Cineverse Corp (CNVS) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to Cineverse's second quarter fiscal 2024 financial results conference call. My name is Tia, and I will be your moderator for today. (Operator Instructions) Please note that this call is being recorded.

大家好，歡迎參加 Cineverse 2024 財年第二季財務業績電話會議。我叫蒂亞，我將擔任今天的主持人。 （操作員說明）請注意，此通話正在錄音。

I would now like to turn the call over to your host, Gary Loffredo, Chief Legal Officer, Secretary and Senior Adviser for Cineverse. Please proceed.

現在我想將電話轉給主持人加里·洛弗雷多 (Gary Loffredo)，他是 Cineverse 的首席法務官、秘書兼高級顧問。請繼續。

Good afternoon, everyone. Thank you for joining us for the Cineverse fiscal 2024 second quarter financial results conference call. Press release announcing Cineverse's results for the fiscal second quarter ended September 30, 2023 is available at the Investors section of the company's website at www.cineverse.com. A replay of this broadcast will also be made available at Cineverse's website after the conclusion of this call.

大家下午好。感謝您參加我們的 Cineverse 2024 財年第二季財務業績電話會議。宣布 Cineverse 截至 2023 年 9 月 30 日的第二財季業績的新聞稿可在該公司網站 www.cineverse.com 的投資者部分獲取。本次電話會議結束後，Cineverse 網站也將提供該廣播的重播。

Before we begin, I would like to point out that certain statements made on today's call contain forward-looking statements. These statements are based on management's current expectations and are subject to risks, uncertainties and assumptions company's periodic reports that are filed with the SEC describe potential risks and uncertainties that can cause the company's business and financial results to differ materially from these forward-looking statements.

在我們開始之前，我想指出今天電話會議中所做的某些陳述包含前瞻性陳述。這些陳述是基於管理層當前的預期，並受到風險、不確定性和假設的影響。公司向SEC 提交的定期報告描述了可能導致公司業務和財務業績與這些前瞻性陳述存在重大差異的潛在風險和不確定性。

All the information discussed this call is as of today, November 14, 2023, and Cineverse does not assume any obligation to obtain or update any of these forward-looking statements except as required by law.

本次電話會議討論的所有資訊均截至今天（2023 年 11 月 14 日），除法律要求外，Cineverse 不承擔獲取或更新任何這些前瞻性聲明的義務。

In addition, certain financial information presented in this call represent non-GAAP financial measures, and we encourage you to read our disclosures and reconciliation tables to applicable GAAP measures in our earnings releases carefully as you consider these metrics.

此外，本次電話會議中提供的某些財務資訊代表非 GAAP 財務指標，我們鼓勵您在考慮這些指標時仔細閱讀我們的收益發布中適用的 GAAP 指標的揭露和調整表。

I'm Gary Loffredo, our Chief Legal Officer, Secretary and Senior Adviser at Cineverse. With me today are Chris McGurk, Chairman and CEO; Erica Opeka, President and Chief Strategy Officer, Erick Opeka, President and Chief Strategy Officer; Tony Huidor, Chief Operating Officer and Chief Technology Officer; Mark Lindsey, Chief Financial Officer; and Yolanda Macias, Chief Content Officer, all of whom will be available for questions following the prepared remarks.

我是 Gary Loffredo，Cineverse 的首席法務官、秘書兼高級顧問。今天與我在一起的有董事長兼執行長 Chris McGurk； Erica Opeka，總裁兼首席策略長 Erick Opeka，總裁兼首席策略長； Tony Huidor，營運長兼技術長；林賽 (Mark Lindsey)，財務長；首席內容官約蘭達·馬西亞斯 (Yolanda Macias)，在準備好的演講後，他們都將接受提問。

On today's call, Chris will discuss our second quarter fiscal 2024 highlights latest operational developments, outlook and long term growth strategy. Mark will follow with a review of our results, and Erica will provide some detail on our business results and operating initiatives before opening the floor for questions.

在今天的電話會議上，克里斯將討論我們 2024 財年第二季的重點、最新營運發展、前景和長期成長策略。馬克將隨後對我們的業績進行審查，埃里卡將在開始提問之前提供有關我們業務業績和營運計劃的一些詳細資訊。

I will now turn the call over to Chris McGurk to begin.

現在我將把電話轉給克里斯麥格克開始。

Thank you, Gary, and hello, everyone. Thank you for joining us today. We made great strides this quarter toward achieving our previously stated goal of dramatically reducing costs, improving margins and driving towards sustaining profitability.

謝謝你，加里，大家好。感謝您今天加入我們。本季度，我們在實現先前提出的大幅降低成本、提高利潤率和維持獲利能力的目標方面取得了巨大進步。

We did this by further optimizing our more than two dozen streaming channel portfolio, culling lower margin channels while focusing resources on higher margin, higher return performance. And then by cutting costs as we finalized the consolidation of the eight key content and streaming acquisitions we made over the past three years.

為此，我們進一步優化了二十多個串流媒體管道組合，剔除利潤率較低的管道，同時將資源集中在利潤率更高、回報更高的績效上。然後，透過削減成本，我們最終完成了過去三年來進行的八項關鍵內容和串流媒體收購的整合。

At the same time, we are also transferring a significant number of domestic employment positions to our Cineverse Services India operation. A unique competitive cost and work efficiency advantage that Cineverse enjoys versus everyone else in our space.

同時，我們也將大量國內就業機會轉移到我們的 Cineverse Services 印度業務。與我們領域的其他公司相比，Cineverse 享有獨特的成本和工作效率競爭優勢。

I believe the results this quarter show significant progress towards our goal of long-term sustained profitability and also demonstrate our willingness to trade off lower margin revenue streams for higher margins and profits in pursuit of that goal.

我相信本季度的業績表明我們在實現長期持續盈利的目標方面取得了重大進展，也表明我們願意為了實現這一目標而犧牲較低利潤的收入流來換取更高的利潤和利潤。

In the quarter, we increased our total operating margin to 64% from 42%. We increased our recurring operating margin to 56% from 30% when excluding our legacy Digital Cinema Equipment business. We decreased our operating expenses by $6.3 million or 34%. We decreased our SG&A costs by $2.8 million or 29% via a reduction of 30 employment positions and tight cost controls.

本季度，我們的總營業利潤率從 42% 提高到 64%。不包括我們傳統的數位影院設備業務時，我們將經常性營業利潤率從 30% 提高到 56%。我們的營運費用減少了 630 萬美元，即 34%。透過減少 30 個職位和嚴格的成本控制，我們將 SG&A 成本降低了 280 萬美元，即 29%。

We have also put any management variable bonus compensation on hold until we achieve sustainable profitability. And we have significant additional positions that we plan to offshore to Cineverse Services India over the next few months. Beyond the 29-plus positions that we have already moved there are identified to offshore. All of that will enable us to hit our goal of $8 million in annual SG&A cuts.

我們也暫停了任何管理可變獎金薪酬，直到我們實現永續獲利。我們還有大量額外職位，計劃在未來幾個月內轉移到 Cineverse Services India。除了我們已經轉移的 29 多個職位外，我們還確定將其轉移到海外。所有這些將使我們能夠實現年度 SG&A 削減 800 萬美元的目標。

Cineverse Services India is a very significant advantage for us, providing a huge cost savings and work efficiency upside that we own versus our competitors. And we intend to leverage that to the fullest extent possible.

