. Winning business from this new generation of players means adapting to a shift in entertainment preferences and technologies that Rivalry has spent the last six years writing the playbook for. We're very proud to have built the leading esports betting brand in that time, gaining unique traction among digitally native Millennials and Gen Z who identify with gaming and Internet culture. As we scaled, however, we recognized that our growth potential would be constrained if we limited ourselves to esports due to lower average bets and size relative to other segments of the online gaming market, which we have seen create some drag on our potential growth profile over the last few quarters. While our esports business continues to generate incremental growth and acquire a unique user base into our ecosystem, we've been pursuing a strategy to diversify our product offering for the past two years. This has resulted in a highly differentiated casino product suite, increasing strength in areas like traditional sports betting and fantasy, driving record customer unit economics. Today, Rivalry has become much more than an esports story. We have a demonstrated ability to build well-differentiated consumer products and ones that resonate with the targeted demographic of digitally native users specifically. This has created a generational brand in online gambling, which can capture, engage, and retain the industry's customer of tomorrow. The launch of Rivalry Token represents the next chapter of our vision and pursuit to own this demographic and opportunity. Rivalry Token is the native cryptocurrency token that will act as a nexus between Rivalry, Web 3, and gamblers that we expect to launch later this year. It will be integrated across our sportsbook and casino with built-in features that layer into our existing betting experience. This will provide customers with more incentives to play on Rivalry and welcome a fast-growing audience of crypto gamblers into our product universe. This announcement is meaningful for several reasons, but first, I want to quickly describe the current experience on the announcement, which is that eligible users, meaning those that can legally use Rivalry, can start to pre-earn into the token by being active on the site, and by doing so, they earn a, basically a token, a pre-token currency we call NUTZ. We call this Play-to-Farm, and users participate in this at various NUTZ ranks, which are assigned to them based on their total activity level and carry different attributes. Think of it as an RPG game where you do things, being activity on Rivalry. You level up a character, which is your NUTZ rank, and you collect loot, which is your NUTZ, which builds your inventory. The more NUTZ you collect, the more tokens you receive on the eventual airdrop. The experience is incredible and was made possible by the world-class talent at Rivalry. Okay, back to why it's meaningful. Outside of the public eye, new online gambling products built around blockchain technology are capturing the next generation's attention and taking market share from incumbents. Cryptocurrencies are often the centerpiece, enabling a product that is ubiquitous globally, faster in speed and processing, transparent, and credits instantaneously for an experience that we believe is objectively better in nearly every way. Industry estimates now put crypto wagers at -- I think I left off on this. Announcement is meaningful for several reasons, so I'll continue from there. First, to quickly describe the current experience on the announcement, eligible users, which are those that can legally use Rivalry to start to pre-earn into the token by being active in the site, will earn a pre-earning or farming currency called NUTZ. We call this Play-to-Farm. Users participate in this at various NUTZ ranks, which are assigned to them based on their total activity level and carry different attributes. Think of it as an RPG game where you do things, which is your activity on Rivalry. You level up a character, which is your NUTZ rank, and you collect loot, which builds your inventory. The more NUTZ you collect, the more tokens you receive on the eventual airdrop. This has been a great way to reengage existing and former users, and the experience is incredible and was made possible only by the world-class talent at Rivalry. Back to why it's meaningful. Outside of the public eye, new online gambling products built around blockchain technology are capturing the next generation's attention and taking market share from incumbents. Cryptocurrencies are often the centerpiece, enabling a product that is ubiquitous globally, faster in speed and processing, transparent, and credits instantaneously for an experience that we believe is objectively, objectively better in nearly every way. Industry estimates now put crypto wagers at 25% of global betting handle, and market share is only going to accelerate toward these products as mature cohorts age out. This isn't a flash in the pan either. It's where the future of online gambling is headed and where Rivalry is keen to play a leading role. One of Rivalry's advantages in the marketplace is its emphasis on implementing