BuzzFeed Inc (BZFD) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the BuzzFeed, Inc. third quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BuzzFeed, Inc. 2023 年第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Amita Tomkoria, Senior Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給發言人、投資者關係高級副總裁 Amita Tomkoria。請繼續。

Hi, everyone. Welcome to BuzzFeed, Inc's third quarter 2023 earnings conference call. I'm Amita Tomkoria, Senior Vice President, Investor Relations. Joining me today are Founder and CEO, Jonah Peretti; President, Marcela Martin; and CFO, Felicia DellaFortuna.

大家好。歡迎參加 BuzzFeed, Inc 2023 年第三季財報電話會議。我是投資者關係高級副總裁 Amita Tomkoria。今天與我一起參加的是創辦人兼執行長 Jonah Peretti；總裁馬塞拉‧馬丁 (Marcela Martin)；和財務長 Felicia DellaFortuna。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

在我們開始之前，我想藉此機會提醒您，我們今天的演講將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's press release, our 2022 Annual Report on Form 10-K, our Q1 and Q2 quarterly reports on Form 10-Q, and in our Q3 quarterly report on Form 10-Q to be filed tomorrow.

可能導致這些結果出現重大差異的因素在今天的新聞稿、我們的 2022 年 10-K 表年度報告、我們的 10-Q 表第一季度和第二季度季度報告以及將於明天提交的 10-Q 表第三季度季度報告中均有列出。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔根據新資訊或未來事件更新這些陳述的義務。

During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business to establish budgets and to develop operational goals for managing our business.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的 EBITDA 利潤率。使用非公認會計準則財務指標使我們能夠衡量業務的營運實力和績效，以製定預算並制定管理業務的營運目標。

We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management.

我們認為，調整後的 EBITDA 和調整後的 EBITDA 利潤率對於投資者來說是相關且有用的信息，因為它們允許投資者以類似於我們管理層所使用的方法查看業績。

A reconciliation of these GAAP to non-GAAP measures is included in today's earnings press release. Please refer to our Investor Relations website to find today's press release along with our Investor Letter.

今天的收益新聞稿中包含了這些 GAAP 與非 GAAP 指標的對帳。請參閱我們的投資者關係網站，尋找今天的新聞稿以及我們的投資者信函。

And now, I'll pass the call over to Jonah.

現在，我將把電話轉給喬納。

Thank you, Amita. Good afternoon, everyone, and thank you for joining us today. We continue to operate in an unprecedented environment for digital media. Last quarter, I outlined some of the challenges facing digital media companies and the current platform ecosystem.

謝謝你，阿米塔。大家下午好，感謝大家今天的參與。我們繼續在前所未有的數位媒體環境中運作。上個季度，我概述了數位媒體公司和當前平台生態系統面臨的一些挑戰。

Namely the audience traffic referrals from the major platforms has diminished as they continue to prioritize their own vertical video formats amid intense competition for audience share. This has a direct impact on our ability to monetize content across our portfolio of brands.

也就是說，由於各大平台在激烈的受眾份額競爭中繼續優先發展自己的垂直影片格式，來自各大平台的受眾流量推薦減少了。這直接影響了我們將品牌組合內容貨幣化的能力。

As you've seen by now, this has resulted in significant year-over-year revenue declines in Q3. However, Q3 also reflects the full benefit of the restructuring actions we announced earlier this year. As a result, we were able to deliver a profitable Q3, an improvement over Q2 and last year quarter despite lower revenues.

正如您現在所看到的，這導致第三季收入同比大幅下降。然而，第三季也反映了我們今年稍早宣布的重組行動的全部效益。因此，儘管收入較低，但我們仍然能夠實現第三季的獲利，比第二季和去年同期有所改善。

We have already taken significant steps to combat the ongoing traffic and monetization challenges. Earlier this year, we made the decision to reprioritize editorial and creative resources across the business to focus on the platforms and formats with the highest potential for long-term monetization.

我們已經採取重大措施來應對持續的流量和貨幣化挑戰。今年早些時候，我們決定重新調整整個業務的編輯和創意資源，以專注於最有可能實現長期盈利的平台和形式。

We also made changes to our sales organization to align with a weaker demand environment, reducing organizational layers to drive efficiency and improve sales execution.

我們也對銷售組織進行了調整，以適應較弱的需求環境，減少組織層級，提高效率並改善銷售執行力。

With these changes in place, we continue to be laser-focused on driving traffic directly to our owned and operated websites and apps in order to reduce our dependence on the major tech platforms for audience traffic, improved monetization, and pivot our business to adjust to the new realities of an altered digital media landscape.

透過這些變革，我們將繼續專注於將流量直接引導至我們擁有和經營的網站和應用程序，以減少我們對主要技術平台的受眾流量的依賴，提高貨幣化水平，並調整我們的業務以適應改變的數位媒體格局的新現實。

Specifically, we continue to introduce new AI-assisted content formats to increase engagement and offer innovative advertising opportunities for our clients, expand our creator network and creator driven advertising opportunities to participate in the rise of vertical video, and prioritize destination news content to grow HuffPost's front page audience.

具體而言，我們將繼續推出新的人工智慧輔助內容格式，以提高參與度並為我們的客戶提供創新的廣告機會，擴大我們的創作者網路和創作者驅動的廣告機會，以參與垂直影片的興起，並優先考慮目的地新聞內容，以增加赫芬頓郵報的頭版受眾。

We have strong and differentiated IP across BuzzFeed, Complex, Hot Ones, First We Feast, Tasty, and HuffPost, each with a trusted and established brand identity. For BuzzFeed, it is pop culture, entertainment, and curating the best of the Internet using AI to shift content delivery and distribution. For Complex, it is delivering premium original content that covers the latest trends in sneakers, music, and convergence culture.

我們在 BuzzFeed、Complex、Hot Ones、First We Feast、Tasty 和 HuffPost 方面擁有強大且差異化的 IP，每個 IP 都擁有值得信賴且成熟的品牌形象。對於 BuzzFeed 來說，它是流行文化、娛樂，並利用人工智慧來轉變內容交付和分發，從而精選網路上的精華。對於 Complex 而言，它提供優質的原創內容，涵蓋運動鞋、音樂和融合文化的最新趨勢。

For First We Feast, it is expanding the Hot Ones universe, and building more IP at the intersection of food and pop culture. For Tasty, it is attracting emerging food creators and leveraging the social platforms to build community around cooking. For HuffPost, it's breaking news coverage and audience-centric stories for a massive, direct-to front page audience.

