(FUBO) 2021 Q4 法說會逐字稿

Thank you for joining us to discuss fuboTV's Fourth Quarter and Full Year 2021. With me today is David Gandler, Co-Founder and CEO of fubo; and John Janedis, CFO of fubo. 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.

感謝您加入我們討論 fuboTV 的 2021 年第四季度和全年。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 John Janedis。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. David is going to start with some brief remarks on the quarter and fubo's strategy, and John will cover the financials and guidance.

在開始之前，讓我快速回顧一下今天的演示文稿的格式。大衛將首先簡要介紹本季度和 fubo 的戰略，約翰將介紹財務和指導。

I'd like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, 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.

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，包括但不限於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，包括我們的收購戰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. Important factors that could cause actual results to differ materially from forward-looking statements can be found in the Risk Factors section of our Annual Report on Form 10-K for the period ended December 31, 2021, to be filed with the Securities and Exchange Commission and our other periodic filings with the SEC.

這些前瞻性陳述受某些風險、不確定性和假設的影響。可能導致實際結果與前瞻性陳述產生重大差異的重要因素可在我們向美國證券交易委員會提交的截至 2021 年 12 月 31 日的 10-K 表格年度報告的風險因素部分中找到以及我們向 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. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

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。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 also refer to non-GAAP financial measures, including certain metrics excluding the impact of the Molotov acquisition. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q4 2021 earnings shareholder letter, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David.

在電話會議中，我們還提到了非公認會計準則財務指標，包括某些指標，不包括收購莫洛托夫的影響。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。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 年第四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。有了這個，我會把電話轉給大衛。

Thank you, Alison, and thank you all for joining us today. Our fourth quarter closes out an extraordinary year defined by triple-digit year-over-year growth in total revenue, advertising revenue and subscription revenue, all while expanding adjusted contribution margin. Within 2021, we achieved several notable milestones representing meaningful advancements towards our mission to build the world's leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Importantly, our performance over the course of the year reaffirms our thesis that an aggregated offering with multiple monetization levers remains the most attractive option to drive retention and to create strong unit economics. Notably, we have over 1 million subscribers validating that fuboTV is delivering tremendous value to them.

謝謝你，艾莉森，謝謝大家今天加入我們。我們的第四季度結束了非凡的一年，總收入、廣告收入和訂閱收入實現了三位數的同比增長，同時擴大了調整後的邊際收益。在 2021 年，我們實現了幾個顯著的里程碑，代表著我們在構建世界領先的全球直播電視流媒體平台的使命方面取得了有意義的進展，該平台擁有最廣泛的優質內容、互動性和綜合投注。重要的是，我們在這一年中的表現再次證實了我們的論點，即具有多個貨幣化槓桿的聚合產品仍然是提高保留率和創造強大單位經濟效益的最有吸引力的選擇。值得注意的是，我們有超過 100 萬的訂閱者證明 fuboTV 正在為他們帶來巨大的價值。

In Q4, we delivered significant year-over-year growth in total revenue, up 119% year-over-year to $637 million, and that's excluding the impact of our Molotov acquisition. We added approximately 185,000 net subscribers, bringing our total base to over 1.1 million. That's an increase of 106% year-over-year compared to just 38% growth for the entire virtual MVPD market over the same period. These numbers also exclude Molotov. We achieved this strong subscriber growth with the efficient deployment of sales and marketing dollars which came in at 21% of revenue in the quarter, and that's down significantly from the 28% in the fourth quarter of 2020. Subscriber acquisition costs also came in at the low end of our target range of 1x to 1.5x monthly ARPU for the quarter.

在第四季度，我們的總收入實現了顯著的同比增長，同比增長 119% 至 6.37 億美元，這還不包括我們收購 Molotov 的影響。我們增加了大約 185,000 名淨訂戶，使我們的總用戶群超過 110 萬。與同期整個虛擬 MVPD 市場僅增長 38% 相比，同比增長 106%。這些數字也不包括莫洛托夫。我們通過有效部署銷售和營銷資金實現了這一強勁的訂戶增長，該季度佔收入的 21%，與 2020 年第四季度的 28% 相比顯著下降。訂戶獲取成本也出現在我們本季度每月 ARPU 的 1 倍至 1.5 倍目標範圍的低端。

In addition to dramatically growing our subscriber base, we made great strides in attracting high-quality cohorts who are staying longer, with churn improving by 269 basis points year-over-year. Our rapidly growing advertising business allows our partners to reach high-quality audiences in a targetable and measurable way. As a result, the fourth quarter was also a record. Ad revenue grew 98% year-over-year and accounted for 11% of total revenue in the quarter, excluding the impact of the Molotov acquisition. Repeat advertiser spend grew 170% in 2021, with increased spend among our top 5 advertisers between 3x and 10x and a meaningful increase in the number of advertisers spending above $1 million each.

除了顯著增加我們的用戶群外，我們在吸引停留時間更長的高質量人群方面也取得了長足的進步，流失率同比提高了 269 個基點。我們快速增長的廣告業務使我們的合作夥伴能夠以可定位和可衡量的方式接觸到高質量的受眾。結果，第四季度也是創紀錄的。廣告收入同比增長 98%，佔本季度總收入的 11%，不包括 Molotov 收購的影響。重複廣告客戶的支出在 2021 年增長了 170%，我們的前 5 名廣告客戶的支出增加了 3 倍到 10 倍，每個支出超過 100 萬美元的廣告客戶數量顯著增加。

During the fourth quarter, we closed 2 important acquisitions. Molotov, France's leading live TV streaming service with over 3 million monthly active users, and Edisn.ai, an AI-powered computer vision platform with patent-pending video recognition technologies. These transactions provide the foundational technology and the human capital to accelerate development across infrastructure and our product. We are enacting a disciplined approach to these assets in order to leverage global synergies while also gaining operating leverage.

在第四季度，我們完成了兩項重要的收購。 Molotov，法國領先的直播電視流媒體服務，每月活躍用戶超過 300 萬，以及 Edisn.ai，一個人工智能驅動的計算機視覺平台，具有正在申請專利的視頻識別技術。這些交易提供了基礎技術和人力資本，以加速基礎設施和我們產品的開發。我們正在對這些資產採取嚴格的方法，以利用全球協同效應，同時獲得運營槓桿。

We continue to bring interactive product features to market to differentiate our live TV streaming service. Since the quarter ended, we launched a new version of our popular multi-view feature on Apple TV, integrating it with our new FanView widget. With this latest evolution, subscribers can mix and match up to 4 live channels and game stats widgets, plus a scoreboard of all live sporting events, and they can do this simultaneously. We believe this is the most personalized and customized TV viewing experience available in the market.

