Fubotv Inc (FUBO) 2020 Q4 法說會逐字稿

Thank you for joining us to discuss fuboTV's fourth quarter and full year 2020.

感謝您加入我們討論 fuboTV 的 2020 年第四季度和全年。

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

今天和我在一起的是 fubo 的 CEO 和聯合創始人 David Gandler；和 fubo 的首席財務官 Simone Nardi。

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 in the quarter and fubo's strategy, and Simone will cover the financials and guidance.

David 將從本季度的一些簡短評論和 fubo 的戰略開始，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 this call may contain forward-looking statements, including statements about revenue, non-GAAP net loss and adjusted EBITDA, subscribers, recent acquisitions, development of a wagering offering and other nonhistorical statements, as further described in our press release.

在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，包括有關收入、非公認會計原則淨虧損和調整後 EBITDA、訂戶、最近收購、投注產品開發和其他非歷史性陳述的陳述，正如我們的新聞稿中進一步描述的那樣。

These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to fubo's growth, evolution of our industry, product development and success; our ability to realize the anticipated benefits of recent acquisitions; our access to capital and fundraising prospects to fund our ongoing operations; our ability to capitalize on market trends and develop and market a wagering offering and general economic; and business conditions such as effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates and changes in taxes and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market.

這些前瞻性陳述受某些風險、不確定性和假設的影響，包括與 fubo 的增長、我們行業的發展、產品開發和成功相關的那些；我們實現近期收購預期收益的能力；我們獲得資金和籌款前景以資助我們的持續運營；我們利用市場趨勢開發和營銷投注產品和一般經濟的能力；和商業狀況，例如行業、市場、經濟、政治或監管條件、未來匯率和利率以及稅收和其他法律、法規、利率和政策的變化，包括 COVID-19 對更廣泛市場的影響。

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。

Description of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our most recent quarterly and annual reports and our press release that was issued this afternoon.

我們向美國證券交易委員會提交的報告中討論了這些和其他可能導致實際結果與這些前瞻性陳述產生重大差異的風險的描述，包括我們最近的季度和年度報告以及我們今天下午發布的新聞稿。

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

在電話會議中，我們還提到了某些非公認會計原則的財務措施。

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作為我們公認會計原則結果的補充而不是替代或孤立考慮。

Reconciliations with the most comparable GAAP measures are also available in the press release, which is available at ir.fubo.tv.

新聞稿中還提供了與最具可比性的 GAAP 措施的對賬，該新聞稿可在 ir.fubo.tv 獲得。

With that, I'll turn it over to David.

有了這個，我會把它交給大衛。

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

謝謝你，Brinlea，謝謝大家今天加入我們。

I am very excited to present to you our Q4 and full year 2020 results.

我很高興向您展示我們的第四季度和 2020 年全年業績。

The company has exceeded previously raised guidance with solid growth in revenue, subscription and viewership.

該公司的收入、訂閱量和收視率均實現了穩健增長，超過了此前上調的指引。

Our mission is to provide the world's most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and wagering.

我們的使命是提供世界上最激動人心的體育直播電視體驗，以及最廣泛的優質內容、互動性和投注。

We believe fubo sits firmly at the intersection of 3 mega trends: the secular decline of traditional television; the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity we believe to be complementary to our sports-first live TV streaming platform.

我們認為 fubo 牢牢地站在三大趨勢的交匯點：傳統電視的長期衰落；電視廣告收入轉向聯網設備；和在線體育博彩，我們認為這是一個與我們的體育優先直播電視流媒體平台互補的市場機會。

Fourth quarter revenues were up 98% year-over-year, exceeding for the first time $100 million of quarterly revenue.

第四季度收入同比增長 98%，首次超過 1 億美元的季度收入。

For those who are new to fuboTV, top line revenue consists of 2 primary revenue streams: subscription revenue, which was up 91% year-over-year from $47.9 million to $91.4 million; and advertising revenue, which was up 157% year-over-year from $5.1 million to $13.1 million.

對於那些剛接觸 fuboTV 的人來說，頂線收入包括兩個主要收入來源：訂閱收入，同比增長 91%，從 4790 萬美元增至 9140 萬美元；廣告收入同比增長 157%，從 510 萬美元增至 1310 萬美元。

Paid subscribers at quarter end totaled 547,880, and that's an increase of 73% year-over-year.

季度末的付費用戶總數為 547,880，同比增長 73%。

Given our sports-first differentiated position, we experienced continued momentum from the start of the fall sports calendar, and that was back in Q3, and throughout Q4, adding an impressive 92,800 net additions in the fourth quarter, and that's up 237% from the prior year.

鑑於我們以體育為先的差異化地位，我們從秋季運動日曆開始就經歷了持續的增長勢頭，這在第三季度和整個第四季度都有所體現，在第四季度增加了令人印象深刻的 92,800 人，比上季度增長了 237%去年。

Sports draws premium audiences, and advertisers are increasingly coming to us to reach highly engaged viewers.

體育吸引了優質觀眾，廣告商越來越多地來找我們，以吸引高度參與的觀眾。

For the full year, advertising revenue grew to represent 11% of total revenues compared to 8% in the prior year, helping to contribute to a record adjusted contribution margin of 11.7% in the fourth quarter, and that's up 1,100 basis points from the prior year.

全年，廣告收入佔總收入的比例從去年的 8% 增長到 11%，有助於在第四季度實現創紀錄的 11.7% 的調整後貢獻率，比上年增加 1,100 個基點年。

We believe our sports-focused market position will help to further grow our business, and our KPIs continue to improve.

我們相信，我們以體育為中心的市場地位將有助於進一步發展我們的業務，並且我們的 KPI 將繼續改善。

In 2020, average revenue per user per month increased 17% year-over-year to $62.84, and annualized ARPU increased by $109 to $754 per customer per year.

2020 年，每位用戶每月的平均收入同比增長 17% 至 62.84 美元，年化 ARPU 增長 109 美元至每位客戶每年 754 美元。

And within that annualized ARPU of $754, we grew advertising ARPU to $81.76 per customer per year, and that's an increase of 54% year-over-year, largely driven by an increase in per user engagement and investments in our advertising operations.

