Firy Inc (FIRY) 2026 Q2 法說會逐字稿

Good morning, everyone. I'd like to welcome you to the Firy Inc., second quarter 2026 results call. (Operator Instructions)

各位早安。歡迎各位參加 Firy Inc. 2026 年第二季財報電話會議。（接線員指示）

At this time, I would like to turn the conference over to your host, Richard Land from Alliance Advisors to begin.

此刻，我想將會議交給本次主持人、來自 Alliance Advisors 的 Richard Land 來開始。

Good morning, everyone. Firy issued its 2026 second quarter earnings release yesterday after the market close, which is available on the company's Investor Relations website. Let me read the Safe Harbor language, and then we'll get right into the call. All statements and comments made by management during this conference call other than statements of historical fact, may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Firy cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during the call.

各位早安。Firy 已於昨日收盤後發布 2026 年第二季財報新聞稿，可於公司投資人關係網站查閱。我先宣讀「安全港」聲明，接著我們就直接進入會議內容。本次電話會議中，管理層所作之所有陳述與評論（除歷史事實陳述外），就 1995 年《私人證券訴訟改革法》之目的而言，均可能被視為前瞻性陳述。Firy 提醒，這些前瞻性陳述存在風險與不確定性，可能導致實際結果與本次會議所作之前瞻性陳述所反映者出現重大差異。

For additional details on these risks and uncertainties, please see Firy's annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and Firy's subsequent public filings with the SEC. Firy undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

關於上述風險與不確定性的更多細節，請參閱 Firy 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報（已向美國證券交易委員會提交）以及 Firy 其後向 SEC 提交的公開文件。Firy 不承擔更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

Additionally, we will reference various non-GAAP financial measures and KPIs during this call. Please refer to our earnings release for an explanation of these measures and how we use them and in the case of the non-GAAP financial measures, reconciliations to their nearest GAAP equivalents.

此外，我們在本次會議中將引用多項非 GAAP 財務衡量指標與 KPI。請參閱我們的財報新聞稿，以了解這些衡量指標的說明及其使用方式；並就非 GAAP 財務衡量指標部分，請參閱其與最接近之 GAAP 指標的調節表。

With that, it's now my pleasure to turn the call over to Firy's CEO, Andrew Paradise. Andrew, please go ahead.

接下來，我很榮幸將電話會議交給 Firy 執行長 Andrew Paradise。Andrew，請開始。

Thank you, Richard, and good morning, everyone. Q2 was, without question, the most consequential period in the company's recent history. Our Firy rebrand is now fully in the market. The Papaya verdict and judgment are in, and we're executing against our strategies to unlock value for our shareholders. Let me start with a review of our second quarter results. I'll then highlight three significant developments since our last call in May before moving into our operating businesses.

謝謝你，Richard，各位早安。第二季毫無疑問是公司近年來最具關鍵影響的一段期間。我們的 Firy 品牌重塑如今已全面推向市場。Papaya 案的裁決與判決已出爐，我們正依策略執行，以為股東釋放價值。我先回顧第二季業績。接著我會在進入各營運事業之前，先重點說明自上次 5 月電話會議以來的三項重大進展。

For the second quarter, GAAP revenue was $31 million, up 6% quarter over quarter and up 23% year over year. Adjusted EBITDA loss, excluding litigation-related expenses, was $2.7 million, a $4.5 million improvement quarter over quarter on a normalized basis. Including litigation-related expenses, the adjusted EBITDA loss was $13.6 million compared to a loss of $12.8 million in the first quarter and $11.4 million in Q2 2025.

第二季 GAAP 營收為 3,100 萬美元，較前一季成長 6%，較去年同期成長 23%。調整後 EBITDA 虧損（不含訴訟相關費用）為 270 萬美元，在常態化基礎上較前一季改善 450 萬美元。若包含訴訟相關費用，調整後 EBITDA 虧損為 1,360 萬美元，相較第一季虧損 1,280 萬美元，以及 2025 年第二季虧損 1,140 萬美元。

We also have an update regarding our balance sheet. As announced on August 4, we are redeeming $80 million in debt, saving the company approximately $2.8 million in interest expense before those notes' maturity date. This leaves $50 million in debt outstanding. We're evaluating options to further strengthen our capital structure and liquidity position. As part of our June rebrand to Firy and establishment of a holding company structure, we refined how we present our results.

我們也就資產負債表提供最新進展。如 8 月 4 日所公告，我們將贖回 8,000 萬美元的債務，並在該等票據到期日前為公司節省約 280 萬美元的利息費用。此舉使未償還債務餘額降至 5,000 萬美元。我們正在評估進一步強化資本結構與流動性部位的選項。作為 6 月更名為 Firy 並建立控股公司架構的一部分，我們也精進了成果呈現方式。

Beginning with the second quarter, corporate operating expenses are reported separately. This gives investors a cleaner view of our businesses. This is a change in presentation only. It has no effect on our consolidated financial results, and we have recast prior periods on the same basis.

自第二季起，公司層級的營運費用將單獨揭露。這讓投資人能更清楚地檢視我們的各項業務。這僅為呈現方式的變更。不影響我們的合併財務結果，且我們已以相同基礎重編前期期間。

Looking at our two operating segments, RZR exceeded $10 million in quarterly revenue for the first time, growing 6% quarter over quarter and 75% year over year. The second quarter was RZR's fourth consecutive quarter of profitability with each quarter growing from the prior period. We expect RZR's profitability will continue to build through the back half of the year behind strong revenue momentum and operating leverage.