Cineverse Services India 對我們來說是一個非常重要的優勢，與競爭對手相比，我們可以節省大量成本並提高工作效率。我們打算盡可能充分地利用這一點。

As a result of all these optimization and cost savings initiatives, which significantly exceeded the revenue impact of calling lower margin channels. We improved our operating profit by $5.3 million to $600,000 this quarter, and we increased our adjusted EBITDA by $3.7 million or 283% to $2.4 million.

由於所有這些優化和成本節約舉措，這大大超過了調用較低利潤管道的收入影響。本季我們的營業利潤增加了 530 萬美元，達到 60 萬美元，調整後的 EBITDA 增加了 370 萬美元，即 283%，達到 240 萬美元。

And we also narrowed our net loss to $400,000, that's net loss attributable to common shareholders. That's an improvement of $5.4 million. Clearly, we are on the right track towards sustained profitability, and that remains our overriding focus.

我們也將淨虧損縮小至 40 萬美元，即歸屬於普通股股東的淨虧損。增加了 540 萬美元。顯然，我們正走在實現持續獲利的正確軌道上，這仍然是我們的首要關注點。

Mark Lindsey will next add some color to these results, speak to our cash management activities and plan. Eric Opeka will then review all of the initiatives we have in place to drive high margin incremental revenue, including our recently announced deal with technology unicorn, Amagi and our outcome upcoming announcements regarding AI partnerships for streaming search and discovery. Mark.

接下來，馬克林賽 (Mark Lindsey) 將為這些結果添加一些色彩，談論我們的現金管理活動和計劃。隨後，Eric Opeka 將回顧我們為推動高利潤增量收入所採取的所有舉措，包括我們最近宣布的與科技獨角獸Amagi 的交易，以及我們即將發布的有關流式搜尋和發現的人工智慧合作夥伴關係的成果。標記。

Thank you, Chris. For the fiscal second quarter ended September 30, 2023, Cineverse reported total revenues of $13.0 million, which compares to $14.0 million in the prior year quarter. As Chris noted, the decrease was primarily due to the impact on our advertising revenue from the intentional elimination of certain lower-margin channels via portfolio optimization and reallocating those resources to higher performing and higher margin streaming properties. Which is important to our goal of achieving sustainable profitability in the near term.

謝謝你，克里斯。截至 2023 年 9 月 30 日的第二財季，Cineverse 報告總收入為 1,300 萬美元，而去年同期為 1,400 萬美元。正如克里斯指出的那樣，下降的主要原因是透過投資組合優化有意消除某些利潤率較低的管道，並將這些資源重新分配到表現更高、利潤率更高的串流資產，從而對我們的廣告收入產生了影響。這對於我們在短期內實現可持續獲利的目標非常重要。

Subscription based revenues increased 52% to $3.5 million, driven by the continued success of our enthusiast streaming services. For example, our Screambox channel revenues increased over 350% compared to the prior year quarter.

在我們的發燒友串流服務持續成功的推動下，基於訂閱的收入成長了 52%，達到 350 萬美元。例如，我們的 Screambox 頻道營收與去年同期相比成長了 350% 以上。

Advertising-based revenues declined 28% to $4.1 million, primarily due to our channel optimization efforts and the continued impact of the current economic environment on advertising expense. Non-recurring revenues related to our legacy Digital Cinema business were $2.4 million, a decline of 7% from prior year quarter. We don't expect any additional future revenues associated with this business other than nominal equipment sales. Direct operating margin for the period was 64%, an increase from 42% in the prior year quarter.

廣告收入下降 28% 至 410 萬美元，主要是由於我們的管道優化工作以及當前經濟環境對廣告費用的持續影響。與我們傳統數位影院業務相關的非經常性收入為 240 萬美元，比去年同期下降 7%。除了名義設備銷售之外，我們預計未來不會有任何與該業務相關的額外收入。該期間的直接營業利潤率為 64%，高於去年同期的 42%。

When excluding the impact of our legacy digital cinema business, our recurring direct operating margin improved to 56%, compared to 30% in the prior year quarter, which is in excess of our previously provided guidance of 45% to 50% for fiscal year 2024. Our improved direct operating margin is a direct result of our cost optimization initiatives that Chris referred to earlier.

當排除我們傳統數位影院業務的影響時，我們的經常性直接營業利潤率提高至 56%，而去年同期為 30%，超過了我們之前提供的 2024 財年 45% 至 50% 的指導我們提高的直接營業利潤是克里斯之前提到的成本優化舉措的直接結果。

Selling, general and administrative expenses decreased $2.8 million or 29% from the prior year quarter. Again, this improvement is a direct result of the cost optimization initiatives discussed previously, we expect to gain even greater efficiencies as our offshoring efforts for Cineverse Services India gain momentum over the remainder of the fiscal year.

銷售、一般和管理費用比去年同期減少 280 萬美元，即 29%。同樣，這種改進是先前討論的成本優化措施的直接結果，隨著我們在本財年剩餘時間內為 Cineverse Services India 的離岸外包工作取得動力，我們預計將獲得更高的效率。

Overall, total operating expenses decreased $6.3 million. And as a result, our net loss attributable to common stockholders narrowed to a negative $0.4 million or negative $0.04 per diluted share, a $5.3 million or $0.61 per share improvement from the prior year quarter. Adjusted EBITDA improved $3.7 million from a negative $1.3 million in the prior year quarter to a positive $2.4 million in the current quarter.

總體而言，總營運費用減少了 630 萬美元。結果，我們歸屬於普通股股東的淨虧損收窄至負 40 萬美元或稀釋後每股負 0.04 美元，比去年同期減少了 530 萬美元或每股 0.61 美元。調整後 EBITDA 增加了 370 萬美元，從去年同期的負 130 萬美元增至本季的正 240 萬美元。

We had $8.6 million in cash and cash equivalents on our balance sheet as of September 30, 2023, and we have $5 million outstanding on our working capital facility during the quarter. Our cash flow used from operations improved by $2.2 million from a negative $5.1 million in the prior year quarter to a negative $2.9 million this quarter and the cash usage of $2.9 million this quarter, $4 million related to investments in our content portfolio, via advance and or minimum guaranteed payments the largest being for terrifier three.

截至 2023 年 9 月 30 日，我們的資產負債表上有 860 萬美元的現金和現金等價物，本季我們的營運資本貸款中有 500 萬美元的未償餘額。我們的營運現金流量增加了220 萬美元，從去年同期的負510 萬美元增至本季的負290 萬美元，本季的現金使用量為290 萬美元，其中400 萬美元與我們的內容組合投資相關，透過預付款和或最低保證付款最大的是恐怖分子三。

Year-to-date, our content portfolio spend was $5.3 million. The important point here about cash is that when excluding our content portfolio spend cash flow from operations was a positive $1.1 million this quarter. We are excited to see the impact that our cost optimization strategies had this quarter and are optimistic about their impacts with the remainder of the fiscal year.

今年迄今為止，我們的內容組合支出為 530 萬美元。關於現金的重要一點是，如果不包括我們的內容組合支出，本季營運現金流為 110 萬美元。我們很高興看到我們的成本優化策略在本季產生的影響，並對它們對本財年剩餘時間的影響持樂觀態度。

In addition, we're working closely with our bank to increase the size and duration of our working capital facility, and we feel well positioned to be able to execute on our goal of achieving sustainable profitability by the end of the fiscal year.

此外，我們正在與銀行密切合作，以增加營運資金貸款的規模和期限，我們感覺自己有能力實現在本財年末實現可持續盈利的目標。

In terms of guidance, we are currently reviewing our previously issued guidance in connection with finalizing our long-range forecast that takes into account the results of our channel optimization efforts, our cost reduction initiatives and the new revenue initiatives we are launching such as our SaaS and managed services technology business. We will report any changes in guidance if warranted once we have completed this process.