對於 First We Feast 而言，它正在擴大 Hot Ones 的世界，並在食品和流行文化的交匯處創造更多的 IP。對於 Tasty 來說，它正在吸引新興的美食創造者並利用社交平台圍繞烹飪建立社區。對於《赫芬頓郵報》來說，它為大量直接面向頭版讀者的讀者提供突發新聞報道和以觀眾為中心的故事。

Across this brand portfolio, we continue to lead the industry in terms of time spent. In Q3, US Gen Z and Millennials once again spent vastly more time consuming our content than that of any other digital media company in our competitive set according to Comscore. I will highlight a few of the specific areas where we're gaining traction with direct audiences and clients alike in the areas of AI creators and destination news content.

透過這個品牌組合，我們在用戶使用時間方面持續保持行業領先地位。 Comscore 的數據顯示，第三季度，美國 Z 世代和千禧世代消費我們內容的時間再次遠遠超過我們競爭對手中任何其他數位媒體公司。我將重點介紹我們在人工智慧創作者和目的地新聞內容領域中與直接受眾和客戶取得聯繫的幾個具體領域。

Starting with BuzzFeed. BuzzFeed has always been a leader in data-driven storytelling, operating at the intersection of technology and media to curate the best of the Internet for our audiences. Over the past several months, the BuzzFeed editorial team has launched multiple new AI-powered content formats from interactive quizzes to chatbot games to AI-assisted content posts.

從 BuzzFeed 開始。 BuzzFeed 一直是數據驅動敘事的領導者，在科技和媒體的交會處運作，為我們的觀眾精心挑選網路上最好的內容。在過去的幾個月裡，BuzzFeed 編輯團隊推出了多種新的人工智慧內容格式，從互動測驗到聊天機器人遊戲，再到人工智慧輔助內容貼文。

In Q3, audience traffic to our original AI content was more than 60% higher relative to our non-AI content. And both page views and time spent with our AI content grew versus Q2.

在第三季度，我們原創的 AI 內容的觀眾流量比非 AI 內容高出 60% 以上。與第二季相比，我們的 AI 內容的頁面瀏覽量和使用時間都有所增加。

Our chatbot games like Under the Influencer, the Clout Queen will determine whether you have what it takes to make it in the world of Internet influencing. And Nepogotchi, where players get their very own nepo baby to raise and bond with, have driven particularly deep audience engagement with time spent per user growing by a double-digit percentage versus Q2.

我們的聊天機器人遊戲，例如《Under the Influencer》、《Clout Queen》將決定您是否具備在網路影響力世界中取得成功的實力。在《Nepogotchi》中，玩家可以飼養自己的 Nepo 寶寶並與之建立親密聯繫，這引起了特別深入的觀眾參與度，與第二季度相比，每位用戶的遊戲時間增長了兩位數。

Building on the success of these games with our web and app-based audiences, in particular, the BuzzFeed team is working to bring even more gaming content directly to the BuzzFeed mobile app.

由於這些遊戲在我們的網路和應用程式受眾中取得了成功，BuzzFeed 團隊正在致力於將更多的遊戲內容直接引入 BuzzFeed 行動應用程式。

Complex tentpole content continued to perform strongly in Q3, attracting premium brand sponsors. Across Complex's flagship YouTube series, Sneaker Shopping, GOAT Talk, 360 with Speedy and more, Q3 viewership on the platform grew approximately 40% year over year, attracting a wide variety of sponsorships from brands such as Starz and Honda.

複雜的主打內容在第三季持續表現強勁，吸引了優質品牌贊助商。在 Complex 的旗艦 YouTube 系列《Sneaker Shopping》、《GOAT Talk》、《360 with Speedy》等中，該平台第三季的收視率同比增長了約 40%，並吸引了 Starz 和 Honda 等品牌的各種贊助。

And the Complex team is preparing to host its eighth iteration of ComplexCon later this month, featuring artistic director, Cactus Plant Flea Market and the performance by Grammy Award winning rapper and producer, Kid Cudi.

Complex 團隊正準備於本月稍後舉辦第八屆 ComplexCon，屆時將有藝術總監 Cactus Plant Flea Market 出席，並由格萊美獎獲獎說唱歌手兼製作人 Kid Cudi 獻藝。

The event will welcome thousands of fans over two days in Long Beach, California to experience some of the world's most influential artists and brands for an immersive culture defining weekend of styles, sneakers, art, food, and music.

該活動將在加州長灘舉辦，為期兩天，將迎來數千名粉絲，讓他們體驗世界上最具影響力的藝術家和品牌，度過一個充滿風格、運動鞋、藝術、美食和音樂的沉浸式文化週末。

First We Feast, our food and pop-culture brand, kicked off its Season 22 of Hot Ones with guest *NSYNC. The episode immediately went viral with multiple major news outlets covering the interview. Throughout the quarter, the show continued to drive millions of weekly viewers and attract premium brand sponsors such as Coors, State Farm, and Disney.

我們的美食和流行文化品牌 First We Feast 與嘉賓 *NSYNC 一起拉開了《Hot Ones》第 22 季的序幕。此事立即被廣泛傳播，多家主要新聞媒體對此次採訪進行了報導。整個季度，該節目繼續每週吸引數百萬觀眾，並吸引 Coors、State Farm 和迪士尼等高端品牌贊助商。

Since 2015, Hot Ones has attracted the biggest celebrity guests, garnered more than 25 billion minutes watched, received multiple Emmy nominations, and broken new ground for YouTube-endemic talk shows.

自 2015 年以來，《Hot Ones》吸引了最知名的名人嘉賓，獲得了超過 250 億分鐘的觀看時長，獲得了多項艾美獎提名，並為 YouTube 流行的脫口秀節目開闢了新天地。

And fans can't get enough.

粉絲們對此意猶未盡。

In Q3, First We Feast launched the spin-off series, Heat Eaters, as well as its latest CPG offering, Hot Ones Hot Pockets. As the Hot Ones IP continues to find success with new IP extension opportunities, it has become the blueprint not only for digital media but also for any entertainment brands looking to break through the noise and create true impact with audiences and consumers.

