(FUBO) 2022 Q3 法說會逐字稿

Hello. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuboTV Q3 2020 Earnings Call. All lines have been placed paybacks. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply star followed by the number 1 on your telephone keypad. We ask that you please limit your questions to one and one follow-up. I would now like to turn the call over to Ms. Alison Sternberg, SVP, Investor Relations.

你好。我的名字是麗莎，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 FuboTV 2020 年第三季度財報電話會議。所有線路均已收回投資。講者致辭後，將進行問答環節。如果您想在此期間提出問題，只需在電話鍵盤上加星號，然後按數字 1。我們要求您將您的問題限制在一個和一個後續問題上。我現在想將電話轉給投資者關係高級副總裁 Alison Sternberg 女士。

Thank you for joining us to discuss Fubo TV's Third quarter 2022. 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. 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. Before we begin, 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 long-term targets, market opportunity, acquisition strategy and ability to integrate those acquisitions, expected synergies of the technology platforms and our business strategy and plans. 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 September 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. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. During the call, we also refer to 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 Q3 2022 earnings shareholder letter, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David.

感謝您加入我們討論 Fubo TV 的 2022 年第三季度。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。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。在開始之前，讓我快速回顧一下今天的演示文稿的格式。大衛將首先對本季度和 Fubo 戰略發表一些簡短的評論，而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。在開始之前，我想提醒大家，以下討論可能包含聯邦證券法含義內的前瞻性陳述，包括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和長期目標、市場機會、收購戰略和整合這些收購的能力、技術平台的預期協同效應以及我們的業務戰略和計劃。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存在重大差異的重要因素可在我們提交給證券交易委員會的截至 2022 年 9 月 30 日的季度 10-Q 表格季度報告的風險因素部分中找到向 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。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。在電話會議中，我們還提到了非公認會計準則財務指標。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 年第三季度收益股東信函中找到，該信函可在我們的網站 ir.fubo.tv 上找到。有了這個，我會把電話轉給大衛。