在指導方面，我們目前正在審查先前發布的與最終確定長期預測相關的指導，其中考慮了我們的通路優化工作的結果、我們的成本削減計劃以及我們正在推出的新收入計劃（例如我們的 SaaS）和管理服務技術業務。完成此流程後，如果有必要，我們將報告指南的任何變更。

I also want to point out that we have a 500,000 share stock repurchase program available through March 2024. We believe that we are significantly undervalued with a stock price that is trading substantially below our current book value, and we will assess the need to utilize the stock repurchase program once our trading window opens up.

我還想指出，我們有一個截至 2024 年 3 月的 500,000 股股票回購計劃。我們認為，我們的股價被嚴重低估，股價遠低於我們當前的賬面價值，我們將評估是否需要利用該計劃一旦我們的交易窗口打開，股票回購計畫。

With that, I'll turn the floor over to Eric to discuss the market environment and our growth initiatives. Thank you.

接下來，我將請艾瑞克（Eric）討論市場環境和我們的成長計畫。謝謝。

Good afternoon, everyone, and thank you for joining us today. I'd like to start off by sharing our financial progress, particularly in the streaming sector. Our digital and streaming revenue declined by 7% to $10.6 million. This stems from our strategic digital licensing and expansion of our subscription base, which was offset by a decline in ad revenues and as previously noted, the calling of multiple lower margin streaming channel.

大家下午好，感謝您今天加入我們。我想先分享我們的財務進展，特別是在串流媒體領域。我們的數位和串流媒體收入下降了 7%，至 1060 萬美元。這源於我們的策略性數位授權和訂閱基礎的擴大，但廣告收入的下降以及如前所述的多個利潤率較低的串流媒體頻道的需求抵消了這一影響。

Subscription revenues have seen a considerable increase of $3.5 million up 52% over the prior year. We reached $1.24 million subscribers, thanks to our target acquisitions for Screambox horror for our channel and the Dove Channel's expansion.

訂閱收入比上年大幅成長 350 萬美元，成長 52%。由於我們的頻道目標是收購 Screambox 恐怖片以及 Dove 頻道的擴張，我們的訂戶數量達到了 124 萬美元。

This progress underscores the strength and appeal of our enthusiast streaming services. And we're going to continue to focus on smart growth by optimizing retail pricing for our services, expanding distribution and pursuing bundling partnerships. Beyond that, we continue to rationalize content spending. You've seen the major streamers, reduce content spend across the Board, and we're no exception.\

這項進展凸顯了我們愛好者串流服務的實力和吸引力。我們將繼續透過優化服務零售定價、擴大分銷和尋求捆綁合作夥伴關係來專注於智慧成長。除此之外，我們繼續合理化內容支出。您已經看到主要串流媒體全面減少內容支出，我們也不例外。\

Going forward, we have shifted away from capital intensive, all rights, acquisitions and productions to lower costs acquisitions and minimum guarantee and revenue sharing deals. This approach will greatly reduce our need for content investment spend and given our other efforts noted, we'll see minimal impact to top-line revenue while boosting profitability.

展望未來，我們已從資本密集、所有權利、收購和製作轉向低成本收購、最低擔保和收入共享交易。這種方法將大大減少我們對內容投資支出的需求，並考慮到我們注意到的其他努力，我們將看到對頂線收入的影響最小，同時提高獲利能力。

Ad-based revenues experienced a $4.1 million, a decrease of 28% in the quarter year-over-year. This decline aligns with the insights Chris and Mark shared earlier. We streamlined our channel portfolio, prioritize higher-margin channels and concluded the wind down of several underperforming ones.

本季基於廣告的營收為 410 萬美元，年減 28%。這種下降與克里斯和馬克之前分享的見解一致。我們精簡了通路組合，優先考慮利潤率較高的管道，並結束了幾個表現不佳的管道。

Despite the challenges in the ad market, including a prolonged tech migration with a major fast partner. We've navigated these waters with strategic finesse. Our partners marketing make goods and help us bounce back with that partner, reaching pre transition revenue levels on that platform by quarter end.

儘管廣告市場面臨挑戰，包括與主要快速合作夥伴的長期技術遷移。我們以戰略技巧在這些水域中航行。我們的合作夥伴行銷創造了商品，並幫助我們與該合作夥伴一起反彈，到季度末在該平台上達到轉型前的收入水平。

As we consider some of these factors, our year-over-year impact as it relates to market softness was in our estimation between 10% to 12% year-to-date. What we're seeing in the market is the shift from an open marketplace, pure programmatic buying from agencies and brands and this has been due to efforts on supply path optimization to buy directly from content publishers like Cineverse.

當我們考慮其中一些因素時，我們估計今年迄今與市場疲軟相關的年比影響在 10% 至 12% 之間。我們在市場上看到的是從開放市場到代理商和品牌的純粹程序化購買的轉變，這要歸功於供應路徑優化的努力，直接從 Cineverse 等內容出版商那裡購買。

We think this is great for us in the short term will eliminate many middlemen and resellers. Our short to mid-term outlook is much greater sales due to the three key initiatives. First, shifting all of our open market inventory, to PMP and programmatic direct deals. We estimate this will increase revenues on our existing inventory by up to 30% at higher fill rates.

我們認為這對我們來說非常有利，短期內將消除許多中間商和經銷商。由於這三項關鍵舉措，我們的中短期前景是銷售額大幅成長。首先，將我們所有的公開市場庫存轉向 PMP 和程序化直接交易。我們估計，在更高的填充率下，這將使我們現有庫存的收入增加多達 30%。

Second, our direct sales efforts in this quarter, we expanded our ad team and that team is fully up to speed in market and focused on building relationships and responding to RFPs for next calendar year. Given most of the major brands and advertisers are planning out 9 to 12 months.

其次，我們在本季度的直接銷售工作中，我們擴大了廣告團隊，該團隊完全跟上了市場的步伐，並專注於建立關係和響應下一年的 RFP。鑑於大多數主要品牌和廣告商都在計劃 9 到 12 個月。

We expect to see robust results from these efforts starting at the end of this fiscal year and ramping heavily into our next fiscal year. Combined with robust political ad spend in the market and the expected heavy shift from cable and satellite to connected TV, next calendar year is looking to be a breakout year on ad sales.

我們預計從本財年末開始，這些努力將取得強勁成果，並在下一個財年大幅增加。加上市場上強勁的政治廣告支出以及預期從有線和衛星到連網電視的重大轉變，明年有望成為廣告銷售突破的一年。

Our strategy has evolved. We're moving away from the pursuit of high top line revenue and KPI growth at the expense of profitability. Instead, we're focused on efficient profitable growth. Our target areas are those that we can leverage our competitive edge and scale with minimal growth capital.

我們的策略已經發展。我們正在放棄以犧牲獲利能力為代價追求高收入和 KPI 成長的做法。相反，我們專注於高效的獲利成長。我們的目標領域是那些我們能夠以最少的成長資本來利用我們的競爭優勢和規模的領域。

Digital aggregation and licensing is a prime example, taking advantage of our extensive library and technology. We're pivoting towards a more balanced licensing strategy is noticed, which we believe will unlock significant revenues from our library in the upcoming quarters.

