Greetings, and welcome to the Dolphin Entertainment Fourth Quarter 2022 Earnings Call. Please note this conference is being recorded. I will now turn the conference over to your host, James Carbonara, Investor Relations. You may begin.

Thank you, operator, and once again, welcome to Dolphin Entertainment's Fourth Quarter and Full Year 2022 Earnings Call. With me on the call are Bill O'Dowd, Chief Executive Officer; and Mirta Negrini, Chief Financial Officer. I'd like to begin the call by reading the safe harbor statement. This statement is made pursuant to the safe harbor statement for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. All statements made on this call, with the exception of historical facts, may be considered forward-looking statements within Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that expectations and assumptions reflected in these forward-looking statements are reasonable, it makes no assurances that such expectations will prove to have been correct. Actual results may differ materially from those expressed or implied in these forward-looking statements due to various risks and uncertainties. For a discussion of such risk factors and uncertainties which could cause actual results to differ from those expressed or implied in these forward-looking statements, please see risk factors detailed in the company's annual report on Form 10-K contained in subsequent filed reports on Form 10-Q, as well as in other reports that the company files from time to time with the Securities and Exchange Commission. Any forward-looking statements included in this earnings call are made only as of the date of this call. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent knowledge, events or circumstances. Now I'd like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin Entertainment. Bill, please proceed.

