Fubotv Inc (FUBO) 2021 Q3 法說會逐字稿

Thank you for joining us to discuss fuboTV's third quarter 2021.

感謝您加入我們討論 fuboTV 的 2021 年第三季度。

With me today is David Gandler, Co-Founder and CEO of fubo; and Simone Nardi, CFO of fubo.

今天和我在一起的是 fubo 的聯合創始人兼首席執行官 David Gandler；和 fubo 的首席財務官 Simone Nardi。

Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv.

我們的業績和其他管理評論的全部細節可在我們的收益發布和致股東的信中獲得，可在我們網站 ir.fubo.tv 的投資者關係部分找到。

Before we begin, let me quickly review the format of today's presentation.

在開始之前，讓我快速回顧一下今天的演示文稿的格式。

David is going to start with some brief remarks on the quarter and fubo's strategy, and Simone will cover the financials and guidance.

David 將首先簡要介紹本季度和 fubo 的戰略，Simone 將介紹財務和指導。

Then I'm going to turn the call over to the analysts to dig into Q&A.

然後，我將把電話轉給分析師以深入了解問答。

Before we begin, I'd like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities law, including statements regarding our financial condition, anticipated financial performance, market opportunity, business strategy and plans, including our acquisition strategy and ability to integrate any such acquisitions, the expected continued rollout of fubo Sportsbook and the continued shift in consumer behavior.

在開始之前，我想提醒大家，以下討論可能包含聯邦證券法含義內的前瞻性陳述，包括關於我們的財務狀況、預期財務業績、市場機會、業務戰略和計劃的陳述，包括我們的收購策略和整合任何此類收購的能力、fubo Sportsbook 的預期持續推出以及消費者行為的持續轉變。

These forward-looking statements are subject to certain risks, uncertainties and assumptions.

這些前瞻性陳述受某些風險、不確定性和假設的影響。

Important factors that could cause actual results to differ materially from forward-looking statements can be found in the Risk Factors section of our quarterly report on the Form 10-Q for the quarterly period ended September 30, 2021, to be filed with the Securities and Exchange Commission and our other periodic filings with the SEC.

可能導致實際結果與前瞻性陳述存在重大差異的重要因素可在我們提交給證券公司的截至 2021 年 9 月 30 日的季度 10-Q 表格季度報告的風險因素部分中找到交易委員會和我們向 SEC 提交的其他定期文件。

These statements reflect our current expectations based on our beliefs, assumptions and information currently available to us.

這些陳述反映了我們當前基於我們當前可獲得的信念、假設和信息的預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

儘管我們認為這些預期是合理的，但我們不承擔修改任何陳述以反映本次電話會議後發生的變化的義務。

During the call, we'll also refer to non-GAAP financial measures.

在電話會議期間，我們還將參考非公認會計準則財務指標。

These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, our GAAP results.

這些非公認會計原則措施應被視為對我們的公認會計原則結果的補充，而不是替代或孤立。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q3 2021 earnings shareholder letter, which is available on our website at ir.fubo.tv.

這些非公認會計原則措施與最直接可比的公認會計原則措施的對賬也可在我們的 2021 年第三季度收益股東信函中找到，該信函可在我們的網站 ir.fubo.tv 上找到。

With that, I will turn the call over to David.

有了這個，我會把電話轉給大衛。

Thank you, Alison, and thank you all for joining us today.

謝謝你，艾莉森，謝謝大家今天加入我們。

Before we dive into our record third quarter results, we are thrilled to announce that since closing the quarter fuboTV has passed the 1 million subscriber mark.

在我們深入研究創紀錄的第三季度業績之前，我們很高興地宣布，自本季度結束以來，fuboTV 的訂閱用戶已超過 100 萬。

Yes, that's 1 million paying subscribers.

是的，這是 100 萬付費用戶。

This is an extraordinary milestone by any measure, but particularly remarkable given the momentum of our business over just 6 short years.

無論以何種標準衡量，這都是一個非凡的里程碑，但鑑於我們在短短 6 年內的業務發展勢頭，這一點尤為顯著。

The implications of the milestone are tremendous and undoubtedly far reaching.

這一里程碑的影響是巨大的，無疑是深遠的。

1 million subscribers means increased relevance, leverage and influence with content partners and leagues, plus the opportunity to go upstream on sports tentpoles.

100 萬訂閱者意味著與內容合作夥伴和聯盟的相關性、影響力和影響力增加，以及在體育觸角上逆流而上的機會。

It also means billions of data points for product iteration and personalization, more monetization opportunities and increased consumer mind share.

這也意味著產品迭代和個性化的數十億數據點、更多的貨幣化機會和增加的消費者心智份額。

And even at 1 million subscribers, we are still only scratching the surface as 72 million-plus households still subscribe to traditional pay television.

即使有 100 萬訂戶，我們仍然只是觸及表面，因為 7200 萬多戶家庭仍在訂閱傳統付費電視。

Our record third quarter 2021 results showcase consistent strong execution of our company's mission.

我們創紀錄的 2021 年第三季度業績展示了我們公司使命的一貫強大執行力。

It's a mission to define a new category of interactive sports and entertainment television turning passive viewers into active participants.

它的使命是定義一種新的互動體育和娛樂電視類別，將被動的觀眾變成主動的參與者。

We continue to make great traction towards our long-term growth and margin targets, and we are once again raising our full year guidance.

我們繼續大力推動我們的長期增長和利潤率目標，我們再次提高全年指導。

In Q3, we delivered triple-digit year-over-year growth in total paid subscribers, up 108%.

在第三季度，我們的付費用戶總數實現了三位數的同比增長，增長了 108%。

Total revenue, up 156%.

總收入增長 156%。

And advertising revenue, up 147%, and that's compared to the prior year period.

與去年同期相比，廣告收入增長了 147%。

We added approximately 263,000 net subscribers.

我們增加了大約 263,000 名淨訂閱者。

That's 56% more than in the third quarter of last year, and more than the entirety of 2020.

這比去年第三季度和 2020 年全年增長了 56%。

Also noteworthy, we were able to drive subscriber growth while spending less as a percentage of revenue than in the prior year.

同樣值得注意的是，我們能夠推動用戶增長，同時支出佔收入的百分比低於上一年。

Turning to engagement.

轉向訂婚。

Our users streamed 284 million hours.

我們的用戶播放了 2.84 億小時。

That's an increase of 113% year-over-year.

同比增長 113%。

Our monthly active users watched 121 hours per month on average.

我們的月活躍用戶平均每月觀看 121 小時。

While this is strong engagement, it was impacted by the huge influx of new subscribers at the end of the quarter.

雖然這是一種強大的參與度，但它受到了本季度末大量新用戶湧入的影響。

As these new cohorts mature, we expect to expand their engagement and monetization.

隨著這些新群體的成熟，我們希望擴大他們的參與度和貨幣化。

The third quarter was also record-breaking for our advertising business, representing our strongest ad sales quarter to date.

第三季度我們的廣告業務也創紀錄，是我們迄今為止最強勁的廣告銷售季度。

Ad revenue grew 147% year-over-year and accounts for 12% of total revenue in the quarter.

廣告收入同比增長 147%，佔本季度總收入的 12%。

Alongside our record revenue growth, we also made meaningful progress towards our profitability goals.

除了創紀錄的收入增長外，我們還在實現盈利目標方面取得了有意義的進展。

Adjusted contribution margin was 12.4% in Q3.

第三季度調整後的邊際貢獻率為 12.4%。

That's up 189 basis points compared to the normalized third quarter 2020 results.

與標準化的 2020 年第三季度業績相比，這增加了 189 個基點。

This was driven by ARPU expansion with both advertising and subscription, partly as a result of strong execution associated with upsells and packaging.

這是由廣告和訂閱的 ARPU 擴張推動的，部分原因是與追加銷售和包裝相關的強大執行力。

Our attach rate was 2.3%.

我們的附加率為 2.3%。

That's up from 1.8% in the third quarter of 2020.

這高於 2020 年第三季度的 1.8%。

And we sold 2.2 million attachments as of the end of the quarter.

截至本季度末，我們售出了 220 萬個附件。

It's also illustrative of our ability to expand ARPU and extend the lifetime value of our customers through the provision of additional products and services.