在 754 美元的年化 ARPU 中，我們將廣告 ARPU 增長到每位客戶每年 81.76 美元，同比增長 54%，這主要是由於每位用戶參與度的增加和對我們廣告業務的投資的增加。

Our customers continue to be our #1 focus, and we continue to invest in our proprietary data to surface relevant content for our subscribers, driving engagement and retention.

我們的客戶仍然是我們的第一重點，我們繼續投資於我們的專有數據，以便為我們的訂閱者展示相關內容，從而提高參與度和保留率。

Our customers streamed over 0.5 billion hours in 2020.

2020 年，我們的客戶流媒體播放時間超過 5 億小時。

That's an 82% increase year-over-year.

同比增長 82%。

Equally noteworthy, customers streamed an average of 7.2 hours of fubo per day, indicating that we own significant time share in households.

同樣值得注意的是，客戶平均每天流式傳輸 7.2 小時的 fubo，這表明我們在家庭中擁有重要的時間份額。

Over the long term, we believe this level of daily engagement will provide numerous opportunities for us to further expand monetization on the platform.

從長遠來看，我們相信這種水平的日常參與將為我們進一步擴大平台貨幣化提供大量機會。

We continue to invest in our product and into expanding access to more streaming devices such as Samsung TV and Xbox.

我們將繼續投資於我們的產品，並擴大對三星電視和 Xbox 等更多流媒體設備的訪問。

In fact, churn improved 56 basis points year-over-year in the fourth quarter.

事實上，第四季度的客戶流失率同比增長了 56 個基點。

And for the full year, churn improved over 200 basis points over the prior year.

全年而言，客戶流失率比上一年提高了 200 多個基點。

Only one quarter ago, I announced our intent to expand fubo into the online sports wagering market, and I am very pleased to finally report that we have officially closed our acquisition of sports betting and interactive gaming company, Vigtory.

就在一個季度前，我宣布我們打算將 fubo 擴展到在線體育博彩市場，我很高興終於宣布我們已經正式完成了對體育博彩和互動遊戲公司 Vigtory 的收購。

This acquisition enables us to accelerate the launch of our owned and operated sports betting platform called fubo Sportsbook.

此次收購使我們能夠加速推出我們擁有和運營的體育博彩平台，稱為 fubo Sportsbook。

We've secured our first market access deal for our Sportsbook in Iowa through Casino Queen.

我們已經通過 Casino Queen 為愛荷華州的 Sportsbook 獲得了首個市場准入協議。

And in connection with our launch in Iowa, we are also excited to announce agreements with Major League Baseball and the NBA to become authorized gaming operators for each league.

隨著我們在愛荷華州的推出，我們也很高興地宣布與美國職業棒球大聯盟和 NBA 達成協議，成為每個聯盟的授權遊戲運營商。

These agreements will provide access to official data and the rights to MLB and NBA league marks and logos within the fubo sports app once it's rolled out.

一旦推出，這些協議將提供對官方數據的訪問以及在 fubo 體育應用程序中獲得 MLB 和 NBA 聯盟標誌和徽標的權利。

In addition to our Sportsbook, free-to-play predictive games mark the beginning of fubo's innovative gaming road map.

除了我們的體育博彩，免費預測遊戲標誌著 fubo 創新遊戲路線圖的開始。

We believe it will enhance the sports streaming experience while also providing a bridge between our video product and our Sportsbook.

我們相信它將增強體育流媒體體驗，同時也為我們的視頻產品和我們的體育博彩架起一座橋樑。

And we expect the integration of gaming with our expansive live sports coverage will create a flywheel that improves engagement and retention and consequently, drives advertising revenue.

我們預計，遊戲與我們廣泛的體育直播報導的整合將創造一個飛輪，提高參與度和留存率，從而推動廣告收入。

In the third quarter of 2021, we plan to launch free gaming, first to fuboTV subscribers and then later to all consumers.

我們計劃在 2021 年第三季度推出免費遊戲，首先面向 fuboTV 用戶，然後面向所有消費者。

And in the fourth quarter of this year, we expect to launch the fubo Sportsbook.

並且在今年第四季度，我們預計將推出 fubo Sportsbook。

We don't see wagering simply as an add-on product to fuboTV.

我們不認為投注只是 fuboTV 的附加產品。

Instead, we believe there are significant synergies between streaming consumers who enjoy wagering and wagering customers who enjoy streaming live sports.

相反，我們認為喜歡投注的流媒體消費者和喜歡直播體育賽事的投注客戶之間存在顯著的協同效應。

So in 2021 and beyond, we are laser-focused on bringing to life our vision of a streaming platform that transcends the industry's current virtual MVPD model and experience.

因此，在 2021 年及以後，我們將專注於實現我們對超越行業當前虛擬 MVPD 模型和體驗的流媒體平台的願景。

In conclusion, we are very proud of our 2020 results.

總之，我們對 2020 年的業績感到非常自豪。

And as you've seen from our shareholder letter, we are raising our 2021 guidance we laid out for you last quarter.

正如您從我們的股東信中看到的那樣，我們正在提高上個季度為您制定的 2021 年指導方針。

The team is focused on delivering the best streaming experience to our customers, which will drive top line growth.

該團隊專注於為我們的客戶提供最佳的流媒體體驗，這將推動收入增長。

And the power of our model will enable us to further our progress on our path to profitability.

我們模型的力量將使我們能夠在盈利道路上進一步取得進展。

In 2021, we will continue to expand the breadth of our sports programming while introducing interactivity and wagering to further differentiate our service in the marketplace.

2021 年，我們將繼續擴大體育節目的廣度，同時引入互動和投注，以進一步區分我們在市場上的服務。

And now I'll pass it over to Simone to discuss our 2020 financial highlights and guidance for 2021.

現在我將把它交給 Simone 來討論我們 2020 年的財務亮點和 2021 年的指導。

Simone?

西蒙妮？

Thank you, David, and good evening, everyone.

