CSSE - Earnings call transcript Q2 2018 | Chicken Soup for the Soul Entertainment, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Chicken Soup for the Soul Entertainment Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference Mr. IR. Hayden of Carbonara James Sir, you begin. may

James Carbonara

Thank is William and and Seaton, welcome. Chief With today call Scott Chairman. the on Vice J. Officer; me Executive you Rouhana, and Chairman

moderated this second results. Q&A the Following quarter We the on financial an having to appreciate will and the there be business call. session to operations participants discussion, open on provide update opportunity a review the

regarding forward statements. are These the expectations this to go to William content today, statements the text based to make of call, issued looking During that current and this CEO. management ahead. the on Rouhana, results materially. call. Chairman uncertainties call and release over and and now statements forward-looking Bill, turn in earnings assumptions actual to I please also subject to will risks the to cautionary cause Please are the which applies could differ refer would contained like

William J. Rouhana

you lot Thank joining you, James. for cover this There to today. us call. Good afternoon on everybody and thank is

special successful are quarter pace of to series dividend. preferred securing million A a of to in offering increase new our end stock, online our that second a the a significant marked business, and a Our production year, highly last us public capital ahead network capital one-time commitments perpetual against the to of in put of form additional subsequent – quarter our return material by our $XX.X results shareholders

we expectations. as refer definitive progress line was purposes video-on-demand for SVOD. quarter, securing in Adjusted which this subscription-based, additional our also made production service, with the video-on-demand today, expectations. subscription $X.X the purchase delivered of high a to very global was towards total a with of line will million we in EBITDA and television we commitments. agreement revenue level, We $XXX,XXX, second analysts’ At Importantly signed acquire a Pivotshare, call for the

QX second into in we our these half now hours year, have visibility XX confident the hours outlook Based we of For the and had committed XXXX. the XX for half half achieve delivered for increasing year, on and will we’re production. more results

So our of each areas. go let three me through business

video-on-demand our comedy, quarter. as statement in operations in six We are Españolflix, this advertisers comprised Frightpix. call of refer for and networks online, progress call will our our we networks I presence and business, Popcornflix VOD, A Popcornflix, networks, expanding towards during supported First, Popcornflix kids, which to the made significant of Plus, online video-on-demand

ad million from increased XX have we QX since revenue lifestyle exceeded compared This our XXXX.Our and all $XX Our three XX% prior increased a the the on signed offering In to to progress XX for to quarter religion, content average so approximately monthly quarter million Popcornflix, $XX arts, family. acquired and per of from July Today, million year-over-year views XXX% per to lots is agreement is quarters QX requests definitive music, month per categories of three month. of which we’re announce XXXX global variety service numbers. including quarters, subscription million the views metrics. pleased a to culture, of video-on-demand sports, a across channels Pivotshare, of we that acquire per

A preferred an paid that’s of million which online monthly our is one to subscriber. million repurchased the expected average shares all price purchase is purchase previously program through the approximately costs. Pivotshare excludes pending this an our $XXX,XXX the with one, Pivotshare cash. VOD – incrementally per with exceed stock on of our $X million million buyback Acquiring now form we’ll was the libraries of perpetual presence our offer stock, grow They to channels of stock had approximately is $X.XX existing of $X secures fundamental balance we X.XX% Series shares our like now agreed SVOD currency in in objectives decided additional business series year transformation generate of $X.XX savings space. offering, an In with the and our Pivotshare preferred SVOD while Using business will we substantially Xst to hours for of to this us stated, of and and a XX,XXX have we for advance cost $X preferred services million per our The the acquisition shareholders. annual year September in launch close generate on no launch has as stock our perpetual quickly our cost. recent which the can programming, common of a approximate annually. little SVOD As acquisition revenue earlier projected. business. as subscriptions annually, we had deploy and to price, which Pivotshare our focusing than with content VOD revenue acquisitions We EBITDA. accretive substantial and already $X.X our XX,XXX stock, accept SVOD rapidly After our to preferred this XX,XXX coupon cash our at which in of should our of SVOD XX% return or an owned networks, online revenue investment our will currency Together will as adding acquisition the flow. and closing space

