CuriosityStream Inc (CURI) 2025 Q3 法說會逐字稿

Greetings and welcome to the Curiosity Stream third quarter 2025 financial results conference call. (Operator Instructions)

各位好，歡迎參加 Curiosity Stream 2025 年第三季財務業績電話會議。（操作說明）

I will now turn the conference over to your host, Tia Cudahy, Curiosity Stream's Chief Operating Officer. Please go ahead.

現在我將把會議交給主持人，好奇流營運長蒂亞·庫達希。請繼續。

Thank you and welcome to Curiosity Stream's discussion of its third quarter 2025 financial results. Leading the discussion today are Clint Stinchcomb, Curiosity Stream's Chief Executive Officer; and Brady Hayden, Curiosity Stream'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.

謝謝收看 Curiosity Stream 對 2025 年第三季財務表現的討論。今天主持討論的是 Curiosity Stream 的執行長 Clint Stinchcomb 和 Curiosity Stream 的財務長 Brady Hayden。在管理階層發言結束後，我們將樂意回答各位的問題。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，我們可能會發表一些與我們業務相關的聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。這些聲明並非對未來績效的保證，而是受到各種風險、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聲明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，本公司不承擔任何義務修改或更新這些陳述，也不承擔未來做出其他前瞻性陳述的義務。

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 for the quarter ended September 30, 2025 when filed.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們在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。以及今天新聞稿中討論的風險和其他重要因素。更多資訊也將在截至 2025 年 9 月 30 日的季度報告（表格 10）中列出（屆時將提交）。

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

此外，也將參考非公認會計準則財務指標。這些非GAAP指標與可比較GAAP指標的調節表可在我們的網站 investors.curiosityStream.com 上查閱。除非另有說明，否則所有比較均與我們2024年同期業績進行比較。現在，我把電話交給克林特。

Thank you. We delivered strong Q3 results. Revenue grew 46% year over year to $18.4 million exceeding guidance. Adjusted free cash flow rose 88% to $4.8 million and adjusted EBITDA improved by $3.4 million year over year. Our three complementary growth pillars subscriptions, licensing, and advertising are driving momentum and strengthening Curiosity Stream's position at the intersection of knowledge, media, and AI.

謝謝。我們第三季業績表現強勁。營收年增 46% 至 1,840 萬美元，超出預期。經過調整後的自由現金流成長了 88%，達到 480 萬美元；經調整後的 EBITDA 年成長了 340 萬美元。我們三大互補的成長支柱——訂閱、授權和廣告——正在推動發展勢頭，並鞏固 Curiosity Stream 在知識、媒體和人工智慧交叉領域的地位。

I'll briefly recap the underpinnings of Q3 and then look ahead to 2026 and beyond. Licensing revenue increased over 400% year over year, reflecting the strength of our team, demand for our corpus, and the trusted relationships we've built with both traditional media partners and hyper scalers. We engage with 9 key partners across video, audio, script, and code.

我將簡要回顧第三季的基本情況，然後展望 2026 年及以後。授權收入年增超過 400%，這反映了我們團隊的實力、對我們語料庫的需求，以及我們與傳統媒體合作夥伴和超大規模企業建立的信任關係。我們與視訊、音訊、腳本和程式碼領域的 9 個主要合作夥伴合作。

And delivered over 1.5 million distinct assets. To achieve dominance as a provider of AI training data, we've assembled a nearly 2 million hour library of video and audio across multiple genres, content that largely cannot be scraped from the open web.

並交付了超過 150 萬個不同的資產。為了在人工智慧訓練資料提供者領域佔據主導地位，我們收集了近 200 萬小時的視訊和音訊資料庫，涵蓋多種類型，這些內容大多無法從開放網路上抓取。

We've also expanded our large scale data structuring and metadata capabilities so we can meet partners volume requirements and bespoke specifications for high integrity enriched data sets. In parallel, we broadened traditional content partnerships with leading global broadcasters, streamers, and pay TV networks including AMC, Netflix, Foxtel, and a range of licenses across Asia. Overall subscription revenue, retail and wholesale combined.

我們還擴展了大規模資料結構化和元資料處理能力，以便滿足合作夥伴對高完整性增強資料集的容量要求和客製化規範。同時，我們擴大了與全球領先的廣播公司、串流平台和付費電視網絡（包括 AMC、Netflix、Foxtel 以及亞洲各地的一系列授權商）的傳統內容合作關係。訂閱總收入、零售收入及批發收入合計。

Was down year over year but increased sequentially every quarter in 2025. Importantly, our sequential growth in subscription revenue has been driven by daily operating focus, not simply by implementing price increases like many subscription services. In Q3, all three of our subscription services launched with partners in key English speaking markets the US, Australia, and New Zealand, as well as in our top non-English market, Germany.

2025 年年減，但每季較上季成長。重要的是，我們訂閱收入的持續成長是由日常營運的專注所驅動的，而不僅僅像許多訂閱服務那樣透過提高價格來實現的。第三季度，我們的三項訂閱服務均與美國、澳洲和紐西蘭等主要英語市場以及德國等最大的非英語市場合作夥伴共同推出。

Extensions with partners like Amazon and new multifaceted agreements with partners like TMTG further support this growth trajectory. While not yet a separate revenue pillar at scale, we continue to build on the solid foundation of our advertising business.

與亞馬遜等合作夥伴的拓展合作以及與 TMTG 等合作夥伴達成的新的多方面協議，進一步支持了這一成長軌跡。雖然廣告業務尚未成為規模化的獨立收入來源，但我們將繼續鞏固廣告業務的堅實基礎。

Our US Hispanic and flagship fast channels recently launched on Amazon, Roku, LG and Truth Plus. We also launched a two-hour branded block on Australia TV's free to air broadcast channel, an initiative we plan to replicate with additional partners.