這也說明了我們通過提供額外的產品和服務來擴大 ARPU 和延長客戶生命週期價值的能力。

This positions us really well to drive adoption of our wagering product.

這使我們能夠很好地推動我們的投注產品的採用。

Today, we announced a major milestone towards global expansion with the acquisition of Molotov, France's leading live TV streaming platform with 4 million monthly active users.

今天，我們宣布收購法國領先的直播電視流媒體平台 Molotov，實現全球擴張的重要里程碑，每月活躍用戶達 400 萬。

Molotov operates a freemium business model, which leverages a free tier to drive growth, then upsells customers to premium channel packages.

Molotov 採用免費增值業務模式，利用免費層來推動增長，然後向客戶追加銷售優質渠道套餐。

The technology capabilities between the companies will enable us to efficiently launch our interactive sports and entertainment streaming platform on a global scale.

兩家公司之間的技術能力將使我們能夠在全球範圍內有效地推出我們的互動體育和娛樂流媒體平台。

Our transaction is expected to close sometime within the first quarter of 2022, and that's, of course, subject to certain closing conditions.

我們的交易預計將在 2022 年第一季度的某個時間完成，當然，這取決於某些完成條件。

Our internally built technology stack is the cornerstone to our platform, and that has kept us innovating ahead of the streaming industry.

我們內部構建的技術堆棧是我們平台的基石，這使我們保持領先於流媒體行業的創新。

We are prioritizing our product and engineering capabilities to bring to market a category-defining streaming experience that's characterized by interactivity.

我們正在優先考慮我們的產品和工程能力，以便為市場帶來以交互性為特徵的定義類別的流媒體體驗。

This is a long-term commitment we're making in our product and expect it to yield strong and defensible competitive advantages over the next few years.

這是我們在產品中做出的長期承諾，並期望它在未來幾年內產生強大且可防禦的競爭優勢。

Accordingly, we are thrilled to announce the acquisition of Edisn.ai.

因此，我們很高興地宣布收購 Edisn.ai。

Edisn is an AI-powered computer vision platform with patent-pending video recognition technologies based in Bangalore, India.

Edisn 是一個人工智能驅動的計算機視覺平台，擁有正在申請專利的視頻識別技術，位於印度班加羅爾。

With Edisn.ai, we will be able to create new experiences that integrate interactivity and data directly within our live TV feeds, pushing the boundaries of innovation even further.

借助 Edisn.ai，我們將能夠創造新的體驗，將交互性和數據直接集成到我們的直播電視源中，進一步推動創新的界限。

The acquisition also expands our data science and engineering organization globally.

此次收購還擴大了我們在全球範圍內的數據科學和工程組織。

Last quarter, we announced the beta release of 2 new interactive features, FanView and free-to-play predictive games.

上個季度，我們宣布了 2 個新的互動功能、FanView 和免費預測遊戲的測試版發布。

Throughout Q3, we continued to iterate on each and expanded their rollout to additional leagues.

在整個第三季度，我們繼續對每一個進行迭代，並將其推廣擴展到其他聯賽。

We're very excited about the potential to further engage our subscribers and ultimately to become gateways to real-money wagering.

我們對進一步吸引我們的訂戶並最終成為真錢投注門戶的潛力感到非常興奮。

Here's a quick video.

這是一個快速視頻。

(presentation)

（介紹）

Our wagering business also continues to evolve.

我們的投注業務也在不斷發展。

We are transforming how consumers watch and engage with live television with our first-generation integrated fubo Sportsbook, which launched November 3 in our first state, Iowa.

我們正在通過我們的第一代集成 fubo Sportsbook 改變消費者觀看和參與直播電視的方式，該產品於 11 月 3 日在我們的第一個州愛荷華州推出。

This is the first of a healthy pipeline of other states where we plan to launch in the ensuing months, which will allow us to unlock the scale of our growing subscriber base, driving down betting acquisition costs.

這是我們計劃在接下來的幾個月內推出的其他州的健康管道中的第一個，這將使我們能夠釋放我們不斷增長的用戶群的規模，從而降低投注獲取成本。

In addition to serving as an important new on-ramp to our platform, we believe this will over time improve engagement and retention while driving monetization and advertising sales.

除了作為我們平台的重要新入口之外，我們相信隨著時間的推移，這將提高參與度和留存率，同時推動貨幣化和廣告銷售。

We believe only fuboTV has brought to market this seamless connection between streaming video and our mobile betting app.

我們相信只有 fuboTV 將流媒體視頻和我們的移動投注應用程序之間的無縫連接推向市場。

We see ourselves in the very early innings of an enormous opportunity to innovate.

我們看到自己處於巨大創新機會的早期階段。

While we are very pleased with our progress to date, we are taking a very measured and deliberate approach as we operationalize this initiative.

雖然我們對迄今為止取得的進展感到非常滿意，但在實施這一舉措時，我們正在採取一種非常慎重和深思熟慮的方法。

So in summary, I am exceptionally proud of our execution this quarter.

總而言之，我對本季度的執行感到非常自豪。

We are building a category-defining streaming experience that will achieve a strong flywheel, driving subscriber growth, increasing engagement and enhancing monetization while also attracting advertising dollars to our high-quality premium-paying audience, all while we continue to benefit from our optimal position at the intersection of 3 mega trends: the secular decline of traditional television, the shift of TV ad dollars to connected devices, and the rapid adoption of online sports wagering.

我們正在構建一種定義類別的流媒體體驗，它將實現強勁的飛輪，推動用戶增長，提高參與度並增強貨幣化，同時也為我們的高質量付費觀眾吸引廣告收入，同時我們繼續從我們的最佳位置中受益在三大趨勢的交匯處：傳統電視的長期衰落、電視廣告收入向聯網設備的轉移以及在線體育博彩的迅速普及。

I look forward to updating you on the progress and will be on Twitter later this evening to interact with shareholders.

我期待著向您通報進展情況，並將在今晚晚些時候在 Twitter 上與股東互動。

And now I'll pass it over to Simone to discuss our Q3 financial highlights and raised guidance for 2021.

現在我將把它交給 Simone 討論我們的第三季度財務亮點並提出 2021 年的指導。

Simone, please.

西蒙妮，請。

Thank you, David, and good afternoon, everyone.

謝謝大衛，大家下午好。

I'm very pleased with our strong third quarter results as we exceeded our outlook and made significant progress in delivering efficient top line growth and margin improvements.

我對我們強勁的第三季度業績感到非常滿意，因為我們超出了預期，並在實現有效的收入增長和利潤率提高方面取得了重大進展。

In the third quarter, we delivered a triple-digit year-over-year growth in both subscription and advertising revenue, taking overall revenue up 156% to $156.7 million, up 20% sequentially over the second quarter.

第三季度，我們的訂閱和廣告收入實現了三位數的同比增長，總收入增長 156% 至 1.567 億美元，比第二季度增長 20%。

Subscription revenue increased 158% year-over-year to $138.1 million driven by strong growth in subscriber numbers and ARPU.

在訂閱人數和 ARPU 強勁增長的推動下，訂閱收入同比增長 158% 至 1.381 億美元。

We ended the quarter with 945,000 subscribers, an increase of 108% or 263,000 net additions when compared to Q3 2020.

與 2020 年第三季度相比，我們在本季度結束時擁有 945,000 名訂閱者，增加了 108% 或 263,000 名。

We delivered this robust growth through acquisition efficiencies as well as improvements in retention resulting from our interactive product and curated content offering.

我們通過提高收購效率以及通過我們的互動產品和精選內容提供來提高保留率，實現了這種強勁的增長。

Subscription ARPU expanded by 10% year-over-year to $66.31 as we saw more subscribers taking our premium offerings.

訂閱 ARPU 同比增長 10% 至 66.31 美元，因為我們看到更多訂閱者接受我們的優質產品。

Advertising ARPU grew 10% year-over-year to $8.23.

廣告 ARPU 同比增長 10% 至 8.23 美元。

Advertising is a key component of our growth and monetization strategy, and we saw continued strength on this front.

廣告是我們增長和貨幣化戰略的關鍵組成部分，我們在這方面看到了持續的優勢。

Advertising sales were the highest to date in the third quarter of 2021, surging 147% year-over-year to $18.6 million and accounted for 12% of total revenue.

