CuriosityStream Inc (CURI) 2026 Q1 法說會逐字稿

Good afternoon. My name is Stacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the CuriosityStream first-quarter 2026 earnings conference call. Please note that today's call is being recorded. (Operator Instructions)

下午好。我叫 Stacy，今天將擔任本次會議的接線員。此刻，我想歡迎各位參加 CuriosityStream 2026 年第一季財報電話會議。請注意，今天的電話會議將被錄音。(接線員指示)

I will now turn the call over to Vanessa Gillon, CuriosityStream's Senior Vice President of Operations. Thank you. You may begin.

現在我將把電話交給 CuriosityStream 營運資深副總裁 Vanessa Gillon。謝謝。您可以開始了。

Thank you, and welcome to CuriosityStream's discussion of its first quarter 2026 financial results. Leading the discussion today are Clint Stinchcomb, CuriosityStream's Chief Executive Officer; and Brady Hayden, CuriosityStream's Chief Financial Officer.

謝謝，歡迎各位參加 CuriosityStream 2026 年第一季財務結果的說明。今天由 CuriosityStream 執行長 Clint Stinchcomb，以及 CuriosityStream 財務長 Brady Hayden 主持說明。

Following management's prepared remarks, we will take questions from the analyst community. 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.

在管理層預先準備的發言之後，我們將接受分析師社群的提問。但首先，我將宣讀安全港聲明。在本次電話會議中，我們可能會就本公司業務發表依據聯邦證券法所定義的前瞻性陳述。這些陳述並非對未來績效的保證，而是受到各種風險、不確定性與假設的影響。

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所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，公司不承擔修訂或更新這些陳述，亦不承擔未來再作出額外前瞻性陳述的義務。

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.

關於可能影響我們實際結果的重大風險及其他重要因素之討論，請參閱我們在 SEC 網站及我們投資人關係網站上可取得的 SEC 申報文件，以及今日新聞稿中所討論的風險與其他重要因素。

Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2026, when filed. In addition, reference will be made to non-GAAP financial measures.

更多資訊亦將載於我們截至 2026 年 3 月 31 日止季度的 Form 10-Q 季度報告（於提交時）。此外，我們也將提及非 GAAP 財務衡量指標。

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 2025 period.

這些非 GAAP 指標與可比較之 GAAP 指標的調節表，可在我們網站 investors.curiositystream.com 查閱。

Now I'll turn the call over to Clint.

現在我將把電話交給 Clint。

Thank you, Vanessa. Financially, we remain focused on building CuriosityStream into a company with $100 million or more reliable, recurring and increasingly predictable annualized revenue. We've done a substantial amount of foundational work to position the company for that objective, and we believe that with continued execution, the path is becoming clearer.

謝謝你，Vanessa。在財務面，我們仍專注於將 CuriosityStream 打造成一家年化營收達 1 億美元或以上、可靠、經常性且愈加可預測的公司。我們已完成大量基礎性工作以使公司朝該目標定位，我們相信只要持續落實執行，前進路徑正變得更加清晰。

To optimize toward that milestone target, we made several deliberate choices in Q1 that affected near-term quarterly revenue, but in our view, strengthened the company's medium- and long-term revenue opportunity. This is why we guided to the first half of the year as compared to the first quarter.

為了朝該里程碑目標最佳化，我們在第一季做出幾項審慎的選擇，影響了短期季度營收，但在我們看來，強化了公司中長期的營收機會。這也是為什麼我們提供的是上半年指引，而非僅針對第一季。

First, we entered into pilot and framework agreements with certain large-scale partners covering broader and more valuable data sets. This meant prioritizing the structure, scope and expansion potential of the relationship over maximizing upfront revenue recognition in the quarter.

第一，我們與部分大型合作夥伴簽訂了試點與框架協議，涵蓋更廣泛且更具價值的資料集。這意味著我們優先考量關係的架構、範圍與擴張潛力，而非在本季最大化前期收入認列。

We believe that was the right trade-off. These pilot structures give partners a path to test, validate and scale across a deeper and wider range of CURI assets, which we believe will lead to larger, more durable licensing relationships over the next year and beyond.