我們針對美國西班牙裔用戶的旗艦快速頻道最近已在亞馬遜、Roku、LG 和 Truth Plus 上線。我們也在澳洲電視台的免費廣播頻道上推出了兩小時的品牌節目時段，我們計劃與其他合作夥伴複製這項措施。

Given the quality and volume of content we control, we see meaningful advertising and sponsorship opportunities across fast, Avod, social, pay TV, and free to air. To thoughtfully capture this opportunity, we plan to install a proven leader to run the business in early 2026.

鑑於我們掌控的內容品質和數量，我們看到了在快速電視、AVOD、社群媒體、付費電視和免費電視領域中有意義的廣告和贊助機會。為了認真把握這一機遇，我們計劃在 2026 年初任命一位經驗豐富的領導者來管理公司。

We are particularly proud that adjusted free cash flow increased 88% to $4.8 million this quarter. This reflects a focused growth strategy and a sustained commitment to rationalizing our cost base. Especially hard, largely non-discretionary costs.

我們尤其感到自豪的是，本季調整後的自由現金流成長了 88%，達到 480 萬美元。這體現了我們專注的成長策略和持續致力於優化成本結構的承諾。尤其是一些難以承受的、很大程度上是不可自由支配的成本。

Cost discipline is a strategic advantage, one that supports pricing power, resilience, and durable growth. Despite higher storage and delivery expenses for managing a large content library, we more than offset those increases through disciplined expense management.

成本控制是一項策略優勢，它能增強定價權、抵禦風險的能力和實現永續成長。儘管管理大型內容庫的儲存和交付成本較高，但我們透過嚴格的費用管理，完全抵消了這些成長。

Looking ahead, while we are not yet providing guidance for 2026, we expect overall subscription revenue, retail and wholesale, to grow faster in 2026 than in 2025, supported by a strong launch pipeline and new pricing and packaging across our own services, including our premium tier.

展望未來，雖然我們尚未提供 2026 年的業績指引，但我們預計，在強勁的產品發布計劃以及我們自身服務（包括高級服務）的新定價和包裝的支持下，2026 年整體訂閱收入（零售和批發）的增長速度將超過 2025 年。

We anticipate high growth licensing to continue. And believe licensing will exceed subscription revenue in 2027, possibly earlier. We expect significant year over year growth with existing partners and believe our roster of AI licensing partners could double or even triple in 2026. Beyond training, we see additional monetizable grants of rights becoming part of our agreements. Given the quality and scale of our corpus, which we expect to more than double in 2026.

我們預計高成長的授權授權業務將繼續保持成長動能。並且相信授權收入將在 2027 年超過訂閱收入，甚至可能更早。我們預計與現有合作夥伴的合作將實現顯著的同比增長，並相信到 2026 年，我們的 AI 授權合作夥伴數量可能會翻倍甚至兩番。除了培訓之外，我們還看到可貨幣化的其他權利授予成為我們協議的一部分。鑑於我們語料庫的品質和規模，我們預計到 2026 年，語料庫規模將翻倍以上。

In our ability to structure and deliver at scale, we believe we will solidify our position as the leader or among the TOP2 or 3 video licensors for AI development. In summary, we believe that we will continue double-digit growth in both revenue and cash flow driven by our three complementary pillars subscriptions, licensing, and advertising while continuing to improve efficiency.

憑藉我們大規模建置和交付的能力，我們相信我們將鞏固我們在人工智慧開發領域視訊授權領域的領先地位，或躋身前2或前3名。總而言之，我們相信，在訂閱、授權和廣告這三大互補支柱的推動下，我們將繼續實現兩位數的營收和現金流成長，同時不斷提高效率。

We intend to pay 2026 dividends from cash generated by operations as we did in 2024. Our balance sheet remains strong with over $29 million in liquidity and no debt, giving us substantial flexibility. At today's share price, we're a growth company that also offers a dividend yield of well over 8%. It's an exciting time to be in the media business. Opportunities abound, and we intend to swarm them with discipline. Over to you, Brady.

我們計劃像 2024 年一樣，用經營活動產生的現金支付 2026 年的股利。我們的資產負債表依然穩健，擁有超過 2,900 萬美元的流動資金且無債務，這為我們提供了相當大的靈活性。以今天的股價計算，我們是一家成長型公司，同時股息殖利率也遠超 8%。現在正是投身媒體產業的令人興奮的時代。機會很多，我們打算用嚴明的紀律來抓住它們。接下來就看你的了，布雷迪。

Thanks Clint and good afternoon, everyone. Our full financial results will be in the 10 that we'll file in the next day or two, but let me get some of our third quarter highlights.

謝謝克林特，大家下午好。我們的完整財務業績將在未來一兩天內提交的10份文件中公佈，但讓我先介紹一下我們第三季的一些亮點。

As Clint said in the third quarter, we reported revenue of $18.4 million exceeding our guidance and a 46% increase compared to $12.6 million a year ago.

正如克林特在第三季所說，我們公佈的收入為 1,840 萬美元，超過了我們的預期，比去年同期的 1,260 萬美元增長了 46%。

Likewise, we reported another quarter of positive adjusted EBITDA, which came in at $3 million. This was an improvement of $3.4 million from a year ago and essentially flat from last quarter, which was a record quarter for us. This was also our third sequential quarter of positive adjusted EBITDA.