我們繼續將交互式產品功能推向市場，以區分我們的直播電視流媒體服務。自本季度結束以來，我們在 Apple TV 上推出了我們流行的多視圖功能的新版本，並將其與我們新的 FanView 小部件集成。通過這一最新發展，訂閱者可以混合和匹配多達 4 個直播頻道和遊戲統計小部件，以及所有直播體育賽事的記分牌，而且他們可以同時進行。我們相信這是市場上最個性化和定制化的電視觀看體驗。

Our wagering business also continues to evolve. Less than a year after we announced our intention to expand into sports wagering, we launched the first iteration of fubo Sportsbook in 2 states, Iowa and Arizona. We now have market access deals in 10 states, and we expect to launch fubo Sportsbook in additional markets soon. We believe entry into new markets will allow us to more effectively monetize our existing subscriber network. And we will create efficiencies in customer acquisition and retention and a deliberate, measured approach to growing our sportsbook with limited marketing spend. We believe the ability to watch and wager within a single ecosystem is a feature that only fuboTV has brought to market.

我們的投注業務也在不斷發展。在我們宣布打算擴展到體育博彩後不到一年，我們在愛荷華州和亞利桑那州兩個州推出了 fubo Sportsbook 的第一次迭代。我們現在在 10 個州有市場准入協議，我們預計很快會在其他市場推出 fubo Sportsbook。我們相信進入新市場將使我們能夠更有效地利用現有用戶網絡獲利。我們將在客戶獲取和保留方面創造效率，並以一種經過深思熟慮的、可衡量的方法來以有限的營銷支出來發展我們的體育博彩。我們相信，在單一生態系統中觀看和投注的能力是只有 fuboTV 才能推向市場的功能。

In summary, I am very optimistic and confident. Going forward, given our exceptional execution this quarter, which closed out an outstanding year, we are undoubtedly well on our way to building a category-defining company with attractive unit economics. We delivered a record fourth quarter and full year across a number of key financial and operational metrics. We continue to benefit from our position at the intersection of 3 industry megatrends. The secular decline of traditional pay television, the shift of TV ad dollars to connected devices, and the rapid adoption of online sports wagering. I am more excited than ever about fubo's future as we aim to transcend the industry's current TV model.

總之，我非常樂觀和自信。展望未來，鑑於我們本季度出色的執行力，結束了出色的一年，毫無疑問，我們正在努力建立一家具有吸引力的單位經濟的類別定義公司。我們在許多關鍵的財務和運營指標上實現了創紀錄的第四季度和全年。我們繼續受益於我們在三大行業大趨勢交匯處的地位。傳統付費電視的長期衰落、電視廣告資金向聯網設備的轉移以及在線體育博彩的迅速普及。我比以往任何時候都對 fubo 的未來感到更加興奮，因為我們的目標是超越行業當前的電視模式。

And now, I am pleased to introduce you to John Janedis, our new CFO. John brings more than 2 decades of experience leading equity research, investor relations, capital markets and M&A for some of the world's preeminent financial institutions. He is a seasoned financial leader in the media space and will be a critical partner as we craft fubo's strategic and financial plan for this year and beyond. We are all very excited to have him on board. John, Please go ahead.

現在，我很高興向您介紹我們的新首席財務官 John Janedis。 John 擁有超過 2 年的經驗，為世界上一些傑出的金融機構領導股票研究、投資者關係、資本市場和併購。他是媒體領域經驗豐富的財務領導者，將成為我們制定 fubo 今年及以後的戰略和財務計劃的重要合作夥伴。我們都很高興他能加入。約翰，請繼續。

Thank you, David, and good afternoon, everyone. I am really excited to be part of the fubo team and joined because of my confidence in the vision of the team and the long-term growth opportunities in the company's streaming, advertising and wagering businesses and the potential to deliver significant value to all of our stakeholders. I am very pleased with our strong fourth quarter results as we exceeded our guidance and made significant progress in delivering efficient top line growth and margin improvements.

謝謝大衛，大家下午好。我很高興能成為 fubo 團隊的一員並加入，因為我對團隊的願景以及公司的流媒體、廣告和投注業務的長期增長機會以及為我們所有人創造重大價值的潛力充滿信心利益相關者。我對我們強勁的第四季度業績感到非常滿意，因為我們超出了我們的預期，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 fourth quarter, we delivered nearly triple-digit year-over-year growth in both subscription and advertising revenue, taking overall revenue up 119% to $229 million, excluding the impact of the Molotov acquisition. Subscription revenue increased 123% year-over-year to $204 million, excluding the impact of the Molotov acquisition, driven by strong growth in subscriber numbers and ARPU. We also delivered this robust growth through acquisition efficiencies as well as improvements in retention resulting from our interactive product and curated content offering.

在第四季度，我們在訂閱和廣告收入方面實現了近三位數的同比增長，使總收入增長 119% 至 2.29 億美元，不包括收購 Molotov 的影響。訂閱收入同比增長 123% 至 2.04 億美元，不包括 Molotov 收購的影響，這主要得益於訂閱者數量和 ARPU 的強勁增長。我們還通過提高收購效率以及通過我們的互動產品和精選內容產品提高保留率來實現這一強勁增長。

Subscription ARPU excluding Molotov expanded by 8% year-over-year to $74.52 as we saw more subscribers taking our premium offerings. Advertising revenue grew 98% year-over-year to $25.9 million and accounted for 11% of total revenue, excluding Molotov. Ad ARPU decreased 4% year-over-year to $8.12. As expected, we saw a large influx of subscribers within the last few weeks of December. As these new subscribers become more familiar with the platform and mature into long-term subscribers, we expect to expand their monetization further. While that ARPU growth may have some variability from a quarter-to-quarter basis, our conviction and growth on an annual basis remains high.

不包括 Molotov 的訂閱 ARPU 同比增長 8% 至 74.52 美元，因為我們看到更多訂閱者接受我們的優質產品。廣告收入同比增長 98% 至 2590 萬美元，佔總收入的 11%，不包括莫洛托夫。廣告 ARPU 同比下降 4% 至 8.12 美元。正如預期的那樣，我們在 12 月的最後幾週內看到了大量訂閱者湧入。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。雖然 ARPU 的增長可能會因季度而異，但我們的信念和年度增長仍然很高。

Switching now to our path towards profitability, we reported adjusted contribution margin of 11%. We are well positioned to drive long-term margin expansion with deliberate strategic investments in content, technology and infrastructure. And as we lay the foundation for future growth, our strategic investments in programming, team, technology and infrastructure resulted in expected increased expenses on an absolute dollar value basis in the fourth quarter compared to the prior year. However, expenses continue to decline in proportion to revenue year-over-year, resulting in a material improvement in adjusted EBITDA margin, which improved 5.7 percentage points in the fourth quarter of 2021 from the fourth quarter of 2020 as we improve our operating leverage and further advance on our path to profitability.