謝謝你，大衛，大家晚上好。

Our strong performance in the fourth quarter exceeded our outlook and capped off a great year for fubo.

我們在第四季度的強勁表現超出了我們的預期，並為 fubo 劃上了美好的一年。

We executed well and delivered record results.

我們執行得很好，並取得了創紀錄的成績。

Before taking your questions, I will walk you through a few financial highlights and discuss our guidance for 2021.

在回答您的問題之前，我將向您介紹一些財務亮點並討論我們對 2021 年的指導。

In the fourth quarter, we grew total revenue to $105 million, an increase of 98% year-over-year compared to fuboTV premerger.

第四季度，我們的總收入增長至 1.05 億美元，與 fuboTV 合併前相比，同比增長 98%。

This growth was driven by continued strength in both subscription revenue, which increased 91%, and advertising revenue, which increased 157%.

這一增長是由訂閱收入的持續增長推動的，增長了 91%，而廣告收入增長了 157%。

It accounted for 12.4% of total revenue in the quarter.

它佔本季度總收入的12.4%。

Revenue for the full year was $269 million on a pro forma combined basis or $261.5 million, excluding FaceBank AG, an increase of 78% compared to fuboTV's premerger 2019.

全年收入為 2.69 億美元（不包括 FaceBank AG）或 2.615 億美元，與 fuboTV 合併前的 2019 年相比增長 78%。

Subscription revenue increased 73%.

訂閱收入增長了 73%。

And advertising revenue was up 133%, accounting for 11% of total revenue in 2020.

廣告收入增長 133%，佔 2020 年總收入的 11%。

We continue to focus on both the top line revenue growth as well as advancing on our path to strong sustainable margin in the long term.

我們將繼續專注於收入增長以及在長期實現強勁可持續利潤率的道路上前進。

On a full year basis, we reported a 10.1% positive adjusted contribution margin, up from negative 3.1% in 2019.

在全年基礎上，我們報告了 10.1% 的正調整邊際貢獻率，高於 2019 年的負 3.1%。

We believe that over the long term, we're well positioned to continue to drive year-over-year expansion.

我們相信，從長遠來看，我們有能力繼續推動同比擴張。

After our successful registered public offering in October 2020 and at least into the NYC, we further strengthened our balance sheet in February with the issuance of $402.5 million of senior convertible notes.

在我們於 2020 年 10 月成功註冊公開發行並至少進入紐約市後，我們在 2 月進一步加強了我們的資產負債表，發行了 4.025 億美元的高級可轉換票據。

With a strong balance sheet, we plan to accelerate the investment in our team and further build our product development to continue to position the company for long-term growth.

憑藉強大的資產負債表，我們計劃加快對團隊的投資，並進一步加強我們的產品開發，以繼續為公司的長期增長做好準備。

More broadly, in 2021, we will continue to be focused on investing in and executing on our growth strategies, which include growing our subscriber base, increasing advertising revenues and expanding into sports wagering.

更廣泛地說，在 2021 年，我們將繼續專注於投資和執行我們的增長戰略，包括擴大我們的用戶群、增加廣告收入和擴展到體育博彩。

Moving to our guidance.

轉向我們的指導。

After our strong performance in 2020, we are excited about our outlook for 2021.

在 2020 年表現強勁之後，我們對 2021 年的前景感到興奮。

Although we are very optimistic for what is in store for our future wagering business, our guidance does not include any potential wagering revenue at this point in time.

儘管我們對未來博彩業務的前景非常樂觀，但我們的指引目前不包括任何潛在的博彩收入。

Also, a comparison of guidance to prior year, we refer to the combined pro forma fuboTV FaceBank 2020 numbers excluding FaceBank AG, a business that we sold last year.

此外，與上一年的指導比較，我們指的是不包括我們去年出售的業務 FaceBank AG 的 fuboTV FaceBank 2020 年綜合備考數據。

For the first quarter of 2021, we expect revenue between $101 million and $103 million.

對於 2021 年第一季度，我們預計收入在 1.01 億美元至 1.03 億美元之間。

This represent a growth of 100% year-over-year at the midpoint of the range and reflects the typical seasonality between Q4 and Q1.

這代表在該範圍的中點同比增長 100%，反映了第四季度和第一季度之間的典型季節性。

Historically, Q1 has been softer than Q4 when viewed sequentially on revenue as well as contribution margin.

從歷史上看，從收入和邊際貢獻來看，第一季度一直比第四季度疲軟。

Similarly, we're guiding to Q1 end of the period subscribers of 520,000 to 530,000.

同樣，我們將第一季度末的訂閱用戶數定為 520,000 到 530,000。

This represents growth of 82% year-over-year at the midpoint.

這代表中點同比增長 82%。

For the full year, we're guiding to year-end subscribers of 760,000 to 770,000, an increase of 40% year-over-year at the midpoint of the range we provided.

全年，我們指導年終訂閱者為 760,000 至 770,000，在我們提供的範圍中點同比增長 40%。

The strong subscriber growth, combined with the increasing expansion in advertising revenue, give us confidence to increase our 2021 revenue guidance to $460 million to $470 million, up over 75% year-over-year.

強勁的用戶增長，加上廣告收入的不斷增長，讓我們有信心將 2021 年的收入指引提高到 4.6 億美元至 4.7 億美元，同比增長超過 75%。

This is up also from our previous guidance of $415 million to $435 million.

這也高於我們之前指導的 4.15 億美元至 4.35 億美元。

In conclusion, we are very excited about our growth opportunities and remain focused on driving long-term expansion and profitability.

總之，我們對我們的增長機會感到非常興奮，並繼續專注於推動長期擴張和盈利。

Brinlea, we'll now open it up for questions.

Brinlea，我們現在打開它來提問。

Thank you, Simone.

謝謝你，西蒙娜。

At this time, we're going to turn the call over to our analysts for a Q&A session.

目前，我們將把電話轉給我們的分析師進行問答環節。

(Operator Instructions) Our first question comes from Laura Martin of Needham.

（操作員說明）我們的第一個問題來自 Needham 的 Laura Martin。

Great quarter to you guys and great outlook.