同樣，我們報告了又一個季度調整後 EBITDA 為正，達到 300 萬美元。這比去年同期增長了 340 萬美元，與上一季基本持平，而上一季則是我們創紀錄的季度。這也是我們連續第三個季度實現調整後 EBITDA 為正。

Adjusted free cash flow came in at $4.8 million an increase of $2.3 million compared to last year. This also represented our seventh quarter in a row of positive adjusted free cash flow. Third quarter revenue was led by our subscription business which came in at $9.3 million a sequential increase. Content licensing came in at $8.7 million in the quarter, an increase of over $7 million or 425% from last year, driven by continued growth in AI training fulfillments.

經過調整後的自由現金流為 480 萬美元，比去年增加了 230 萬美元。這也標誌著我們連續第七個季度實現了經調整後的正自由現金流。第三季營收主要由訂閱業務帶動，達到 930 萬美元，季增。本季內容授權收入為 870 萬美元，比去年同期成長超過 700 萬美元，增幅達 425%，主要得益於 AI 培訓業務的持續成長。

Looking at our year-to-date numbers, licensing generated $23.4 million through September, which in perspective is already over half of what our subscription business generated for all of 2024. Third quarter gross margin was 59%, improving from 54% last year. We continue to see reductions in non-cash content amortization, although our distribution and storage costs have increased slightly due to licensing and acquisition of content through revenue share arrangements.

從我們今年迄今的數據來看，截至 9 月，授權收入為 2,340 萬美元，從這個角度來看，這已經超過了我們訂閱業務在 2024 年全年收入的一半。第三季毛利率為 59%，高於去年同期的 54%。儘管由於透過收入分成安排獲得內容授權和收購，我們的分發和儲存成本略有增加，但我們仍然看到非現金內容攤提有所減少。

Combined costs for advertising and marketing plus G&A were higher by 52% compared to last year. This increase was the result of a non-cash charge for stock-based compensation of $7 million or about $0.12 on a per share basis.

廣告行銷費用加上一般管理費用合計比去年增加了 52%。這一增長是由於一項非現金支出，即股票選擇權補償金 700 萬美元，或每股約 0.12 美元。

G&A also included a number of one-time expenses associated with our August secondary stock offering. Were it not for the non-cash SBC and the common stock sale, G&A would have declined in the quarter. We reported a third quarter net loss of $3.7 million or $0.06 a share. This compares to a $3.1 million net loss in the third quarter of 2024.

一般及行政費用還包括與我們 8 月份二次股票發行相關的若干一次性支出。如果不是因為非現金 SBC 和普通股出售，本季 G&A 將會下降。我們公佈第三季淨虧損為 370 萬美元，即每股虧損 0.06 美元。相較之下，2024 年第三季淨虧損 310 萬美元。

While our revenue was up materially from last year, the net loss was driven by the one-time charges and non-cash SBC. Were it not for these specific non-recurring or non-cash charges, we would have posted our third quarterly net income this year.

雖然我們的收入比去年大幅成長，但淨虧損是由一次性費用和非現金 SBC 造成的。如果不是這些特定的非經常性或非現金支出，我們今年本來可以實現第三個季度淨利。

And as we said earlier, adjusted EBITDA was $3 million in the third quarter compared to a loss of $0.4 million a year ago. Adjusted free cash flow was $4.8 million in the quarter compared with $2.6 million a year ago. And through the first nine months of 2025, adjusted free cash flow was $9.6 million which is more than the company generated for all of last year.

正如我們之前所說，第三季調整後的 EBITDA 為 300 萬美元，而去年同期虧損 40 萬美元。本季調整後自由現金流為 480 萬美元，去年同期為 260 萬美元。2025 年前九個月，調整後的自由現金流為 960 萬美元，超過了該公司去年全年的自由現金流。

In September we paid our regular $4.6 million dividend and we ended the quarter with total cash and securities of $29.3 million and no outstanding debt. We believe our balance sheet remains in great shape. Based on yesterday's share price, Curiosity Stream is generating an adjusted free cash flow yield of over 7% and a current dividend yield of over 8%.

9 月我們支付了 460 萬美元的常規股息，季度末我們持有現金和證券總額為 2,930 萬美元，且無未償債務。我們認為公司資產負債表狀況依然良好。根據昨天的股價，Curiosity Stream 的調整後自由現金流收益率超過 7%，目前的股息殖利率超過 8%。

Also just after quarter end on October 14, 6.7 million of our warrants expired unexercised.

此外，就在季度末的 10 月 14 日，我們有 670 萬張認股權證到期未行使。

While these warrants have been trading well out of the money for some time, this expiration of all of the company's outstanding warrants reduces potential dilution.

雖然這些認股權證已經處於深度價外狀態一段時間了，但該公司所有未行使認股權證的到期將減少潛在的股權稀釋。

And should eliminate any lingering share overhang associated with these instruments.

並應消除與這些工具相關的任何殘留的股份過剩問題。

Looking ahead for the fourth quarter, we expect revenue in the range of 18 to $20 million which would imply full year 2025 revenue in the range of $70 million to $72 million for a 38% to 42% revenue increase from 2024.

展望第四季度，我們預計營收將在 1,800 萬至 2,000 萬美元之間，這意味著 2025 年全年營收將在 7,000 萬至 7,200 萬美元之間，比 2024 年成長 38% 至 42%。

We expect fourth quarter adjusted free cash flow of $2.5 million to $3.5 million which would imply full year 2025 adjusted free cash flow of $12 million to $13 million or a 27% to 37% free cash flow increase from 2024. We're not yet providing guidance for 2026, but we believe that our top-line and bottom line growth will continue into next year.

我們預計第四季度調整後自由現金流為 250 萬美元至 350 萬美元，這意味著 2025 年全年調整後自由現金流為 1,200 萬美元至 1,300 萬美元，比 2024 年自由現金流增加 27% 至 37%。我們目前尚未提供 2026 年的業績指引，但我們相信，明年我們的營收和利潤成長動能將持續維持。

And although we're obviously using some of our cash and investment reserves to pay our dividends in 2025, we intend to fully cover our 2026 dividends from operating cash as we did in 2024. With that, we can hand it back to the operator and open the call to questions.