Thank you, Alison, and good morning, everyone. We appreciate you joining us today. I'm very pleased with the results for the third quarter. We delivered North American revenue of $219 million, up 40% year-over-year, and revenue in North America of $22.5 million, up 21% year-over-year. $1,231,000 paid subscribers in North America and $358,000 in Rest of World, and we closed the quarter with $307 million of cash and cash equivalents, restricted cash and short-term investments. More importantly, I am pleased with the direction we are headed in and the overall trends of our business as we make tough yet necessary strategic decisions to improve the overall business. We are confident the actions we are taking and the path we are on will yield value for our customers, our shareholders and our employees. Before moving on, I wanted to discuss our recent decision to close our Fubo Gaming business and cease operations of our owned and operated Fubo Sportsbook. This was not an easy decision, and it was made after much careful deliberation. Ultimately, we felt the decision was prudent in support of our profitability goals, allowing us to focus all of our resources on our core streaming business. But as we continue to focus on data and interactivity to differentiate our virtual MVPD, we still believe the integration of gaming and live sports streaming is powerful. We remain open to the possibility of exploring ways to optimize our assets in the gaming space without investing our own capital. The closure of our Fubo Sports Book, along with our sharp focus on the judicious deployment of capital and cash preservation, provides us with added confidence in our current liquidity position. We were pleased to see improvements in our adjusted EBITDA margin in the third quarter, which we expect will continue throughout the balance of the year. Our initiatives drove our performance in the quarter and position us well to achieve our goal of generating positive free cash flow in 2025 via sustained and profitable growth. Our third quarter results provide us with added confidence in our ability to build a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity. Our ad business delivered solid growth in Q3. As we announced at the beginning of the year, our focus has been on investing in our advertising team, our technology and our infrastructure. To that end, we have made improvements to drive higher CPMs and fill rate, both important components in our strategy to drive ad revenue growth. As we have stated in prior quarters, media consumption trends continue to move in our favor with the acceleration of cord cutting. At this point, it has been well reported that consumers are growing frustrated with the ongoing friction and fragmentation of streaming services and content. With the average U.S. household now subscribing to almost 5 streaming services, it is clear consumers are having to stack streaming services in order to gain access to the content they want. With streamers increasing their investment in original programming and passing those costs to consumers, the monthly subscription fees of all of these stack services in the aggregate are now approaching the cost of cable. The ratings tell the same story. Consumers who watch sports are not turning to plus and direct-to-consumer streaming services. According to Nielsen, viewership for Thursday Night Football has been trending downward week by week in 2022 and has deteriorated year-over-year compared to when those same games were available on linear TV. These are key dynamics that inform why we are more bullish than ever on our aggregation model, a model that offers consumers a streaming platform with unique content, both live and on demand, and that is presented to them through a personalized experience. Technology is about effectiveness, efficiency and experience. That's why we believe virtual MVPDs are best suited to deliver consumer value and drive profitability for content owners. Our winning value proposition to consumers was recently underscored by our #1 ranking in customer satisfaction among live TV streaming providers by J.D. Power for 2022. Fubo scored #1 by consumers and satisfaction for programming, features and functionality, customer care and billing and payment and did so against much larger and more established competitors. This reinforces our belief in Fubo's competitive advantage. We offer a high-quality product with innovative technology. In effect, we are a premium platform. Moreover, not only does our premium offering continue to drive an increasing number of consumers to our platform, but we are keeping them engaged with this quarter representing an all-time low for subscriber churn. It is important to note that Fubo collects over 2 billion data points across our subscriber base each month, affording us the opportunity to continue to build impactful features, develop algorithms and make informed content and packaging decisions. Our strategy is to expand unit economics by aggregating the best sports and entertainment content, keeping customers engaged to drive advertising sales and upselling subscribers on additional content and features, all with the vigilance around content costs. I also wanted to take this opportunity to express how extremely proud and excited we are to partner with actor and serial entrepreneur, Ryan Reynolds and his Maximum Effort productions. We will be working with Ryan and his team to create original content for the maximum ever channel and plan to partner with brands to minimize the incremental cost to Fubo. Fubo will manage all advertising sales for the channel, which we expect to launch in mid-2023. As we shared previously, we believe our internally built technology stack and forthcoming next-gen global unified platform will position us to build on our #1 customer satisfaction ranking and continue to innovate faster and more effectively than our competitors. Our goal is to offer consumers a choice on how they want to engage with Live TV, whether that be leaning back or leaning forward. For consumers who wish to lean forward, we offer multiple interactive products that have led to higher engagement. Over time, we believe interactivity will expand ARPU and drive engagement and retention. Looking ahead, as John will detail, we are revising upward our North American guidance to include total full year 2022 revenue in the range of $949 million to $954 million. In summary, our North American streaming business achieved double-digit year-over-year growth across subscribers, total revenue and ad revenue, while our Rest of World streaming business performed well against revenue and subscriber expectations. Alongside this top line growth, we are making marked progress towards our profitability targets. I will now turn the call over to John Janedis, CFO, to discuss our financial results in greater detail. John?