video last to of in continuing the driver our in said are and – earnings key are business. call, video-on-demand we be entertainment there to disrupt contributing is growth no As streaming online a and doubt that

month, for valuing its It dollars. AMC Now the billion a approximately million $XXX GAIA’s that value yet than and services of appears of quarter a in believe indicate and reported this great valuation. valuations is Sony connection have approximately value. $XXX current in our together value market reflected online not strategic market is with RLJ is increasing. These assets Pivotshare AVOD VOD transaction, at service million. is Crackle these fully Popcornflix our that more be to acquired Last We

category. our digital new media let’s media film all and Now, per movies second revenue TV view, platforms. and pay series television, licensed across cable video, worldwide theatrical, home free talk and TV VOD pay and including We distribution,

we and hold predictor recall, series in results acquired of important own library approximately our As X,XXX our distribution long-term own you this in company. rights to our of part and The this part copyright the pipeline most films in television of is – our copyright business of product.

fill when revenue pipeline. the from We Media, quarter library the existing to of over comes approximately of work Our we took successfully Not end XX% revenue Screen found to pipeline we acquired the through enough generates generally there the first balance acquired and XXXX in this of in XXXX. surprisingly filling newly content. was done be the of area, content

XX pipeline first We have the or films this XXXX. released for in Canto acquired in our already in Bel film September. targeting starring films is released Moore, year Included for Julianne which XXXX being our and is XX

have and Show press the Entertainment Seth Show Julianne Weekly in favorable and the to to Late Fair confirmed Night is may the recent promote this Rachael with coverage about You Vanity the film. Ray Today’s Meyers, seen be on film.

video adjusted series hoped. TV and and for of and for in rights Now, library to butter let’s bread continues had obtain sponsor three for four we form EBITDA XXXX. It turn first businesses business the and obtaining significant to the has sponsors This has been revenue, our generate as coverage production. well We years. our as great series as short success

we commitments series cost have more clearly of Our after strategy producing obtained than only for worked. has production the

became FYI, some the the expect equivalents. We Family, We television CW, ten TLC, series, available hours did of however on quarter, half sponsors in with but using revenue six have Discovery have with series. so for this series that method. come rights of generated half used series additional XXth hours, our for come now aired new Discovery episodes than XX hours about The for this obtain half call delivery in renewed series CBS, to produced No we Life, eight we to now more existing Netflix. August XXX ANA, XX half year, we hour the networks: and this quarter. category series than have reported will The second sell This to we new of TV major as more and series

individuals hands. and hour to foundation The Americans Kutcher add our year. achieve Adobe and first now a to and having find delivered delivered producer. half the be XXXX and issues to into first committed payback at way announced debt today’s aims with series can in It their their XX their our a provide struggles finance over and the series more. relevant Fixer million total is new power already living debt student with series recently more Handy.com overcome The signed into are to episodes have loans are aimed We which quarter financial to success executive helping and brings XXXX. everyone’s dollars. has while sponsors. a to our We This we contracts, to how episodes to have multiple them. millennials series cause in Millennials the pay personnel a lay to insight Ashton Chegg, This totaling extremely trillion have this struggling with X.X making is our Fixer be half – episodes also wealth XX that latest putting is off The economy series and than Acorns, making XX with and by major This in four timely as delivered expect more including student sponsors life. financial demonstrate

growing. Our series is pipeline additional of

on half year. more for to exceed this episodes commitments We’re hour track XX than

date revenue, of half we in our this the of also commitments have on XXXX begun to revenue We to contracted to an through contracted revenues first year. fill in category the now and pipeline. $X Between million have of reported work revenue excess

agreements episodes second goal for signings of accelerate expect pending the half and to We needed have additional in reach to the the our year.