雖然我們顯然會動用一些現金和投資儲備來支付 2025 年的股息，但我們打算像 2024 年一樣，用經營現金全額支付 2026 年的股息。這樣，我們就可以把電話交還給接線員，開始接受提問。

Thank you. (Operator Instructions) Laura Martin, Needham and Company.

謝謝。（操作說明）勞拉·馬丁，尼德姆公司。

Hi there. So, Clint, a strategy one for you, first, and that is, So I know you've been a media CEO for a long time, but the returns on capital in this new revenue stream of licensing are like 10 times higher. So what I don't understand is why are we taking these fabulous revenue and investing in hiring a guy to do media in Australia, which is offshore, lower margin, lower returns on capital. Why don't we just stick with the. Stick with focusing on becoming sort of the go to de facto.

你好呀。克林特，首先給你一個策略上的問題。我知道你擔任媒體公司執行長已經很久了，但是授權這種新的收入來源的資本回報率要高出 10 倍。我不明白的是，為什麼我們要把這些豐厚的收入投資到澳大利亞，僱用一個人來做媒體工作？澳洲是海外市場，利潤率低，資本報酬率也低。我們為什麼不堅持使用這個呢？堅持專注於成為事實上的首選專家。

AI guys that are independent and put all of say no to media stuff which is our path. Why are we adding stuff that's lower return on capital just because that's where we came from. Let's start with that one.

我們是一群獨立的人工智慧專家，我們對媒體說“不”，這就是我們的道路。我們為什麼要因為過去就是這樣做的，就增加那些資本報酬率較低的項目呢？我們就從這一個開始吧。

I appreciate the question, Laura. You cut out a little bit. The Australia reference was.

勞拉，感謝你的提問。你刪減了一點。提到澳洲的是…

I just, I didn't hear what you're referring to in Australia. I think I got the, the.

我只是，我沒聽到你在澳洲指的是什麼。我想我明白了。

They're hiring, right? What's the new guy going to do when you hire him?

他們正在招人，對吧？你僱用新人後，他會做什麼？

Oh, we haven't hired anybody new. We just, we announced a promotion of one of our guys who.

哦，我們沒有招新人。我們剛剛宣布了我們一位員工的晉升消息。

Has been focused on helping to craft our AI relationships. We announced that, Last week, if that's what you're referring to.

一直致力於幫助建立我們的人工智慧關係。我們上週已經宣布過了，如果你指的是這件事的話。

No, I thought you said on the call that you were going to.

不，我記得你在電話裡說過你會去。

Okay, I did, yeah, I did, I did say on the call that we're going to hire a sales leader, yes, and let me take the, and I think your question is a good one, is it.

好的，是的，我在電話會議上確實說過我們要招募一位銷售主管，是的，讓我來回答一下，我認為你的問題很好，是嗎？

And so, I think we've done a great job, certainly on the on the cost side here and we've done a really good job, across the company getting this business rolling, but we do need some additional sales leaders, even some, who are really seasoned and so, there's an opportunity for there's an opportunity for us to do that and.

所以，我認為我們做得非常出色，尤其是在成本控制方面，而且我們公司在推動這項業務發展方面也做得非常好，但是我們確實需要一些額外的銷售領導者，甚至是一些經驗豐富的銷售領導者，所以，我們有機會做到這一點。

Sometimes if you get a chance to bring somebody into the mix, it's a little bit like the NFL draft you're not necessarily drafting for a pure position, but you know if you can bring on, an A plus player with real talent, you take the opportunity to do that and so I didn't mean to imply that he would be or she would be working in only one area but really helping on the revenue generation side that's, that is a you know key for us is. We do need some help there, and we've done it, as I said, I feel like we've done a nice job on the cost side and we've laid some good groundwork so that, if we bring in, a couple of really strong players that can have a, an accelerating impact on what we're doing. I mean, the dogs hopefully I got hopefully I addressed that. If I didn't, Laura asked me to clarify.

有時候，如果你有機會引進一位優秀的人才，這有點像 NFL 選秀，你不一定是為了某個特定位置而選人，但如果你能引進一位真正有天賦的 A+ 級球員，你就會抓住這個機會。所以我並不是說他/她只會負責一個領域，而是說他/她確實能幫助我們創造收入，這對我們來說至關重要。我們確實需要一些幫助，而且正如我所說，我們已經做到了。我覺得我們在成本方面做得不錯，也打下了良好的基礎，這樣，如果我們引入幾個真正強大的參與者，就能對我們正在做的事情產生加速影響。我的意思是，我希望我得到的那些狗，我已經解決了這個問題。如果我沒說清楚，勞拉會讓我解釋。

Well, I just want to be sure we're staying in the AI business and not paying.

我只是想確認我們是在繼續從事人工智慧業務，而不是在付費。

Yes, AI, 100%, yeah, yes, yeah, absolutely, Laura, absolutely, and.

是的，AI，100%，是的，是的，是的，絕對的，勞拉，絕對的，而且。

Yeah, and I know that you've expressed some concern in the past about about smoothing out the revenue and.

是的，我知道你過去曾表達過對平穩收入的擔憂。

I'd love to address that if, that's still a question on your end.

如果你還有疑問，我很樂意解答。

That was my second question, which is, okay.

這是我的第二個問題，好吧。

All right, good. Now you're not the only one asking. So look, there'll always be some lumpiness in licensing, but we're going to smooth it out over time and we're going to accomplish this, and we are accomplishing this by both operational and contractual means. So operationally.