對你們來說很棒的季度和美好的前景。

Let's start with gaming and talk about the question I get most often from investors.

讓我們從遊戲開始，談談我最常從投資者那裡得到的問題。

The shareholder letter says that, ultimately, you want to integrate wagering into fubo's live TV product.

股東信中說，最終，您希望將投注整合到 fubo 的直播電視產品中。

My question is, after you work out the bugs of integrating into fubo, are you willing to license this tech to other -- either use it as a negotiating leverage to get content at a cheaper price from people like Comcast, who could use it in their book of business, or actually license it to people like Charter that's sort of a big bundle and I don't really view as a competitor to virtual MVPD?

我的問題是，在你解決了集成到 fubo 的錯誤之後，你是否願意將這項技術許可給其他人——或者將其用作談判的籌碼，以更便宜的價格從康卡斯特等可以使用它的人那裡獲得內容他們的業務手冊，或者實際上將其授權給像Charter這樣的人，這是一個很大的捆綁，我並不認為它是虛擬MVPD的競爭對手？

Well, thank you, Laura.

好吧，謝謝你，勞拉。

Great question.

好問題。

And we do get this question often as well.

我們也經常收到這個問題。

From our perspective, right now, we're very focused on our direct-to-consumer business, and we're trying to build a service that allows us to take advantage of the synergies on both the video and on the wagering side.

從我們的角度來看，目前，我們非常專注於直接面向消費者的業務，並且我們正在嘗試建立一項服務，使我們能夠利用視頻和投注方面的協同效應。

And at the moment, we're building a team that is really focused on adapting to the current video product.

目前，我們正在建立一個真正專注於適應當前視頻產品的團隊。

And so for the foreseeable future, we'll probably focus on our direct-to-consumer business.

因此，在可預見的未來，我們可能會專注於直接面向消費者的業務。

But I don't want to close the door to potential opportunities to work with other MVPDs.

但我不想關閉與其他 MVPD 合作的潛在機會的大門。

(inaudible) estimates.

（聽不清）估計。

Could you -- one of the use of proceeds from our October IPO was the fact that you're going to hire lots of salesmen to try to get the CPM up from $20, which is like the programmatic CTV seat cost per 1,000, to $30.

您能否 - 我們 10 月 IPO 的收益用途之一是，您將聘請大量銷售人員試圖將 CPM 從 20 美元（就像每 1,000 人的程序化 CTV 座位成本）提高到 30 美元.

Could you talk about your progress there and where you think you'll end the year in terms of cost per 1,000 for advertising?

您能否談談您在這方面取得的進展，以及您認為今年的每千人廣告成本將在哪裡結束？

Yes.

是的。

So first of all, we've done a tremendous job very quickly building up our advertising capabilities from Q3 through Q4.

因此，首先，從第三季度到第四季度，我們非常迅速地建立了我們的廣告能力。

And as you saw from the shareholder letter, we finished the year with $8 and roughly $0.50 of ad ARPU, well above what we did even in the third quarter.

正如您從股東信中看到的那樣，我們以 8 美元和大約 0.50 美元的廣告 ARPU 結束了這一年，遠高於我們在第三季度的表現。

As you recall, political took up about 15% of that revenue so we're able to replace that quite nicely.

正如你所記得的，政治佔據了大約 15% 的收入，所以我們能夠很好地取代它。

We continue to hire on the direct side and building up our sponsorship capabilities.

我們繼續直接招聘並建立我們的讚助能力。

But at the moment, we're still focused on programmatic.

但目前，我們仍然專注於程序化。

What's interesting about that is we have significant upside.

有趣的是，我們有很大的上升空間。

If you think about, our CPMs are still in the sort of $20 to $22 range, which gives us, again, enormous upside.

如果您考慮一下，我們的每千次展示費用仍然在 20 美元到 22 美元之間，這再次給我們帶來了巨大的上漲空間。

We've really been focused on fill.

我們一直專注於填充。

And just given the engagement levels that we're seeing, we're starting to see actually more inventory, which is helping us take our time building out our team.

考慮到我們所看到的參與度，我們開始看到實際上更多的庫存，這有助於我們花時間建立我們的團隊。

Great quarter, you guys.

偉大的季度，你們。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Kevin Rippey of Evercore.

我們的下一個問題來自 Evercore 的 Kevin Rippey。

I guess my main one is as it relates to the revenue guidance you guys laid out for next year, can you give us maybe a little bit more granularity about your expectations for subscription ARPU relative to advertising?

我想我的主要問題是因為它與你們為明年制定的收入指導有關，你能否給我們一些關於你對訂閱 ARPU 相對於廣告的期望的更詳細的信息？

Do you want me to start?

你想讓我開始嗎？

Yes.

是的。

Okay.

好的。

Kevin, first of all, thank you for that.

凱文，首先，謝謝你。

I think the way you should think about '21 is similar to the way we finished 2020.

我認為您應該考慮 21 年的方式類似於我們完成 2020 年的方式。

If you look at our subscriber growth, subscriber ARPU grew at about 13% and advertising ARPU grew at 52%.

如果你看看我們的用戶增長情況，用戶 ARPU 增長了約 13%，廣告 ARPU 增長了 52%。

Given the strength in the advertising business, coupled with advertiser desire to access connected devices, and then layered on top of that addressability, we're very confident that we'll continue to grow our advertising revenue well ahead of our subscription revenue on a per user basis.

鑑於廣告業務的實力，再加上廣告客戶希望訪問連接的設備，然後再加上這種可尋址性，我們非常有信心，我們的廣告收入將繼續增長，遠超訂閱收入。用戶基礎。

Yes.

是的。

Just to add on top of what David just mentioned, I mean, we closed 2019 with advertising revenue roughly at 8% of total revenue.

除了大衛剛剛提到的內容之外，我的意思是，我們在 2019 年結束時的廣告收入大約佔總收入的 8%。

2020, we increased that to 11%, and we definitely see advertising to become a more prominent part of our business in the longer term.

