Enthusiast Gaming Holdings Inc (EGLX) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Enthusiast Gaming Fiscal First Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Enthusiast Gaming 2023 財年第一季度財務業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mr. Matt Chesler, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係部的 Matt Chesler 先生。請繼續。

Thank you, Darcy. Good afternoon, everyone, and welcome to the Enthusiast Gaming First Quarter 2023 Conference Results Call. My name is Matt Chesler of FNK IR, and we've recently been retained by Enthusiast Gaming to serve as Investor Relations Counsel.

謝謝你，達西。大家下午好，歡迎參加 2023 年第一季度 Enthusiast Gaming 會議結果電話會議。我叫 FNK IR 的 Matt Chesler，我們最近被 Enthusiast Gaming 聘請擔任投資者關係顧問。

With me today is our Chief Executive Officer, Nick Brien; and our Chief Financial Officer, Alex Macdonald. We'll begin with some prepared remarks from Nick and Alex and then open the floor to questions.

今天和我在一起的是我們的首席執行官 Nick Brien；以及我們的首席財務官 Alex Macdonald。我們將從 Nick 和 Alex 準備好的發言開始，然後開始提問。

But before we begin, I'd like to remind everyone that today's presentation contains forward-looking information that involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current expectations. These statements should not be read as assurances of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.

但在我們開始之前，我想提醒大家，今天的演示文稿包含前瞻性信息，涉及已知和未知的風險和不確定性以及其他可能導致實際事件與當前預期存在重大差異的因素。這些陳述不應被解讀為對未來業績或結果的保證。此類陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果、業績或成就與此類陳述所暗示的結果、業績或成就存在重大差異。

A more complete discussion of the risks and uncertainties facing the company appear in the company's management discussion and analysis for the 3-month period ending March 31, 2023, which are available under the company's profile on SEDAR and EDGAR as well as on the company's website, enthusiastgaming.com.

截至 2023 年 3 月 31 日的 3 個月期間，公司管理層討論和分析中出現了對公司面臨的風險和不確定性的更完整討論，這些討論和分析可在 SEDAR 和 EDGAR 的公司簡介以及公司網站上找到, enthusiastgaming.com.

You're cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The company disclaims any intention or obligation, except to the extent required by law, to update and revise any forward-looking statements as a result of new information, future events or for any other reason.

請注意不要過分依賴這些前瞻性陳述，這些陳述僅代表截至本演示文稿之日的情況。除法律要求外，公司不承擔因新信息、未來事件或任何其他原因更新和修改任何前瞻性陳述的任何意圖或義務。

And now I'd like to turn the call over to Nick Brien, CEO of Enthusiast Gaming. Take it away, Nick.

現在我想把電話轉給 Enthusiast Gaming 的首席執行官 Nick Brien。把它拿走，尼克。

Thanks, Matt. Thank you very much.

謝謝，馬特。非常感謝。

I joined Enthusiast Gaming as the Chief Executive Officer, as I like to say, the Chief Enthusiast Officer, on March 1. Very shortly thereafter, I conducted my first earnings call, and now just several weeks later, I have a great deal to share with you. My excitement to join Enthusiast Gaming at this critical point in its evolution has only grown in the 2.5 months since I joined the company.

我於 3 月 1 日加入 Enthusiast Gaming，擔任首席執行官，正如我喜歡說的，首席愛好者官。此後不久，我進行了第一次財報電話會議，幾週後的現在，我有很多東西要分享與你。在我加入公司後的 2.5 個月裡，我在這個發展的關鍵時刻加入了 Enthusiast Gaming，這讓我很興奮。

We have a remarkable business with many outstanding assets operating across every aspect of the gaming media and entertainment ecosystem. We have a highly engaged and scaled audience of nearly 15 million monthly average users according to Comscore, the largest audience of gamers ahead of Twitch and Roblox as well as a talented management team with deep gaming expertise and a truly massive opportunity to lead in one of the most exciting yet underdeveloped sectors of marketing today. Even as brands and advertisers continue to deal with certain economic uncertainty that are increasingly shifting more of their campaign dollars to innovative marketing environment to offer them opportunities to reach the elusive Gen Z and millennial audiences with higher creative impact and proven ROI.

我們擁有卓越的業務，在遊戲媒體和娛樂生態系統的各個方面運營著許多出色的資產。根據 Comscore 的數據，我們擁有近 1500 萬月平均用戶的高度參與和規模化的受眾，是 Twitch 和 Roblox 之前最大的遊戲玩家受眾，以及具有深厚遊戲專業知識的才華橫溢的管理團隊和領導其中一個的真正巨大機會當今最令人興奮但尚未開發的營銷部門。即使品牌和廣告商繼續應對某些經濟不確定性，這些不確定性也越來越多地將更多的競選資金轉移到創新的營銷環境中，以便為他們提供機會，以更高的創意影響力和可靠的投資回報率接觸難以捉摸的 Z 世代和千禧一代受眾。

With all these strengths and catalysts, it's now about driving the rapid transformation of Enthusiast Gaming from a collection of entrepreneurial assets to an enterprise-scale platform company that is tech-enabled, data-driven and content-led. We are implementing a strategic growth plan that puts all of these pieces together to position Enthusiast Gaming as the leading independent gaming, media and entertainment company. Our goal is to create a more profitable revenue flywheel that better leverages our highly engaged communities across our diversified gaming assets, from casual games to esports, the gaming community sites to create the channels, the talent management for Web 3.0 games built on blockchain technology.

憑藉所有這些優勢和催化劑，它現在正在推動 Enthusiast Gaming 從創業資產的集合快速轉型為技術支持、數據驅動和內容主導的企業級平台公司。我們正在實施一項戰略增長計劃，將所有這些部分結合在一起，將 Enthusiast Gaming 定位為領先的獨立遊戲、媒體和娛樂公司。我們的目標是創造一個利潤更高的收入飛輪，更好地利用我們高度參與的社區，涵蓋我們多元化的遊戲資產，從休閒遊戲到電子競技，遊戲社區網站創建渠道，基於區塊鏈技術的 Web 3.0 遊戲人才管理。

With that in mind, I'd like to focus my prepared comments on 5 key areas. First, platform consolidation for greater leverage; second, ad tech excellence for yield optimization; third, AI and automation for operational efficiency; fourth, brand solutions and strategic partnerships for accelerated growth; fifth, diversified revenue streams for higher-margin performance.

考慮到這一點，我想將我準備好的評論集中在 5 個關鍵領域。一是平台整合，發揮更大槓桿作用；第二，優化收益的廣告技術卓越；第三，人工智能和自動化以提高運營效率；第四，加速增長的品牌解決方案和戰略合作夥伴關係；第五，多元化的收入來源以獲得更高的利潤率。

So first, a reminder that this company was created through rapid M&A, so the tech and engineering needs vary tremendously according to the particular area of gaming activity. We are now building a unified technology platform to ensure that we are as agile and efficient as possible across all aspects of product development, data management and systems integration. This R&D initiative isn't only for our internal operating units, but also for our key external tech partners who are critical to ensure that we are meeting the very high expectations of our demanding gaming communities. This platform innovation becomes even more important as we embrace the future opportunities of Web3 as well as bringing maximum value of ROI for our brands and agency partners.

首先，提醒一下，這家公司是通過快速併購創建的，因此技術和工程需求會根據遊戲活動的特定領域而有很大差異。我們現在正在構建一個統一的技術平台，以確保我們在產品開發、數據管理和系統集成的各個方面盡可能敏捷和高效。這項研發計劃不僅適用於我們的內部運營部門，也適用於我們的主要外部技術合作夥伴，他們對於確保我們滿足要求苛刻的遊戲社區的極高期望至關重要。隨著我們擁抱 Web3 的未來機遇並為我們的品牌和代理合作夥伴帶來最大的投資回報率，這種平台創新變得更加重要。

Second, I'd like to discuss our commitment to add tech excellence to ensure that our digital media flywheel is selling our valuable inventory programmatically to the highest possible yield. To ensure that we become the biggest independent gaming publisher network of owned and operated and external publisher sites, we need to be working with the best ad tech partners possible.

其次，我想談談我們對增加技術卓越性的承諾，以確保我們的數字媒體飛輪能夠以編程方式銷售我們寶貴的庫存，從而獲得盡可能高的收益。為確保我們成為擁有和運營的最大的獨立遊戲發行商網絡以及外部發行商網站，我們需要盡可能與最好的廣告技術合作夥伴合作。

This begins with our partnership with Permutive. Permutive is a leading data management platform, who will be helping us to activate our first-party data across all of our audience cohorts in the bid stream today. We're selling today to over 25 sell-side platforms, and we're now finalizing our marquee SSP partner with whom we can create and sell unique gaming audience segments in higher-priced direct deals versus the open exchange.

這始於我們與 Permutive 的合作夥伴關係。 Permutive 是一個領先的數據管理平台，它將幫助我們在今天的出價流中激活我們所有受眾群體的第一方數據。我們今天向超過 25 個賣方平台銷售，我們現在正在敲定我們的大型 SSP 合作夥伴，我們可以通過與公開交易相比更高價的直接交易來創建和銷售獨特的遊戲受眾群體。

We've also consolidated our ad serving partners to only Equativ and Google's GAM 360, thus streamlining our display and video ad delivery with minimum delay and maximum creative impact. There is no doubt in my mind that with our commitment to programmatic excellence, we will soon be selling omnichannel campaigns fueled by unique gaming inventory, powered by first-party data and custom content. All of these developments will enable us to significantly improve the revenue growth and profit margins for the advertising line of business in the near future while ensuring that we help our advertisers maximize the ROI of every campaign dollar they're spending with us.

