(FUBO) 2022 Q2 法說會逐字稿

Good day, and welcome to the fuboTV Second Quarter 2022 Earnings Call. Today's call is being recorded. (Operator Instructions)

美好的一天，歡迎參加 fuboTV 2022 年第二季度財報電話會議。今天的電話正在錄音。 （操作員說明）

I would now like to turn the conference over to Alison Sternberg, Senior Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係高級副總裁艾莉森·斯騰伯格。請繼續。

Thank you for joining us to discuss fuboTV's second quarter 2022. With me today is David Gandler, Co-Founder and CEO of fubo; and John Janedis, CFO of fubo.

感謝您加入我們討論 fuboTV 的 2022 年第二季度。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。

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. David is going to start with some brief remarks on the quarter and fubo strategy and John will cover the financials and guidance. Then I'm going to turn the call over to the analysts for Q&A.

在開始之前，讓我快速回顧一下今天的演示文稿的格式。大衛將從本季度和 fubo 策略的一些簡短評論開始，約翰將介紹財務和指導。然後我將把電話轉給分析師進行問答。

I would 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, including quarterly and annual guidance and cash flow and adjusted EBITDA targets, market opportunity, expectations regarding growth and profitability, subscription levels, the Molotov acquisition, expected synergies of the technology platforms and related savings, business strategy and plans, the continued shift in consumer behavior and our strategic plans regarding fubo's Sportsbook.

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、預期財務業績的陳述，包括季度和年度指導以及現金流量和調整後的EBITDA 目標、市場機會、對增長和盈利能力的預期、訂閱水平、莫洛托夫收購、技術平台的預期協同效應和相關儲蓄、業務戰略和計劃、消費者行為的持續轉變以及我們關於 fubo 體育博彩的戰略計劃。

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 quarterly report on Form 10-Q for the quarterly period ended June 30, 2022, to be filed with the Securities and Exchange Commission and other periodic filings with the SEC. These statements reflect our current expectations based on our beliefs, assumptions and information currently available to us.

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證券交易委員會提交的截至 2022 年 6 月 30 日的季度 10-Q 表格季度報告的風險因素部分中找到向 SEC 提交的佣金和其他定期文件。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 also refer to certain non-GAAP financial measures. 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 Q2 2022 earnings shareholder letter, which is available on our website at ir.fubo.tv.

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。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 GAAP 措施與最直接可比的 GAAP 措施的對賬也可在我們的 2022 年第二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 good afternoon, everyone. We appreciate you joining us on the call today. The economic environment has fundamentally changed since our first quarter earnings call. While there is ongoing uncertainty, we do believe these challenges will accelerate core cutting as consumers seek an affordable sports and entertainment streaming alternative.

謝謝你，艾莉森，大家下午好。感謝您今天加入我們的電話會議。自第一季度財報電話會議以來，經濟環境發生了根本性變化。儘管存在持續的不確定性，但我們確實相信，隨著消費者尋求負擔得起的體育和娛樂流媒體替代品，這些挑戰將加速核心切割。

But we also realize the cost of capital is increasing and that the market's appetite for profitable growth is clear. While we believe fubo's model will prove to be both resilient and profitable, we also know we must continue to refine and adjust our business to reflect this changing economic environment.

但我們也意識到資本成本正在增加，市場對盈利增長的需求是顯而易見的。雖然我們相信 fubo 的模式將被證明具有彈性和盈利能力，但我們也知道我們必須繼續完善和調整我們的業務以反映這種不斷變化的經濟環境。

Therefore we remain focused on reducing internal costs and continue to review our entire cost structure to identify additional areas of savings. In parallel we will continue to work to drive measured growth by improving content-related unit economics and materially growing our high-margin advertising revenue.

因此，我們仍然專注於降低內部成本，並繼續審查我們的整個成本結構，以確定額外的節約領域。與此同時，我們將繼續努力通過改善與內容相關的單位經濟性和大幅增加我們的高利潤廣告收入來推動可衡量的增長。

We continue to believe that an integrated wagering platform, offering both live video and the Sportsbook will result in the best viewing and gaming experience for consumers. However, we decided to enter the wagering business in early 2021a at a time when the business climate and efficient cost of capital provided the runway to develop new business lines with longer profitability time horizons.

我們仍然相信，提供實時視頻和體育博彩的綜合投注平台將為消費者帶來最佳的觀看和遊戲體驗。然而，我們決定在 2021 年初進入投注業務，當時商業環境和有效的資本成本為開發具有更長盈利時間範圍的新業務線提供了跑道。

Now with the recession and inflation hitting 40-year highs; that no longer holds true. We recognize that the market has changed. And therefore we have made decision to place Fubo Gaming, our online sports wagering business, under strategic review. We will no longer pursue this opportunity on our own and are exploring the best path forward to scale the business. We look forward to continuing to update you as conversations progress.

現在隨著經濟衰退和通脹達到 40 年來的新高；這不再適用。我們認識到市場已經發生了變化。因此，我們決定對我們的在線體育博彩業務 Fubo Gaming 進行戰略審查。我們將不再獨自追求這個機會，而是探索擴大業務的最佳途徑。隨著對話的進展，我們期待繼續更新您的信息。

Now let's turn to our second quarter results. Against this challenging environment and continued focus on reducing our cash burn, I am pleased to report that we closed the quarter with strong year-over-year subscriber and revenue growth.

現在讓我們看看我們的第二季度業績。在這個充滿挑戰的環境和繼續專注於減少現金消耗的情況下，我很高興地報告說，我們在本季度結束時實現了強勁的用戶和收入同比增長。

Global revenue for the second quarter increased by 69% to $221.8 million, including a 65% increase in North America to $216.1 million. This top line growth was driven by a 41% increase in our North American paid subscribers to 946,735. It is important to note that despite the year-over-year growth in subscribers, our end-of-period subscriber count came under pressure in North America, primarily due to underperformance of certain sports content during a seasonally low growth part of the year.

第二季度全球收入增長 69% 至 2.218 億美元，其中北美增長 65% 至 2.161 億美元。這一收入增長是由我們的北美付費用戶增長 41% 至 946,735 推動的。值得注意的是，儘管訂閱人數同比增長，但我們在北美的期末訂閱人數仍面臨壓力，這主要是由於某些體育內容在一年中的季節性低增長部分錶現不佳。

We believe that we will finish the third quarter with a record number of subscribers. And we are now entering the busiest period on the sports calendar. Ad revenue in North America grew 32% year-over-year to $21.7 million. We are disappointed to report lower ad ARPU as we expected to have ad tech upgrades in place for the second quarter. We continue to deploy updated technology and introduce new ad-serving systems designed to more effectively monetize our inventory and improve scalability.

我們相信我們將在第三季度以創紀錄的訂閱人數結束。我們現在正進入體育日曆上最繁忙的時期。北美的廣告收入同比增長 32% 至 2170 萬美元。我們很失望地報告了較低的廣告 ARPU，因為我們預計第二季度將進行廣告技術升級。我們將繼續部署更新的技術並引入新的廣告服務系統，旨在更有效地利用我們的庫存獲利並提高可擴展性。

As a result, we believe we should be able to deliver addressable advertising capabilities at scale by year-end. Notably, both subscriber acquisition cost and average revenue per user ratio came in within our target of 1 to 1.5x. And we saw improvement in adjusted contribution margin, operating cash flow and adjusted EBITDA compared to the first quarter.

因此，我們相信我們應該能夠在年底前大規模提供可尋址的廣告功能。值得注意的是，訂戶獲取成本和每用戶平均收入比率均在我們 1 到 1.5 倍的目標範圍內。與第一季度相比，我們看到調整後的邊際貢獻、經營現金流和調整後的 EBITDA 有所改善。

This is a trend we expect to continue as we anticipate a return to growth in the back half of the year. This also provides us with added confidence in our ability to achieve our goal of positive cash flow and adjusted EBITDA in 2025.