就我們兩個營運部門而言，RZR 季營收首次突破 1,000 萬美元，較前一季成長 6%，較去年同期成長 75%。第二季是 RZR 連續第四季獲利，且每一季均較前期成長。在強勁營收動能與營運槓桿帶動下，我們預期 RZR 的獲利能力將在今年下半年持續提升。

For Skillz, revenue increased modestly quarter over quarter. This included a net $1.5 million benefit from two onetime items. Excluding these adjustments, Skillz revenue was down approximately 3% sequentially, consistent with the 8% decline in paying monthly active users. Moving on to recent key developments.

就 Skillz 而言，營收較前一季小幅增加。其中包含兩項一次性項目帶來的淨額 150 萬美元利益。若排除這些調整，Skillz 營收約較前一季下滑 3%，與付費月活躍用戶下降 8% 的趨勢一致。接下來談近期的關鍵進展。

First, I'd like to introduce our new CFO, Alex Walsh, who joins us on the call today. Alex officially joined the team on July 13, and he hit the ground running. He brings an extensive track record of helping consumer-focused businesses accelerate top-line growth while driving profitability. I'm confident he'll replicate the success and contributions he delivered at his prior companies, Aristocrat Gaming, The LEGO Group, and Procter & Gamble. Several of you have already had the chance to connect with him directly.

首先，我想介紹我們的新任財務長 Alex Walsh，他今天也加入本次電話會議。Alex 於 7 月 13 日正式加入團隊，並迅速投入工作。他在協助以消費者為導向的企業加速營收成長、同時推動獲利方面，擁有豐富且卓越的實績。我有信心他將複製他在先前任職公司——Aristocrat Gaming、The LEGO Group 與 Procter & Gamble——所創造的成功與貢獻。你們當中已有幾位有機會直接與他交流。

As we transition from the turnaround into our growth phase, Alex will be front and center as we engage with Wall Street in this next chapter. I also want to thank Gaetano Franceschi, our former CFO, for the steady hand he provided throughout our turnaround and for the support he's shown in bringing Alex up to speed. The second significant update is our rebrand in June to Firy. Firy is the parent company together with its two reportable operating segments, RZR and Skillz. RZR is our high-growth, AI-powered performance advertising business, helping brands acquire and retain high-value users.

隨著我們從整頓期邁入成長期，Alex 將在我們於下一篇章與華爾街互動時扮演核心角色。我也要感謝前任財務長 Gaetano Franceschi，在整頓期間提供穩健的領導，並在協助 Alex 迅速上手方面給予支持。第二項重大更新是我們於 6 月更名為 Firy。Firy 為母公司，旗下有兩個可報導的營運部門：RZR 與 Skillz。RZR 是我們高成長、以 AI 驅動的成效型廣告業務，協助品牌獲取並留存高價值用戶。

Skillz is our real money skill-based gaming operation with more than 90 million registered users. And Beamable, which we acquired in the first quarter of this year is reported within our Skillz business, is our developer back-end and live ops infrastructure business. Beamable is building infrastructure technologies for the gaming industry with Skillz as a first customer and making progress on its objectives. The rebrand reflects the structure that's already existed for some time, interconnected businesses supported by shared corporate resources.

Skillz 是我們的真金（Real Money）技巧型遊戲業務，註冊用戶超過 9,000 萬。而我們於今年第一季收購的 Beamable，於財務報導上歸屬於 Skillz 業務，為我們的開發者後端與即時營運（live ops）基礎設施業務。Beamable 正為遊戲產業打造基礎設施技術，以 Skillz 作為首位客戶，並在其目標上持續取得進展。此次更名反映了這段時間以來既有的架構：彼此互聯的業務，由共享的公司資源提供支援。

Each of our businesses shares a customer, the game developer and serves this customer at different points in their monetization journey. And more importantly, our three businesses share something rare, a compounding flywheel that operates in a way a few other businesses can replicate.

我們的每一項業務都服務同一位客戶——遊戲開發商，並在其變現旅程的不同階段為其提供服務。更重要的是，我們的三項業務共享一項罕見的特質：一個具備複利效應的飛輪，其運作方式是少數其他企業能夠複製的。

The third update concerns the recent court ruling in our litigation against the Papaya Gaming. As you'll recall, in April, the unanimous jury in the US District Court for the Southern District of New York found Papaya liable for false advertising. A few weeks ago, the presiding judge rejected all Papaya's post-trial challenges and awarded us approximately $730 million. This is more than 70% above the original jury award and more than double the previous largest false advertising award in US history.

第三項更新與我們對 Papaya Gaming 的訴訟中近期的法院裁決有關。如各位所記得，4 月，美國紐約南區聯邦地方法院的陪審團一致裁定 Papaya 因虛假廣告而負有責任。幾週前，主審法官駁回了 Papaya 所有的審後挑戰，並裁定我們獲賠約 7.30 億美元。這比陪審團最初裁決的金額高出逾 70%，也超過美國歷史上先前最大虛假廣告賠償金額的兩倍。

The natural question for shareholders is what happens next, and specifically, how we collect. Papaya is a private company, but public trial exhibits give the public access to their 2023 audited financials. Papaya earned $461 million in revenue and $73 million in net income and had $135 million in cash at the end of 2023.

股東自然會問接下來會發生什麼，尤其是我們如何收回款項。Papaya 是一家私人公司，但公開的庭審證物讓大眾得以查閱其 2023 年經審計的財務報表。Papaya 的營收為 4.61 億美元，淨利為 7,300 萬美元，且截至 2023 年底持有 1.35 億美元現金。

In Papaya's more recent filings with the Delaware court, Papaya's CEO represented to the court that the company has achieved annual revenue of approximately $500 million per year, demonstrating the top line is on par with their 2023 financials.

