CuriosityStream Inc (CURI) 2025 Q2 法說會逐字稿

Good afternoon. My name is Bella, and I'll be your conference operator today. I'd like to welcome everyone to the CuriosityStream second-quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫貝拉，今天我將擔任您的會議主持人。歡迎大家參加 CuriosityStream 2025 年第二季財報電話會議。（操作員指示）

I will now turn the call over to Tia Cudahy with CuriosityStream. You may begin your conference.

現在我會把電話轉給 CuriosityStream 的 Tia Cudahy。您可以開始您的會議了。

Thank you and welcome to CuriosityStream's discussion of its second 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. But first, I'll review the Safe Harbor statement.

謝謝您，歡迎參加 CuriosityStream 對其 2025 年第二季財務業績的討論。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。但首先，我將回顧安全港聲明。

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.

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，這些聲明根據聯邦證券法屬於前瞻性聲明。這些聲明並非對未來績效的保證，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階層目前的觀點，本公司不承擔修改或更新這些陳述或在未來做出額外前瞻性陳述的義務。

For a discussion of the material risk 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 June 30, 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。更多資訊也將列在我們提交的截至 2025 年 6 月 30 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 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. To state the obvious, we are living and operating today in an extraordinary and transformational time in media and technology. While I will talk later about what this revolution means for CuriosityStream. I'd first like to share our Q2 highlights. Quarterly revenue grew by 53% year over year from $12.4 million to %19 million, far exceeding the high end of our guidance. Revenue also grew sequentially from Q1 by 26%.

謝謝你，蒂亞。顯而易見，我們今天正生活和工作在媒體和科技的非凡變革時代。我稍後會談論這場革命對 CuriosityStream 意味著什麼。首先我想分享我們第二季的亮點。季度營收年增 53%，從 1,240 萬美元增至 1,900 萬美元，遠遠超出了我們預期的上限。營收也較第一季環比成長了 26%。

Net income was again positive and improved by nearly $3 million year over year. Adjusted EBITDA grew by over $4 million year over year from negative $1 million to positive $3.1 million also exceeding the high end of our guidance. More granularly, our subscription revenue increased sequentially, and our licensing revenue powered by video and audio for AI training grew considerably. In short, our business is strong and strengthening across the board. Brady will provide more color around these and other key metrics in his part.

淨收入再次為正，年增近 300 萬美元。調整後的 EBITDA 年成長超過 400 萬美元，從負 100 萬美元增至正 310 萬美元，也超過了我們預期的高端。更具體地說，我們的訂閱收入連續成長，而由用於人工智慧訓練的視訊和音訊驅動的授權收入大幅成長。簡而言之，我們的業務強勁且全面加強。布雷迪將在他的部分中提供有關這些和其他關鍵指標的更多細節。

In regard to our subscription revenue trajectory, we recently entered into new and expanded multi-year wholesale distribution agreements in Asia, Latin America, and the US, which we believe will ensure our overall subscription revenue is up and to the right for the foreseeable future. Further underscoring our confidence, we recently launched CuriosityStream and Curiosity University in new international markets with retail channel store partners like Prime Video channels. We licensed a slate of traditional individual titles and series to both new and returning partners, including public broadcasters, pay TV channels, and academic distributors across the US, Europe, Asia, and Latin America.

關於我們的訂閱收入軌跡，我們最近在亞洲、拉丁美洲和美國簽訂了新的、擴大的多年期批發分銷協議，我們相信這將確保我們的整體訂閱收入在可預見的未來保持上升勢頭。為了進一步強調我們的信心，我們最近與 Prime Video 等零售通路商店合作夥伴在新的國際市場推出了 CuriosityStream 和 Curiosity University。我們向新舊合作夥伴授權了一系列傳統的單集和系列作品，其中包括美國、歐洲、亞洲和拉丁美洲的公共廣播公司、付費電視頻道和學術經銷商。

Today, August 5, we premiere a major series on the world's most influential streaming platform, Netflix. Titans: The Rise of Hollywood is a six-episode premium drama that chronicles the extraordinary rise of Hollywood's studio system, driven by the ambition and vision of first-generation immigrant pioneers. This world-class series blends power, scandal, greed, and profound insight into the human condition. We're eager to see how it resonates with Netflix's broad audience.

今天，8 月 5 日，我們在全球最具影響力的串流平台 Netflix 上首播一部重要劇集。《泰坦：好萊塢的崛起》是一部六集的優質劇集，講述了好萊塢製片廠體系在第一代移民先驅的雄心和遠見的推動下非凡崛起的過程。這部世界級的電視劇融合了權力、醜聞、貪婪以及對人類處境的深刻洞察。我們迫切希望看到它如何引起 Netflix 廣大觀眾的共鳴。

The dataset licensing for AI training in the form of premium video, audio, scripts, and study guides grew substantially for the third quarter in a row. In addition to these premier, ethically sourced corpuses, we also licensed about nine million tokens of code for the first time ever. While video sits firmly at the top of the data set leaderboard in value and demand, our licensing of code is a testament to the value of controlling rights to all manner of IP for licensing and an illustration of the principle land and expand, which we are doing and will continue to do by overdelivering and delighting our partners.