Thanks, James, and hi, everyone. Good afternoon, and thank you for joining us today. As always, we'll start with a review of some financial and operating highlights, followed by a full financial review and then open it up for Q&A. So from a financial highlights perspective, the fourth quarter set a new record for us with revenue of $11.1 million, the first time we passed $11 million in the quarter. Full year 2022 revenue exceeded our target, increasing 13% year-over-year to a record $40.5 million. Also, in 2022, our balance sheet continued to improve. As followers of our company know, our put obligations have all been finished, and we now have only one remaining earnout from our previous acquisitions left to go, which will be paid this spring. Thus, our below-the-line items that need to be fairly valued will be cut in half from four such line items to just two, which will dramatically simplify our financial reporting going forward. Furthermore, the two remaining items consist of outstanding warrants, of which there are only 20,000. That's right, just 20,000 warrants, and the other is the last remaining convertible note, which needs to be fair valued, which only has a principal amount of $500,000. Thus, as we near the completion of the acquisition strategy that built our Super Group, the volatility in net earnings that resulted from needing to fair value large amounts of puts and earn-out consideration is nearing its completion, which will allow us to more closely align our net income results with the metric we measure ourselves by, which is actual operating income less depreciation and amortization. To put it simply, what was a more complicated balance sheet over the past several years has been tremendously streamlined and simplified, and I think we're a stronger company for it. Now let's move to some operational updates. I'm thrilled to begin with the news release this morning: a veteran Fortune 500 executive, Ellie Doty, has joined Dolphin as Chief Marketing Officer. I would like to take a few minutes to explain the strategic importance of this position. Okay. First off, Ellie has over 20 years of experience in high-profile positions at major enterprises like Burger King, where she was CMO, Taco Bell, KFC, where she was also CMO, and Chili's, including being CMO there, which have shaped her into a formidable brand strategist and creative leader. Since leaving Burger King a little over a year ago, Ellie caught our eye by flexing this brand-building expertise across several other sectors, including hospitality, tech, beauty, and lifestyle, assisting start-ups with creating long-term brand building, growth strategies, and Dolphin is at the next stage of its growth. I mean, this is strategic for us, not just because we brought in a CMO of Ellie's caliber, but because specifically, we expect to bring in multiple 2.0 opportunities over the next 12 to 24 months. Opportunities like Crafthouse Cocktails, wherein we get paid a cash fee to secure the services of the various Dolphin agencies working on the account, but also where we receive equity in the product or services we are marketing. Some of these swings at the plate, since its opening day of baseball, right? Some of these will work, some will not. However, they all have a much better chance at success with Dolphin's agencies working for them. And they agree, or they would not be willing to offer revenue and equity in exchange for our Super Group supporting them. Furthermore, all of these opportunities need a point person within Dolphin to interact with a partner and guide the best plan for success. With Ellie's background, that person is her. Ellie has built marketing plans that range the gamut from startups with literally no money to an annual budget of $400 million at Burger King. She came up in the business through brand strategy, which is the path we value the most, as opposed to media planning, let's say, which is all well and good, but isn't helpful to many start-ups or early-stage brands that don't have any money to pay for media, right? So you can media plan all you want, but if you don't have money to pay for it, what's the point? Whereas brand building is essential. We expect that the vast majority, if not all, of our 2.0 opportunities will be brands that need building to hit their goals and dreams. Collectively, we have the ability to do that at scale. We need someone with the time and experience to guide our partners to the best results. For the companies we are receiving an equity stake in, they are getting access to a seasoned Fortune 500 CMO, which is a resource they would never be able to have on their own. So basically, that is the why about Ellie, and now, I'm going to talk about the why now. Because we're starting to prep for the immediate future, one in which we expect to increase the pace of our 2.0 opportunity evaluations and negotiations. I know many listeners out there really, really like opportunities such as Crafthouse Cocktails for Dolphin. Quite frankly, these opportunities represent the value of building a Super Group. It's what we knew from the very beginning. We have something unique and companies are willing to pay us cash and equity to tap into our ability to reach consumers at scale. They believe that what we have and what we can do can be game changing for them. It's that simple. And from our business perspective, we received equity in companies we believe in without putting up cash ourselves. Actually, we received cash along with the equity. It's a win-win, and we get to fairly monetize what we have put together: the ability to access consumers at scale through every major vertical of pop culture - movies, television, music, gaming, culinary, hospitality, and consumer products. Who else has that ability? We believe we have a strong pipeline of those opportunities, and we needed to organize ourselves to be able to execute on a slate of such opportunities, and that's why we hired Ellie now. Lastly, as CMO, part of Ellie's role on Dolphin's growing executive leadership team will be traditional: to design and execute a communications plan that for the first time turns the spotlight on ourselves, communicating what we have built and giving an additional platform to both the work we are doing and to the incredible leaders within our Dolphin family. Currently, Ellie is collaborating with the team across Dolphin agencies to update the company's branding, messaging, and materials. She, too, is a huge believer that the most powerful marketing is earned, which is to say public relations and influencer marketing. And she is working hard to develop new messaging methods to share our unique story. Okay. So as we continue with Q4 2022 and recent highlights, Ellie's addition then becomes even more impactful due to the fact that in Q4 we expanded the number of companies in our Super Group. To that end, in mid-November, we announced that Dolphin had brought leading influencer marketing agencies, Socialyte, into our family of best-in-class entertainment marketing agencies, along with our West Coast influencer firm, Be Social. Together, the two agencies represent over 200 leading creator talents with hundreds of millions of followers on social media. Socialyte and Be Social operating under one roof immediately creates an unrivaled bicoastal combination within the influencer marketing industry, and we think gives us the entertainment industry's leading influencer marketing firm to go along with our best-in-class PR firms: 42West, Shore Fire, and The Door. Part of the reason that is so important is that the influencer marketing industry has experienced strong double-digit CAGR over the past five years, increasing from global brand spend of less than $2 billion