我們還將我們的廣告服務合作夥伴合併為僅 Equativ 和 Google 的 GAM 360，從而以最小的延遲和最大的創意影響簡化了我們的展示和視頻廣告投放。在我看來，毫無疑問，憑藉我們對卓越程序化的承諾，我們很快將銷售由獨特遊戲庫存推動的全渠道活動，由第一方數據和自定義內容提供支持。所有這些發展將使我們能夠在不久的將來顯著提高廣告業務的收入增長和利潤率，同時確保我們幫助廣告商最大限度地提高他們在我們身上花費的每一美元的投資回報率。

Next, I'd like to talk about AI and our focus on automation. I really like what the CEO of Coca-Cola said publicly about AI after their recent earnings call. I quote, "Much has been said about AI, and it's certainly going to abate the maxim. Profound transformative technology is often overestimated in its impact in the short term and underestimated in the long term. This is going to have a profound impact, profound internally for the way our business operates, but also how we engage with consumers." He then added, "I think AI is going to make a huge impact in marketing."

接下來，我想談談人工智能和我們對自動化的關注。我真的很喜歡可口可樂首席執行官在最近的財報電話會議後公開談論 AI 的話。我引用，“關於人工智能已經說了很多，它肯定會削弱格言。深刻的變革性技術在短期內的影響經常被高估，而在長期內被低估。這將產生深遠的影響，深遠的在內部，我們的業務運作方式以及我們與消費者的互動方式。”然後他補充說，“我認為人工智能將對營銷產生巨大影響。”

Well, we're very excited about our position as the largest independent player in the gaming media and entertainment industry, not owned by a tech giant, operating a walled garden. This allows us to focus on the power of AI for the benefit of our Enthusiast communities as well as the marketeers, who are partnering with us to create winning brand activations and engaging ad campaigns. We will be testing every relevant AI tool at our disposal to improve our sales, ROI metric and user acquisition as well as the emerging creative talent identification challenge.

好吧，我們對我們作為遊戲媒體和娛樂行業最大的獨立玩家的地位感到非常興奮，我們不屬於科技巨頭所有，經營著一個圍牆花園。這使我們能夠專注於人工智能的力量，造福於我們的愛好者社區以及與我們合作創造成功品牌激活和引人入勝的廣告活動的營銷人員。我們將測試所有可用的相關人工智能工具，以提高我們的銷售額、投資回報率指標和用戶獲取以及新興的創意人才識別挑戰。

The fourth area to discuss is the repositioning of direct sales to brand solutions as well as the creation of a strategic partnership division. We renamed our leading growth engine brand solution to reflect the true value of our customized content, media and sponsorship integrations that our teams imagine and deliver. After 4 years of tremendous service for Enthusiast Gaming, we've promoted Amanda Rubin to EVP Brand Solutions, and she will be responsible for both brand solutions and programmatic media sales.

第四個要討論的領域是將直銷重新定位為品牌解決方案，以及建立戰略合作夥伴關係部門。我們重新命名了我們領先的增長引擎品牌解決方案，以反映我們團隊想像和交付的定制內容、媒體和讚助整合的真正價值。在為 Enthusiast Gaming 提供了 4 年的出色服務後，我們將 Amanda Rubin 提升為品牌解決方案執行副總裁，她將負責品牌解決方案和程序化媒體銷售。

We have also more closely aligned customer success with brand solutions with the goal of ensuring the seamless integration of creating, pricing and packaging our brand solutions in a resource-efficient way as possible. In addition, we established a strategic partnership division to accelerate the pace with which we explore alliance opportunities with the key strategic partners involved in the gaming industry and popular culture today.

我們還將客戶成功與品牌解決方案更加緊密地結合起來，以確保以盡可能節省資源的方式無縫集成我們品牌解決方案的創建、定價和包裝。此外，我們成立了一個戰略合作夥伴部門，以加快我們與當今遊戲行業和流行文化領域的主要戰略合作夥伴探索聯盟機會的步伐。

The partnership with the NFL Tuesday Night Gaming was a great case study for the types of events, promotions and partnerships we can deliver. We expect to establish meaningful partnerships with the leading game publishers, sports associations, entertainment companies and music industry leaders. And to lead this important function, we have promoted Matt Goodman to EVP Strategic Partnerships, in addition to his current responsibility for customer success.

與 NFL Tuesday Night Gaming 的合作夥伴關係是我們可以提供的活動、促銷和合作夥伴類型的一個很好的案例研究。我們期望與領先的遊戲發行商、體育協會、娛樂公司和音樂行業領導者建立有意義的合作夥伴關係。為了領導這一重要職能，除了目前負責客戶成功的職責外，我們還提拔了 Matt Goodman 為戰略合作夥伴執行副總裁。

Our content division remains a driving force for Enthusiast Gaming. So we must continue to attract the best creators, writers, producers and directors. We have developed in-house production capabilities, and with the NFL Tuesday Night Gaming preseason content in the pipeline and Luminosity's efforts to attract new talent throughout 2023, we are well positioned for growth. Our content team is working closely with the brand solutions team to create multiple content tent poles throughout the year with successful collaborations such as Nintendo juniors already under our belt.

我們的內容部門仍然是 Enthusiast Gaming 的推動力。所以我們必須繼續吸引最優秀的創作者、編劇、製片人和導演。我們已經開發了內部製作能力，隨著 NFL 週二晚上游戲季前賽內容的籌備以及 Luminosity 在整個 2023 年吸引新人才的努力，我們為增長做好了準備。我們的內容團隊正在與品牌解決方案團隊密切合作，通過成功的合作（例如我們已經掌握的 Nintendo juniors）在全年創建多個內容支柱。

Scotty Tidwell has been promoted to the role of EVP, Content & Creators, reflecting a strong contribution to build critical strength in this important creative area of our business. Our Q1 achievements include 311 million owned and operated views and custom content activations for major brands like Xbox, Sour Patch Kids, Carnival Cruises and many popular films. Additionally, our story talent agency has expanded its network and in a vast array of content creators, athletes and gamers to our offerings. This has increased visibility and diversified content while enabling new revenue streams.

Scotty Tidwell 已晉升為執行副總裁、內容和創作者，這反映出他在我們業務的這一重要創意領域建立關鍵實力方面做出了巨大貢獻。我們第一季度的成就包括 Xbox、Sour Patch Kids、Carnival Cruises 和許多熱門電影等主要品牌擁有和運營的 3.11 億觀看次數和自定義內容激活。此外，我們的故事人才代理機構已經擴大了其網絡，並在我們的產品中吸引了大量的內容創作者、運動員和遊戲玩家。這提高了知名度和多樣化的內容，同時帶來了新的收入來源。

Finally, I'd like to discuss our strategic focus on developing alternative revenue streams to better diversify our business model and lessen our reliance on the highly competitive advertising revenue. We currently enjoy our highest profit margin in subscription revenues, and we see further opportunities to charge subscriptions to access our high-value content and creator community sites. We're testing different subscription models across a number of our properties today, expecting to create preferable user engagement model to the existing ad-supported content experiences.

最後，我想討論一下我們的戰略重點是開發替代收入來源，以更好地使我們的商業模式多樣化，並減少我們對競爭激烈的廣告收入的依賴。我們目前在訂閱收入方面享有最高的利潤率，並且我們看到了進一步的機會，可以通過訂閱來訪問我們的高價值內容和創作者社區網站。我們今天正在我們的許多資產中測試不同的訂閱模型，期望為現有的廣告支持的內容體驗創建更好的用戶參與模型。

As evidenced by the strong demand for travel and entertainment, we believe that live events and gaming experiences of a similar high-margin revenue growth, as we experienced today with Pocket Gamer, our global B2B events business, we're investigating different live consumer events for the gaming enthusiasts to play, compete and connect across North America, especially as the highly popular annual E3 gaming expo in L.A. has been canceled for 2023. Luminosity, our esports division, is in talks with strategic partners for its multiple upcoming live game events in Toronto, New York, Miami and Mexico.

正如對旅遊和娛樂的強勁需求所證明的那樣，我們認為現場活動和遊戲體驗的收入增長類似，就像我們今天在全球 B2B 活動業務 Pocket Gamer 中所經歷的那樣，我們正在研究不同的現場消費者活動供遊戲愛好者在北美玩耍、競爭和聯繫，特別是在洛杉磯廣受歡迎的年度 E3 遊戲博覽會已於 2023 年取消的情況下。我們的電子競技部門 Luminosity 正在與戰略合作夥伴就即將舉行的多個現場遊戲活動進行談判在多倫多、紐約、邁阿密和墨西哥。

Community commerce is an area of strategic focus for many digital publishers and content creators. So we, too, are testing different products and service offerings that we believe will extend our monetization opportunities in addition for ad-supported and paid subscription business models in place today. As part of this transformation, we will continue to invest in our people and grow our culture. I passionately believe that talent and teamwork are the key building blocks of success.

社區商務是許多數字出版商和內容創作者的戰略重點領域。因此，我們也正在測試不同的產品和服務產品，我們相信這些產品和服務將擴展我們的貨幣化機會，此外還有今天的廣告支持和付費訂閱業務模式。作為這一轉型的一部分，我們將繼續投資於我們的員工並發展我們的文化。我堅信人才和團隊合作是成功的關鍵基石。

My first step was to create a revised management structure, so we can invest in the best people. We recently welcomed Tara Fournier as our Chief People Officer. Tara's proven experience at Zillow, Vizio, Disney and most recently, at Amobee, where we worked closely together for the past 10 months. Tara will ensure that every aspect of the people management function, including compensation and benefits, training and development, career management, culture building and diversity and inclusion will all be managed to the highest professional standards.