以優質視訊、音訊、腳本和學習指南形式出現的人工智慧訓練資料集授權連續第三個季度大幅增長。除了這些一流的、符合道德標準的語料庫之外，我們還首次獲得了約 900 萬個程式碼令牌的授權。雖然影片在價值和需求方面穩居資料集排行榜的首位，但我們的程式碼授權證明了控制各種 IP 授權的價值，並說明了原則性的落地和擴張，我們正在做並將繼續透過超額交付和取悅我們的合作夥伴來做到這一點。

We were asked frequently by investors and content partners to help them better understand the lifespan and durability of data licensing for AI training and other initiatives. Is this recurring? They ask. Is this one and done? Do you know how many millions or billions of video hours are needed? What is your mode? What happens if you run out of video? Aren't you concerned about legal and regulatory issues? What will be the impact when the biggest studios move into this area? Will synthetic training data replace authentic data?

投資者和內容合作夥伴經常要求我們幫助他們更了解人工智慧訓練和其他計劃的資料授權的壽命和持久性。這種情況會反覆發生嗎？他們問。這是一次性完成的嗎？您知道需要多少百萬或數十億小時的影片嗎？你的模式是什麼？如果影片用完了會發生什麼事？您不擔心法律和監管問題嗎？當最大的工作室遷入該地區時會產生什麼影響？合成訓練資料會取代真實資料嗎？

These are good and important questions, and while no one can perfectly predict the future, we have a tight team who has spent the last 16 months working on making CuriosityStream the dominant AI video licenser. This work has been done hands on, day by day, partner by partner, shoulder to the wheel. While we have many unique advantages, four critical ones are: one, our deep and curated global premium video and audio library; two, long-standing relationships with rights holding premium content producers around the world; three, programming services worldwide that we are simultaneously feeding; and number four, something that really sets us apart, the technical capability to structure our data in a superior manner to our peers.

這些都是很好且重要的問題，雖然沒有人能夠完美地預測未來，但我們有一個緊密的團隊，他們在過去的 16 個月裡致力於使 CuriosityStream 成為主導的 AI 影片授權商。這項工作是需要我們日復一日、與合作夥伴並肩努力、親力親為地完成的。我們擁有許多獨特的優勢，其中四個至關重要：第一，我們精心挑選的全球優質視頻和音頻庫；第二，與世界各地持有優質內容版權的製作商建立的長期合作關係；第三，我們同時為全球提供節目製作服務；第四，真正讓我們脫穎而出的是，我們擁有以優於同行的方式構建數據的技術能力。

We believe we've had more conversations across the licensing and model training ecosystem than our competitors, and we've translated these conversations into executed partnerships. Our perspective isn't theoretical. It hasn't come from commissioning an overpriced McKinsey study or from spending time in the Yale faculty lounge. Our point of view is rooted in real-world experience indeed.

我們相信，我們在授權和模型培訓生態系統方面比競爭對手進行了更多的對話，並且我們已經將這些對話轉化為已執行的合作夥伴關係。我們的觀點並不是理論性的。它並不是透過委託麥肯錫進行一項高價研究或在耶魯大學教員休息室裡度過的時間而產生的。我們的觀點確實植根於現實世界的經驗。

Every new type of business model tends to go through a period of early chaos and uncertainty, but eventually the cloud is clear, the blue sky presents itself. In regard to the questions I cited earlier, we know that large scale AI models require enormous volumes of video data for training. Simply put, as they become more advanced, they need to be fed more.

每種新型商業模式往往會經歷一段早期的混亂和不確定性，但最終烏​​雲會散去，藍天會顯現。關於我之前提到的問題，我們知道大規模人工智慧模型需要大量的視訊資料進行訓練。簡單來說，隨著它們變得越來越先進，它們需要更多的食物。

Scaling laws and AI show that additional video improves accuracy and generative capabilities, even with diminishing marginal returns. AI company is not generating continuous performance gains. They are losing.

縮放定律和人工智慧表明，即使邊際收益遞減，額外的影片也能提高準確性和生成能力。人工智慧公司並沒有持續地提高業績。他們正在失敗。

Further, freshness and recency are critical because cultural trends, products, and virtual references are constantly evolving. In other words, models need ongoing updates to stay relevant and avoid obsolescence. That's the synthetic data. It is incomplete.