我們認為這是正確的取捨。這些試點架構讓合作夥伴能在更深、更廣的 CURI 資產範圍內進行測試、驗證並擴大規模；我們相信這將在未來一年及更長時間內，帶來更大且更具持久性的授權合作關係。

Second, we made some modest technology investments that while not required to operate our business in Q1, we believe will enable us to accelerate provisioning and expand and maximize the scope, scale, specificity and profitability of upcoming partnerships.

第二，我們進行了一些適度的技術投資；雖然第一季營運並非必需，但我們相信這將使我們能加速供應（provisioning），並擴大與最大化即將到來之合作夥伴關係的範圍、規模、精準度與獲利能力。

Third, we developed and organized more licensable IP at considerable scale, most of which is 100% owned. This is important strategically as diversity of data and full ownership of more IP in our corpus strengthens margins, broadens our addressable partner roster, increases revenue potential, reduces reliance on any single transaction and makes the licensing business more predictable over time.

第三，我們以相當的規模開發並整理出更多可授權的智慧財產（IP），其中大多為 100% 自有。這在策略上很重要，因為資料多樣性以及在我們內容庫中擁有更多 IP 的完整所有權，有助於提升毛利、擴大可觸及的合作夥伴名單、提高營收潛力、降低對任何單一交易的依賴，並使授權業務隨時間推進更具可預測性。

For Q1, revenue was $15.2 million, up slightly year over year. Subscription revenue was roughly equivalent to the prior quarter. AI licensing revenue, which we have previously said would be lumpy, was indeed lumpy. And this was in light of the pilot-oriented approach we adopted during the quarter.

第一季營收為 1,520 萬美元，年增小幅上升。訂閱營收與前一季大致相當。我們先前曾表示 AI 授權營收會呈現波動（lumpy），確實如此。而這也與我們在本季採取以試點為導向的策略有關。

Importantly, while the near-term revenue impact may not be immediately obvious, we entered into agreements with a broader roster of partners than we had at this stage last year. We view that as a meaningful indicator of demand and market validation.

重要的是，雖然短期營收影響未必立刻顯現，但我們與比去年同一時點更廣泛的合作夥伴名單簽訂了協議。我們將此視為需求與市場驗證的重要指標。

The breadth of assets now being discussed and packaged for partners has expanded considerably and includes hundreds of millions of production-grade temporal ground truth tokens for frontier model training and tuning, HDR video, matched raw and finished video, multi-camera video and ego-centric video for physical AI training.

目前與合作夥伴討論並打包的資產廣度已大幅擴張，包含數億個可用於前沿模型訓練與微調的生產級時間序列「真實標註」（temporal ground truth）tokens、HDR 影片、配對的原始與成片影片、多機位影片，以及用於實體 AI 訓練的自我視角（ego-centric）影片。

Licensing revenue does not always move in a straight line quarter-to-quarter, especially when we are dealing with larger partners, new partners, broader rights packages and more complex data products. Further, our corpus is built on assets that are scarce, rights-aware, difficult to replicate and increasingly valuable.

授權營收不一定會在季度之間呈直線變化，尤其當我們面對更大型的合作夥伴、新合作夥伴、更廣泛的權利組合，以及更複雜的資料產品時更是如此。此外，我們的內容庫建立在稀缺、具權利意識、難以複製且價值日益提升的資產之上。

We are not talking about a single opportunistic window. We are talking about a monetization model anchored in premium, unscripted and scripted media, enriched structured metadata, flexible rights and growing demand from AI developers and traditional media companies.

我們談的不是單一的機會性窗口。我們談的是一種變現模式，其基礎是高端的非劇本與劇本媒體、強化的結構化中繼資料、彈性的權利安排，以及來自 AI 開發者與傳統媒體公司的持續成長需求。

CuriosityStream has built a large differentiated content library of rights to over 3 million hours of premium factual content plus sports, plus news, plus general entertainment, animation and film, finished in raw, ego-centric and multi-camera, supported by more than 200 content and data partners and flexible licensing rights. This is not commodity inventory.

CuriosityStream 已建立一個具高度差異化的內容庫，擁有超過 300 萬小時的高端事實類內容之權利，並涵蓋體育、新聞、綜合娛樂、動畫與電影；同時提供成片與原始素材、自我視角與多機位形式，並由超過 200 家內容與資料合作夥伴支持，以及彈性的授權權利。這不是大宗商品式的庫存。

It is a scaled, unscrapable, curated corpus that took years of capital, relationships, editorial focus and dense work to assemble. We don't believe it makes sense to discount it for temporary gain. Enduring revenue streams are almost always rooted in assets that are hard to replace and expensive to rebuild.