我們預計這一趨勢將繼續下去，因為我們預計今年下半年將恢復增長。這也讓我們更有信心在 2025 年實現正現金流和調整後 EBITDA 的目標。

Turning to our rest of world streaming business, which includes France and Spain, we ended the quarter ahead of expectations with approximately 347,000 total paid subscribers and $5.8 million in total revenue. As it relates to operational gains, we implemented programs to increase take rates of higher ARPU products among new subscribers and migrate lower ARPU subscribers to higher-priced bundles.

談到我們在世界其他地區的流媒體業務，包括法國和西班牙，我們在本季度結束時超出預期，付費用戶總數約為 347,000 名，總收入為 580 萬美元。由於與運營收益相關，我們實施了一些計劃，以提高新用戶對較高 ARPU 產品的使用率，並將較低 ARPU 用戶遷移到更高價格的捆綁包。

This has started to yield meaningful subscription ARPU and contribution margin expansion. We believe this growth will continue in the quarters to come. I'm also pleased with our liquidity position, which includes approximately $379 million in cash at quarter end, allowing us the financial flexibility and optionality to fund measured and disciplined growth initiatives while remaining highly focused in the management of our capital structure.

這已經開始產生有意義的訂閱 ARPU 和邊際貢獻擴大。我們相信這種增長將在未來幾個季度繼續。我也對我們的流動性狀況感到滿意，其中包括季度末約 3.79 億美元的現金，這使我們能夠在財務靈活性和選擇性上為有節制和有紀律的增長計劃提供資金，同時保持高度專注於我們的資本結構管理。

In support of expanding unit economics, we continue to balance the aggregation of the best sports and entertainment content with vigilance around cost. As part of that strategy, we grew our offering of free ad-supported television channels for fast channels to 40 to help drive long-term ad ARPU expansion. We expect to increase our fast channel offering to 100 networks by the end of the year.

為了支持擴大單位經濟，我們繼續平衡最佳體育和娛樂內容的聚合與對成本的警惕。作為該戰略的一部分，我們將針對快速頻道的免費廣告支持的電視頻道數量增加到 40 個，以幫助推動廣告 ARPU 的長期擴張。我們預計到今年年底將我們的快速頻道產品增加到 100 個網絡。

We believe the future of television will be interactive. Our differentiated offering is designed to provide our consumers with the greatest best premium content through a custom and personalized viewing experience optimized for sports viewership. Through proprietary interactive experiences, including our recently launched Pick'em games and our Fubo Sportsbook, our goal is to turn passive viewers into active participants that are engaged through multiple Fubo products.

我們相信電視的未來將是互動的。我們的差異化產品旨在通過針對體育觀眾優化的定制和個性化觀看體驗，為我們的消費者提供最優質的優質內容。通過專有的互動體驗，包括我們最近推出的 Pick'em 遊戲和我們的 Fubo Sportsbook，我們的目標是將被動的觀眾轉變為通過多種 Fubo 產品參與的積極參與者。

We will continue to develop our interactive capabilities and believe this will, over time, expand ARPU and drive engagement and retention as users experience the breadth and depth of the platform. I'm also pleased with the progress we are making in rolling out Fubo Sportsbook.

我們將繼續發展我們的互動能力，並相信隨著時間的推移，隨著用戶體驗平台的廣度和深度，這將擴大 ARPU 並提高參與度和留存率。我也對我們在推出 Fubo Sportsbook 方面取得的進展感到高興。

We recently completed our submission to the New Jersey Division of Gaming Enforcement and expect to be approved in time for the 2022 football season. New Jersey is the second largest U.S. market in mobile sports betting in terms of handle. And our presence there will mark an important milestone on our wagering roadmap. We also expect to launch an additional market in the ensuing weeks doubling Fubo Sportsbook's availability to 4 states.

我們最近完成了向新澤西州博彩執法部門提交的文件，預計將在 2022 年足球賽季及時獲得批准。新澤西州是美國第二大移動體育博彩市場。我們在那裡的存在將標誌著我們下注路線圖的一個重要里程碑。我們還希望在接下來的幾週內推出一個額外的市場，將 Fubo Sportsbook 的可用性翻倍到 4 個州。

Our integration of Molotov, France's leading live TV streaming service acquired by Fubo late last year continues to progress. We believe that leveraging the many technology synergies between Fubo and Molotov will enable us to create one robust global platform that will aid faster product development and a higher-quality user experience.

我們對去年年底被 Fubo 收購的法國領先的直播電視流媒體服務 Molotov 的整合繼續取得進展。我們相信，利用 Fubo 和 Molotov 之間的許多技術協同效應，我們將能夠創建一個強大的全球平台，幫助更快的產品開發和更高質量的用戶體驗。

This platform is also designed to allow us to leverage a global technical talent pool and enable us to launch the fuboTV product in additional international markets with minimal incremental costs. As consumers become increasingly selective and frustrated with the many streaming services in the market, they are putting more value than ever before in a single solution that allows them to cut through the onslaught of programming.

該平台還旨在使我們能夠利用全球技術人才庫，使我們能夠以最小的增量成本在其他國際市場推出 fuboTV 產品。隨著消費者對市場上的眾多流媒體服務變得越來越挑剔和沮喪，他們比以往任何時候都更加重視單一解決方案，使他們能夠擺脫編程的衝擊。

We believe our value proposition of offering diversified content mix aggregated and presented through a customized interactive streaming experience continues to resonate with consumers as we capture added mind and market share.

我們相信，隨著我們獲得更多的注意力和市場份額，我們通過定制的交互式流媒體體驗提供聚合和呈現的多元化內容組合的價值主張將繼續引起消費者的共鳴。

In closing, we remain confident that we will demonstrate as we have begun to do this quarter the inherent leverage in Fubo's model and our ability to achieve our positive free cash flow target in 2025. We are extremely optimistic about the future of the aggregated streaming model and our mission to build the world's leading global live TV streaming platform with the greatest breadth of premium content and interactivity.

最後，我們仍然有信心，我們將在本季度開始展示 Fubo 模型的固有槓桿以及我們在 2025 年實現正自由現金流目標的能力。我們對聚合流媒體模型的未來非常樂觀我們的使命是打造具有最廣泛優質內容和互動性的全球領先的全球直播電視流媒體平台。

Thank you, everyone, for joining us on the call today. We appreciate your interest and continued support. We look forward to outlining our strategic plan, key initiatives and long-term financial targets at our first Investor Day on August 16.

謝謝大家今天加入我們的電話會議。我們感謝您的關注和持續的支持。我們期待在 8 月 16 日的第一個投資者日上概述我們的戰略計劃、關鍵舉措和長期財務目標。

I will now turn over the call to John Janedis, CFO. John?

我現在將把電話轉給首席財務官 John Janedis。約翰？

Thank you, David, and good afternoon, everyone. We delivered double-digit year-over-year growth in North America across several of our KPIs, subscribers, total revenue and ad revenue. Notably our streaming business in the Rest of World came in consistent with expectations on revenue and ahead of expectations on subscribers.

謝謝大衛，大家下午好。我們在北美的幾個 KPI、訂戶、總收入和廣告收入實現了兩位數的同比增長。值得注意的是，我們在世界其他地區的流媒體業務與收入預期一致，並且超出了訂閱者的預期。

As sports is a seasonal business, we again expect to see sequential growth in the second half of 2022 as the live sports calendar enter its busiest period with the English Premier League and college football seasons kicking off later this month.