在 Papaya 向特拉華州法院提交的較近期文件中，Papaya 的執行長向法院表示，公司已達到每年約 5.00 億美元的年度營收，顯示其營收規模與 2023 年財務數據相當。

An appeal would go to the Second Circuit. Federal appellate courts affirm the majority of the civil judgments they review on the merits. We remain confident in the record and the judgment while recognizing that no appellate outcome is guaranteed. We're pursuing every avenue available to us to return value to our shareholders.

上訴將提交至第二巡迴上訴法院。聯邦上訴法院在實體審查中，多數情況會維持其所審理的民事判決。我們對案卷記錄與判決仍具信心，同時也理解任何上訴結果都無法保證。我們正透過一切可行途徑，為股東帶回價值。

As Papaya's largest creditor, we intend to assert our rights in both the Israeli and US proceedings. Looking back over the past few years to today at trial, the evidence showed that Papaya advertised billions of dollars in prize pools while using bots and over 60% of prizes were never paid out. The jury found Papaya liable and the court upheld those findings in full.

作為 Papaya 最大的債權人，我們打算在以色列與美國的程序中主張我們的權利。回顧過去幾年至今在庭審中呈現的證據顯示，Papaya 宣傳數十億美元的獎金池，同時使用機器人，且超過 60% 的獎金從未發放。陪審團認定 Papaya 負有責任，法院亦完全維持這些認定。

Our team invented a category. Litigation is not our business. Building great products and services is. We took on these cases to defend our business and the category we created. Papaya's now stated that it's no longer running bots. As our core US market returns to fair competition, we expect to benefit.

我們的團隊開創了一個類別。訴訟不是我們的業務。打造卓越的產品與服務才是。我們提起這些案件，是為了捍衛我們的業務以及我們所創造的類別。Papaya 現在表示其已不再運行機器人。隨著我們核心的美國市場回到公平競爭，我們預期將從中受益。

A reminder on where the rest of our fair play litigation stands and where it goes from here. In our litigation with AviaGames, the 2024 jury verdict translated into an $80 million settlement, of which $15 million remains outstanding in two equal payments of $7.5 million over the next two years. Our case against Voodoo continues to move forward in the legal process. And on a separate note, the trial date in our litigation with Tether Studios has been moved to 2027.

提醒各位我們其餘公平競爭訴訟的進展，以及接下來的走向。在我們與 AviaGames 的訴訟中，2024 年的陪審團裁決轉化為 8,000 萬美元的和解金，其中仍有 1,500 萬美元尚未支付，將在未來兩年以兩筆等額付款、每筆 750 萬美元支付。我們對 Voodoo 的案件仍在法律程序中持續推進。另外一點，我們與 Tether Studios 的訴訟審判日期已延至 2027 年。

Let's turn to our operating strategy. RZR is demonstrating strong performance through product-led growth. Today, the platform processes more than 6 million queries per second across more than 10 billion devices. RZR's growth is coming from two areas, increasing existing clients' share of wallet and winning new logos outright. RZR's customers are performance-based.

接下來談談我們的營運策略。RZR 透過產品驅動成長展現強勁表現。目前，該平台在超過 100 億台裝置上，每秒處理超過 600 萬次查詢。RZR 的成長來自兩個面向：提高既有客戶的錢包份額，以及直接贏得新客戶（新標誌）。RZR 的客戶採績效導向。

If RZR provides an efficient return for its customers, it will capture a higher share of wallet. Additionally, we're offering our customers new high-performing products. We offer five distinct products: Android retargeting and user acquisition, iOS retargeting and user acquisition, and connected television. We built global operations, product, and sales teams with significant experience in this category. We see an opportunity to deepen existing customer relationships and to continue expanding beyond the core gaming market customer.

如果 RZR 能為客戶帶來高效率的回報，就能取得更高的錢包份額。此外，我們也向客戶提供新的高效能產品。我們提供五項不同產品：Android 再行銷與用戶獲取、iOS 再行銷與用戶獲取，以及連網電視（CTV）。我們建立了全球營運、產品與銷售團隊，在此類別具備豐富經驗。我們看到深化既有客戶關係的機會，並持續拓展至核心遊戲市場客戶之外。

Gaming remains RZR's largest advertiser category at approximately 70% of Q2 revenue. This is down from roughly 80% in the prior quarter, which we believe is a clear sign that diversifying into consumer apps, retail and entertainment is working. We expect RZR's revenue growth to nearly double year over year.

遊戲仍是 RZR 最大的廣告主類別，約占第二季營收的 70%。相較前一季約 80% 已有所下降，我們認為這清楚顯示向消費者應用程式、零售與娛樂領域多元化的策略正在奏效。我們預期 RZR 的營收年增率將接近翻倍。

The business has a significant structural advantage worth highlighting. We own and operate our own data servers. This enables RZR to run both retargeting and user acquisition at real scale. Our iOS products are still newer to the market and CTV just launched. So there's still a lot of untapped potential. As all of our products scale, the incremental cost to serve stays low, which is exactly the kind of operating leverage you want to see.

此業務具備值得強調的重大結構性優勢。我們擁有並營運自有資料伺服器。這使 RZR 能以真正的規模同時運行再行銷與用戶獲取。我們的 iOS 產品仍較新，而 CTV 也才剛推出。因此仍有大量尚未開發的潛力。隨著我們所有產品規模化，新增服務成本仍維持低水準，這正是你希望看到的那種營運槓桿。

Shifting to Skillz. The business experienced operational headwinds during the quarter. I stepped in on an interim basis to lead the Skillz business while we actively recruit a dedicated Skillz platform CEO to support our growth efforts. We have line of sight to return the business to sequential growth in Q4.