in 2016 to an estimate of $14 billion in 2022. That's a 7x according to Grand View Research. And honestly, if we're being transparent, we think those numbers may be low. Influencer marketing is just exploding. Anecdotally, I don't think there's anybody on this call that isn't aware of influencers on YouTube, on Instagram, on TikTok that have enormous followings and enormous brand appeal. With Socialyte and Be Social, we now expect that influencer marketing will represent 25% or more of our revenues in 2023. And because influencer marketing is absolutely one of the fastest-growing segments in all the marketing, we expect that percentage of our overall revenues to grow in the coming years. Speaking of influence, Shore Fire Media, Dolphin's industry-leading music PR firm, had its influence shine in Q4 2022 and year-to-date in 2023. Shore Fire representing clients who collectively earned an incredible 45 nominations for the 2023 Grammy awards. And then in February, those clients received a collective 14 Grammy Awards, including Song of the Year for Bonnie Raitt and Best New Artist for Samara Joy. And for those who ever want to know the difference between elite PR versus very good PR, then I would say Shore Fire just gave a masterclass in that for especially those last two awards. Bonnie Raitt and Samara Joy are extremely talented artists that benefited from a beautifully run PR campaign to pull off upset wins in two of the biggest awards at the Grammys, right: Song of the Year and Best New Artist. Incredible. Also, let me just give a quick word on 42West, our film and television PR powerhouse. Their work on Top Gun: Maverick supported a worldwide box office total of almost $1.5 billion, the biggest of our client Tom Cruise's career to date. Additionally, Top Gun's Oscar campaign resulted in six Oscar nominations and an Academy Award for Best Sound. This all on top of running nearly 100 Emmy nomination campaigns last September. Holy sugar! And sticking with our PR firms for the moment, The Door, our leading culinary hospitality and lifestyle PR firm, had a busy fourth quarter that included placements for client Rachael Ray and Variety, work on campaigns for Haagen Dazs and Tala Hospitality Group. Given a few words to Be Social, previously mentioned Dolphin's West Coast influencer marketing group. They had a busy quarter that included a holiday showroom as well as influencer partnerships with Victoria's Secret, The Wall Street Journal, Cartier, Canada Goose, Resi, and American Express to name a few. And lastly, to say a few words about Viewpoint Creative, Dolphin's respected creative relations agency and video production boutique, Viewpoint's work in Q4 and year-to-date included a brand image campaign for CBS News New York, NBC Peacock's Sunday Night Football promos, witnessed those live, watching the games many times; and PayPal, of course. Okay. Now let's shift gears to turn to providing updates on projects where Dolphin and its shareholders have equity and participate in the upside that our best-in-class marketing companies regularly enable for our clients. As many of you know, in 2022, pan-Asian restaurant, Hidden Leaf at The Midnight Theater in Manhattan West opened. Midnight Theater also held its soft opening and has partnered with Mastercard as the presenting sponsor for its programming. Dolphin manages all aspects of publicity and marketing for Midnight Theater and Hidden Leaf and facilitates talent and commercial relationships within the entertainment and culinary industries. Dolphin also holds a meaningful ownership stake in the venture. Throughout its soft launch, we have held several private events, some of which were full buyouts. We continue to ramp up the original programming in the theater, as well as nearing completion of the development of our own magic show, which we expect to begin previews here coming up in Q2 with the full opening of the theater. We're very excited for that. Turning to NFTs. In Q4, we are pleased to report that our flagship NFT collection, Creature Chronicles, minted on the Solana Blockchain, featuring 7,777 custom crafted avatars designed by Anthony Francisco, generated more than 13,000 in SOL in primary sales with mint time equaling about $435,000. Many of you remember that this occurred over 90 minutes on a Sunday afternoon. We credit the success of the project to the stunning visuals from Anthony, the commitment of our team, and the dedication of our community. We are very proud of this success. With all that said, though, despite the success of this initial collection, as noted in our Q3 earnings call, we have paused the development of any new NFT collections while we wait to see if there's an improvement in overall market sentiment towards these products as well as the reinstatement of secondary royalties for new collections from the leading platforms. It was also in 2022 that we announced a multiyear agreement with IMAX to jointly finance the development and production of a slate of feature-length documentaries for the global market. The first project greenlit is The Blue Angels, developed and co-produced by J.J. Abram's Bad Robot Productions and Zipper Brothers Films. The Blue Angels started filming last summer and has nearly finished production. We expect the film to hit IMAX theaters in the second half of this year. And on a side note, this film looks really, really good. You can never predict hits in this business, but I've been doing project financing for entertainment content since 1996. So I would say keep an eye out for this one. We look forward to sharing more details in the coming weeks. But man, it looks good. During 2022, we generated value for Crafthouse Cocktails, a groundbreaking brand of ready-to-drink, all-natural classic cocktails created by renowned mixologist Charles Joly and respected restaurateur Matt Lindner. As I mentioned earlier, Dolphin acquired an ownership stake in this company and is compensated for managing publicity and marketing through our network of agencies. All Dolphin ventures or Dolphin 2.0 projects are at various stages of development and are expected to generate significant revenues for us in 2023. With Ellie joining as CMO, we will concentrate on establishing a portfolio of ventures where we invest no cash and obtain ownership stakes generally between 5% and 10% in the companies, allowing our agencies to drive their growth. Once we fully engage in evaluating, negotiating, and executing these agreements, we aim to add about 3 to 4 such deals each year. In a short time, these deals will generate substantial cash flow and represent considerable upside for Dolphin across the portfolio. So in summary, 2022 was a great year for us, highlighted by the acquisition of Socialyte, the 50/50 deal with IMAX, and the soft opening of Midnight Theater. We expect 2023 to be even better. We had double-digit growth crossing over $40 million in revenue. We certainly expect strong double-digit revenue growth again this year with positive results from our 2.0 ventures to share as well. Lastly, we expect 2023 will be the year we complete the original vision of our Super Group with the acquisition of a live events production company that will give us the ability to take ownership stakes in that vertical as well, which is highly strategic for us since our PR firms already market some of the country's most well-known food and music festivals, among many other live events. I could not be prouder of what Dolphin has built, where we are today and the path we are on for this year and beyond to maximize shareholder value and to provide exciting opportunities across a broad range of entertainment. Thank you for joining us. And to that end, I'll now turn it over to Mirta.