由於體育是一項季節性業務，我們預計隨著本月晚些時候英超聯賽和大學橄欖球賽季的開始，現場體育日曆進入最繁忙的時期，我們將再次看到 2022 年下半年的連續增長。

Starting at the top, second quarter revenue was $222 million. This includes North America streaming, where we delivered revenue of $216 million, slightly below guidance due to a shortfall in subscribers. North America subscription revenue was approximately $194 million, an increase of 70% year-over-year.

從頂部開始，第二季度的收入為 2.22 億美元。這包括北美流媒體，我們在那裡實現了 2.16 億美元的收入，由於訂戶短缺，略低於預期。北美訂閱收入約為 1.94 億美元，同比增長 70%。

This was primarily driven by a paid subscriber growth of 41% as well as subscription ARPU expansion of 2%. Our Rest of World streaming segment generated $5.8 million of the revenue in the quarter on a base of 347,000 subscribers. Advertising revenue increased 34% year-over-year to $22 million and accounted for 9.9% of total revenue.

這主要是由於付費用戶增長 41% 以及訂閱 ARPU 增長 2%。我們在世界其他地區的流媒體部門在 347,000 名訂閱者的基礎上，在本季度創造了 580 萬美元的收入。廣告收入同比增長 34% 至 2200 萬美元，佔總收入的 9.9%。

Ad ARPU decreased approximately 18% year-over-year to $7.25, although on a sequential basis, ad ARPU increased 5.5% over first quarter 2022 levels. We expect this metric to improve as the year progresses, which we believe will position us to expand contribution margin over time.

廣告 ARPU 同比下降約 18% 至 7.25 美元，儘管按順序計算，廣告 ARPU 比 2022 年第一季度的水平增長了 5.5%。我們預計隨著時間的推移，這一指標會有所改善，我們相信這將使我們能夠隨著時間的推移擴大邊際貢獻。

Our second quarter adjusted EBITDA loss came in at $79.1 million compared to a loss of $47 million in the prior year. This also represents a sequential reduction from a loss of $105 million in the first quarter of 2022.

我們第二季度調整後的 EBITDA 虧損為 7910 萬美元，而去年同期虧損 4700 萬美元。這也比 2022 年第一季度的 1.05 億美元虧損連續減少。

We had a second quarter 2022 earnings per share loss of $0.63. Adjusted EPS in the second quarter of 2022 was a loss of $0.45 and adjusted EPS excludes the noncash impact of goodwill impairment, stock-based compensation, the re-measurement of warrant liabilities and the amortization of intangibles, debt discounts and other noncash items.

我們的 2022 年第二季度每股收益虧損 0.63 美元。 2022 年第二季度調整後每股收益為 0.45 美元，調整後每股收益不包括商譽減值、股票補償、權證負債的重新計量以及無形資產攤銷、債務折扣和其他非現金項目的非現金影響。

Now turning to cash flow. Operating cash flow in the quarter was negative $91.3 million, inclusive of $7.7 million associated with the wagering business. This represents a $35.3 million reduction compared to the first quarter. And our expectation is that operating cash flow losses will moderate further over the rest of the year.

現在轉向現金流。本季度的經營現金流為負 9130 萬美元，其中包括與投注業務相關的 770 萬美元。與第一季度相比，這意味著減少了 3530 萬美元。我們的預期是，運營現金流損失將在今年餘下時間進一步放緩。

Turning to the balance sheet. We ended the quarter with $379 million in cash and short-term investments. We remain highly disciplined in the management of our capital structure to afford fuboTV the financial flexibility and optionality to fund measured and disciplined growth initiatives.

轉向資產負債表。我們以 3.79 億美元的現金和短期投資結束了本季度。我們在資本結構的管理方面保持高度自律，為 fuboTV 提供財務靈活性和選擇性，以資助衡量和有紀律的增長計劃。

Moving on to our outlook. We believe we 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. As a reminder, our guidance metrics are by region, specifically North America and Rest of World.

繼續我們的展望。我們相信我們仍然處於有利地位，可以實現我們的長期收入和利潤目標，同時為消費者提供差異化和世界級的體驗。提醒一下，我們的指導指標是按地區劃分的，特別是北美和世界其他地區。

Note that this guidance does not include any projected revenue from online sports wagering. First, we will discuss North America streaming. For the third quarter of 2022, we expect to generate revenue of $200 million to $205 million, representing 29% year-over-year growth at the midpoint and subscribers of 1.135 million to 1.155 million, representing 22% year-over-year growth at the midpoint.

請注意，本指南不包括任何來自在線體育博彩的預計收入。首先，我們將討論北美流媒體。對於 2022 年第三季度，我們預計將產生 2 億美元至 2.05 億美元的收入，中點同比增長 29%，用戶數量為 113.5 萬至 115.5 萬，同比增長 22%中點。

On a full year basis, we expect to generate $910 million to $930 million, representing 45% year-over-year growth at the midpoint with subscribers of 1.33 million to 1.35 million, representing 19% year-over-year growth at the midpoint. The revision of our previous full year guidance takes into account the impact of our subscriber shortfall in the second quarter and additional conservatism in our outlook based on the changing macro environment.

在全年的基礎上，我們預計將產生 9.1 億美元至 9.3 億美元，中點同比增長 45%，訂閱者為 133 萬至 135 萬，中點同比增長 19%。我們對之前全年指引的修訂考慮到了我們第二季度用戶短缺的影響，以及基於不斷變化的宏觀環境對我們前景的額外保守主義。

While the revenue guidance also reflects the pace of subscriber growth expected within the third quarter and throughout the remainder of the year. For Rest of World streaming, we expect to generate the third quarter revenue of $5 million to $6 million with subscribers of 340,000 to 360,000.

雖然收入指引也反映了第三季度和今年剩餘時間預計的用戶增長速度。對於世界其他地區的流媒體，我們預計第三季度將產生 500 萬至 600 萬美元的收入，訂閱人數為 34 萬至 36 萬。

And on a full year basis, we expect to generate revenue of $20 million to $25 million with subscribers of 340,000 to 360,000. We will continue to carefully monitor the global macro environment. Going forward, we will continue to apply a disciplined approach towards capital deployment and subscriber acquisition to drive both top line growth and improved bottom line results.

在全年的基礎上，我們預計將產生 2000 萬至 2500 萬美元的收入，訂閱人數為 34 萬至 36 萬。我們將繼續密切關注全球宏觀環境。展望未來，我們將繼續對資本部署和訂戶獲取採取嚴格的方法，以推動收入增長和改善底線業績。

And we remain confident about our long-term growth prospects for our businesses and our ability to deliver on our profitability goals.

我們對我們業務的長期增長前景以及我們實現盈利目標的能力仍然充滿信心。

Thank you, David. Thank you, John. We're now going to turn to the Q&A portion of our call.

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。

(Operator Instructions) We'll take our first question from Clark Lampen with BTIG.

（操作員說明）我們將向 BTIG 的 Clark Lampen 提出第一個問題。

I've got 2. I'll just ask some upfront quickly. David or John, maybe you could elaborate a little bit on the operating backdrop and what you're seeing that's sort of driving the guidance reduction for the year.

我有 2 個。我會盡快提前問一些。大衛或約翰，也許你可以詳細說明一下運營背景以及你所看到的推動今年指導下調的因素。

There's been some discussion I think, recently, a slowing top-of-funnel growth churn pressure on CTV. Is that what you're seeing right now? And if so, maybe could you talk about the second derivative of it.

我認為最近有一些討論，CTV 的漏斗頂部增長放緩壓力。這就是你現在看到的嗎？如果是這樣，也許你能談談它的二階導數。

And John, on financing, you guys talked about sort of reducing cash burn. Maybe I missed it, but I don't think you gave an update on sort of where things stand right now with the ATM. But also with the ballpark $400 million of cash that you have on the balance sheet right now, how do you guys feel about sort of runway?

