CuriosityStream Inc (CURI) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is [Carrie] and I will be your conference operator today. At this time, I would like to welcome everyone to the CuriosityStream Q1 2025 earnings conference call.

感謝您的支持。我的名字是 [Carrie]，今天我將擔任您的會議接線生。現在，我歡迎大家參加 CuriosityStream 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Tia Cudahy, Chief Operating Officer of CuriosityStream. Please go ahead.

現在我想將電話轉給 CuriosityStream 營運長 Tia Cudahy。請繼續。

Thank you, and welcome to CuriosityStream's discussion of its first-quarter 2025 financial results. Leading the discussion today are Clint Stinchcomb, CuriosityStream's Chief Executive Officer; and Brady Hayden, CuriosityStream's Chief Financial Officer. Following management's prepared remarks, we will be happy to take your questions.

謝謝，歡迎參加 CuriosityStream 對其 2025 年第一季財務業績的討論。今天主持討論的是 CuriosityStream 的執行長 Clint Stinchcomb 和 CuriosityStream 的財務長 Brady Hayden。在管理層準備好發言之後，我們將很樂意回答您的問題。

But first, I'll review the Safe Harbor statement. During this call, we may make statements related to our business that are forward-looking statements under the federal securities laws. These statements are not guarantees of future performance, but rather are subject to a variety of risks, uncertainties, and assumptions.

但首先，我將回顧安全港聲明。在本次電話會議中，我們可能會做出與我們的業務相關的聲明，根據聯邦證券法，這些聲明屬於前瞻性聲明。這些聲明並非對未來表現的保證，而是受各種風險、不確定性和假設的影響。

Our actual results could differ, materially, from expectations reflected in any forward-looking statements. Please be aware that any forward-looking statements reflect management's current views only. And the company undertakes no obligation to revise or update these statements nor to make additional forward-looking statements in the future.

我們的實際結果可能與任何前瞻性陳述中反映的預期有重大差異。請注意，任何前瞻性陳述僅反映管理層目前的觀點。本公司不承擔修改或更新這些聲明或在未來做出額外前瞻性聲明的義務。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and on our Investor Relations website, as well as the risks and other important factors discussed in today's press release. Additional information will also be set forth in our quarterly report on Form 10-Q, for the quarter ended March 31, 2025, when filed.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱美國證券交易委員會網站和投資者關係網站上提供的美國證券交易委員會文件，以及今天的新聞稿中討論的風險和其他重要因素。其他資訊也將列在我們提交的截至 2025 年 3 月 31 日的 10-Q 表格季度報告中。

In addition, reference will be made to non-GAAP financial measures. A reconciliation of these non-GAAP measures to comparable GAAP measures can be found on our website at investors.curiositystream.com. Unless otherwise stated, all comparisons will be against our results for the comparable 2024 period.

此外，也將參考非公認會計準則財務指標。這些非公認會計準則 (non-GAAP) 指標與可比較公認會計準則 (GAAP) 指標的對帳表可在我們的網站 investors.curiositystream.com 上查看。除非另有說明，所有比較均以我們 2024 年可比期間的業績為準。

Now, I'll turn the call over to Clint.

現在，我將把電話轉給克林特。

Thank you, Tia. We have a lot of good news to share today. Our Q1 revenue of $15.1 million was up 26% year over year and 7% sequentially. Our net income was positive for the first time and improved $5.4 million year over year. Adjusted EBITDA was positive and improved to $1.1 million. Brady will provide more color about other positive key metrics.

謝謝你，蒂亞。今天我們有很多好消息要分享。我們第一季的營收為 1,510 萬美元，年增 26%，季增 7%。我們的淨收入首次實現正成長，年增 540 萬美元。調整後的 EBITDA 為正值，增至 110 萬美元。布雷迪將提供更多有關其他積極關鍵指標的詳細資訊。

Two years ago, in March 2023, we explained our determination to achieve positive cash flow in our operations and to join the ranks of companies that have enduring business metrics. We increased our cash flow in every consecutive quarter from Q4 2022 to Q4 2024. And we've achieved positive cash flow over the past five quarters.

