Welcome to the PodcastOne Third Quarter Fiscal 2025 Financial Results and Business Update Conference Call. I'd now like to turn the call over to Aaron Sullivan, Chief Financial Officer. You may begin.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the PodcastOne fiscal third quarter 2025 business update and financial results conference call and webcast. During today's presentation, all parties will be in listen-only mode. Following the presentation, the conference will be opened for questions. On our call today is Kit Gray, President and Founder of PodcastOne; and myself, Aaron Sullivan, Chief Financial Officer. I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations, forecasts, and assumptions that involve various risks and uncertainties. These statements include, but are not limited to statements regarding the future performance of the company, including expected future financial results and expected future growth in the business. Actual results may differ materially from those discussed on this call for a variety of reasons. Please refer to PodcastOne's filings with the SEC for information about factors which could cause the company's actual results to differ materially from these forward-looking statements, including those described in PodcastOne's Form 10-K for the year ended March 31, 2024, followed by the company with the SEC on July 1, 2024, and subsequent SEC filings made by the company. You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release which is posted on its Investor Relations website. The company encourages you to periodically visit its Investor Relations website for important content. The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, February 12, 2025. And except as required by law, the company does not undertake any obligation to update or revise this information after the date of this call. I'd like to highlight to investors that this call is being recorded. PodcastOne is making it available to investors and the media via webcast, and a replay will be available on PodcastOne's IR website in the Events section shortly following the conclusion of the call. Additionally, it is the property of the company, and any redistribution, retransmission, or rebroadcast of the call or the webcast in any form without the company's express written consent is strictly prohibited. Now I would like to turn the call over to PodcastOne's President, Kit Gray.

Thank you, and welcome to our fiscal third quarter 2025 earnings call. As a reminder, we are not on a calendar reporting year and our fiscal year 2025 ends on March 31. Today, we will provide a brief overview of PodcastOne and the continuously growing podcast market and highlight our most recent successes before passing on to Aaron for the financial results. After his comments, I will close with an update on our strategic initiatives, including our recent partnership with ART19, Amazon's podcast hosting service, and what we are looking forward to in the quarter to come. Lastly, we will open it up for Q&A. PodcastOne is a premier podcasting network that has played a key role in the evolution of the podcast industry since its founding in 2012. As the only pure-play publicly traded podcast company in the United States, PodcastOne provides a platform for top-tier content creators offering comprehensive support across production, marketing, sales, and distribution. Podcasting has become one of the most trusted and engaging media formats with over 4 million podcasts registered worldwide as of 2025. The industry continues to grow with advertisers projected to invest over $2.4 billion in podcast advertising this year. PodcastOne is a sales network of over 500 of the largest advertisers to reach core demographics effectively and efficiently. PodcastOne and its 196 shows are positioned at the center of its growth, capitalizing on both the increasing audience demand and the effectiveness of podcast advertising as a high ROI media channel. PodcastOne has been ranked as a top 10 U.S. podcast publisher for the second consecutive month by Podtrac with monthly unique U.S. audiences of 5.2 million and 16.2 million U.S. downloads and streams. Podcasting continues to be a culturally relevant medium, shaping conversations around major events. Previously, we saw its impact during elections and more recently, it played a role in covering the recent California wildfires. As an LA-based company, we witnessed the devastation firsthand. Members of our own teams saw their communities destroyed and lives upended in a matter of moments. While much of the country watched the tragedy unfold on television, others turned to podcasting for unfiltered perspectives. PodcastOne host, Adam Carolla, was among those directly impacted. Displaced from his home, he turned to his podcast to share his experience in almost real-time. Broadcasting from a hotel room, he recounted the timeline of events leading to his evacuation, the uncertainties surrounding the status of his condo, and mixed reports he received. Despite the circumstances, Carolla used his platform to provide a raw and personal first-hand account of the disaster, while blending his sharp observational and often sarcastic style of storytelling and social commentary into the situation. With millions of impressions, this moment reinforced podcasting's unique ability to inform, engage, and mobilize audiences in real-time, turning personal stories into powerful conversations that drive awareness, empathy, and action. With our industry-leading platform, we empower podcasters to reach their full potential by providing comprehensive world-class support. Our 360-degree marketing capabilities drive growth and exposure, enabling talent to focus on what they do best: creating great content. This support includes access to studio space, marketing, production, editing, distribution, and public relations. Additionally, our experienced direct sales team leverages long-standing relationships with advertisers and brands seeking to connect with the highly engaged audience of podcasts on our platform. As a result, during the quarter, we were thrilled to sign Stassi Schroeder to the PodcastOne platform in a multi-year seven-figure deal. Along with being a New York Times best-selling author and reality television personality, Stassi has captivated a podcast audience for over nine years, consistently ranking among the highest-rated podcasts across platforms. The acquisition reinforces PodcastOne's mission to champion female voices in the podcasting space. As part of this collaboration, Stassi will also be integrated into PodcastOne's extensive promotional and marketing initiatives spanning multiple genres, with plans to expand into live shows, merchandising, and adaptations. The majority of our revenue continues to be generated via our direct sales team with advertisers who want access to the unique audiences that we can reach on our platform. In addition to our direct sales team and programmatic ads, the strategic partnership with Amazon's ART19 announced in January creates a third core revenue channel for the monetization of our library of shows. More on ART19 in a moment. To complement our core revenue channels, we also diversified our emerging revenue streams that provide additional avenues for high-margin growth while diversifying our revenue mix and service offerings to the entire PodcastOne ecosystem. We officially launched PodcastOne Pro in conjunction with our new state-of-the-art podcast production studio in Beverly Hills. We have seen great success from major brands such as Boost Mobile and Microsoft, who want to harness the power of podcasting and rely on our technology and talent to make it happen. PodcastOne Pro offers customizable services with a la carte options to meet exact production needs or a full 360 solution. The new studio enables creators to seamlessly produce, record, and broadcast their shows with unmatched clarity and precision. Another way PodcastOne and its talent generate additional revenue is through live shows. Stassi Schroeder was among the first to expand her podcast into a live event format in 2019, quickly selling out subsequent tours in 2020 and 2023. We look forward to supporting Stassi and our other hosts in exploring live show opportunities in 2025. Now before going further, I'd like to turn the call over to Aaron, our CFO, to walk through the financial results for the fiscal third quarter. Aaron?