我的第一步是創建一個修改後的管理結構，這樣我們就可以投資於最優秀的人才。我們最近歡迎 Tara Fournier 擔任我們的首席人事官。 Tara 在 Zillow、Vizio、Disney 以及最近在 Amobee 的可靠經驗，我們在過去 10 個月裡密切合作。 Tara 將確保人員管理職能的各個方面，包括薪酬和福利、培訓和發展、職業管理、文化建設以及多元化和包容性，都將按照最高專業標准進行管理。

Our biggest investment is in our people, and it is also our greatest strength. To better manage the complex operations of our business, we've established a broader strategic leadership team to help our talented management execute flawlessly against the most important strategic initiatives that I'll discuss with you today.

我們最大的投資是在我們的人身上，這也是我們最大的優勢。為了更好地管理我們業務的複雜運營，我們建立了一個更廣泛的戰略領導團隊，以幫助我們才華橫溢的管理層完美地執行我今天將與您討論的最重要的戰略計劃。

For brands, gaming is a massive opportunity that can no longer be ignored. It is arguably the best media sector for brands to connect with their current consumers whilst engaging the younger audience that they are desperate to recruit. Gaming has the scale of mass media combined with the personal engagement of social media. As more people play, compete and socialize, gaming environments will become the most priced marketing spaces.

對於品牌而言，遊戲是一個不容忽視的巨大機遇。它可以說是品牌與當前消費者建立聯繫同時吸引他們急需招募的年輕受眾的最佳媒體部門。遊戲具有大眾媒體的規模和社交媒體的個人參與度。隨著越來越多的人玩、競爭和社交，遊戲環境將成為最昂貴的營銷空間。

However, advertising is only the tip of the iceberg as commerce, esports sponsorships, creator partnerships, real life and virtual merchandising, in-platform branded experiences, they all represent innovative brand activation possibilities. Enthusiast Gaming is uniquely able to operate across every level of the gaming ecosystem, enabling brands to not just tap into popular culture but to become part of it. I believe that we are capable of making Enthusiast Gaming the most dynamic, innovative and profitable, independent gaming media and entertainment company on the planet.

然而，廣告只是商業、電子競技贊助、創作者合作、現實生活和虛擬營銷、平台內品牌體驗的冰山一角，它們都代表著創新的品牌激活可能性。 Enthusiast Gaming 具有獨特的能力，能夠跨越遊戲生態系統的各個層面，使品牌不僅能夠進入流行文化，而且能夠成為其中的一部分。我相信我們有能力使 Enthusiast Gaming 成為地球上最具活力、最具創新性和盈利能力的獨立遊戲媒體和娛樂公司。

I'd now like to hand over to Alex to discuss the financial performance for quarter 1.

我現在想請亞歷克斯討論第一季度的財務業績。

Thank you, Nick. And thank you to all our shareholders, analysts, lending partners and other stakeholders for joining us today to discuss a great start to the year, our first quarter 2023.

謝謝你，尼克。感謝我們所有的股東、分析師、貸款合作夥伴和其他利益相關者今天加入我們，討論我們 2023 年第一季度的良好開端。

During the quarter, we observed several interesting trends. We saw our traffic rise sequentially to surpass 10 billion views of content once again in Q1. We also saw the continuation of a depressed digital ad market, resulting in lower CPMs on our programmatic channels. However, despite the challenges posed by the digital ad market, our high-margin revenue streams remained resilient. In fact, we achieved several milestones as our subscription revenue reached an all-time high, and our brand solutions, formerly known as direct sales, nearly doubled year-over-year. Positive impacts of those trends, coupled with our controlled OpEx has resulted in a fantastic start to 2023 and indicate profitability inside the year. I look forward to discussing all of these items with you momentarily, but first, here are my usual notes.

在本季度，我們觀察到幾個有趣的趨勢。我們看到我們的流量在第一季度再次上升，內容瀏覽量再次超過 100 億次。我們還看到數字廣告市場持續低迷，導致我們程序化渠道的每千次展示費用降低。然而，儘管數字廣告市場帶來挑戰，我們的高利潤收入流仍然保持彈性。事實上，我們實現了幾個里程碑，因為我們的訂閱收入達到了歷史新高，而我們的品牌解決方案（以前稱為直銷）同比增長了近一倍。這些趨勢的積極影響，加上我們控制的運營支出，為 2023 年帶來了良好的開端，並表明了年內的盈利能力。我期待著立即與您討論所有這些項目，但首先，這是我通常的筆記。

I note that our results are presented in Canadian dollars. The significant majority of our revenues and expenses are measured in U.S. dollars and are translated into Canadian dollars for the presentation in our financial statements. The exchange rate between the U.S. dollar and our presentation currency of the Canadian dollar should be monitored and considered when analyzing our forecasting results. And I note that our business is affected by seasonal trends in digital advertising with sequential increases each quarter throughout the year, driven by increasing ad prices and demand, which peaks in Q4. The seasonality is isolated to our Media and Content revenue streams. Now let's get back to the financial results.

我注意到我們的結果以加元表示。我們的絕大部分收入和支出均以美元計量，並在我們的財務報表中換算成加元。在分析我們的預測結果時，應監控和考慮美元與我們的呈列貨幣加元之間的匯率。我注意到我們的業務受到數字廣告季節性趨勢的影響，全年每個季度都在連續增長，這是受廣告價格和需求增加的推動，這在第四季度達到頂峰。季節性獨立於我們的媒體和內容收入流。現在讓我們回到財務結果。

Q1 revenue was $42.9 million, which is down 9% from Q1 2022 revenue of $47.2 million. Q1 revenue by source was as follows: Media and Content, $35.5 million; Subscription, $4 million; and Esports and Entertainment, $3.4 million.

第一季度收入為 4290 萬美元，比 2022 年第一季度的收入 4720 萬美元下降 9%。第一季度收入來源如下：媒體和內容，3550 萬美元；認購，400萬美元；電子競技和娛樂，340 萬美元。

The Q1 Media and Content revenue of $35.5 million compares to $41.9 million reported in Q1 2022, a decrease of 15%. The decrease was driven by a decrease in RPM caused by lower CPMs in the programmatic markets. A decrease in video views also contributed to the decrease in Media and Content revenue. Video views were 5.8 billion, down from 7.1 billion in Q1 last year. These items were offset by strong brand solutions revenue. Brand solutions were $10 million in Q1 versus $5.2 million in Q1 of last year, a 92% increase, with the majority of these sales being recognized in Media and Content.

第一季度媒體和內容收入為 3550 萬美元，與 2022 年第一季度報告的 4190 萬美元相比下降了 15%。減少的原因是程序化市場的每千次展示費用較低導致每千次展示費用下降。視頻觀看次數的減少也導致了媒體和內容收入的減少。視頻瀏覽量為 58 億，低於去年第一季度的 71 億。這些項目被強大的品牌解決方案收入所抵消。品牌解決方案在第一季度為 1000 萬美元，與去年第一季度的 520 萬美元相比增長了 92%，其中大部分銷售額來自媒體和內容。

Q1 Subscription revenue was an all-time high of $4 million, up 18% from approximately $3.3 million in Q1 last year. This increase was largely driven by an increase in paid subscribers, which were 275,000 as at March 31, 2023, as compared to 233,000 as at March 31, 2022. The yield on a per subscriber basis was consistent year-over-year.

第一季度訂閱收入創歷史新高，達到 400 萬美元，比去年第一季度的約 330 萬美元增長 18%。這一增長主要是由於付費用戶的增加，截至 2023 年 3 月 31 日為 275,000，而截至 2022 年 3 月 31 日為 233,000。每位用戶的收益率與去年同期持平。

Q1 Esports and Entertainment revenue was $3.4 million, up 72% from $2 million in Q1 of last year. The increase in Esports and Entertainment revenue is mainly attributable to the success of the Pocket Gamer Connects London event held in January, which hosted 2,600 attendees. Last year, PGC London hosted approximately 2,000 attendees.

第一季度電子競技和娛樂收入為 340 萬美元，比去年第一季度的 200 萬美元增長 72%。電子競技和娛樂收入的增長主要歸功於 1 月份舉行的 Pocket Gamer Connects 倫敦活動的成功舉辦，該活動接待了 2,600 名與會者。去年，PGC London 接待了大約 2,000 名與會者。

Gross profit increased to $16.8 million in Q1, up 24% from $13.5 million in Q1 2022. This resulted in an all-time-high gross margin of 39.1%, which is up 1,050 basis points from 28.6% in Q1 2022.

第一季度的毛利潤增至 1680 萬美元，比 2022 年第一季度的 1350 萬美元增長 24%。這導致毛利率達到 39.1% 的歷史新高，比 2022 年第一季度的 28.6% 增長了 1,050 個基點。

Total operating expenses were $25.2 million, up slightly from $24.8 million in Q1 of last year, but down substantially from $30.3 million in Q4. Operating expenses in Q1 include noncash items of amortization and depreciation of $3.3 million and share-based compensation of $1.1 million as well as a foreign exchange loss of $0.1 million. The decrease in OpEx on Q4 was largely in technology support, web development and content, which decreased to $5.3 million from $8.6 million in Q4. This decrease was driven by lower production costs for NFL TNG, which aired 7 episodes in Q1 as compared to 12 episodes in Q4, and the normalization of cost savings initiatives undertaken in Q3 and Q4 in our technology and content expenses. As NFL TNG has entered the off season, this decrease in technology support web development and content expense should be expected to persist through Q2, with both NFL TNG revenues and expenses picking back up again in mid-Q3 with the kickoff of season 2.

總運營費用為 2520 萬美元，略高於去年第一季度的 2480 萬美元，但遠低於第四季度的 3030 萬美元。第一季度的運營費用包括 330 萬美元的攤銷和折舊非現金項目和 110 萬美元的股份補償以及 10 萬美元的外匯損失。第四季度運營支出的減少主要是在技術支持、網絡開發和內容方面，從第四季度的 860 萬美元減少到 530 萬美元。這一下降是由於 NFL TNG 的製作成本較低，與第四季度的 12 集相比，第一季度播出了 7 集，以及第三季度和第四季度在我們的技術和內容支出方面採取的成本節約措施正常化。隨著 NFL TNG 進入休賽期，這種技術支持網絡開發和內容費用的下降預計將持續到第二季度，隨著第二賽季的開始，NFL TNG 的收入和支出將在第三季度中期再次回升。

Net loss improved 21% to $8.7 million in Q1, down from $11 million in Q1 2022, resulting in a net loss per share, both basic and diluted, of $0.06 in Q1, down from $0.08 in Q1 2022.