廣告銷售額是 2021 年第三季度迄今為止最高的，同比增長 147% 至 1860 萬美元，佔總收入的 12%。

Strong results for our advertising business were driven by the strength in our subscriber growth, increasing CPM and fill rate optimization.

我們的廣告業務取得了強勁的業績，這得益於我們的用戶增長強勁、每千次展示費用增加和填充率優化。

As expected, we saw a large influx of subscribers within the last few weeks of September.

正如預期的那樣，我們在 9 月的最後幾週內看到了大量訂閱者湧入。

As these new subscribers become more familiar with the platform and mature into long-term subscribers, we expect to expand their monetization further.

隨著這些新訂戶對平台更加熟悉並成熟為長期訂戶，我們預計將進一步擴大他們的盈利能力。

Switching now to profitability, we made significant traction towards our long-term goals, delivering an adjusted contribution margin of 12.4%.

現在轉向盈利能力，我們為實現長期目標做出了重大貢獻，調整後的邊際貢獻率為 12.4%。

This was up 189 basis points year-over-year when compared to our normalized Q3 2020 ACM of 10.5%, which we reported in our earnings last year.

與我們去年在收益中報告的 10.5% 的標準化 2020 年第三季度 ACM 相比，這同比增長了 189 個基點。

As a reminder, our Q3 2020 ACM of 16.1% reflected unusual timing of content deals in July 2020.

提醒一下，我們 2020 年第三季度 16.1% 的 ACM 反映了 2020 年 7 月內容交易的不尋常時機。

Our contribution margin expansion in the quarter was driven by the improvement of advertising ARPU and subscription ARPU as well as by the continued data-driven optimization of our content offering.

我們在本季度的邊際貢獻增長受到廣告 ARPU 和訂閱 ARPU 的改善以及我們內容產品的持續數據驅動優化的推動。

It positioned us well to continue making the liberate strategic investment in content, technology and infrastructure to optimize our market position and grow share while driving long-term margin expansion.

它使我們能夠繼續在內容、技術和基礎設施方面進行自由的戰略投資，以優化我們的市場地位並增加份額，同時推動長期利潤增長。

Accordingly, our strategic investments have resulted in the third quarter an expected expense increase in absolute dollar basis year-over-year.

因此，我們的戰略投資導致第三季度按絕對美元計算的預期費用同比增長。

However, expenses continue to grow significantly less than our revenue growth and accounted for 166% of total revenue in Q3 2021, significantly less than in 2019 and in 2020, underscoring our continued focus on driving operating leverage in the business.

然而，費用增長繼續顯著低於我們的收入增長，佔 2021 年第三季度總收入的 166%，顯著低於 2019 年和 2020 年，突顯了我們繼續專注於推動業務的運營槓桿。

Within expenses, I would like to highlight how subscribers-related expenses, which primarily consist of content costs, accounted for 91.5% of total revenue in the quarter, an improvement of 8.5 percentage points compared to the prior year period.

在費用方面，我想強調主要包括內容成本的訂戶相關費用佔本季度總收入的 91.5%，與去年同期相比提高了 8.5 個百分點。

And our sales and marketing expenses, as a percentage of revenue, declined from 36% in the third quarter of 2020 to 32% this quarter, showcasing our efficiency in growing our subscriber base.

我們的銷售和營銷費用佔收入的百分比從 2020 年第三季度的 36% 下降到本季度的 32%，顯示了我們在擴大用戶群方面的效率。

As a result of this continued operating leverage, we achieved a material year-over-year improvement in adjusted EBITDA margin from minus 77.6% to minus 51.9%.

由於這種持續的經營槓桿，我們的調整後 EBITDA 利潤率從負 77.6% 同比大幅提高至負 51.9%。

Net loss in Q3 was $105.9 million and included approximately $21 million on noncash expenses in stock-based compensation, remeasurement of warrant liabilities, amortization of intangibles and debt discount.

第三季度的淨虧損為 1.059 億美元，其中包括約 2100 萬美元的非現金支出，包括股票薪酬、認股權證負債的重新計量、無形資產的攤銷和債務貼現。

EPS in the quarter was negative $0.74 compared to a loss of $6.20 in the third quarter of 2020.

本季度每股收益為負 0.74 美元，而 2020 年第三季度為虧損 6.20 美元。

Adjusted EPS in the third quarter 2021 was a loss of $0.59, excluding the noncash impact of stock-based compensation, the remeasurement of warrant liabilities and amortization of intangibles and debt discount.

2021 年第三季度調整後每股收益為 0.59 美元，不包括股票薪酬的非現金影響、認股權證負債的重新計量以及無形資產的攤銷和債務折扣。

Expenses incurred for the launch of our wagering business impacted EPS and adjusted EPS by $0.05 in the quarter.

推出我們的投注業務所產生的費用影響了本季度的每股收益和調整後的每股收益 0.05 美元。

Now turning to the balance sheet.

現在轉向資產負債表。

We ended the quarter with $398.5 million in cash, cash equivalent and restricted cash.

我們在本季度末擁有 3.985 億美元的現金、現金等價物和受限現金。

This included $70 million net proceeds in the quarter from our at-the-market offering as well as $7 million in interest payment and $33.7 million of cash outflow related to wagering, mainly in connection with our market access licensing deals.

這包括本季度我們在市場上發行的 7000 萬美元淨收益，以及 700 萬美元的利息支付和 3370 萬美元的與投注相關的現金流出，主要與我們的市場准入許可交易有關。

As we previously highlighted, the filing of the -- our $500 million ATM in August is part of our ongoing capital optimization strategy to build optionality to fund growth initiatives while further strengthening our balance sheet.

正如我們之前強調的那樣，我們在 8 月份提交的價值 5 億美元的 ATM 是我們正在進行的資本優化戰略的一部分，該戰略旨在為增長計劃提供可選性，同時進一步加強我們的資產負債表。

Operating cash flow in the quarter was negative $55.7 million, inclusive of $5 million of nonrecurring payments, $5.2 million associated with the wagering business and $7 million of interest payment for the 2026 convertible notes.

本季度的經營現金流為負 5570 萬美元，其中包括 500 萬美元的非經常性付款、與投注業務相關的 520 萬美元以及 2026 年可轉換票據的 700 萬美元利息。

Moving on to our outlook.

繼續我們的展望。

With strong performance in the third quarter of 2021, we believe we are well positioned to continue to execute on our long-term revenues and margin goals.

憑藉 2021 年第三季度的強勁表現，我們相信我們有能力繼續執行我們的長期收入和利潤率目標。

And we are, therefore, once again increasing our full year 2021 revenue guidance to $614.5 million at the midpoint.

因此，我們再次將 2021 年全年收入指引提高到中點 6.145 億美元。

It's a better number, represent a 135% increase year-over-year, up from an increase of 116%, reflecting our prior guidance.

這是一個更好的數字，同比增長 135%，高於 116%，反映了我們之前的指導。

Similarly, we are increasing our end-of-the-year subscriber guidance to 1.065 million at the midpoint of the guidance, up 94% year-over-year.

同樣，我們將年終訂戶指引提高至指引中點的 106.5 萬，同比增長 94%。

This guidance implies full year 2021 net additions of approximately 517,000, 123% higher than our full year 2020 net additions of 232,000.

該指引意味著 2021 年全年淨增加約 517,000 人，比我們 2020 年全年淨增加 232,000 人高出 123%。

Our current guidance does not include any revenue contribution from our sports wagering business nor from our recently announced Molotov and Edisn.ai acquisitions.

我們目前的指導不包括我們的體育博彩業務或我們最近宣布的 Molotov 和 Edisn.ai 收購的任何收入貢獻。

In closing, we are very pleased with our performance this quarter, and we continue to efficiently drive robust growth and operating leverage.

最後，我們對本季度的表現感到非常滿意，我們將繼續有效地推動強勁的增長和經營槓桿。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

We will now take your questions.

我們現在將回答您的問題。

Alison?

艾莉森？

Thank you, David.

謝謝你，大衛。

Thank you, Simone.

謝謝你，西蒙娜。

We're now turning to the Q&A portion of our call.

我們現在轉向電話的問答部分。

(Operator Instructions)

（操作員說明）

And our first question comes from Jed Kelly with Oppenheimer.