Thank you, Kit. As Kit mentioned at the beginning of the call, I want to remind listeners that our fiscal year ends on March 31st. Revenue in the fiscal third quarter of 2025 increased 22% to $12.7 million compared to $10.4 million in the same year-ago quarter. Operating loss in the fiscal third quarter of 2025 was $1.6 million compared to an operating loss of $2.6 million in the same year-ago quarter. This was primarily driven by lower non-cash stock compensation expense. Net loss in the fiscal third quarter of 2025 was $1.6 million, or $0.06 a share per basic and diluted share, compared to a net loss of $2.6 million, or $0.11 per basic and diluted share, in the same year-ago quarter. Adjusted EBITDA in the fiscal third quarter of 2025 was negative $0.7 million compared to adjusted EBITDA of negative $0.4 million in the same year-ago quarter. The change in adjusted EBITDA was primarily due to the timing of content acquisition costs. We ended the fiscal third quarter with no debt on our balance sheet and $0.6 million of cash and cash equivalents as of December 31, 2024. As we look ahead, I'd like to also briefly touch on guidance. We are pleased with the progress this quarter and given the revenue-generating deals that are currently in place for fiscal Q4, along with the equity-based revenue share deals with certain podcast talent also starting to be effective in fiscal Q4, we are comfortable reaffirming our fiscal 2025 guidance. We expect revenues for the full year to be at least $51 million, representing an increase of at least 17% when compared to revenues of $43.3 million in fiscal 2024. Given the continued strong double-digit revenue growth, we also project positive adjusted EBITDA for the full year of fiscal 2025. Now I'd like to turn the call back to Kit for some additional comments on the quarter before wrapping up with questions from the audience.