現在轉向我們的盈利之路，我們報告調整後的邊際貢獻率為 11%。我們有能力通過對內容、技術和基礎設施的戰略投資來推動長期利潤增長。隨著我們為未來的增長奠定基礎，我們在編程、團隊、技術和基礎設施方面的戰略投資導致第四季度與去年相比，按絕對美元價值計算的預期費用增加。然而，費用與收入的比例繼續同比下降，導致調整後 EBITDA 利潤率大幅提高，隨著我們提高運營槓桿和進一步推進我們的盈利之路。

Net loss in 4Q was $112 million. EPS in the fourth quarter was a loss of $0.76, including a $0.06 impact from expenses incurred for our wagering business, $0.05 from the acquisition of Molotov, and a $0.03 impact from deal-related expense. Adjusted EPS in the fourth quarter of 2021 was a loss of $0.57 which excludes the noncash impact of stock-based compensation, the remeasurement of warrant liabilities and the amortization of intangibles and debt discount.

第四季度的淨虧損為 1.12 億美元。第四季度每股收益虧損 0.76 美元，其中包括我們的投注業務產生的費用影響 0.06 美元、收購 Molotov 帶來的 0.05 美元以及交易相關費用的 0.03 美元影響。 2021 年第四季度調整後的每股收益為 0.57 美元，其中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。

Now turning to the balance sheet, we ended the quarter with $379.4 million in cash, cash equivalents and restricted cash. This included $70 million net proceeds in the fourth quarter from our at-the-market offerings as well as $3.1 million in interest payments and $25 million cash outflow related to wagering, mainly in connection with our market access licensing deals. As we have previously highlighted, we plan to continue to evaluate our ongoing capital optimization plan to build optionality in order to fund growth initiatives.

現在轉向資產負債表，我們在本季度末擁有 3.794 億美元的現金、現金等價物和受限現金。這包括第四季度我們在市場上發行的 7000 萬美元淨收益，以及 310 萬美元的利息支付和 2500 萬美元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。正如我們之前強調的那樣，我們計劃繼續評估我們正在進行的資本優化計劃，以建立可選性，以便為增長計劃提供資金。

Operating cash flow in the quarter was negative $49.5 million, inclusive of $3.1 million nonrecurring payments, $10.2 million associated with the wagering business, and $6.1 million operating cash flow associated with the Molotov business.

本季度的運營現金流為負 4950 萬美元，其中包括 310 萬美元的非經常性付款、1020 萬美元的投注業務以及 610 萬美元的與燃燒彈業務相關的運營現金流。

Moving on to our outlook, we are thrilled with our performance in the fourth quarter of 2021 and remain well positioned to execute on our long-term revenue and margin goals, all while delivering a differentiated and world-class experience to the consumer. In order to provide greater visibility into our business, we will be breaking down these metrics by region, specifically North America and rest of world, which includes our existing Spain and recently acquired Molotov operations. Note that this guidance does not include any projected revenue from online sports wagering.

繼續展望我們的前景，我們對 2021 年第四季度的表現感到興奮，並保持良好的狀態來實現我們的長期收入和利潤率目標，同時為消費者提供差異化和世界級的體驗。為了更好地了解我們的業務，我們將按地區分解這些指標，特別是北美和世界其他地區，其中包括我們現有的西班牙和最近收購的莫洛托夫業務。請注意，本指南不包括任何來自在線體育博彩的預計收入。

First, we will discuss North America streaming. Due to the seasonality in our business, Q1 has historically been softer than Q4 when viewed sequentially on revenue and subscribers. Our Q1 2022 revenue guidance takes the seasonality into account with projected revenue of $232 million to $237 million. Similarly, our Q1 2022 subscriber guidance includes 1,028,000 to 1,033,000 subscribers. On a full year basis, we are guiding to projected revenue of $1.08 billion to $1.09 billion. We're also guiding to total yearend subscribers of 1.5 million to 1,510,000, and we also expect to see continued operating leverage and adjusted EBITDA improvement going forward.

首先，我們將討論北美流媒體。由於我們業務的季節性，從歷史上看，從收入和訂閱者的順序來看，第一季度一直比第四季度疲軟。我們的 2022 年第一季度收入指導考慮了季節性因素，預計收入為 2.32 億美元至 2.37 億美元。同樣，我們的 2022 年第一季度訂閱者指南包括 1,028,000 至 1,033,000 名訂閱者。在全年的基礎上，我們預計收入為 10.8 億美元至 10.9 億美元。我們還指導年終用戶總數為 150 萬至 1,510,000 人，我們還預計未來將看到持續的經營槓桿和調整後的 EBITDA 改善。

Now we will discuss rest of world streaming. We're guiding to Q1 2022 projected revenue of $3 million to $6 million and subscribers of 235,000 to 240,000. On a full year basis, we are guiding to projected revenue of $15 million to $20 million and total yearend subscribers of 270,000 to 280,000. To summarize, we are very pleased with our performance this quarter as we continue to efficiently drive robust growth and operating leverage.

現在我們將討論世界其他地區的流媒體。我們預計 2022 年第一季度的預計收入為 300 萬至 600 萬美元，訂閱者為 235,000 至 240,000。在全年的基礎上，我們預計收入為 1500 萬至 2000 萬美元，年終訂閱者總數為 270,000 至 280,000。總而言之，我們對本季度的表現感到非常滿意，因為我們將繼續有效地推動強勁的增長和經營槓桿。

Before going to Q&A, David will end with some closing remarks.

在進行問答之前，大衛將以一些結束語結束。

Thanks, John. 2021 was a pivotal year for fubo. Our team executed on our business plan and we have increased confidence in our long-term strategy. Looking ahead to 2022 and beyond, we expect losses to improve in our core domestic streaming business, led by continued share gains and operating leverage. Our high-margin advertising business is expected to scale with very strong double-digit growth, fueled by further improvements in subscribers, ARPU and CPMs. And we will continue to lay the foundation for our wagering business, which we expect will become a major beneficiary of our flywheel and a contributor to our growth in 2023.

謝謝，約翰。 2021 年對於 fubo 來說是關鍵的一年。我們的團隊執行了我們的商業計劃，我們對我們的長期戰略更有信心。展望 2022 年及以後，我們預計在持續的股票收益和運營槓桿的帶動下，我們的核心國內流媒體業務的虧損將有所改善。在訂閱者、ARPU 和 CPM 進一步改善的推動下，我們的高利潤廣告業務預計將以非常強勁的兩位數增長擴大。我們將繼續為我們的投注業務奠定基礎，我們預計這將成為我們飛輪的主要受益者，並為我們在 2023 年的增長做出貢獻。

Finally, I hope you will be able to join us in the second quarter for our first Investor Day. We plan to share more details about our long-term strategy and our targets for our businesses. The agenda will follow in the coming weeks. Thank you for joining our call today, and we will now take your questions. Alison?