接著談 Skillz。本季該業務面臨營運逆風。在我們積極招募專任的 Skillz 平台執行長以支持成長工作之際，我以臨時身分介入領導 Skillz 業務。我們已能清楚看到在第四季讓業務恢復季增成長的路徑。

Our priorities for Skillz are aligned with long-term value creation, and we're committed to staying disciplined on costs and improving unit economics and customer lifetime value. Skillz content is now a balance of owned and operated, second-party and third-party titles. Games now operated and owned by Skillz account for 40% of Q2 GMV.

我們對 Skillz 的優先事項與長期價值創造一致，我們也承諾在成本上保持紀律，並改善單位經濟效益與客戶終身價值。Skillz 的內容如今在自營自有、第二方與第三方作品之間取得平衡。目前由 Skillz 自營且自有的遊戲占第二季 GMV 的 40%。

Before I hand things over to Alex, I want to point you to the new investor presentation we posted to our IR website as part of the June rebrand. It lays out in more detail how Firy is positioned to benefit from combining AI-driven performance marketing with gaming. That combination underpins our expectation for revenue to more than double from 2025 to 2028, alongside a steady build in cash generation. We expect to generate modest positive operating cash flow in 2027 and accelerate from there into 2028 and beyond.

在我把時間交給 Alex 之前，我想請各位參考我們在 6 月品牌重塑期間發布於投資人關係網站的新投資人簡報。該簡報更詳細說明 Firy 如何透過結合 AI 驅動的績效行銷與遊戲而受益。這項結合支撐了我們的預期：2025 年至 2028 年營收將超過翻倍，同時現金創造能力將穩步提升。我們預期在 2027 年產生小幅正向的營運現金流，並自此在 2028 年及之後加速成長。

We see four clear drivers for this business and by extension, shareholder value. First, RZR continues to scale with expanding margins and increasingly stands out. RZR is already EBITDA positive and scaling across iOS user acquisition, retargeting, CTV and a broadening advertiser base. Second, we're confident that we have the right playbook to drive a return to growth at Skillz. That path runs through our product, our content and disciplined unit economics.

我們看到此業務（進而股東價值）有四個明確的驅動因素。第一，RZR 持續擴張，利潤率提升，且辨識度愈發突出。RZR 已經達到 EBITDA 為正，並在 iOS 用戶獲取、再行銷、CTV 以及持續擴大的廣告主基礎上擴張。第二，我們有信心擁有正確的作戰手冊，推動 Skillz 重回成長。這條路徑將透過我們的產品、內容，以及具紀律的單位經濟效益來實現。

Third, our operating structure gives us the ability to scale the overall business without a proportional increase in fixed costs. And fourth, we expect litigation expenses to decrease. While litigation has been a real expense burn to date, we believe we will deliver a strong return on investment. And as it decreases, it will drive EBITDA and cash flow growth.

第三，我們的營運架構讓我們能夠擴大全體業務規模，而不需要按比例增加固定成本。第四，我們預期訴訟費用將會下降。雖然訴訟迄今一直是實質的費用消耗，但我們相信將能帶來強勁的投資報酬。而隨著其下降，將推動 EBITDA 與現金流成長。

I started the call by saying Q2 was the most consequential period in the company's recent history. What makes it pivotal is what comes next. The Papaya judgment is in hand. The economics of the business are improving. We're entering a new phase for this portfolio. Firy gives us a structure designed to compound value across the businesses we own today while creating optionality for where we go next.

我在電話會議一開始就說過，第二季是公司近期歷史上最具關鍵性的時期。使其成為轉捩點的，是接下來會發生的事。Papaya 的判決已在手。業務的經濟性正在改善。我們正進入這個投資組合的新階段。Firy 為我們提供了一個架構，旨在對我們目前擁有的各項業務進行價值複利，同時為我們下一步的方向創造選擇權。

Over time, as we generate capital, we will allocate it to where we believe it can earn the highest returns. I founded this company in 2012 with a 100-year vision. The last few years slowed that work, but they didn't change the thesis. The business is improving, the structure is in place, and I believe this company's most interesting chapters are still ahead.

隨著時間推移，當我們產生資本時，我們將把資本配置到我們認為能取得最高報酬的地方。我在 2012 年以 100 年願景創立這家公司。過去幾年放慢了這項工作，但並未改變核心論點。業務正在改善、架構已就位，我相信這家公司最精彩的篇章仍在前方。

With that, I'll turn the call over to our CFO, Alex Walsh, for a closer look at our second quarter results.

接下來，我把電話會議交給我們的財務長 Alex Walsh，請他更深入說明我們第二季的業績。

Thank you, Andrew, and good morning, everyone. I'm happy to be speaking with you, and I'm looking forward to working with you closely going forward. I just completed my first month at Firy, and with each day, my level of confidence increases in our ability to execute on our strategic initiatives that unlock shareholder value.

謝謝你，Andrew，各位早安。很高興能與各位對話，也期待未來能與各位密切合作。我剛在 Firy 完成第一個月的工作，而隨著每一天過去，我對我們執行策略性計畫、釋放股東價值的能力信心持續提升。

Our second quarter results demonstrate the improvements we are making across the business. Q2 '26 GAAP revenue was $31 million, up from $29.1 million in Q1 of '26 and up from $25.2 million in Q2 of '25, representing a 6% increase quarter over quarter and a 23% increase year over year.

我們第二季的業績展現了我們在整體業務上的改善成果。2026 年第二季 GAAP 營收為 3,100 萬美元，高於 2026 年第一季的 2,910 萬美元，也高於 2025 年第二季的 2,520 萬美元，季增 6%、年增 23%。

Q2 '26 research and development expenses of $6.9 million increased 42% year over year, reflecting the ongoing investment in our Skillz and RZR businesses. Q2 2026 general and administrative expenses of $28.2 million increased 69% year over year. Q2 2026 net loss of $24.5 million compared to $17.9 million in Q2 of 2025. And finally, Q2 adjusted EBITDA loss was $13.6 million compared to a loss of $12.8 million in Q1 of '26 and a loss of $11.4 million in Q2 of '25. Excluding litigation-related expenses, adjusted EBITDA in Q2 '26 improved to a loss of $2.7 million.