第三季度，First We Feast 推出了衍生劇《Heat Eaters》以及最新的快速消費品《Hot Ones Hot Pockets》。隨著 Hot Ones IP 在新的 IP 擴展機會中不斷取得成功，它不僅成為了數位媒體的藍圖，也成為了任何尋求突破並對觀眾和消費者產生真正影響的娛樂品牌的藍圖。

Turning to Tasty. In Q3, Tasty continued to introduce new collaborations between brands and its residents. Following the success of the Tasty TikTok series, Potatoes 100 Ways, helmed by one of Tasty's inaugural residents, Jeri Mobley, Tasty launched several new vertical video series featuring original content from Tasty residents and offering new partnership opportunities for clients. Tasty also made great strides introducing new content for its app-based audience that also appeals to clients.

轉向美味。第三季度，Tasty 繼續推出品牌與居民之間的新合作。繼 Tasty TikTok 系列《100 種吃法馬鈴薯》（由 Tasty 的首批居民之一 Jeri Mobley 主持）取得成功之後，Tasty 推出了幾個新的垂直影片系列，其中包含來自 Tasty 居民的原創內容，並為客戶提供了新的合作機會。 Tasty 也取得了巨大進步，為其應用程式受眾推出了新內容，同時也吸引了客戶。

In Q3, Tasty teamed up with Bush's Beans to launch a new Meal Planner to Tasty app users. The campaign included custom recipe content that reached the client's target audience and drove consideration for key Bush products.

第三季度，Tasty 與 Bush's Beans 合作向 Tasty 應用程式用戶推出了新的膳食規劃器。活動包括客製化食譜內容，以接觸客戶的目標受眾並提升他們對 Bush 主要產品的關注。

In Q3, HuffPost drove record audience traffic through its homepage and web app since joining BuzzFeed more than two years ago, demonstrating the brand's consistency and tracking loyal homepage and app audiences. Also, in Q3, HuffPost and BuzzFeed Studios launched a new podcast in partnership with Acast, titled Am I Doing It Wrong, which landed in the top 1% of podcasts on its first day.

第三季度，《赫芬頓郵報》透過其主頁和網路應用程式吸引了自兩年多前加入 BuzzFeed 以來創紀錄的受眾流量，展示了該品牌的一致性以及對忠誠的主頁和應用程式受眾的追蹤。此外，在第三季度，《赫芬頓郵報》和 BuzzFeed Studios 與 Acast 合作推出了一款新的播客，名為《我做錯了嗎？》（Am I Doing It Wrong），該播客在第一天就進入了播客排行榜前 1%。

HuffPost shopping content also continued to gain momentum, driving robust double-digit growth in GMV year-over-year, during both July and October Amazon Prime Days.

《赫芬頓郵報》購物內容也持續獲得發展勢頭，在 7 月和 10 月的亞馬遜 Prime 會員日期間，推動 GMV 同比強勁實現兩位數成長。

Across our portfolio of premium brands and IP, we reach millions of young people every day who visit us directly to enjoy our content. And with the strategic and organizational changes we executed earlier this year, we are well positioned to drive a year-over-year improvement in adjusted EBITDA in Q4 and for the full year. And we are continuing to protect our liquidity position as we work towards building a sustainable long-term model for content creation.

透過我們的優質品牌和智慧財產權組合，每天有數百萬年輕人直接訪問我們並享受我們的內容。透過今年稍早實施的策略和組織變革，我們有能力推動第四季和全年調整後 EBITDA 年成長。我們將繼續保護我們的流動性狀況，同時致力於建立可持續的長期內容創作模式。

Before closing these remarks, I'd like to thank Felicia DellaFortuna for the years that she devoted to growing BuzzFeed. Felicia has been a key executive on my team, and we wish her all the best in her new endeavors.

在結束我的演講之前，我想感謝 Felicia DellaFortuna 多年來為 BuzzFeed 的發展所做出的貢獻。費莉西亞一直是我團隊中的關鍵高階主管，我們祝福她在新的工作中一切順利。

I am honored to work alongside our talented teams of creators, journalists, producers, and all our employees as we continue to lead the industry forward with an unwavering commitment to our mission to spread truth, joy, and creativity on the Internet.

我很榮幸能與我們才華橫溢的創作者、記者、製作人以及所有員工一起並肩工作，繼續引領行業向前發展，堅定不移地致力於我們的使命，即在互聯網上傳播真理、歡樂和創造力。

I'll now hand the call off to Marcela to discuss our business performance and operational highlights. Marcela?

我現在將把電話轉給馬塞拉，討論我們的業務表現和營運亮點。馬塞拉？

Thank you, Jonah, and good afternoon, everyone. Let me start by discussing our Q3 revenue performance and sharing some of the trends we are seeing across the business. We delivered Q3 revenues in line with the guidance range we provided in August, which represented a decline of 29% year-over-year.

謝謝你，喬納，大家下午好。首先，我想討論我們第三季的收入表現，並分享我們在整個業務中看到的一些趨勢。我們第三季的營收與8月提供的指導範圍一致，年減了29%。

As Jonah discussed, monetization continues to be impacted by share gain across the major tech platforms as they compete for audience time.

正如喬納所討論的，由於各大科技平台爭奪觀眾時間，其份額增長持續影響著貨幣化。

Advertising revenues are more closely related with traffic. Despite the progress we are making with newer formats like AI-assisted content as Jonah discussed earlier, traditional formats still make up the large majority of the content that we publish. As a result, overall time spent as reported by Comscore continues to be impacted by the competitive landscape.

廣告收入與流量關係更為密切。儘管正如喬納之前所討論的，我們在人工智慧輔助內容等新格式方面取得了進展，但傳統格式仍然占我們發佈內容的絕大部分。因此，Comscore 報告的總體花費時間繼續受到競爭格局的影響。

In Q3, we reported time spent declined 19% year-over-year. This, along with the ongoing price pressure related to a tighter digital ad market, contributed to a 35% decline in advertising revenue.