這是一個可擴展、不可廢棄、經過策展的語料庫，耗費多年資本、人脈關係、編輯聚焦與密集工作才得以建立。我們不認為為了短期收益而對其打折是合理的。持久的營收來源幾乎總是根植於難以替代且重建成本高昂的資產。

Looking ahead, Q1 sequential revenue decline was anticipated and we believe temporary. We currently expect 2026 to represent a significant step-up in both revenue and cash flow compared to 2025, with subscription revenue increasing by single-digit percentages and with licensing becoming the larger growth engine as it surpasses subscriptions for the full year.

展望未來，第一季營收較前一季下滑在預期之內，我們認為這是暫時性的。我們目前預期，2026 年相較 2025 年在營收與現金流方面都將出現顯著躍升；訂閱營收將以個位數百分比成長，而授權業務將成為更大的成長引擎，並在全年超越訂閱。

Several factors support this outlook, the impact of our new pricing and packaging, which is just beginning to roll through our P&L, a solid partner launch pipeline with dominant global distributors, accelerating AI licensing fulfillments, new partner additions, continued expansion of our corpus and the ramp of advertising opportunities.

多項因素支撐此一展望，包括我們新的定價與方案組合的影響（才剛開始反映在損益表中）、與全球主導型發行商的穩健合作夥伴上線管線、加速的 AI 授權履約、新增合作夥伴、語料庫持續擴充，以及廣告機會的放量。

Traditional media licensing remains healthy and diversified, while AI demand continues to broaden across model refresh cycles, enterprise fine-tuning, multimodal applications, source code, physical AI, video understanding and the need for premium rights-aware structured data.

傳統媒體授權仍然健康且多元化；同時，AI 需求持續在模型更新週期、企業微調、多模態應用、原始碼、實體 AI、影片理解，以及對高品質、具權利意識的結構化資料之需求等面向擴大。

Q1 was a transition quarter in which we deliberately chose to build for larger, broader and more durable licensing opportunities. We believe those choices position CuriosityStream to generate stronger revenue, higher cash flow and greater shareholder value as we move through 2026 and beyond.

第一季是過渡季度，我們刻意選擇為更大規模、更廣泛且更具持久性的授權機會進行布局。我們相信，這些選擇將使 CuriosityStream 在邁向 2026 年及其後的過程中，創造更強勁的營收、更高的現金流與更大的股東價值。

In summary, we believe that we will continue double-digit growth in both revenue and cash flow driven by subscriptions and licensing expansion. We continue to reduce expenses through nonessential eliminations in the embrace of evolving AI-infused productivity tools. While we are raising our quarterly dividend of $0.05 to $0.085, we intend to pay 2026 dividends from cash generated by operations as we did in 2024. Our balance sheet remains strong with over $23 million in liquidity and no debt, giving us substantial flexibility.

總結而言，我們相信在訂閱與授權擴張的帶動下，營收與現金流都將持續維持雙位數成長。我們也透過刪減非必要項目並採用不斷演進、融入 AI 的生產力工具來持續降低費用。在我們將季度股利由每股 0.05 美元提高至 0.085 美元之際，我們計畫如同 2024 年一樣，以營運所產生的現金支付 2026 年股利。我們的資產負債表仍然強健，流動性超過 2,300 萬美元且無負債，賦予我們相當大的彈性。

I'll now hand the call over to our CFO, Brady Hayden.

接下來我把電話交給我們的財務長 Brady Hayden。

Thanks, Clint, and good afternoon, everyone. Our full results will be in the 10-Q that we'll file within the next few hours, but let me hit some of our first quarter highlights. As Clint said, in the first quarter, we reported revenue of $15.2 million, a slight improvement compared to $15.1 million a year ago. Likewise, we reported what is now our fifth quarter of positive adjusted EBITDA, which came in at $0.9 million.

謝謝你，Clint，各位下午好。我們的完整結果將在未來幾小時內提交的 10-Q 中揭露，但我先談幾個第一季重點。如 Clint 所說，第一季我們的營收為 1,520 萬美元，較一年前的 1,510 萬美元小幅改善。同樣地，我們也達成目前連續第五季的正向調整後 EBITDA，金額為 90 萬美元。

Adjusted free cash flow came in at $1.3 million, which represented our ninth consecutive quarter of positive adjusted free cash flow. We generated first quarter subscription revenue of $8.8 million, roughly equivalent to Q4 results. Licensing came in at $6 million, an increase of 11% from last year.