約翰，在融資方面，你們談到了減少現金消耗。也許我錯過了，但我認為您沒有提供有關 ATM 的最新情況。但是，考慮到你們現在資產負債表上的大約 4 億美元現金，你們對跑道的感覺如何？

Is there an updated auditor opinion that you might share? Anything that you could talk about on that front would be helpful.

您是否可以分享最新的審計師意見？您可以在這方面談論的任何內容都會有所幫助。

Clark, this is John. I'll start off. It sounds more or like too long and not too short ones, though. So look, I think on the second question, I'll start with that and then David and I will probably throw back and forth on the first one.

克拉克，這是約翰。我會開始的。不過，這聽起來更像是太長而不是太短。所以看，我想關於第二個問題，我會從那個開始，然後大衛和我可能會在第一個問題上來回討論。

Look, in terms of the cash in the ATM, I think it's a fair question to be asking. And like, as I mentioned in the prepared remarks, we finished the quarter with $379 million in cash. And we expect the burn to improve sequentially in both 3Q and 4Q.

看，就 ATM 中的現金而言，我認為這是一個公平的問題。就像我在準備好的評論中提到的那樣，我們以 3.79 億美元的現金結束了本季度。我們預計燃燒量將在第三季度和第四季度依次改善。

And then I would also say a couple of things to give you. I guess I call some more, context on how we think about the ATM and capital needs. On the first side of that, I would say, as a reminder, given the early signs of the macro uncertainty to start of the year, we raised about $220 million using the ATM in the first quarter.

然後我還要說幾件事給你。我想我需要更多關於我們如何看待 ATM 和資本需求的背景信息。首先，作為提醒，鑑於年初宏觀不確定性的早期跡象，我們在第一季度使用 ATM 籌集了約 2.2 億美元。

And as a reminder, the average price there was at about $7.50. With the weakness in the stock over the past few months, we have not tapped that ATM for additional capital, or have we needed to, of course. The second point I would say is, to David's comments, as you heard, we're looking at strategic alternatives for our gaming business and also serve to effectively raise capital by reducing our cash burn.

提醒一下，那裡的平均價格約為 7.50 美元。由於過去幾個月股票疲軟，我們當然沒有利用該 ATM 來獲取額外資金，或者我們當然需要這樣做。我要說的第二點是，正如您所聽到的，對於大衛的評論，我們正在為我們的遊戲業務尋找戰略替代方案，並通過減少我們的現金消耗來有效地籌集資金。

So I'd expect that would organically extend our runway as well and then further bolster cash. So while I think the ATM is a great tool and it allows us to be opportunistic. It gives us optionality in a volatile market as we're seeing currently. We also think that our existing cash position gives us flexibility to not raise capital at current levels.

所以我希望這也會有機地擴展我們的跑道，然後進一步增加現金。因此，雖然我認為 ATM 是一個很棒的工具，它讓我們能夠投機取巧。正如我們目前所看到的，它為我們提供了在動盪市場中的選擇權。我們還認為，我們現有的現金狀況使我們能夠靈活地不以當前水平籌集資金。

Let me start with a couple of comments on your first question. One is -- on churn, it's really interesting, right? Because I think typically, the way a lot of people think about churn and macro is as macro softens churn goes up, right? And candidly, you didn't ask this. But I would tell you that in Q2, we saw a slight uptick in churn versus 2Q of last year.

讓我先對你的第一個問題發表一些評論。一個是 - 流失，這真的很有趣，對吧？因為我通常認為，很多人對流失和宏觀的看法是隨著宏觀軟化流失上升，對嗎？坦率地說，你沒有問這個。但我會告訴你，在第二季度，我們看到客戶流失率與去年第二季度相比略有上升。

But that was, we think, really more driven by the timing of the sports calendar in June this year versus last year, where it was a tough comp. When we look at the third quarter currently in July, we saw churn actually down year-over-year versus July of last year.

但是，我們認為，與去年相比，今年 6 月的體育日曆的時間安排確實更多地推動了這一點，去年這是一場艱難的比賽。當我們查看當前 7 月的第三季度時，我們看到與去年 7 月相比，流失率實際上同比下降。

And I think we feel pretty good about how August is starting, although it's early. So hard to say if there's anything that's obvious in terms of affecting our business at this point, but not really seeing it there.

我認為我們對 8 月的開始感覺很好，儘管現在還早。很難說在這一點上是否有任何明顯的影響我們的業務，但沒有真正看到它。

In terms of…

按照…

Sorry John, I just want to -- I'll chime in a little bit here. Clark, this is David. I don't know how long you've been following Fubo. But if you think about 2020 pre-COVID, what you're probably seeing is a very similar seasonal cadence.

對不起，約翰，我只是想 -- 我會在這裡插話一點。克拉克，這是大衛。不知道你關注富博多久了。但是，如果您考慮 2020 年前的 COVID，您可能會看到非常相似的季節性節奏。

If I'm not mistaken, and I don't have the numbers in front of me, I think we were down about 9% in the first quarter of 2020 versus the fourth quarter of 2019. And then we saw -- we were relatively flat in Q2 of '20, probably down about 1% or 2%. So what you're seeing is we returned to the pre-COVID seasonality.

如果我沒記錯的話，而且我沒有擺在我面前的數字，我認為我們在 2020 年第一季度與 2019 年第四季度相比下降了約 9%。然後我們看到 - 我們相對20 年第二季度持平，可能下降約 1% 或 2%。因此，您所看到的是我們回到了 COVID 之前的季節性。

I don't -- I agree with John. I don't see this as any or any risk in terms of economic risk. In fact, I would argue that the worse the economy gets, less discretionary income available, I think people will actually start to really consider moving from traditional television to streaming, particularly given the fact that you have a very strong sports calendar highlighted by the NFL starting in the ensuing months.

我不——我同意約翰的觀點。就經濟風險而言，我不認為這是任何或任何風險。事實上，我認為經濟越糟糕，可自由支配的收入就越少，我認為人們實際上會開始真正考慮從傳統電視轉向流媒體，特別是考慮到你有一個非常強大的體育日曆，NFL 強調了這一事實從接下來的幾個月開始。

So again, we're very bullish on the overall macro. You have about 65 million to 68 million subscribers still in the traditional ecosystem. And then on top of that, you have consumer stacking plus services, which are becoming somewhat burdensome and costly.

再說一次，我們非常看好整體宏觀。您仍然在傳統生態系統中擁有大約 6500 萬到 6800 萬訂戶。然後最重要的是，您擁有消費者堆疊和服務，這些服務變得有些繁重和昂貴。

So I think we're actually in a good spot. And as John said, we'll return to record growth, at least that's what we're forecasting in the third quarter relative to where we ended 2021.

所以我認為我們實際上處於一個好位置。正如約翰所說，我們將恢復創紀錄的增長，至少這是我們在第三季度相對於 2021 年末的預測。

And maybe I'd add one last thing to that, which would just be when you look at our assumptions in terms of the guidance, right, the third quarter assumes call it, organic 29% year-over-year growth in revenue. And it assumes subscriber growth of 22%.

也許我會為此添加最後一件事，那就是當您查看我們在指導方面的假設時，對，第三季度假設稱之為，收入同比增長 29%。它假設用戶增長 22%。

So I'd say still very healthy growth. And then if you go into the fourth quarter, or call it the full year, you get back into the fourth quarter. But essentially, we're looking at 45% year-over-year growth on North America streaming revenue and then call it around 20 percentage, growth at the midpoint on subs.