我們的第一個問題來自 Jed Kelly 和 Oppenheimer。

Great.

偉大的。

Just 2, if I may.

可以的話，就2個。

One behind the acquisitions, the strategy to expand internationally versus if you look at the U.S., you still have a lot of opportunity for growth.

收購背後的一個戰略是國際擴張戰略，如果你看看美國，你仍然有很多增長機會。

Still a couple channels with a lot of sports content that you don't have on your platform.

還有幾個頻道，其中包含您平台上沒有的大量體育內容。

So can you talk about the acquisition strategy?

那麼你能談談收購策略嗎？

And then on the Sportsbook, Iowa, any early learnings you can share or what's the attach rate with subscribers?

然後在愛荷華州的 Sportsbook 上，您可以分享任何早期學習或訂閱者的附加率是多少？

Thank you, Jed.

謝謝你，傑德。

As always, excellent questions.

一如既往，很好的問題。

As it relates to the acquisition strategy, I think we've said many times we're going to be opportunistic.

由於它與收購戰略有關，我認為我們已經多次說過我們會投機取巧。

And I think there's 2 different acquisitions here.

我認為這裡有兩種不同的收購。

One is technology-based.

一是技術型。

I'll talk about Edisn.ai first.

我先談談 Edisn.ai。

We're really, really excited about this company.

我們對這家公司感到非常非常興奮。

It actually provides foundational back-end tech for our company.

它實際上為我們公司提供了基礎的後端技術。

If you think about it, you'll be able to extract metadata from the video in real time.

如果您考慮一下，您將能夠實時從視頻中提取元數據。

So a lot of these things that you and I discussed offline about how do you see this business changing over time, you can think about the number of use cases with technology like this.

因此，您和我離線討論了很多關於您如何看待這項業務隨時間變化的事情，您可以考慮使用此類技術的用例數量。

So, a, you'll be able to, in the very short term, sync the video to the data stream.

因此，您將能夠在很短的時間內將視頻同步到數據流。

That's very important.

這是非常重要的。

And you can do that by capturing clock data.

您可以通過捕獲時鐘數據來做到這一點。

There's other use cases for this over the long term, that will touch on the video experience at the core, things like improving EPGs, DVRs, as it relates to overtime.

從長遠來看，還有其他使用案例，這將觸及核心的視頻體驗，比如改進 EPG、DVR，因為它與加班有關。

Obviously, there's going to be advertising opportunities as well because you'll be able to extract a lot of the contextual value out of the frame that is currently being displayed.

顯然，還會有廣告機會，因為您將能夠從當前顯示的框架中提取大量上下文價值。

So with that type of technology, we think we're really well positioned to continue to focus on our integration strategy.

因此，有了這種技術，我們認為我們已經做好了繼續專注於我們的整合戰略的準備。

As it relates to Molotov, I think there are 2 very important reasons why we did this deal.

由於它與莫洛托夫有關，我認為我們進行這筆交易有兩個非常重要的原因。

One is, as you know, there's some significant headwinds here in the U.S. with respect to the labor situation.

一個是，如您所知，美國在勞工形勢方面存在一些重大不利因素。

It's very difficult to hire engineers.

聘請工程師非常困難。

Molotov has a very, very strong team of 100 plus, which if you think about it, our businesses are very similar in many respects.

Molotov 擁有一支 100 多人的非常非常強大的團隊，如果你仔細想想，我們的業務在很多方面都非常相似。

And so there's an alignment of technology and infrastructure, tooling and also obviously, the operational model.

因此，技術和基礎設施、工具以及運營模式顯然是一致的。

So we think that we could pretty much integrate relatively quickly.

所以我們認為我們可以相對快速地整合。

That is kind of our goal in the short term.

這是我們短期內的目標。

And that should really improve development velocity.

這應該真正提高開發速度。

So that's sort of the first point on that.

這就是第一點。

It allows us to also plan to flag in another country to allow us to access even more talent.

它使我們還可以計劃在另一個國家/地區註冊，以使我們能夠接觸到更多的人才。

So that's probably one of the more important reasons.

所以這可能是更重要的原因之一。

The second is, it's the #2 streaming application in France, which is the second largest European market with over 60 million households.

其次，它是法國排名第二的流媒體應用程序，法國是歐洲第二大市場，擁有超過 6000 萬戶家庭。

So with 4 million monthly active users, we thought that this was a great opportunity for us to learn about their business model.

因此，每月有 400 萬活躍用戶，我們認為這是我們了解他們的商業模式的絕佳機會。

Remember, we do not have a freemium model.

請記住，我們沒有免費增值模式。

And just to highlight again what that is, it's -- a freemium model really means that you have a free tier of content, which in their case is live TV channels that they then use to upsell to a paid tier.

再次強調那是什麼，它是——免費增值模式實際上意味著你有一個免費的內容層，在他們的情況下是直播電視頻道，然後他們用它來追加銷售到付費層。

Now when we think about our capabilities here in the U.S. and the knowledge that we continue to really garner, this is going to give us an opportunity to really leverage what we know in that market as we develop a scalable global platform.

現在，當我們考慮我們在美國的能力以及我們繼續真正獲得的知識時，這將使我們有機會在開發可擴展的全球平台時真正利用我們在該市場的知識。

So this doesn't in any way impact our focus on the U.S. And I hope, given that 1 million subscriber number, that makes you comfortable that we are completely focused on driving additional subscribers in the U.S. and really scaling out our business.

因此，這絕不會影響我們對美國的關注。我希望，鑑於 100 萬用戶數量，這讓您感到放心，我們完全專注於在美國推動更多用戶並真正擴大我們的業務。

And the second part of your question, if I recall, was about the book.

如果我記得，你問題的第二部分是關於這本書的。

As you know launched...

眾所周知，推出...

Yes, attach rate in Iowa.

是的，愛荷華州的附加費率。

Yes.

是的。

We launched November 3. Look, we're very excited.

我們於 11 月 3 日推出。看，我們非常興奮。

We did what we said we were going to do.

我們做了我們說過要做的事情。

And this was not an easy task.

這不是一件容易的事。

It was not an easy lift to launch a sportsbook in less than 12 months.

在不到 12 個月的時間內推出體育博彩並非易事。

And so we've been working with regulators, and we shared with you our Live Sync feature.

因此，我們一直在與監管機構合作，並與您分享了我們的實時同步功能。

So far, it's very early.

到目前為止，還為時過早。

I mean we've been live for a week.

我的意思是我們已經住了一個星期了。

We'll have to sort of take our time over the next couple of weeks to really better understand what we're seeing.

在接下來的幾週內，我們將不得不花些時間來更好地了解我們所看到的。

But so far, I think what's interesting is that there is interest from our subscribers to play.

但到目前為止，我認為有趣的是我們的訂閱者有興趣玩。

That's a very important piece here if you think about the reason why we did this.

如果您考慮我們這樣做的原因，那麼這是非常重要的部分。

The whole point of this was really to reduce the cost of entry, number one.

這樣做的全部目的實際上是降低進入成本，第一。

And number 2 is to create very attractive user economics.

第二是創造非常有吸引力的用戶經濟。

So we think that what we've seen sort of -- in the sort of early moments is really important.

所以我們認為我們在早期看到的東西非常重要。

What I will say is that the market access licenses are probably an area where we're going to focus on throughout 2022 because given what we've seen at least in the first few days, we want to take advantage of our growing subscriber base.

我要說的是，市場准入許可證可能是我們將在 2022 年全年關注的一個領域，因為鑑於我們至少在最初幾天看到的情況，我們希望利用我們不斷增長的用戶群。

So when you have 1 million people that you can talk to every day, and you've seen how successful we've been with our attachments, selling over 2.2 million attachments this year, we're very comfortable in our ability to actually create a new revenue stream and upsell existing customers.

因此，當您每天可以與 100 萬人交談，並且您已經看到我們的附件取得了多麼成功，今年銷售了超過 220 萬個附件時，我們對實際創建一個附件的能力感到非常自在。新的收入來源並追加銷售現有客戶。

Our next question comes from Shweta Khajuria, who is with Evercore.

我們的下一個問題來自 Evercore 的 Shweta Khajuria。

Let me try 2, please.