好的，很好。現在不只是你一個人這麼問了。所以你看，許可方面總會有一些波動，但我們會隨著時間的推移使其平穩下來，我們會實現這一目標，我們正在透過營運和合約手段來實現這一目標。從操作層面來說。

As we increase our roster of partners, we reduce lumpiness. We believe that we'll double or triple our number of partners in the AI licensing area by the end of 2026 and in 2027, possibly earlier, as more open source models become accessible, there will potentially be hundreds and even thousands of companies who will need video to fine tune. Specific models for consumer and enterprise purposes. Some refer to this as the open source in tune evolution. Contractually, structurally, SAs, something you're, familiar with, of course, software as a service, we know that's beloved by the software industry. We know that is beloved by investors. So with the type of volume we control. We've had discussions around structuring certain agreements as CAS or CAS or content as a service where we grant access over a term, so as a subscription with access to clouds of content with lots and lots of hours. Now in these deals we need to make sure we have proper minimums in place and a few other safeguards, but this is a proven model that I think a lot of people love and that will enable smoother quarters and tighter predictability over time.

隨著合作夥伴數量的增加，我們減少了業務中的不均衡現象。我們相信，到 2026 年底，我們在 AI 授權領域的合作夥伴數量將翻一番或兩番，到 2027 年，甚至可能更早，隨著更多開源模型的普及，可能會有成百上千家公司需要視訊進行微調。針對消費者和企業用戶的特定型號。有人稱之為調式演化的開源模式。從合約、結構上看，軟體即服務（SA），當然，您很熟悉這種服務，我們知道它深受軟體產業的喜愛。我們知道這深受投資者喜愛。所以，我們可以透過控制音量類型來控制音量。我們討論過將某些協定建構成 CAS 或 CAS 或內容即服務，在這種模式下，我們會在一定期限內授予存取權限，就像訂閱一樣，可以存取雲端海量內容，觀看時長非常多。現在，在這些交易中，我們需要確保有適當的最低限額和其他一些保障措施，但這是一個經過驗證的模式，我認為很多人都喜歡它，它將使季度業績更加平穩，並隨著時間的推移實現更嚴格的可預測性。

That's great, thanks very much.

太好了，非常感謝。

I appreciate it. Thank you a lot.

謝謝。非常感謝。

Jason Cryer, Craig Hallam.

傑森·克萊爾，克雷格·哈勒姆。

Well, thanks, great job guys. So maybe kind of building on just the library and the AI opportunity. Clint, just curious if you could talk about how AI licensing has evolved over the last year. You had mentioned 9 partners this quarter.

謝謝，你們做得太棒了！所以，或許可以以此為基礎，抓住圖書館和人工智慧帶來的機會。克林特，我很好奇你是否可以談談過去一年人工智慧授權的發展。本季您提到了9位合作夥伴。

Just maybe talk about how broad is the demand for your corpus and how frequently are those platforms coming back to get more and more of your content.

或許可以談談你的語料庫的需求範圍有多廣，以及這些平台多久會再購買你的內容。

Yeah, so we've done, about 18 fulfillments to date, and we've done that, across 9 partners and so without naming names based on the math I think we can represent that we've done, 2 or 3 more renewals with some key existing partners.

是的，到目前為止，我們已經完成了大約 18 項交付，涉及 9 個合作夥伴。雖然不點名，但根據計算，我認為我們可以表示，我們已經與一些重要的現有合作夥伴續簽了 2 到 3 份合約。

And as we look out into 2026, we see we suspect really the revenue from our existing partners they'll probably comprise 60% to 80% of the AI licensing revenue and you know 20% to 40%. Will come from new partners, so we do see the roster, increasing significantly, and we also see, real opportunity for licensing beyond simply a training right, additional grants of rights like display rights or transformative rights or adaptation rights or even certain derivative rights or possibly even. Some that are as of yet unnamed, I mean, we're building long-term relationships and we're committed to making sure that as we enter into all of these agreements it's not, it's not one and done and so.

展望 2026 年，我們預期現有合作夥伴的收入將佔 AI 授權收入的 60% 至 80%，而其他合作夥伴的收入將佔 20% 至 40%。將會來自新的合作夥伴，因此我們看到名單顯著增加，我們也看到，除了培訓權之外，還有真正的許可機會，例如授予展示權、轉換權、改編權，甚至某些衍生權，甚至可能還有其他權利。有些目前還未命名，我的意思是，我們正在建立長期的合作關係，我們致力於確保我們簽訂的所有這些協議都不是一勞永逸的。

I think from from and then to answer your question about the evolution and the changes.

我認為應該從…開始，然後回答你關於演變和變化的問題。

I think if you look at the first deals that we did, it was, just get people finished content, let them use that for training the models. Today, obviously people are still looking for finished content, looking for raw video, but there's a real advantage to being able to structure the data in a way that many of your competitors can't. And what I mean by that is just the ability to to clip content, to index content, to annotate. And to then, deliver it in, 7 to 22nd clips with really detailed enriched, metadata. So one thing I didn't mention on the call is in Q3, we entered into some of the highest.

我認為，如果你看看我們最初達成的交易，那就是，把完成的內容提供給人們，讓他們用這些內容來訓練模型。如今，人們顯然仍在尋找成品內容和原始視頻，但能夠以許多競爭對手無法做到的方式建立數據，確實具有很大的優勢。我的意思是，它能夠剪輯內容、索引內容、添加註解。然後，以 7 到 22 秒的片段形式交付，並附上非常詳細、豐富的元資料。我在電話會議上沒有提到的一件事是，在第三季度，我們進入了一些最高水準的時期。

Cost per hour or cost per minute agreements, by far, that we had that we had you know heretofore not entered into so that's a function of, being able to create things that are a little bit more, bespoke and a much enhanced ability on our end to structure our data.