到 2020 年，我們將這一比例提高到 11%，從長遠來看，我們肯定會看到廣告成為我們業務中更加突出的部分。

Yes.

是的。

The tailwinds are very strong right now.

順風現在非常強勁。

Got it.

知道了。

And then just on the subscriber growth guidance you guys have given.

然後只是關於你們提供的訂戶增長指導。

Can you give maybe a little granularity about expectations around gross addition relative to further churn improvements?

您能否詳細說明一下相對於進一步改善客戶流失率的總體增長預期？

Yes.

是的。

So we've seen -- as you've seen in our guidance, we are projecting in Q1 a little of the seasonality kicking in and kind of bringing us less, flat or a little down compared to Q4 2020.

所以我們已經看到——正如您在我們的指導中看到的那樣，我們預計第一季度會出現一些季節性因素，與 2020 年第四季度相比，我們會減少、持平或略有下降。

This is a much lower reduction than we experienced last year.

這比我們去年經歷的減少幅度要低得多。

And we continue to assess opportunity to kind of increase this number and look at how to mitigate the seasonality.

我們繼續評估增加這個數字的機會，並研究如何減輕季節性。

On the longer term, we're still projecting strong growth in our subscriber that we've seen.

從長遠來看，我們仍然預計我們的訂戶將出現強勁增長。

And as you know, we're laser-focused on addressing opportunities to drive efficiently the marketing push to return subscriber growth that allow us to kind of deliver improved results.

如您所知，我們專注於尋找機會，以有效推動營銷推動以回報訂戶增長，從而使我們能夠提供更好的結果。

Yes.

是的。

Just to add to that, Kevin.

補充一點，凱文。

2019, the slope at which we deteriorated from Q4 to Q1 was roughly about 9%.

2019 年，我們從第四季度到第一季度惡化的斜率約為 9%。

And this year, we are projecting to be about 4% below Q4, and that was a very strong fourth quarter.

今年，我們預計將比第四季度低 4%，這是一個非常強勁的第四季度。

So we're very happy about the early trends in January.

所以我們對一月份的早期趨勢感到非常高興。

Obviously, we don't have -- we're not done with the quarter yet.

顯然，我們沒有——我們還沒有完成這個季度。

But momentum was strong.

但勢頭強勁。

We feel very good, and that allowed us to sort of take up our guidance a little bit.

我們感覺很好，這讓我們能夠稍微接受我們的指導。

Our next question comes from Jason Helfstein of Oppenheimer.

我們的下一個問題來自奧本海默的 Jason Helfstein。

I'll ask you first on the video.

我會先在視頻上問你。

Maybe help us a little bit how you're thinking about 2022 non-GAAP contribution profit maybe just perhaps in the margin range.

也許可以幫助我們一點，您如何看待 2022 年非公認會計原則的貢獻利潤，也許只是在保證金範圍內。

And then second, I think Iowa recently ended in-person registration around online sports betting.

其次，我認為愛荷華州最近結束了在線體育博彩的現場註冊。

How does that impact your outlook?

這對你的前景有何影響？

And does it allow you to get to market faster?

它是否能讓您更快地進入市場？

So in terms of the adjusted contribution margin -- thank you, Jason.

所以就調整後的邊際貢獻而言——謝謝你，傑森。

In terms of contribution margin, we don't provide guidance at this point about these metrics.

在邊際貢獻方面，我們目前不提供有關這些指標的指導。

But we are clearly very focused on expanding our business, focusing on growth with an eye to ensure that we continue to improve in our path to profitability, delivering a year-over-year improvement of our margins.

但我們顯然非常專注於擴展我們的業務，專注於增長，著眼於確保我們繼續改善我們的盈利之路，實現我們的利潤率同比增長。

So a sequentiality can change given the seasonality.

因此，考慮到季節性，順序性可能會發生變化。

On a year-over-year basis, we continue to grow the business and return more value to the shareholder.

與去年同期相比，我們繼續發展業務並為股東回報更多價值。

Knowing, though, however, that between wagering and potentially other alternative -- other acceleration opportunities, we may decide to invest further and more quickly in the next few quarters to accelerate the future growth.

然而，知道，然而，在投注和潛在的其他選擇——其他加速機會之間，我們可能會決定在接下來的幾個季度進一步和更快地投資，以加速未來的增長。

And then on the Iowa question?

然後關於愛荷華州的問題？

Sorry, go ahead.

對不起，繼續。

Just -- I couldn't hear that second -- the second part of your question.

只是——我聽不到那一秒——你問題的第二部分。

Sure.

當然。

So Iowa recently ended in-person registration for online gaming and -- which would make it easier to build a business there.

因此，愛荷華州最近結束了在線遊戲的面對面註冊，這將使在那裡建立業務變得更加容易。

Can you just talk about how does that impact your outlook?

你能談談這對你的前景有何影響嗎？

And do you think you can kind of come to market there maybe sooner now that, that policy changed?

而且你認為你現在可以更快地進入市場嗎，政策改變了？

Yes.

是的。

So obviously, I'm not prepared to comment on policy.

所以很明顯，我不准備對政策發表評論。

I will say that we have embraced regulation.

我會說我們已經接受了監管。

We've already taken a few calls.

我們已經接了幾個電話。

And we're, again, very excited about the space.

我們再次對這個空間感到非常興奮。

We're very excited about our acquisition of Vigtory and Scott Butera and Sam Rattner joining our team.

我們對收購 Vigtory 和 Scott Butera 以及 Sam Rattner 加入我們的團隊感到非常興奮。

And so we've been very focused on figuring out what are the areas in which we want to focus.

所以我們一直非常專注於找出我們想要關注的領域。

And what I can say is what I found to be really compelling is the number of crossover synergies that I didn't even realize, particularly around incentives, which is an area that we're going to be very focused on.

我可以說的是，我發現真正引人注目的是我什至沒有意識到的交叉協同效應的數量，特別是在激勵方面，這是我們將非常關注的一個領域。

Right now, our goal is to potentially get to between 1 and 3 markets before the end of this year.