所以我會說仍然非常健康的增長。然後如果你進入第四季度，或者稱之為全年，你就會回到第四季度。但本質上，我們看到北美流媒體收入同比增長 45%，然後稱其為 20% 左右，即訂閱服務的中點增長。

We'll take our next question from Laura Martin with Needham.

我們將從勞拉·馬丁和李約瑟那裡得到下一個問題。

The stock up 18% after ours, so nicely done. I want to talk about the gaming business. So David, at the beginning, it's the wagering.

股價在我們之後上漲了 18%，做得很好。我想談談遊戲業務。所以大衛，一開始，這是賭注。

At the beginning, you sort of said you're going to look at strategic alternatives. But then later on, you said you're really excited about getting New Jersey a year from now. So can you actually dovetail those 2 like those 2 comments for?

一開始，您有點說您將考慮戰略替代方案。但後來，你說你對一年後來到新澤西感到非常興奮。那麼，你真的可以將這 2 條評論與 2 條評論相吻合嗎？

Yes, sure. So on the latter question around New Jersey, it's actually imminent. So we've already submitted to the DGE in New Jersey. And we're hoping to hear back from them in the next few weeks.

是的，當然。所以關於新澤西的後一個問題，它實際上迫在眉睫。所以我們已經提交給新澤西州的 DGE。我們希望在接下來的幾週內收到他們的回复。

So we will be live in New Jersey roughly around the beginning of the football season. And the reason I'm still bullish on the intersection of video and gaming is that integrated experiences build defensibility. And it's something that is a cornerstone of what we're doing, given the fact that we're a sports platform.

所以我們大概會在足球賽季開始時住在新澤西。我仍然看好視頻和遊戲的交叉點的原因是集成體驗建立了防禦能力。鑑於我們是一個體育平台，這是我們正在做的事情的基石。

With respect to the first part of your question, I think it's become apparent that we cannot go it alone, given the costs associated with driving that business to cash flow breakeven. And I just want to remind everyone that the assumptions that we were under when we made this call, the cost of capital was pretty much free.

關於你問題的第一部分，我認為很明顯我們不能單打獨鬥，因為與推動該業務實現現金流盈虧平衡相關的成本。我只想提醒大家，當我們做出這個決定時，我們所做的假設是，資本成本幾乎是免費的。

And so, the time horizon to develop that business was significantly longer than investors have an appetite to wait for today. So again, we're still very bullish on gaming. We will launch New Jersey imminently. Hopefully, we'll get an approval in the next few weeks.

因此，發展該業務的時間範圍明顯長於投資者今天願意等待的時間。再說一次，我們仍然非常看好遊戲。我們即將推出新澤西州。希望我們能在接下來的幾週內獲得批准。

But we will look for opportunities to partner with other companies. And given how much we've already built out with the Pick'em games and some of the other features, it could be quite compelling. We also have, if I'm not mistaken, 10 or 11 market access license deals in place.

但我們會尋找與其他公司合作的機會。考慮到我們已經用 Pick'em 遊戲和其他一些功能構建了多少，它可能非常引人注目。如果我沒記錯的話，我們還有 10 或 11 個市場准入許可協議。

So we have some value to offer partners looking to quickly get into the business and at the same time, not have to worry about spending a lot of money marketing to consumers, given the number of customers we have as well as the number of trials that are coming in on a regular basis.

因此，考慮到我們擁有的客戶數量以及試驗次數，我們可以為希望快速進入業務的合作夥伴提供一些價值，同時不必擔心花費大量資金向消費者營銷。定期進來。

And Laura, I would just add, super high-level big picture takeaway I think it should also be that we're really hyper-focused on our path to profitability and reducing our cash burn and we're optimizing our assets.

勞拉，我只想補充一點，我認為這也應該是我們真的非常專注於我們的盈利之路和減少我們的現金消耗，我們正在優化我們的資產。

Perfect. My second question -- my second and last question is on advertising. So David, I actually really don't mind these ad numbers because you actually -- if you held the CPM constant, you would have been up 50%, which will be the strongest connected television growth announced to date anyway in earnings.

完美的。我的第二個問題——我的第二個也是最後一個問題是關於廣告的。所以大衛，我真的不介意這些廣告數字，因為你實際上——如果你保持每千次展示費用不變，你會增長 50%，這將是迄今為止公佈的最強勁的聯網電視收入增長。

So can you talk about like what happened with pricing and why it's cyclical or why you can fix this by year-end? Because these are actually really robust impression growth numbers you're reporting?

那麼你能談談定價發生了什麼，為什麼它是周期性的，或者為什麼你可以在年底之前解決這個問題？因為這些實際上是您報告的真正強勁的印象增長數字？

Yes. So look, I think there's a sort of -- there's 2 things here that I think are important. One is that there is a macro. And we're not -- we see some softness, but certainly not to the extent that I've heard across the tape today.

是的。所以看，我認為有一種 - 這裡有兩件事我認為很重要。一是有一個宏。而且我們沒有——我們看到了一些柔軟，但肯定不是我今天從錄音中聽到的程度。

We're very focused and we have it, as you know, on high-quality subscribers. Our audience -- if you think about the most valuable audience today in television, its male 18-29. And we fall in the 40 to 42 range, which is also, I would say, the youngest in terms of just even the virtual MVPDs.

如您所知，我們非常專注於高質量的訂閱者。我們的觀眾——如果你想想當今電視界最有價值的觀眾，18-29 歲的男性。我們落在 40 到 42 的範圍內，我想說，就虛擬 MVPD 而言，這也是最年輕的。

So we have a very upscale audience, tech savvy. They're paying $70 plus for our service, which means that for a similar, I would say, a CPM basis for a free service or free ad-supported service, people are not spending on premium products on those platforms that are free.

所以我們有一個非常高檔的觀眾，精通技術。他們為我們的服務支付了 70 多美元，這意味著對於類似的（我想說）免費服務或免費廣告支持服務的 CPM 基礎，人們不會在那些免費的平台上購買優質產品。

So we have a very upscale consumer. We're very confident. What I am disappointed about though is that we spent more time than I had anticipated trying to understand some of the architecture that would allow us to actually optimize monetization over the next 12 to 18 months.

所以我們有一個非常高檔的消費者。我們非常有信心。但令我失望的是，我們花了比我預期更多的時間來嘗試了解一些架構，這些架構將使我們能夠在未來 12 到 18 個月內真正優化貨幣化。

So if I look at some of the scalability items that we were not able to deliver against this quarter, which I felt, we would have had by now in advance of football season. I think there's a pretty significant room for growth. So on the one hand, I'm very bullish.

因此，如果我看看我們在本季度無法提供的一些可擴展性項目，我覺得，我們現在應該在足球賽季之前就已經擁有了。我認為有相當大的增長空間。所以一方面，我非常看好。

Of course, there is that uncertainty. But I can't say that we have felt any of that to date. And all of this right now is in our control, which makes me very excited about the next couple of quarters.

當然，也有這種不確定性。但我不能說到目前為止我們已經感受到了任何這種感覺。現在所有這一切都在我們的控制之中，這讓我對接下來的幾個季度感到非常興奮。

Laura, I don't know if you keep a grid. But just for context, when you think about our 32% growth, clearly that means most and all of our categories actually posted growth. But from a categorical perspective, I'd say telecom and insurance were, I'd say, the 2 strongest categories and then relatively speaking, streaming services, tech and CPG are on the lower end.

勞拉，我不知道你是否保留了網格。但就上下文而言，當您考慮我們 32% 的增長時，顯然這意味著我們的大多數和所有類別實際上都實現了增長。但從分類的角度來看，我會說電信和保險是兩個最強的類別，然後相對而言，流媒體服務、科技和 CPG 處於低端。

We'll take our next question from Shweta Khajuria with Evercore ISI.