到目前為止，我們還沒有簽訂過按小時或按分鐘計費的協議，你知道，這是我們以前從未簽訂過的協議，所以這得益於我們能夠創建一些更具定制性的東西，以及我們構建數據的能力得到了極大的提升。

And Clint, when you talk about having nearly 2 million hours in the library, how does that split between what's available for AI licensing, what's available for streaming by consumers, or is that the same number for both?

克林特，你說圖書館裡有近 200 萬小時的內容，這些內容是如何分配的：一部分是可供 AI 授權的，一部分是可供消費者串流播放的，還是兩者數量相同？

Yeah, no, it's not the same number. It's a, that's a, it's a good question. The overwhelming majority of that is for AI licensing. So we have a lot of content partners, probably.

不，不是同一個數字。這是一個，這是一個，這是一個好問題。絕大部分用於人工智慧授權。所以，我們可能有很多內容合作夥伴。

You know over 150 different content partners for our subscription services and our and for our ad supported services and obviously as we're building our AI library so those are some of the first people that we went to but the overwhelming majority of that is is for AI licensing we are increasing our you know our our.

你知道，我們為訂閱服務和廣告支援服務擁有超過 150 個不同的內容合作夥伴，顯然，隨著我們建立人工智慧庫，這些是我們最先接觸的一些合作夥伴，但絕大多數是人工智慧許可，我們正在增加我們的…你知道，我們的…

Our volume of rights in our traditional platforms, but the overwhelming majority is for AI licensing.

我們在傳統平台上擁有大量的版權，但絕大多數是人工智慧授權。

And you, nearly doubled that in like the last quarter or two or doubled the library. I'm going to assume that's a proxy for effectively doubling the AI library over the last quarter or two. Curious, is that an indication of, hey, you guys are getting better at figuring out what these AI platforms need and you're going out and sourcing a lot more of that, or is there a different reason that we're not thinking about it why you're adding so much more content to the library?

而你，在過去一兩個季度裡，幾乎把這個數字翻了一番，或者說把圖書館的藏書量翻了一番。我假設這可以近似說明在過去一兩個季度裡，人工智慧庫的數量實際上翻了一番。我很好奇，這是否表明，嘿，你們越來越擅長弄清楚這些人工智慧平台需要什麼，並且你們正在更多地尋找這方面的資源，還是說還有其他我們沒有想到的原因，導致你們向庫中添加了這麼多內容？

Well, You're 100% right on the first part. We are sourcing specific content, so that that's part of it. At the same time, we feel like one of our advantages is the fact that we have existing relationships with so many production companies, so many distribution companies, so many creators, so many people who own and control large libraries of content that, wherever it makes sense, we want to put our foot on the gas and.

嗯，你說的第一點完全正確。我們正在蒐集特定內容，這也是其中的一部分。同時，我們覺得我們的優勢之一在於，我們與眾多製作公司、眾多發行公司、眾多創作者、眾多擁有和控制大量內容庫的人建立了合作關係，因此，只要有意義，我們就想全力以赴。

We, we're not going to be the number one subscription service in the world. I mean Netflix and Amazon, they've got Escape Velocity they have that covered, however, we believe that we can be.

我們，我們不可能成為全球排名第一的訂閱服務。我的意思是，Netflix 和亞馬遜都有《逃逸速度》，他們已經涵蓋了這方面的內容，但是，我們相信我們也能做到。

If not #1, one of the top two or three licensers of video for AI training and other purposes, and part of the way that you do that is you try to generate some escape velocity on your own, so.

即使不是排名第一，也是前二或前三的 AI 訓練和其他用途影片授權商之一，而實現這一目標的部分方法就是嘗試自己產生一些逃逸速度。

As we build out the volume of our library, it makes us more appealing because you know even more so as a one stop shop for any of our partners.

隨著我們圖書館藏書量的不斷擴充，我們作為合作夥伴的一站式服務平台，也變得更加有吸引力。

Got it.

知道了。

Thank you, Clint, appreciate it.

謝謝你，克林特，感激不盡。

Thank you. David Marsh, Singular Research.

謝謝。David Marsh，Singular Research。

Hey guys, congrats on the quarter and thanks for taking the questions.

各位，恭喜你們順利完成本季的工作，感謝你們回答問題。

Thank you, Dave.

謝謝你，戴夫。

I wanted to start, Brady, if I could you, could you give us a little bit more explanation of the stock-based comp here in the quarter? It's, yeah, I know you had some comments about it in your prepared remarks, but I'm still a little bit confused by it. So I was just hoping you could maybe just give us a little bit more color.

布雷迪，我想先問你一個問題，能否請你再詳細解釋本季的股票選擇權激勵機制？是的，我知道你在準備好的演講稿中對此有一些評論，但我仍然對此感到有些困惑。所以我只是希望您能為我們增添一些細節。

Yeah, sure. So, and the 10-Q will be out, Either tomorrow or the next day, possibly Friday, but, a lot of the details from that will be, for the stock based comp will be in that document, but, a number of employees, received a market-based.

當然可以。所以，10-Q 表格將於明天或後天，也可能是周五發布，其中會包含許多細節，例如基於股票的薪酬方案，但一些員工獲得了基於市場的薪酬方案。

SBC warrants and awards during the quarter, actually in July, you'll see some of those in the Form 4s that the executive executives filed and a number of other employees received those as well.

SBC 在本季度（實際上是 7 月）發放了認股權證和獎勵，您會在高階主管提交的 4 號表格中看到其中一些，其他一些員工也收到了這些。

The market-based components of those were something new this quarter and because of that, we had to take a much higher.