Thank you, Bill, and good afternoon, everyone. I will now discuss results for the year ended December 31, 2022. Revenue for the year ended December 31, 2022, was approximately $40.5 million, 13% above the revenues for the year ended December 31, 2021, of approximately $35.7 million. Overall, operating expenses for the year ended December 31, 2022, were approximately $45.1 million compared to approximately $41.2 million in the prior year. Operating expenses are composed of direct costs, payroll and benefits, selling general and administrative costs, SG&A, acquisition costs, impairment of goodwill, change in fair value of contingent consideration, depreciation and amortization, and legal and professional fees. Direct costs for the year ended December 31, 2022, were $3.6 million compared to $3.9 million in the prior year. Payroll costs were approximately $29 million compared to $24 million in the prior year. SG&A expenses for the year ended December 31, 2022, were approximately $6.6 million compared to $5.8 million in the prior year. Legal and professional fees for the year ended December 31, 2022, were approximately $2.9 million compared to $2 million in the prior year. Operating loss for the year ended December 31, 2022, of approximately $4.6 million includes the non-cash items from depreciation and amortization of $1.8 million, impairment of goodwill of approximately $900,000, a gain in the fair value of contingent consideration of approximately $47,000 and nonrecurring costs consisting of acquisition costs in the amount of approximately $500,000 and legal and professional fees in the amount of approximately $600,000 related to the restatement of our 2021 third quarter financial statements, the change in the audit firm, a financing arrangement and the filing of our Form S-1. This compares to an operating loss for the year ended December 31, 2021, of $5.5 million, which includes non-cash items from depreciation and amortization of $1.9 million and changes to the fair value of contingent consideration of $3.7 million. Net loss for the year ended December 31, 2022, of $4.7 million includes non-cash items from depreciation and amortization of $1.8 million, impairment of goodwill of approximately $900,000 gain in the change in fair value of contingent consideration of approximately $47,000, nonrecurring acquisition costs of approximately $500,000, legal and professional fees of approximately $600,000 related to our restatement of the 2021 Q3 financial statements, change in audit firm, a financing arrangement and filing of our Form S-1 and gains from the changes in the fair value of certain liabilities of approximately $800,000. This compares to net loss for the year ended December 31, 2021, of $6.5 million, which included non-cash items from depreciation and amortization of $1.9 million, $3.7 million from changes in the fair value of contingent consideration, and $3.1 million from the changes in fair value of certain liabilities, offset by a gain on the forgiveness of the Paycheck Protection Program loans of approximately $3 million. Basic loss per share for the year ended December 31, 2022, was $0.49 per share based on 9,799,021 weighted average shares outstanding and fully diluted loss per share was $0.56 per share based on 9,926,926 weighted average shares outstanding. This compares to $0.85 of basic and fully diluted loss per share based on 7,614,774 weighted average shares outstanding in the prior year. Unrestricted cash and cash equivalents of $6.1 million as compared to $7.7 million as of December 31, 2021. That concludes my financial remarks. I will now ask the operator to open the phone lines for Q&A.