第一季度淨虧損從 2022 年第一季度的 1100 萬美元減少 21% 至 870 萬美元，導致第一季度每股淨虧損（基本和攤薄）為 0.06 美元，低於 2022 年第一季度的 0.08 美元。

Turning to the balance sheet. The company ended the quarter with $3.5 million in cash and, in addition, had an available operating line of $5 million for total available cash of $8.5 million as of March 31, 2023. The change in cash during the quarter was largely due to $2.6 million of cash used in operations and $1.1 million of repayments on the company's term facility.

轉向資產負債表。截至 2023 年 3 月 31 日，該公司以 350 萬美元的現金結束了本季度，此外，可用運營線為 500 萬美元，可用現金總額為 850 萬美元。本季度的現金變化主要是由於 260 萬美元用於運營的現金和 110 萬美元的公司定期貸款還款。

Also during the quarter, our lender agreed to extend the maturity date of our term and operating facilities for an additional 12 months from December 31, 2023, to December 31, 2024. The term facility has been reclassified from current liabilities to long-term liabilities on the March 31 balance sheet.

同樣在本季度，我們的貸方同意將我們的期限和運營設施的到期日從 2023 年 12 月 31 日再延長 12 個月至 2024 年 12 月 31 日。期限設施已從流動負債重新分類為長期負債在 3 月 31 日的資產負債表上。

Certainly, it was a great start to the year despite the seasonally slow nature of Q1. We delivered on our expectations, coming in strong on gross profit and steady in expenses. The continued margin expansion reflects the strength and effectiveness of our strategy, and we remain agile as we position for long-term success. But in the meantime, we remain on track to deliver profitability this year with a strong pipeline for the second half. This includes but isn't limited to, number one, NFL TNG Season 2, which is already in the market with a pipeline in place and kicks off in Q3; number two, platform expansions, including U.GG's expansions into VALORANT and World of Warcraft; number three, strong results from our B2B live events, which are flourishing in a post-COVID world, with our next flagship event being Helsinki in September; and number four, promising early results from the introduction of a paid user acquisition strategy in our subscription business. This pipeline will allow us to build on these already strong Q1 results and point to a promising year to come.

當然，儘管第一季度季節性緩慢，但今年開局不錯。我們實現了預期，毛利潤強勁，費用穩定。利潤率的持續擴張反映了我們戰略的實力和有效性，我們在為長期成功定位時保持敏捷。但與此同時，我們仍有望在今年實現盈利，並為下半年提供強大的渠道。這包括但不限於排名第一的 NFL TNG 第 2 季，它已經進入市場並準備就緒，並於第三季度開始；第二，平台擴展，包括 U.GG 對 VALORANT 和魔獸世界的擴展；第三，我們的 B2B 現場活動取得了強勁的成果，這些活動在後 COVID 世界中蓬勃發展，我們的下一個旗艦活動是 9 月的赫爾辛基；第四，在我們的訂閱業務中引入付費用戶獲取策略有望取得初步成果。這條管道將使我們能夠在這些已經很強勁的第一季度業績的基礎上再接再厲，並指向充滿希望的一年。

As Nick outlined earlier, we are looking to grow the business in a more profitable way versus chasing low-margin top line revenue. We will continue to leverage our strengths across the gaming ecosystem while also embracing innovative technologies and capturing new opportunities to drive sustainable and profitable growth.

正如尼克之前概述的那樣，我們正在尋求以更有利可圖的方式發展業務，而不是追求低利潤的收入。我們將繼續利用我們在整個遊戲生態系統中的優勢，同時採用創新技術並抓住新機會來推動可持續的盈利增長。

I offer my gratitude to the analysts for their continued work on the company. I also want to thank my team for their work on the quarter, led by the VP Finance, Nathan Teal, and to all our stakeholders, thank you for your continued trust in us as custodians of Enthusiast Gaming. We are excited about the road ahead and are grateful for the dedication and hard work of our exceptional teams. It is their passion and commitment that fuels our business. And of course, ladies and gentlemen, our business is the business of gaming. Thank you.

我感謝分析師們對公司的持續工作。我還要感謝我的團隊在財務副總裁 Nathan Teal 的帶領下在本季度所做的工作，並感謝我們所有的利益相關者，感謝你們一直以來對我們作為 Enthusiast Gaming 託管人的信任。我們對未來的道路感到興奮，並感謝我們卓越團隊的奉獻精神和辛勤工作。正是他們的熱情和承諾推動了我們的業務。當然，女士們先生們，我們的業務是遊戲業務。謝謝。

Operator, I kindly turn it back to you.

接線員，我請把它還給你。

(Operator Instructions) Your first question comes from Griffin Boss from B. Riley FBR.

（操作員說明）您的第一個問題來自 B. Riley FBR 的 Griffin Boss。

So first one, maybe for Alex, just regarding the programmatic CPMs, did you see any further deterioration in the CPMs this quarter? Or have they stabilized at those depressed levels that you mentioned in the prepared remarks?

那麼第一個，也許對於亞歷克斯來說，關於程序化每千次展示費用，你是否看到本季度的每千次展示費用進一步惡化？或者它們是否已經穩定在您在準備好的發言中提到的那些低迷水平？

Thanks, Griffin. Actually, a little bit of the opposite on our pricing. I don't want to go into too much detail. Q1 was certainly a depressed market for programmatic CPMs, but I like the patterns I'm seeing. I've seen a bit more of a return to normalcy in the seasonal patterns. That's a big part of what was missing last year, the seasonal patterns fell apart. But we saw some recovery in February and March from what I've seen in the market that there is some recovery there, certainly bottomed. I think we also may be slightly outperforming the markets in our recent pricings that I'm observing.

謝謝，格里芬。實際上，我們的定價有點相反。我不想講太多細節。第一季度對於程序化 CPM 來說無疑是一個低迷的市場，但我喜歡我所看到的模式。我在季節性模式中看到了更多的回歸常態。這是去年缺失的很大一部分，季節性模式分崩離析。但我們在 2 月和 3 月看到了一些復甦，從我在市場上看到的情況來看，那裡有一些復甦，當然是觸底反彈。我認為，在我觀察到的近期定價中，我們的表現也可能略微優於市場。

So I believe it's at a bottom. I believe a recovery may be starting. And what is also very important to me in summary is I like the patterns I've seen, the seasonality inside the quarter, the seasonality inside the month, even the seasonality inside the week, they are predictable to me even if they're at depressed levels, which is fine because I want to see the markets return to a normal pattern, which -- because that's what was missing last year.

所以我相信它在底部。我相信復甦可能正在開始。總而言之，對我來說也非常重要的是，我喜歡我所看到的模式，季度內的季節性，一個月內的季節性，甚至一周內的季節性，它們對我來說是可預測的，即使它們在低迷的水平，這很好，因為我希望看到市場恢復正常模式，因為這是去年所缺少的。

Got it. Appreciate that. And then -- so sticking with the programmatic theme, maybe one for Nick. I appreciate the 5 key areas that you elaborated on, that's nice to see. To the extent you can, could you give any more color on how you're thinking about the programmatic opportunity for Enthusiast in terms of maximizing the value of the first-party data that you have? I'm just curious how you're looking at the longer-term opportunities there in terms of increasing CPMs and yield optimization on your inventory, which could, I mean, potentially, I would think, support programmatic margin expansion in the future. And then, I mean, again, to the extent you can, how much of sort of a CPM lift do you think that you can realize from these initiatives?

知道了。感謝。然後——所以堅持編程主題，也許是尼克的主題。我很欣賞你闡述的 5 個關鍵領域，很高興看到。在您可以的範圍內，您能否就最大化您擁有的第一方數據的價值方面如何考慮 Enthusiast 的程序化機會提供更多顏色？我只是好奇你如何看待增加每千次展示費用和優化庫存收益的長期機會，我的意思是，我認為這可能會支持未來的程序化利潤率擴張。然後，我的意思是，在你可以的範圍內，你認為你可以從這些舉措中實現多少 CPM 提升？

Well, first of all, thanks, Griffin. I really appreciate your question. The programmatic excellence initiative underway is significant. And we're pulling -- we have been pulling apart every aspect of pipes and data and partners and everything to really leverage that. And I'm convinced that with the team, that we are going to see a very solid increase in not only the amount of our inventory that we're selling to the prices we're selling for.

好吧，首先，謝謝格里芬。我真的很感謝你的問題。正在進行的卓越計劃計劃意義重大。我們正在拉動——我們一直在拉開管道、數據和合作夥伴的方方面面，以真正利用它。而且我相信，與團隊一起，我們不僅會看到我們出售的庫存量以我們的銷售價格出現非常穩健的增長。

And again, you hinted at the -- on one of the most important areas, which is how we are integrating first-party data to ensure that our inventory is as smart as possible. Because the better the data infusions, the higher the CPMs. The higher the value, the higher we can prove it because we know that the big, programmatic buyers are all buying on all these cohorts, and they want to be choosing the inventory that is sold.

再一次，你暗示了 - 在最重要的領域之一，這就是我們如何整合第一方數據以確保我們的庫存盡可能智能。因為數據輸入越好，每千次展示費用就越高。價值越高，我們就越能證明這一點，因為我們知道大型程序化買家都在購買所有這些群組，他們希望選擇已售出的庫存。

And also the other part of it is not just the fact that with cookies going away, the need to be obviously selling our inventory is to ensure that we can, therefore, leverage the data enhancement for margin improvement. So I'm not prepared to say exactly where the CPMs are going to end up because we've got a broad mix between display and video, but I am going to say that we are very, very confident and we know the model is that better data will yield better offerings, which will lead to higher CPMs.