調整後自由現金流為 130 萬美元，這是我們連續第九季調整後自由現金流為正。第一季訂閱營收為 880 萬美元，與第四季結果大致相當。授權營收為 600 萬美元，較去年成長 11%。

First quarter gross margin was 56%, improving from 53% last year. While distribution costs were lower during the quarter, we invested in certain technology products that led to an increase for the quarter, but from which we believe we will incur lower fees going forward.

第一季毛利率為 56%，較去年的 53% 提升。雖然本季發行成本較低，但我們投資於部分技術產品，導致本季成本上升；不過我們相信未來將因此產生較低的費用。

Combined costs for advertising and marketing plus G&A were higher by 27% compared to last year. This increase was driven by a noncash charge for stock-based compensation of $2.2 million or about $0.04 on a per share basis and to a lesser extent, slightly higher advertising costs associated with new customer acquisition investments in the quarter.

廣告與行銷加上一般及行政（G&A）的合計成本較去年增加 27%。此增幅主要來自 220 萬美元的非現金股票基礎薪酬費用（約每股 0.04 美元），其次是本季為新客獲取投資所帶來、略為增加的廣告成本。

We reported a first quarter net loss of $1.3 million or $0.02 a share. This compares to a $0.3 million net income in the first quarter of 2025. While our revenue was up from last year, the net loss was driven primarily by the noncash SBC. And as we said earlier, adjusted free cash flow was $1.3 million in the quarter, representing our ninth consecutive quarter of positive results in this metric.

我們第一季淨損為 130 萬美元，或每股 0.02 美元。相較之下，2025 年第一季為 30 萬美元淨利。雖然營收較去年增加，但淨損主要是由非現金的股票基礎薪酬（SBC）所致。如先前所述，本季調整後自由現金流為 130 萬美元，為此指標連續第九季呈現正值。

We believe our balance sheet remains in great shape. In March, we paid our regular $4.9 million dividend while buying back $300,000 of our shares, and we ended the quarter with total cash and securities of $23.4 million and no outstanding debt.

我們認為資產負債表仍維持在非常良好的狀態。3 月我們支付了例行的 490 萬美元股利，同時回購了 30 萬美元的股份；季度末我們的現金與有價證券合計為 2,340 萬美元，且沒有任何未償債務。

Based on our new quarterly dividend of $0.085 per share at yesterday's closing price, CuriosityStream is generating a dividend yield of over 11%. Looking ahead, we anticipate consolidating our ownership of our German business, buying Spiegel and Authentic out of their stakes sometime in the next few months. Purchase price will be approximately $1.9 million, anticipate the transaction will be accretive to earnings.

以昨日收盤價計算，按我們新的每股 0.085 美元季度股利，CuriosityStream 的股利殖利率超過 11%。展望未來，我們預期將整合對德國業務的持股，於未來幾個月內向 Spiegel 與 Authentic 買回其持股。購買價格約為 190 萬美元，預期該交易將增厚每股盈餘。

Regarding guidance, in response to investor recommendations, we're changing up and expanding our metrics going forward for 2026. For the first half of this year, we expect revenue in the range of $35 million to $41 million and full year 2026 revenue in the range of $75 million to $80 million.

關於財測，回應投資人建議，我們將在 2026 年起調整並擴充我們往後揭露的衡量指標。就今年上半年而言，我們預期營收介於 3,500 萬至 4,100 萬美元；2026 年全年營收預期介於 7,500 萬至 8,000 萬美元。

Likewise, we expect adjusted EBITDA for the first half of the year to be $5 million to $7 million and full year 2026 adjusted EBITDA in the range of $16 million to $20 million.

同樣地，我們預期今年上半年調整後 EBITDA 為 500 萬至 700 萬美元；2026 年全年調整後 EBITDA 預期介於 1,600 萬至 2,000 萬美元。

With that, I'll turn it back over to Vanessa to begin our Q&A.