new technology and using it to optimize product market fit among this demographic of users. From original casino games developed in-house to a sportsbook built ground up on a proprietary tech stack and countless other examples, we're unafraid to innovate and explore new terrain in an effort to serve this audience better than anybody else. Our entry into crypto is an organic evolution and natural complement of our company and brand, with high overlap between Rivalry's existing audience of Gen Z gamers and gamblers who are also on the front line of this economic renaissance. In addition to all that, we believe it will move the needle on solving something we've been thinking about deeply since launching Rivalry in late 2018, which is enabling more positive alignment between us and our user base. This is core to the ethos and technical promise of Web3. Achieving non-zero-sum alignment through a token to any degree would be - in gambling, would be powerful. Alongside this announcement, we've also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a very meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry's global network. It is one of the most decisive strategic moves we've made to push Rivalry's growth profile forward. This comes at an opportune time, as momentum in crypto gambling has been building among our target audience, and they've been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort. We're also planning to expand into new geographies under our Isle of Man license, which will be substantially streamlined through the acceptance of crypto payments. Our development to becoming a meaningful player among a more global crypto gambling market would not have been realistic a couple of years ago with a narrower offering, but we now have the product suite to support the migration upmarket. The addition of a B2B revenue stream from our original games represents another opportunity to grow the business by leveraging our unique approach and our long-term investment in proprietary technology. We're hoping to be able to speak more to these B2B opportunities soon. We expect these initiatives to build upon our momentum and put Rivalry back in pole position as a growth story. At this point, we'll open up the call for Q&A. Operator, please provide the instructions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment while we prepare the Q&A roster for you. Your first question is from the line of Jack Vander Aarde from Maxim Group. Your line is open. Okay, great. Good morning. Thanks for, thanks for the update, Steven. Thanks for taking my questions. I guess there's a lot to chew on here. Definitely a lot of new announcements that are definitely seem innovative and seem like big drivers and... But besides that, I just kinda wanna dig into the Q1 here. Gross margin was exceptionally strong, and I'm just trying to figure out how, if there's any nuance to that beyond just some of the new product launches you've, you've made and some of the cutbacks maybe on spending or promotional expenses. But is this, is this kind of a new normal, or how, how are you, how were you able to achieve this, and what do you expect for gross margin, kind of going forward? Yeah, I think our historical range of kind of like mid-forties is in and around where we still expect it to trend. I think this quarter, we definitely benefited, obviously, yeah, from our same-game parlay products, which we call same-game combos, and then pre-made parlays, which we call Quick Combos, and that has supported margin generally, public NGR margin generally. And then we did reel back a little bit on promos relative to what we usually do, just because we found, I'd say, like, different ways to reactivate, whether through marketing efforts or otherwise, that are, I guess, below the line. So yeah, it was a good quarter for gross margin. I do think generally long term, we'll be able to average fifty plus. But yeah, I guess I don't want to give, let's say, like, guidance or something like that right now, that I would consider this a new normal. Obviously, we're super happy with it. I think it again, it's just a function of all the things that I just described. But yeah, whether, you know, let's say guiding forward to continue to be here, I wouldn't say, but I'd say that we obviously feel really confident that the underlying margin drivers we've been focusing on for the last, like, six-plus months and prioritizing are working, so we continue to expect them to work. Okay, great. And then, this doesn't include any of the, you know, potential upcoming B2B license opportunities? Obviously, this crypto announcement either, and some of the new products you have set to launch, I guess in the Q2 and then throughout the year. M aybe can you just give us a taste of or maybe just like a general directional expectation of, are those incremental margin drivers as well? Does it depend on more factors than being that simple? Just trying to understand what, how this transforms kind of the financial statements. Yeah, I don't really think those are gonna be margin drivers so much as just handle and revenue drivers. So for example, B2B obviously is just a completely new revenue