此外，新鮮度和新近度至關重要，因為文化趨勢、產品和虛擬參考都在不斷發展。換句話說，模型需要不斷更新才能保持相關性並避免過時。這就是合成數據。它是不完整的。

Simulated video can augment real data but doesn't fully replicate real world physics actions for the diversity and context of authentic video and data. We believe the market for high-quality, ethically sourced, rights cleared video and audio content is incredibly durable and only growing for the foreseeable future. We're reviewing real video and audio RFPs, so we do have some insight into the quantity requirements, millions of hours, and category and structural imperatives.

模擬影片可以增強真實數據，但不能完全複製現實世界的物理動作，以適應真實影片和數據的多樣性和背景。我們相信，高品質、符合道德規範、版權認可的視訊和音訊內容市場具有極強的持久性，並且在可預見的未來只會不斷增長。我們正在審查真實的視訊和音訊 RFP，因此我們對數量要求、數百萬小時以及類別和結構要求有一些了解。

Everyone should do their own research, but there are estimates that the industry-wide need for video could range from billions to tens of billions of hours. While some of what I just shared may sound a bit like consultant speak, I'll speak more plainly to the recurring nature of this business. Everyone wants seconds and thirds, and some already fourth and fifth. So for us, this is de facto recurring revenue, which again comes from having the overall best corpus of video and audio in the industry and from working to treat our partners on all sides of the equation like gold.

每個人都應該做自己的研究，但據估計，整個產業對影片的需求可能達到數十億到數百億小時。雖然我剛才分享的一些內容可能聽起來有點像顧問的說法，但我會更清楚地談談這個業務的重複性。每個人都想獲得第二名和第三名，有些人已經獲得第四名和第五名。因此，對我們來說，這是事實上的經常性收入，這又來自於擁有業界最好的視訊和音訊資源，以及努力對待各個方面的合作夥伴。

Will you run out of content to license? No chance. Just as painters are always painting the Golden Gate Bridge, always it never stops. We are similarly continuously creating and acquiring content for our streaming services and channels around the world. Further, the hyperscalers and the many other AI companies who are and who we believe will license video for training, want to work with partners who control a highly reputable critical mass of content. They tell us that this typically means a minimum of several 100,000 hours.

您是否會用盡需要授權的內容？沒有機會。就像畫家們一直在描繪金門大橋一樣，它永遠不會停止。我們同樣也不斷為世界各地的串流服務和頻道創作和獲取內容。此外，超大規模企業和許多其他人工智慧公司（我們相信他們將獲得視訊培訓許可）希望與控制著聲譽良好的大量內容的合作夥伴合作。他們告訴我們，這通常意味著至少幾十萬個小時。

The long-term durability and recurring nature of this revenue is further sustained by the additional monetizable grants of rights that are emerging and will be required. To be clear, we are granting today only a training right. In the future, we will negotiate and license additional monetizable rights. A few examples include display rights, certain derivative rights, transformative rights, certain reproduction rights, and adaptation rights. Another near certainty is that we will be asked to license rights in the future that we haven't even contemplated today.

不斷湧現且必要的額外可貨幣化權利授予將進一步維持這種收入的長期持久性和經常性。需要明確的是，我們今天授予的只是培訓權。未來，我們將協商並授權額外的可貨幣化權利。一些例子包括展示權、某些衍生權、轉化權、某些複製權和改編權。另一個幾乎可以肯定的是，我們將來會被要求授權我們今天甚至還沒有考慮過的權利。

Another common question, what is your moat? Most obvious tangible moat is our superior volume of premium rights cleared content available for license. The largest studios have libraries of 100,000 to 225,000 hours. We have control of and access to exponentially more hours than that, and our volume is growing every day. In addition, our ability to structure our data gives us a real competitive advantage.

另一個常見的問題是，你的護城河是什麼？最明顯的有形護城河是我們可供授權的優質版權內容的大量數量。最大的工作室擁有 100,000 至 225,000 小時的影片庫。我們可以控制和存取比這多得多的時間，而且我們的工作量每天都在增長。此外，我們建構數據的能力為我們帶來了真正的競爭優勢。

I'm referring to our ability to clip, index, label, and annotate at scale hundreds of thousands of hours into any segment length in a very short time. To index, to annotate, and again to label at scale. Think traditional metadata on steroids, but steroids wildly more powerful than the ones given to the best Eastern European javelin throwers.

我指的是我們能夠在很短的時間內將數十萬小時的內容剪輯、索引、標記和註釋成任意長度的片段。進行索引、註釋，並再次按比例標記。想想類固醇的傳統元數據，但類固醇比給最好的東歐標槍運動員使用的類固醇要強大得多。

This structure of metadata makes content we supply that much more valuable to our licensee partners. Intangibly, it's also simply action, action, action, enhancing our existing relationships and building new ones. As we have done and as we continue to do the hard foundational work, we're well armed to execute at a scale we think beyond potentially anyone in the space.