兩年前，也就是2023年3月，我們闡述了實現營運現金流為正、躋身擁有持久業務指標的公司行列的決心。從 2022 年第四季到 2024 年第四季度，我們的現金流連續每季都有所增加。過去五個季度，我們的現金流都為正。

In Q1 2025, our EBITDA performance caught up with our sustained positive cash flow and today, we are gratified to report that we were adjusted EBITDA-positive for the first time, as well as net income positive -- landmark achievements for our company. Because we believe that the volume of our cash flow and surplus cash, beyond that needed for operations, belongs to our shareholders, we implemented a dividend program in Q1 of 2024 and paid our first dividend in April of last year.

2025 年第一季度，我們的 EBITDA 業績趕上了我們持續的正現金流，今天，我們很高興地報告，我們首次實現了調整後的 EBITDA 正值，並且淨收入也為正值——這是我們公司的里程碑式成就。因為我們相信，除了營運所需的現金流和剩餘現金之外，其餘部分都屬於我們的股東，所以我們在 2024 年第一季實施了股息計劃，並於去年 4 月支付了第一筆股息。

In March of this year, we announced an increase to our dividend of $0.04 per quarter or $0.16 annualized. Today, our outlook on future performance gives us the confidence to announce another increase to our quarterly dividend. We are doubling it to $0.08 or $0.32 annualized.

今年 3 月，我們宣布將股息提高至每季 0.04 美元或年化股息 0.16 美元。今天，我們對未來業績的展望使我們有信心宣布再次增加季度股息。我們將其翻倍至 0.08 美元或年化 0.32 美元。

We are delighted to give this extra return to our loyal shareholders, many of whom have been committed to our enterprise for well over five years. We work for the benefit and interest of our shareholders and we are proud to do so.

我們很高興能為我們的忠實股東帶來額外的回報，其中許多股東已經為我們的企業奉獻了五年多的時間。我們致力於為股東的利益而努力，並為此感到自豪。

I mentioned last quarter that 2025 has returned to top-line growth and continued bottom-line growth, both at double-digit percentages. While we aren't providing specific year-end guidance, we remain confident in hitting these marks. Third-party licensing and distribution opportunities are accessible to us, provided we execute optimally, at a scope and scale greater than at any time in company history.

我上個季度提到，2025 年已恢復營收成長並持續實現利潤成長，且均達到兩位數的百分比。雖然我們沒有提供具體的年終指導，但我們仍然有信心實現這些目標。只要我們以最佳方式執行，我們就可以獲得第三方許可和分銷機會，其範圍和規模將超過公司歷史上的任何時間。

As such, we remain focused on the five growth pillars we outlined in March, which again are: one, increased licensing of high volumes of video, audio, and other data to traditional media companies and also the tech companies building and fine-tuning AI products; two, continued rationalization of our annual expenses; three, leveraging falling translation costs to accelerate global growth; four, launching new currencies to reduce subscription friction internationally; and five, selectively enhancing our talent density.

因此，我們仍然專注於 3 月份概述的五大增長支柱，即：第一，向傳統媒體公司以及開發和微調 AI 產品的科技公司增加大量視頻、音頻和其他數據的授權；第二，繼續合理化我們的年度開支；第三，利用翻譯成本下降來加速全球增長；第四，推出新貨幣以減少國際訂閱摩擦；第五，有選擇地提高我們的人才密度。

In light of this focus, we've entered into several new third-party agreements in the US and internationally. We've added extensively to our deep and increasingly wide library of video, audio, and other data. And we recently rolled out 10 new currencies.

鑑於這一重點，我們在美國和國際上簽署了幾項新的第三方協議。我們不斷豐富和擴大視訊、音訊和其他資料庫。我們最近推出了 10 種新貨幣。

On the content front, we continue to seek to entertain and enlighten viewers with original premieres, like the second season of Deadly Science, profiling the many brave men and women who paid the ultimate price in pursuit of their enormous breakthroughs; our one-hour collaboration with the popular YouTube franchise, Economics Explained, exploring how the US became the largest and most influential economy in human history; and Breakthrough: Asteroid Impact, a look at cutting-edge efforts to explore one of the Earth's greatest threats.

在內容方面，我們繼續尋求透過原創首映來娛樂和啟發觀眾，例如《致命科學》第二季，講述了許多為追求巨大突破而付出生命代價的勇敢男女；我們與流行的 YouTube 系列節目《經濟學解釋》合作了一小時，探討了美國如何成為人類歷史上最大和最具影響力的經濟體；以及《突破：小行星撞擊》，著眼於地球最大威脅之一的前沿探索地球最大威脅之一的前沿探索地球最大威脅之一。

We also continue to strengthen our core offerings in science, history, nature, and tech, with specials like Cleopatra: The Mystery of the Mummified Hand; FAST: The Celestial Eye; and Mysteries of the Bayeux Tapestry, revealing a look at the remarkable 224-foot narrative embroidery that has taught us so much about the end of the Vikings, and the beginning of the Knights and the fuel system in Europe.