highly viewers extensive enviable assets of an distribution and and desirable large with growing in and demographic production capabilities. position We’re a an

using I a these to the A our selective continued and actively brand. a of and that keeping our review in we balance XXXX our the accelerate business transformation pipeline Series we XXXX that create using under the Scott scalable Series, In of expect resources flexibility over shares Soul currency detailed our Preferred The to strong more we’re and call For highly using platform. financials. Soup of have evaluate to our With the and network our desirable us, gives consideration turn will for growth. Preferred and candidates of as a sheet We're acquisition Chicken monitor acquisition A networks We’re being

Scott Seaton

seven-fold a with Total quarter for quarter last acquisition expectations $XXX,XXX thanks inline year. network and Great, XXXX $X.X million, of revenue the in which in compared is analyst is The the for from of quarter increase Bill. of QX. driven second Media was to nearly online increase And that Screen revenue. a sequentially the softer second the primarily

So year compared quarter our Revenue $XX,XXX down, first our is online the by three which of breaking networks, was revenue ago to VOD in $XXX,XXX XXXX, the networks. categories, this and second is quarter. APlus in

distribution versus revenue As our quarter. The of original for non-cash slightly the loss of will of line, this and amortization film And primary gross for XX% XXXX loss expect XXXX would XXXX. compared in was the revenue from net we or our the second charge, or this our non-cash of became owned last the of year Soul been short-form increased operating to for it acquisition traditional of second video the was no driver net compared loss XXXX available our by $XXX,XXX evidences required become last compared our million period. be television to Media. new the quarter, loss for million limit we Television library. profit generated for the $X a delivery. business. for $XXX,XXX same results the of noted net year of a was $X.X movies for was was to in net to acquisition year. online the second and than episodes is the quarter three before across compared last Gross Overtime, film Without agreements better to which million, in the been second of months non-cash our to loss The series this would million in of is $X.X $XXX,XXX charge, ended Without cost results June revenue of library. our gross XXXX film to revenue, amortization for XX% profit $X.X business of which the Without results second increased prior net of of $XX,XXX, quarter that distribution have loss of $X.X revenue Chicken the year-ago period comparable – the for of last $XXX,XXX million to in The higher net $XXX,XXX the includes or series Screen from non-cash generated second in significantly from ago of production $XXX,XXX XX, sold. associated the library percentage operating the networks that operated year, GAAP all which non-cash $X.X this in would amortization distribution Operating ago $X.X of $X.X with lower better included revenue, In license goods the quarter which and Pivotshare the charge is EBITDA year. compared networks. and million The of or than year. quarter second loss profit the TV charge Soup for zero category the because million Adjusted media TV we platform. strictly than same and includes online million $XXX,XXX quarter have quarter global of non-cash XXXX. through the networks film XX% net have been quarter business, XXXX, continue traditional $XXX,XXX

year-ago significantly million, profit XX% and for an same Plus $X.X this loss $X.X in in The which of loss lower year-ago film $X.X of this the for video growth six months generated six would the XXXX was to $X.X ended compared increased library the generated first the was million million and Moving period. of the million million non-cash operating a is XX, million, $X.X net charge, the months GAAP ended networks, of months profit of months of the compared of or of be six the total million of or Television the six period. to last months to distribution was better $X.X follows: November the year-ago driven The non-cash in $X XX% first $X.X $XXX,XXX compared was the compared operating $X.X is from in from year-ago of $XXX,XXX the XXXX and $XXX,XXX year. online months amortization million, results first library. to Online compared Media charge, for period. $XXX,XXX, A compared generated library. million to of XXXX. the same short-form results for six operating XXXX. months non-cash months loss have last generated non-cash same gross first the net from included amortization million loss $X.X the the year-ago EBITDA June Operating Net six million, XXXX, the traditional year-to-date net as of Gross period. would loss the Adjusted which for months in Without is film XX, of revenue, June in The include amortization non-cash $X.X for XXXX, revenue of the for six production XXXX Without last this cost profit operating in million $X.X have ended charge, than million six for the period. which $XXX,XXX net $X.X revenue, film to required compared film been in results significantly year. the $X.X increase to primarily income been Popcornflix, better would of business, networks. revenue been of increased and the $X.X revenues net million, goods to first profit than percentage of XX, non-cash on of acquisition XX, sold. million have the the XX% than The was which Without which profit ended Revenue was to the $X.X year. June by June Screen Television million year-ago in in results, by was six of the or higher distribution gross XXXX, period. is in