謝謝你，艾莉森，大家早上好。感謝您今天加入我們。我對第三季度的結果非常滿意。我們在北美的收入為 2.19 億美元，同比增長 40%，在北美的收入為 2250 萬美元，同比增長 21%。北美有 1,231,000 美元的付費用戶和世界其他地區的 358,000 美元，我們在本季度結束時有 3.07 億美元的現金和現金等價物、受限現金和短期投資。更重要的是，我對我們前進的方向和我們業務的整體趨勢感到滿意，因為我們做出艱難但必要的戰略決策以改善整體業務。我們相信我們正在採取的行動和我們所走的道路將為我們的客戶、股東和員工創造價值。在繼續之前，我想討論一下我們最近決定關閉我們的 Fubo Gaming 業務並停止我們擁有和經營的 Fubo Sportsbook 的運營。這不是一個容易的決定，是經過深思熟慮後做出的。最終，我們認為該決定是支持我們的盈利目標的審慎決定，使我們能夠將所有資源集中在我們的核心流媒體業務上。但隨著我們繼續專注於數據和交互性以區分我們的虛擬 MVPD，我們仍然相信游戲和直播體育流媒體的集成是強大的。我們仍然願意探索在不投資自有資金的情況下優化我們在遊戲領域的資產的可能性。 Fubo Sports Book 的關閉，以及我們對資本和現金保全的明智部署的高度關注，使我們對我們當前的流動性狀況更有信心。我們很高興看到第三季度調整後的 EBITDA 利潤率有所改善，我們預計這將在今年餘下時間繼續。我們的舉措推動了我們在本季度的表現，並使我們處於有利位置，以通過持續和盈利的增長實現我們在 2025 年產生正自由現金流的目標。我們第三季度的業績讓我們更有信心建立一個領先的全球直播電視流媒體平台，該平台以最廣泛的優質內容和互動性而與眾不同。我們的廣告業務在第三季度實現了穩健增長。正如我們在年初宣布的那樣，我們的重點一直是投資於我們的廣告團隊、我們的技術和我們的基礎設施。為此，我們進行了改進以提高每千次展示費用和填充率，這兩者都是我們推動廣告收入增長戰略的重要組成部分。正如我們在前幾個季度所說，隨著剪線速度的加快，媒體消費趨勢繼續向我們有利。在這一點上，據報導，消費者對流媒體服務和內容的持續摩擦和碎片化越來越感到沮喪。現在，美國家庭平均訂閱了近 5 種流媒體服務，很明顯，消費者必須堆疊流媒體服務才能訪問他們想要的內容。隨著流媒體增加對原創節目的投資並將這些成本轉嫁給消費者，所有這些堆棧服務的每月訂閱費現在已經接近有線電視的成本。收視率講述了同樣的故事。觀看體育賽事的消費者並沒有轉向 plus 和直接面向消費者的流媒體服務。根據尼爾森的說法，週四晚上足球的收視率在 2022 年呈逐週下降趨勢，與線性電視上播放相同比賽時相比，逐年下降。這些是我們為什麼比以往任何時候都更加看好我們的聚合模型的關鍵動態，該模型為消費者提供了一個具有獨特內容的流媒體平台，包括直播和點播，並通過個性化體驗呈現給他們。技術關乎有效性、效率和經驗。這就是為什麼我們認為虛擬 MVPD 最適合為內容所有者提供消費者價值和提高盈利能力。最近，我們在 J.D. Power 評選的 2022 年直播電視流媒體提供商中客戶滿意度排名第一，突顯了我們對消費者的成功價值主張。Fubo 在節目、特性和功能、客戶服務、計費和支付方面的消費者和滿意度排名第一這樣做是為了對抗更大、更成熟的競爭對手。這加強了我們對富博競爭優勢的信念。我們提供具有創新技術的高品質產品。實際上，我們是一個優質平台。此外，我們的優質產品不僅繼續推動越來越多的消費者使用我們的平台，而且我們讓他們參與本季度，這代表了訂戶流失的歷史最低點。值得注意的是，Fubo 每月在我們的用戶群中收集超過 20 億個數據點，這使我們有機會繼續構建有影響力的功能、開發算法並做出明智的內容和打包決策。我們的戰略是通過聚合最好的體育和娛樂內容來擴大單位經濟效益，讓客戶參與以推動廣告銷售，並在額外內容和功能上向訂戶追加銷售，所有這些都對內容成本保持警惕。我還想藉此機會表達我們對與演員和連續創業者 Ryan Reynolds 和他的 Maximum Effort 作品合作感到非常自豪和興奮。我們將與 Ryan 和他的團隊合作，為有史以來最大的頻道創建原創內容，併計劃與品牌合作，以盡量減少 Fubo 的增量成本。 Fubo 將管理該渠道的所有廣告銷售，我們預計該渠道將於 2023 年年中推出。正如我們之前分享的那樣，我們相信我們內部構建的技術堆棧和即將推出的下一代全球統一平台將使我們能夠在我們的客戶滿意度排名第一的基礎上繼續發展，並繼續比我們的競爭對手更快、更有效地進行創新。我們的目標是為消費者提供他們希望如何參與直播電視的選擇，無論是向後傾斜還是向前傾斜。對於希望向前傾斜的消費者，我們提供了多種互動產品，從而提高了參與度。隨著時間的推移，我們相信交互性將擴大 ARPU 並推動參與度和留存率。展望未來，正如約翰將詳述的那樣，我們正在上調我們的北美指引，將 2022 年全年總收入包括在 9.49 億美元至 9.54 億美元之間。總之，我們的北美流媒體業務在訂戶、總收入和廣告收入方面實現了兩位數的同比增長，而我們在世界其他地區的流媒體業務在收入和訂戶預期方面表現良好。除了這一收入增長外，我們在實現盈利目標方面也取得了顯著進展。我現在將把電話轉給首席財務官 John Janedis，以更詳細地討論我們的財務業績。約翰？