我們也將繼續加強我們在科學、歷史、自然和技術領域的核心內容，推出特別節目，如《埃及豔後：木乃伊之手之謎》、《FAST：天眼》和《貝葉掛毯之謎》，揭示了一幅令人驚嘆的 224 英尺敘事刺繡，它讓我們了解了很多關於維京人的結束、騎士的起源以及歐洲燃料系統的秘密。

To reinforce what we've said in the past, we believe our strong balance sheet, $39 million in liquidity and no debt, and our continued double-digit growth in both top-line revenue and cash flow make us stand out in the current environment. Moreover, we believe our global subscription proposition, our rising roster of technology and traditional media partners, our public currency, and our ongoing rationalization of our cost structure are uniquely favorable attributes that provide us with durable, sustainable market advantages and exceptional flexibility.

為了強化我們過去所說的內容，我們相信，我們強勁的資產負債表、3,900 萬美元的流動資金和零債務，以及我們營業收入和現金流持續兩位數的成長，使我們在當前環境中脫穎而出。此外，我們相信，我們的全球訂閱主張、不斷增長的技術和傳統媒體合作夥伴名單、我們的公共貨幣以及我們持續的成本結構合理化都是獨特的有利屬性，為我們提供了持久、可持續的市場優勢和卓越的靈活性。

I'd like to thank my colleagues and our existing shareholders for investing the time, energy, and resources critical to building Curi. And I really hope there are many potential future shareholders allocating time today and in the days ahead to better understand our story and trajectory.

我要感謝我的同事和現有股東為打造 Curi 所投入的時間、精力和資源。我真誠地希望今天和未來的日子裡有許多潛在的未來股東能夠抽出時間來更好地了解我們的故事和發展軌跡。

I'll now yield to my pal colleague, our CFO, Brady Hayden.

現在我將把發言權交給我的好朋友、我們的財務長布雷迪海登 (Brady Hayden)。

Thank you, Clint. Good afternoon, everyone. Our full financial results will be presented in the 10-Q that we'll file in the next day or two. But let me quickly go through some of the first-quarter results that we want to highlight.

謝謝你，克林特。大家下午好。我們的完整財務結果將在未來一兩天內提交的 10-Q 報告中公佈。但請容許我快速回顧一下我們想要強調的一些第一季業績。

As Clint said, we achieved another significant milestone in the first quarter, as we reported earnings of $0.3 million or $0.01 per share, our first quarter of positive net income in the company's history; and a $5.4 million improvement from 2024. Likewise, we reported our first-ever positive adjusted EBITDA, which came in at $1.1 million, an improvement of $3.9 million from a year ago.

正如克林特所說，我們在第一季實現了另一個重要的里程碑，因為我們報告的收益為 30 萬美元或每股 0.01 美元，這是公司歷史上第一個季度的淨收入為正；並且比 2024 年增加了 540 萬美元。同樣，我們報告了有史以來第一個正向調整後 EBITDA，達到 110 萬美元，比一年前增加了 390 萬美元。

Adjusted free cash flow came in at $2 million, at the high end of our guidance range and an increase of $0.8 million compared to last year. This also represented the fifth sequential quarter of positive adjusted free cash flow.

調整後的自由現金流為 200 萬美元，處於我們指導範圍的高端，與去年相比增加了 80 萬美元。這也代表了調整後自由現金流連續第五個季度為正。

Revenue for the first quarter was $15.1 million, compared to $12 million a year ago. While our direct subscription revenue at about $9 million was down slightly, this was more than offset by our licensing revenue, which grew by about $4 million.

第一季營收為 1,510 萬美元，去年同期為 1,200 萬美元。雖然我們的直接訂閱收入約為 900 萬美元，略有下降，但這被我們的授權收入所抵消，授權收入增加了約 400 萬美元。

First-quarter gross margin was 53%, an improvement from 44% a year ago, driven by continued reductions in content amortization. As expected, our cash cost of revenue increased slightly from a year ago, a result of acquiring more rights to license content through revenue share arrangements and associated storage costs.