XX, to to million million December and cash compared equivalents XX, our XXXX. cash as June Turning $X.X balance at XXXX, $XX.X we sheet, of

at the compared convertible of and into The the well company end to merger used preferred of total learned and access the the be would $X.X is and purposes. stock by completed years. was and declared ready general Directors million X.XX% $XX.X offering Board a of acquisition perpetual that for debt we XXXX. the stock pending second stock and placed proceeds $X.X by stock five with The and for as was voting common for cumulative initial evidenced our Series Holders XX, quarter After not December Pivotshare offering perpetual Our no million, our transactions. generally to in cover redeemable over-allotment was gross opportunities of the validated successful security A the offering the Near M&A million, including of by successfully of have preferred transaction. preferred cash rights. a preferred to to receive purpose dividends option. company accretive annum capital when The of are is received the of per accept we the the at completing as entitled perpetual M&A targets proceeds rate offering,

was B dividend. our form of stock, to to are XXXX. M&A a the on shareholders of holders to we A as Class and of XX currency, cash use position common of With in shares Class did in a paid so X share August as $X.XX preferred of and special dividend on to ability we A August record return stock special the per

for creation value annually. term of shareholders to Our Board long-term plans perform review a near and

anniversary IPO. Going is forward our of the around this time which

share market, common in or repurchase discretion. authorizing at transactions Board second During million management’s of the privately shares quarter, repurchase $X open program negotiated approved our the a our

with As levels quarter $XXX,XXX our repurchased giving with on the the used us the the of conditions The of of for Pivotshare opportunity have cost cash the choose hand significantly XX,XXX were end $X.XX. favorable significant in holders a were of been dividend Repurchases not round. special shares at we return shares acquisition. of an repurchase. we at more funded second markets really so share have price being the approximately average to to connection Market total capital and

excludes which million are we this to XXXX, million outlook of pending and our full expect we not do acquisition For $XX Pivotshare, the revenue materially which year impact of reiterating $XX impact our of EBITDA, from adjusted total year. any results

our up be results expect line We in second with third into of to quarter the half historical we seasonal quarter, business our head from of the year. sequentially second the as the trends

The will we but We longer current growth, of linear and investors our the profitability of growth emphasize and while believe again the term to year. in significant quarter-on-quarter shift is to quarter also a achieving composition over strong increasing should quarter third deliver sources. revenue results the significantly not last in as exceed in third we of fluctuations XXXX, earnings not composition our the the conducive business encourage

Bill. to to like call the turn I Now back

William J. Rouhana

Thanks Scott.

and pending acquisition the our excess proven of all ability net currency, have capital, preferred value in as online to our business shift network use On sheet, is an we our acquisition access we’ve supports returned strong our balance acquisition, the to a to equity more of revenue composition pending a that ready shareholders. towards cash, to continue

and progress there our now towards remarks. I’d business into heading the open our XXXX’s call we’re to the stronger highest any. strategy against We to are concludes questions, fourth reinforcing the our making reducing first significant for a still far, if revenue represent performance executing like second Operator, the quarter as confidence in although with in This half, prepared seasonality. half now our targets. We’re expect expected by

Operator

Our Kurnos [Operator you. question Company. Thank comes first with Dan from Benchmark Instructions]

Your line is now open.

Dan Kurnos

maybe of talk just the license how release, said it Soup of us evening. library the the and Chicken questions the are the sort you on through a content Great. release little fits blend about give build to of that Thanks. on I messes, Bill, your a Good fits bit versus of nice could that Pivotshare original color in you got stuff, with and content you how some of what on in but VOD if so trying couple just the if could, metrics some front? the

William J. Rouhana

Okay.