數位聚合和授權就是一個很好的例子，利用了我們廣泛的圖書館和技術。人們注意到我們正在轉向更平衡的授權策略，我們相信這將在未來幾季從我們的圖書館中釋放大量收入。

For owns streaming channels, our strategy to focus on niche markets where we can lead such as horror thriller, faith and family and Asian content. We've been consolidating assets and optimizing our team structure to better align with this vision.

對於自有串流媒體頻道，我們的策略是專注於我們可以領先的利基市場，例如恐怖驚悚片、信仰和家庭以及亞洲內容。我們一直在整合資產並優化團隊結構，以便更好地實現這一願景。

Matchpoint technology remains a cornerstone of our strategy as the streaming market evolves. We're one of the few platforms capable of supporting the industry shift the various business models and distribution points.

隨著串流媒體市場的發展，Matchpoint 技術仍然是我們策略的基石。我們是少數能夠支援產業轉變各種業務模式和分銷點的平台之一。

Our competitors offer only a fraction of what Matchpoint can do, and we're excited to expand on those capabilities. In the spirit of our partnership with Amagi, we've committed to bringing our innovative Matchpoint suite and content services to an even broader market.

我們的競爭對手只提供了 Matchpoint 功能的一小部分，我們很高興能夠擴展這些功能。本著與 Amagi 合作的精神，我們致力於將我們創新的 Matchpoint 套件和內容服務推向更廣闊的市場。

Our shared history with the Amagi, since 2017 has set the stage for a strategic collaboration that we think will redefine the streaming technology business. As we gear up for major technology conferences and finalize our market strategies we're confident that this synergy will drive significant revenue growth and solidify our position as innovators in the streaming infrastructure space.

自 2017 年以來，我們與 Amagi 的共同歷史為策略合作奠定了基礎，我們認為這將重新定義串流媒體技術業務。隨著我們為重大技術會議做好準備並最終確定我們的市場策略，我們相信這種協同效應將推動收入的顯著增長，並鞏固我們作為串流媒體基礎設施領域創新者的地位。

We believe that the Amagi partnership could provide low eight figures of annual revenue once fully up to scale, based on our internal forecast and discussions with the Amagi. We believe there are substantial customers an immediate need of our solutions and expect to move quickly in the new year to take advantage of the opportunity starting with CES.

根據我們的內部預測以及與 Amagi 的討論，我們相信，一旦完全達到規模，Amagi 合作夥伴關係可以提供低八位數的年收入。我們相信有大量客戶迫切需要我們的解決方案，並希望在新的一年迅速採取行動，利用 CES 開始的機會。

Our efforts on driving increased Matchpoint sales and partnerships go beyond the large enterprise customers target in that deal. We're going to continue to offer companies managed channel services like we're doing today with American Public Media, Comedy Dynamics, Bob Ross, Inc. Real Madrid, All3Media and most recently, Dog Whisperer and 9 Story. These partnerships provide us high-quality brands that typically far lower risk than launching our own specialty channels with no existing brand identity.

我們在推動增加 Matchpoint 銷售額和合作夥伴關係方面所做的努力超出了該交易中大型企業客戶的目標。我們將繼續為公司提供託管通路服務，就像我們今天與 American Public Media、Comedy Dynamics、Bob Ross, Inc.、Real Madrid、All3Media 以及最近的 Dog Whisperer 和 9 Story 所做的那樣。這些合作關係為我們提供了高品質的品牌，通常比在沒有現有品牌標識的情況下推出我們自己的專業管道的風險低得多。

I also wanted to address the time line on channel launches in general as well as provide an update on key forthcoming channels as the fast market has matured and competition for valuable placement on platforms has increased the amount of time, it takes to get channels up and on platforms has gone up from around two months, up to nine months, depending on the platform. While this is far quicker than it ever was in the cable ecosystem. It doesn't mean they'll be longer periods between the channels announcement and launch.

我還想談談頻道推出的總體時間表，並提供即將推出的關鍵頻道的最新信息，因為快速市場已經成熟，並且對平台上有價值的位置的競爭增加了時間，建立頻道和建立頻道所需的時間也增加了。平台上的時間從大約兩個月增加到九個月，取決於平台。雖然這比有線生態系統中的任何時候都要快得多。這並不意味著頻道公告和發布之間的時間會更長。

Additionally, when we partner with a third party were dependent on those parties to produce and secure content, capture the content or remastered it to be suitable for broadcast and streaming. We don't control those elements and sometimes this can lead to delays for these elements need to be kept in mind as we announce channel deals.

此外，當我們與第三方合作時，我們依賴這些第三方來製作和保護內容、捕獲內容或重新製作內容以適合廣播和串流媒體。我們無法控制這些元素，有時這可能會導致延遲，因為在我們宣布渠道交易時需要牢記這些元素。

As it relates to our current portfolio, we expect Douglas fir to launch within the current quarter. The GoPro channel is predominately new original programming, which is great for securing carriage and advertising conversations. But longer-term production delays from our partner have pushed the launch into fiscal Q4 calendar Q1.

由於它與我們目前的產品組合相關，我們預計花旗松將在本季內推出。 GoPro 頻道主要是新的原創節目，這對於確保運輸和廣告對話非常有用。但我們合作夥伴的長期生產延遲已將發布推遲到第四財季第一季。

We also expect launches of media or an entrepreneur in fiscal Q4 calendar Q1 as well. As it relates to said, Marty cross channel, where currently the process of re mastering restoring the content 4K. Keep in mind, this is an extensive progress as the content was in standard definition.

我們也預計在第四財季第一季也會推出媒體或企業家。如上所述，Marty 跨頻道，目前正在重新掌握恢復 4K 內容的過程。請記住，這是一個巨大的進步，因為內容是標準定義的。

We are pushing to have this channel live in fiscal Q4 calendar Q1, but that will be dependent on distribution conversations happening today.

我們正在努力讓這個頻道在第四財季日曆第一季上線，但這將取決於今天發生的分銷對話。

With Match Point. We're also targeting the small and medium business segment directly and have recently hired a new head of sales for Matchpoint with over a decade experience targeting the exact arena we're covering. Beyond that, we're developing new products and capabilities to allow media companies to better monetize their content and streaming services by utilizing the power of AI.

與賽點。我們也直接瞄準中小型企業領域，最近為 Matchpoint 聘請了一位新的銷售主管，他在針對我們所涵蓋的具體領域擁有十多年的經驗。除此之外，我們正在開發新產品和功能，使媒體公司能夠利用人工智慧的力量更好地透過其內容和串流媒體服務獲利。

This ranges from making difficult labor intensive and repetitive tasks, scalable and cost effective like captioning, metadata enrichment and quality control to next-generation technologies that can help companies prepare their content for licenses into large language models for from deep engagement with consumers and even create new content from existing libraries using AI.

其中包括使艱鉅的勞動密集型和重複性任務變得可擴展且具有成本效益，例如字幕、元數據豐富和品質控制，到下一代技術，這些技術可以幫助公司將許可證內容準備成大型語言模型，以便與消費者深入互動，甚至創建使用人工智慧從現有圖書館中獲取新內容。

we expect to announce the latest fruits of our AI, R&D efforts, which we've been developing for this past year over the next few weeks and months. Important thing to take away from this is that our underlying technology platform facilitates rapid, high-quality processing and video to tackle the biggest challenges the world tech giants are trying to solve with AI.