我們將向 Evercore ISI 的 Shweta Khajuria 提出我們的下一個問題。

Okay. I guess my question is a follow-up to the prior question. Could you talk a little bit about ARPU trends? And then is your thought in terms of path to your long-term target still -- does it still hold? Or has that changed? But really, in the quarter and the quarter-to-date, what have you seen? And what is driving it?

好的。我想我的問題是對上一個問題的跟進。你能談談ARPU趨勢嗎？然後，您在實現長期目標的道路方面的想法仍然存在 - 它仍然成立嗎？還是已經改變了？但實際上，在本季度和本季度至今，您看到了什麼？是什麼在推動它？

Shweta, I'll start. This is David. Look, we're still holding our long-term target, which is $15 to $20. Again, we are not monetizing our viewership and our audience to a degree where we think there's limited growth.

施維塔，我會開始的。這是大衛。看，我們仍然持有我們的長期目標，即 15 至 20 美元。同樣，我們並沒有將我們的收視率和觀眾貨幣化到我們認為增長有限的程度。

I think that if we were able to implement some of the tech improvements that we're looking at around ad pod optimization, ad decisioning and a few other areas around addressability, we could have easily accomplished the 50%, 60% improvement relative to the number you see today.

我認為，如果我們能夠在廣告連播優化、廣告決策和其他一些圍繞可尋址性的領域中實施一些我們正在研究的技術改進，我們可以輕鬆實現相對於 50%、60% 的改進。你今天看到的號碼。

So I'm very comfortable with the $15 to $20. And just to give you some context for that number, if you look at just the old school traditional cable TV, if you look at just sort of the major players in that space, you'll see that their average ad ARPUs are still anywhere between, call it, $9 and $12.

所以我對 15 到 20 美元的價格很滿意。只是為了給你一些關於這個數字的背景信息，如果你只看老式的傳統有線電視，如果你只看那個領域的主要參與者，你會發現他們的平均廣告 ARPU 仍然介於，稱它為 9 美元和 12 美元。

So if you layer on top of that addressability and Reed Hastings comments recently on $80 CPMs, we feel very comfortable that given our sports programming and our, I would say, high-quality subscriber base targeting males 18 to 49, I think, puts us in a really good position to be able to achieve those levels.

因此，如果您在可尋址性和 Reed Hastings 最近對 80 美元 CPM 的評論之上進行分層，我們會感到非常舒服，因為我們的體育節目和我們的，我會說，針對 18 至 49 歲男性的高質量用戶群，我認為，讓我們在一個非常好的位置能夠達到這些水平。

And what I would just add to that in terms of the trends from a, call it, dollar or percentage specific basis, if you look at the second quarter, I want to make veterans, right, 1Q, we're at about $6.87 in terms of ARPU, 2Q was $7.25. The seasonality component will kick in, right?

我只想補充一點，就趨勢而言，稱之為美元或百分比特定基礎，如果你看第二季度，我想讓退伍軍人成為老兵，對，第一季度，我們的價格約為 6.87 美元以 ARPU 計，第二季度為 7.25 美元。季節性成分會起作用，對嗎？

And so 3Q and 4Q will both be -- show an improvement on an absolute basis. But also on a year-over-year growth basis, we should see improvement. And so if 2Q was down 18% or so year-over-year, 3Q and 4Q improved from there. And I'd like to think that by the time we get to the fourth quarter, we should be positive.

因此，3Q 和 4Q 都將在絕對基礎上顯示出改善。但在同比增長的基礎上，我們應該會看到改善。因此，如果第二季度同比下降 18% 左右，那麼第三季度和第四季度就會有所改善。我想當我們進入第四季度時，我們應該是積極的。

Yes. And then just the last thing on that note is there's a little bit of noise in that number just given the fact that we've had somewhat of a mix shift in terms of customers.

是的。然後，該說明的最後一件事是，考慮到我們在客戶方面發生了某種混合轉變這一事實，該數字中存在一些噪音。

As you know, we very recently launched in Canada. And we're starting to see some sub growth there. And so obviously, that takes down the ad ARPU from North America, so still very healthy.

如您所知，我們最近在加拿大推出。我們開始在那裡看到一些次增長。很明顯，這降低了北美的廣告 ARPU，因此仍然非常健康。

We'll take our next question from Darren Aftahi with ROTH Capital Partners.

我們將回答來自 ROTH Capital Partners 的 Darren Aftahi 的下一個問題。

This is Dillon on for Darren. First, if I could touch on the subscriber acquisition cost side. Are you seeing any success in some lower channels, maybe even some organic growth that's helping drive down that sort of mixed cost for the new subs?

這是戴倫的狄龍。首先，如果我能談談訂戶獲取成本方面。您是否看到一些較低渠道的成功，甚至可能是一些有助於降低新潛艇的混合成本的有機增長？

And then as a follow-up, with the content side things. I know you had some agreements that were up for renewal. Just sort of an update on how you see those coming in the future. And if you can get any more leverage to sort of lower the cost to the subscribers there.

然後作為後續，內容方面的事情。我知道你們有一些需要更新的協議。只是關於你如何看待未來的更新。如果你能獲得更多的槓桿來降低訂閱者的成本。

Yes. Okay, Dillon, quick questions. I think on the -- let me start with the content side. You might be referring to the Univision deal. I think, look, we're in a situation where we're -- just if you look at the guidance and where we are on the SRE line, you'll see that we're spending close to $750 million plus per year on content.

是的。好的，狄龍，快速提問。我認為——讓我從內容方面開始。您可能指的是 Univision 交易。我認為，看，我們處於這樣的情況——只要你看看指導和我們在 SRE 線上的位置，你就會發現我們每年花費近 7.5 億美元在內容。

And that's a pretty significant number if you are a media company in the United States facing a recession and inflation. So we're obviously looking to continue to improve our leverage in that line. And we're having discussions. And I think one of the other things that we've done quite well is we're continuing to add fast channels to dilute the number of cable networks in our package to ensure that we're continuing to increase the amount of ad inventory available.

如果您是美國一家面臨經濟衰退和通貨膨脹的媒體公司，那麼這是一個相當大的數字。因此，我們顯然希望繼續提高我們在這方面的影響力。我們正在討論。我認為我們做得很好的另一件事是我們繼續增加快速頻道以稀釋我們套餐中的有線網絡數量，以確保我們繼續增加可用廣告庫存的數量。

So I think overall, this is obviously an area of extreme importance to us. But so far, we're happy with the deals that we've renewed. And we think there's going to be some value in some of the additional value that we've received as part of these deals.

所以我認為總的來說，這對我們來說顯然是一個極其重要的領域。但到目前為止，我們對續訂的交易感到滿意。我們認為，作為這些交易的一部分，我們收到的一些附加價值將具有一定的價值。

But I'll let John touch on subscriber acquisition costs.

但我會讓約翰談談訂戶獲取成本。

Yes. Let me hit a couple of things there on the SAC. And we don't put this in the number because it would distort it. But I'm actually pretty pleased as it relates to the percentage of subscribers that we get for Zero SAC, right, meaning, call it, word-of-mouth or reactivations.

是的。讓我在 SAC 上談幾件事。我們沒有把它放在數字中，因為它會扭曲它。但我實際上很高興，因為它與我們獲得零 SAC 的訂戶百分比有關，對，意思是，稱之為，口碑或重新激活。

That is not an insignificant number on a quarterly basis, so that's I think the good news, and that's continuing. The second piece in terms of the SAC called away from that, look, the team continues to push hard on that. And we continue to look at more efficient marketing channels.