2026 年第二季研發費用為 690 萬美元，年增 42%，反映我們對 Skillz 與 RZR 業務的持續投資。2026 年第二季一般及行政費用為 2,820 萬美元，年增 69%。2026 年第二季淨損為 2,450 萬美元，對比 2025 年第二季的 1,790 萬美元。最後，第二季調整後 EBITDA 虧損為 1,360 萬美元，對比 2026 年第一季虧損 1,280 萬美元，以及 2025 年第二季虧損 1,140 萬美元。若排除訴訟相關費用，2026 年第二季調整後 EBITDA 改善至虧損 270 萬美元。

Q2 litigation costs were elevated due to the Papaya trial, and we expect them to decrease in future periods. Litigation costs are expensed when incurred, with Q2 expenses alone nearing $11 million. Litigation proceeds are not realized in our financial statements until we collect them. We believe in our balance sheet and continue to manage capital prudently. We ended Q2 '26 with approximately $164 million in cash and cash equivalents, and we ended Q2 with $130 million in debt that matures in December of this year.

由於 Papaya 審判，第二季訴訟成本偏高，我們預期未來期間將會下降。訴訟成本在發生時即費用化，僅第二季費用就接近 1,100 萬美元。訴訟收益在我們實際收取之前，不會反映在財務報表中。我們對資產負債表有信心，並持續審慎管理資本。截至 2026 年第二季末，我們持有約 1.64 億美元的現金及約當現金；同時第二季末我們有 1.30 億美元的債務，將於今年 12 月到期。

As Andrew highlighted, we have already announced a notice of redemption for $80 million of our debt, which will leave approximately $50 million outstanding. We are in active dialogue on a range of alternatives to further strengthen our capital structure and liquidity position.

如 Andrew 所強調，我們已宣布就 8,000 萬美元的債務發出贖回通知，屆時未償餘額將約為 5,000 萬美元。我們正就多種替代方案進行積極對話，以進一步強化我們的資本結構與流動性狀況。

mportantly, we see significant, still unrecognized value on our balance sheet that I want to highlight. As disclosed in our most recent Form 10-K, we have federal net operating loss carryforwards of approximately $702 million and state net operating loss carryforwards of approximately $280 million. There remains $15 million to collect from the AviaGames settlement, of which $7.5 million is expected to be collected in the spring of '27, followed by the final payment of $7.5 million in spring of '28.

重要的是，我們在資產負債表上看到顯著但尚未被認列的價值，我想特別強調。如我們最新的 Form 10-K 所揭露，我們擁有約 7.02 億美元的聯邦淨營業虧損結轉（NOL），以及約 2.80 億美元的州淨營業虧損結轉。AviaGames 和解案仍有 1,500 萬美元待收，其中預期於 2027 年春季收取 750 萬美元，並於 2028 年春季收取最後一筆 750 萬美元。

We own our building in Las Vegas, and we have a 10% interest in a private company, Exit Games, for which we paid approximately $50 million in 2021. In closing, we continue to move this business forward, fueled by meaningful revenue growth on RZR, strong operating leverage, and disciplined execution.

我們擁有位於拉斯維加斯的自有大樓，並持有私人公司 Exit Games 10% 的股權，我們於 2021 年為此支付約 5,000 萬美元。最後，我們持續推動業務向前發展，動能來自 RZR 顯著的營收成長、強勁的營運槓桿，以及紀律嚴明的執行。

Operator, we're now ready to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Ed Alter, Jefferies.

(接線員指示) Ed Alter，Jefferies。

Would love to just dive into the strategic shift and kind of the rebrand and get into why now? What in the market are you seeing that gives you confidence in kind of changing the branding now?

我想深入談談策略轉變以及這次的品牌重塑，並了解為什麼是現在？你們在市場上看到了什麼，讓你們對現在改變品牌定位有信心？

Thanks for the question. So the rebrand is really to help investors better understand that Skillz has transitioned into several businesses over the last five years. We acquired Aarki in 2021. It's now been rebranded as RZR. RZR is a very meaningful portion of the total revenue and profitability of the business now, having crossed over $10 million in net revenue in the quarter.

謝謝你的提問。這次品牌重塑主要是為了幫助投資人更清楚理解，Skillz 在過去五年已轉型為多項業務。我們在 2021 年收購了 Aarki。它現在已重新命名為 RZR。RZR 現在已是公司總營收與獲利能力中非常重要的一部分，本季淨營收已突破 1,000 萬美元。

So the concept of -- it's more than just a rebrand, it's really to help all of the investors listening and those who can't be here today to understand that we've moved from one business line, skill-based gaming platform with Skillz to actually having multiple business lines, with RZR being a significant portion of our revenue currently. We do see in the future that Beamable will also become a meaningful portion of the consolidated revenue of the businesses.

因此，這個概念——不只是單純的改名，而是要幫助所有正在收聽的投資人，以及今天無法到場的人，理解我們已從單一業務線（Skillz 的技術型遊戲平台）轉變為實際擁有多條業務線，而 RZR 目前已占我們營收的相當大比重。我們也看到未來 Beamable 也將成為合併營收中具意義的一部分。

The thematic way that these businesses tie together is they all share the same customer today, which is the game developer, and they all service the game developer in different portions of their monetization journey, whether with RZR, 90 of the top 100 customers being game companies. So helping game companies acquire users into their games. Skillz providing unique skill-based gaming monetization or Beamable, which is a live ops platform, which is an industry term for an engagement marketing platform for game companies.