我們預計將在未來幾週和幾個月內宣布我們去年在人工智慧和研發方面的最新成果。重要的是，我們的底層技術平台有助於快速、高品質的處理和視頻，以應對世界科技巨頭試圖透過人工智慧解決的最大挑戰。

So we're not only planning new product launches, but also expanding our engineering team to support these initiatives in India. The future looks bright with Matchpoint and Cineverse, and we're eager to share more about our progress in the coming weeks.

因此，我們不僅計劃推出新產品，還擴大我們的工程團隊以支持印度的這些措施。 Matchpoint 和 Cineverse 的未來一片光明，我們渴望在未來幾週內分享更多有關我們進展的資訊。

With that, operator, let's open it up for Q&A.

那麼，操作員，讓我們開始問答。

We will now begin the Q&A session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great, thanks and congratulations on all the struck restructuring and what it means as for the much stronger fundamentals that it looks like already in the quarter. Sorry, it was a lot of information or write downs, if you could share if you provided at the gross margin of the business, excluding the legacy business? And what was the operating margin or EBITDA margin, if you will, for again the business that excludes the legacy?

太棒了，感謝並祝賀所有的重組，以及它對於本季看起來已經更加強勁的基本面意味著什麼。抱歉，這是很多資訊或減記，您是否可以分享您提供的業務毛利率（不包括遺留業務）？如果你願意的話，不包括遺產的業務的營業利潤率或 EBITDA 利潤率是多少？

This is Chris. Thanks for your comment, but I'll let I'll let Marc when you go through those numbers. Would you mark?

這是克里斯。感謝您的評論，但當您查看這些數字時，我會讓我讓馬克。你會標記嗎？

Thanks, Chris.

謝謝，克里斯。

Yes, yes.

是的是的。

Thanks, Ryan. So that the gross margin before legacy before excluding legacy was 64% this quarter and 42% prior year quarter. Excluding the legacy business, 56% this quarter and 30% in the prior quarter,

謝謝，瑞安。因此，本季扣除遺留資產之前的毛利率為 64%，去年同期為 42%。不包括遺留業務，本季為 56%，上一季為 30%，

30% EBITDA or operating margins?

30% EBITDA 還是營業利潤率？

that's direct operating margin.

這就是直接營業利潤。

Got it.

知道了。

And then if you could, I think it's a good time given your announcement with MRG and the partnership, it's planned to roll out. And if you could highlight the revenue model, is it selling subscription to the Cineverse streaming content to platforms? Is it they're able to use your Match Point services to curate and transfer content.

然後，如果可以的話，考慮到您與 MRG 的聲明以及合作夥伴關係，我認為現在是個好時機，計劃推出。如果你能強調一下收入模式的話，它是向平台出售 Cineverse 串流內容的訂閱嗎？他們是否能夠使用您的 Match Point 服務來規劃和傳輸內容？

And then the second part of that question, you mentioned low eight figures in terms of revenue contribution. In your prepared remarks. Does that suggest you expect and to close next fiscal year with about $10 million of revenue? Or is that too quick and steep and two to have a by then, Eric, you want to take that one Sure, sure.

然後該問題的第二部分，您提到了收入貢獻的低八位數。在你準備好的發言中。這是否表明您預計下一財年的收入約為 1000 萬美元？或者是那太快太陡了，到那時有兩個，埃里克，你想拿那個當然，當然。

So to go through both parts. So first on the what are we actually selling. So we're tentatively calling this fast kit. So essentially, if you kind of look at the marketplace today, there's a large number of on margin calls of video service providers, and this is going to be hardware manufacturers, telcos, is there anybody who really was that the musical chairs of when Tubi and Pluto were for sale and missed out or just have not don't have the resources or assets to launch a scale streaming platform for there like the Roku Channel has or others.

所以要經歷這兩個部分。首先是我們實際銷售的產品。所以我們暫且稱這個套件為快速套件。所以本質上，如果你看看今天的市場，你會發現有大量視頻服務提供商的保證金要求，這將是硬體製造商、電信公司，有誰真的是 Tubi 時的音樂椅嗎？和Pluto 正在出售，但錯過了，或者只是沒有資源或資產來在那裡推出像Roku 頻道或其他頻道那樣的大規模串流媒體平台。

So we're teaming up with Amagi to essentially offer this as a turnkey where you can get the applications, the back-end infrastructure, a Amagi has 800-plus FAST channels. We have 70,000 hours of programming. And then both of us have monetization capabilities. It's really allows companies very rapidly and turnkey to get into the market and save years of effort to do so. And by the way, we look at, we evaluated the market, there are many, many companies that the route, the amount of monetization they have in this space relative to what they should have due to their market share. There's quite a large addressable market here and you combine that with their 800 modules, 800 plus customers. It is a very, very large market. So the idea here is to have a Amagiis a 25 to 30 person global sales force. It's already engaged in, you know, nine figures of revenue or more or more. We estimate across the board to really start bolting on much bigger meaningful services in this partnership. And so that's so that's number one.

因此，我們正在與 Amagi 合作，本質上將其作為交鑰匙服務提供，您可以在其中獲取應用程式、後端基礎設施，Amagi 擁有 800 多個 FAST 通道。我們有 70,000 小時的編程時間。然後我們都有貨幣化能力。它確實可以讓公司非常快速、交鑰匙地進入市場，並節省多年的精力。順便說一句，我們看看，我們評估了市場，有很多很多公司，他們在這個領域擁有的貨幣化量相對於他們應有的市場份額而言。這裡有一個相當大的潛在市場，你將其與他們的 800 個模組、800 多個客戶結合。這是一個非常非常大的市場。因此，這裡的想法是擁有一支 25 至 30 人的全球銷售團隊 Amagii。你知道，它的收入已經達到九位數或更多。我們預計，在這次合作中，我們將真正開始提供更有意義的服務。所以這就是第一。

In terms of the model, as you can imagine, with sort of these bigger enterprise deals, it's going to be dependent on what services the partner needs some sort of some partners may want to do their own content acquisitions. It may want to develop the front end and apps, but the back-end infrastructure or vice versa. So it's really going to be tailored by partner. I would expect this to be as similar to Maggie's model of SaaS based consumption. That will be our model. And I deal with the Maggi will be in market and it's on a similar basis, it'll be and a consumption-based model based off of what these partners decide to utilize. And then the UK and brand and part of the consumption, exactly so what they'll be direct build for a variety of services right there for content based deals. They'll probably be a revenue share based model as well.

就模型而言，正如您可以想像的那樣，對於這些較大的企業交易，它將取決於合作夥伴需要哪些服務，某些合作夥伴可能希望進行自己的內容收購。它可能想要開發前端和應用程序，但開發後端基礎設施，反之亦然。所以這確實是由合作夥伴量身定制的。我預計這與 Maggie 的基於 SaaS 的消費模式類似。這將是我們的模型。我認為美極（Maggi）將在市場上上市，它的基礎是類似的，它將是基於消費的模型，基於這些合作夥伴決定使用的模型。然後是英國、品牌和部分消費，他們將直接為各種服務建立基於內容的交易。它們也可能是基於收入分成的模式。

So And third, as terms of our look at the market, clearly, as you remember as or I think we've talked about previously the sales cycle on these and you're talking about people launching and building applications bringing the market. So you're looking at we typically see a deal cycle like this of typically a quarter or two, depending on the partner and how complex of the deal it is and then the implementation is going to come after that.