第一季毛利率為 53%，較去年同期的 44% 有所提高，這得益於內容攤銷的持續減少。正如預期的那樣，我們的現金收入成本較去年同期略有增加，這是由於透過收入分成安排和相關儲存成本獲得了更多內容授權權利。

Operating expenses declined in the first quarter as combined cost for advertising and marketing, plus G&A, were down $1 million or 11% compared to last year, the continued result of our ongoing cost rationalization. And excluding stock-based compensation, G&A declined 19% from a year ago.

第一季營運費用有所下降，因為廣告和行銷成本以及一般及行政費用與去年相比下降了 100 萬美元，即 11%，這是我們持續進行成本合理化的持續結果。不計股票薪酬，一般及行政開支較上年同期下降了 19%。

As I mentioned earlier, adjusted EBITDA was $1.1 million in the first quarter, compared to a loss of $2.8 million a year ago. And adjusted free cash flow was $2 million in the quarter, compared with $1.2 million a year ago. In March, we paid our Q1 dividend of $2.3 million; meaning, we have now returned $6.3 million to shareholders since announcing the dividend program, just over a year ago.

正如我之前提到的，第一季調整後的 EBITDA 為 110 萬美元，而去年同期的虧損為 280 萬美元。本季調整後的自由現金流為 200 萬美元，去年同期為 120 萬美元。今年 3 月份，我們支付了 230 萬美元的第一季股息；這意味著，自一年多前宣布股息計劃以來，我們已向股東返還了 630 萬美元。

We ended the quarter with total cash and securities of $39.1 million and no outstanding debt. We believe our balance sheet remains in great shape and that this provides us with significant operating flexibility. For second-quarter guidance, we expect revenue in the range of $16 million to $17 million and adjusted free cash flow in the range of $2 million to $3 million.

本季結束時，我們的現金和證券總額為 3,910 萬美元，沒有未償還債務。我們相信我們的資產負債表仍然狀況良好，這為我們提供了極大的經營彈性。對於第二季的指引，我們預計營收在 1,600 萬美元至 1,700 萬美元之間，調整後的自由現金流在 200 萬美元至 300 萬美元之間。

With that, we can hand it back to the operator and open the call to questions.

這樣，我們就可以將其交還給接線員並開始回答問題。

(Operator Instructions)

（操作員指示）

Dan Medina, Needham & Co.

梅迪納（Dan Medina），Needham & Co.

Congratulations on the great numbers. My question is really on the cost side, Clint, and Brady. Can you talk a little bit about how GenAI may have contributed to come in well below what we estimated for costs?

恭喜您取得如此優異的成績。我的問題實際上是關於成本方面，克林特和布雷迪。您能否稍微談談 GenAI 是如何幫助我們實現遠低於預期成本的？

Great question, Dan. I really appreciate that. I would say the good news is we've been able to reduce our costs largely without leveraging and accessing the emerging tools that are available to us from GenAI. Certainly, as we look forward, we believe that the big advantage is available to us through GenAI or one in translation.

很好的問題，丹。我真的很感激。我想說的好消息是，我們已經能夠大幅降低成本，而無需利用和訪問 GenAI 為我們提供的新興工具。當然，展望未來，我們相信，透過 GenAI 或翻譯技術，我們可以獲得巨大的優勢。

We've said like, as soon as we can get to a point where we can translate our content into 60 languages at minimal cost as compared to the 10 to 12 that we're in today. That will have a meaningful impact. We do use it today a bit on the editing side, as it relates to sequencing and organizing content. So there's some help there.

我們說過，只要我們能夠以最低的成本將我們的內容翻譯成 60 種語言，而目前我們只能翻譯 10 到 12 種語言。這將產生重大影響。今天我們確實在編輯方面使用了它，因為它與內容的排序和組織有關。因此這有一定的幫助。

But for the most part, we brought down our costs by really just the shoulder-to-the-wheel approach. And I think we spend a lot of time every week just grinding on what's essential, what's not essential, what's revenue-generating and what's not. So good news is we still have, we believe, considerable headroom as it relates to reducing and rationalizing our cost base and the tool is available to us as a result of GenAI. We'll only accelerate and enhance that effort.