這些業務之所以能以主題式方式串聯，是因為它們今天都服務同一類客戶——遊戲開發商——並在其變現旅程的不同環節提供服務；以 RZR 為例，前 100 大客戶中有 90 家是遊戲公司。也就是協助遊戲公司為其遊戲獲取用戶。Skillz 提供獨特的技術型遊戲變現能力；而 Beamable 則是一個 live ops 平台，這是業界用語，指的是為遊戲公司提供的互動式行銷平台。

Great. And maybe if I can dig in on RZR a little more. Of those 90 customers that are gaming, can you just describe who those are a little more, if they're Skillz customers or broader gaming?

好的。另外，也許我可以再更深入問一下 RZR。在那 90 家屬於遊戲類的客戶中，你能否再多描述一下這些客戶是哪些類型？他們是 Skillz 的客戶，還是更廣泛的遊戲客戶？

And then separately, what is your view on the overall mobile game ads market, given there's been some pretty choppy prints across the industry in both directions this quarter? I'd love to hear where you stand on that.

另外，鑑於本季整個產業在兩個方向上都出現相當波動的數據表現，你對整體行動遊戲廣告市場的看法是什麼？我很想聽聽你們在這方面的立場。

Sure. That's a great question. So first part of the question, the customer base, those 90 of the top 100 customers being game companies, these are independent from Skillz for the vast majority, if not all. And they range from studios such as King, Niantic, which is now a part of Scopely and on from there. So major game businesses that engage in user acquisition and retargeting marketing.

當然。這是個很好的問題。先回答第一部分，客戶基礎方面，前 100 大客戶中有 90 家是遊戲公司，這些客戶在絕大多數情況下（如果不是全部的話）都與 Skillz 無關、彼此獨立。他們涵蓋像 King、Niantic（現在已成為 Scopely 的一部分）等工作室，以及其他公司。也就是會進行用戶獲取與再行銷（retargeting）行銷的主要遊戲業者。

When we look beyond this quarter and we think about advertising in the games industry, without a doubt, we've seen new devices slow down over the last five years. When you have new device slowdown, I think you can expect the market to seek equilibrium. I think we are going to see that though, over the next few years forward, where other products are moving into the advertising ecosystem on mobile, whether it's e-commerce, healthcare, AI is a major type of customer.

當我們把視角放到本季以外、思考遊戲產業的廣告時，毫無疑問地，我們看到過去五年新裝置的成長已經放緩。當新裝置放緩時，我認為你可以預期市場會尋求一個均衡。不過我也認為，在未來幾年，其他產品會進入行動端的廣告生態系，例如電商、醫療保健，而 AI 也是一個主要的客戶類型。

But the -- that equilibrium that's being achieved, it's not like mobile is going away as an advertising form. It's very much here to stay. It is a very important type of advertising when marketers think about the omnichannel world their consumer or business target is living in and think about different ways to reach that target.

但——正在形成的那個均衡，並不代表行動端會作為一種廣告形式消失。它非常明確會持續存在。當行銷人員思考其消費者或企業目標所處的全通路（omnichannel）世界，並思考以不同方式觸及該目標時，行動端是一種非常重要的廣告形式。

And then if I could squeeze one in on Skillz. Just can you talk about the paying MAU and MAU trends in the quarter, and kind of the latest update there on the declines?

另外，如果我可以再塞一個關於 Skillz 的問題。你能談談本季付費 MAU 與 MAU 的趨勢，以及關於下滑的最新更新嗎？

Sure. Paying MAU trends, I think, Alex, perhaps that would be a great question for you if you'd like to jump in.

當然。付費 MAU 的趨勢方面，我想，Alex，這可能是個很適合你來回答的問題，如果你願意補充的話。

Sure. Yeah. So just on the spend itself, for sales and marketing, it was $13.6 million, which was down from $17.3 million in quarter one. About $1.5 million of that decline is lower end user incentives, which fell to $19 per paying monthly active from $21 and the balance is in paid acquisition. So the reason we did not expand is a returns reason, not a cash reason.

當然。是的。就支出本身而言，銷售與行銷費用是 1,360 萬美元，較第一季的 1,730 萬美元下降。其中約 150 萬美元的下降來自較低的終端用戶激勵，付費月活躍用戶（paying monthly active）的人均激勵從 21 美元降至 19 美元，其餘則是在付費獲客（paid acquisition）上。因此我們沒有擴大投入的原因是報酬率（returns）的考量，而不是現金的考量。

We are working through an operational issue during the quarter. Acquiring users into a funnel you are actively repairing is how you buy a cohort that doesn't pay you back. So we chose to fix the funnel first. Note also that we did not cut spending across the board. We moved it.

我們在本季正在處理一個營運上的問題。在你正積極修復漏斗（funnel）的同時去獲取用戶，等於是買進一個無法回本的用戶群（cohort）。所以我們選擇先把漏斗修好。也請注意，我們並不是全面削減支出。我們是把支出挪動到其他地方。

R&D rose to $6.9 million from $5.1 million sequentially, and it's up 42% year over year. That's funding the retention and engagement product work that will improve the payback on every dollar of UA that we spend later. As it relates to the second half, our line of sight is to sequential growth in Q4, but that assumes product and content improvements, and we may accelerate acquisition as contribution profit supports it. We're not going to recommit to a spend number on this call. And I think the sequencing matters here, so product first, then content, then spend.