我們報告第三季的使用時間年減了 19%。這一因素加上數位廣告市場收緊帶來的持續價格壓力，導致廣告收入下降了 35%。

Within the traditional sales verticals, revenues across CPG, entertainment, financial services, and tech, continued to see softness while retail revenues grew modestly during the quarter.

在傳統銷售垂直領域，快速消費品、娛樂、金融服務和科技領域的收入持續疲軟，而零售收入在本季小幅成長。

Content revenues declined 32% year-over-year, primarily driven by a decline in the number of branded content advertisers as increased competition for advertising dollars has contributed to lower demand for branded content.

內容收入較去年同期下降 32%，主要原因是廣告收入競爭加劇導致品牌內容需求下降，進而導致品牌內容廣告商數量下降。

And commerce revenues were relatively stable year-over-year, $0.5 million or about 3% lower when compared to the year ago quarter.

商業收入較去年同期相對穩定，與去年同期相比下降了 50 萬美元，約 3%。

From the time we start engaging with customers until the campaign is fully executed, it takes about six months. Recently, we have started to see some green shoots from our recent sales reorganization and portfolio-wide go-to-market strategy.

從我們開始與客戶接觸直到活動全面實施，大約需要六個月的時間。最近，我們開始看到近期銷售重組和全投資組合市場進入策略的一些復甦跡象。

Audience momentum around AI-powered content has started to open up new monetization opportunities with clients. For example, in Q3, Reno Tahoe Tourism selected BuzzFeed to develop a multi-faceted campaign that leverage the true power of BuzzFeed's scale, AI technology, and reach to inspire seasonal travel to the region.

圍繞人工智慧內容的受眾動能已經開始為客戶開闢新的獲利機會。例如，在第三季度，裡諾太浩旅遊局選擇 BuzzFeed 來開展一項多方面的活動，利用 BuzzFeed 的規模、人工智慧技術和影響力的真正力量來激發該地區的季節性旅遊。

Tasty has also made strides in introducing new content for its app-based audience, launching an in-app Meal Planner sponsored by Bush's Beans.

Tasty 也在為其應用程式用戶推出新內容方面取得了長足進步，推出了由 Bush's Beans 贊助的應用程式內膳食計劃器。

Client excitement around ComplexCon is also building. In September, Complex announced it would welcome returning title sponsors eBay, Espolòn Tequila, and Toyota back to ComplexCon 2023.

客戶對 ComplexCon 的興奮感也日益高漲。 9 月，Complex 宣布將歡迎冠名贊助商 eBay、Espolòn Tequila 和 Toyota 重返 ComplexCon 2023。

Although it is early, we are encouraged by these developments. But we have much more work to do in order to combat the monetization pressures we are facing in the current environment. With the changes we made earlier this year to realign the sales team, we are better positioned now to drive speed and efficiency and improve sales execution.

儘管還為時過早，但這些進展令我們感到鼓舞。但為了因應當前環境下面臨的貨幣化壓力，我們還有很多工作要做。透過今年稍早我們對銷售團隊的調整，我們現在可以更好地提高速度和效率並改善銷售執行。

And as we continue to ramp up these new products and initiatives with clients, we are committed to building a content creation model that makes our creative teams more efficient and sustainably expand our output without increasing fixed costs.

隨著我們繼續與客戶合作推出這些新產品和新計劃，我們致力於建立一個內容創作模式，使我們的創意團隊更加高效，並在不增加固定成本的情況下可持續地擴大我們的產出。

Before I wrap up, I want to briefly address our liquidity position. We ended the quarter with $42 million in cash and cash equivalents, $1 million higher quarter over quarter despite onetime restructuring payments made in the quarter.

在結束之前，我想先簡單談談我們的流動性狀況。本季結束時，我們的現金和現金等價物為 4,200 萬美元，儘管本季進行了一次性重組支付，但環比增長 100 萬美元。

Further, the fully executed restructuring actions have driven a significant reduction in our go-forward cash cost structure. And with the restructuring payments behind us and a line of sight to a seasonal lift in Q4 revenues relatively to Q3, we are continuing to protect our cash position.

此外，全面實施的重組措施已促使我們未來現金成本結構大幅下降。隨著重組付款的完成以及第四季度收入相對於第三季度的季節性增長，我們將繼續保護我們的現金狀況。

As always, we continue to explore additional opportunities to reduce cash-based expenses and improve our overall liquidity position. I also wanted to thank Felicia for the hard work and efforts during her tenure at BuzzFeed, and for creating succession with Matt Omer.

像往常一樣，我們將繼續探索更多機會來減少現金支出並改善我們的整體流動性狀況。我還要感謝費利西亞在 BuzzFeed 任職期間的辛勤工作和努力，以及與 Matt Omer 一起創造繼任。

Matt has been a key member of the finance team for years now, and I'm excited about working closely with him. You will hear more about Matt in upcoming earnings call.

多年來，馬特一直是財務團隊的關鍵成員，我很高興能與他密切合作。您將在即將召開的財報電話會議上聽到更多關於馬特的資訊。

Thank you, everyone. I will now hand the call to Felicia to discuss our financial results and outlook.

謝謝大家。現在我將把電話交給費莉西亞，討論我們的財務表現和前景。

Thank you, Marcela. Although we delivered third quarter results in line with our August outlook for both revenue and adjusted EBITDA, the significant year-over-year declines in revenue reflect the ongoing monetization and traffic challenges we are facing.

謝謝你，瑪塞拉。儘管我們第三季的業績與八月份的收入和調整後 EBITDA 預期一致，但收入同比大幅下降反映了我們面臨的持續貨幣化和流量挑戰。

Overall revenues for Q3 2023 declined 29% year over year to $73.3 million with performance by revenue line as follows. Advertising revenues declined 35% year over year to $32.6 million as ongoing competition for both ad dollars and audience time continued to pressure both advertiser demand and pricing.

2023 年第三季總營收年減 29% 至 7,330 萬美元，依營收線劃分的表現如下。由於廣告費用和觀眾時間的持續競爭持續給廣告商的需求和定價帶來壓力，廣告收入較去年同期下降 35% 至 3,260 萬美元。

Content revenues declined 32% year over year to $26.2 million, driven primarily by a decline in the number of branded content advertisers as well as the timing of feature film delivery and release relative to the year ago quarter. Q3 branded content net revenue retention was lower as compared to Q2. Commerce and other revenues of $14.5 million declined $0.5 million or 3% year over year.