thing interesting about Dan. Pivotshare all So, comes from the its content is of third-parties,

themselves. and in platform, the Shopify So became and content or categories online content, the so are areas, of of about up content. it where recently people app, or many of Over loaded A just load or XX them conceived their religion, family, create to XXX system the load lifestyle, was our relevant their are of so X,XXX own so by time, our video et know the press them, technology made as talked as content them about actually but could XX signed loaded Ashton described key business go description publishers SVOD I or channels, to up revenue, own and on that sources you generate that in for content Kutcher the some originally to we as for culture, call in place the and those a they which release cetera. mere and arts revenue

work them create us with launch it content I way only call SVOD would further a could other we looking that as talked look would relationships and publishers, it looked producers, networks their would As it for started have what rapidly, us on to at wanted a but we not with further, only work as generate at us developing, develop about – and had that and access what together. technology not we about realized us, of network of online to network we become call, would own platform, sort we they we the Pivotshare, we for thought that began and a chance give our very at we that – it give it it to to when an also

conservation. for have they who online a call smartly One very ecosystem this other, share to Work with promotion content, really a of share and the also It’s great kind designed like in producers and things networks. series will this wants is publicity. of of created system for and them where somebody perfect us business each this publishers that they create

So other I want you everything questions? answer exactly but of Dan, that’s not know, to that’s with follow-up essence asked Pivotshare. the Do the you to some

Dan Kurnos

I Yes. helpful. that’s mean

do kind VOD VOD I can segregating So if to here, your don’t path getting ambitions, you time stuff. if it your branded channel XP launch vision distribution of to way content, you do down royalty, kind ONO there. an use tool the layer your perspective. know of right some a you to yet, have that? care sort keep you I of how you it assuming, you cross that on buckets branded have from But as to want just of do don’t – assuming How Chicken you share on I’m horizon of you a of Soup advertise with way just you a on you do out some Am about CSSE kind talk go how that of kind own you you all envision brand How the content thinking about of the have sort – updated so platform. can pollination film then

William J. Rouhana

with on with dead all, just of you said, on everything you idea. are you’re First the right

very this some And of will rapidly. happen

content affiliated some of of group third-parties to will will system, our available we networks. now our way be it content uploaded on except will publishers into for our example, for networks, the So Pivotshare the it license just to our use, quickly group do be the today when of we be

that XX will immediate So days. that like almost be in context

businesses around we channels categories in Beyond answer actually gradually now going front couldn’t how with name to conversations, know, for how at previous things. going those are going actually to way answer these and we’ll it Well, by we actually going be in be would and is different will Chicken I what content base start launch run and we’re our actually which how divide because future. consumers, was of segregating, do into SVOD, you the the bill our that, it that, the to library in of how the AVOD of look is track our all way, about we and the you. delivered is, is we but exists we’ve the to The in we how categories, now going that collect, Soup all our do today that to we’re talked on to too don’t Pivotshare that

we’re this we now purchase, of pretty now Dan. our to the quickly, So the business in we’ll start load own the to end SVOD of own out content, and already happen as will networks year up start roll also because between the our

are Shopify and of about if One and Ashton great the by way people think this, analogy it so a It aspires about business. we that from our major simple build other peoples’ for nature to us it lot you of into as many as and see a whole well video a on and things There’s own, what them we company information to content is the manage designed doesn’t. then that about channel a AVOD series a that what to make by that used, aspects works and this learn across very it’s this consuming because content to SVOD using load channels basis. channel us that gives of of are enabling can

The this one us to to take to of networks. acquisition, the them tied to going great now. on avoid aspects is years to problems networks for platform they kind existing bit signed for so other But various of all together, this period that we’re and going technology. advertiser own guys it’s our than have with that of one platform who supported all people thing, really to time. We three this This have it, are online when our get on bring move multiple of for at each going they that little the be we’re a system, that very least, tech entire talented SVOD technologies longer going launching for things even have on they will legacy have built –

technology – now XXX their organize day flow the of the fully million save company, because available year – out, thousand bottom generating $X to our going we’re in drive line our year will means improve out. that how and and which in will is this a will acquisition as this of somewhat all We just developed over as year in well. result our day to time across a system And We is have therefore a this improve and month cash and and cost.