本季度這些基於市場的組成部分是全新的，因此，我們不得不採取更高的措施。

Grant date fair value than we would have if the awards had just been purely time-based or purely internal performance based because of the stock, because of the stock market component of those awards, the market-based component, we have to value those differently. So I think that the total value.

由於股票，由於這些獎勵包含股票市場成分，即市場成分，因此我們必須以不同的方式評估這些獎勵，所以授予日的公允價值與僅基於時間或僅基於內部業績的獎勵的公允價值不同。所以我認為總價值。

And this will be in the queue, but it's well into the, it's into the eight figures, the total value of all of those awards, and that has to be expensed over an aggressive period of time, more aggressive than if they were purely time-based over the over 4 years. So that's why we are, that's why we had the unusually high SPC in this quarter, and you'll see we have another, we disclosed an amount that will need to be. Expense over the next several quarters, so hopefully that'll be easier for you guys to to factor into your models.

這筆款項將列入處理清單，但總額已達八位數，所有這些獎勵的總價值都必須在一段較長的時間內分期支付，比單純按時間在 4 年內分期支付要更加激進。所以這就是為什麼我們本季的 SPC 異常高，而且你會看到我們還有另一個，我們揭露了一個需要揭露的金額。未來幾季的支出情況，希望這能讓你們更容易將其納入模型中。

Is that helpful?

這樣有幫助嗎？

Yes, that's really helpful. I appreciate it. Yeah, it looks like almost $7 million on a quarter. A couple of follow-up questions on that. How is that reflected in the, current diluted share account if it is at all, and how will it impact the share account going forward? And then just, again around SG&A, I mean, would you, would you expect it to, retreat, pretty substantially in Q4. Is this an annual, like accrual type thing, or is this, recurring, quarterly?

是的，這真的很有幫助。謝謝。是的，看起來一個季度就接近700萬美元。關於這一點，還有幾個後續問題。如果有所變化，那麼這在目前的稀釋股份帳戶中是如何體現的？以及這將如何影響未來的股份帳戶？然後，再說一下銷售、一般及行政費用（SG&A），我的意思是，你認為它會在第四季大幅下降嗎？這是按年累積的方式，還是按季度定期發生的方式？

Yeah, so, If you do the math and you look at all of our public filings, we, I'd say it was a majority of of what we will do in a year was were were granted in in in the quarter. I wouldn't expect there to be anything to that level in the next in the next several quarters.

是的，所以，如果你計算一下，看看我們所有的公開文件，我認為我們一年內要做的事情的大部分都是在本季度獲得的。我預計未來幾季內不會出現那種程度的情況。

I don't know exactly what our SBC will be for Q4, but it, I think the majority of what we will do for this year's grants we had to expense in Q3.

我不知道我們第四季的 SBC 會是多少，但我認為我們今年大部分的撥款支出都必須在第三季計入費用。

Okay, that's really helpful. Turning kind of more strategically, Clint, thanks for the color around the licenses. It's helpful. Could you talk about content, or, subscriptions a bit though, you guys have launched a number of. New, kind of new markets over the last several quarters and just give us an update on, reception and, what kind of momentum you're seeing in some of those new markets and new platforms, please.

好的，這真的很有幫助。克林特，從更具策略性的角度來看，謝謝你為許可證增添色彩。這很有幫助。能談談內容或訂閱服務嗎？你們已經推出了一些訂閱服務。請介紹一下過去幾季以來我們開拓的一些新市場，以及這些新市場和新平台的市場反應和發展勢頭。

Yeah, I appreciate that question and if I may, if I could just. Add a little color to what Brady shared. I want everybody to know that, All of our employee equity grants at this point, including or especially mine, are linked to financial performance of the company, all quantitative goals. So as a company we're very tightly aligned around business and performance compensation. It's a key pillar of culture and it's a key pillar of our. Compensation structure we are not a bloated media company where people, cling to fat based salaries and guaranteed bonuses really strive to be the farthest thing from that, as a performance based company, so equity is a critical component of this pursuit and it's also a way to help maintain a competitively advantageous operating budget. But getting back to your question around, subscriptions.

是的，我很感謝你的提問，如果可以的話，我想…為布雷迪分享的內容增添一些色彩。我想讓大家知道，目前我們所有的員工股權授予，包括（尤其是我的）股權，都與公司的財務表現掛鉤，所有目標都是量化的。因此，我們公司在業務和績效薪酬方面有著非常緊密的聯繫。它是文化的重要支柱，也是我們的重要支柱。在薪資結構方面，我們不是一家臃腫的媒體公司，員工不會執著於高薪和有保障的獎金。作為一家以績效為基礎的公司，我們努力做到與此截然相反，因此股權是實現這一目標的關鍵組成部分，也是維持具有競爭力的營運預算的一種方式。但回到你關於訂閱的問題。

We have had a number of new launches with partners like Amazon in, Australia and New Zealand, and as they roll out, subscription based services around the world, we want to roll out with them and it's a, building a subscription business you, it's it's something where there are.

我們已經與亞馬遜等合作夥伴在澳洲和紐西蘭推出了一系列新產品，隨著他們在全球範圍內推出訂閱服務，我們也希望與他們一起推出，而建立訂閱業務，正是如此，這是有很多事情要做的。

Huge barriers to entry, and so for us, like, beyond just the reliable recurring revenue of our subscription services, it's a moat and it's a competitive advantage in our licensing acquisition efforts and as a result of these deals, Dave, and as a result of, our sort of pipeline visibility. We're supremely confident that our overall subscription revenue, retail and wholesale, will grow at a higher rate in 26 than in 25, and again, we're confident because we have visibility in the third-party pipeline, meaning new and meaningful wholesale distribution agreements which will kick in, as well as channel store launches inside and outside the US for our services and also because we're diligently planning and taking the requisite steps to execute new pricing and packaging. In 2026, I mean, if you look at, a lot of public and private companies in the subscription space.