內容收入較去年同期下降 32% 至 2,620 萬美元，主要原因是品牌內容廣告商數量下降，以及長片交付和發行時間與去年同期相比有所下降。第三季品牌內容淨收入保留率與第二季相比有所下降。商業及其他收入為 1,450 萬美元，較前一年減少 50 萬美元，即 3%。

In terms of adjusted EBITDA, we were able to mitigate all of the lower revenues year on year with successful execution against the cost actions we announced in April, delivering Q3 adjusted EBITDA profits of $3 million, a $5 million improvement versus the year ago period.

就調整後的 EBITDA 而言，我們透過成功執行 4 月宣布的成本控制措施，成功彌補了所有同比收入下降的影響，實現第三季調整後 EBITDA 利潤 300 萬美元，比去年同期增加了 500 萬美元。

We also incurred charges that did not impact adjusted EBITDA. A full reconciliation of our GAAP to non-GAAP measures can be found in today's press release available on our Investor Relations website.

我們也產生了一些不影響調整後 EBITDA 的費用。我們的 GAAP 與非 GAAP 指標的完整對帳表可在今天的新聞稿中找到，新聞稿可在我們投資者關係網站上找到。

We ended the quarter with cash and cash equivalents of approximately $42 million, $1 million higher quarter over quarter. Further, on a year-to-date basis, we used $2.4 million in operating cash inclusive of approximately $10 million in one-time restructuring payments.

本季結束時，我們的現金和現金等價物約為 4,200 萬美元，比上一季增加 100 萬美元。此外，年初至今，我們使用了 240 萬美元的營運現金，其中包括約 1,000 萬美元的一次性重組付款。

Turning to audience engagement and time spent. In terms of audience time spent, we continue to report US time spent across our owned and operated properties and third-party platforms according to Comscore. This metric is intended to be viewed in conjunction with our advertising revenue performance.

轉向觀眾參與度和花費的時間。在觀眾消費時間方面，我們繼續根據 Comscore 的調查結果，報告美國觀眾在我們自有和經營的平台以及第三方平台上的消費時間。此指標旨在與我們的廣告收入表現結合起來。

In Q3, US time spent as reported by Comscore remains relatively consistent with Q2 in terms of total hours but declined 19% year-over-year to 92 million hours as we continue to face increased competition for audience time. However, we once again outpaced pure digital media companies in our competitive set by a significant margin.

根據 Comscore 報告，第三季美國觀眾觀看電視的總時間與第二季基本一致，但由於觀眾時間競爭日益激烈，年減 19% 至 9,200 萬小時。然而，我們再次以大幅優勢超越了競爭對手中的純數位媒體公司。

In terms of Creator-Led Vertical Video ahead of scales monetization, we are continuing to gain audience momentum around newer platforms and formats, including YouTube Shorts, Instagram Reels, and TikTok.

在規模貨幣化的創作者主導垂直影片方面，我們將繼續在新平台和新格式上獲得觀眾青睞，包括 YouTube Shorts、Instagram Reels 和 TikTok。

In the third quarter, output reached a new quarterly high of more than 10,000 short-form videos and views of this content surpassed 1 billion on each of Instagram, TikTok, and YouTube. These trends together with the audience momentum that Jonah and Marcela discussed around our AI-powered formats, provide further validation that we are prioritizing the right initiatives for long-term growth and monetization.

第三季度，Instagram、TikTok 和 YouTube 上的短影片產量均超過 10,000 個，創下季度新高，觀看次數均超過 10 億。這些趨勢，加上 Jonah 和 Marcela 圍繞我們的人工智慧格式討論的觀眾發展勢頭，進一步證明我們正在優先考慮正確的舉措，以實現長期增長和貨幣化。

Before I share our financial outlook for the fourth quarter, let me first provide some context. Starting with revenues, last year, against the backdrop of macro-economic uncertainty, we saw a muted seasonal lift from Q3 to Q4 in terms of overall revenues. While we do not expect a full return to the historical trend, our fourth quarter outlook does anticipate a modest improvement in quarter over quarter revenue lift as compared to last year.

在分享我們第四季的財務展望之前，我首先要提供一些背景資訊。從收入開始，去年，在宏觀經濟不確定性的背景下，我們看到從第三季到第四季的整體收入出現了溫和的季節性成長。雖然我們並不預期會完全恢復歷史趨勢，但我們對第四季的展望確實預計，與去年相比，季度營收將略有提升。

From a year-over-year perspective, entering Q4, we continue to see softness in overall audience traffic and ongoing price compression. Additionally, we expect the ongoing uncertainty in the macro environment to put pressure on advertiser demand. As a result, we do expect year-on-year revenue trends similar to what we saw in Q3.

從同比角度來看，進入第四季度，我們繼續看到整體觀眾流量疲軟和價格持續壓縮。此外，我們預期宏觀環境的持續不確定性將對廣告商需求帶來壓力。因此，我們確實預期年收入趨勢與第三季類似。

As you heard earlier, we continue to be laser focused on driving direct audience traffic and improving sales execution as we work to combat the headwinds facing digital media companies in the current environment.

正如您之前所聽到的，我們將繼續專注於推動直接受眾流量和提高銷售執行率，並努力應對當前環境下數位媒體公司面臨的阻力。

In terms of adjusted EBITDA, we have included the full benefit of the restructuring actions in our cost of revenue and operating expense assumptions for Q4. Additionally, we consolidated our real estate footprint in Los Angeles which will contribute to lower quarter over quarter operating expenses in Q4 as compared to Q3. These actions, together with seasonally higher revenues, are expected to yield year-on-year improvement in Q4 adjusted EBITDA and adjusted EBITDA margin.

就調整後的 EBITDA 而言，我們已將重組行動的全部收益納入第四季度的收入成本和營運費用假設中。此外，我們整合了在洛杉磯的房地產足跡，這將導致第四季的環比營運費用低於第三季。這些措施加上季節性收入增加，預計將使第四季度調整後 EBITDA 和調整後 EBITDA 利潤率較去年同期有所改善。

With that, I will turn to our financial outlook.