Thank you, David, and good morning, everyone. We had a strong quarter across several of our key KPIs, subscribers, total revenue and ad revenue, delivering against our third quarter forecast. Global revenue for the third quarter was $224.8 million, a 43% increase versus $156.7 million in Q3 of 2021. Total revenue included $201.9 million in subscription revenue, a 46% increase versus $138.1 million in Q3 2021 and $22.7 million in advertising revenue or a 22% increase year-over-year. North American subscription revenue grew to $196.3 million, an increase of over 42% year-over-year despite a highly competitive and challenging operating environment while Rest of World subscription revenue grew to $5.6 million. We also achieved a sequential improvement in operating cash flow and year-over-year improvement in adjusted EBITDA margin and expect these trends to continue throughout the balance of the year. In Rest of World streaming, which includes Malta, we ended the quarter with nearly 360,000 total paid subscribers. Our focus is primarily on integration and realization of the approximately $75 million of cost synergies expected between 2022 and 2025, we are also pleased that Rest of World subscriber growth, revenue growth and cash flow has performed well against expectations. Total operating expenses as a percentage of revenue increased by 97 basis points versus the prior year period, primarily due to a $35.5 million noncash impairment charge associated with our gaming segment. Our third quarter adjusted EBITDA loss came in at $92.7 million compared to a loss of $81.3 million in the third quarter of 2021 and adjusted EBITDA margin came in at minus 41%, an improvement of 1,062 basis points year-over-year. Moving down the income statement, net loss in the third quarter was $152.7 million, including the aforementioned noncash impairment charge of $35.5 million. This led to a third quarter 2022 earnings per share loss of $0.82. Adjusted EPS in the third quarter of 2022 was a loss of $0.52 and Note that adjusted EPS excludes the impact of the noncash impairment charge, stock-based compensation and the amortization of intangibles, amortization of debt discount and other noncash items. We remain highly disciplined in the management of our capital structure to afford FuboTV, the financial flexibility to fund measured and disciplined growth initiatives. Operating cash flow in the quarter was negative $76.4 million, including $8.6 million operating cash outflow associated with the wagering business. This represented a $14.5 million sequential reduction in operating cash flow. Our expectation continues to be that operating cash flow losses will moderate further over the rest of the year. Now turning to our balance sheet. We ended the quarter with $307.4 million of cash and cash equivalents, restricted cash and short-term investments. We are confident in our current liquidity position in support of our global streaming business and growth initiatives. Regarding our ad business, our focus has been on investing in our advertising team, technology and infrastructure. These investments are beginning to pay off as third quarter ad revenue reached $22.5 million, an increase of 21% versus Q3 2021 and represented approximately 10% of total revenue. North America ad ARPU decreased approximately 12% year-over-year to $7.37 for the quarter. On a sequential basis, add ARPU increased 2% over the second quarter 2022 levels and September with Fubo's strongest ad revenue month in our history with momentum building throughout the quarter. We expect to see this continued strength in the fourth quarter with increased demand heading into the seasonally strong holiday period augmented by a competitive midterm election cycle. Now moving on to our guidance. First, we will discuss North America streaming, and we are revising our guidance upward to total Q4 subscribers of $1,355 billion and to $1,375 million, representing 22% year-over-year growth at the midpoint. Total Q4 revenue of $277.5 million to $282.5 million, also representing 22% year-over-year growth at the midpoint. In total full year 2022 revenue of nonhedge 49.7 million to $964.7 million, representing 50% year-over-year growth at the midpoint. For Rest of World, our guidance is for Q4 subscribers of $355,000 to $365,000, Q4 2022 revenue of $5 million to $6 million and full year 2022 revenue of $22.2 million to $23.2 million. In closing, given what we are as a business, progress will not always be linear, but we are very pleased with our current momentum. We believe we are at an inflection point and are excited about our path forward, allowing our customers while also executing against our profitability goals.