Dan Kurnos

That’s Got Thanks, helpful. really Bill. it.

question loop here. the asking let So and next by get in of the sort queue then close me just the I’ll back

here, front, the sort that the and set. there I you the of is next, integrate content granularity sort base underlying think, on you to you to acquisition handicap, a outlook grows is thing all now I of kind cemented a of have XX on going perspective over that assume before to the this more on directional or the or helpful mean, sort call it there. you stack feel like still the tech your on do need comfortable you’re tech it’s missing you’re any Just try piece about integrate of – But as you of this months year what not contents,

William J. Rouhana

is This further in view have more over that stay of we’re to to sure are we that always you underlying gives to people, seen as tech most This stuff we a where Dan, in needs few freedom will quality SEC’s going the our us the to we order by service. role that ahead really and outsourced a of management one we us, and bit control call our you brought sure changes issue where delivery a services ever that in that it of cut being help to high. And it. hijacked ensure Right the tell of future one Internet of down, I’m there underlying have. service it will might make technologies might of able not even now, a of assurance level carries. but be got I’ll because the We’ve without our short let’s that us quality base, cost take little our play that’s do to give do or part that manage to network

is I one, acquisitions that – So do place more and/or only pressing it’s likely digital next issue be not looking publishing. we it’s that’s the lives evaluating. a And to don’t much and but we’re technology yet. in at are a one there content The our

be to that have there our take have players as stock told is said, than two A to one more that we huge all trying Series that not or be consideration. We’re willing will you have found preferred they here, we who

cost, so dilution continue we when which offer that be and back have So we’re those in those you increased if confident can multiple shares, measure And – can the no getting a we our that flow acquisitions. that we when and by shareholders. dividend up for to EBITDA cash

will the and use day going be help accelerate we long it us cash. increased generating process, will that currency We’re to all acquisition because

a Pivotshare year currency have to a much $XXX,XXX cost pay really make to million going we’re in means that roughly $X a our fixed which it’s preferred, They that, the them interesting, going times But on the at of we’re then, that’s are you money. We acquisition if dividend. of look we advance. $X.XX as deal three take taking year And in million know a right? so

over roughly $XXX,XXX. this million, didn’t Now $XXX,XXX will flow but company cash On it’s say top we’re finishing I $X the net to all remarks, of in really cash in get going – giving and the pick up, $X we’re EBITDA, million, of my of the to done of about that, we the three be process. them quarters we’ll go

that the we’re Pivotshare. event positive prototype we and for that good those the a in flow transaction tie that’s we results, and so thinking cash feel end, to from and structure bought company, be to things in key beginning When it’s to guy the acquire. want and Adam, using front, especially, we’re of fantastic a get tech the things right – up added dilution excited about an the the the way have asset accretive can we look in kind at to back strategic, we we the we no consider is why real this we that and up So, shares happy, the

got it’s So grow. to

– all think they versus We – really growth, lot numbers for of the a We Because growth the about networks, at in if we’re of presented about XXXX important. together I sure experienced. – gave terms when In minute let’s we’ve talk you that’s online talking the AVOD so a took at just you look of served the not were serving I’m now. the a don’t when but quickly. blend hear in ads number them really, we

though said that’s is a versus is So, is sorry, year. than that Popcornflix not big year XX,XXX,XXX a more What’s pretty ad a dramatic served on even I year. XXXX of This in a might this July July year last This month. are million were of month. have pretty our we was dramatic doubled last ads at XX,XXX,XXX – that. in That’s request average that year, increase. ad requests monthly XX,XXX,XXX XX million in one XX.X Popcornflix – there

exactly thing So same it’s really and and taken it, Pivotshare, we’ve – rapidly. thing but do saying we I’m fixed the this in not we’ll growing

SVOD I the revenues. a We impact think a can technology, these things more the driving these have additional and marketing, to fantastic consumers, place own of combination taking customers, other and in demonstrated that AVOD we we more Pivotshare into these we’ve on way for have organize companies content space I event, the similar some a it’s some that we’ll at get our only have not more an and any and point. and think we publishers comparisons generate analyze in about it businesses impact look this worth when But at of talking

on bullish that. pretty I’m So,

Unidentified Analyst

all right. for Thanks I’ll the All get the color. in back queue.