研發費用（R&D）較前一季從 510 萬美元上升至 690 萬美元，年增 42%。這是在資助留存與互動（retention and engagement）的產品工作，之後將提升我們在用戶獲取（UA）上每花 1 美元的回收表現。至於下半年，我們可見度是第四季（Q4）將出現季增，但前提是產品與內容的改善；而且在貢獻利潤（contribution profit）支持的情況下，我們可能會加速獲客。我們不會在這通電話上重新承諾一個支出數字。我認為這裡的先後順序很重要：先產品、再內容、最後才是支出。

Bharath Nagaraj, Cantor Fitzgerald.

Bharath Nagaraj，Cantor Fitzgerald。

Just a few for me, please. With $50 million remaining in terms of debt, what are the active alternatives that you're considering, full paydown, refinancing, partial financing? And what's the approximate timeline? And then just a follow-up on the same one. With $164 million of cash and $50 million now of debt remaining, what's the minimum cash balance you need to run the business comfortably taking into consideration all the investments in the product you plan to do in the coming quarters?

我這邊有幾個問題。目前剩餘 5,000 萬美元的債務，你們正在考慮哪些可行替代方案：全額償還、再融資、部分融資？大概的時間表是什麼？另外同一題的追問。在現金 1.64 億美元、剩餘債務 5,000 萬美元的情況下，考量你們未來幾季計畫在產品上的所有投資，你們認為要讓公司舒適運營所需的最低現金餘額是多少？

Thank you. That's a great question and something we are thinking very carefully about. Given the nature of the questions, I'll turn it over to Alex to talk more about how we're thinking about capital allocation.

謝謝。這是個很好的問題，也是我們正在非常審慎思考的事情。鑑於問題的性質，我把問題交給 Alex，請他談談我們如何思考資本配置（capital allocation）。

Absolutely. Look, we have $50 million in debt maturing December 15. We will pay this debt off. And right now, we're in active analysis, evaluating a range of alternatives that will strengthen our capital structure and our liquidity position. That may be refinancing. There are other options we are also considering at this point in time. And when we have something to share, we will certainly share it.

當然。你看，我們有 5,000 萬美元的債務將在 12 月 15 日到期。我們會把這筆債務還清。而目前我們正在積極分析，評估一系列能強化我們資本結構與流動性部位（liquidity position）的替代方案。這可能包含再融資。此刻我們也在考慮其他選項。當我們有可以分享的內容時，我們一定會對外分享。

And as the question about minimum cash to run the business, we would always like to have $30 million in cash as a buffer to weather operating dynamics, et cetera.

至於最低現金以支撐公司運營的問題，我們一向希望保有 3,000 萬美元現金作為緩衝，以因應營運動態等情況。

If I can also just jump in to add, we do have a considerable number of assets on our balance sheet that while the market doesn't seem to be able to appreciate the value of them, there is a real-world value to these assets that we currently have.

如果我也可以補充一下，我們的資產負債表上確實有相當多的資產；雖然市場似乎無法充分認可它們的價值，但這些資產在現實世界中確實具有價值，而且是我們目前持有的。

Yeah. That's a great point. And I talked about those in the open, but just to reiterate what we have, we still have $15 million of the AviaGames settlement coming in. We own our business or own our office here in Vegas. We have nearly $1 billion of net operating losses between federal and state. And then we also have that 10% stake, and it's a preferred stake in a company called Exit Games.

是的。這點說得很好。我在開場時也提到過，但再重申一次：我們仍有 1,500 萬美元的 AviaGames 和解款將會入帳。我們擁有我們的業務，或說我們在拉斯維加斯這裡的辦公室是自有的。我們在聯邦與州層級合計有接近 10 億美元的淨營運虧損（net operating losses）。此外，我們還持有一家名為 Exit Games 的公司 10% 股權，而且是優先股權（preferred stake）。

Yeah, absolutely. Actually, my next question was exactly to do with that. So with regards to this Exit Games position, given that you've been carrying it at cost largely, is there any path to monetization or mark-to-market that you need to do? Or any thoughts on that or color on that would be helpful.

是的，完全同意。其實我下一個問題正是關於這個。就這個 Exit Games 的持股而言，鑑於你們主要是以成本入帳，是否有任何變現（monetization）或需要按市價重估（mark-to-market）的途徑？如果你們對此有任何想法或補充說明，會很有幫助。

So another great question. We're evaluating Exit Games position carefully. I'll hand off to Alex, who's been closer to that workflow.

所以這又是一個很棒的問題。我們正在審慎評估 Exit Games 的持股狀況。我把問題交給 Alex，他對那套流程更熟悉。

Yeah. So we see our interest in Exit Games as one of the several underappreciated value propositions on our balance sheet. I mentioned that we have a preferred stake in that business. We will, to Andrew's point, actively assess how this fits in our portfolio and work with the founders of that company to determine what's in the best interest of both parties.

是的。我們將對 Exit Games 的投資視為資產負債表上幾項被市場低估的價值主張之一。我提過我們在該業務中持有優先股權。正如 Andrew 所說，我們會積極評估這項投資如何融入我們的投資組合，並與該公司的創辦人合作，判斷什麼做法最符合雙方的最佳利益。

Okay. Understood. Actually, just one other question comes to mind on the fact that you mentioned the balance sheet, something that the market hasn't fully given value towards or attribution towards. Are you thinking about any sort of buybacks or anything like that given that your debt is clear right now and then you have a significant amount of cash? Or do you think that investing in the business and the opportunities you're seeing within the RZR side of things and maybe even the Skillz side of things, there's more ROI there?