接下來我將談談我們的財務前景。

For Q4 2023, we expect overall revenues in the range of $99 million to $110 million or 18% to 27% lower than the year ago quarter. We expect adjusted EBITDA in the range of $20 million to $30 million, approximately $8 million higher year on year at the midpoint.

對於 2023 年第四季度，我們預計總營收將在 9,900 萬美元至 1.1 億美元之間，或比去年同期下降 18% 至 27%。我們預計調整後的 EBITDA 在 2,000 萬美元至 3,000 萬美元之間，中間值較上年同期高出約 800 萬美元。

Before we move to Q&A, I want to reiterate Jonah and Marcela's remarks around liquidity. We have taken significant steps this year to reduce our go-forward cash cost structure, and we are focused on continuing to protect our cash position as we navigate the ongoing shifts in the digital media ecosystem.

在我們進入問答環節之前，我想重申喬納和馬塞拉關於流動性的評論。我們今年已採取重大措施降低未來現金成本結構，並致力於在應對數位媒體生態系統持續變化的過程中繼續保護我們的現金狀況。

Thank you. I'll now hand it over to the operator, so we can take your questions.

謝謝。我現在將其交給接線員，以便我們回答您的問題。

Certainly. I would now like to turn the call back to Amita to answer questions that have been submitted via the web.

當然。現在我想將電話轉回給 Amita，讓她回答透過網路提交的問題。

Great. Thank you. We have received several questions already which I've gathered here. So we'll go ahead and jump right in. Jonah, maybe starting with you.

偉大的。謝謝。我們已經收到了幾個問題，我把它們匯總在這裡。那我們就直接進入正題吧。

So from a -- just a short-form content perspective, can you help us frame the revenue opportunity or trajectory in terms of short-form content? We've seen platforms like YouTube and Meta make major strides in monetizing this content, but how does that trickle down to BuzzFeed?

那麼從短內容的角度來看，您能幫助我們建立短內容的收入機會或軌跡嗎？我們已經看到 YouTube 和 Meta 等平台在內容貨幣化方面取得了重大進展，但這對 BuzzFeed 有何影響？

Yeah. Thank you. So the major tech platforms are in competition with one another to secure audience share around these newer vertical video formats. TikTok really set off that competitive environment where everyone was working to match them both in terms of short-form content and AI ability.

是的。謝謝。因此，各大科技平台都在相互競爭，以確保這些較新的垂直視訊格式的受眾份額。 TikTok 確實引發了這樣一種競爭環境，每個人都在努力在短內容和人工智慧能力方面與它們匹敵。

And the results of this competitive dynamic has been that they've been slow to monetize and less willing to share monetization with publishers, in part because it's hit their own monetization, and shorter videos are harder to monetize than the longer form content that was traditionally more popular on YouTube and -- especially YouTube, but also Facebook.

這種競爭態勢導致他們盈利速度緩慢，也不太願意與出版商分享盈利，部分原因是這影響了他們自己的盈利，而且與傳統上在 YouTube 和 Facebook 上更受歡迎的長篇內容相比，短視頻更難盈利。

We have great relationships with the platforms, and we're encouraged by platforms like YouTube and TikTok which has the Shorts program and Pulse Premier. And we're beginning to share in the monetization of short-form.

我們與這些平台保持著良好的關係，YouTube 和 TikTok 等擁有 Shorts 計畫和 Pulse Premier 的平台也鼓舞了我們。我們開始參與短影片的貨幣化。

We've also taken steps to adapt to this major shift in the marketplace, specifically, we've realigned resources to focus on the fastest-growing platforms and formats so we can participate in the growth of vertical video with advertisers directly. And that's one -- having advertiser relationships is one of the areas of strength that we have for monetizing this kind of video.

我們也採取了措施來適應市場的這一重大轉變，具體來說，我們重新調整資源，專注於成長最快的平台和格式，以便我們可以直接與廣告商一起參與垂直影片的成長。這就是其中之一——擁有廣告商關係是我們透過此類影片賺錢的優勢之一。

And so as we continue to introduce and scale our AI and creator products with audiences, we're also packaging these products up for direct selling to marketers. As we discussed, we're also working to drive traffic directly to our owned and operated websites and apps to combat the monetization pressures we are experiencing across the third-party platforms.

因此，隨著我們繼續向觀眾推出和擴展我們的人工智慧和創作者產品，我們也將這些產品打包直接銷售給行銷人員。正如我們所討論的，我們還致力於將流量直接引導至我們擁有和經營的網站和應用程序，以應對我們在第三方平台上遇到的貨幣化壓力。

And we are seeing interest from consumers to get out of the endless scrolling of short-form, algorithmically promoted vertical video that they see on the platforms to content where they can spend more time like on the BuzzFeed site and apps, whether it's AI content like the chatbot games or other kinds of content where you're spending much more time with each piece of content and kind of getting out of that the ADHD scrolling behavior that sometimes can be a bit much for consumers.

我們看到消費者對擺脫在平台上無休止滾動的短視頻、演算法推廣的垂直視頻的興趣，轉向可以在 BuzzFeed 網站和應用上花更多時間的內容，無論是聊天機器人遊戲等人工智能內容，還是其他類型的內容，你都可以在每篇內容上花費更多時間，並擺脫有時讓消費者難以忍受的 ADHD 滾動行為。

And so we're seeing validation of our strategy. And in terms of deeper engagement with BuzzFeed's AI-powered content, strong viewership growth around our short-form content and then traction with clients in new product offerings like AI and creator growth in the front page of HuffPost, where we see a lot of strength.

因此我們看到我們的戰略得到了驗證。在與 BuzzFeed 的 AI 內容進行更深入的互動方面，我們的短篇內容的觀眾人數強勁增長，並透過 AI 等新產品吸引客戶，以及 HuffPost 首頁的創作者成長，我們看到了巨大的優勢。

But we still have more work to scale those initiatives, and these marketplace shifts are having an unprecedented impact on digital media companies. And it will take time for these new initiatives to ramp up and scale and offset some of the traffic and monetization challenges reflected in our financial performance.