Thanks, Aaron. As highlighted, the momentum we're building continues to drive meaningful financial results, which is a direct result of our extremely scalable platform and the execution by our team at PodcastOne. One of the biggest strategic and financial partnerships took place in January with the move of our library of shows to Amazon's Podcast Hosting Service, ART19. This move underscores our commitment to innovation and delivering exceptional value to our talent, advertisers, listeners, and shareholders. By partnering with Amazon's ART19, we are not only future-proofing our hosting needs, but unlocking new growth opportunities by leveraging their cutting-edge technology and advertising opportunities. For the listener, there will be no change. They will still be able to access PodcastOne's hit shows wherever they choose, including Spotify, Apple Podcast, or YouTube. But for PodcastOne, this is a big change, and I would like to review some of the key benefits. As an overview, Amazon has already invested heavily in podcasting, acquiring both Wondery and ART19 in the last few years. While PodcastOne is now using ART19's hosting service, ART19 is paying us for access to our library of shows. Secondly, there are operational and technological advantages. ART19's advanced CMS content management system will improve efficiency, reducing the time and resources spent on back-end technology, allowing us to sunset most of our technology used for hosting, leading to cost-effective savings and increased efficiency for our staff. ART19 can provide enhanced analytics, including geo-targeting and audience insights. Amazon's ongoing investment in podcasting technology should bring future advancements to ART19's capabilities. On top of that, we will see revenue growth and stability. PodcastOne will receive a minimum guaranteed revenue stream of $15 million over three years. As PodcastOne scales its network and impressions, the minimum guarantee will increase, ensuring upside potential. This will allow us to better forecast the value of shares and improve cash flow predictability. ART19 acts as a complement to our current sales team and programmatic ad sales leading to an increase in revenue through ART19's integration with Amazon's advertising ecosystem. Amazon can package PodcastOne's inventory with their premium ad offerings across podcasts and Amazon Prime TV, creating additional revenue streams beyond our reach previously. We also have a competitive edge and M&A potential. The deal strengthens PodcastOne's position as a top 10 podcast network, aiding in talent acquisition by providing better monetization forecasting. It has the potential to open PodcastOne up for future partnerships with Amazon's ecosystem as podcast hosts have flocked towards video and consumer preferences move towards watching their favorite hosts, not just listening. Overall, the partnership with Amazon's ART19 provides immediate financial security, multiple revenue growth opportunities, better technology, and a stronger competitive position, making it a significant milestone for PodcastOne, all while aligning with PodcastOne's long-term growth strategy and reinforcing our leadership role in the evolving podcasting industry. In closing, we delivered a strong fiscal third calendar fourth quarter, achieving double-digit revenue growth once again. In fact, this was PodcastOne's largest revenue result for the period. The momentum continued into the start of calendar 2025, marked by major accomplishments, including the collaboration with Amazon, the retention and extension of flagship podcasts from Adam Carolla, Brendan Schaub, and Kaitlyn Bristowe. PodcastOne now hosts 196 shows, having added 64 new programs in 2024 and 10 exciting new shows in the last quarter alone. PodcastOne's talent roster continues to expand supported by a debt-free balance sheet and multiple accretive growth opportunities. We are actively evaluating M&A prospects, not only to acquire top content networks but also to enhance our platform with production, sales, and technology acquisitions that strengthen our offerings for hosts and advertisers. PodcastOne remains the only pure-play publicly traded podcast company in the U.S., our expanding content portfolio, strategic partnerships, and revenue diversification efforts continue to create long-term shareholder value. Thank you for joining us. And at this time, I'd like to turn the call over to the operator for Q&A.

Thank you. We will now start the question-and-answer session. Your first question comes from Sean McGowan from ROTH Capital Partners. You may proceed.

Good morning guys. Can you hear me okay?

Yes. Hey, Sean. Good morning.

Hi, Aaron. Yes, I have a couple of questions. You've mentioned before that the cost of sales reflects content acquisition costs. From your reassurance of the guidance, it seems you are confident that this cost will decrease significantly in the fourth quarter. What is driving this change? Is it just the timing, or is there another factor at play?

Hey, Sean, Aaron, I'll take this one, Kit. Yes. Correct, Sean, it's timing. We had a few revenue deals we were expecting in Q3 that kind of moved into Q4. We had the kind of content cost or the minimum guarantee in Q3 that we had to expense and pay to our talent without that revenue coming in the same quarter. So it's really a timing thing.

Okay. In terms of G&A spending in the third quarter, should we expect it to continue at that level? Were there any unusual positives or negatives during that quarter? We ended up slightly lower than we anticipated.

It should be pretty consistent with us, Sean. Yes.

Okay. I have a couple of questions for Kit. Where in the profit and loss statement can we find the financial benefits of collaborating with the ART19 team? Is it in multiple areas or mainly on the cost side? Where do you anticipate seeing this?