按季度計算，這不是一個微不足道的數字，所以我認為這是個好消息，而且還在繼續。就 SAC 而言，第二部分遠離那個，看，團隊繼續努力推動這一點。我們將繼續尋找更有效的營銷渠道。

I don't want to get specific for obvious reasons. But I would say that we feel really good about the range we've talked to in terms of, call it, 1 to 1.5x monthly ARPU. And I'd like to think that we could trend more often than not at the lower end of that.

由於明顯的原因，我不想具體說明。但我想說，我們對我們談到的範圍感覺非常好，稱之為每月 ARPU 的 1 到 1.5 倍。而且我想認為我們可以經常在低端出現趨勢。

We'll take our next question from Jed Kelly with Oppenheimer.

我們將向奧本海默的傑德凱利提出下一個問題。

First question and then I have a follow-up. Just circling back on the wager opportunity, and the partnerships that you're thinking of potentially exploring. I mean, can you talk about how those talks are progressing and the potential opportunity to integrate platforms because I do think with your product, it would drive good stickiness for a wagering platform. So can you talk about how those partnerships are progressing?

第一個問題，然後我有一個跟進。只是回到下注機會，以及您正在考慮潛在探索的合作夥伴關係。我的意思是，您能否談談這些會談的進展情況以及整合平台的潛在機會，因為我確實認為您的產品會為投注平台帶來良好的粘性。那麼您能談談這些合作夥伴關係的進展情況嗎？

Yes. Jed, this is David. Well, I think the first thing is you'll see some of those product treatments, I believe, on Investor Day.

是的。傑德，這是大衛。嗯，我認為第一件事是你會在投資者日看到其中一些產品治療方法。

We plan to show you some of those. What you will find, and I'll quote one, I would say, I don't want to say a prospective partner candidate, if you will, that they said they have never seen anything like the types of integrations that we are doing or we were planning to do for Fubo gaming.

我們計劃向您展示其中的一些。你會發現什麼，我會引用一個，我想說，我不想說一個潛在的合作夥伴候選人，如果你願意的話，他們說他們從未見過像我們正在做的集成類型或我們計劃為 Fubo 遊戲做。

Now to be clear, we'll still do that for Fubo gaming in New Jersey, assuming we receive the final go ahead from the DGE. And so right now, those -- we're very early in those conversations. But I think the key message to investors is we're not planning to go out and actually launch 11 markets as we -- given the market access deals we did.

現在要明確一點，假設我們從 DGE 獲得最終結果，我們仍然會為新澤西州的 Fubo 遊戲做這件事。所以現在，那些 - 我們在這些對話中還很早。但我認為向投資者傳達的關鍵信息是，考慮到我們所做的市場准入交易，我們並不打算像我們一樣實際推出 11 個市場。

So we are looking for partners. We will slow role until we find the right partner. But we're having conversations. I would say we're pretty early on. And we'll keep you guys updated as information becomes available.

所以我們正在尋找合作夥伴。我們會放慢角色，直到找到合適的合作夥伴。但我們正在進行對話。我會說我們很早就開始了。當信息可用時，我們會及時通知你們。

And then I guess just a follow-up to that. I mean, would a potential partnership allow you to get like more sports content where a book could potentially use fuboTV to bring the Sportsbook interactive experience to a person's home? And then my other question was, given what we're seeing with pre-college football stuff, especially around the big 10 SEC, media rights and sports are going up.

然後我想這只是一個後續行動。我的意思是，潛在的合作夥伴關係是否可以讓您獲得更多體育內容，其中一本書可能會使用 fuboTV 將 Sportsbook 互動體驗帶到一個人的家中？然後我的另一個問題是，鑑於我們在大學前足球比賽中看到的情況，尤其是在大 10 SEC 附近，媒體權利和體育運動正在上升。

We're also seeing that the NBA contract is going to be pretty high as well. So can you talk about how you're kind of viewing future negotiations with some of your largest content providers?

我們也看到NBA的合同也將相當高。那麼您能談談您如何看待與一些最大的內容提供商的未來談判嗎？

Thanks, Jed. Why don't I start? Look, it's a very complicated situation. As you know, you have a proliferation of streaming services, which are further fragmenting the market. And so, again, I just mentioned the number of services that consumers are stacking. You're going to see a lot of leakage, right?

謝謝，傑德。我為什麼不開始？看，這是一個非常複雜的情況。如您所知，您擁有大量流媒體服務，這進一步分割了市場。因此，我再次提到了消費者正在堆疊的服務數量。你會看到很多洩漏，對吧？

You're not -- you're going to see less ad revenue generated because people can't find games, people will miss games. You're going to see fewer subscribers because people can only subscribe to so many things. So I think we're in a good position.

你不會——你會看到產生的廣告收入減少，因為人們找不到遊戲，人們會錯過遊戲。你會看到更少的訂閱者，因為人們只能訂閱這麼多東西。所以我認為我們處於一個很好的位置。

As you recall, 96% of our viewership is sports. Most people subscribe to Fubo, obviously, because they watch linear TV. But more importantly, it's because of the sports product that we offer and the breadth of sports content that we have.

您還記得，我們 96% 的收視率是體育節目。顯然，大多數人訂閱 Fubo，因為他們看的是線性電視。但更重要的是，這是因為我們提供的體育產品和我們擁有的體育內容的廣度。

So I'm of the view that consumers will continue to choose Fubo over other services. And at the same time, we continue to have conversations with different leagues on different capabilities. And I think it's important to stay in front of consumers and to offer them integrated features to really sort of allow them to lean in.

所以我認為消費者將繼續選擇富博而不是其他服務。與此同時，我們繼續與不同的聯賽就不同的能力進行對話。而且我認為保持在消費者面前並為他們提供集成功能以真正讓他們參與進來很重要。

So I'm not concerned as much on increased pricing. In fact, I would say, increased pricing on sports will probably guarantee the fact that a lot of these media companies are going to have to maintain their relationship with us, given how much we're already spending on content.

所以我不太擔心價格上漲。事實上，我想說的是，鑑於我們已經在內容上花費了多少，提高體育定價可能會保證許多媒體公司將不得不維持與我們的關係。

So I'm, actually quite bullish on our business overall, just given the fact that streaming, I would say media companies are migrating or shifting the paradigm to streaming. But at the same time, I think you know this very well. They're shifting from lower churn to higher churn services and from higher margin to lower margin services.

所以我實際上非常看好我們的整體業務，考慮到流媒體這一事實，我想說媒體公司正在遷移或將範式轉移到流媒體。但與此同時，我想你很清楚這一點。他們正在從低流失率轉向高流失率服務，從高利潤轉向低利潤服務。

So in an environment where our content costs; particularly around sports continues to increase, I think we're very well positioned to continue to help them -- media companies optimize monetization.

因此，在我們的內容成本高昂的環境中；尤其是在體育運動不斷增加的情況下，我認為我們已經做好了繼續幫助他們的準備——媒體公司優化貨幣化。

Our next question comes from Nick Zangler with Stephens.

我們的下一個問題來自尼克·贊格勒和斯蒂芬斯。

Yes, I'm curious, could you talk about your exposure to political ad spend? We saw a few broadcasters report recently. And they've discussed some strength here thus far in 2Q with more expected 3Q and 4Q.

是的，我很好奇，你能談談你接觸政治廣告支出的情況嗎？我們最近看到一些廣播公司的報導。到目前為止，他們已經在第二季度討論了一些實力，預計第三季度和第四季度會更多。

So just curious if this was impactful for you in the quarter and your thoughts going forward.

所以只是好奇這是否對您在本季度以及您未來的想法有影響。

Yes, this is John. I'll start with that one. So for the second quarter, we didn't get too much political, I think it's still. I would tell you to start the third quarter, the money is trickling in.