但在大多數情況下，我們實際上只是透過並肩駕駛的方法來降低成本。我認為我們每週要花很多時間研究什麼是必需的，什麼不是必需的，什麼能產生收入，什麼不能。因此，好消息是，我們相信，在降低和合理化我們的成本基礎方面我們仍有相當大的發展空間，而且由於 GenAI，我們可以使用該工具。我們只會加快並加強這項努力。

David Marsh, Singular Research.

大衛·馬什（David Marsh），Singular Research。

Congrats on a great quarter. I just wanted to start on the top line. Could you give us a little bit more granularity, in terms of what the key drivers were for the revenue growth, relative to licensing versus subscriptions?

恭喜本季取得優異成績。我只是想從頂線開始。您能否更詳細地介紹一下，相對於授權和訂閱，收入成長的主要驅動力是什麼？

Yeah, I'd be happy to. So as you saw from our numbers, virtually everything is up. In regard to our direct subscription revenue, that's down a little bit year over year. In direct subscription revenues, it's largely a function of our marketing spend today. So we're hyper-focused on the efficiency of that spend.

是的，我很樂意。因此，正如您從我們的數據中看到的那樣，幾乎所有東西都在上漲。就我們的直接訂閱收入而言，年比略有下降。就直接訂閱收入而言，它很大程度上取決於我們今天的行銷支出。因此，我們高度關注這些支出的效率。

And so that spend might be a little lumpy at times. That lumpiness is really tied in small part to seasonality, but in larger part to the various value exchanges that we can secure with various marketing channels. And so, as we look to optimize our CPA, I think you'll see us be really opportunistic at certain times of the year, when we can simply just get much more bang for our buck, in regard to the variety of ad products and elements available to us.

因此，有時支出可能會有點不穩定。這種不均勻性實際上與季節性有很小的關係，但在很大程度上與我們可以透過各種行銷管道實現的各種價值交換有關。因此，當我們尋求優化 CPA 時，我想您會看到我們在一年中的某些時候真的會抓住機會，在可用的各種廣告產品和元素方面，我們可以從中獲得更大的收益。

Our churn continues to be low. But I think what you'll see us do as it relates to direct subscriptions is we'll manage that to a certain level. And again, it's largely tied to our marketing spend. Obviously, where we had significant growth was on the licensing side. And we've done a lot of work to build a really big and broad corpus of content, namely video, audio, text, images, et cetera. And this type of content is appealing to a broad array of companies, technology companies, traditional media companies.

我們的客戶流失率仍然很低。但我認為，您會看到我們在直接訂閱方面所做的就是將其管理到一定水平。再次強調，這主要與我們的行銷支出有關。顯然，我們在許可方面取得了顯著成長。我們做了很多工作來建立一個真正龐大而廣泛的內容庫，即視訊、音訊、文字、圖像等等。這種類型的內容對許多公司、科技公司、傳統媒體公司都很有吸引力。

And in light of that, we just have a lot more opportunity, I think, available to us, as a company today than, frankly, at any time in company history. I would say, Dave, broad results of many new licensing partners, new advertising partners, new subscription partners. And we're really excited about what's potentially available to us over the course of the rest of the year.

有鑑於此，我認為，作為一家公司，我們今天擁有的機會比公司歷史上任何時候都多。我想說，戴夫，許多新的授權合作夥伴、新的廣告合作夥伴、新的訂閱合作夥伴帶來了廣泛的成果。我們對今年剩餘時間內可能發生的事情感到非常興奮。

That's really helpful. And then just turning to the cost side. Great job on SG&A. It was down 16% year over year. You guys were able to wring out a fair amount of cost. Is that a sustainable level going forward? Or could there be some things that creep back in the back part of the year, as you try to market to different channels and different partners?

這真的很有幫助。然後轉向成本方面。在銷售、一般及行政管理方面做得很好。年比下降了16%。你們已經節省了相當多的成本。這是一個可持續的水平嗎？或者，當您嘗試向不同的管道和不同的合作夥伴進行行銷時，是否會出現一些事情在今年下半年再次出現？

Yeah, Dave. We've talked about this before. One of our biggest costs, which is a non-cash cost, of course, is our content amortization. That's continued to decline every quarter, over the past several quarters. And we've talked about that. I am told our 10-Q is going to be filed in the next few minutes. But you'll see in there, we had a substantial loss in our content amort in Q1.