I can handle this; please proceed.

Yes, please proceed. Apologies for the interruption. You will notice some cost efficiencies on our operational side. We will incur lower costs to run our technology and manage various tasks. There are significant efficiencies there, and our team will focus on other projects, which is beneficial. As I mentioned earlier, we expect consistent revenue growth, with incoming payments from ART19 due to the minimum guarantee audience threshold we will establish. As we scale, our revenues from this will increase. You may notice that this effect is not immediately obvious. I anticipate some pressure on our CPMs due to increased demand. With effectively three units—our direct sales team, ART19's team with Amazon, and our programmatic channels—all monetizing our impressions, we expect that they will work in concert, leading to potential increases in CPMs as we collaborate with them. Aaron, do you want to add anything to that?

No, I think you covered it. Just maybe to clarify a little bit for you, Sean. There will be a small impact in sales and marketing, right, because that's where some of the commission is. So, yes, obviously, that's a variable expense, if we've got more revenue flowing through there, you'll see a little bit more expense there. But on the G&A side where we kind of the hosting and operational costs are, you see a drop in that particular line, but exactly what Kit said.

Thank you. My last question is for you, Kit. It seems everyone is intrigued by the podcast that has shown a surprisingly positive effect on events like the election and the fires you mentioned. How has that affected the competitive landscape? Last year, it appeared that some major players were pulling back, reducing their commitments or not renewing content at the same levels. Has that changed now? Are you noticing an increase in competition or a more aggressive approach?

No. I mean there are some activities out there, right? Like I think if you read the news, Red Seat Ventures did a deal with Fox over the last couple of days. So there's certainly still activity in the M&A space and we'll be a player in those types of deals as well moving forward. So you're not really seeing that. What you're seeing is just more people listening and the medium strengthening and more dollars being spent into it, more attention by advertisers, more attention to good brands obviously, Amazon, no one bigger than them and investing in our relationship with us and continuing their commitment to podcasting, I think is huge. So I only think it's really helping everybody, just keeping the medium excited, keeping advertisers in there and just getting better based on using technology and working with great talent to not only do audio, like we have for years, but the video aspect of things and social media events and things like that as well.

Thank you very much. Appreciate that.

Good to hear from you, Sean. Talk to you later.

Your next question comes from the line of Leo Carpio from Joseph Gunnar. Your line is open.

Good morning gentlemen. A couple of questions regarding the quarter. Can you tell us about sort of the quarter's revenues? Was it ad activity driven? Was there some sort of seasonality? I mean, thinking of the third quarter, people are going to be back from the beach, there's new content being placed on the platform. And then how does that drive and think about for the fourth quarter in terms of the Art, that you're projecting to hit your guidance?

You can expect to see seasonality affecting consumption, production, and advertising spending, each in its own way. In November and December, when people take time off to be with family, content production tends to slow down. However, we benefit from being able to produce content in advance. On the advertising side, advertisers tend to increase their spending during this period since consumers are spending more. We've seen good sales growth with some of our new shows, like Stassi, which performed well. Looking ahead to January, early signs are positive despite the typical slowdown in spending after the holidays. We are observing encouraging figures and direct sales. The transition to Amazon's ART19 is currently underway, and we will monitor its rollout this quarter. Overall, we feel confident in meeting the financial targets we set for this quarter and the year.

Okay. When can we expect to see the real financial impact of the transition to ART19? Will it be in the next couple of quarters, at the start of 2026, or more around the summer of 2025?

No, you'll see it start to take place in the current quarter. We are in the process of transitioning all our shows over there, and there are some guarantees to start up. They are working hard to get that inventory out to their sales team and into their system. We communicate with them almost daily, so that is ramping up nicely. Our connections with the programmatic channels are stable as well, which should be beneficial. Additionally, our direct sales team is performing their duties effectively.

Okay. In terms of the previous question about the competitive environment for talent, how does ART19 strengthen your position compared to Spotify and Apple? Does having Amazon support ART19 in negotiations moving forward, and if so, how?