目前，我們的目標是在今年年底前進入 1 到 3 個市場。

But based on what we're seeing and sort of the interest levels from some of the potential partners and some of the commentary that we've received from regulators, we feel really good about the space.

但根據我們所看到的情況以及一些潛在合作夥伴的興趣程度以及我們從監管機構那裡收到的一些評論，我們對這個領域感覺非常好。

Our next question comes from Dan Salmon of BMO.

我們的下一個問題來自 BMO 的 Dan Salmon。

Maybe just a follow-up on the questions about the improvement in churn and just more directly ask, what would you count as your top 2 to 3 contributors to the improvement in churn?

也許只是對有關客戶流失改善問題的後續跟進，然後更直接地問，您認為哪些是客戶流失改善的前 2 到 3 位貢獻者？

Everything from an improved lineup to focusing on higher-value customers, where are you seeing the levers really help drive that improvement?

從改進的陣容到專注於更高價值的客戶，您在哪裡看到真正有助於推動改進的槓桿？

And then just the second on the advertising side.

然後只是廣告方面的第二個。

My question is, do you expect to launch a self-serve ad platform in 2021?

我的問題是，您預計會在 2021 年推出自助廣告平台嗎？

And where does that stand on your list of product road maps for the advertising business?

這在您的廣告業務產品路線圖列表中處於什麼位置？

Yes.

是的。

Thank you, Dan.

謝謝你，丹。

Those are some very good questions.

這些是一些非常好的問題。

On engagement, I have to say the team has done a phenomenal job in Q4 really attracting subscribers that are high-value, that are very sticky.

在參與度方面，我不得不說團隊在第四季度做得非常出色，真正吸引了高價值、非常有粘性的訂戶。

When we look across our engagement metrics, we see increased viewership, 127 hours.

當我們查看參與度指標時，我們發現收視率增加了 127 小時。

We also see increased number of daily active users.

我們還看到每日活躍用戶的數量有所增加。

We've seen an increase in the number of programs people are watching on average in 2020.

我們已經看到 2020 年人們平均觀看的節目數量有所增加。

We've gotten to 154 programs per customer.

我們為每位客戶提供了 154 個程序。

So we feel very good about the types of customers we're attracting.

所以我們對我們吸引的客戶類型感覺很好。

We feel good about the bundles that we're selling, which are -- have much higher attachment rates.

我們對我們銷售的捆綁包感覺良好，它們具有更高的附加率。

Attachment rates have increased by 3x from the prior year.

依戀率比上一年增加了 3 倍。

So that is obviously adding to strong engagement numbers.

因此，這顯然增加了強大的參與度。

And what's interesting is when we look at our 12-month retention cohort, we see a very solid lift there, and that's why we're starting to get really comfortable with our position in the marketplace.

有趣的是，當我們查看 12 個月的留存隊列時，我們看到了非常穩固的提升，這就是為什麼我們開始對我們在市場上的地位感到非常滿意。

And to your second question, if you could just repeat that, we didn't hear that well.

關於你的第二個問題，如果你可以重複一遍，我們聽得不太好。

Self-serve advertising.

自助廣告。

Where does that stand on the road map?

這在路線圖上的位置是什麼？

Yes.

是的。

Look, I think that, first of all, our advertising revenue is quite strong even relative to where we were just 6 months ago.

看，我認為，首先，即使與 6 個月前相比，我們的廣告收入也相當強勁。

And the 3 things that -- the 3 levers that move our ad ARPU per customer is really about fill rate, number one; number two is the number of hours that people are watching, which is increasing; and then the CPM.

還有三件事——推動我們的每個客戶的廣告 ARPU 的 3 個槓桿實際上是關於填充率，第一；第二是人們正在觀看的小時數，它正在增加；然後是每千次展示費用。

And so when you think about the fact that we're able to get to $8 and roughly $0.50 per customer, we feel that we're not really in a position to focus on a self-serve platform.

因此，當您考慮到我們能夠為每位客戶提供 8 美元和大約 0.50 美元這一事實時，我們覺得我們並沒有真正能夠專注於自助服務平台。

I think once we start to exceed $10, $11 or $12, it probably makes more sense to focus resources in an area where we can maximize our advertising revenue.

我認為一旦我們開始超過 10 美元、11 美元或 12 美元，將資源集中在可以最大化廣告收入的領域可能更有意義。

So we're not there yet, but that's a good thing, of course, because we've got a lot more monetization ahead.

所以我們還沒有到那一步，但這是一件好事，當然，因為我們還有更多的貨幣化。

Our next question comes from Darren Aftahi from ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Darren Aftahi。

David and Simone, congrats on the quarter.

大衛和西蒙妮，恭喜本季度。

Two questions, if I may.

兩個問題，如果可以的話。

First, you added a fair amount of gross subs in the second half of the year.

首先，您在下半年增加了相當數量的總訂閱量。

I'm just kind of curious, 2 months in, how retention of that is looking from that cohort.

我只是有點好奇，2 個月後，從那個隊列中看，保留率如何。

And then, David, on prior calls, you guys have talked about use of AI and being thematic in 2021.

然後，大衛，在之前的電話會議上，你們談到了人工智能的使用和 2021 年的主題。

I'm kind of curious of your plans in using AI in conjunction with all the vast amount of data you have on your sub base and improved results.

我有點好奇您計劃將 AI 與您在子庫中擁有的所有大量數據和改進的結果結合使用。

Okay.

好的。

Why don't I start from -- I think the second question was on AI.

我為什麼不從——我認為第二個問題是關於人工智能的。

Look, we are very excited about data in general.

看，我們對總體數據感到非常興奮。

As you know, we collect about 22 billion data points per month.

如您所知，我們每月收集大約 220 億個數據點。

And we've really invested into our BI team and machine learning.

我們已經真正投資於我們的 BI 團隊和機器學習。

And as you can see from the engagement hours that continue to increase, we do a good job surfacing content for our users -- the right content at the right time.

從持續增加的參與時間可以看出，我們在為用戶呈現內容方面做得很好——在正確的時間提供正確的內容。

And so the interesting thing about that is we think we can leverage that data for wagering as well.