第三，就我們對市場的看法而言，顯然，正如您所記得的或我認為我們之前討論過這些產品的銷售週期，您正在談論人們推出和建立帶來市場的應用程式。因此，我們通常會看到這樣的交易週期，通常是一兩個季度，這取決於合作夥伴以及交易的複雜程度，然後是實施。

So we think some of the next fiscal year will really be about ramping up to that number. And that's sort of the number we expect the steady state to be at once this business has ramped. So and we're hitting the ground running in our fiscal Q4 here. My expectation is that, you know, a lot of people in the market are going to want to be able to take advantage of a very heavy ad market this year.

因此，我們認為下一個財年的某些時間將真正達到這個數字。這就是我們預期業務量成長後穩定狀態的數字。因此，我們在第四財季開始起步。我的預期是，市場上的許多人都希望能夠利用今年非常龐大的廣告市場。

So we'll probably have lots of engagements towards the middle of the year trying to capture Q3, Q4 calendar Q3, Q4 ad revenue. So I would say I would expect us to see it some results in the fiscal year next year when we realize the full eight figure amount will probably be a longer ramp to hit that. But I think we'll start to see have some material efforts coming by mid-next year.

因此，我們可能會在年中進行大量活動，試圖取得第三季、第四季的日曆第三季、第四季的廣告收入。因此，我想說，當我們意識到完整的八位數金額可能需要更長的時間才能達到這一目標時，我預計我們將在明年的財政年度看到一些結果。但我認為我們將在明年中期開始看到一些實質的努力。

Great. And then separately, you touched on having your direct ad sales team. I think in places which you said, Eric, can you talk about the progress? Has there been a contribution? How long does it take before you see the impact of that team building relationships and driving higher-margin ad sales?

偉大的。然後，您分別談到了建立直接廣告銷售團隊。我想在你所說的地方，艾瑞克，你能談談進展嗎？有貢獻嗎？您需要多長時間才能看到該團隊建立關係和推動更高利潤的廣告銷售的影響？

Sure, sure. So it's really a three stage process, right Stage one is today or prior to just even a few months ago, we were predominantly open marketplace programmatic in other words, anybody and everybody could buy and seller inventory. And that's one of the things we've been doing since mid to late summer.

一定一定。所以這實際上是一個三個階段的過程，第一階段是今天或幾個月前，我們主要是開放市場程序化，換句話說，任何人和每個人都可以買賣庫存。這是我們從夏中到夏末以來一直在做的事情之一。

As transitioning from that, we'll call that the low end of the CPV market, our upstream to programmatic direct and private marketplace deals with agencies, brands and DSPs. So we've been in the process of going through that sense since midyear, and we've made an incredible amount of progress on that. I think that's the first step.

以此為基礎進行過渡，我們稱之為 CPV 市場的低端，我們的上游程序化直接和私人市場涉及代理商、品牌和 DSP。因此，自年中以來，我們一直在經歷這種感覺，我們在這方面取得了令人難以置信的進展。我認為這是第一步。

It's hard to it's hard for a direct sales team to go out and market and sell if you if they can buy it open programmatic, right? So you have to sort of move everything upstream in the stack. That's what we've been working and focused on simultaneously. We've hired we've hired up our direct sellers team. And as you've I'm sure you know, the cycles for direct sales in most of the brands and agencies are working six to nine months out.

如果直銷團隊能夠以開放式程式化方式購買，那麼他們就很難出去行銷和銷售，對吧？因此，您必須將堆疊中的所有內容移至上游。這就是我們一直在努力並同時關注的事情。我們已經聘請了我們的直銷團隊。如您所知，我相信您知道，大多數品牌和代理商的直銷週期都是六到九個月。

And there is some of Lookout scatter opportunities in the back half of this year or in early Q1. But I think some will really start to see the fruits towards the end of our fiscal Q4 and efforts on this, we ran a few campaigns. We did Ancestry talk of Jack in the Box and a few others over the last quarter or so. But we've got RFPs flying out the door pretty constantly at this point now. So I expect next year to be pretty robust.

今年下半年或第一季初會有一些 Lookout 分散機會。但我認為，在第四財季末，有些人將真正開始看到我們為此所做的努力的成果，我們進行了一些活動。在上個季度左右的時間裡，我們做了關於盒子裡的傑克和其他一些人的祖先談話。但目前我們已經不斷收到 RFP。所以我預計明年會非常強勁。

Great one last question. I'll get back in the queue. I think you were very clear on your plans for content acquisition cost come down, like everyone else in the industry. Are there any known significant cash content costs you see in the near term that you can call out?

最後一個問題很好。我會回到隊列中。我認為您和業內其他人一樣，對於降低內容獲取成本的計劃非常清楚。您在短期內是否發現任何已知的重大現金成本成本可以指出？

And should we expect the cash flow cost outside of the P&L to be nominal or there will still be some bits and pieces here and there of cash content costs in the last hour, we went through our eight of high-profile spending over the last quarter as Eric mentioned, we cannot verify on the spending.

如果我們預期損益表之外的現金流成本只是名義上的，或者在最後一個小時內仍然會有一些現金內容成本，那麼我們在上個季度經歷了八項備受矚目的支出正如埃里克提到的，我們無法核實支出。

We do to sit and Murray cough and god, whisper Anda. I think you're going to see a real narrowing of our spend continue for at least the next six months.

我們坐下來，莫瑞咳嗽，上帝，安達低聲說。我認為至少在接下來的六個月裡，您會看到我們的支出持續真正縮減。

Great. Thank you.

偉大的。謝謝。

Dan Kurnos, Benchmark Company.

Dan Kurnos，基準公司。

Good afternoon. I'm Chris and Eric of the Home Panel portfolio balancing, let's just call it that's not new for you guys. I know, Chris, you've emphasized that in the past. Have you, Eric?

午安.我是負責主面板投資組合平衡的克里斯和埃里克，我們就這麼稱呼它吧，這對你們來說並不新鮮。我知道，克里斯，你過去已經強調過這一點。你有嗎，艾瑞克？

So this is not a big shift. I think the order of magnitude is maybe a little larger than we might have thought in the quarter. But the way that Eric outlined, it you know, once we get into fiscal Q4, there's stuff coming back online and obviously the profitability of the portfolio has significantly improved. So I just want to make sure I have kind of the math, right?

所以這並不是一個大的轉變。我認為這個數量級可能比我們在本季想的要大一些。但正如艾瑞克所概述的那樣，你知道，一旦我們進入第四財季，就會有一些東西重新上線，顯然投資組合的獲利能力已經顯著提高。所以我只是想確保我有數學知識，對嗎？

I mean, it feels like a $2 million incremental call on obviously correct me if I'm wrong on that on the revenue side. But I'm just trying to get a sense between all the initiatives you have planned because if you strip out the legacy revenue you announced on the quarter today, you know, and then take out the base distribution business, you still have about $10 million in some roughly anyway, revenue between subscription advertising and some licensing and digital in there that you intend to grow off of.

我的意思是，如果我在收入方面的觀點是錯誤的，那麼感覺 200 萬美元的增量電話顯然可以糾正我的錯誤。但我只是想了解您計劃的所有計劃，因為如果您剔除今天宣布的本季度的遺留收入，然後去掉基礎分銷業務，您仍然有大約 1000 萬美元無論如何，粗略地說，訂閱廣告和一些許可以及您打算從中成長的數字之間的收入。

So I guess I just wanted to get a sense for, you know, how much you think that business grows by before we kind of layer on all of it software SaaS stuff, but I do want to talk about afterwards.

所以我想我只是想了解一下，在我們對所有軟體 SaaS 進行分層之前，您認為業務增長了多少，但我確實想在之後討論。

Well, a couple of things. Yes, this is Chris. First of all, the channel portfolio optimization, even though I've talked about on the last couple of calls, what you're seeing this quarter, you're really seeing the bulk of the impact really hitting the P&Ls because we cut some channels and I know last quarter the whole thing.