好的。了解。其實，既然你提到資產負債表，我還想到另一個問題：市場尚未完全給予估值或歸因的部分。鑑於你們目前已無負債壓力，且手上有相當可觀的現金，你們是否在考慮任何形式的庫藏股回購或類似措施？或者你認為把資金投入業務本身，以及你們在 RZR 端、甚至 Skillz 端看到的機會，能帶來更高的投資報酬率（ROI）？

That's another great question. The current cash on the balance sheet, we think we have meaningful ways to invest it primarily. I'm not sure, Alex, if you want to add any more color at this time about the cash on the balance sheet and how we view deployment.

這也是一個很棒的問題。就目前資產負債表上的現金而言，我們認為主要有很有意義的投資用途。Alex，我不確定你現在是否想就資產負債表上的現金以及我們如何看待資金部署，再補充一些說明。

I don't think I have too much more to add to that, Andrew. We have, again, plenty of cash to run the business, to pay off the debt on December 15, and we have a range of strategic alternatives, again, to strengthen our capital position and our liquidity.

Andrew，我想我沒有太多要補充的。我們再次強調，我們有充足的現金來營運業務、在 12 月 15 日償還債務，並且我們也有一系列策略性替代方案，以強化我們的資本狀況與流動性。

I would perhaps add that we do have a very meaningful value event that we haven't talked about as an asset, which is the litigation that we recently won against Papaya Gaming. And that's obviously a major moving part for our business right now in determining capital allocation.

我或許會補充一點：我們確實有一個非常重要、但我們尚未以資產角度談到的價值事件，也就是我們近期在對 Papaya Gaming 的訴訟中勝訴。而這顯然是我們目前在決定資本配置時的一個重大變數。

Yeah. Understood. If I may just ask one more question on the near-term trajectory, if that's all right. Just on Q3 and Q4, how should we think about the growth trajectory for RZR?

是的。了解。如果可以的話，我想就短期走勢再問一個問題。關於第三季與第四季，我們應該如何看待 RZR 的成長軌跡？

And also on the OpEx side of things, I think you mentioned you might do user acquisition ramp if ROI is good or something. But how do we kind of think about the cadence of it in the coming quarters? That's all from me.

另外在營運費用（OpEx）方面，我想你提到如果 ROI 良好，可能會加大用戶獲取（UA）的投入之類的。但我們該如何看待未來幾季的投入節奏？我這邊就這些。

Yeah. We're pretty bullish on the business, both on RZR and its continued progress as well as Skillz. I'm sure Alex has some thoughts, but he can give you a little more specifics on guiding revenue assumptions through the end of the year.

是的。我們對業務相當樂觀，無論是 RZR 及其持續進展，還是 Skillz。我相信 Alex 也有一些想法，他可以就年底前的營收假設指引提供更具體的說明。

Yeah, absolutely. So we mentioned -- on the Skillz platform, let's just start with that. We mentioned some operational issues in Q2 that were headwinds. Those will be slight headwinds into Q3, but we have a line of sight to sequential growth in Q4 on the Skillz platform.

好的，當然。我們提到——先從 Skillz 平台開始。我們提到第二季有一些營運問題，形成逆風。這些因素在第三季仍會帶來些微逆風，但我們已能清楚看到 Skillz 平台在第四季可望出現季增成長。

But let's shift gears to RZR. So we mentioned that RZR exceeded $10 million of quarterly revenue for the first time in Q2. That was strong 75% year-over-year growth. It also delivered its fourth consecutive quarter of profitability, and each quarter has since grown sequentially. Just last year, relative to '24, RZR grew from $11 million to $27 million of net revenue, so nearly tripling, enabled by the launch of iOS UA and 168% net retention.

不過我們把焦點轉到 RZR。我們提到 RZR 在第二季首次單季營收突破 1,000 萬美元。那是強勁的年增 75%。它也連續第四個季度實現獲利，而且自那之後每一季都呈現季增。就在去年，相較於 2024 年，RZR 的淨營收從 1,100 萬美元成長到 2,700 萬美元，幾乎成長到三倍，這得益於 iOS 用戶獲取（UA）的推出以及 168% 的淨留存率。

As we look into '26 and beyond, so iOS, it's still early. CTV is not yet scaled, and the infrastructure is built. So the revenue growth comes with minimal cost increases or said differently, strong operating leverage in this business. And we have very bullish expectations for RZR and for the full year in '26, we expect the revenue to nearly double year over year.

展望 2026 年及以後，就 iOS 而言仍在早期階段。CTV 尚未擴大規模，而基礎設施已經建置完成。因此，營收成長伴隨的成本增加很有限；換句話說，這項業務具備很強的營運槓桿。我們對 RZR 以及 2026 全年都抱持非常樂觀的預期；我們預期 2026 年全年營收將接近年增一倍。

If I could also add, we're really excited about the launch (technical difficulty)

如果我也可以補充，我們對這次上線感到非常興奮(技術問題)

(Operator Instructions)

(接線員指示)

Andrew, we can hear you. We are happy to continue. Thank you for your patience, everyone.

Andrew，我們聽得到你。我們很樂意繼續。感謝各位的耐心等候。

I believe we cut out when I was speaking about being really excited about RZR's growth in CTV and what we've seen so far in early results. One of the things that's particularly exciting is the partnership that we have with LG for being an exclusive gaming advertiser. And when you think about the omnichannel capability for RZR between CTV and device, we see a really bright future for CTV in 2027.

我相信剛才我在談到我們對 RZR 在 CTV 的成長以及目前早期結果所見到的表現感到非常興奮時，訊號中斷了。其中一個特別令人振奮的是我們與 LG 的合作夥伴關係，成為其獨家遊戲廣告主。當你想到 RZR 在 CTV 與裝置之間的全通路能力時，我們認為 CTV 在 2027 年會有非常光明的前景。

There are no further questions at this time. This concludes today's call. Thank you for attending.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。