line, so it just, yeah, supporting overall growth and a way for us to benefit from work we've already done. And then the token in particular, there's kind of like two different pieces of it because there's the token, which does have an element that already launched and started now, which is this whole farming phase that I tried to describe on the call, which has users returning and new users joining to participate in what's called the kind of farming into the airdrop, meaning leading into launching a token, whatever the token project is. There's a phase of it where, yeah, people call it different things, but typically it's called farming, where you do different activities with in and around a project to earn into eventually receiving the token, because some allocation of the token will go out to the community that does those things. The benefit for Rivalry versus, let's say, most crypto projects is we are like an existing product that people can already use right now. Because typically, what would happen during this phase is you'd have just social farming, meaning literally just people retweeting stuff and liking it and commenting on it. That, that's all that would happen. For Rivalry, it's different, people can use an existing product, so our farming is using our product, as in come and deposit and wager, which is good for business, obviously. And then a component of it that I didn't talk about in the script is every single historical user that has ever had any activity on Rivalry, so you're talking like hundreds of thousands of users, obviously, in our history. So some that maybe churned three years ago, we haven't seen them for three years, four years, whatever it may be. Anyone that has ever placed a wager on Rivalry has already earned NUTZ, which is that, call it, that currency, that will then eventually... like it's a non-monetary currency, but it's just a, it's like a play, play money, I guess, on the site, that will eventually convert into the token. So you can imagine it's great because we're going back to people that we haven't seen for a while and say, "Hey, here's some essentially loyalty points. First thing that you did three years ago, you know, remember Rivalry, come back and claim them, and it'll be worth something in the future." You don't have to necessarily do anything, but obviously just by getting these people to come back, connect a wallet, and re-engage with Rivalry, the odds that we then convert them back to an active user is quite high. So the token also—a long-winded way of saying, like, the token also is not necessarily a margin-enhancing effort, but it is like an incredible opportunity to not just, like, grab new users in this crypto ecosystem, but also bring back many, many, many users that have long ago churned on Rivalry because they've already earned these. So it has lots of different features of it. But I'd say, yeah, those are revenue drivers and growth drivers rather than necessarily like margin drivers. Gotcha. No, that's helpful. And there's a ton of questions I can go kind of down the rabbit hole here with, but I'll try to be more concise. Just in general, can you maybe help us understand what kind of drove the testing and the idea generation behind the token and crypto announcement, with the farming and everything that's involved with it? Yep. Did you do any consumer outreach surveys from your players? Is this something they said they wanted, or is it more market analysis? Just really curious to get a sense of how you made this decision, and then also how many of your users do you expect this to actually, you know, be utilizing this kind of right out of the gate? It'd just be interesting... and you have different markets where you're regulated, some are gray markets. I'm not sure if there's any distinctions there or nuances there in terms of what's allowed or not allowed, but it's just really interesting. There's a lot to chew on there. Yeah, I'll try and be quick with it also, because it does go back to kind of the founding of Rivalry, where some of our original ideas, even our original proposals for our Isle of Man license in 2017 when we were applying for it, had components of it that were about essentially how do we create a non-zero-sum experience for users in gambling? Meaning like, how can we have where you—whether you win or lose a bet, there's some kind of value proposition for you as a user, because that's just one of the unique things about running gambling as a consumer product, is naturally our revenue is when our consumers lose bets, right? This is just the nature of the business, clearly, which is just an atypical relationship, right? If you think about a typical consumer product, a SaaS product, or whatever it may be, you're not in an almost like a competitive relationship with your own customer. So that's always made, I think, building brand and customer loyalty in online gambling a uniquely challenging thing for, like a unique marketing and brand challenge in online gambling. And it's one of just the thematic things about, you know, how do you retain a user? How do you not have gamblers having multiple betting apps on the same phone? You know, how do you