這種元資料結構使得我們提供的內容對於我們的授權合作夥伴來說更有價值。無形中，它也只是行動、行動、行動，增強我們現有的關係並建立新的關係。正如我們已經完成的以及我們繼續進行的艱苦的基礎工作一樣，我們已做好充分準備，可以達到我們認為超越該領域任何人的規模。

Again, I'm referring to our ability to structure our data clip index, label, annotate. We are now able ourselves to create this type of metadata for our content that we would not have thought possible even three or four months ago. This metadata makes the content we supply that much more valuable to the AI licensees.

再次，我指的是我們建立資料剪輯索引、標籤和註釋的能力。現在，我們能夠自己為我們的內容創建這種類型的元數據，這在三、四個月前我們還認為是不可能的。這些元資料使得我們提供的內容對於 AI 許可證持有者來說更有價值。

Lastly, on this topic, it's critical to be able to distinguish between signal and noise. All of us are deluged every day with viewpoints around AI from seemingly every information source, like legal and regulatory concerns. What did the President just announce? What did the AIs are -- David Sacks say on the All-In podcast? Will your job be replaced?

最後，關於這個主題，能夠區分訊號和噪音至關重要。我們每天都會被來自各個資訊來源的有關人工智慧的觀點所淹沒，例如法律和監管問題。總統剛剛宣布了什麼？人工智慧是什麼——大衛薩克斯在 All-In 播客中說了什麼？你的工作會被取代嗎？

What are the threats to humanity and our personal security that we need to address? How do we keep the [god] in the box? Is China beating us in the race? For our purposes, 99% of this is noise, meaning irrelevant or distracting data.

我們需要應對哪些對人類和我們個人安全的威脅？我們如何將[上帝]保留在盒子裡？中國在這場競賽中打敗我們了嗎？就我們的目的而言，其中 99% 都是噪音，即不相關或分散注意力的數據。

Now more than ever, we will be successful by simply focusing on the signal, the meaningful information we need to detect and understand and act on in the direct service of our business objectives, namely meeting the licensing needs of our AI partners. We see and hear the signal. We will not be distracted by the noise.

現在，我們比以往任何時候都更需要專注於訊號，專注於我們需要檢測、理解和採取行動的有意義的訊息，以直接服務於我們的業務目標，即滿足我們的人工智慧合作夥伴的許可需求，從而獲得成功。我們看到並聽到了信號。我們不會被噪音分散注意力。

Over the past century, value creation media has consistently migrated to those able to capitalize on paradigm shifting innovation. The first TV broadcast in 1928, the global satellite lake of 1967 that brought billions together to watch the Beatles, and from Cable and DTH in the late 20th century to the rise of YouTube in 2005 and Netflix's streaming model in 2007. Every new wave crowned new leaders and left slow movers behind.

在過去的一個世紀裡，價值創造媒體不斷向那些能夠利用典範轉移創新的人轉移。從 1928 年的首次電視廣播，到 1967 年吸引數十億人觀看披頭四樂團演出的全球衛星廣播，再到 20 世紀末的有線電視和 DTH 電視，再到 2005 年 YouTube 的興起和 2007 年 Netflix 的串流模式。每一次新浪潮都會產生新的領導者，而行動遲緩的人則會被拋在後面。

Today as we enter the mid 2020s, we're standing at the threshold of the most profound disruption and advancement yet. It's not an iteration. It's a redefinition and one that will surely bring about a reordering across many, if not all industries. Looking ahead to 2026, we at CURI are confident in two dynamics: One, we will license more video and data than we did in 2025; and two, we will be the or among the dominant licensers of video for AI model training.

今天，當我們進入 2020 年代中期時，我們正站在迄今為止最深刻的顛覆和進步的門檻上。這不是一個迭代。這是一個重新定義，它必將為許多行業（即使不是所有行業）帶來重新排序。展望 2026 年，CURI 對兩種動態充滿信心：第一，我們將比 2025 年授權更多的視訊和資料；第二，我們將成為 AI 模型訓練影片的主要授權者或其中之一。

In closing, we believe our strong balance sheet, $31 million in liquidity and no debt; and our continued double-digit growth in both top-line revenue and cash flow; our leadership in AI video and data licensing, our library of over 1 million hours of video; and our $0.32 annual dividend position us as a high-performance outlier amid a historical technological revolution. The rapid acceleration of AI is not just reshaping industries; it is redrawing the competitive landscape.