是的，這是約翰。我將從那個開始。所以對於第二季度，我們沒有太多的政治，我認為仍然如此。我會告訴你從第三季度開始，錢正在涓涓細流。

And I think from an expectation perspective, I would tell you we're bullish on it. All signs suggest that it's going to be big. For us, I would say it ends up being, call it, a single-digit percentage of the total, but probably somewhere in the mid to high singles for the back half of the year.

而且我認為從預期的角度來看，我會告訴你我們看好它。所有跡像都表明它會很大。對我們來說，我會說它最終佔總數的個位數百分比，但可能在今年下半年的中高單曲中某處。

And then where are you guys in terms of forming direct relationships with advertisers and agencies as opposed to the programmatic sales route. And with the relationships that you do have, I'm just curious if you're hearing any shifts or concerns for maybe ad spend in the back half of the year from these -- again, from any of those direct relationships specifically?

那麼你們在與廣告商和代理商建立直接關係而不是程序化銷售路線方面在哪裡。就您所擁有的關係而言，我只是好奇您是否從這些直接關係中聽到任何關於可能在下半年的廣告支出的變化或擔憂？

Sure. Why don't I take that? So just to provide some final color on political. I think it actually segues very well into your question. Third and fourth quarter, you're looking at not only the NFL, college football. But you also have the World Cup for the first time in the fourth quarter, which will put a significant amount of pressure on inventory avails, which I think could potentially drive up political rates even further.

當然。我為什麼不拿那個？所以只是為了提供一些關於政治的最終色彩。我認為它實際上很好地解決了你的問題。第三節和第四節，你不僅要看 NFL，還有大學橄欖球。但你也將在第四季度首次舉辦世界杯，這將對庫存可用性造成巨大壓力，我認為這可能會進一步推高政治利率。

And so -- and that, in turn, will also drive up just a regular, I would say, advertising spend for nonpolitical advertisers because there's just not enough inventory.

所以——反過來，這也會增加非政治廣告商的常規廣告支出，因為庫存不足。

As it relates to just the macro, I think we're very lucky to be a sports-first platform. So we're going to see some strong tailwinds. I believe, in the back half of the year around sports in general. So I think as budgets get cut, folks will be cutting areas where they feel they can create more value for themselves. And sports, is very difficult to bypass whereas fungible entertainment content, you could probably find a lower CPM levels.

因為它只涉及宏觀，我認為我們很幸運能夠成為一個體育優先的平台。因此，我們將看到一些強勁的順風。我相信，在今年的後半段，體育運動普遍。所以我認為隨著預算的削減，人們會削減他們認為可以為自己創造更多價值的領域。而體育，很難繞過，而可替代的娛樂內容，你可能會發現 CPM 水平較低。

So I think overall, we're still pretty bullish on third and fourth quarter. We haven't really seen anything that would suggest some significant softness. Of course, I did mention earlier, there is some softness but not enough to make us revise our advertising position.

所以我認為總體而言，我們仍然非常看好第三和第四季度。我們還沒有真正看到任何暗示一些顯著柔軟的東西。當然，我之前確實提到過，有一些軟化，但不足以讓我們修改我們的廣告定位。

But I would just add, actually, to David's point. I recently had talked to our folks on the political side. And if you look at the floors that we're getting or asking for on the political side, they're far, far above our average CPM today.

但實際上，我只想補充一下大衛的觀點。我最近在政治方面與我們的人交談過。如果你看看我們在政治方面獲得或要求的最低標準，它們遠遠高於我們今天的平均每千次展示費用。

And so that also, again, makes you feel pretty bullish about what that can mean across the platform. And then to David's point, also on the NFL and Sports, I can tell you. We have been approached by call it, potential partners to get access to our sports inventory because it's so valuable.

同樣，這也讓您對整個平台的意義感到非常樂觀。然後到大衛的觀點，同樣在 NFL 和體育方面，我可以告訴你。我們已經通過電話聯繫我們，潛在的合作夥伴可以訪問我們的體育庫存，因為它非常有價值。

That's helpful. One last question here, just general thoughts on implications of the Apples, the Amazons, maybe Netflix is acquiring sports content because when big tech streaming services take these rights, it seems as though that content is then exclusively served.

這很有幫助。最後一個問題，只是關於蘋果、亞馬遜、Netflix 可能正在收購體育內容的一般想法，因為當大型科技流媒體服務獲得這些權利時，似乎這些內容是專門提供的。

So maybe you can just respond to that and maybe if you see an opportunity to work with these guys? Just general thoughts on what seems to be a trend here.

因此，也許您可以對此做出回應，或者如果您看到與這些人合作的機會？只是對這裡似乎是一種趨勢的一般想法。

Yes. I'll take that one. Look, this has been the, I would say, the bare position on Fubo for 7 years, maybe now, 6.5, 7 years is the question about what about Amazon, what about Apple. So let me tell you something about Apple.

是的。我會拿那個。看，我會說，這一直是 Fubo 7 年的空頭職位，也許現在，6.5 年，7 年是關於亞馬遜怎麼樣，蘋果怎麼樣的問題。所以讓我告訴你一些關於蘋果的事情。

Most recently, they acquired the rights to Major League soccer. And if you read their press release very closely, you'll note that not only this is a company with over 1 billion devices issue a press release on the MLS. But what they said within that press release is that this content will be available on other platforms like VIZIO and LG, et cetera.

最近，他們獲得了美國職業足球大聯盟的權利。如果您仔細閱讀他們的新聞稿，您會注意到不僅這家擁有超過 10 億台設備的公司在 MLS 上發布了新聞稿。但他們在新聞稿中所說的是，這些內容將在其他平台上可用，如 VIZIO 和 LG 等。

That tells you that it's very difficult for even the largest companies in the world to maximize the value of any one piece of content. We are very excited about the opportunity to work with some of these partners. Obviously, I can't say much more than that.

這告訴您，即使是世界上最大的公司也很難將任何內容的價值最大化。我們很高興有機會與其中一些合作夥伴合作。顯然，我不能說更多。

But we have had, I would say, early discussions with some of the folks that you've mentioned as far as what is the Arctic possible in terms of leveraging our audience, leveraging some of our other capabilities. But again, we believe the aggregated model is probably the most effective and most efficient model that you will find in media.

但是，我想說，我們已經與您提到的一些人進行了早期討論，就北極在利用我們的觀眾和利用我們的其他一些能力方面的可能性而言是什麼。但同樣，我們相信聚合模型可能是您在媒體中發現的最有效和最高效的模型。

One that has proven to be extremely profitable for both Media Company and distributor and at the same time, it has certainly created a lot of value for the consumer. And the last thing I'll just say and I noticed that I don't think the TV model was ever broken.

事實證明，它對媒體公司和分銷商都非常有利可圖，同時，它無疑為消費者創造了很多價值。我要說的最後一件事是，我注意到我認為電視模型從未被破壞過。

I don't remember anyone ever saying that, hey, I don't like the TV experience. What people have always been concerned about is the cost of the bundle. And what we've been able to accomplish in streaming is really create a wonderful experience that continues to improve over time on the streaming side.

我不記得有人說過，嘿，我不喜歡看電視的體驗。人們一直關心的是捆綁的成本。我們在流媒體中能夠完成的真正是創造一種美妙的體驗，隨著時間的推移在流媒體方面不斷改進。

And with the stacking of services that consumers are currently experiencing, we feel that the market is quickly evolving in our direction, more so today than we thought a year or 2 ago.

隨著消費者目前正在體驗的大量服務，我們覺得市場正在朝著我們的方向迅速發展，今天比我們在一兩年前想像的更是如此。

And that does conclude today's presentation. Thank you for your participation and you may disconnect.

今天的演講到此結束。感謝您的參與，您可以斷開連接。