The first question is coming from Allen Klee from Maxim Group.

Congratulations on the many achievements. I'm trying to grasp the momentum and considering if I should exclude NFTs from my analysis. It seems fair to indicate that the $433,000 is not something we can expect to repeat. Is there any additional revenue generated from Dolphin 1.0 marketing that was significant and should be considered as potentially decreasing in 2023?

No, actually, and thank you for the kind words at the start, Allen. If anything, 2022 removing NFTs is a net positive for us in 2023, not because we weren't successful in selling that collection and Charlie Dougiello and the whole team did a great job. But we invested over the course of maybe 15 months, over $1 million in building out our NFT capabilities, over $800,000 of that, I believe, hit in 2022, that were all expensed with the expectation that we would launch multiple NFT collections over the coming years and make a nice return on investment. Certainly, $400,000 on the first collection is a good start to recoup $1 million. But as you can see, since we paused the NFT business, just by not doing NFTs, 2023 should be a net of $600,000 or so, $400,000 to $600,000 better just because we don't have to reexpense the build of the platform. With that said, if we ever restart NFTs, then we don't expect nearly the type of expense to put up another collection of them because we don't have to do so many actions more than once. So it's a shame where NFT is headed after we spent so much time and energy building an expertise in that, but we'll see if they come back.

Okay. Great. And then if I have to guesstimate a little bit of 2.0 revenues in '23, the big picture way to think about it of stuff that is that you might get something from Midnight Theater and Hidden Leaf, maybe more in the second half if you have the full launch of Midnight Theater in the second quarter. And then IMAX movie could be more like a third quarter event. Is there anything else I should be thinking about besides those two things?

Those two aspects are quite significant. With Midnight Theater scheduled to start programming this summer, including private events in the restaurant, it will have a notable impact. The IMAX movie also shows great potential based on our observations so far, and we anticipate it will be released in theaters late in the third quarter. These are definitely the key highlights we wanted to mention. Additionally, we have several more 2.0 opportunities that we believe could generate revenue in the latter half of this year, which we will be announcing shortly, but there is nothing specific we wish to disclose at this moment.

Okay. So, regarding Socialyte, I believe you mentioned that they generated approximately $4.5 million in nine months of 2022. This is likely to provide a significant boost to your figures for 2023. Can you elaborate on the potential synergies between them and Be Social that we might see in 2023?