make them super fans of your brand, et cetera? This is, like, uniquely challenging in gambling. I think Rivalry's focus has always been around doing that, right? The way that we've built brand, community, and everything we do up to this point, it's kind of around that concept. But we've been looking for, I'd say, like, also like a technical solution or like a product solution to be able to amplify that. So we've been observing a lot of the stuff that's been happening with tokens since we launched, because the first cycle of tokens, generally in crypto, was in 2017, and this is when, like, nobody really knew what they were doing. There was no legal framework, nothing. And we did not step in then because it just didn't make sense, and A, we didn't really understand how it would work, and B, it just felt too risky at the time also. There's now been, like, two other cycles where, like, the technology is getting more developed, the use cases are proving themselves. There's more of a legal framework for it, which obviously we care about as a public and regulated company. So then late last year, we started thinking more deeply about, generally I would say, like, gamification and like, economy systems on Rivalry as part of just like a general, call it, thesis shift internally around how do we create even more experience on Rivalry, feed into more of this philosophy we have of the business of making a product that is, like, intrinsically entertaining and, great reasons to just be on Rivalry and use Rivalry, whether you're there necessarily to bet or not, and how do you just make a more engaged and fulsome consumer experience that way? We, like, have always been trying to do that, but I'd say we were starting to think a lot more about it late last year. And then as we were going through that thinking and thinking about, okay, if we're gonna have more of an economy system or more of a marketplace type system on Rivalry, maybe we should re-look at tokens, because this is essentially what it's designed to do, is you get these utility tokens where they, they function as, like, again, a token of exchange for value within a specific platform. So rather than creating, let's say, like, a Rivalry gem that has, let's say, no monetary value, no, no way to take it off the platform, no way to do anything, maybe now is the time to implement a token and just go back at this thing we've been looking to solve for a very long time. So that's all happening late last year, and then that moves into early this year, doing kind of the legal work, securities work, et cetera. And then also looking at the just massive kind of surge in growth in crypto, because it's just now kind of another momentum cycle, and observing also just a lot of the stats coming out around crypto gambling as a percentage of total gambling TAM, all this kind of stuff. Looking at the demographic mostly participating in that, which is ours. Like, again, this kind of under thirty, grew up on the, like, internet native user. And then also looking at, obviously, Rivalry's brand, which anyone who's ever seen any of our advertising and marketing knows that it has a very kind of meme-y, irreverent brand that would nestle really nicely within the crypto community and crypto demographic. We did kind of test it a little bit and just, like, feel out how we would kind of fit and also speak to kind of different stakeholders, I'd say, in that space. And then all the dots connected and said, "Okay, well, this is gonna be a great way to..." You know, let's not just add a better crypto deposit and withdrawal experience, which we've done. Let's not just overhaul kind of our compliance framework in a way where we're still within, within the, the range of our, of our regulation, obviously, but being able to accept higher value users because the wallet size of a crypto user is larger than our, our average current one. But how do we do that with lower friction? Let's also now introduce this token as a great hook into that community to say, "Hey, we're not just accepting, you know, more cryptocurrencies now, but we've also, like, deeply integrated and implemented this utility token that's gonna be a core part of the economy, which gives you another reason to play." And again, makes Rivalry look more native to a Web3 community and starts to move us in that direction, while also then being able to reengage all of our historical users. So that's, like, the actual, like, answer of, like, what took us here. It wasn't just like we woke up one day, 2 months ago, and we're like, "Let's do a token. That sounds fun." It's, like, been a 5 to 6-year journey and, like, multiple somatics that had to mature that then took us to the point of doing this. Yeah, well, I appreciate the thorough response, and, no, it makes a lot of sense, and it seems like a natural kind of addition to the product portfolio. It's definitely where the industry is heading, based on what I've seen in my channel checks. How about next question, maybe just on, in terms of the guidance and kind of the business model. It seems like you have... You're getting more comfortable with kind of your levers, your growth levers and balancing expenses