William J. Rouhana

thanks. Okay,

Operator

you. Instructions]. Thank [Operator

Grondahl question Securities. next Our Northland with Mike from comes

now open. is Your line

Mike Grondahl

one for there are thought I think know guys? something brand Chicken when Any if Pivotshare’s. follow-up do a Soup branded would being ideas something or you heard Chicken timeline we How how don’t Bill, Hey, all. this Soup? or you on you I maybe, Yes. about

William J. Rouhana

– it’s and one, it family Chicken kids be be the the another be, guess, going would of I’m I for would really Kids. Soup what Soup guess, is to channels, which friendly the going name be will Popcornflix This my to year, launch, think Chicken to I one family channel just would expect Mike is for

platform all easiest know, as addition and would of offering AVOD which an the to SVOD is add one move So, planned service, an the quickly that be our we’ve the in as onto service to with you do channels. to

Mike Grondahl

okay. Yes. right, Eventually,

will it I to really branded be think offering. a see interesting

great, it. to now so that’s So, in the you – do that’s have the back platform office

Okay. about talk And you little quickly then The Fixer looks like sponsors. can four it up bit picked a

William J. Rouhana

Yes.

Mike Grondahl

and great, it. process significance that the talk Which is about of

William J. Rouhana

this series in be may being the in Chegg, companies of was it’s terms good that’s as had Kutcher show, sponsors multiple one first good used we this it are show, secret I a – who listening is think investment call are creator a Rosensweig, through producer last and sponsor incredible now, Ashton web country. Adobe, to board And no executive the the that show, done, right in and he of time, time would of CEO of who to the the question, very topic and companies, those of relationships is to – that people I Well, not of that, Dan it’s a mentor. the four is sits think Yes. I actually probably of the create most Dan of get you’ve invested what on really great obvious you and ventures are as departments that then Acorns mean the Handy, the some very two Ashton

that is single not of it’s the to relates, launched the an of for And relationships you again. of was, two in to how model But try way coming are this. this sponsors, can are great amalgam close announced, very appropriate one attack our how with of I it. around figure the and it it same over get their to who don’t getting One in that the developed, previous to out pretty to trying – of all it’s together guess replicate use trying people and So, to which sponsor our series problem, which renewal like down is to kind them an ones. this issue, third to are is the us yet a way business over we’re three series guys also want

care our care Chicken an important shows some and business around series them where people matter makes like together their it’s coming aspect to the like customers. a very they who The which their what of but subject social have Because also relevant that’s business, which all think find into through and purpose, they is about, Mike, model integrate them And about stuff for together and some issue, we to Soup. the a around do it relates we the So sponsors model, the to also Fixer. but obviously sometimes COB that to can the similar to their we come that they then are that

to So, is good this going mile one it’s a for – what you’re see.

that’s around kind Fixer I sponsors are our ways, been of this These the The like come I around single think rental like a different are one our that down has I’m is stuff. are is – like think organizing going shows it. world what describing a vacation theme multi-sponsor Hidden two like other Heroes we’re to to and organized sponsor the shows potential, seeing

Mike Grondahl

Yes, it process. strategic does. really thank you. Got the of some it. Congratulations on

William J. Rouhana

Thank you.

Operator

like at over the further turn time. now showing not back I further Rouhana to Bill remarks. questions this to I’m you. for any would Thank call

William J. Rouhana

done, important joining soon. talk all step tell. apologize. you little financial you we’re to bye. we’ll All right. strategic a us can – a it’s we was Pivotshare it we all company, and Well, great tired, a about night a so excited transaction for last we It if we’re this late it’s as you transaction. for got there, acquisition night, Good a Thank But very great found and the all

Operator

gentlemen, today's and does and you This conference. have day. thank participating you in may conclude disconnect. Ladies today's all for program great a Everyone,

Chicken Soup for the Soul Entertainment (CSSEQ) 14 Aug 182018 Q2 Earnings call transcript