最後，我希望您能夠在第二季度加入我們的第一個投資者日。我們計劃分享更多關於我們的長期戰略和我們的業務目標的細節。議程將在未來幾週內跟進。感謝您今天加入我們的電話會議，我們現在將回答您的問題。艾莉森？

Thank you, David. Thank you, John. We're now going to turn to the Q&A portion of our call. (Operator Instructions) And our first question comes from Laura Martin with Needham. Laura?

謝謝你，大衛。謝謝你，約翰。我們現在將轉向我們電話的問答部分。 （操作員說明）我們的第一個問題來自 Laura Martin 和 Needham。勞拉？

I'll stick to 2 since that's the rule. Welcome, John. Welcome to the stage. I'm going to stick to 2. CTV ad revenue up 98% -- go, go! You know I'm going to ask you about CPMs. Are we still at $20 CPMs are we moving up the ranks as we hoped? And was the core driver more viewer engagement, more viewers, or was it more CPM or sell-out? I'm curious as to what really drove that upside of ad revenue. That's my first one.

我會堅持2，因為這是規則。歡迎，約翰。歡迎來到舞台。我會堅持 2. CTV 廣告收入增長 98%——加油，加油！你知道我會問你關於每千次展示費用的問題。我們的每千次展示費用是否仍為 20 美元，是否如我們希望的那樣提升了排名？核心驅動因素是更多的觀眾參與度、更多的觀眾，還是更多的 CPM 或售罄？我很好奇是什麼真正推動了廣告收入的增長。那是我的第一個。

Sure. I'll take it. Well, CPM is up to about $22 in the fourth quarter, so we're starting to see some movement there. We've also seen advertisers starting to move into different buckets of programmatic going more direct, so we think that trend will continue over time. In terms of viewership hours, as you already know, we clocked in just under 130 hours per customer, so it was really more about just the demand side and the CPMs that really have been the key driver for this quarter.

當然。我要買它。好吧，第四季度的每千次展示費用高達 22 美元左右，所以我們開始看到那裡的一些變化。我們還看到廣告商開始更直接地進入不同的程序化領域，因此我們認為這種趨勢將隨著時間的推移而持續下去。如您所知，就收視時間而言，我們每位客戶的觀看時間不到 130 小時，因此實際上更多的是需求方和 CPM 才是本季度真正的關鍵驅動因素。

Perfect. And then I'm very interested in the fact that you had a 3-month pricing model and then a couple of weeks ago you went back to month-to-month. Could you tell us what you learned from that experiment of 3-month minimums versus month-to-month?

完美的。然後我對你有一個 3 個月的定價模型很感興趣，然後幾週前你又回到了每月。你能告訴我們你從 3 個月最低與每月的實驗中學到了什麼嗎？

Sure. Well, you know us well now. This is a company that is predicated on its ability to manage its data, focus on different capabilities, and try to better understand how to optimize all of the components of our service. And so that certainly was an experiment. We're still going through the data now. You should anticipate that we'll continue to experiment just to better understand sort of what the value is for us and also what the expectations are for consumers.

當然。嗯，你現在很了解我們了。這家公司以其管理數據的能力為基礎，專注於不同的能力，並試圖更好地了解如何優化我們服務的所有組件。所以這當然是一個實驗。我們現在仍在處理數據。您應該預料到，我們將繼續進行試驗，以更好地了解對我們的價值以及對消費者的期望。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

First question, just on the subscriber-related expenses, you were seeing nice leverage the first 3 quarters. It was up significantly year-over-year, so you saw some deleverage there. Can you kind of just talk about how we should view subscriber-related expenses, what happened in 4Q? And then can you kind of give us any guidance to gross profit into 2022?

第一個問題，僅就與訂戶相關的費用而言，您在前 3 個季度看到了不錯的槓桿率。它同比顯著增長，所以你看到了一些去槓桿化。你能談談我們應該如何看待與訂閱者相關的費用嗎，第四季度發生了什麼？然後你能給我們任何關於 2022 年毛利潤的指導嗎？

Yes. Why don't I start on the sports side, Jed? Hopefully, you liked that little video with the product features that we continue to improve. With respect to the SRE line, what you're seeing is that we've added some regional sports networks. We've acquired some sports rights. Again, very light. We're getting ready to test some new things and we want to better understand what the value proposition is for our customers and the impact on all of our key performance indicators.

是的。傑德，我為什麼不從運動方面開始？希望您喜歡我們不斷改進的產品功能的小視頻。關於 SRE 線，您看到的是我們添加了一些區域體育網絡。我們已經獲得了一些體育權利。再次，非常輕。我們正準備測試一些新事物，我們希望更好地了解我們的客戶的價值主張以及對我們所有關鍵績效指標的影響。

And Jed, I would just add there, there were a couple of one-time -- not one-timers, but we added some content in the fourth quarter, some affiliates, also some content from Canada. And so that was a bit of a tick up there. But going forward, you'll see that deleverage on a same-store basis.

傑德，我想補充一下，有幾個一次性的——不是一次性的，但我們在第四季度添加了一些內容，一些附屬公司，還有一些來自加拿大的內容。所以這有點小題大做。但展望未來，你會在同店的基礎上看到去槓桿化。

And then my second question, David, you mentioned sports betting being a significant revenue driver in 2023. Is that pushing it out a year or just where are you in terms of the progress?

然後我的第二個問題，大衛，你提到體育博彩是 2023 年的重要收入驅動因素。這是推遲一年，還是就進展而言，你在哪裡？

Yes. I'm sure you've noticed we continue to add more market access licenses. I think given the macro situation, we've decided that our sub base is large enough where we don't plan to compete with DraftKings and FanDuel head-to-head for customers. We've decided that we have over a million customers right now on the platform, and the more market access licenses we get, the easier it is for us to leverage our subscriber base to drive customers. And the idea really is to reduce the cost of entry into each market and to create attractive user economics. And we think that given the early data points that we've seen, again, very early, we've had about I think it's just under $2 million of handle, but the results are certainly interesting and support our thesis for the goals that we've set for the company.

是的。我相信您已經註意到我們繼續添加更多的市場准入許可證。我認為鑑於宏觀情況，我們已經決定我們的子基地足夠大，我們不打算與 DraftKings 和 FanDuel 為客戶進行正面競爭。我們已經決定，我們現在在平台上擁有超過一百萬的客戶，我們獲得的市場准入許可證越多，我們就越容易利用我們的用戶群來吸引客戶。這個想法實際上是降低進入每個市場的成本並創造有吸引力的用戶經濟。而且我們認為，鑑於我們已經看到的早期數據點，再次，非常早，我們已經處理了大約 200 萬美元，但結果肯定很有趣，並支持我們實現目標的論點'已經為公司設置。

Next, we have Darren Aftahi with ROTH.