Thank you for your question, Allen. We're fortunate to have brought Socialyte on board to enhance Be Social. We're exploring opportunities to integrate the two companies further. There are significant strategic advantages as they complement each other well. Each company has a talent management division, and by merging these divisions, we gain the scale needed to compete effectively. We believe we have established ourselves as a leading influencer management firm. On the brand side, the other division brings valuable skills. Socialyte conducts paid campaigns, helping brands like Airbnb execute their marketing strategies with identified influencers. They typically take a percentage of the campaign budget, which can be substantial. In contrast, Be Social focuses on organic campaigns, where brands provide free products for influencers to promote. This approach allows brands to engage more influencers without upfront costs while still compensating for the campaigns. This combination is highly beneficial, particularly since many brands utilize both paid and organic strategies within the same campaign, enhancing our relationships with clients and allowing for greater opportunities to cross-sell. We now have a presence on both coasts, expanding beyond just the West Coast with offices in New York, Miami, and Nashville. This expansion is crucial, as today's marketing landscape relies increasingly on both paid media and earned media, the latter being driven by public relations and influencer marketing. For every company that can afford a paid media campaign, there are many that cannot, highlighting the importance of PR and influencer marketing for brand visibility. Having both services creates a powerful combination, which we believe we've successfully built. I hope this shares the strategy behind combining Socialyte and Be Social effectively.

When I look at the other PR and marketing firms that you have in your portfolio, what are the drivers for organic growth in '23?

Well, a couple of things. And we're starting to see it. One, the cross-selling just keeps going, right? So that's what's driving our organic growth. Even before Socialyte in '21, many of you remember how fast we were growing just organically from - I think it was $7.2 million in Q1 to $8.6 million in Q2, to $9.4 million in Q3 and $10.5 million in Q4, and that's all organic. There was no acquisition in there. That happens because we're getting better at creating synergies between our companies. But then secondly, you can go after different types of clients. PayPal has been one for a while, but we've signed other clients now that are, let's call it, traditional Fortune 500s or large companies that don't have a direct tie to entertainment, but they want to use pop culture to get the word out about their product. And quite frankly, if you have any consumer-facing product, you could probably use pop culture to create consumer awareness, right? Because we're all human beings and we have multiple interests. And so I might want to buy this makeup line today, but I'm a huge fan of White Lotus, right, which is a TV show that 42West represents. So are there organic ways to have conversations or reach out about different things to the consumer or let them know about different opportunities that way. So where a lot of our organic growth among the PR firms can come from, and there are many different sources, but one such source is just going from zero to fifty in terms of the number of classic non-entertainment companies that use our services to reach the general consumer. I'm thinking of - we mentioned Haagen-Dazs on this call. There's a great example out of the Consumer Products division of The Door and Charlie and the team they are handling that account where Haagen-Dazs, by the way, does a very large influencer marketing business with us as well that would not have been a client of traditional entertainment PR firms perhaps even three years ago. So if you can have a company with a PayPal within Haagen-Dazs, with blank, blank, blank of some of our other clients, you can just grow organically. Add into an item. And as we hired Ellie Doty and do - for the first time, as I said on the call, we've hit scale in a different way. We've hit scale in the types of companies we have under the umbrella and we've got reach. So now if we market ourselves, that could be to Wall Street, that could be to our own stakeholders, but that could be to the broader business community, corporate community. All of a sudden, we've got something different. And there are a lot of chief marketing officers, digital marketing officers, social marketing officers out there, and these companies are trying to figure out how do we get our word out. And here's Dolphin over here that has all these different services and all these different types of reach using pop culture, and you can't fake it. You can't just say, oh, we're a traditional PR firm. We'll get you into entertainment. How are you going to do that? Versus Dolphin, where we can say, well, we promote James Bond, Top Gun, Mission Impossible, Bruce Springsteen, Chance the Rapper, Dave Matthews Band, Rachael Ray, Robert Irvine, Emeril Lagasse, South Beach Food & Wine, New York Food & Wine, Super Bowl Music Fest, case closed, right? So that's what we want to do, and I think that's what we're going to drive a lot of organic growth for our PR firms.

That's great. Last quarter, you mentioned a business you were going to be starting up a celebrity chef business in New Orleans with Nina Compton. Any update on where that stands?