是的，戴夫。我們之前已經討論過這個問題。我們最大的成本之一，當然是非現金成本，就是內容攤提。過去幾個季度，這一數字每季都在持續下降。我們已經討論過這個問題了。我被告知我們的 10-Q 將在幾分鐘內提交。但你會看到，我們在第一季的內容攤銷中遭受了巨大損失。

And then, our marketing costs will -- maybe, we are historically a bit low in Q1, compared to where we would be in, say, in Q4, when we ramp up our costs towards the holiday season and when we have a lot of renewals with our subscription base. Otherwise, we -- I think we'll see a continued declining trend in our G&A throughout the year as some of our cost reduction efforts continued to roll off from the last 12 to 18 months.

然後，我們的行銷成本——也許，與第四季度相比，我們在第一季的行銷成本歷史性地較低，因為在假期期間，我們的成本會增加，而且我們的訂閱用戶群有大量續訂。否則，我認為我們將看到全年的 G&A 持續下降趨勢，因為我們的一些成本削減措施在過去 12 到 18 個月內持續推行。

Got you. And then, if I could just get one more in. Just looking at the dividend change, I would say, congratulations on the competence to raise it as much as you have. But just doing a little bit of back (inaudible) math, it looks like it's probably going to be about $4.5 million a quarter, at the new rate, if I'm doing my math right.

明白了。然後，如果我能再得到一個。僅從股息變化來看，我想說，祝賀你們有能力將股息提高到如此高水準。但是，只要做一點（聽不清楚）數學計算，如果我的計算正確的話，按照新的利率計算，每季可能約為 450 萬美元。

Right.

正確的。

And just looking at the cash flow guidance of $2 million to $3 million. I guess the question is, given the timing of the raise and just looking beyond the second quarter, do you guys have confidence that you're going to be able to generate sufficient cash flow to be able to cover that dividend without eating into your reserves?

只看現金流指引就達到 200 萬至 300 萬美元。我想問題是，考慮到升息的時間並展望第二季度之後，你們是否有信心能夠產生足夠的現金流來支付股息而不會動用儲備金？

Yeah. We have tremendous confidence in the business throughout the rest of the year. If we didn't, we certainly wouldn't have doubled the dividend like we did.

是的。我們對今年剩餘時間的業務充滿信心。如果我們不這樣做，我們肯定不會像現在這樣將股息翻倍。

And whereas we think it's conceivable that we'll be able to pay the dividend from operations. At the same time, we have a lot of cash reserve, far more than enough to absorb a dividend payment as it relates to quarters, which can be a little bit lumpy in our business.

而我們認為，我們有可能從營運中支付股息。同時，我們擁有大量的現金儲備，遠遠足以吸收與季度相關的股息支付，這對我們的業務來說可能有點不穩定。

So our intent today is to pay the majority of it or all of it from operations. At the same time, we really believe that the volume of our cash and our surplus cash, beyond that needed for operations, belongs to our shareholders. That's why we implemented the dividend program. That's why we've increased it.

因此，我們今天的目的是透過營運支付大部分或全部費用。同時，我們確實相信，除了營運所需的現金和剩餘現金外，其餘的現金都屬於我們的股東。這就是我們實施股利計畫的原因。這就是我們增加它的原因。

And we're just really gratified to give this extra return to loyal shareholders, particularly those who have been with us for a long time, some over five years. I can just say, Dave, we work for the benefit and interest of our shareholders. And we're proud to do that. And we're a unique company in that despite our size, we have the ability to pay that dividend. And we'll seek to play to all our advantages to drive shareholder value.

我們非常高興能夠為忠誠的股東帶來額外的回報，特別是那些與我們共事已久的股東，有些股東已經與我們共事超過五年。我只能說，戴夫，我們是為了股東的利益而工作。我們對此感到自豪。我們是一家獨特的公司，儘管規模不大，但我們有能力支付股息。我們將盡力發揮所有優勢來提高股東價值。

Patrick Sholl, Barrington.

派崔克‧肖爾，巴林頓。

I was wondering if you could -- sorry if I missed this -- but if you could talk a little bit on the direct business and any consumer trends that you're seeing there.

我想知道您是否可以——如果我錯過了這一點，我很抱歉——但您是否可以稍微談談直接業務以及您在那裡看到的任何消費者趨勢。

Sure. I think the big thing to note there is that our overall direct subscription revenue, again, is largely a function of our marketing spend. And as we're hyper-focused on the efficiency of that spend on optimizing our CPA, you'll see some lumpiness within a pretty minimal window, as it relates to our direct subscription business.