最後，我們相信，我們強勁的資產負債表、3100 萬美元的流動資金和零債務；以及我們的營業收入和現金流持續兩位數增長；我們在人工智能視頻和數據許可方面的領導地位、超過 100 萬小時的視頻庫；以及我們每年 0.32 美元的股息，使我們成為歷史性技術革命中的高績效異類。人工智慧的快速發展不僅重塑了產業，也重新繪製了競爭格局。

We believe CURI is uniquely positioned to capitalize on this ship. Our diversified revenues from subscriptions, licensing and advertising, our expanding ecosystem of technology and media partners, and public market currency create powerful operating leverage and optionality. Simultaneously, our disciplined cost rationalization efforts ensure efficiency without compromising growth. Over to you, Brady.

我們相信 CURI 擁有獨特的優勢，可以利用這艘船。我們從訂閱、授權和廣告中獲得的多元化收入、不斷擴大的技術和媒體合作夥伴生態系統以及公開市場貨幣創造了強大的經營槓桿和可選性。同時，我們嚴謹的成本合理化措施確保了效率，同時又不影響成長。交給你了，布雷迪。

Thank you, Clint, and good afternoon, everyone. Our full 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 second-quarter results that we want to highlight. Clint said in the second quarter we reported revenue of $19 million exceeding our guidance and a 53% increase compared to $12.4 million a year ago. Continue to generate net income in the second quarter with earnings coming in at $0.8 million or $0.01 per share and a $2.8 million improvement from 2024.

謝謝你，克林特，大家下午好。我們的完整業績將在我們將在未來一兩天內提交的 10-Q 報告中公佈，但請允許我快速介紹一下我們想要強調的一些第二季度業績。克林特表示，第二季我們的營收為 1,900 萬美元，超出預期，與去年同期的 1,240 萬美元相比成長了 53%。第二季繼續產生淨收入，收益為 80 萬美元或每股 0.01 美元，比 2024 年增加 280 萬美元。

Likewise, we reported another quarter of positive adjusted EBITDA, which came in at $3 million, an improvement of $4 million from a year ago, and also the highest adjusted EBITDA in company history. Adjusted free cash flow came in at $2.9 million near the high end of our guidance range and an increase of $0.4 million compared to last year. This also represented our sixth quarter in a row of positive adjusted free cash flow.

同樣，我們報告了另一個季度的正調整後 EBITDA，達到 300 萬美元，比去年同期增加了 400 萬美元，也是公司歷史上最高的調整後 EBITDA。調整後的自由現金流達到 290 萬美元，接近我們指導範圍的高端，與去年相比增加了 40 萬美元。這也代表我們連續第六個季度實現正調整後自由現金流。

Revenue for the second quarter was led by content licensing, which came in at $9.3 million, an increase from last year of over $8 million driven by significant new business from AI licensing. Our subscription revenue, which we consider our D2C, partner direct, and bundle distribution revenues was also $9.3 million in the second quarter. This was a $1.7 million decline from last year, but a sequential increase from Q1, a trend that we believe will continue.

第二季的營收主要來自內容授權，達到 930 萬美元，較去年同期成長 800 多萬美元，主要得益於人工智慧授權帶來的大量新業務。我們的訂閱收入（我們認為是我們的 D2C、合作夥伴直接和捆綁分銷收入）在第二季也達到了 930 萬美元。這比去年同期下降了 170 萬美元，但比第一季有所增加，我們相信這一趨勢將會持續下去。

Second-quarter gross margin was 53%, a slight improvement from 52% a year ago. While we're seeing continued reductions in content amortization, our cash cost of revenue increased slightly, a result of growth we're seeing in the licensing of content that we have acquired through revenue share arrangements and associated storage costs.

第二季毛利率為53%，較去年同期的52%略有改善。雖然我們看到內容攤銷持續減少，但我們的現金收入成本略有增加，這是我們透過收入分成安排和相關儲存成本獲得的內容授權的成長的結果。

Regarding other operating expenses, combined costs for advertising and marketing plus G&A were down 8% compared to last year as we continue to benefit from our ongoing cost rationalization. And excluding stock-based compensation, G&A declined 10% from a year ago.

至於其他營運費用，由於我們繼續受益於持續的成本合理化，廣告和行銷加上一般及行政費用的綜合成本與去年相比下降了 8%。除股票薪酬外，一般及行政開支較上年同期下降了 10%。

As I mentioned earlier, adjusted EBITDA was $3 million in the second quarter compared to a loss of $1 million a year ago. And adjusted free cash flow was $2.9 million in the quarter compared with $2.5 million a year ago.

正如我之前提到的，第二季調整後的 EBITDA 為 300 萬美元，而去年同期的虧損為 100 萬美元。本季調整後的自由現金流為 290 萬美元，去年同期為 250 萬美元。

In June, we paid dividends of $10.4 million including our ordinary Q2 dividend of $4.6 million as well as a $5.8 million special dividend. And at yesterday's closing price, our shares currently provide for about a 6.5% dividend yield. We ended the quarter with total cash and securities of $30.7 million and no outstanding debt.