而且它的另一部分不僅僅是隨著 cookie 的消失，顯然需要出售我們的庫存是為了確保我們能夠因此利用數據增強來提高利潤率。因此，我不准備確切地說出每千次展示費用的最終結果，因為我們在展示廣告和視頻廣告之間進行了廣泛的混合，但我要說的是，我們非常非常有信心，而且我們知道模型是更好的數據將產生更好的產品，從而帶來更高的每千次展示費用。

So we are working through every element of the tech. As I said, consolidating our SSP partners. We did a big review of who is going to be our DMP partner we've chosen who we believe the right one. And now we're doing a lot of internal work across all of our owned and operated sites as well to ensure that our formats, whether they're in video or display, [VDR is] as excellent as they can be.

因此，我們正在研究技術的每一個要素。正如我所說，整合我們的 SSP 合作夥伴。我們對誰將成為我們的 DMP 合作夥伴進行了廣泛的審查，我們選擇了我們認為合適的人。現在，我們也在我們所有擁有和運營的網站上做了大量的內部工作，以確保我們的格式，無論是視頻還是顯示，[VDR] 都盡可能出色。

We have identified certain issues across some of our partners that we have needed to make significant changes for. The conversations we're having with Google, the introduction of Equativ in ad serving, this is all intended to ensure that our tools and our tech for ad tech optimization are the best that they can be.

我們已經確定了我們需要做出重大改變的一些合作夥伴的某些問題。我們與穀歌的對話，在廣告服務中引入 Equativ，這一切都是為了確保我們的工具和我們的廣告技術優化技術是最好的。

And we will see continued -- as Alex said, we've already seen a continuation of the increase in CPMs. We're going to see that, and that has to be fantastic because we do have a very large audience. We do have many opportunities to monetize those audiences with the impressions and the ad units we have. So this is going to be an area that we've made quite considerable restructuring in other parts of the business, so we can be investing in this.

我們將看到繼續 - 正如亞歷克斯所說，我們已經看到每千次展示費用繼續增加。我們將會看到這一點，這一定很棒，因為我們確實有很多觀眾。我們確實有很多機會通過我們擁有的印象和廣告單元從這些受眾中獲利。因此，這將是我們在業務的其他部分進行相當大的重組的領域，因此我們可以在這方面進行投資。

And I think we see -- our vision is to make sure we've got a real stairway to the stars, that our advertising strategy parts, first and foremost, with our inventory ad network as the biggest independent gaming publisher network moves from an inventory ad network to an audience ad network, so we obviously have our publisher network. And then we can identify our gaming audiences across screens, not just on our platforms, so we effectively become the Enthusiast Gaming audience network.

而且我認為我們看到了 - 我們的願景是確保我們有一個真正的通往明星的階梯，我們的廣告策略部分，首先是我們的庫存廣告網絡，因為最大的獨立遊戲發行商網絡從庫存轉移廣告網絡到受眾廣告網絡，所以我們顯然有我們的出版商網絡。然後我們可以跨屏幕識別我們的遊戲受眾，而不僅僅是在我們的平台上，因此我們有效地成為了 Enthusiast Gaming 受眾網絡。

The next level is the data marketplace, where we have highly sophisticated, high-value gaming audience data that we commend, basically trade within the data marketplace. And then eventually, that leads to another level, which is a self-service platform. So our vision is to increase not only the community size, but the monetization opportunities that we really become a place, a platform, an integrated platform that brands can come to us seeking those omnichannel campaigns that are fueled by our unique gaming inventory and powered by unique data. Is that going to generate higher CPMs? Yes, it certainly will.

下一個層次是數據市場，我們擁有高度複雜、高價值的遊戲受眾數據，我們推薦這些數據，基本上在數據市場內進行交易。然後最終，這導致了另一個層次，這是一個自助服務平台。因此，我們的願景是不僅要增加社區規模，還要增加貨幣化機會，使我們真正成為一個地方、一個平台、一個集成平台，品牌可以來找我們尋求那些由我們獨特的遊戲庫存推動並由獨特的數據。這會產生更高的每千次展示費用嗎？是的，它肯定會。

Your next question comes from Robert Young from Canaccord Genuity.

你的下一個問題來自 Canaccord Genuity 的 Robert Young。

Maybe I'll just key on something you said at the very end of the prepared remarks, the promising early results from paid subscription. I wasn't sure what you meant there. Have you already started to roll out some new strategy or some new efforts there?

也許我會重點關注你在準備好的評論的最後所說的話，即付費訂閱帶來的有希望的早期結果。我不確定你的意思。您是否已經開始在那裡推出一些新戰略或一些新努力？

Robert, thank you for your question. Yes, we have. We're looking at different subscription models either for user acquisition to have a subscription to access sites and content and also to do it on a monetary basis. So we have a number of tests moving at the moment. We've had where we have focused resources on increasing our subscription revenue, whether it's on existing sites, like The Sims Resource, in new areas that we're not prepared to discuss today, but we are prepared to discuss when we have the results of those tests that we're running. We're very confident that with our level of commitment and resource to this area, we're going to see a significant increase in revenue in this revenue stream. So those are underway at the moment.

羅伯特，謝謝你的提問。是的我們有。我們正在研究不同的訂閱模式，要么是為了獲取用戶，要么訂閱訪問網站和內容，要么以貨幣為基礎進行訂閱。因此，我們目前正在進行多項測試。我們已經將資源集中在增加訂閱收入的地方，無論是在現有網站上，如 The Sims Resource，還是在我們今天不准備討論的新領域，但我們準備在有結果時討論我們正在運行的那些測試。我們非常有信心，憑藉我們對這一領域的承諾和資源水平，我們將看到這一收入流中的收入顯著增加。所以這些目前正在進行中。

Okay. And second question would be around gross margins, which you already highlighted, very strong, stronger than I was expecting, certainly. I think you targeted 40% gross margin in the long run and you're nearly there. So part of it, I guess, is driven by the weaker CPMs, but does that suggest that maybe there's an opportunity for even higher than 40% gross margin? Maybe if you can just talk about that and where the business can go now that you're so close to 40%.

好的。第二個問題是關於毛利率，你已經強調過，非常強，強於我的預期，當然。我認為從長遠來看，你的目標是 40% 的毛利率，而且你已經接近目標了。所以我猜，部分原因是每千次展示費用較低，但這是否表明毛利率有可能高於 40%？也許如果你能談談這一點，以及現在你已經接近 40% 的業務可以走向何方。

I think that our ambition is to ensure that we continue to drive our top line revenue, but as it should all be contributing to increasing gross margin. And we're taking certain decisions that you can see already that we've had across our video advertising part of the business with our MCM that we made certain calls where we felt that the higher revenue came at the expense of our focus on gross margin improvement. So we are at 40%. We're nearly 40% on this term. And through our continued focus on diversifying our revenue streams, we're confident that, that becomes the minimum that we're going to be delivering.

我認為我們的目標是確保我們繼續推動我們的收入增長，但這一切都應該有助於提高毛利率。我們正在做出某些決定，您已經看到我們已經通過 MCM 對我們的視頻廣告業務進行了某些調整，我們認為更高的收入是以犧牲我們對毛利率的關注為代價的改進。所以我們是 40%。我們這個學期完成了將近 40%。通過我們對收入來源多元化的持續關注，我們相信，這將成為我們將要交付的最低限度。

And in terms of setting targets for how it goes for the future, I need to have another quarter of our strategy, which I've only -- again, it's been early days for me here, Robert, but to be able to put that in place to demonstrate what that will look like based on all of the activations that we have underway at the moment and see how those really demonstrate, that we can go forward from 40% to where does that go? To 45%. Does it go to 46%? Does it got a 50? I need another quarter before I'm prepared to put any commitment on that to any of you.

在為未來的發展設定目標方面，我需要有另外四分之一的戰略，我只是 - 再一次，羅伯特，我在這裡還為時過早，但能夠把那個根據我們目前正在進行的所有活動來展示這將是什麼樣子，看看這些活動如何真正展示我們可以從 40% 前進到哪裡？達到 45%。它會達到46％嗎？它有50嗎？在我準備好向你們任何人做出任何承諾之前，我還需要一個季度。

Okay. That's fair. And maybe just one maybe additional question around that. The -- I mean we've been used to seeing the gross margins go up quarter over quarter over quarter with the increased direct sale and the growing subscription. And so with this big jump, should we expect to see gross margins continuing to step up quarter-over-quarter through this year? Or should we expect it to take a step back?

好的。這還算公平。也許只是一個額外的問題。 - 我的意思是我們已經習慣於看到毛利率隨著直接銷售的增加和訂閱的增加而逐季上升。因此，隨著這一大幅躍升，我們是否應該期望看到今年毛利率繼續環比增長？還是我們應該期待它後退一步？

Well, I'd like Alex to -- because he's been doing some more sophisticated modeling based on (inaudible) obviously, towards the back half of the year, and we've been looking at our pipeline, of our exciting pipeline of significant high-caliber RFPs.

好吧，我希望亞歷克斯——因為他一直在做一些更複雜的建模基於（聽不清）顯然，在今年下半年，我們一直在研究我們的管道，我們令人興奮的管道口徑的 RFP。

So Alex, why don't you respond to that, please?

那麼亞歷克斯，你為什麼不回應呢？

No, absolutely happy to, thank you.

不，非常高興，謝謝。

Hey, Rob. So -- I mean, what to expect in the short term? You'll recall in my remarks, there are -- there's a new element of seasonality that will impact the margin, that's the NFL season. It's simply a timing thing, but you have season 1 ending in Q1, season 2 picking up midway through Q3. So that just introduces a bit of a short-term seasonality. There's also the dynamic of the volatility in the ad market if a recovery occurs. Of course, that may -- we would love it, but that may be dilutive.