請讓我試試2。

David, what would be your top 3 investment areas for next year?

大衛，你明年的三大投資領域是什麼？

And in terms of resources as well as the focus of your team.

在資源方面以及團隊的重點方面。

And then a quick follow-up on churn.

然後快速跟進客戶流失。

So in the shareholder letter, you said churn improved on a year-over-year basis, how did it trend sequentially?

所以在股東信中，您說客戶流失率同比有所改善，它的趨勢如何？

Yes.

是的。

So very good question, Shweta.

非常好的問題，Shweta。

I'd love to tell you about our go-forward strategy.

我很想告訴你我們的前進戰略。

But obviously, if we tell you then we're going to make it very difficult to be able to acquire assets the way we've done this year, which we're very happy about.

但顯然，如果我們告訴你，那麼我們將很難像今年那樣獲得資產，對此我們感到非常高興。

So I think what I'll continue to say is we're going to be opportunistic.

所以我想我要繼續說的是我們會投機取巧。

We're looking for companies that fit culturally, number one.

我們正在尋找適合文化的公司，排名第一。

Because this is a performance-driven company.

因為這是一家以業績為導向的公司。

We continue to execute quarter-over-quarter and year-over-year.

我們繼續執行季度環比和同比增長。

So -- but again, it's something we'll continue to look at and refine over the course of 2022.

所以——但同樣，我們將在 2022 年繼續關注和完善它。

With respect to churn, as you said, 78 -- minus 78 basis points of churn.

關於流失率，正如你所說，流失率是 78 - 減去 78 個基點。

We're very happy with that.

我們對此感到非常高興。

We said that our goal this year was to get churn in a place where we're very comfortable.

我們說我們今年的目標是在一個我們非常舒服的地方進行流失。

I would say churn is relatively flat quarter -- sequentially.

我會說流失是一個相對平穩的季度——按順序排列。

But remember, we also had the Olympics in July, which typically a lot of these one-off events drive significant churn.

但請記住，我們在 7 月還舉辦了奧運會，通常很多此類一次性活動都會導致大量流失。

But we have been able to really mitigate a lot of the churn that we felt would put us at risk for the third quarter.

但我們已經能夠真正減輕很多我們認為會使我們在第三季度面臨風險的客戶流失。

As you could see, it really drove up our subscriber numbers.

如您所見，它確實增加了我們的訂戶數量。

So we're very happy about that.

所以我們對此感到非常高興。

We're also happy about our reactivation numbers that have been extremely strong.

我們也很高興我們的重新激活數字非常強勁。

And all of that is really related to the content offering that we provide to our subscribers as well as the product improvements that we're seeing.

所有這些都與我們向訂閱者提供的內容以及我們所看到的產品改進有關。

So we're very happy with this quarter and looking forward to Q4.

因此，我們對本季度非常滿意，並期待第四季度。

Our next question comes from Laura Martin with Needham.

我們的下一個問題來自 Laura Martin 和 Needham。

So fourth quarter as a public company, fourth quarter of beating raise.

所以第四季度作為上市公司，第四季度節拍加薪。

So these are excellent numbers, again.

所以這些都是很好的數字，再一次。

That's why you're here.

這就是你在這裡的原因。

You're doing your job.

你在做你的工作。

Okay.

好的。

Two questions for you.

給你兩個問題。

So one is the NFL ratings are astronomical this year, and that seems to be a key catalyst to driving your extraordinary subscriber growth.

因此，今年 NFL 的收視率是天文數字，這似乎是推動您非凡的訂戶增長的關鍵催化劑。

My question is, post Super Bowl Sunday, what are you going to do to try to hold on to these guys to increase their longevity past the end of the NFL season?

我的問題是，在周日的超級碗比賽之後，你打算怎麼做才能留住這些傢伙，以延長他們在 NFL 賽季結束後的壽命？

Let's start with that one.

讓我們從那個開始。

I think that's a great call.

我認為這是一個很棒的電話。

NFL season has been tremendous for us.

NFL 賽季對我們來說意義非凡。

But let's not forget, we also had a full season of college football.

但我們不要忘記，我們還有一個完整的大學橄欖球賽季。

So we're super excited about the return of college sports that has certainly had an impact, particularly in September.

因此，我們對肯定會產生影響的大學運動的回歸感到非常興奮，尤其是在 9 月份。

Look, we're focused on continuing to improve our product.

看，我們專注於繼續改進我們的產品。

We're looking for ways to kind of improve certain features that will drive engagement.

我們正在尋找方法來改進將推動參與的某些功能。

I think this cohort -- the September cohort is actually quite interesting.

我認為這個隊列——九月份的隊列實際上很有趣。

We actually got to 96% viewership of sports on the platform.

我們實際上在平台上獲得了 96% 的體育收視率。

This is, by far, the largest number or greatest percentage of sports viewership on the platform ever.

到目前為止，這是該平台上體育收視人數最多或占比最高的一次。

I think that the last record was about 93% or 94%.

我認為最後的記錄大約是 93% 或 94%。

So when you think there's no more room, there certainly is.

因此，當您認為沒有更多空間時，肯定有。

Again, we're focused on continuing to do what we did in the first quarter of 2021.

同樣，我們專注於繼續做我們在 2021 年第一季度所做的事情。

We'll focus on continuing to upgrade our product.

我們將專注於繼續升級我們的產品。

And hopefully, as we get into the first quarter, we'll be able to talk more about our free-to-play capabilities as well as our predictive games, and what we believe to be the Sportsbook entry point into some of these states will also improve retention.

希望隨著我們進入第一季度，我們將能夠更多地談論我們的免費遊戲能力以及我們的預測遊戲，以及我們認為體育博彩進入其中一些州的切入點將還可以提高留存率。

Okay.

好的。

That's super helpful.

這非常有幫助。

When I think CTV, you had really good -- the highest CTV revenue growth of any company that's reported actually saying something.

當我認為 CTV 時，你的表現非常好——據報導，在任何一家公司中，CTV 收入增長最高。

And I love what it's doing to your gross margins.

我喜歡它對你的毛利率的影響。

So you really have gross margin over delivery.

所以你真的有超過交付的毛利率。

Is most of that coming from advertising, David?

大部分來自廣告，大衛？

Or is some of it actually coming from subscription -- that's a variable cost business subscription.

或者其中一些實際上來自訂閱——這是一個可變成本的商業訂閱。

So I'm just trying to figure out if you're really getting leverage on the variable cost piece of the business in a different -- in addition to advertising.

所以我只是想弄清楚除了廣告之外，你是否真的在不同的業務中獲得了可變成本部分的槓桿作用。

Well, we did mention in our shareholder letter as well as in my opening comments that given the scale that we're experiencing to date, we're going to start to continue to see some level of escape velocity.

好吧，我們確實在我們的股東信中以及我的開場評論中提到，鑑於我們迄今為止所經歷的規模，我們將開始繼續看到某種程度的逃逸速度。

When you start to experience that, you typically have some control in terms of the conversations we're having with our content partners.

當您開始體驗到這一點時，您通常可以控制我們與內容合作夥伴的對話。

As you know, we've continued to update our content portfolio.

如您所知，我們一直在更新我們的內容組合。

We made some changes at the end of the second quarter, which we believe positively impacted our margin profile as it relates to the variable cost.

我們在第二季度末做了一些改變，我們認為這對我們的利潤率狀況產生了積極影響，因為它與可變成本有關。

On the advertising front, we're continuing to see a lot of strength in that area.

在廣告方面，我們繼續看到該領域的強大實力。

You see advertisers not only moving from TV, but they're moving into sort of data-driven ad buys.

您會看到廣告商不僅從電視轉向，而且他們正在轉向數據驅動的廣告購買。

And that's kind of an area where we are starting to really make an impact.

這就是我們開始真正產生影響的領域。

And I also think that what's compelling is the fact that we have 3 levers that we can pull.

而且我還認為引人注目的是我們有 3 個可以拉動的槓桿。

And when you look at our CPM year-over-year, it's still relatively low, which was up about 4% from about $21 and change to $23.

當您查看我們的 CPM 同比時，它仍然相對較低，從大約 21 美元上漲約 4% 並變為 23 美元。

So if you think about this -- what we have here, this is a high-class problem, what I like to say.