6 月份，我們支付了 1,040 萬美元的股息，其中包括 460 萬美元的第二季普通股息以及 580 萬美元的特別股息。以昨天的收盤價計算，我們股票目前的股息殖利率約為 6.5%。本季末，我們的現金和證券總額為 3,070 萬美元，沒有未償債務。

We believe our balance sheet remains in great shape and that this provides a significant operating flexibility. Looking forward for the third quarter, we expect revenue in the range of $15 million to $18 million and for 2025, we expect adjusted free cash flow in the range of $11million to $13 million for the full year.

我們相信我們的資產負債表仍然狀況良好，這提供了很大的經營彈性。展望第三季度，我們預計營收將在 1,500 萬美元至 1,800 萬美元之間，而對於 2025 年，我們預計全年調整後的自由現金流將在 1,100 萬美元至 1,300 萬美元之間。

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

這樣，我們就可以將其交還給貝拉並開始提問。

(Operator Instructions) Laura Martin, Needham.

（操作員指示）勞拉·馬丁，尼德姆。

Great results. Congratulations, you guys.

效果非常好。恭喜你們。

Thanks, Laura.

謝謝，勞拉。

My first question is so financial theory tells us we must ignore [such cost]. So my question, Clint, is why are you in the media business? The core media business, which is --

我的第一個問題是，金融理論告訴我們必須忽略[這樣的成本]所以我的問題是，克林特，你為什麼從事媒體業？核心媒體業務--

This is a great question, Laura, and I appreciate you asking that. I think we're in the core media business because we have a subscription video on demand business that is strong, that is global, that is durable, and I think represents the core of who we are as a company. And so I think you may be asking like, okay, if you're doing this type of technology licensing, why are -- why do you continue to do this?

蘿拉，這個問題問得非常好，我很感謝你提出這個問題。我認為我們從事核心媒體業務，因為我們擁有強大的、全球化的、持久的訂閱視訊點播業務，我認為這代表了我們公司的核心。所以我想你可能會問，好吧，如果你正在進行這種類型的技術許可，為什麼——你為什麼要繼續這樣做？

And our answer is all of this works hand in glove. All of this works closely together. I mean, the vision that we have for Curiosity over the near, mid and long term, Laura, is that we will have three solid revenue pillars: subscription business, the licensing business, and advertising business.

我們的答案是，所有這些都是密切相關的。所有這些都緊密地結合在一起。勞拉，我的意思是，我們對「好奇號」的近期、中期和長期願景是，我們將擁有三大穩固的收入支柱：訂閱業務、授權業務和廣告業務。

We believe our subscription business will grow steadily. We've done a lot of work to enter into certain wholesale agreements and other agreements that we believe really firm up the foundation and put us in a position to grow steadily. So we believe subscription will grow steadily.

我們相信我們的訂閱業務將會穩定成長。我們做了大量工作來達成某些批發協議和其他協議，我們相信這些協議確實鞏固了基礎並使我們處於穩步增長的地位。因此我們相信訂閱量將會穩定成長。

License thing, we believe, will grow rapidly and certainly a high growth area; and then advertising, which for us is still nascent, I think holds significant steady and high-growth opportunity over time. And I'd say everything works together because the reason that we're the reason that we've been able to build such a large library for AI licensing is because of all the existing relationships that we have around the world with producers and distributors. We're constantly acquiring content for our free subscription services, for our linear pay TV channels, for AVOD, for FAST.

我們相信，許可證業務將會快速成長，並且肯定是一個高成長領域；然後是廣告，雖然對我們來說仍處於起步階段，但我認為隨著時間的推移，它將擁有顯著的穩定和高成長機會。我想說一切都是協同工作的，因為我們之所以能夠建立如此龐大的 AI 許可庫，是因為我們與世界各地的生產商和分銷商建立了現有的關係。我們不斷為我們的免費訂閱服務、線性付費電視頻道、AVOD 和 FAST 取得內容。

And so because we're doing this, because we have the people in place, the processes in place to do this, it's not a huge extra lift to add on the ability to license AI rights or other rights as well. So we're in it because it all works hand in glove. It all works together, and I think it'd be very difficult to be in just one of these today.

因為我們正在這樣做，因為我們有人員到位，流程到位，所以增加許可人工智慧權利或其他權利的能力並不是一個巨大的額外提升。所以我們參與其中，因為一切都緊密相連。所有這些都是協同工作的，我認為今天只參與其中的任何一個都會非常困難。

Okay, and then what are the extra costs? Do they start aggregating more and more content and licensing to a broader flock of people? They all have different needs. They all have different tech style.

好的，那麼額外費用是多少？他們是否開始向更廣泛的人群聚集越來越多的內容和許可？他們都有不同的需求。他們都有不同的技術風格。

What are -- what should we expect to see cost increases happen as you pivot more towards this high-growth licensing for [components] business?