Yes, that's a great question. It does assist us because we can now forecast three revenue-generating channels instead of two. We will have a more scientific approach to understanding the value of shows based purely on numbers, such as monthly downloads. This allows us to evaluate their worth from these three channels, not just two, which should aid in our calculations. It should make our shows more valuable, which in turn should enable us to secure better deals and acquire more shows, knowing we have consistent cash flow each month. We have a clearer understanding of the potential revenue these shows can generate, which greatly benefits us. Regarding the technology and their ad serving capabilities, we find it to be excellent. The system we were using was good, but this one is equally if not better. Over the coming years, we expect to see improvements from Amazon in their content management system and ad serving features. They offer impressive functionalities; for example, we can limit commercial loads for users and change ad copies, which is beneficial for advertisers. We anticipate these changes to occur in the next few months, and we're enthusiastic about it. This is a significant development; our company spent a considerable amount of last year evaluating major platforms and their potential for revenue generation and cost savings, and we feel very confident in ART19 and their team's structure and services. I worked with Andy Slater on this deal, who has been a good friend of mine for 25 years in radio, and he and his team are outstanding. We're genuinely excited about this agreement.

Okay. And then last question, I don't know if you saw this on Netflix; the news is Netflix is exploring adding video podcasts to their platform. Any sense in terms of how you might respond or too early to tell?

They should have started this much earlier. YouTube is currently the leading platform for podcast consumption. Spotify is making significant investments in video content, but there are challenges involved, particularly with ad dynamics, which can be difficult to manage. Netflix should definitely be part of this too. It's surprising they haven't introduced recap shows for some of their series. Popular podcasts, like Severance on Apple, have become significant, with audiences eager to engage in community discussions after watching the shows. Amazon should also be pursuing opportunities in this space, especially since it's an effective way to gauge interest in potential movies or TV shows. I'm looking forward to their participation, and I'm hopeful for positive discussions with them moving forward. I noticed that announcement just a day or two ago, which is exciting.

Thank you. I will go back into queue.

Thank you.

Your next question comes from the line of Wyatt Swanson from D.A. Davidson. Your line is open.

This is Wyatt Swanson, on for Tom. Thanks for taking our questions. Could you talk a little bit about how ART19 helps to drive your programmatic advertising and maybe your expectations of how that ramps up over the next 12 to 18 months? Do you kind of expect programmatic ads to outpace direct sales? Or how should we think about that?

Good question. Thank you for joining. I appreciate your time. Amazon doesn't really play a role in the programmatic side. It works like this: we have three channels—our direct sales team, Amazon's sales team, and the programmatic desk—essentially in a waterfall setup. We have access to our inventory like no one else, which is a priority for us. Typically, our CPMs for direct sales are higher, allowing us to leverage talent for voice ads, select specific shows and programs, and use technology for improved CPMs through behavioral targeting, geo-targeting, or vendor targeting. This is where the majority of our revenue will come from, at least for the next 18 months, and I believe it will continue to lead. Amazon will serve as the second avenue for impressions, followed by the programmatic side. Hopefully, Amazon will achieve higher CPMs than programmatic, which usually ranges from $8 to $12. The revenue on both the Amazon and programmatic sides, along with our digital sales team, will increase because every episode remains available indefinitely. We are currently monetizing another year of shows like Adam Carolla's and Annie's Cold Case Files, and more people are discovering the value of podcasting, revisiting these shows. As our library and impressions expand, we'll be able to utilize these three channels to maximize revenue. I hope that answers your question.

Got it. Yes, that's very helpful. I appreciate it. And then I just had one follow-up.

Yes. Programmatically, you'll still see significant investment in that area. Brands are very enthusiastic about reaching podcast listeners. With the political changes in our country, there will likely be fewer restrictions on how these brands communicate with their audiences. This should benefit us. I also anticipate that as the audio sector evolves to match video and banner network programmatic capabilities, we'll see an increase in activity within the audio space. Therefore, I expect to see strong revenue growth from the programmatic channel as well.

Got it. That's super helpful. Appreciate it. And then I just had one follow-up. I was reading about LaunchpadOne. It seems like a really interesting way to discover new talent. As it relates to ART19 given that you're sunsetting most tech used for hosting, would you maybe expect an uplift in users joining Launchpad to host their podcast? Or do they host through ART19 now? Or just how should I think about that?