嘿，羅伯。所以——我的意思是，短期內會發生什麼？你會記得在我的評論中，有一個新的季節性因素會影響利潤率，那就是 NFL 賽季。這只是時間問題，但是第一季在第一季度結束，第二季在第三季度中途開始。所以這只是引入了一些短期的季節性。如果出現復甦，廣告市場也會出現波動。當然，那可能——我們會喜歡它，但這可能會稀釋。

But long run, away from that short-term volatility, this is our new reality. We are on north of a 35% margin business. We're well north of that. And as Nick has pointed out, we're after high-margin -- high-yield, high-margin revenue streams, right? We have many years of history behind us doing that and mix pushing it forward. These are our initiatives, and this is our new reality.

但從長遠來看，遠離短期波動，這就是我們的新現實。我們處於 35% 利潤率業務的北部。我們遠在北邊。正如尼克指出的那樣，我們追求的是高利潤——高收益、高利潤的收入來源，對吧？我們在這方面有多年的歷史，並混合推動它向前發展。這些是我們的倡議，這是我們的新現實。

So I think the short answer is possibly some short-term volatility there is driven by the NFL schedule and the volatility in the digital ad market. But long term, once they go over the next few quarters, yes, this is our new reality. And yes, we want to continue to push higher from here.

所以我認為簡短的回答可能是 NFL 賽程和數字廣告市場的波動導致了一些短期波動。但從長遠來看，一旦他們在接下來的幾個季度結束，是的，這就是我們的新現實。是的，我們希望從這裡繼續推高。

(Operator Instructions) Your next question comes from Drew McReynolds from RBC.

（操作員說明）您的下一個問題來自 RBC 的 Drew McReynolds。

Nick, just elaborating on one of the comments in your opening remarks where you said there's a shift in allocation of ad dollars where, I guess, in this environment, advertisers obviously have more limited budgets to place these dollars, and they are shifting to Gen Z and millennials. I mean directionally, not surprising to me. But how would you kind of characterize the strength of that maybe relative to what you were seeing before and maybe previous cycles? And then I'll just have a couple more.

尼克，只是詳細闡述了你開場白中的一條評論，你說廣告資金的分配發生了變化，我想，在這種環境下，廣告商顯然沒有更多的預算來投放這些資金，他們正在轉向 Gen Z 和千禧一代。我的意思是方向性的，這對我來說並不奇怪。但是，相對於你之前和之前的周期所看到的，你會如何描述它的強度？然後我再要幾個。

Yes. Thanks. Hello, Drew, and thanks for the question. I don't think it's temporary. I think that we are seeing the continued focus of brands and agencies recognizing that they are really desperate to continue to reach audiences so badly served by traditional TV, whether it be linear or cable. And I know it's come as a welcome relief for many of the advertisers that increasingly paid streaming TV and CTV options so the big streamers -- that there's increased choice for ad solutions over paid subscriptions because there's a continued challenge that many of the audiences that they're trying to reach can't be served very well by the channels that are there.

是的。謝謝。你好，德魯，謝謝你的提問。我認為這不是暫時的。我認為我們看到品牌和機構的持續關注認識到他們真的迫切希望繼續接觸傳統電視服務如此糟糕的觀眾，無論是線性電視還是有線電視。而且我知道對於許多越來越多地支付流媒體電視和 CTV 選項的廣告商來說，這是一個受歡迎的解脫，所以大型流媒體 - 廣告解決方案的選擇比付費訂閱更多，因為許多觀眾一直面臨挑戰，他們認為那裡的渠道無法很好地服務於試圖達到的目標。

And I think it reminds me when Yahoo!, when some of the salespeople in Yahoo! were walking around 15 years ago, showing the bars of -- bar chart of audience attention so high and yet marketed dollars were so low, and that was the entire challenge of the web at that stage. And now we see that $0.80 on every dollar spent in the U.S. is spent in digital advertising, which is dominated by principally 2, now increasingly 3 with Amazon, massive digital players. And I think the promise is interesting that if you look at the ad tech results, the ad tech results that have recently been coming out led by The Trade Desk and Magnite, they're all higher and a higher performance than the walled gardens. And I think that speaks to the fact that there is still a real attractiveness for the greater web opportunities, the greater opportunity to engage with audiences where you can find them in areas that is exciting the most, and they're not necessarily dominated by the walled gardens.

我想這讓我想起了 Yahoo! 時，Yahoo! 的一些銷售人員。大約 15 年前，我們展示了——觀眾關注度如此之高的條形圖，但銷售的美元卻如此之低，這就是那個階段網絡的全部挑戰。現在我們看到在美國花費的每一美元中有 0.80 美元用於數字廣告，主要由 2 個，現在越來越多的 3 個亞馬遜，大型數字廣告公司主導。而且我認為這個承諾很有趣，如果你看看廣告技術結果，最近由 The Trade Desk 和 Magnite 領導的廣告技術結果，它們都比圍牆花園更高，性能更高。而且我認為這說明了這樣一個事實，即更大的網絡機會仍然具有真正的吸引力，有更多的機會與觀眾互動，您可以在最令人興奮的領域找到他們，而且他們不一定被圍牆花園。

What we're so excited about and what I'm personally so excited about, having been on the buying side, the agency side for over 30 years, is I'm realizing that our audiences, our communities of gamers are the most engaged audiences in the history of the planet. There is no one that has not just the scale but also the level of attention. And the level in attention economy where not only is it very hard to reach these younger and very attractive audiences, but how do you engage with them? And this is where I'm most excited that we have all the different pieces at Enthusiast Gaming because we're not just about saying, "Okay, reach them and just hit them with a banner ad or a video B-roll," we are able to integrate your brand in a much more native and authentic and creative way that allows you to truly engage and connect.

在購買方和代理方工作了 30 多年，我們如此興奮，我個人也如此興奮的是，我意識到我們的觀眾，我們的遊戲玩家社區是參與度最高的觀眾在這個星球的歷史上。沒有一個人不僅有規模，還有關注度。在註意力經濟的水平上，不僅很難接觸到這些年輕且極具吸引力的觀眾，而且您如何與他們互動？這是我最興奮的地方，因為我們在 Enthusiast Gaming 擁有所有不同的作品，因為我們不只是說，“好吧，接觸他們，然後用橫幅廣告或視頻 B-roll 打他們，”我們能夠以更加本土、真實和創造性的方式整合您的品牌，讓您真正參與和聯繫。

And the other thing we're doing is going to -- we're doing a lot of work on our measurement, on our metrics to make sure that we're not just selling our inventory on traditional media metrics, so reach and frequency, but we're recognizing and reevaluating our audiences and our community of highly engaged audiences that these brands want to engage. And there's a higher value for what -- who they are and how we can help those brands reach them.

我們正在做的另一件事是——我們正在做大量的衡量工作，在我們的指標上，以確保我們不只是在傳統媒體指標上銷售我們的庫存，比如覆蓋面和頻率，但我們正在認識並重新評估我們的受眾以及這些品牌想要吸引的高度參與的受眾群體。他們是誰以及我們如何幫助這些品牌接觸到他們具有更高的價值。

So I think this is -- I don't think, I know this is continuing because I've spent a lot of time in my first 2.5 months here now talking to the leading brands and the leading CMOs and all the leaders of the big agency groups, and they are struggling traditional social media. 70%, we did an analysis of our Comscore on that month. Well, I think it was 68% of that entire community of 49 million monthly average users do not use Facebook. Their social integration is through the gaming platforms they use. So not only are these communities of scale, they are communities of intimacy of engagement in the social dynamic.

所以我認為這是——我不認為，我知道這會繼續下去，因為我在這裡的頭 2.5 個月里花了很多時間與領先品牌和領先的 CMO 以及所有大公司的領導者交談機構團體，他們正在苦苦掙扎的傳統社交媒體。 70%，我們對該月的 Comscore 進行了分析。好吧，我認為整個社區的 4900 萬月平均用戶中有 68% 不使用 Facebook。他們的社會融合是通過他們使用的遊戲平台實現的。因此，這些社區不僅規模龐大，而且是參與社會動態的親密社區。

So this is a completely unique audience profile. So are they -- and by the way, that's without even Gen Alpha coming up behind them. So I'm most excited that this is -- that Enthusiast Gaming is a company that not only is in effectively the audience aggregation business, but in the context of games and site and experiences and events where this is really fueling the pattern of what gaming enthusiasts want, and then we're going to take that and monetize that in a different way. And it will not just be based on the traditional push base interactive ad model that got lifted off TV, slapped into social media and then people are thinking that, that's the best way to engage the gaming communities. It's not. And the brands are really waking up to that.

所以這是一個完全獨特的觀眾檔案。他們也是——順便說一句，那甚至沒有阿爾法將軍落後於他們。所以我最興奮的是 - Enthusiast Gaming 是一家公司，它不僅有效地從事觀眾聚集業務，而且在遊戲和網站以及體驗和活動的背景下，這真正推動了遊戲的模式發燒友想要，然後我們將採用它並以不同的方式將其貨幣化。它不僅僅基於傳統的推送基礎互動廣告模式，這種模式從電視中脫穎而出，進入社交媒體，然後人們認為，這是吸引遊戲社區的最佳方式。它不是。這些品牌真的意識到了這一點。

I've seen this because I'm seeing our pipeline of the RFPs, and I'm intimately involved now in all the big RFPs that are knocking on our door. And some of those brands have a high level of enthusiasm. Some have a genuine interest. Some are very focused on reaching an audience. Some see it as an opportunity for relatively inexpensive R&D and innovation in terms of Web3 and metaverse. So we've got a whole range of these different brands leaning in, and there's another fact that you said grew at the beginning, which is they can't be reached elsewhere. Or they can be reached with great difficulty in the traditional media channels. So this is -- I consider this -- as I said in my prepared remarks at the beginning of this call, I think this is the most underdeveloped area of marketing today.