所以有趣的是，我們認為我們也可以利用這些數據進行投注。

So we think that there's a lot of areas in which -- where our video team can support the wagering group in really driving a lot of engagement.

所以我們認為有很多領域——我們的視頻團隊可以支持投注組真正推動大量參與。

So we're going to be very focused on machine learning in 2021.

因此，我們將在 2021 年非常關注機器學習。

Again, we're very happy where we are today.

再次，我們很高興我們今天所處的位置。

And just some early data points in January.

只是一月份的一些早期數據點。

The quarter, at least in January, is looking pretty solid.

至少在 1 月份，這個季度看起來相當穩健。

Again, we had a nice sports quarter with college football.

再一次，我們有一個不錯的運動區，有大學橄欖球。

And then most recently, we had the Super Bowl.

然後最近，我們有超級碗。

And so the numbers are there looking strong, and we think we have enough audience to really build some really solid algorithms to really surface the right content.

所以那裡的數字看起來很強勁，我們認為我們有足夠的觀眾來真正構建一些非常可靠的算法來真正呈現正確的內容。

And then over the long haul, surface the right potential betting opportunities as well.

然後從長遠來看，也可以發現正確的潛在投注機會。

So we're thinking about this actually holistically, and we're very excited about it.

所以我們實際上是從整體上考慮這個問題，我們對此感到非常興奮。

To the first part of your question, I don't know if -- Simone, do you want to answer that?

對於你問題的第一部分，我不知道是否—— Simone，你想回答這個問題嗎？

Yes.

是的。

So the second half of the year for us, Darren, as you know, is where we get the majority of the step growth.

所以對我們來說，下半年，如你所知，達倫是我們獲得大部分階梯式增長的地方。

We added 262,000 net adds in Q3 and Q4 last year as well.

我們在去年第三季度和第四季度也增加了 262,000 個淨增加值。

Consistently, we invested in marketing to drive this growth.

始終如一地，我們投資於營銷以推動這種增長。

And we've actually seen already from the behavior of these new additions that they're actually quite engaged, and they're showing very promising and interesting attachment and engagement to the platform.

我們實際上已經從這些新添加的行為中看到它們實際上非常投入，並且它們對平台表現出非常有希望和有趣的依戀和參與。

So quite pleased with that one.

對那個很滿意。

Again, clearly, the first half of the year is more of a consolidation phase.

同樣，顯然，今年上半年更像是一個整合階段。

And as I mentioned before, we're going to work on solutions to kind of improve that situation as well.

正如我之前提到的，我們也將研究解決方案來改善這種情況。

Our next question comes from David Beckel of Berenberg.

我們的下一個問題來自貝倫貝格的大衛貝克爾。

Two sort of questions on the spending side.

關於支出方面的兩種問題。

I appreciate the revenue guidance, of course.

當然，我很欣賞收入指導。

But particularly as it relates to 2021, I think you mentioned you plan on expanding the breadth of the sports offering.

但特別是涉及到 2021 年，我想你提到你計劃擴大體育產品的廣度。

If I heard that correctly, does that imply the addition of specific types of sports content that you don't currently have?

如果我沒聽錯，這是否意味著添加了您目前沒有的特定類型的體育內容？

And if so, I assume that you expand -- you plan to expand the top line enough to continue to grow contribution margin.

如果是這樣，我假設你擴大 - 你計劃擴大收入以繼續增加邊際貢獻。

And then secondarily, I was hoping you could expand a little bit on how quickly and in what direction you plan on spending the $400 million-plus that you just raised.

其次，我希望你能稍微擴展一下你計劃花費你剛剛籌集的 4 億多美元的速度和方向。

And any sort of framework or guidelines you could provide on a rough sort of EBITDA number would be really helpful.

您可以針對粗略的 EBITDA 數字提供的任何類型的框架或指南都會非常有幫助。

So why don't I take the first part of the question around content?

那麼，為什麼我不圍繞內容提出問題的第一部分呢？

Look, our job is to continue to optimize our packaging.

看，我們的工作是繼續優化我們的包裝。

So when we say expand the breadth of sports, as you recall, in 2020, we decided to work with Disney and allowed our Turner deal to expire.

因此，當我們說擴大體育運動的廣度時，您還記得，在 2020 年，我們決定與迪士尼合作，並讓我們的特納協議到期。

So you should think of it as we're going to be very measured and very disciplined as we have been throughout the year, and that goes for everything that we do here at fubo.

因此，您應該考慮一下，因為我們將像全年一樣非常謹慎和自律，這適用於我們在 fubo 所做的一切。

But we will be looking for opportunities for us to expand the breadth of content that our current subscribers really enjoy.

但我們將尋找機會擴大我們當前訂閱者真正喜歡的內容的廣度。

And on the second?

而在第二個？

Yes.

是的。

Well on that point, I mean, on a margin basis, David, as you know, we don't provide guidance on these specific metrics at this stage.

好吧，在這一點上，我的意思是，在保證金的基礎上，大衛，如你所知，我們現階段不提供有關這些具體指標的指導。

But as you've seen in Q4, our subscription-related expenses, that is including our content cost and mainly represent our content cost, was 86% of the total revenue, showing the benefits of the strategy of growing advertising, expanding advertising, upselling and expanding our business that way.

但正如你在第四季度看到的，我們的訂閱相關費用，包括我們的內容成本，主要代表我們的內容成本，佔總收入的 86%，顯示了增長廣告、擴大廣告、追加銷售戰略的好處並以這種方式擴展我們的業務。

In reality, that 86% is kind of 90% once cleaned up from some unusual items.

實際上，這 86% 是從一些不尋常的物品中清理出來的 90%。

Now clearly, that is moving in the right direction.

現在很明顯，這是朝著正確的方向發展。

It's not going to be something that's going to be there every quarter consistently.

這不會是每個季度都會持續存在的東西。

But on the longer term, the disciplined approach on growing advertising and monetization and controlling and optimizing the content offering will help us to kind of continue to deliver improvement over the long term in our margin.