所以如果你考慮一下——我們這裡有什麼，這是一個高級問題，我喜歡說。

There's room about 50% growth in the CPM, assuming all else stays equal, so you can really start to understand the opportunities we have in the advertising space and what it can really do to drive margins over the long term.

假設所有其他條件保持不變，每千次展示費用有大約 50% 的增長空間，因此您可以真正開始了解我們在廣告領域擁有的機會，以及它在長期推動利潤率方面的真正作用。

Our next question comes from Dan Salmon at BMO.

我們的下一個問題來自 BMO 的 Dan Salmon。

David, Molotov is, as you said, leading platform in France.

大衛，莫洛托夫，正如你所說，是法國領先的平台。

They've also got a little footprint in Africa and are standing there.

他們在非洲也有一點足跡並站在那裡。

You've got the Canadian business and Spanish business.

你有加拿大業務和西班牙業務。

So what is the scope of your international ambitions right now?

那麼，您現在的國際野心範圍有多大？

You seem to have a healthy part of North America and EMEA covered.

您似乎覆蓋了北美和 EMEA 的健康部分。

I mean should we expect APAC and South America to come next?

我的意思是，我們應該期待亞太地區和南美緊隨其後嗎？

And then just the second one, there's some wording in the shareholder letter about crossing the 1 million mark that gives you some better most favored nation protection.

然後是第二個，股東信中有一些關於突破 100 萬大關的措辭，可以為您提供更好的最惠國保護。

Can you just speak to that a little bit more specifically, and if there's some milestones in your contracts that passing that activates, in particular?

您能否更具體地談談這一點，如果您的合同中有一些里程碑特別是通過激活？

Yes.

是的。

Look, your first question is about our international ambitions.

聽著，你的第一個問題是關於我們的國際抱負。

This company has 1 massive ambition.

這家公司有一個巨大的野心。

We are looking for global domination.

我們正在尋找全球統治。

We're doing that.

我們正在這樣做。

We're demonstrating quarter in, quarter out that we're able to do this in the United States.

我們正在一步一步地展示我們能夠在美國做到這一點。

Just to quickly touch on our net adds, 263,000 net adds.

只是為了快速了解我們的淨增加量，263,000 個淨增加量。

If you look at the traditional pay TV churn level, it was roughly around 1.2 to 1.3.

如果你看一下傳統的付費電視流失率，它大約在 1.2 到 1.3 之間。

We took in about 20% of the traditional churn into net subscribers in the third quarter.

我們在第三季度將約 20% 的傳統流失轉化為淨訂戶。

So when I think about that and I think about where I believe the market will trend to over the next 5 or 7 years, it gets me really excited.

因此，當我想到這一點並想到我認為未來 5 或 7 年市場將走向何方時，我真的很興奮。

Our team is performing exceptionally well in the United States.

我們的團隊在美國的表現非常出色。

And so what we've decided to do is to take our time internationally, pick assets that we believe might provide significant value.

所以我們決定做的是花時間在國際上，挑選我們認為可能提供重大價值的資產。

Again, the cultural importance is something that I really have to stress because we are a performance company.

再說一次，文化的重要性是我必須強調的，因為我們是一家表演公司。

So I'm not saying that we're going into Latin America or any other region.

所以我並不是說我們要進入拉丁美洲或任何其他地區。

But if we see an asset that we believe will create a lot of value for the business, there's no reason why we shouldn't leverage our market cap to be able to acquire an asset.

但是，如果我們看到一項我們認為會為企業創造大量價值的資產，那麼我們沒有理由不利用我們的市值來獲得一項資產。

But I also wouldn't overlook the edisn.ai transaction because it is transformational.

但我也不會忽視 edisn.ai 交易，因為它具有變革性。

I don't think people really understand how transformational computer vision really is.

我認為人們並不真正了解變革性計算機視覺的真正含義。

You can track players, you can track frame, accurate data, extract metadata from live, real-time video and really leverage that across advertising, across product sales, across everything that we do.

您可以跟踪玩家，您可以跟踪幀、準確的數據，從實時實時視頻中提取元數據，並在廣告、產品銷售和我們所做的一切中真正利用這些數據。

So to me, this is an extremely important acquisition.

所以對我來說，這是一個極其重要的收購。

Well, it sets us up really nicely for our global product.

嗯，它為我們的全球產品奠定了良好的基礎。

Last but not least, on your question around -- you mentioned Molotov in Africa and all these other questions.

最後但同樣重要的是，關於你的問題——你提到了非洲的莫洛托夫和所有其他問題。

One of the reasons why we really like Molotov in addition to, obviously, the 4 million monthly active users and the 100-plus team that they have to be able to really sort of increase the velocity of our development team.

我們真正喜歡 Molotov 的原因之一顯然是每月 400 萬活躍用戶和 100 多人的團隊，他們必須能夠真正提高我們開發團隊的速度。

But they're also available in these other countries.

但它們也可以在這些其他國家/地區使用。

But the key is the technology that they've developed that allows them to very efficiently localize in different geographies.

但關鍵是他們開發的技術使他們能夠非常有效地在不同地區進行本地化。

So again, if you think about the DNA of fubo, we're all about opportunities, moving quickly, leveraging data.

再說一次，如果你想想 fubo 的 DNA，我們都在尋找機會，快速行動，利用數據。

And this provides the 1 thing that I value most in the world, which is optionality.

這提供了我在世界上最看重的一件事，那就是可選性。

Our next question comes from Jim Goss with Barrington.

我們的下一個問題來自 Jim Goss 和 Barrington。

Great.

偉大的。

When you're talking about the global ambition, I wonder if you might frame the domestic growth in terms of what sort of pace we can expect over the next several years?

當您談到全球雄心時，我想知道您是否可以根據我們在未來幾年內可以預期的速度來描述國內增長？

And who do you think you will take share from?

你認為你會從誰那里分一杯羹？

I assume you're taking share from broadcasters, but do you think you're also taking share from some of the competitors in your space?

我假設您正在從廣播公司那裡獲得份額，但您是否認為您也在從您所在領域的一些競爭對手那裡獲得份額？

Yes.

是的。

Thanks for the question, James.

謝謝你的問題，詹姆斯。

So I think in terms of the overall growth that we have in the business, as you've seen, we're guiding to a very significant number.

所以我認為就我們在業務中的整體增長而言，正如你所看到的，我們正在引導一個非常重要的數字。

To David's earlier point, we are taking on a significant portion of people that are coming out of the regular traditional cable offering.

對於大衛早些時候的觀點，我們正在接受很大一部分從常規傳統有線電視產品中走出來的人。

We are taking, therefore, a significant portion of that.

因此，我們正在承擔其中的很大一部分。

And as you can imagine, our market share is expected to continue to grow within the virtual MVPD space as well.

正如您可以想像的那樣，我們的市場份額預計將在虛擬 MVPD 領域內繼續增長。

So I think there is definitely an influx of subscribers coming from the traditional cable ecosystem as well as subscribers that are appreciating the features that we provide in our platform and allow us to kind of attract them to our platform from existing traditional MVPD with this space as reflected by the most likely marketing share increase within the virtual MVPD.

因此，我認為肯定會有大量來自傳統有線電視生態系統的訂閱者湧入，以及欣賞我們在平台中提供的功能並允許我們利用這個空間從現有的傳統 MVPD 吸引他們到我們的平台的訂閱者。虛擬 MVPD 中最有可能增加的營銷份額反映了這一點。

Can you also talk about usage patterns?

您還可以談談使用模式嗎？

I assume most viewing is going to be in home.

我認為大多數觀看都將在家裡進行。

But are you gaining an increasing number of users using areas remotely outside when they're traveling to the extent they're traveling?

但是，當他們旅行到他們正在旅行的程度時，您是否獲得越來越多的用戶使用遠程區域？

Yes.

是的。

So we're seeing a lot of viewership on our connected television that is actually really good for advertising purposes.

因此，我們在聯網電視上看到了大量的收視率，這實際上非常適合廣告目的。

As well as to your point, we offer the flexibility of an app that is downloadable and usable on many different platforms and items.

與您的觀點一樣，我們提供的應用程序具有靈活性，可在許多不同的平台和項目上下載和使用。

So it's actually allowing us to provide the flexibility for people across the board.