我之所以看到這一點，是因為我看到了我們的 RFP 管道，而且我現在密切參與了所有敲門的大型 RFP。其中一些品牌具有很高的熱情。有些人有真正的興趣。有些非常專注於吸引觀眾。一些人將其視為在 Web3 和元宇宙方面進行相對廉價的研發和創新的機會。所以我們有各種各樣的不同品牌在傾斜，還有一個你說的在開始時增長的事實，那就是他們無法在其他地方接觸到。或者很難通過傳統媒體渠道聯繫到他們。所以這是——我認為——正如我在本次電話會議開始時準備好的發言中所說的那樣，我認為這是當今營銷最不發達的領域。

That's really excellent context. Just one follow-up maybe for you, Alex, as we just kind of level set expectations here from a modeling perspective. When you look at Media and Content and the pressure year-over-year, do you have any sense of how that just kind of plays out through Q2 and maybe over the remainder of the year, just given some of the moving parts to the extent you have that visibility?

那真是極好的背景。亞歷克斯，也許只有一個後續行動適合你，因為我們只是從建模的角度在這裡設定了期望水平。當您查看媒體和內容以及同比壓力時，您是否了解這種情況在第二季度乃至今年剩餘時間裡的表現如何，只是考慮到一些變化的部分你有那個知名度？

Sure. So -- well, the pressure certainly persists. I think that's market-wise. Even Facebook themselves, their earnings call 2, 3 weeks ago, reported they're 17% down year-over-year on CPMs. It persists. However, as I noted earlier, I'm seeing a bit more of a normalcy to the pattern. So while it may be at depressed levels, a return to the normalcy of the pattern will mean sequential increases each quarter throughout the year. Like I think I repeat at the beginning of my remarks every quarter, that typical seasonal impact. So I'm hopeful for that.

當然。所以 - 好吧，壓力肯定會持續存在。我認為這是市場明智的。就連 Facebook 自己，他們在 2、3 週前的財報電話會議上也報告稱，他們的每千次展示費用同比下降了 17%。它持續存在。然而，正如我之前提到的，我看到了更多的模式常態。因此，儘管它可能處於低迷水平，但恢復正常模式將意味著全年每個季度都會連續增長。就像我想我在每個季度的講話開始時重複的那樣，這是典型的季節性影響。所以我對此充滿希望。

However, we are cautiously optimistic on that. But we aren't -- we're patient. We're cautiously optimistic there. Where we are impatient is on these higher-margin, higher-yield revenue streams, of course. We're not waiting for a subscription. We're not waiting to optimize to reach programmatic performance. And we're not waiting to grant solution. We're still pushing in those areas.

不過，我們對此持謹慎樂觀態度。但我們不是——我們很有耐心。我們對此持謹慎樂觀態度。當然，我們不耐煩的是這些利潤率更高、收益更高的收入流。我們不是在等待訂閱。我們不會等待優化以達到程序化性能。我們不會等待授予解決方案。我們仍在推動這些領域。

So I'm cautiously optimistic for the -- more for the back half of the year. It will take some time for it to recover further. But early patterns indicate a possible good back half of the year on the programmatic side.

所以我對今年下半年持謹慎樂觀態度。它需要一些時間才能進一步恢復。但早期模式表明程序化方面可能會在今年後半年表現良好。

Drew, I just want to say one point, and I think it builds on what we said to Robert Young at the end of the conversation about the higher gross margins and where do they go. We're not going back. We're not going back. And if we have to make calls on our gross revenue on certain continued challenges we face, whether it be YouTube introduction, obviously, of a stronger language moderation or whether we're dealing with renegotiations with some of the creators on the AdSense model, on our MCN, we're going to be very choiceful and very deliberate on every dollar of revenue we're taking. And if it builds us up and it provides what is necessary for us to continue to drive a continual, consistent rolling thunder of revenue growth and increased gross margin, we will take. It, but we are not going to chase low-margin, low-value revenue for the sake of it. It has to continue to demonstrate that we're driving towards profitability.

Drew，我只想說一點，我認為它建立在我們在談話結束時對 Robert Young 所說的關於更高的毛利率及其去向的內容的基礎上。我們不會回去。我們不會回去。如果我們不得不就我們面臨的某些持續挑戰提出我們的總收入要求，無論是 YouTube 的介紹，顯然，更嚴格的語言節制，還是我們正在處理與 AdSense 模式上的一些創作者的重新談判，在我們的 MCN，我們將對我們所獲得的每一美元收入進行非常有選擇和非常慎重的考慮。如果它讓我們振作起來，並為我們提供繼續推動持續、持續的收入增長和毛利率增長所必需的東西，我們就會接受。它，但我們不會為了它而追求低利潤、低價值的收入。它必須繼續證明我們正在努力實現盈利。

We want to be in that situation where we have really excellent top line revenue growth, but we are on a mission. And I made it very clear to the entire leadership team, and it was made very clear to me when I was asked to join the company by the Board of Directors, this is about turning what has been a highly entrepreneurial series of individual assets operating now into an integrated platform to create sustainable, profitable performance. So I just want to reiterate that on this call today.

我們希望處於那種我們擁有非常出色的收入增長的情況，但我們正在肩負使命。我向整個領導團隊說得很清楚，當我被董事會要求加入公司時，我也很清楚，這是關於轉變現在經營的一系列具有高度創業精神的個人資產集成平台以創造可持續的盈利績效。所以我只想在今天的電話會議上重申這一點。

(Operator Instructions) Your next question comes from Kevin from Scotiabank.

（操作員說明）您的下一個問題來自豐業銀行的凱文。

Just one from me. It might have been brought up. Just on the OpEx profile for Q2, maybe Q3, is the sort of $20 million ex amortization in SBC that we saw in Q1 sort of a good run rate to use there? I mean there might have been some NFL within that number. So just wanted to know your thoughts on how to think about the OpEx profile in the next couple of quarters.

就我一個。它可能已經被提出來了。就 Q2 的 OpEx 概況而言，也許是 Q3，我們在 Q1 中看到的 SBC 的 2000 萬美元前攤銷是否可以在那裡使用？我的意思是這個數字中可能有一些 NFL。所以只是想知道您對如何在接下來的幾個季度中考慮 OpEx 概況的想法。

Thanks, Kevin. I think that's -- we appreciate the question.

謝謝，凱文。我認為那是——我們很欣賞這個問題。

Alex, I'd like you to grab that one, please.

亞歷克斯，我希望你拿那個，拜託。

Of course. Thank you, Nick.

當然。謝謝你，尼克。

Hey, Kevin, yes, there were decreased NFL episodes in Q1 versus Q4, and that has further decreased. There is some off-season content for further decrease. So some savings perhaps that is as far as the profile goes. Normally, that's mostly out of advertising, promotion and then, of course, technology support, specifically the content bucket of that. However, it's not as notable as the reduction in Q4 to Q1. So we're evening out the $20 million ex those noncash items is a good proxy for a run rate.

嘿，凱文，是的，與第四季度相比，第一季度的 NFL 劇集有所減少，而且還在進一步減少。還有一些淡季內容可以進一步減少。因此，就個人資料而言，可能會節省一些錢。通常，這主要是出於廣告、促銷，當然還有技術支持，特別是內容方面的支持。但是，它不如 Q4 到 Q1 的減少那麼顯著。因此，我們將 2000 萬美元排除在外，這些非現金項目是運行率的一個很好的代表。

Okay. Maybe I'll just sneak in one more. We talked a lot about CPM, RPM dynamics. Can you talk about maybe anything to note on views? You did about 10 billion in the quarter. I think you grew your total views in '22 versus '21. What are you seeing there? Can you talk about some of the dynamics with maybe YouTube Shorts and some of the -- I think, Nick, you talked about it, maybe getting out of some relationships with some creators that maybe caused a bit of a pressure Q-over-Q on the video views. Just can you help us -- maybe for modeling purposes, the video and the web views.

好的。也許我會再偷偷進去一個。我們談了很多關於每千次展示費用、每千次展示收入動態的問題。你能談談關於觀點的任何注意事項嗎？你在這個季度做了大約 100 億。我認為你在 22 年和 21 年的總觀看次數有所增加。你在那裡看到什麼？你能談談 YouTube Shorts 的一些動態嗎？我想，尼克，你談到過它，也許會擺脫與一些創作者的關係，這可能會給 Q-over-Q 帶來一些壓力在視頻瀏覽量上。你能幫我們嗎——也許是出於建模目的，視頻和網絡視圖。

Yes. Thanks, Kevin. As we said, the introduction of YouTube Shorts at the back end of quarter 4 as they sought to chase TikTok, they realized that they themselves were going to suffer from that because the level of monetization was so much lower on those views than longer-form content. And I think all creators and all channels suffered as a consequence of that.

是的。謝謝，凱文。正如我們所說，在他們試圖追逐 TikTok 的過程中，他們在第 4 季度末推出了 YouTube Shorts，他們意識到自己將因此受到影響，因為這些觀點的貨幣化水平遠低於長篇形式內容。我認為所有創作者和所有渠道都因此受到影響。

We are -- we've got some exciting new creator agreements in the works at the moment, and we're going to see that, and we're going to see our views increasing. Alex is the one that models overall views. So we're thinking about how we have not just the amount of views, but it's worth saying that we're thinking a lot about our utilization across not just on our views, on our owned and operated sites, but also across our publisher partners. And we see very significant opportunities for how we can improve the formats to therefore drive higher pricing, but it isn't just about the views. The views is one metric of it. But what we want to do on the next quarter, on the next call is start to introduce other metrics beyond just CPMs, RPMs and views, and we'll talk to you about that next time.