巨大的准入門檻，因此對我們來說，除了訂閱服務帶來的可靠經常性收入之外，它就像一道護城河，是我們獲得許可方面的競爭優勢，而且由於這些交易，戴夫，也由於我們對銷售渠道的可見性。我們非常有信心，2026 年我們的整體訂閱收入（包括零售和批發）的成長速度將高於 2025 年。我們之所以如此自信，是因為我們對第三方管道的進展瞭如指掌，這意味著新的、有意義的批發分銷協議即將生效，我們的服務也將在美國境內外推出通路商店。此外，我們也認真規劃並採取必要措施來實施新的定價和包裝方案。我的意思是，到了 2026 年，如果你看看訂閱領域的許多上市公司和私人公司。

The way that they've grown is through simply or I might add often just lazily raising price. That's something we have the capacity to do, but we're trying to. Get to the core of, what we really need to do based on our marketing spend to grow subscribers.

他們發展壯大的方式就是簡單地，或者我應該補充一句，往往只是懶洋洋地提高價格。這是我們有能力做到的，但我們正在努力去做。深入分析，根據我們的行銷支出，我們真正需要做些什麼來增加訂閱用戶。

And Dave, let me jump back in. I think I did, I forgot to answer your question on dilution. A portion of the RSUs for Q3 already vested in those were, those did were did factor into the, into our share account for dilution purposes. Obviously we reported a net loss for the quarter. So.

戴夫，讓我再插一句。我想我回答了，我忘了回答你關於稀釋的問題。第三季部分已歸屬的 RSU 已計入我們的股份帳戶，用於稀釋股份。顯然，我們本季出現了淨虧損。所以。

It was overall anti-dilutive, but, going forward, assuming we're for net positive quarters, we'll certainly have to include those, all of those, for fully diluted.

總體而言，這具有反稀釋作用，但展望未來，假設我們未來幾季都能實現淨盈利，那麼我們肯定需要將所有這些季度都計入完全稀釋後的收益中。

Got it. Got it. Hey, thanks guys. Appreciate you taking the questions.

知道了。知道了。嘿，謝謝大家。感謝您回答這些問題。

Thanks.

謝謝。

Patrick Scholl, Barrington Research

派崔克‧肖爾，巴林頓研究公司

Hi, thanks for taking the question. Just the first one on, the guidance in the quarter, could you just talk about the, free cash flow guidance? Seems like, relative to the increase in revenue, there's kind of limited free cash flow growth in the quarter. Is that mostly just the timing issue, or is there anything, to keep in mind there?

您好，感謝您回答這個問題。關於本季業績指引，您能否談談自由現金流指引？看起來，相對於營收成長而言，本季的自由現金流成長似乎比較有限。這主要只是時間安排的問題嗎？還是還有其他需要注意的地方？

Timing issue.

時間安排問題。

Yeah, okay, and, yeah, okay, and then, On the Content library for AI licensing, just maybe talk about like the different markets between.

好的，好的，然後，關於人工智慧授權的內容庫，或許可以談談不同市場之間的差異。

The content that you have that is from maybe your your partners that also work with you on the streaming side versus other partners and just maybe the different dynamics on margins and maybe use cases and partners for licensing there. Yeah.

您的內容可能來自您的合作夥伴，他們也與您在串流媒體方面合作，而不是來自其他合作夥伴，這可能在利潤率、使用案例和授權合作夥伴方面存在不同的動態。是的。

No, that's, it's a good question, Pat, and thank you. So when we were first building our library for AI licensing.

不，帕特，你問得好，謝謝你。所以，當我們最初建構人工智慧許可庫的時候。

We went to People with whom we had great existing relationships and you know most of those companies are in the factual space nonfiction entertainment, science, technology, history, travel, lifestyle, etc. .

我們聯繫了那些與我們有良好關係的人，你知道，這些公司大多從事紀實娛樂、科學、技術、歷史、旅遊、生活方式等領域的工作。。

In an effort to, TRY to generate again escape velocity or or dominate in the space. We then at the same time or shortly thereafter start reaching out to.

為了再次嘗試產生逃逸速度或在空間中佔據主導地位。然後，我們同時或不久之後就開始聯繫。

People that we knew, distributors who controlled content in other genres, general entertainment, sports as an example, and so with that type of corpus and with the way that we're able to.

我們認識的人，控制其他類型內容的發行商，例如一般娛樂、體育等等，因此，憑藉這種類型的語料庫以及我們能夠做到的方式。

We're able to structure some of that data that that's made a real difference as it relates to our overall proposition. I mean people love our content and and love working with us because we have diversity of content we have high-quality and we're able to just enrich the data in a way that's that's unique but we do have we do have some content whereas a lot of the content that we have. In our AI corpus we could put on our services there's some content that it goes well beyond.

我們能夠對部分資料進行結構化處理，這確實對我們的整體方案產生了影響。我的意思是，人們喜歡我們的內容，也喜歡和我們合作，因為我們擁有多樣化的內容，我們擁有高品質的內容，我們能夠以一種獨特的方式豐富數據，但我們確實有一些內容，而我們擁有的很多內容。在我們的人工智慧語料庫中，有一些內容遠遠超出了我們的服務範圍。

The factual content that you would see on any of our subscription services or our ad support services.

您在我們的任何訂閱服務或廣告支援服務中看到的真實內容。

Oh, okay, thank you.

哦，好的，謝謝。

Thank you, Pat.

謝謝你，帕特。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。

Thank you. Cristo.

謝謝。基督。