因此，它實際上使我們能夠為全面的人員提供靈活性。

That is a benefit that we think is resonating well with subscribers.

這是我們認為與訂閱者產生共鳴的好處。

Okay.

好的。

I might just also ask, could you flesh out the concept of the games, the non-betting type games.

我也可能會問，您能否充實遊戲的概念，即非投注類型的遊戲。

What exactly do you think you were going to bring to the table?

你認為你會帶來什麼？

And who would you -- how would you sustain engagement through that area?

你會是誰——你將如何在該領域保持參與？

Sorry, Jim, if you can...

對不起，吉姆，如果可以的話...

Yes.

是的。

Jim, could you ask that question again?

吉姆，你能再問一次這個問題嗎？

It's David.

是大衛。

Sorry, I couldn't hear you.

對不起，我聽不見你。

Yes.

是的。

Okay.

好的。

You were -- you've also talked about some additional types of games that you would engage users in and you'd use that for sustaining engagement.

你曾經——你還談到了一些其他類型的遊戲，你會吸引用戶參與，你會用它來維持參與度。

And I'm just wondering what's in your head in that area.

我只是想知道你在那個領域的想法。

Yes.

是的。

So we've been very focused on free-to-play games.

所以我們一直非常專注於免費遊戲。

So -- and I think we showcased a video where you could see you can get into the sort of user-initiated format where you can watch an event and then play these predictive games.

所以 - 我認為我們展示了一個視頻，你可以看到你可以進入那種用戶發起的格式，你可以觀看一個事件，然後玩這些預測遊戲。

So you could ask questions like, will they score a touchdown.

所以你可以問這樣的問題，他們會得分嗎？

Will they take a field goal?

他們會投籃嗎？

Will he throw a pass?

他會傳球嗎？

Will there be an interception?

會有攔截嗎？

Will this player play?

這個玩家會玩嗎？

So all of these sort of engaging questions during the game, we think, adds a lot of value.

因此，我們認為，遊戲中所有這些引人入勝的問題都增加了很多價值。

And we've seen that.

我們已經看到了。

We've run a bunch of tests on our CONMEBOL games, and we've seen engagement increase by anywhere between 30% and 40%.

我們對我們的 CONMEBOL 遊戲進行了一系列測試，我們發現參與度提高了 30% 到 40%。

So we're going to continue to work on that and create a platform in which we think users will engage more.

因此，我們將繼續努力，並創建一個我們認為用戶會更多參與的平台。

And if they're engaging more, as you know, that impacts your advertising sales, and also your attention.

如您所知，如果他們參與得更多，這會影響您的廣告銷售以及您的注意力。

So the more that we can get people to stay on the platform, the better.

因此，我們能讓人們留在平台上的越多越好。

The other thing I think that is also important, a bit secondary at the moment, but I think will come to the forefront pretty quickly in 2022 is the fact that we are now isolating players that -- or people that like to play these games.

我認為另一件事也很重要，目前有點次要，但我認為在 2022 年很快就會出現在最前沿的事實是，我們現在正在隔離那些 - 或喜歡玩這些遊戲的人。

So the question is, if you are a casual better or someone who likes to play these games, will you potentially participate in a bet for events that you typically -- we can tell what you win at.

所以問題是，如果您是休閒玩家或喜歡玩這些遊戲的人，您是否有可能參與您通常參加的賽事的投注——我們可以知道您贏了什麼。

You pick field goals, you pick football games, you pick soccer games.

你選擇射門得分，你選擇足球比賽，你選擇足球比賽。

That gives us another edge in trying to reduce that cost of entry and drive subscribers into our betting funnel at almost no cost.

這為我們提供了另一個優勢，可以嘗試降低進入成本並以幾乎免費的方式將訂戶帶入我們的投注渠道。

So that's sort of the plan with that.

所以這就是計劃。

And again, this acquisition of edisn.ai is important because it allows us to sync a lot of this information, allows us to learn what people are viewing and watching.

再一次，對 edisn.ai 的收購很重要，因為它使我們能夠同步大量此類信息，使我們能夠了解人們正在查看和觀看的內容。

And then on a discrete basis, we'll be able to provide hundreds of games, thousands of games.

然後在離散的基礎上，我們將能夠提供數百款遊戲，數千款遊戲。

So all of this is kind of something we've been talking about for a year.

所以所有這些都是我們一年來一直在談論的事情。

What's interesting is Netflix is doing the same thing, right?

有趣的是 Netflix 也在做同樣的事情，對吧？

They're launching their gaming platform to engage with consumers to extend their brand value of shows like Squid Game and Stranger Things.

他們正在推出他們的遊戲平台以與消費者互動，以擴展他們的品牌價值，例如 Squid Game 和 Stranger Things。

So these are all things that we felt we've been pretty much first, but we're starting to see other companies develop platforms in similar ways.

因此，這些都是我們認為我們首先要做的事情，但我們開始看到其他公司以類似的方式開發平台。

So we're super excited about that.

所以我們對此感到非常興奮。

Our next question comes from Zach Silverberg with Berenberg.

我們的下一個問題來自 Zach Silverberg 和 Berenberg。

So my first one is sort of on your partnerships with NASCAR, the Jets, the Cleveland Cavaliers.

所以我的第一個是關於你與 NASCAR、噴氣機隊、克利夫蘭騎士隊的合作關係。

So what do these partnerships mean for the growth of the Sportsbook, customer acquisition, market entry?

那麼，這些合作夥伴關係對 Sportsbook 的發展、客戶獲取和市場進入意味著什麼？

And what sort of partnerships can we sort of see on the horizon?

我們可以在地平線上看到什麼樣的伙伴關係？

Yes.

是的。

Good question, Zach.

好問題，扎克。

Look, we're getting into the space.

看，我們正在進入太空。

We're getting our feet wet right now.

我們現在正在濕腳。

We want to make sure we have certain partnerships to be able to leverage IP with some of these major partners.

我們希望確保我們有一定的合作夥伴關係，以便能夠與其中一些主要合作夥伴一起利用 IP。

As you know, we've now exceeded 1 million subscribers.

如您所知，我們現在的訂閱者已超過 100 萬。

We want to build on that brand equity, and we're looking for those right relationships.

我們希望建立在該品牌資產的基礎上，並且我們正在尋找那些正確的關係。

And as we continue sort of to develop our gaming strategy, we'll look to expand our partnerships.

隨著我們繼續發展我們的遊戲戰略，我們將尋求擴大我們的合作夥伴關係。

Right now, we're pretty happy with the partnerships we have in place.

現在，我們對現有的合作夥伴關係非常滿意。

Got it.

知道了。

And then on the ad revenue side of the business, can you sort of just talk about what's driving some of the stronger ad growth year-over-year?

然後在業務的廣告收入方面，你能談談是什麼推動了一些更強勁的廣告同比增長嗎？

Yes.

是的。

I mean again, it's -- it really comes down to basic elements of advertising.

我的意思是，這真的歸結為廣告的基本要素。

As I just mentioned, there are really 3 components that drive advertising sales for the company right now.

正如我剛才提到的，目前確實有 3 個組件可以推動公司的廣告銷售。

One is the fill rate.

一是填充率。

Number two is the CPM.

第二是每千次展示費用。

And number three is the viewership hours.

第三是收視時間。

So those are the 3 levers that you can pull to drive.

因此，這些是您可以拉動的 3 個槓桿。

Now the good news is we don't have to drive all 3 of them every quarter.

現在好消息是我們不必每個季度都駕駛這三個。

We can drive -- sometimes it's 3, sometimes it's 2, sometimes it's 1. And so this quarter, what we've seen is a combination of a few elements.

我們可以開車——有時是 3，有時是 2，有時是 1。所以本季度，我們看到的是幾個元素的組合。

One is the increase in CPM that we're seeing from somewhere around the $21 to $23 range, which really, again, keeps me excited because there's a long way to go to hitting the CPMs that we're typically seeing on connected devices, which is $30 plus.

一個是我們看到的每千次展示費用從 21 美元到 23 美元之間有所增加，這再次讓我感到興奮，因為要達到我們通常在聯網設備上看到的每千次展示費用還有很長的路要走，這是 30 美元以上。

So that just should indicate to you that there's strong growth.