當然。我認為需要注意的一件大事是，我們的整體直接訂閱收入很大程度上取決於我們的行銷支出。由於我們高度重視優化 CPA 支出的效率，您會在與我們的直接訂閱業務相關的極小窗口內看到一些不平衡現象。

But, going forward, you'll just see us be a lot more opportunistic at certain times of the year. So we'll have quarters where there's certainly more growth than others. But as we sit here today, we're managing our direct subscription business to something that is flat to a little bit up or a little bit down. And that's in light of the fact that we have so many large opportunities in front of us. pAnd if we're able to execute on those, then we'll have more money to allocate for marketing. We'll have additional ways to grow our direct business.

但是，展望未來，你會看到我們在一年中的某些時候會更加抓住機會。因此，我們某些季度的成長肯定會比其他季度更快。但今天我們坐在這裡，我們的直接訂閱業務處於持平、略有上升或略有下降的狀態。這是因為我們面前有這麼多巨大的機會。如果我們能夠抓住這些機遇，那麼我們將有更多的資金用於行銷。我們將採用更多方式來發展我們的直接業務。

At the same time, we anticipate many new launches of our subscription services from existing partners like Amazon, Apple, Roku, and new, less obvious partners across the world. The pace and location of these new launches, that also has an impact on our direct subscribers and direct subscription revenue.

同時，我們預計亞馬遜、蘋果、Roku 等現有合作夥伴以及全球各地的新合作夥伴將推出許多新的訂閱服務。這些新產品的推出速度和地點也會對我們的直接訂閱用戶和直接訂閱收入產生影響。

Hopefully, that's helpful, Pat.

希望這對你有幫助，Pat。

(Operator Instructions)

（操作員指示）

Ed Schneider, Quan Technology.

艾德‧施耐德（Ed Schneider），Quan Technology。

Yes. I have a question basically on the size and the sources of the pipeline for your AI licensing beyond Q2, if you could just give more color on that degree.

是的。我主要想問一下第二季之後你們的 AI 授權管道的規模和來源，請問你們能否對此進行更詳細的說明。

Appreciate that question, Ed. So we can't offer up specific names per confidentiality requirements. But in light of the quality and the quantity of our corpus, again, video, audio, text, and images. We have appealed to a broad set of licensees.

感謝你的提問，艾德。出於保密要求，我們不能透露具體姓名。但考慮到我們語料庫的品質和數量，再次強調，包括視訊、音訊、文字和圖像。我們已經向廣大被許可人發出了呼籲。

And so, this includes the most obvious, like the tech hyperscalers who are publicly active in licensing data and cumulatively spending hundreds of billions in CapEx. It also includes many other AI companies who have distinct training needs and who raised meaningful capital to allocate to data licensing.

因此，這包括最明顯的，例如公開活躍於許可數據並累積花費數千億美元的資本支出的技術超大規模企業。其中還包括許多其他具有不同培訓需求並籌集了大量資金用於數據許可的人工智慧公司。

And beyond the hyperscalers and the smaller, largely private AI companies, there's also an emerging public sector marketplace; meaning, departments and agencies of the federal government who have budget to license video and other data. So hopefully, our Silver Spring location gets us a proximity advantage here.

除了超大規模企業和規模較小、主要為私營的人工智慧公司之外，還有一個新興的公共部門市場；也就是說，聯邦政府的部門和機構有預算來授權影片和其他資料。因此希望我們的銀泉位置能為我們帶來鄰近優勢。

But these are large meaningful deals that will have a significant impact on the company. And in regard to how it impacts our profitability, I think you can assume a 40% to 50% margin for these types of agreements.

但這些都是意義重大的大交易，將對公司產生重大影響。至於它如何影響我們的獲利能力，我認為你可以假設這類協議的利潤率為 40% 到 50%。

Does that answer the question?

這回答了問題嗎？

Gross margin?

毛利率？

Yeah.

是的。

Kris Tuttle, IPO Candy.

克里斯‧塔特爾 (Kris Tuttle)，IPO Candy。

Thanks for all your hard work. It's obviously evident in the results. The one question I get most often from folks that we talked to you about this [name] is the relationship you have on the AI content side. They wonder about the duration and sustainability, like, how to think about it as you add content.