接下來我把時間交回給 Vanessa，開始我們的問答環節。

Thank you, Brady. We will now turn to questions from the analyst community, including Patrick Sholl from Barrington Research, Jason Kreyer from Craig-Hallum and Laura Martin from Needham & Company. Starting first with questions regarding our subscription business.

謝謝你，Brady。我們現在將轉向分析師社群的提問，包括 Barrington Research 的 Patrick Sholl、Craig-Hallum 的 Jason Kreyer，以及 Needham & Company 的 Laura Martin。首先從與我們訂閱業務相關的問題開始。

From Pat Sholl, what subscriber trends are you seeing? And is it difficult to retain subscribers given your focus on AI licensing? And then from Jason, what has been the response to your price increase on the streaming service? Clint?

Pat Sholl 提問，您看到哪些訂戶趨勢？鑑於你們聚焦於 AI 授權，留住訂戶是否困難？另外 Jason 提問，你們串流服務漲價後的反應如何？Clint？

Thank you, Vanessa. Our licensing initiatives have no impact on our subscriber retention. Both licensing and subscription businesses require new content typically. So in that sense, they are synergistic. But we're able to attend to both businesses, both revenue streams with the resources at hand.

謝謝你，Vanessa。我們的授權計畫對訂戶留存沒有影響。授權與訂閱業務通常都需要新內容。因此在這個意義上，它們是相輔相成的。而且以現有資源，我們能同時兼顧兩項業務、兩條營收來源。

Our robust licensing business with the hundreds of partners who are part of our corpus only helps our retention efforts as it enables us to deploy much more video on our traditional platforms.

我們強健的授權業務，與數百家作為我們內容庫一部分的合作夥伴合作，只會有助於我們的留存工作，因為這讓我們能在傳統平台上部署更多影片。

Seeing positive response to the price increase, minimal churn and an increase in lifetime value.

對漲價的反應正面，流失率極低，且終身價值（LTV）有所提升。

Okay. Next question also from Pat. Any update on subscriber acquisition focus between bundled versus direct?

好的。下一題也來自 Pat。關於訂戶獲取重點在「綑綁」與「直客」之間的分配，有沒有最新進展？

I appreciate that question. We optimize for overall subscription revenue growth and are largely agnostic as to the source. Pure direct subscribers offer the highest ARPU, channel store subscribers offer a lower CPA and wholesale subscribers, while lower ARPU provide a longer-term recurring revenue stream. We value subscribers in whatever channel we reach them.

謝謝這個問題。我們以整體訂閱營收成長最佳化為目標，對來源大致不偏好。純直客訂戶提供最高 ARPU；通路商店訂戶提供較低的 CPA；而批發訂戶雖然 ARPU 較低，但能帶來較長期的經常性收入。無論透過哪個通路觸及，我們都重視這些訂戶。

Okay. Now on to licensing. Also from Pat, can you provide any further information on how content that is licensed is being valued in more recent renewals?

好的。接著談授權。同樣來自 Pat，你能否提供更多資訊，說明在近期續約中，被授權內容的價值是如何評估的？

Thank you, Pat, for that question. As we know, overall CapEx for the five largest technology companies will be north of $1 trillion in 2027. About 2% to 5% of that will go to data set training. But in regard to pricing, certain content is valued at a higher unit rate.

謝謝你，Pat，這個問題。如我們所知，五大科技公司在 2027 年的整體資本支出（CapEx）將超過 1 兆美元。其中約 2% 到 5% 會用於資料集訓練。但就定價而言，某些內容會以較高的單位價格計價。

Content like scripted entertainment, sports, HDR, selective clip natural history and deeply processed content all command higher unit rates than, for example, unprocessed raw content delivered in bulk. What we notice about value is that orders have become increasingly bespoke, increasingly specific.

像是劇本式娛樂內容、體育、HDR、精選片段的自然史，以及深度處理過的內容，其單位價格都高於例如以大量交付、未處理的原始內容。我們注意到，價值的體現是：訂單愈來愈客製化、愈來愈具體。

The comment I would bring attention to here is that CURI has it all, content across the waterfront of genres, meaning we have documentary video content, of course, but we have scripted television and movies in many languages. We have sports across the board. We have audio, we have egocentric, we have HDR. We have it all for licensing to train models. The harder to find the content, the higher the price tag.