因此，這應該向您表明增長強勁。

The other one is the viewership hours, I'll leave for less, and then there's the fill rate.

另一個是收視時間，我會離開更少，然後是填充率。

And the fill rate, again, we have opportunities.

而填充率，我們有機會。

We've been testing 15 second units versus 30s, and advertisers seem to really like those.

我們一直在測試 15 秒與 30 秒的單位，廣告商似乎真的很喜歡這些。

So we're going to continue to focus on kind of CPM and fill rate for now.

所以我們現在將繼續關注每千次展示費用和填充率。

But the good news is we've got a long way to go.

但好消息是我們還有很長的路要走。

Viewership hours continue to increase.

收視時間持續增加。

Obviously, there was an influx of subscribers at the end of the third quarter, which took the number down somewhat.

顯然，第三季度末有大量用戶湧入，這使數量有所下降。

But on a year-over-year basis, we feel very comfortable we'll continue to drive engagement.

但與去年同期相比，我們感到非常自在，我們將繼續推動參與度。

So advertising is certainly a very exciting space for us, and we'll be investing into our ad tech to be able to drive those numbers higher.

因此，廣告對我們來說無疑是一個非常令人興奮的領域，我們將投資於我們的廣告技術，以便能夠將這些數字推高。

Our final question is with Dillon Heslin with ROTH.

我們的最後一個問題是關於 Roth 的 Dillon Heslin。

Congrats on the 1 million subs.

恭喜獲得 100 萬訂閱者。

First on some of the attach rates.

首先是一些附加費率。

You talked about the 2.3 million attach rate this quarter.

您談到了本季度 230 萬的附加率。

Can you talk a little bit about what that mix is between your existing subs who are deciding to sort of up their plan later on versus a new sub who comes on at that higher ARPU off the bat?

你能談談你現有的那些決定稍後調整他們的計劃的替補與一個新的替補之間的組合嗎？

Yes.

是的。

Well, I think it's clear that it's not just new subscribers coming in because we sold 2.2 million attachments at the end of the quarter.

好吧，我認為很明顯，不僅僅是新訂戶進來，因為我們在本季度末售出了 220 萬個附件。

So what that's telling you is that for every average subscriber, we're selling in 2.3 products.

所以這告訴你的是，對於每個普通訂閱者，我們銷售的是 2.3 產品。

So it's actually across the board.

所以它實際上是全面的。

What we do typically see seasonally is that in the third and fourth quarter, people subscribe to our Sports Plus packaging, which includes the RedZone.

我們通常看到的季節性情況是，在第三季度和第四季度，人們訂閱了我們的 Sports Plus 包裝，其中包括 RedZone。

And so we anticipate -- and we've seen this again every year is that there is some decline in ARPU after the NFL season due to just people taking down their package, which typically includes RedZone.

所以我們預計——而且我們每年都會再次看到這種情況，即在 NFL 賽季結束後，ARPU 會有所下降，因為只是人們取消了他們的套餐，其中通常包括 RedZone。

Got it.

知道了。

And then as a follow-up, on the sales and marketing expense, I know you talked about that being down as a percentage of revenue, about 300 basis points year-over-year.

然後作為後續，關於銷售和營銷費用，我知道你談到它佔收入的百分比下降，同比下降約 300 個基點。

But it's up over double quarter-over-quarter in absolute dollar terms.

但以絕對美元計算，環比增長超過一倍。

I mean, obviously, you had the subs to back that up.

我的意思是，很明顯，你有潛艇來支持這一點。

But I mean, where do you start to think you can see that absolute dollar figure plateau?

但我的意思是，你從哪裡開始認為你可以看到絕對的美元數字高原？

Well, it's tough to look at it from an absolute dollar value perspective.

嗯，很難從絕對美元價值的角度來看待它。

Because right now -- you're talking about a company that is just 6 years old, right?

因為現在——你說的是一家只有 6 年曆史的公司，對吧？

If you look back at 2020, the average IPO -- the average age of a company was about 12.

如果你回顧 2020 年，平均 IPO——一家公司的平均年齡約為 12 歲。

So this company is in complete growth mode.

所以這家公司處於完全的成長模式。

So when I look at revenue or I should say, sales and marketing as a percentage of revenue, whether it's Roku or DraftKings or anybody else, or Netflix, for that matter, it's relatively high.

因此，當我查看收入時，或者我應該說，銷售和營銷佔收入的百分比，無論是 Roku、DraftKings 還是其他任何人，或 Netflix，就這一點而言，它相對較高。

And so roughly around that 30% to 35% range is kind of where we want to be.

所以大約在 30% 到 35% 的範圍內是我們想要的。

But at the same time, that number has come down to some degree, and we feel comfortable our average subscriber acquisition cost is in the range that we've always guided to since testing the waters, which is between 1 and 1.5x our first month's ARPU.

但與此同時，這個數字在一定程度上有所下降，我們感到很自在，我們的平均訂戶獲取成本處於我們自試水以來一直指導的範圍內，即第一個月的 1 到 1.5 倍每用戶平均收入。

Now note that as our first month's ARPU continues to increase, we obviously can spend more money attracting subscribers.

現在請注意，隨著我們第一個月的 ARPU 繼續增加，我們顯然可以花更多的錢來吸引訂閱者。

One thing that is important, we have added extremely high-quality subscribers over 2021.

重要的一件事是，我們在 2021 年增加了極高質量的訂閱者。

That is reflected in the continuing improvement in retention.

這反映在留存率的持續提高上。

And frankly, our September cohort for this NFL actually outperformed anything we typically would see.

坦率地說，我們在 NFL 的 9 月份隊列實際上優於我們通常會看到的任何東西。

So again, we're super excited about where we are in terms of spend and the quality of customers we continue to attract to the platform.

再說一次，我們對我們在支出和我們繼續吸引到該平台的客戶質量方面所處的位置感到非常興奮。

And to that on that deal, I mean, ultimately, the whole improvement in our operating leverage is driving efficiencies in marketing as well as all the other expenses.

對於那筆交易，我的意思是，最終，我們運營槓桿的整體改善正在推動營銷效率以及所有其他費用。

You see also on the content side with subscriber-related expenses going down 8.5 percentage points comparing to last year's same quarter.

您還可以在內容方面看到，與去年同期相比，與訂戶相關的費用下降了 8.5 個百分點。

So that is continuously reflected in our improvement in adjusted EBITDA margin and in general, in our margins.

因此，這不斷反映在我們調整後 EBITDA 利潤率的提高以及總體上我們的利潤率中。

Yes.

是的。

Dillon, I'll just say one thing.

狄龍，我只說一件事。

We are at the very early stages of the evolution of this business.

我們正處於這項業務發展的早期階段。

It's actually quite remarkable.

這實際上非常了不起。

I just want to give a quick shout out to the team.

我只想快速向團隊大喊一聲。

They have done a phenomenal job.

他們完成了一項了不起的工作。

Expectations, as you know, are extremely high.

如您所知，期望非常高。

The competitive set is very difficult for us to deal with.

競爭性的集合對我們來說非常難以處理。

Our numbers are public.

我們的數字是公開的。

Everybody is looking at them.

每個人都在看著他們。

So again, I just really want to give a quick shout out to the team.

再說一次，我真的很想快速向團隊大喊一聲。

The retention team, the marketing team, the product team, the engineering team, the fubo sports network team, the finance team.

保留團隊、營銷團隊、產品團隊、工程團隊、富博體育網絡團隊、財務團隊。

So all these groups are really working cohesively to be able to drive value across all of our KPIs.

因此，所有這些團隊都真正團結一致地工作，以便能夠在我們所有的 KPI 中推動價值。

And this concludes the Q&A portion of our call.

我們電話的問答部分到此結束。

We thank everybody who participated for your time and your thoughtful questions.

我們感謝所有參與的人，感謝您的時間和深思熟慮的問題。

And we look forward to continuing to update you on the progress of the business in ensuing quarters.

我們期待在接下來的幾個季度繼續向您通報業務進展情況。

I would encourage you to any extent that you have additional questions to reach out.

我會鼓勵您在任何程度上有其他問題需要聯繫。

Thank you again, and we look forward to speaking to everybody soon.

再次感謝您，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。