接下來，我們有 ROTH 的 Darren Aftahi。

First, just can you clarify -- in the newsletter when you talked about the ad sales, you talked about kind of a demand-driven scalability issue on the advertising business. I'm just kind of curious if you could expand on that, one. And two, like when do you think you'll have a resolution on that?

首先，您能否澄清一下——在時事通訊中，當您談到廣告銷售時，您談到了廣告業務中一種需求驅動的可擴展性問題。我只是有點好奇您是否可以對此進行擴展，一個。第二，你認為你什麼時候會有解決方案？

Yes, so look, I think we've mentioned before in many of our meetings that we've been very focused on the consumer side, developing a platform with the quality of service that consumers deserve. But we really haven't had a chance to really focus on the ad tech side. We have begun to focus on the ad tech side since fourth quarter. And we think many of the items that we're working on will be completely resolved within the next call it 2 to 3 months. But as you can see, the demand is there and we continue to grow the ad side of the business.

是的，所以看，我認為我們之前在許多會議上都提到過，我們一直非常關註消費者方面，開發一個具有消費者應得的服務質量的平台。但我們真的沒有機會真正專注於廣告技術方面。自第四季度以來，我們已經開始關注廣告技術方面。我們認為我們正在處理的許多項目將在接下來的 2 到 3 個月內完全解決。但正如您所看到的，需求就在那裡，我們繼續發展業務的廣告方面。

And I would just say, Darren, to piggyback on that, if I look at say our January numbers and then also February to date, I feel pretty confident that some of those issues are being resolved. And so if I look at the top call it 10 advertisers through January, all up triple digits. And the ones that are down are frankly advertisers that are less than $5,000 in terms of spend, so feeling good about trajectory.

我只想說，達倫，如果我看看我們 1 月份的數據以及迄今為止的 2 月份數據，我對其中一些問題正在得到解決感到非常有信心。因此，如果我看一下到 1 月份的前 10 個廣告客戶，都增長了三位數。坦率地說，下降的廣告商支出不到 5,000 美元，因此對軌跡感覺良好。

Great. And then just on your OEM channel relationships like LG and VIZIO, kind of can you speak to how those are performing? And then can we expect to see additional OEM relationships this year?

偉大的。然後就您的 OEM 渠道關係，例如 LG 和 VIZIO，您能談談它們的表現嗎？然後我們可以期待今年看到更多的 OEM 關係嗎？

Sure. Why don't I start? The OEM relationships are very important. I think if you look back 2 or 3 years, we were very focused on 2 or 3 platforms. And now as we continue to expand beyond those major platforms, we're starting to see more leverage. And I think that's the name of the game, leverage with content partners as well as with our platform partners. So those relationships are going really well. In some cases, we're going to start getting access to actually the code so that we'll be able to build out better experiences, faster experiences, higher-quality experiences. We're very excited about the newer platforms, and you can see that it has certainly had an impact on net adds.

當然。我為什麼不開始？ OEM 關係非常重要。我認為如果你回顧 2 或 3 年，我們非常專注於 2 或 3 個平台。現在，隨著我們繼續擴展到這些主要平台之外，我們開始看到更多的影響力。我認為這就是遊戲的名稱，與內容合作夥伴以及我們的平台合作夥伴一起發揮作用。所以這些關係進展得很順利。在某些情況下，我們將開始訪問實際代碼，以便我們能夠構建更好的體驗、更快的體驗、更高質量的體驗。我們對新平台感到非常興奮，您可以看到它肯定對淨增加量產生了影響。

Our next question, or questions I should say, come from Shweta Khajuria with Evercore.

我們的下一個問題，或者我應該說的問題，來自於 Evercore 的 Shweta Khajuria。

I'll stick with 2. First is, you mentioned losses will improve and continue to improve. Just help us with the drivers of how you're thinking about the investments you are making versus efficiencies that you're gaining. Help us with how we should think about free cash flow and EBITDA, just the overall trajectory. And then the second question I have is on improving churn. Churn has been improving, or retention rates have been improving, in other words. Help us with what you've seen as being the most important drivers of improving churn. Is it the product improvement, content, what have you? Please spell that out for us.

我會堅持2。首先，你提到損失會改善並繼續改善。只需幫助我們了解您正在考慮的投資與您獲得的效率的驅動因素。幫助我們了解我們應該如何考慮自由現金流和 EBITDA，只是總體軌跡。然後我的第二個問題是關於改善流失率。換句話說，流失率一直在提高，或者說保留率一直在提高。幫助我們了解您認為改善客戶流失率的最重要驅動因素。是產品改進，內容，你有什麼？請為我們拼寫出來。

Shweta, why don't I start with the second question first? If when we look at churn, I would tell you that every -- for the last 3 years, it's been better year-over-year every quarter. We're pretty pleased with that. A lot of that is driven by product development. And I would tell you that 3 of the past 4 quarters are the best churning quarters in the history of the company, so feeling good on the churn side.

Shweta，我為什麼不先從第二個問題開始？如果我們看客戶流失率，我會告訴你，在過去 3 年中，每個季度都比去年同期好。我們對此非常滿意。其中很大一部分是由產品開發驅動的。我會告訴你，過去 4 個季度中有 3 個是公司歷史上流失率最高的季度，所以在流失方面感覺很好。

From a retention perspective, I think it's also a great story. And so, if I look at the 6-month cohort churn, or retention, sorry, and the 12-month retention, it's been up several hundred basis points for both trajectory-wise. And I think importantly, the increase in retention of the 6-month cohort and the 12-month cohort is the same in terms of percentage wise. It actually suggests that we're seeing almost no drop off from 6 months to 12 months from a subscriber perspective, so we're very pleased there.

從保留的角度來看，我認為這也是一個很棒的故事。因此，如果我查看 6 個月的隊列流失或留存率，抱歉，以及 12 個月的留存率，這兩個軌跡都上升了數百個基點。而且我認為重要的是，就百分比而言，6 個月隊列和 12 個月隊列的保留率增加是相同的。這實際上表明，從訂戶的角度來看，我們看到從 6 個月到 12 個月幾乎沒有下降，所以我們對此感到非常高興。

On your first question, maybe I can start there. Yes. On your first question, what I would just say is like from a leverage perspective in terms of on the expense side, if we look at call it the biggest levers going forward to drive improvement, it's going to be the sales and marketing line first and foremost, and then G&A, and then subscriber-related expense there. But all of them should improve going forward. Now look, to David's point, we're going to do the Investor Day sometime later this year, over the next few months, and so we'll have more to talk to, but every lever on the expense front should improve going forward.

關於你的第一個問題，也許我可以從那裡開始。是的。關於你的第一個問題，我想說的是，從費用方面的槓桿角度來看，如果我們把它稱為推動改進的最大槓桿，它將首先是銷售和營銷線，然後最重要的是，然後是 G&A，然後是與訂閱者相關的費用。但所有這些都應該在未來得到改善。現在看，就大衛的觀點而言，我們將在今年晚些時候的某個時候，在接下來的幾個月裡舉辦投資者日，所以我們會有更多的話題要談，但未來支出方面的每一個槓桿都應該有所改善。

Okay. Do you have -- sorry, I may have missed this in the release, but do you have a date for the Investor Day that we should note?