感謝您的辛勤工作。從結果來看，這一點顯而易見。當我們和你們談論這個 [名字] 時，人們最常問我的一個問題是你們在 AI 內容上的關係。他們想知道持續時間和可持續性，例如，在添加內容時如何考慮它。

Are these relationships that you're building, where you think in the long term, these can continue to repeat and grow, not the same as strictly speaking, recurring revenue. That's the big question that I get from folks that we've (inaudible).

您正在建立的這些關係，您認為從長遠來看，這些關係可以繼續重複和成長，這與嚴格意義上的經常性收入不同。這是我從我們（聽不清楚）。

Look, I think it's a very fair question. And, Chris, I'm really glad that you asked it. Let me first start by saying, if you control a library of hundreds and hundreds of thousands of hours of video and audio into the million, you're always going to be able to monetize that. That is the history of the media and technology business.

看，我認為這是一個非常公平的問題。克里斯，我很高興你問了這個問題。首先我要說的是，如果你控制著一個包含數十萬小時甚至數百萬小時的視訊和音訊的庫，那麼你總是能夠將其貨幣化。這就是媒體和科技產業的歷史。

As it relates to some of the technology and AI work that we're doing today, I've done directly or in parts of hundreds of content licensing agreements. Most of them are not written as recurring agreements. So typically, a company like ours is delivering content to a license partner. And then, provided the partner accepts the content, we then recognize all of that revenue at the start of the term.

由於它與我們今天所做的一些技術和人工智慧工作有關，我已經直接或部分地完成了數百項內容授權協議。其中大多數都不是作為定期協議而寫的。通常，像我們這樣的公司會向許可合作夥伴提供內容。然後，只要合作夥伴接受內容，我們就會在期限開始時確認所有收入。

And so -- well, it might not look like a subscription recurring agreement in the traditional sense, it certainly can become de facto recurring. And for us, to be super clear, it has. Every partner we've worked with today has asked for more data beyond our initial agreement. So if we continue the strong relationships by delivering high-quality, diverse content on time and at the scope and scale they're looking for, we will have, effectively a robust recurring business.

所以——好吧，它可能看起來不像傳統意義上的訂閱定期協議，但它肯定可以成為事實上的定期協議。對我們來說，非常清楚的是，確實如此。今天與我們合作的每一位合作夥伴都要求提供超出我們最初協議的更多數據。因此，如果我們繼續保持牢固的關係，按時、按照他們所尋求的範圍和規模提供高品質、多樣化的內容，我們將有效地擁有強勁的經常性業務。

And the other part I might add here is, will we be granting exactly the same scope of rights today? Namely, like an AI video training right? A year from now, two years from now, three years from now? I can't say for certain. I'd say it's highly likely.

我在這裡想補充的另一點是，我們今天是否會授予完全相同範圍的權利？也就是說，就像 AI 影片訓練一樣，對嗎？一年後，兩年後，三年後？我不能肯定地說。我認為這很有可能。

But what we do know for sure, based on decades of content and data licensing practices is, again, if we control high volume, there will be considerable demand for our corpus. We also know that the hyperscalers and many others, they don't want to work with hundreds of licensors. They aren't today and they won't. They want to work at scale, with a very finite number.

但根據數十年的內容和數據許可實踐，我們可以肯定的是，如果我們控制大量數據，我們的語料庫將有相當大的需求。我們也知道，超大規模企業和許多其他企業不想與數百家授權人合作。他們今天不會這樣做，將來也不會這樣做。他們希望在數量有限的情況下進行大規模工作。

And lastly, as I alluded to, we believe there'll be new grants of rights, 12 months from now, that don't exist today or have not been specifically negotiated. So I think our approach is just like we do in other areas of our third-party business continue to build great relationships with these companies and continue to look for many ways to partner with them so that it works for our good and have been ideally for our partners good.

最後，正如我所提到的，我們相信，12 個月後將會出現新的權利授予，而這些權利目前並不存在，或尚未經過專門談判。因此，我認為我們的方法就像我們在第三方業務的其他領域所做的那樣，繼續與這些公司建立良好的關係，並繼續尋找與他們合作的多種方式，以便這對我們有利，理想情況下對我們的合作夥伴也有利。

Congratulations, again. That's a great result.

再次恭喜。這是一個很好的結果。

This concludes the Q&A portion of today's call.

今天電話會議的問答部分到此結束。

Thank you.

謝謝。