但我們仍需要做更多工作來擴大這些舉措，而這些市場變化正在對數位媒體公司產生前所未有的影響。這些新措施需要時間來推進和擴大規模，並抵消我們財務表現所反映的一些流量和貨幣化挑戰。

Great. Thank you for that. And just maybe one more specifically on third-party monetization. A couple of months ago, Amazon announced BuzzFeed as one of its partners in terms of its sponsored products advertising. And I'm just curious, from your perspective, why did Amazon choose BuzzFeed? How is that partnership progressing? And can you speak to materiality or potential for this ads monetization.

偉大的。謝謝你。也許還有一個關於第三方貨幣化的具體問題。幾個月前，亞馬遜宣布 BuzzFeed 成為其贊助產品廣告合作夥伴之一。我很好奇，從您的角度來看，為什麼亞馬遜選擇 BuzzFeed？雙方合作關係進展如何？您能談談該廣告貨幣化的實質或潛力嗎？

Sure. So first off, we're thrilled to be selected as a trusted partner for Amazon's sponsored product advertising initiative. Just announced in August, it's still early to fully reap the benefits for both parties. They selected us for our scale and our audience reach, and we have a long-standing relationship with Amazon as it relates to affiliate, our commerce business, and a track record for driving meaningful GMV for them through our editorial shopping content.

當然。首先，我們很高興被選為亞馬遜贊助產品廣告計劃的值得信賴的合作夥伴。該協議在 8 月剛宣布，現在要充分享受雙方的利益還為時過早。他們選擇我們是因為我們的規模和受眾範圍，我們與亞馬遜有著長期的合作關係，包括聯盟行銷、商業業務，以及透過我們的編輯購物內容為他們帶來有意義的商品交易總額 (GMV) 的記錄。

And so, this is why many of the largest retailers from Walmart to Target to Wayfair choose to partner with us to tap into this highly engaged, motivated consumer audience, and drive real world transactions. And it really speaks to the strength of our affiliate model and driving conversion, and also just that those audiences that are on our shopping content have a lot of a very high engagement and a willingness to discover new things and transact. And so that I think plays really well when it comes not just to commerce, but also to new advertising and advertising partnerships.

因此，這就是為什麼從沃爾瑪到塔吉特到 Wayfair 的許多大型零售商選擇與我們合作，以吸引這些高度參與、積極性的消費者受眾，並推動現實世界的交易。這確實說明了我們的聯盟模式和推動轉換的優勢，也說明了我們的購物內容的受眾參與度很高，並且願意發現新事物並進行交易。因此我認為這不僅在商業方面發揮了很好的作用，而且在新的廣告和廣告合作方面也發揮了很好的作用。

Thank you. Marcela, maybe moving on to you in terms of the relationship between revenue growth and cost growth, just sort of looking into next year into 2024, how should we think about the relationship between revenue growth and cost growth?

謝謝。馬塞拉，也許您可以談談收入成長和成本成長之間的關係，展望明年到 2024 年，我們應該如何看待收入成長和成本成長之間的關係？

Thank you, Amita, for the question. So, in terms of revenue, I want to repeat the fact that we are operating in an unprecedented environment for digital media with ongoing challenges, as Jonah has explained as well. And it's really hard to predict how the macro dynamics are going to unfold in 2024. And so, we are very focused on what we can control, that it is driving audience traffic directly to our owned and operated websites and apps, scaling our AI products and formats, and improving execution on on-site.

謝謝阿米塔提出的問題。因此，就收入而言，我想重申一個事實，即我們正處於一個前所未有的數位媒體環境中，面臨著持續的挑戰，正如喬納所解釋的那樣。而且很難預測 2024 年的宏觀動態將如何展開。

So in doing so, we are working to stem the declines in traffic and monetization and open up new sources of monetization with marketers. And from a cost perspective, as we have talked in previous earnings calls, we have taken several steps in 2022 and 2023 to significantly reduce our operating expense and cash cost structure.

因此，我們正在努力遏制流量和貨幣化的下滑，並與行銷人員一起開闢新的貨幣化來源。從成本角度來看，正如我們在先前的財報電話會議上所談到的，我們在 2022 年和 2023 年採取了多項措施，大幅降低我們的營運費用和現金成本結構。

And our Q4 guidance reflects the full benefits of these actions. And those initiatives that we took in previous in previous years and this year are positioning us to enter 2024 with a much leaner cost structure year over year that reflects a weaker demand environment and meet the challenges that we and many of our digital peers are facing these days.

我們的第四季指引充分體現了這些行動所帶來的好處。我們在前幾年和今年採取的舉措將使我們在進入 2024 年時擁有比去年更加精簡的成本結構，這反映了較弱的需求環境，並能應對我們和我們的許多數位同行目前面臨的挑戰。

Thank you, Marcela. So just to take a step back, Jonah, or maybe back to you, in terms of some of the revenue dynamics that Marcela just discussed as well as the platform landscape that you discussed on the call earlier, in your view, is the business still positioned to capture revenue synergies from the combined brand portfolio? Or can you share your latest thoughts on that?

謝謝你，瑪塞拉。那麼喬納，讓我們回顧一下，或者回到你這個問題上，就馬塞拉剛才討論的一些收入動態以及你在之前的電話會議上討論的平台格局而言，你認為業務是否仍然可以從合併後的品牌組合中獲得收入協同效應？或者您能分享一下您對此的最新想法嗎？

Yeah. I think there's certainly a lot of changes and challenges in the digital media ecosystem right now that are being felt by companies across our industry. And I think the thing that really separates us is that we have strong differentiated IP. Each brand has a really distinct voice that resonates in the marketplace with both audiences and advertisers.

是的。我認為目前數位媒體生態系統中確實存在著許多變化和挑戰，整個產業的公司都感受到了這些變化和挑戰。我認為我們真正的不同之處在於我們擁有強大的差異化智慧財產權。每個品牌都有真正獨特的聲音，在市場上與觀眾和廣告商產生共鳴。

And we've built a platform that allows us to plug assets and like HuffPost that make them profitable and grow traffic. And we're always open to opportunities, to the range of options depending on what makes the most sense for the business and overall. I mean, I would say that in a market like this, it's very challenging to build new brands and to scale and build a brand that people will know and love widely, that consumers will resonate with, and say, hey, I've heard of that brand. I know that brand. I love that brand. I know what I get from that brand.