當您更多地轉向這種高成長的[組件]授權業務時，我們應該預期成本會增加嗎？

One of the things we're very proud of is we've amassed a library of over a million hours of content, primarily on a rev share basis. So what that means is as we license our content, obviously, if it's our content, there's 100% margin. If it's our partner's content, we're paying out a piece to them. And so it's maybe 40% to 50% margin, something in that in that frame.

我們非常自豪的事情之一是，我們已經累積了超過一百萬小時的內容庫，主要以收入分成的方式。所以這意味著當我們授權我們的內容時，顯然，如果它是我們的內容，那麼就有 100% 的利潤。如果這是我們合作夥伴的內容，我們會向他們支付一部分費用。因此，利潤率可能為 40% 到 50%，在那個框架內大概是這個水準。

So our approach -- because as we got into this, we knew a couple of things. We knew that we were going to have to amass a lot of content in order to make it a meaningful business. And we knew that we need to work with a lot of partners. But at the same time, we also have told you and many other people that we're going to run a profitable business. So we needed to do all of that in a way that didn't layer on cost to our business today.

所以我們的方法——因為當我們進入這個領域時，我們知道了一些事情。我們知道，我們必須累積大量內容才能使其成為一項有意義的業務。我們知道我們需要與許多合作夥伴合作。但同時，我們也告訴您和其他許多人，我們將經營一項有利可圖的業務。因此，我們需要以一種不會增加當前業務成本的方式來完成所有這些工作。

So we can continue to amass content like this. Over time, would it make sense for us to pay outright for certain large libraries that are available? We'll look at that as an ongoing basis. But essentially right now, the only cost that we see going up would be storage and delivery costs, to some extent. But in the grand scheme of things, those are relatively de minimis.

所以我們可以繼續累積這樣的內容。隨著時間的推移，我們是否有必要直接為某些可用的大型圖書館付費？我們將持續關注這一點。但從本質上講，目前我們看到的唯一上漲的成本在某種程度上是儲存和運輸成本。但從整體來看，這些都是相對微不足道的。

So like hosting costs and R&D costs and hiring tech geniuses that doesn't add a lot to the cost structure ?

因此，託管成本、研發成本以及聘請技術天才不會為成本結構帶來太大的增加？

It does not, Laura. Wee pride ourselves on being a tight company of 42 full-time people and I think over the course of this year we'll be at $1.5 million to $2 million per employee in revenue.

事實並非如此，勞拉。我們為自己是一家擁有 42 名全職員工的緊密公司而感到自豪，我認為今年我們每位員工的收入將達到 150 萬至 200 萬美元。

Excellent. Thank you.

出色的。謝謝。

Thank you, Laura. Much appreciated.

謝謝你，勞拉。非常感謝。

(Operator Instructions) Kris Tuttle, IPO.

（操作員指示）Kris Tuttle，IPO。

Hi, thanks a lot. You guys did a great job covering everything, so I don't have a lot of questions. One thing you did say that surprised me, Clint, is you said something about code, and I guess I wanted to understand a little bit more about what that is and how that -- if that's something that we should be looking for more of in the future and you know that's pretty interesting comment.

你好，非常感謝。你們把所有內容都講得很好，所以我沒有太多疑問。克林特，你說的一件事確實讓我感到驚訝，那就是你提到了一些關於程式碼的事情，我想我想要更多地了解它是什麼以及它是如何的——如果這是我們將來應該尋找更多的東西，你知道這是一個非常有趣的評論。

Yeah, thank you for asking, Kris. As we began licensing data for AI training, we took a look at what we had and we took a look at the industry. And obviously like video, as I said, that sits -- that's at the top of the leaderboard in terms of value, in terms of demand.

是的，謝謝你的詢問，克里斯。當我們開始授權用於人工智慧訓練的資料時，我們審視了我們所擁有的東西，也審視了整個產業。顯然，就像我說的，影片在價值和需求方面都位居榜首。

Audio is kind of underneath that. Images, study guides, scripts, those are valuable as well. But we did also have code in the early days -- the earliest days of AI training licensing. There was a lot of code that was scraped, that was scraped from the internet sites like GitHub. There was also some proprietary code that wasn't there that people licensed out.

音頻就位於其下方。圖像、學習指南、腳本，這些也都很有價值。但在早期——人工智慧訓練許可的早期——我們也確實有程式碼。有很多程式碼是從 GitHub 等網路網站上抓取的。還有一些不存在的專有程式碼，人們已經授權給了別人。

I never thought in a million years, to be honest with you, that we would be able to license our code. But you know we've included it in our sales materials with a number of different partners. And so you know as we build relationships with these companies and as their needs evolve and change, it is something that we have -- I don't -- I can't really speak to the long-term value of it, but the long term nature. I just think it goes to the value in owning and controlling good IP.