但從長遠來看，增加廣告和貨幣化以及控制和優化內容提供的嚴格方法將有助於我們在長期內繼續提高利潤率。

In terms of the adjusted EBITDA, we don't get yet at that level in terms of our guidance.

就調整後的 EBITDA 而言，就我們的指導而言，我們還沒有達到那個水平。

We'll deliver more when we get close to the quarters.

當我們接近季度時，我們將提供更多。

And our final question comes from Jim Goss of Barrington.

我們的最後一個問題來自 Barrington 的 Jim Goss。

So 2 questions.

所以2個問題。

First, in terms of sports wagering, I was wondering if you need -- you feel you need any more acquisitions.

首先，在體育博彩方面，我想知道你是否需要——你覺得你需要更多的收購。

Or do you feel the current platform and people provide you with the capabilities of growing organically now that you have those in place and can grow with those?

或者你覺得當前的平台和人員為你提供了有機增長的能力，因為你已經有了這些能力，並且可以與這些能力一起成長？

And secondly, ViacomCBS had a meeting the other night, as I'm sure you're aware.

其次，我相信你知道，維亞康姆哥倫比亞廣播公司前幾天晚上開了個會。

And they talked a lot about Pluto TV, their AVOD service and also the incorporation of more live sports in terms of what they plan to be providing in their $4.99 and $9.99 packages.

他們談論了很多關於 Pluto TV、他們的 AVOD 服務以及他們計劃在 4.99 美元和 9.99 美元套餐中提供的更多現場體育節目的結合。

I'm wondering if you view those as competitive alternatives and threats that you feel the need to look at as well.

我想知道您是否將這些視為您認為有必要考慮的競爭性替代方案和威脅。

Thank you, Jim.

謝謝你，吉姆。

These are both very important questions.

這兩個都是非常重要的問題。

And on question number one, we're very excited about our 2 acquisitions: Balto Sports and Vigtory.

關於第一個問題，我們對我們的兩項收購感到非常興奮：Balto Sports 和 Vigtory。

In fact, the more time that we spend with them, the more excited we are about the talented 2 groups that we brought together.

事實上，我們與他們相處的時間越多，我們就越對我們聚集在一起的這兩個才華橫溢的團隊感到興奮。

And we've just closed, as we mentioned in our shareholder letter, our acquisition of Vigtory.

正如我們在股東信中提到的那樣，我們剛剛完成了對 Vigtory 的收購。

Next week, they'll already be in New York, and we're already meeting with the different teams at fubo.

下週，他們已經在紐約，我們已經在 fubo 與不同的團隊會面了。

So with respect to potential opportunities, look, we're disciplined, but we're also aggressive.

所以關於潛在的機會，看，我們很自律，但我們也很有進取心。

And we were able to pick up 2 companies that we think are great.

我們能夠挑選出 2 家我們認為很棒的公司。

And you can tell by how quickly we're moving with deals with the -- with Major League Baseball and the NBA and Iowa and also getting in front of regulators.

你可以看出我們處理與美國職業棒球大聯盟、NBA 和愛荷華州的交易的速度有多快，並且還出現在監管機構面前。

So very happy about that.

對此非常高興。

However, we are always in market looking for potential acquisitions that we think will significantly improve our ability to deliver value to our customers and so we'll continue to do that.

然而，我們一直在市場上尋找潛在的收購，我們認為這些收購將顯著提高我們為客戶創造價值的能力，因此我們將繼續這樣做。

As it relates to your second question around ViacomCBS, there's a lot of players with lots of great offers out there.

由於它與您關於 ViacomCBS 的第二個問題有關，有很多玩家提供了很多很棒的優惠。

In fact, this is a wonderful time to be a consumer in America.

事實上，這是成為美國消費者的好時機。

You get amazing content from dozens and dozens of amazing media companies and new players like the Apples of the world.

您會從數十家令人驚嘆的媒體公司和新玩家（如世界蘋果公司）那裡獲得令人驚嘆的內容。

I don't believe that these companies are a threat to us at all.

我不相信這些公司對我們構成威脅。

fuboTV, very specifically, is a sports-first cable TV replacement service.

fuboTV，非常具體地說，是一項體育優先的有線電視更換服務。

It does not compete with $4 services.

它不與 4 美元的服務競爭。

It does not compete with $10 services.

它不與 10 美元的服務競爭。

And if you're a CBS customer and you really love CBS and you don't watch anything else, I would actually urge you to go pick up your CBS Paramount Plus subscription because it is phenomenal content.

如果您是 CBS 的客戶，並且您真的很喜歡 CBS 並且您不看任何其他內容，那麼我實際上會敦促您繼續訂閱您的 CBS Paramount Plus，因為它是非凡的內容。

But if you're looking for a more robust package that includes all the sports that you want with great content from other media companies, then you're probably going to be in the market for a product like ours.

但是，如果您正在尋找一個更強大的套餐，其中包括您想要的所有運動以及來自其他媒體公司的精彩內容，那麼您可能會在市場上購買像我們這樣的產品。

Lastly, I would say that there are still 75 million Americans that have an MVPD service.

最後，我想說仍有 7500 萬美國人擁有 MVPD 服務。

And I'm sure you saw the latest Parks Associates report, I think that came out in January, where based on their findings, 43% of cable TV households are likely to switch to a virtual MVPD streaming product.

我相信你看到了最新的 Parks Associates 報告，我認為該報告是在一月份發布的，根據他們的調查結果，43% 的有線電視家庭可能會改用虛擬 MVPD 流媒體產品。

So the market is very large.

所以市場非常大。

We think that we're going to be very successful in this market, particularly as we combine some of these other capabilities that we've talked about today.

我們認為我們將在這個市場上非常成功，特別是當我們結合了我們今天討論的其他一些功能時。

But that's it, really.

但就是這樣，真的。

This now concludes the fuboTV earnings call.

現在結束 fuboTV 財報電話會議。

We thank you very much for tuning in and look forward to keeping you updated on our progress.

我們非常感謝您的關注，並期待您隨時了解我們的進展。

Good night.

晚安。