We're very excited about ShaSha Lounge, and we expect it to open in the second half of this year. Memberships will be available for sale in the coming weeks. The team has done a fantastic job, especially Nina and her husband, in bringing this idea to life. Given our success in New Orleans, we see a scalable model here, as Nina, Charlie, and the team have already brought in other celebrity chefs for guest appearances at the lounge and restaurant, which could potentially be replicated in other cities. We are hopeful for collaborations with chefs like Michelle Bernstein in Miami, Rodney Scott in Charleston, and Stephanie Izard in Chicago. Recently, I came across an interesting profile in the New York Times discussing the rise of membership-only restaurants in Palm Beach, where I’m from. The initiation fees for joining these clubs start at $10,000 and can go as high as $250,000, which is quite significant for a restaurant where you pay for meals. We find the concept of private membership clubs, particularly those that are also open to the public, to be very appealing and believe we are well-positioned to capitalize on this trend. We're optimistic that this could drive considerable growth not only for ShaSha but for this category of establishments over the next 3 to 5 years, as the economics are very attractive if we can effectively market them and secure memberships.

My last two questions are financial related. First, how do you think about operating expense growth in '23 relative to revenue?

You will notice the increase in SG&A from '21 or '22 to '23. There will also be a slight increase in '23 due to having Socialyte for the entire year. However, we do not anticipate operating expense growth beyond usual payroll increases. We are pleased with our current operating expenses, and some costs will decrease since we are no longer expensing the development of an NFT business. I do not foresee any unexpected expenses. We mentioned the change in audit firms, which resulted in an unanticipated expense of $600,000 last year; we do not expect to incur that expense again this year, along with any related costs from the audit firm change. Overall, we feel confident about avoiding recurring costs and do not anticipate any factors on the horizon that would significantly raise our operating expenses.

Okay. Great. I don't know if you can answer this. Maybe I could ask this offline, but I just was trying to get a sense of your operating income for the quarter was around minus $3 million. But then, if I add back the various one-time items you mentioned, of impairment of goodwill, changes in fair value of contingent, nonrecurrings, I think I get to around $880,000 of - kind of - this is back of the envelope, adjusted EBITDA. I don't know if you can tell me if a sanity check on that makes sense, or we could take it offline.

We can go over those numbers later, and I'm happy to discuss them. We do have some notable non-cash expenses and one-time charges, which is why we highlight them. We reached $40 million in revenue and anticipate achieving double-digit growth this year, with a possibility of surpassing $50 million. We also expect to be EBITDA positive and evaluate our performance based on operating income after accounting for non-cash charges like depreciation and amortization. We're in the process of transitioning Dolphin to a stage where we aim to be cash positive annually. Additionally, there are opportunities that could provide significant upside. If a venture could yield seven-figure profits for a company generating $40 million to $50 million in revenue with single-digit millions in cash profit, it could effectively double or triple our profits, which is substantial for our size. This is the framework we've established. Allen, you've been with us since we acquired 42West and aimed to uplist to NASDAQ, aspiring to build our group. For those familiar with our journey, it's impressive to see how far we've come—seven acquisitions completed and one more to realize our original vision of creating a distinctive super group that is cash positive and leverages these new opportunities. We're making significant progress, and I feel fortunate to be in this position.

Thank you. There were no other questions from the lines. I will now hand the call back to Bill O'Dowd for closing remarks.

Thank you for joining us. I received an email from someone asking if we would be representing James Carbonara in his singing career through Shore Fire. We have not yet signed James, but if you know him, perhaps you could encourage him to consider us. It would be quite exciting if he were to perform the safe harbor statement during the Q1 earnings call. Thank you all for being here. For those who participated in our Q3 call, I hope you can see the quarter-over-quarter progress our company is making. We like our current position, and 2023 is shaping up to be an exciting year as we expect to start generating revenue from our 2.0 investments. With the hiring of Ellie and our growing management team, we anticipate a significant increase in opportunities within our slate. This will bring a lot of potential for our company moving forward. I appreciate everyone for listening and being part of this journey. I'm looking forward to our next call in about six weeks. Thank you, everyone.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.