老實說，我從來沒有想過我們能夠授權我們的程式碼。但您知道，我們已將其納入與許多不同合作夥伴的銷售資料中。所以你知道，當我們與這些公司建立關係時，隨著他們的需求不斷發展和變化，這是我們所擁有的東西——我無法真正談論它的長期價值，但具有長期性。我只是認為這關係到擁有和控制好的智慧財產權的價值。

That's, I think, the big point here. And that's why I think if you control millions of hours of video and other data, there will always be ways to monetize that. And I just point this out as something that is just kind of unique, unsuspected and representative of something else that I said, like, talked about these additional rights that we monetized. I think it's in addition to potentially data that we're not aware is valuable, I think there will be additional licensing rights that we haven't even contemplated today. So hopefully, that's helpful.

我認為這就是這裡的重點。這就是為什麼我認為如果你控制數百萬小時的影片和其他數據，就總會有辦法將其貨幣化。我只是指出這一點，因為它是一種獨特的、意想不到的、代表性的東西，就像我所說的，談論我們貨幣化的這些額外權利。我認為除了我們不知道的潛在有價值的數據之外，我認為還會有我們今天甚至還沒有考慮過的額外許可權。希望這會有所幫助。

Yeah, I mean, one slightly expanded follow-on questionnaire which I guess it's a little bit into what Laura was bringing up, there's entertainment content and then there are -- I can't even tell you how many millions of hours of training video content has been built at very high levels of quality for -- in the hospitality industry and things like that. Are those areas that you're currently involved in, how significant is that on the roadmap? I'm just trying to gauge where that is on the timeline.

是的，我的意思是，一個稍微擴展的後續問卷，我想它有點涉及勞拉提到的內容，有娛樂內容，然後還有——我什至無法告訴你，在酒店業和諸如此類的行業中，已經製作了多少百萬小時的高質量培訓視頻內容。這些是您目前參與的領域嗎？在路線圖上有多重要？我只是想判斷它在時間線上的位置。

I think that's it's a really good question, Kris. And we're not actively looking at that right now. What we're primarily focused on amassing in the video space is obviously, continuing to build out our massive factual entertainment library. But as part of this, we've definitely increased our scripted content, meaning general entertainment, movies, series, animation, kids. We've increased significantly our sports content. And we've increased significantly some of our audio content as well.

我認為這是一個非常好的問題，克里斯。我們現在還沒有積極考慮這個問題。顯然，我們在影片領域主要致力於累積的內容是繼續建立我們龐大的紀實娛樂庫。但作為其中的一部分，我們確實增加了劇本內容，包括一般娛樂、電影、連續劇、動畫和兒童。我們大幅增加了體育內容。我們也大幅增加了一些音訊內容。

So as it relates to those types of videos, whether they're promotional or instructional, I think I think they can absolutely have value, particularly if they -- the challenge comes, have they been in front of the paywall or behind the paywall. So a lot of that content, if it's free running around on the Internet, there's a good chance that it's already been trained on.

因此，就這些類型的影片而言，無論它們是宣傳性的還是教學性的，我認為它們絕對有價值，特別是如果它們——挑戰在於，它們是在付費牆前面還是後面。因此，如果很多內容在網路上免費傳播，那麼很有可能已經經過了訓練。

At the same time, there is a whole lot of video, to your point, outside of what traditional media companies own that has value in the licensing space. And if you believe that you know that these models will need billions or tens of billions of hours of video and it certainly can't all be synthetic, and it can't -- all these stuff that's been freely available on the Internet, it could definitely have value.

同時，正如您所說，除了傳統媒體公司擁有的影片之外，還有很多影片在授權領域具有價值。如果你相信這些模型需要數十億或數百億小時的視頻，而且這些視頻肯定不可能全部是合成的，而且不可能——所有這些內容都可以在互聯網上免費獲得，那麼它們肯定具有價值。

Yeah. All that stuff is -- Four Seasons doesn't put that stuff outside of the paywall.

是的。所有這些東西——四季酒店不會將這些東西放在付費牆之外。

Right. Yeah. So it becomes -- it does become a value. You just need a lot of it.

正確的。是的。所以它就變成了——它確實變成了一種價值。你只是需要很多。

Right? All right, well, listen, thanks a lot. I will stay tuned for the queue and after I go through that, I'll circle back with you guys in a few.

正確的？好的，聽著，非常感謝。我會繼續關注隊列，並在完成後，過一會兒再與你們聯繫。

Thank you for the question, Kris.

謝謝你的提問，克里斯。

That concludes our Q&A session, ladies and gentlemen. Thank you all for joining. You may disconnect. Everyone, have a great day.

女士們、先生們，我們的問答環節到此結束。感謝大家的加入。您可以斷開連線。祝大家有個愉快的一天。