好的。你有沒有 - 抱歉，我可能在發布中錯過了這個，但是你有我們應該注意的投資者日的日期嗎？

We're still working on it, but we'll have more information for you shortly. We plan to do it in the next call it 2 months. We'll have an exact time for you. Have a good one, Shweta.

我們仍在努力，但我們很快就會為您提供更多信息。我們計劃在接下來的 2 個月內完成。我們將為您提供準確的時間。祝你好運，Shweta。

Our next question comes from Anna Lizzul with JPMorgan.

我們的下一個問題來自摩根大通的 Anna Lizzul。

And also related to churn, leading up to the Super Bowl, we noticed that you had required new customers to prepay for 3 months of the service to mitigate churn. And just given that Q1 has a large lineup in sports content on Turner Networks, which you no longer carry, how do you view the balance of content going forward on the fubo platform?

還與流失有關，在超級碗之前，我們注意到您要求新客戶預付 3 個月的服務費用以減少流失。鑑於第一季度在 Turner Networks 上有大量體育內容，您不再攜帶，您如何看待 fubo 平台上未來的內容平衡？

Thank you. Anna, that's a good question. Again, with respect to the 3-month offer, you'll typically see us test different offers throughout the year. And given the excitement around the Super Bowl, we thought it was a great time to test how sports fans would react to an offer that you typically don't see. So that data is still coming in, we're looking at the numbers. But as John said, our retention levels have improved every year as we said. In Q4, an improvement of 269 basis points.

謝謝你。安娜，這是個好問題。同樣，關於 3 個月的優惠，您通常會看到我們全年測試不同的優惠。鑑於圍繞超級碗的興奮，我們認為這是測試體育迷對您通常看不到的報價的反應的好時機。因此，數據仍在輸入，我們正在查看數字。但正如約翰所說，我們的保留水平每年都在提高。在第四季度，改善了 269 個基點。

All of our cohort retention is extremely healthy and continues to improve. And we believe that over the long term, you should see churn somewhere in the call it 4% to 5% range, so very happy about that. With respect to sports content, as you know, we didn't have Turner last year either, and we managed pretty well. The teams are using all the data coming in and the platform is also providing the type of content today that we think will keep consumers engaged.

我們所有的隊列保留都非常健康，並且還在繼續改善。我們相信，從長遠來看，您應該會在 4% 到 5% 的範圍內看到流失率，對此非常高興。在體育內容方面，如您所知，我們去年也沒有特納，我們管理得很好。團隊正在使用所有傳入的數據，該平台還提供今天我們認為將保持消費者參與的內容類型。

But obviously, we have to be a little bit conservative because really sometimes it really depends on the type of tournament, the teams, and I guess the story line. But we're keeping a close eye on it, but we feel very comfortable with the results going into end of February. Thank you.

但很明顯，我們必須有點保守，因為有時這真的取決於錦標賽的類型、球隊，我猜故事情節。但我們正在密切關注它，但我們對 2 月底的結果感到非常滿意。謝謝你。

Our next question comes from James Goss with Barrington.

我們的下一個問題來自 James Goss 和 Barrington。

I'd start by extending this conversation because I think it's one of the key things about fubo. Sports is obviously the driver to get your viewers, but then you do have this falloff at the first quarter after football season. Is there any coal and ice sort of option you're considering to maybe create some other incentive for viewers to adopt the service? Maybe other types, other demographics or whatever, just to balance things out a little so you don't have quite the same situation you continually have even if it's being reduced?

我會先擴展這次談話，因為我認為這是關於 fubo 的關鍵之一。體育顯然是吸引觀眾的驅動力，但在足球賽季結束後的第一節，你確實會出現這種下降。您是否正在考慮使用煤和冰的選擇來為觀眾採用該服務創造一些其他的動力？也許其他類型，其他人口統計數據或其他任何東西，只是為了稍微平衡一下，這樣即使減少了，您也不會遇到與持續相同的情況？

Yes. James, it's a good question. I mean, you're inherently going to have seasonality given the amount of sports content we have. And then when you couple that with the number of sports fans on the platform, I think I may have mentioned on the last call that 96% of fubo subscribers watch sports. That's more than on any other traditional or virtual platform. We continue to differentiate ourselves, and that's evident in our continued advancement in market share. The teams are working to ensure that we limit the churn.

是的。詹姆斯，這是個好問題。我的意思是，考慮到我們擁有的體育內容的數量，你天生就會有季節性。然後，當您將其與平台上的體育迷數量結合起來時，我想我可能在最後一次電話會議上提到了 96% 的 fubo 訂閱者觀看體育賽事。這比任何其他傳統或虛擬平台都要多。我們繼續使自己與眾不同，這在我們不斷提高市場份額中很明顯。團隊正在努力確保我們限制客戶流失。

But again, we look at these things on an annual basis, and as John said, the cohorts are extremely healthy. And in fact, one interesting item of note is that when you look at our January viewership numbers in terms of engagement, those have already ticked north of 130 hours. And we haven't seen 130 hours plus since February of 2020, right before COVID. I think that's sort of a normalized level, so we're starting to see the maturation of these cohorts. And again, the team is working on this daily, but we feel very comfortable with the limited seasonality that we'll see in March.

但同樣，我們每年都會查看這些事情，正如約翰所說，這些隊列非常健康。事實上，值得注意的一個有趣的項目是，當您查看我們 1 月份的參與度數字時，這些數字已經超過 130 小時。自 2020 年 2 月（也就是 COVID 之前）以來，我們還沒有看到超過 130 個小時。我認為這是一個標準化的水平，所以我們開始看到這些群體的成熟。再說一次，團隊每天都在努力，但我們對 3 月份將看到的有限季節性感到非常滿意。

And Jim, I would just add to David's point on the seasonality side, even with that, the churn levels in Q1 have consistently been better year-over-year. And then if you look at say churn in 1Q versus 2Q, 3Q, 4Q, it's in the same zip code.

吉姆，我只想在季節性方面補充大衛的觀點，即便如此，第一季度的客戶流失水平一直比去年同期更好。然後，如果您查看 1Q 與 2Q、3Q、4Q 的流失率，它們的郵政編碼相同。

Okay. My other question would be international. I realize Molotov is sort of a speck on the horizon here, but what sort of ambitions do you have? Is that something you think you can grow into to any meaningful degree over some period of time? And how would you finance such a venture?