Yes, we will continue collaborating with our previous company to manage and grow Launchpad. I share your enthusiasm for this exciting opportunity to host podcasts, and we have plans for a few initiatives this year. In the past, we successfully discovered promising podcast shows through our talented podcasters. We aim to pursue similar efforts to enhance and expand the technology involved. With ART19 taking over some responsibilities, we can shift our focus towards those initiatives. Therefore, Launchpad will certainly remain a priority as we move forward.

Great, thank you very much.

Thank you.

And your final question today comes from the line of Barry Sine from Litchfield. Your line is open.

Good morning everyone, or perhaps good afternoon now. I would like to discuss the content. Kit, could you share which podcasts are currently trending? What new shows have you introduced that you're particularly enthusiastic about? Additionally, could you provide a preview of any podcasts you plan to add in the upcoming month or two?

Yes, I mentioned that Stassi and Vanderpump will be returning soon. Vanderpump has become a phenomenon, and we have two shows centered around it, soon to be three with Jax and Brittany creating their own shows after our partnership. That's performing really well. Additionally, Kail Lowry's Killer Podcast Network is also launching a new show. When it comes to female programming and content for moms, that remains a significant demand for advertisers, and our audience in that area continues to grow. We're committed to focusing on such shows. We currently have over 100 projects in discussion, many of which fall into the realm of female programming and true crime, which remains very popular. We recently launched A&E's Ancient Aliens, which is actually part of the History Channel under the A&E umbrella. We have a longstanding relationship with A&E, having worked together for nearly eight years on shows like Cold Case Files and I Survived. I'm particularly optimistic about this show since the alien phenomenon garners a lot of interest and everyone seems to have an opinion on it. Recently, alien-related news has been trending, which bodes well. With A&E's backing in terms of TV and social media, we're quite enthusiastic about it. We're continuing to invest in properties and expanding our library while seeking second window opportunities to sell more shows to networks. Our company has a strong focus on this strategy. Overall, we're excited about the network and the potential opportunities ahead, and I believe we are well-positioned for the future.

Okay. And just elaborating on some of the things you said in terms of some of the female programming. I know, for example, LADYGANG has a three-day weekend event coming up in September. I don't think you guys are actually running that, but presumably, that has spillover effects in terms of popularity and advertising. Anything on that and any other special events in addition to just podcast you may have in the works?

Yes, we're definitely going to be involved in that. It's actually very close to where I live in Florida. Next week, I'm meeting with Keltie Knight from LADYGANG to finalize some deals and ideas down here. It's a cool event, and we plan to do more activities like this with our talent. If you check our roster, you'll see Kaitlyn Bristowe from LADYGANG and Stassi, among others. There are several great podcasts, including PodcastOne, The Office Ladies, and a few more. Those are three of our most significant shows. We have exciting plans and will participate in that event. Having a podcast community or a social media presence allows us to create content around weekends filled with music, food, yoga, paddleboarding, and just enjoyable experiences. PodcastOne will definitely be part of that as well.

And turning to emerging monetization things like movies and so on. Where are we in terms of composition of revenue? I assume that 95% or more of revenue is still traditional advertising sales and that the emerging streams are not that significant. And then on a forward-looking basis, are there any negotiations in process. I'm not asking specific which specifically, but what's the forward-looking view on emerging monetization?

Yes. Advertising will continue to be a significant part of our business, accounting for around 90% to 92%. We're diversifying with partners like ART19 and Amazon, which helps balance our financials. PodcastOne Pro is gaining momentum, and we've seen growth from partnerships such as Boost and Microsoft, particularly with a TV commercial aired during the Super Bowl. Motor Trend is entering its fourth season with us, contributing positively to our business. We're focusing on these areas, which should enhance our margins due to our talent booking and production capabilities. As we charge for these services, we anticipate improvements in our margins. Additionally, our parent company, LiveOne, is collaborating with a liquor brand and a coffee company, and we plan to expand these types of partnerships in the talent space over the next year to 1.5 years. However, advertising remains our core business.

Okay, great. Thank you.

Sure, thank you, Barry.

And that concludes our question-and-answer session. I will now turn the call back over to management for closing remarks.

Hey guys, thank you so much. I really appreciate your time and interest in PodcastOne. We'll be at the ROTH event in March, and we'll be constantly updating everybody on things as they happen within the quarter. Again, we appreciate your time and look forward to hearing you guys soon. Take care. Bye.

This concludes today's conference call. Thank you for your participation. You may now disconnect.