我們 - 我們目前正在製定一些令人興奮的新創作者協議，我們會看到這一點，我們會看到我們的觀點越來越多。亞歷克斯是塑造整體觀點的人。因此，我們正在考慮我們如何不僅擁有瀏覽量，而且值得一提的是，我們不僅在我們的瀏覽量、我們擁有和運營的網站上，而且在我們的出版商合作夥伴中都在考慮我們的利用率.我們看到瞭如何改進格式以推動更高定價的非常重要的機會，但這不僅僅是觀點。觀點是它的一個指標。但我們希望在下個季度、下一次電話會議上開始引入其他指標，而不僅僅是每千次展示費用、每千次展示收入和瀏覽量，我們下次會與您討論。

Alex, do you want to give a point of view about how you modeled the views going forward?

亞歷克斯，你想談談你如何為未來的觀點建模嗎？

Yes, sure.

是的，當然。

For the time being, so we are going to introduce some new metrics, as Nick said. But for the time being, look, the total views is, as you can see, very consistent over the last 4 quarters, now cresting once again above 10 billion. There is a slight shift. You can see it's in the disclosures, the pro rata between the web page views versus video views, a slight shift towards web. But video views still sitting right now just below that 6 billion mark, web page views just above the 4 billion mark. And we aren't expecting -- we're expecting continued consistency, particularly on the total number, right, in and around that 10 billion.

就目前而言，正如 Nick 所說，我們將引入一些新指標。但就目前而言，如您所見，總觀看次數在過去 4 個季度中非常穩定，現在再次超過 100 億次。有輕微的變化。你可以在披露中看到，網頁瀏覽量與視頻瀏覽量之間的比例，略微轉向網絡。但視頻瀏覽量目前仍略低於 60 億大關，網頁瀏覽量略高於 40 億大關。我們並不期待——我們期待持續的一致性，特別是在總數上，正確的，在 100 億左右。

The shift to video obviously monetizes at a higher rate. But in the case of the MCN, it's, of course, much lower margin. This is important inventory when it comes to brand solutions. However, as you're well aware, we are very underutilized from an inventory perspective from brand solutions, as in we have inventory coming out of our ears to sell. We haven't been selling it that long. We have a long way to go as we continue to build brand solutions, so I'm not concerned about inventory availability. But yes, so consistency for the next few quarters on the views line.

向視頻的轉變顯然以更高的速度獲利。但就 MCN 而言，它的利潤率當然要低得多。這是品牌解決方案的重要清單。但是，正如您所知，從品牌解決方案的庫存角度來看，我們的利用率非常低，因為我們有庫存可供出售。我們賣它的時間不長。在我們繼續構建品牌解決方案的過程中，我們還有很長的路要走，所以我不擔心庫存可用性。但是，是的，在接下來的幾個季度中，觀點如此一致。

Your next question comes from Gianluca Tucci from Haywood Securities.

你的下一個問題來自海伍德證券的 Gianluca Tucci。

Most of my questions have been asked here, but how should we think about live events going forward? And what kind of focus will the business have on this business line? I'm just curious as to how the live events business fits into your growth plans and overall strategy here going forward.

我的大部分問題都在這裡被問到，但我們應該如何考慮未來的現場活動？業務將在這條業務線上有什麼樣的重點？我只是想知道現場活動業務如何融入您的發展計劃和未來的總體戰略。

Well, thank you, Gianluca. And I really appreciate your question. As I said, that was very much part of one of the key and the last of the strategic focuses we have had, which is on our revenue diversification as showing that we can really go for that. Live events is -- definitely we've seen had tremendous success by having the leading B2B gaming industry events leader. They have more events. Right now, they're all in Seattle. Before you know it, they're in Helsinki, then they're in the Middle East. And the -- and we see the remarkable profitability and the level of -- engagement levels, as Alex shared with you earlier, how many more people have been attending their events so far versus last year. And we're excited.

好吧，謝謝你，詹盧卡。我真的很感謝你的問題。正如我所說，這是我們擁有的關鍵和最後一個戰略重點的重要組成部分，即我們的收入多元化表明我們真的可以做到這一點。現場活動是 - 我們肯定已經看到通過擁有領先的 B2B 遊戲行業活動領導者取得了巨大的成功。他們有更多的活動。現在，他們都在西雅圖。在您不知不覺中，他們就在赫爾辛基，然後他們就在中東。而且 - 我們看到了顯著的盈利能力和參與度水平，正如亞歷克斯早些時候與您分享的那樣，與去年相比，到目前為止參加他們活動的人數增加了多少。我們很興奮。

I've got -- I'm here in New York. I've got a meeting with 2 different events, live events organizing companies, who I've worked with in the past, to really discuss how and where we will be able to create and put on some live events. And again, it's something I need to do the full cost benefit analysis against and discuss it with the Board, but we're certainly very excited about that.

我有——我在紐約。我與 2 個不同的活動、現場活動組織公司會面，我過去曾與他們合作過，真正討論我們將如何以及在何處能夠創建和舉辦一些現場活動。再一次，我需要針對它進行全面的成本效益分析並與董事會討論，但我們對此當然感到非常興奮。

And also, Luminosity. Because Luminosity isn't just 1 gaming team, we have 12 different teams operating in different areas of the gaming landscape. And they have been invited to participate and are working with many different partners about having more live gaming events.

還有，亮度。因為 Luminosity 不僅僅是 1 個遊戲團隊，我們還有 12 個不同的團隊在遊戲領域的不同領域運作。他們已受邀參加，並與許多不同的合作夥伴合作舉辦更多現場遊戲活動。

So we're excited about it. It's not just about a post-COVID world. We see the opportunity for this to create that between the digital and the online realities of our communities to be able to meet and connect and realize. There was 1 significant -- EGLX had a live event in Toronto that was significant over a 3-day period before COVID hit and shut the whole sort of initiative down. So in a way, we're rebooting what we were doing before, but really going to look at it in a more consistent way because if we can do it on the B2B side, we can do it on the consumer side. There's no reason why.

所以我們對此感到興奮。這不僅僅是關於後 COVID 世界。我們看到了在我們社區的數字現實和在線現實之間創造這種機會，以便能夠見面、聯繫和實現。在 COVID 襲擊並關閉整個計劃之前的 3 天內，EGLX 在多倫多舉辦了一場意義重大的現場活動。所以在某種程度上，我們正在重新啟動我們之前所做的事情，但實際上會以更一致的方式來看待它，因為如果我們可以在 B2B 方面做到這一點，我們就可以在消費者方面做到這一點。沒有理由。

And I just gave the example of E3 being canceled because I remember 15 years ago, when I was running Nintendo globally at 1 of my agencies, the first 3 days were the industry B2B meetings, and the next 4 days were open to the gaming community, and it was just remarkable. And there's no reason why with our breadth of communities and sites and the creatives we have within our organization, we couldn't put on absolute marquee live gaming experience and community events. So we're very excited about it.

我剛剛舉了 E3 被取消的例子，因為我記得 15 年前，當我在我的一個代理機構全球運營任天堂時，前 3 天是行業 B2B 會議，接下來的 4 天對遊戲社區開放，這真是太了不起了。憑藉我們廣泛的社區和網站以及我們在組織內擁有的創意，我們沒有理由不能舉辦絕對精彩的現場遊戲體驗和社區活動。所以我們對此感到非常興奮。

I don't anticipate we're going to be seeing the economics of that rolling forward and certainly -- hopefully, because these things take, obviously, a long time to plan and organize, we're going to see some benefit of that in quarter 4, but this is really laying pipe. All of these situations that I've been talking about in terms of our overall strategy to continue to explore new ways to grow is really part of it. But this is one under our very noses because we've got a company in our own family that does it very, very well. We've got a very good perspective and very good context to help us think about how we can do that in the consumer general space. So you -- so we will share the news as we have something more significant to talk about, but it's more than an idea, it's part of the strategic plan.

我預計我們不會看到這種向前發展的經濟效益，當然 - 希望，因為這些事情顯然需要很長時間來計劃和組織，我們將看到它的一些好處季4，不過這次真的是在舖管。在我們繼續探索新的增長方式的總體戰略方面，我一直在談論的所有這些情況確實是其中的一部分。但這是我們眼皮底下的事情，因為我們自己的家族中有一家公司做得非常非常好。我們有一個很好的視角和很好的背景來幫助我們思考如何在一般消費者領域做到這一點。所以你——所以我們將分享這個消息，因為我們有更重要的事情要談，但這不僅僅是一個想法，它是戰略計劃的一部分。

Okay. That's perfect. And perhaps a question for Alex, a follow-up question. Like historically speaking, what has been a typical gross margin of a live event?

好的。那很完美。也許還有一個問題要問亞歷克斯，一個後續問題。從歷史上看，現場活動的典型毛利率是多少？

Sure. The typical gross margins were about -- pre-COVID, they're about 50%. When we turned them in 50% growth, when we turned them into digital or hybrid digital live events, that raised the margin somewhat because, obviously, digital came with less cost. Now we are moving -- I mean, such a success in the live, we're moving back. So think in the 50% to 60% range on those events. So quite profitable, good old business and flourishing at the moment.

當然。典型的毛利率大約是——在 COVID 之前，它們大約是 50%。當我們將它們轉化為 50% 的增長時，當我們將它們轉化為數字或混合數字現場活動時，利潤率有所提高，因為顯然數字成本更低。現在我們要搬家了——我的意思是，現場如此成功，我們要搬回去了。因此，請考慮在這些事件的 50% 到 60% 範圍內。如此有利可圖，良好的舊業務，目前正在蓬勃發展。

Thank you. As there are no further questions, this concludes our question-and-answer session and conference at this time. Thank you for attending today's presentation. You may now disconnect.

謝謝。由於沒有其他問題，我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。