我們已經建立了一個平台，可以讓我們插入資產並讓《赫芬頓郵報》等獲得盈利並增加流量。我們始終對機會和各種選擇持開放態度，這取決於對業務和整體而言什麼是最有意義的。我的意思是，我想說在這樣的市場中，打造新品牌、擴大規模並打造一個人們廣泛了解和喜愛的品牌、讓消費者產生共鳴並說「嘿，我聽說過這個品牌」是非常具有挑戰性的。我知道那個品牌。我喜歡那個品牌。我知道我從該品牌得到了什麼。

And we have many brands that already have broad awareness and love from a wide range of different types of consumers and demographics and building that is really hard to do right now. And so, we feel very fortunate that we have these brands as part of our company and that there's a lot of strategic value as well as opportunity to drive revenue from those brands even in tough markets.

我們有許多品牌已經獲得了廣泛認知和喜愛，受到不同類型的消費者和人群的喜愛，而建立這樣的品牌現在真的很難。因此，我們很幸運能擁有這些品牌，即使在艱難的市場環境下，這些品牌也具有很大的策略價值和創造收入的機會。

So to pivot to liquidity, each of the three of you discussed on the call, and maybe Marcela, you can sort of elaborate on this, but just given the revenue trends and the current sort of cash position of the company, is it fair to say that the company is considering asset sales or other options to access additional liquidity? Or how would you -- is there anything more that you can share there?

因此，談到流動性，你們三個人在電話會議上都討論過，也許馬塞拉，你可以詳細說明這一點，但考慮到公司的收入趨勢和當前的現金狀況，是否可以說公司正在考慮出售資產或其他選擇來獲取額外的流動性？或者您會如何—還有什麼可以分享的嗎？

Yes, sure, thank you for the question again. So let me first address liquidity. So at the end of the quarter, we ended with cash and cash equivalents of approximately $42 million, which is $1 million higher quarter over quarter despite onetime restructuring payments of approximately $2 million.

是的，當然，再次感謝您的提問。因此，我先來談談流動性。因此，在本季末，我們的現金和現金等價物約為 4,200 萬美元，儘管一次性重組支付約 200 萬美元，但仍比上一季增加了 100 萬美元。

And further on a year-to-date basis, we used $2.4 million in operating cash, inclusive of approximately $10 million in a onetime restructuring payment. And with the restructuring payments now behind us as we exit Q3, we expect to realize the full cash benefit of our restructuring program in Q4 on an ongoing basis.

此外，年初至今，我們使用了 240 萬美元的營運現金，其中包括約 1,000 萬美元的一次性重組付款。隨著我們第三季的結束，重組付款已經完成，我們預計將在第四季度持續實現重組計劃的全部現金收益。

And additionally, I think that we talked a little bit about this earlier as well that we have completed a consolidation of our real estate footprint in Los Angeles that will help us to drive further reduction in quarter-over-quarter operating expenses. And we are always looking and trying to continue to look for ways to reduce our cash cost structure and further optimize our liquidity -- overall liquidity position.

此外，我想我們之前也談過這一點，我們已經完成了在洛杉磯的房地產業務的整合，這將有助於我們進一步降低季度環比營運費用。我們一直在尋找並嘗試繼續尋找降低現金成本結構和進一步優化流動性（整體流動性狀況）的方法。

And in terms of revenues, last quarter and actually in this quarter as well, we discussed that the sales cycle is about six months, so it's pretty long, but we have already started to see some green shoots from the changes that we have enacted in the last restructuring of the sales organization with regards to the realignment and the go-to-market strategy. And our AI and creator products are attracting interest and ad dollars from clients, as Jonah mentioned earlier, and we continue to be laser-focused on improving direct traffic and combating the monetization challenges that we are facing these days.

就收入而言，上個季度以及實際上本季度，我們討論過銷售週期約為六個月，因此相當長，但我們已經開始看到上次銷售組織重組中實施的變化帶來的一些復甦跡象，包括重新調整和市場進入戰略。正如喬納之前提到的，我們的人工智慧和創作者產品正在吸引客戶的興趣和廣告費用，我們將繼續專注於提高直接流量並應對目前面臨的貨幣化挑戰。

All right. I think we have time for one last question. Felicia, maybe to touch on the guidance, based on your Q4 adjusted EBITDA guide, it looks like you're now expecting full year profits slightly below the guidance you've had shared back in May. What has changed since Investor Day with respect to bottom line expectations?

好的。我想我們還有時間回答最後一個問題。費莉西亞，也許可以談談指導意見，根據你第四季度調整後的 EBITDA 指導意見，看起來你現在預計全年利潤略低於你在 5 月份分享的指導意見。自投資者日以來，底線預期發生了哪些變化？

So as Jonah discussed, the audience traffic referrals from the major platforms have declined further as they continue to prioritize their own formats amid all of the intense competition for audience share. And this has had a direct impact on our ability to monetize content across our portfolio of brands.

正如喬納所討論的，在激烈的觀眾份額競爭中，主要平台繼續優先考慮自己的形式，因此來自主要平台的觀眾流量推薦進一步下降。這直接影響了我們將品牌組合內容貨幣化的能力。

Additionally, as we've moved through the year, we've continued to face macro headwinds across advertising market, vertical video, audience consumption as well as integration efforts. And as a result, although we had initially seemed to return to more normalized seasonality in the back half. These trends have impacted our back half despite the easing comps.

此外，隨著時間的推移，我們繼續面臨廣告市場、垂直影片、受眾消費以及整合工作等方面的宏觀阻力。因此，儘管我們最初似乎在下半年恢復了更正常化的季節性。儘管同比增速有所放緩，但這些趨勢仍然對我們下半年產生了影響。

However, despite this pressure on top line revenues, we were able to deliver improvements to the bottom line in Q3 versus Q2 and versus the year ago quarter. And entering Q4, our guidance assumes the full operating expense benefit of the cost actions we did announce earlier this year. So we do expect to deliver Q4 and full year adjusted EBITDA above the year-ago levels.

然而，儘管營業收入面臨壓力，與第二季和去年同期相比，我們第三季的獲利仍然有所改善。進入第四季度，我們的指導假設我們今年稍早宣布的成本行動將帶來全部營運費用效益。因此，我們確實預計第四季度和全年調整後的 EBITDA 將高於去年同期的水平。

Thank you.

謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。