好的。我的另一個問題是國際問題。我意識到莫洛托夫在這裡有點像地平線上的一個斑點，但你有什麼樣的野心？你認為你可以在一段時間內成長到任何有意義的程度嗎？您將如何為這樣的企業融資？

Yes. James, I'm going to decouple that. We have, this company has tremendous ambitions to be the largest provider of live television in the world, hands down. That is our goal. We also realize that we have to take our time and use the data that we have to build this business in a very disciplined and measured way. And today, the focus with Molotov is really on 2 things. One is they have foundational technology. They have a similar operating model, which allows us to very quickly integrate human capital and continue to focus on the core fubo product. But it's also important to note that having Molotov there right behind Netflix with 3 million monthly active users, the #2 app as of today in France, gives us that optionality, that window, that view into timing. And I actually feel we're actually better positioned than some of the other players that are in the market. Again, we are not a streaming player. We're not a plus service. This is an aggregation service. And again, we're very comfortable with this acquisition, and we're very delighted with the progress that we're making on the integration front.

是的。詹姆斯，我要把它解耦。我們有，這家公司有著成為世界上最大的直播電視提供商的雄心壯志，毫無疑問。這就是我們的目標。我們還意識到，我們必須花時間並使用我們必須以非常有紀律和衡量的方式建立這項業務的數據。而今天，莫洛托夫的重點實際上是兩件事。一是他們擁有基礎技術。他們有類似的運營模式，這讓我們能夠非常快速地整合人力資本，並繼續專注於核心的 fubo 產品。但同樣重要的是要注意，Molotov 緊隨 Netflix 之後，每月有 300 萬活躍用戶，這是迄今為止法國排名第二的應用程序，它為我們提供了選擇權、窗口和時間視圖。而且我實際上覺得我們實際上比市場上的其他一些參與者處於更好的位置。同樣，我們不是流媒體播放器。我們不是一個加號的服務。這是一個聚合服務。再一次，我們對這次收購感到非常滿意，我們對我們在整合方面取得的進展感到非常高興。

And Jim, I would just add to David's point, if you look at the guidance for North America as an example, we're looking at call it 70% plus organic growth in our North America streaming business, so we don't have to do anything given that kind of growth that we have on the domestic side.

吉姆，我想補充一下大衛的觀點，如果你以北美的指導為例，我們正在考慮將其稱為北美流媒體業務的 70% 以上的有機增長，所以我們不必考慮到我們在國內的這種增長，做任何事情。

Thank you, David, and welcome aboard, John.

謝謝你，大衛，歡迎加入，約翰。

Our next question comes from Zach Silverberg with Berenberg.

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

Are there any internal discussions on inflation and how it could potentially impact consumers' purchasing power, who are dealing with increased prices and goods and maybe other streaming services? Is there a feel to what subscribers' price elasticity would be maybe heading into a slower television or sports period during the summer?

是否有任何關於通貨膨脹的內部討論以及它可能如何影響消費者的購買力，他們正在處理價格和商品的上漲以及其他流媒體服務？有沒有感覺到訂閱者的價格彈性可能會在夏季進入較慢的電視或體育時期？

Zach, that's a great question. I'm glad you brought it up. No one really talks about it. But fubo, like many other stay-at-home companies, took advantage of COVID. We were one of those companies. You see the growth, you see the retention, and now we are in excellent position to take advantage of inflation. As you know, we are a cable replacement service that is cheaper, less expensive, better quality, better product than the traditional service. And there's still 75 million people out there.

扎克，這是一個很好的問題。我很高興你提出來。沒有人真正談論它。但 fubo 和許多其他居家公司一樣，利用了 COVID。我們是這些公司之一。你看到增長，你看到保留，現在我們處於利用通貨膨脹的有利位置。如您所知，我們是一項比傳統服務更便宜、更便宜、質量更好、產品更好的電纜更換服務。那裡還有 7500 萬人。

If you're a consumer and you want to maintain your lifestyle and cut costs at the same time, this is your option. And we're going to continue to develop our brand, continue to proliferate with respect to platforms, and I think we're well positioned to take advantage of that. In terms of pricing, we still have some ways to go. As you know, we started our service at $6.99.

如果您是消費者，並且希望在保持生活方式的同時降低成本，那麼這是您的選擇。我們將繼續發展我們的品牌，繼續在平台方面擴大規模，我認為我們已做好充分利用這一點的準備。在定價方面，我們還有一些路要走。如您所知，我們的服務起步價為 6.99 美元。

We've been pricing up for the last 5 years. And there's a huge demand for sports. People love sports content, whether they love to wager, whether they love to watch, whether they like to buy paraphernalia, jerseys, etc. So again, we're well positioned we think that our product is priced well for the value that we provide, and we think there's probably a little bit more room there given that we still are facing some inflationary pressure.

在過去的 5 年裡，我們一直在定價。而且對運動的需求很大。人們喜歡體育內容，是否喜歡下注，是否喜歡觀看，是否喜歡購買用具、球衣等。因此，我們再次處於有利位置，我們認為我們的產品定價合理，我們認為可能還有更多空間，因為我們仍然面臨一些通脹壓力。

Got you. That's helpful. And just one more. You talked about in the shareholder letter, crossover users who have placed a higher number of bets, higher retention rates. Just curious how you're anticipating crossover rates given the NFL season is over, the MLB might go into the lockout. Just curious how you're sort of forecasting this or anticipating this into the spring and summer?

得到你。這很有幫助。還有一個。您在股東信中談到，下注數量更高的交叉用戶，更高的保留率。只是好奇你如何預期 NFL 賽季結束後的交叉率，MLB 可能會進入停擺狀態。只是好奇你是如何預測或預計到春季和夏季的？

Yes. Look, as I said in my comments, it's very early days, right? We're in 2 states right now, Iowa and Arizona. In terms of fuboTV, the television product footprint, it's very small. What we've seen right now, and we call it crossover, what that really means is that it's a sportsbook customer who also has a TV subscription. And what we've seen is that those customers seem to be, at least in the onset, they're more active. More active means that they produce more volume of bets relative to just the regular non-TV using betting customer. And then we're also seeing that that customer has better retention. But again, there's only been 2 months, so we've only seen these people place bets in a second month. So right now, it's still early. The data is coming in really strong. We actually are starting to feel we will not have to spend large amounts of money to compete. We've got over 1 million customers. We're guiding towards 1.5 million customers. We think we're going to be able to pull from that customer base, assuming we can continue to expand our market access footprint. And then there's this one other cohort, which, our trial cohort, which is a relatively large cohort that we see over the course of the year. But if I was to kind of gauge where the growth is going to be, of course it's going to look like our TV product where you have seasonality post Super Bowl. Just like the Sportsbook, I'm sure. Their probably strongest growth is in the back half of the year up until the Super Bowl. We will see probably some of that. But we're taking a very measured approach, as I said. We think that if we can nail down the product and focus on casual betters, the goal here is not to focus on the same cohort of users that Caesars and DraftKings and FanDuel all focus on. But this is event driven. When you have 800,000 concurrents that are streaming that product, and they're watching the Georgia game and you say, hey, we know you love Georgia, put $5 down on this game, we think that that's going to create a lot of value, a lot of entertainment value, and that we think is going to prove to be game-changing when the time is right.