嗯，有幾件事。是的，這是克里斯。首先，通路組合優化，儘管我在最近幾次電話會議中談到過，但您在本季度所看到的情況，您確實看到了大部分影響真正影響了損益表，因為我們削減了一些渠道我上個季度就知道了全部事情。

So it I've been talking about it, but the impact on our financials, you could say is more impactful this quarter, a new that is a new a new factor. We're not going to be able to answer your question on this call. As Mark Lindsey said, we're going through a process now of looking at the impact of all of our channel optimization activities and turning it into a long range forecast and layering in all these new revenue upsides that Eric talked about.

所以我一直在談論它，但是對我們財務的影響，你可以說本季影響更大，一個新的、一個新的因素。我們無法在這次電話會議上回答您的問題。正如馬克林賽（Mark Lindsey）所說，我們現在正在經歷一個過程，研究我們所有渠道優化活動的影響，並將其轉化為長期預測，並將埃里克談到的所有這些新的收入優勢分層。

And we're in process of that right now, I think it's probably a conversation that would be better had offline. I don't know if Eric or Mark want to add anything to that. But I mean that's my estimate here for you at this point, you're not nothing.

我們現在正在處理這個問題，我認為這可能是一次最好在線下進行的對話。我不知道埃里克或馬克是否想對此添加任何內容。但我的意思是，這是我目前對你的估計，你並不是什麼都不是。

Yes, it's too early.

是的，現在還太早。

Yes, I think I think the only the only thing really to add is obviously the timing of the bulk of the channel portfolio that we have launching is happening in Q4. I think we're still locking that this is one of the challenges of. And the fast market today is I think of these channels are probably getting you're trying to launch another dozen to two dozen channels in Q1 and optimizing the timing and planning of each.

是的，我認為唯一真正需要添加的事情顯然是我們推出的大部分管道組合的時間發生在第四季度。我認為我們仍然認為這是挑戰之一。今天的快速市場是，我認為這些管道可能會讓您嘗試在第一季推出另外一打到兩打管道，並優化每個管道的時間表和規劃。

So we don't know our exact launch dates yet. If it's going to be early in the quarter or later in the quarter yet we hope to find out soon. Obviously, we've got the channels ready to go. We've been testing them and they're ready to be to be launched. It's just a matter of us locking the timing. So it's hard to say definitively and how much those are going to impact the quarter and what that's going to be as it stands today. But we're going to know pretty soon on that front on that front?

所以我們還不知道確切的發布日期。如果是在本季初還是本季末，我們希望很快就能知道。顯然，我們已經準備好了渠道。我們已經對它們進行了測試，並且它們已準備好發布。這只是我們鎖定時間的問題。因此，很難明確地說這些將對本季產生多大影響以及目前的情況。但我們很快就會知道這方面的狀況？

Yes, yes, I think there is we've got a couple of tech deals that we're hoping to announce in the next couple of weeks that we haven't talked about, I can't talk about on this call. They're also going to have an impact. And that's why we're being very careful and we're trying to be very strategic and looking at our at our long-range forecast in our plan in the next few weeks that all that will come together.

是的，是的，我認為我們有幾項技術交易，我們希望在未來幾週內宣布，但我們還沒有討論過，我不能在這次電話會議上討論。他們也會產生影響。這就是為什麼我們非常小心，我們試圖非常具有策略性，並在未來幾週的計劃中審視我們的長期預測，所有這些都將匯集在一起。

The one thing we are 100% sure of is that we're going to continue to rip costs out of the system on Cineverse India is a huge upside for us. I mean, we are basically transferring jobs over there at 10% to 15% of the domestic cost, and we're getting better workflows and efficiencies out of it. And again, I said this on the last call as a trusted operating division in the Company. We're not outsourcing it to a third party or offshore.

我們百分之百確定的一件事是，我們將繼續降低 Cineverse India 系統的成本，這對我們來說是一個巨大的優勢。我的意思是，我們基本上是以國內成本 10% 到 15% 的價格將工作轉移到那裡，並且我們從中獲得了更好的工作流程和效率。再次，我在最後一次電話會議上作為公司值得信賴的營運部門說了這一點。我們不會將其外包給第三方或離岸機構。

You have to own division that's performed pretty tremendously. So we're expecting significant additional savings that are only going to improve our margins further. And that's kind of the foundation of the plan that works.

你必須擁有表現相當出色的部門。因此，我們預計會節省大量資金，這只會進一步提高我們的利潤率。這就是有效計劃的基礎。

We're in process of putting together and those fair, you know, look, I am just trying to understand the baseline, right, love your eyes. You're obviously making a healthy profit and tax pivot here. And it doesn't mean that your piano moving away from the streaming and or advertising business piece of it. I just wanted to sort of get a sense. So now we have this is the new baseline.

我們正在整合過程中，公平地說，你看，我只是想了解基線，對吧，愛你的眼睛。顯然，您在這裡實現了健康的利潤和稅收支點。這並不意味著您的鋼琴將脫離串流媒體和/或廣告業務。我只是想了解一下。現在我們有了新的基線。

So there's not much more to come off based on what you've said and then adding more profitable base. Now there will be upside to that from whatever happens with the advertising changes that Eric referenced in terms of the ad sales model as well as new channels, timing, TBD on all of that stuff.

因此，根據您所說的內容，然後添加更多的盈利基礎，並沒有什麼可實現的。現在，無論發生什麼，艾瑞克在廣告銷售模式以及新管道、時機、所有這些方面的待定廣告變化，都會有好處。

And now as you referenced, Chris, there's you know, obviously, the Amobee deal to me is sort of a preface for a broader tech push, I would assume is coming. And so, you know, does Amobee in particular, do they add tools to the kit that they give you expanded capabilities? And just in general, how do you think about sort of reinvesting or expanding your tool belt when it comes to, you know, leveraging the Matchpoint technology?

現在，正如你所提到的，克里斯，你知道，顯然，Amobee 交易對我來說是一種更廣泛的技術推動的序言，我認為即將到來。所以，你知道，Amobee 特別是他們是否在套件中添加了工具來為你提供擴充功能的功能？總的來說，當談到利用 Matchpoint 技術時，您如何考慮再投資或擴展您的工具帶？

Eric and Tony, want to make?

埃里克和東尼，想做什麼？

Sure, sure. So I'll say I'll say generally and Tony can talk more specifically about Amobee, what might you bring to the table. But I think the biggest game changer for us is you have arguably the largest infrastructure player in the streaming market and fast market today with a very large global sales force selling our product, we think can take it to market much faster than it would take us quite a long period of time to hire up and a comparable sales force to what Magna has.

一定一定。所以我會說，我會籠統地說，托尼可以更具體地說是 Amobee，你可能會帶來什麼。但我認為對我們來說最大的遊戲規則改變者是，您可以說是串流媒體市場和當今快速市場中最大的基礎設施參與者，擁有非常龐大的全球銷售隊伍銷售我們的產品，我們認為可以比我們更快地將其推向市場需要相當長的一段時間來招聘，並且擁有與麥格納相當的銷售團隊。

And then the second piece is what a Amagi brings to the table in terms of assets beyond salesforce, we have a portfolio of 800 plus channels that they can bring to bear in the market and a huge customer relationship base that they have. We have a pretty decent customer relationship based, but there is oriented to much larger enterprises than we are today.