我想在此強調的是，CURI 應有盡有，涵蓋各類型內容，意思是我們當然有紀錄片影片內容，但也有多語言的劇集與電影。我們也有各類運動內容。我們有音訊、有第一人稱視角（egocentric）、有 HDR。我們擁有可用於授權以訓練模型的一切內容。內容越難取得，價格就越高。

Thank you. And from Jason Kreyer, Craig-Hallum. Can you talk about the breadth of AI licensing, how you view the size of the market, how content is being valued and how the AI pipeline is tracking?

謝謝。接著是 Jason Kreyer（Craig-Hallum）。你能談談 AI 授權的廣度、你如何看待市場規模、內容如何被估值，以及 AI 管線進展如何嗎？

Yes. I appreciate that question, Jason. The breadth of assets now being discussed and packaged for partners has expanded considerably and now includes hundreds of millions of production-grade temporal ground truth tokens for frontier model training and, HDR video, match rod finish video, multi-camera video and egocentric video for physical AI training.

可以。謝謝這個問題，Jason。目前與合作夥伴討論並打包的資產範圍已大幅擴展，現在包括數億個可用於前沿模型訓練的製作級時間序列「地面真值」（temporal ground truth）tokens，以及用於實體 AI 訓練的 HDR 影片、match rod finish 影片、多機位影片與第一人稱視角影片。

A broad set of video and data and a broader set of partners smooth things out over time. But as I mentioned, licensing revenue does not always move in a straight line quarter-to-quarter, especially when we are dealing with larger partners, broader rights packages and more complex data products.

更廣泛的影片與資料組合，以及更多元的合作夥伴，能讓業務隨時間推移更平滑。但如我提到的，授權營收不一定會在每季之間呈直線成長，尤其當我們面對更大型的合作夥伴、更廣泛的權利包與更複雜的資料產品時。

Okay. A couple of final questions on AI, both from Laura Martin, Needham. Clint, can you speak to the longevity of the AI licensing business? What are you seeing in existing relationships?

好的。最後有幾個關於 AI 的問題，都來自 Needham 的 Laura Martin。Clint，你能談談 AI 授權業務的長期性嗎？你在既有合作關係中看到了什麼？

Also, in light of the revenue and your leadership position in AI licensing, what is your rationale for staying in the subscription business?

另外，考量到營收以及你們在 AI 授權的領先地位，你們繼續經營訂閱業務的理由是什麼？

Thank you for that, Laura. Some of our best customers are some of our oldest customers, in part because their orders are broadening. They're broadening out to include the additional data sets I just described. We are fulfilling our 10th delivery next week with one of our early partners.

謝謝你，Laura。我們一些最好的客戶也是最老的客戶之一，部分原因是他們的訂單範圍正在擴大。他們擴大到包含我剛才描述的額外資料集。我們下週將與一位早期合作夥伴完成第 10 次交付。

The need for content for fiscal AI training, largely egocentric and egocentric-adjacent offers a set of another 50 companies who will or are engaging in data set licensing. In regard to our subscription business, it is key to our overall strength because it's reliable, recurring and predictable.

對於實體 AI 訓練的內容需求，主要是第一人稱視角及其相鄰類型，帶來了另外約 50 家公司將會或正在進行資料集授權合作。至於我們的訂閱業務，它是我們整體實力的關鍵，因為它可靠、可重複且可預測。

It's already built. The barriers to entry are considerable, meaning others would need to spend substantially in order to achieve what we have in hand. And our overall subscription revenue is growing modestly to mid-single digits this year.

它已經建置完成。進入門檻相當高，意味著其他人必須投入可觀資金，才能達到我們目前手上的成果。而我們今年整體訂閱營收將以溫和到中個位數的幅度成長。

Our subscription business takes nothing from our licensing business and is, in fact, critical to the amassing of our 3 million-plus hour war chest and synergistic insofar as our relationships, both with content partners and the buyers cover all of our businesses, subscription, licensing and advertising.

我們的訂閱業務不會排擠授權業務；事實上，它對於累積我們超過 300 萬小時的內容庫至關重要，並且在關係面具有協同效應，因為我們與內容合作夥伴及買方的關係涵蓋我們所有業務：訂閱、授權與廣告。

Clint, Brady, thank you both. This concludes our Q&A, and I will now hand it back to the operator.

Clint、Brady，謝謝兩位。問答到此結束，我現在把時間交回給接線員。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。