是的。看，正如我在評論中所說，現在還很早，對吧？我們現在在兩個州，愛荷華州和亞利桑那州。就電視產品fuboTV而言，它非常小。我們現在看到的，我們稱之為跨界，真正的意思是它是一個體育博彩客戶，也有電視訂閱。我們所看到的是，這些客戶似乎，至少在開始時，他們更加活躍。更活躍意味著他們相對於普通的非電視使用投注客戶產生更多的投注。然後我們還看到該客戶的保留率更高。但同樣，只有兩個月，所以我們只看到這些人在第二個月下注。所以現在，還為時尚早。數據非常強勁。我們實際上開始覺得我們不必花費大量資金來競爭。我們擁有超過 100 萬客戶。我們正在引導 150 萬客戶。我們認為我們將能夠從該客戶群中拉動，假設我們可以繼續擴大我們的市場准入足跡。然後是另一個隊列，我們的試驗隊列，這是我們在一年中看到的一個相對較大的隊列。但是，如果我要衡量增長將在哪裡，當然它會看起來像我們的電視產品，在超級碗之後你會有季節性。就像體育博彩一樣，我敢肯定。他們最強勁的增長可能是在今年下半年，直到超級碗。我們可能會看到其中的一些。但正如我所說，我們正在採取一種非常謹慎的方法。我們認為，如果我們能夠確定產品並專注於休閒產品，那麼這裡的目標就不是專注於 Caesars、DraftKings 和 FanDuel 都關注的同一群用戶。但這是事件驅動的。當你有 800,000 並發流播放該產品時，他們正在觀看格魯吉亞的比賽，你說，嘿，我們知道你喜歡格魯吉亞，為這款遊戲投入 5 美元，我們認為這將創造很多價值，很多娛樂價值，我們認為在適當的時候證明它會改變遊戲規則。

Our next question comes from Dan Salmon with BMO.

我們的下一個問題來自 BMO 的 Dan Salmon。

Welcome, John. I am going to try to slip in 2 questions. First, I may have missed it, but I see the 2022 outlook still does not include anything for sports gambling. Can you just elaborate on that, how you might integrate it into guidance eventually? And then second, David, your own sports rights portfolio continues to grow. It's obviously taken on a little bit more of an international flavor as well. Any updates on your thinking for that part of your strategy and how it might be impacting some of your key subscriber metrics like gross adds or churn?

歡迎，約翰。我將嘗試插入 2 個問題。首先，我可能錯過了它，但我看到 2022 年的前景仍然不包括體育博彩的任何內容。您能否詳細說明一下，最終如何將其整合到指導中？其次，大衛，你自己的體育權利組合繼續增長。它顯然也具有更多的國際風味。您對這部分策略的想法有什麼更新，以及它可能如何影響您的一些關鍵訂戶指標，例如總增加量或流失率？

Yes. I'll start on the second one. Look, we have been very deliberate on everything we do. And if you go back since we've IPO'd, we have delivered on every metric that we said we would deliver on. What we're doing now is testing the waters. You are correct, we've acquired CONMEBOL rights. We've acquired the UEFA rights starting this fall. We have the EPL rights in your home country of Canada and Syria.

是的。我將從第二個開始。看，我們所做的每一件事都非常慎重。如果你在我們首次公開募股後回去，我們已經交付了我們說過我們將交付的每一個指標。我們現在正在做的是試水。你是對的，我們已經獲得了CONMEBOL的權利。從今年秋天開始，我們已經獲得了歐足聯的權利。我們在您的祖國加拿大和敘利亞擁有 EPL 權利。

We're really starting to look at what can we do to expand our footprint in the sports space when we're known and also start to leverage some of the fixed costs associated with that? Because we're now starting to think about that margin profile. In terms of sports betting, again, the content obviously plays into that in our ability to leverage some of our new product features such as predictive games, which will help us isolate users that eventually we'll be able to turn into casual gaming customers.

我們真的開始考慮，當我們為人所知並開始利用與此相關的一些固定成本時，我們可以做些什麼來擴大我們在體育領域的足跡？因為我們現在開始考慮利潤率概況。同樣，在體育博彩方面，內容顯然有助於我們利用一些新產品功能（例如預測性遊戲），這將幫助我們隔離用戶，最終我們將能夠變成休閒遊戲客戶。

Again, just delivering on our mission, which is really to drive ARPU, lower the cost of entry and create positive and attractive user economics. On the betting side, the reason we've taken a different approach, slightly different approach, is we are starting to feel comfortable, one, with the pace and growth of our subscriber base. Number two, we're starting to see the brand emerge as a sports platform. And you can see that because it's supported by -- I think we have the highest NPS score of all virtual MVPD services per Parks Associates. From that perspective, I think we're very comfortable.

同樣，只是履行我們的使命，即真正推動 ARPU、降低進入成本並創造積極和有吸引力的用戶經濟。在投注方面，我們採取不同方法、略有不同的方法的原因是，我們開始對我們的用戶群的步伐和增長感到自在。第二，我們開始看到該品牌成為一個體育平台。你可以看到這一點，因為它得到了支持——我認為我們在每個 Parks Associates 的所有虛擬 MVPD 服務中擁有最高的 NPS 分數。從這個角度來看，我認為我們很舒服。

We don't plan on spending a lot of money competing directly with DraftKings, and so the idea now is, continue to focus on sub growth. We want to acquire more market access licenses so we can drive subscribers into the sportsbook. And so we think we can do that very efficiently in ways that others can simply just won't be able to do that. And at the same time, we are really focused on continuing to deliver a really immersive product. And hopefully, from that little video that you saw, we're starting to get a bit closer to where we want to be.

我們不打算花很多錢直接與 DraftKings 競爭，所以現在的想法是，繼續關注子增長。我們希望獲得更多的市場准入許可證，以便我們可以將訂戶帶入體育博彩。所以我們認為我們可以以其他人無法做到的方式非常有效地做到這一點。同時，我們真正專注於繼續提供真正身臨其境的產品。希望，從你看到的那個小視頻中，我們開始離我們想要的地方更近了一點。

Thank you, Dan. This concludes the Q&A portion of our call. We want to thank everybody for your participation and your thoughtful and insightful questions. And also encourage you to reach out to what extent you have any follow-up questions. We look forward to speaking with everybody soon. Thank you, again.

謝謝你，丹。我們電話的問答部分到此結束。我們要感謝大家的參與以及您的深思熟慮和富有洞察力的問題。並鼓勵您在多大程度上提出任何後續問題。我們期待很快與大家交談。再次感謝你。