第二部分是 Amagi 在銷售隊伍之外的資產方面帶來的東西，我們擁有 800 多個管道的投資組合，他們可以在市場上發揮作用，並且擁有龐大的客戶關係基礎。我們擁有相當不錯的客戶關係，但面向比我們今天更大的企業。

So those are those assets really accelerate all of the efforts. It doesn't mean that we're not internally focused on the small and mid-market segments to complement that. But I feel like they'll push our revenue drive much faster, and then we'll incrementalism on the from the small end.

所以這些資產確實加速了所有的努力。這並不意味著我們內部不專注於中小型市場領域來補充這一點。但我覺得他們會更快地推動我們的收入成長，然後我們會從小處開始漸進主義。

And just to add to that, I think one way of looking at it is most of the big media companies have been investing in fast. That's where the immediate opportunity is. But now has all the big studios have released their own stand-alone services, having applications available to the consumer to become an important part of this of everyone strategy.

除此之外，我認為看待這個問題的一種方式是大多數大型媒體公司一直在快速投資。這就是眼前的機會。但現在所有大型工作室都發布了自己的獨立服務，向消費者提供應用程序，成為「所有人」策略的重要組成部分。

And that's the area where we have a head start. We've developed Matchpoint over the last eight years, specifically for servicing apps and video on demand. And that's where we see the rest of the industry moving using faster kind of the entry point, but really expanding into next generation services words were to map our larger catalogs have direct video-on-demand content.

這就是我們領先的領域。我們在過去八年中開發了 Matchpoint，專門用於為應用程式和視訊點播提供服務。這就是我們看到行業其他公司正在使用更快的切入點的地方，但真正擴展到下一代服務的話是將我們更大的目錄映射為直接視訊點播內容。

And last one for me, just now that the actor strike is over, you know, everyone thinks that content spend will start to increase next spring. You know, why is it a albeit it will take some time to ramp and perhaps with a slightly less quantum than in the prior years, where the streamers got a bit giddy.

最後一點是，演員罷工剛結束，你知道，每個人都認為明年春天內容支出將開始增加。你知道，為什麼會這樣，儘管它需要一些時間來提升，而且可能比前幾年稍微少一點，在前幾年，串流媒體有點頭暈。

I'm just curious how you think that factors into any of the initiatives you have, whether it's on sort of the more traditional streaming side or on the Matchpoint side, does that act as somewhat of a catalyst to the market or does it change how you might address if you think the market evolves in its advertising focus, which Eric Yes, admittedly right now is more direct PG., but may return to more open PMP. and a more, you know, healthy environment with better visibility barring whatever happens the economy?

我只是好奇你如何看待你所擁有的任何舉措的因素，無論是在更傳統的串流媒體方面還是在 Matchpoint 方面，這是否在某種程度上對市場起到了催化劑的作用，或者它是否改變瞭如果您認為市場在其廣告重點方面發生變化，您可能會提出這個問題，埃里克是的，誠然，現在是更直接的PG，但可能會回歸到更開放的PMP。以及一個更健康的環境和更好的能見度，除非經濟有任何變化？

Eric, you want to take that or Yolanda?

艾瑞克，你想要那個還是約蘭達？

I can take it. So yes, I think for us as it relates to as it relates to our business, excluding tariff fire and a few other a few other projects that we have going on from, we're going to be in the market for I'm finished product. So I think number one, it's not going to I think the good news is, and I think we already had a waiver for Terraiffer three, even before the strike ended.

我可以接受。所以，是的，我認為對我們來說，因為它與我們的業務相關，不包括關稅取消和我們正在進行的其他一些項目，我們將進入市場，因為我已經完成了產品。所以我認為第一，這不會，我認為好消息是，而且我認為我們甚至在罷工結束之前就已經獲得了對 Terraiffer 3 的豁免。

So we were going to production was going to begin on that regardless of regardless of the strike. And we're not we're willing we're really long term, not in the big theatrical movie game. So for us, go forward will be we're really going to be focused on acquisitions and pickups and less on the production side. We think know we can get a lot of value with a much smaller outlay licensing titles rather than investing in heavy titles.

因此，無論罷工如何，我們都會開始生產。我們不希望我們是長期的，而不是在大型戲院電影遊戲中。因此，對我們來說，未來我們將真正專注於收購和皮卡，而不是生產方面。我們認為，我們可以透過花費少得多的授權遊戲來獲得大量價值，而不是投資重型遊戲。

Obviously, with the exception of some of these really key Terrafina is a no-brainer, and there's other things that we're working on that we've committed to that are great investments, but we think that's going to be a much smaller piece of our business going forward.

顯然，除了其中一些真正關鍵的項目之外，Terrafina 是顯而易見的選擇，而且我們正在致力於其他一些事情，我們已經承諾這些都是偉大的投資，但我們認為這將是我們的業務未來發展。

And I just wanted to add that they'll go after the But yes, this strike allows for our new releases and for talent to be able to promote them and to affect their social media. So everything Eric just explained is absolutely correct in terms of our content strategy, but it really unlocked that valuable talent, promotion tool.

我只是想補充一點，他們會追尋但是，是的，這次罷工允許我們的新版本和人才能夠推廣它們並影響他們的社交媒體。因此，埃里克剛才解釋的一切就我們的內容策略而言都是絕對正確的，但它確實釋放了寶貴的人才和促銷工具。

I also think and kind of philosophically, we've positioned ourselves as an artist friendly, independent studio that puts the artist first. And I think Terra higher was an example of that to the industry where we released an unrated uncut movie because we wanted to bring the director's division on to audiences in the US and people notice that.

我還認為，從哲學上來說，我們將自己定位為一個對藝術家友好的獨立工作室，將藝術家放在第一位。我認為《泰拉高地》就是這個行業的一個例子，我們發行了一部未分級的未剪輯電影，因為我們希望將導演的部分帶給美國觀眾，人們注意到了這一點。

And that's that's been our philosophy and if anything, that the strikes emphasizes that the major studios don't particularly put artist friendly at the top of their list of things that they want to be known for Okay. So I think in a weird way, the strikes actually helped our position in the industry because we are waving a flag for key paying artists and treating artist the right way of bringing their labors of love to audiences around the world all along.

這就是我們的理念，如果有什麼不同的話，那就是罷工強調了各大工作室並沒有特別把對藝術家友好放在他們希望出名的事情的首位。所以我認為，以一種奇怪的方式，罷工實際上幫助了我們在行業中的地位，因為我們正在為主要付費藝術家揮舞旗幟，並以正確的方式對待藝術家，將他們的愛的勞動一直帶給世界各地的觀眾。

So I may, I think from a philosophical standpoint and a positioning standpoint, it helps us as well.

所以我認為從哲學的角度和定位的角度來看，它也可能對我們有幫助。

Thanks very much.

非常感謝。

There are no additional questions at this time. I will hand it back to the management team for closing remarks.

目前沒有其他問題。我會將其交還給管理團隊以供結束語。

Great. Thank you, operator. And this is Chris again. Thank you all for joining us today, and feel free to reach out to Julie Milstead with any additional questions you might have. We look forward to speaking to you all again on our next quarterly call. Thank you very much.

偉大的。謝謝你，接線生。這又是克里斯。感謝大家今天加入我們，如有其他問題，請隨時聯絡 Julie Milstead。我們期待在下一次季度電話會議上再次與大家交談。非常感謝。

That concludes today's conference call. Thank you and you may now disconnect your lines.

今天的電話會議到此結束。謝謝您，您現在可以斷開線路了。