with, you know, disciplined growth, I guess. And you got a big, you know, influx of capital, I guess, in the Q4. Cash didn't dwindle too much this quarter. How... Just kind of the puts and takes here behind the kind of the guidance for profitability in the back, you know, for the back half of the year now, and then how you balance that with, you know, your record gross margin this Q1, but now you have these new crypto products coming out and all sorts of new initiatives going out. Are you in control of your, how you're deploying this capital in the rest of this year here, that you have that confidence? Just help us walk us through that. What changed, and how does this all impact how you're managing the business? Yeah, I mean, we, we obviously feel like we have a pretty steady handle on what's, on what's going on, but we also felt that we had to introduce additional levers of growth outside of the core business model of, again, this kind of gaming esports top of funnel for a certain type of customer that came in and then was cross-sold to casino and playing other products. So yeah, I, I think right now, like, we, we feel comfortable that the way we're able to tune the margin has been effective and then obviously generates incremental revenue per dollar wagered, which then helps with runway and helps with, with cash position, et cetera, working capital. We've been, I'd say, definitely more, I don't know, prudent on the type of marketing deals we're willing to do, and we're getting a little... You know, our bar, I guess, is higher. Like, at this point, we have a pretty good sense of, like, what is likely to work for us. We're still experimenting a bit. We're not just doing things that we know. But yeah, we're getting more comfortable with what spend is probably gonna work versus not. And then, yeah, I think, like, call it the B2B side, is a potential revenue unlock that obviously is helpful to help get us toward that guidance figure. And then the crypto piece, as I mentioned earlier, is the same thing. It's just another way to deliver growth to then help us hit that guidance figure as well. So yeah, like, I think I kind of answered some of the stuff in the last questions, but I'd say generally, yeah, we feel like we have a pretty steady handle on what's going on, and just trying to kind of navigate there the best we can. But to your point, yeah, like, it has to be kind of disciplined growth, especially in the current market environment. We know that we can't kind of take anything for granted at this point. Okay, great. Maybe just one more, Steven. In terms of just the esports kind of seasonality and esports calendar events for the rest of this year, it was kind of a bit of a hiccup last year with just, you know, the time zone changes of certain major tournaments. How's this year shaping up and how you think you're positioned? Yeah, it looks good right now, like I say. So things start to pick up a little bit again now in June. So there's been, like, a mid-season lull for, call it, League of Legends, which is one of the bigger esports. So that picks up again in the next week or so. And then the rest of the calendar is looking okay. The challenge with esports always is you don't really know what's coming that far in advance. Like, despite a huge amount of maturity in the space over the last, like, five, six, seven years, stuff can still kind of get announced last minute. The way that the tournaments are run, as in, like, the actual system by which the games occur, also sometimes only gets announced like weeks before. Then the actual destination also, meaning therefore the time zone and then the potential impact for us, sometimes isn't known until like, again, 2 to 3 months before. It's just not like traditional sports in that way still, where you don't really have that kind of certainty. So yeah, we have a general sense of the next few months, but again, just esports being esports, we don't know exactly, for example, what, you know, what is Q4 going to look like, whereas in sports you would. That is still the case with esports. But I'd say, like, right now, we know the next few months, it's a pretty good setup, and nothing kind of out of the ordinary in the next couple of months. But yeah, unfortunately, we don't really know exactly what's going to happen in Q4 at this point. We have a... We know the events, we just don't know kind of exactly where, when, or which teams are going to be there or any of that. That all kind of gets resolved between now and then. Got it. No, that makes total sense. And, I guess that's it for me for now. I'll hop back in the queue. Congrats on the momentum. Look forward to tracking the story. Thanks. All right. Yeah, thanks. There are no further questions at this time. I would now like to hand the call back to Steven Salz for closing remarks. Please go ahead. Yeah. Thank you, operator. Thanks, everyone, for joining for our Q1 results. Appreciate everyone sitting by for the intermission while I reconnected. I know we covered a lot of ground today, so always happy to continue the discussion offline if anyone has any further questions. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.