謝謝你，大衛，大家早上好。我們在幾個關鍵 KPI、訂戶、總收入和廣告收入方面都有一個強勁的季度，與我們的第三季度預測相比。第三季度全球收入為 2.248 億美元，與 2021 年第三季度的 1.567 億美元相比增長 43%。總收入包括訂閱收入 2.019 億美元，與 2021 年第三季度的 1.381 億美元相比增長 46%，廣告收入為 2270 萬美元或 22 % 同比增長。儘管運營環境競爭激烈且充滿挑戰，但北美訂閱收入增長至 1.963 億美元，同比增長超過 42%，而世界其他地區的訂閱收入增長至 560 萬美元。我們還實現了經營現金流的連續改善和調整後 EBITDA 利潤率的同比改善，並預計這些趨勢將在整個年度餘額中持續下去。在包括馬耳他在內的世界其他地區的流媒體中，我們在本季度結束時擁有近 360,000 名付費用戶。我們的重點主要是整合和實現預計在 2022 年至 2025 年之間約 7500 萬美元的成本協同效應，我們也很高興世界其他地區的用戶增長、收入增長和現金流表現好於預期。與去年同期相比，總運營費用佔收入的百分比增加了 97 個基點，這主要是由於與我們的博彩部門相關的 3550 萬美元的非現金減值費用。我們第三季度調整後的 EBITDA 虧損為 9,270 萬美元，而 2021 年第三季度為虧損 8,130 萬美元，調整後的 EBITDA 利潤率為負 41%，同比提高 1,062 個基點。在損益表中向下移動，第三季度的淨虧損為 1.527 億美元，包括上述 3550 萬美元的非現金減值費用。這導致 2022 年第三季度每股收益虧損 0.82 美元。 2022 年第三季度調整後的每股收益為 0.52 美元，請注意，調整後的每股收益不包括非現金減值費用、股票薪酬和無形資產攤銷、債務折扣攤銷和其他非現金項目的影響。我們在資本結構管理方面保持高度自律，以提供 FuboTV 的財務靈活性，以資助衡量和有紀律的增長計劃。本季度的經營現金流為負 7640 萬美元，其中包括與投注業務相關的 860 萬美元的經營現金流出。這意味著運營現金流連續減少 1450 萬美元。我們的預期仍然是運營現金流損失將在今年餘下時間進一步放緩。現在轉向我們的資產負債表。我們在本季度末擁有 3.074 億美元的現金和現金等價物、受限現金和短期投資。我們對當前的流動性狀況充滿信心，以支持我們的全球流媒體業務和增長計劃。關於我們的廣告業務，我們的重點一直是投資於我們的廣告團隊、技術和基礎設施。隨著第三季度廣告收入達到 2250 萬美元，比 2021 年第三季度增長 21%，約佔總收入的 10%，這些投資開始獲得回報。本季度北美廣告 ARPU 同比下降約 12% 至 7.37 美元。在連續的基礎上，加上 ARPU 比 2022 年第二季度和 9 月的水平增長了 2%，這是 Fubo 有史以來最強勁的廣告收入月份，整個季度的勢頭都在增強。我們預計第四季度將繼續保持強勁勢頭，隨著競爭激烈的中期選舉週期進入季節性強勁的假期期間需求增加。現在繼續我們的指導。首先，我們將討論北美流媒體，我們正在將我們的指導上調至第四季度的訂閱用戶總數為 13,550 億美元和 13.75 億美元，中點同比增長 22%。第四季度總收入為 2.775 億美元至 2.825 億美元，中點也代表 22% 的同比增長。 2022 年全年非對沖總收入為 4970 萬美元至 9.647 億美元，中點同比增長 50%。對於世界其他地區，我們的指導是針對 355,000 美元至 365,000 美元的第四季度訂戶、2022 年第四季度的收入為 500 萬美元至 600 萬美元以及 2022 年全年的收入為 2220 萬美元至 2320 萬美元。最後，考慮到我們作為一家企業的情況，進展並不總是線性的，但我們對目前的勢頭感到非常滿意。我們相信我們正處於一個轉折點，並對我們前進的道路感到興奮，允許我們的客戶同時執行我們的盈利目標。

At this time, I would like to remind everyone, if you would like to ask a question, please press star and the number 1 on your telephone keypad. We ask that you please limit your questions to one plus one follow-up. Your first question comes from the line of Laura Martin with Needham.

此時，我想提醒大家，如果您想提問，請按星號和電話鍵盤上的數字 1。我們要求您將您的問題限制為一加一後續。您的第一個問題來自 Laura Martin 和 Needham 的說法。

Hi there, good morning guys. Let me start with advertising. I'd just love some granularity because I have that ARPU was down 12%, but we have this direct sales force, David and remember, we're going to add a direct sales force because we're going to help our ARPU. So I would have guessed that September being the strongest month was because of content and you got the NFL back in September. So I would have thought that would have aided ARPU not driven it down. So I guess the question is, could you just give us some more granularity on what's driving down advertising growth, David?

嗨，早上好，伙計們。讓我從廣告開始。我只是喜歡一些粒度，因為我的 ARPU 下降了 12%，但我們有這支直銷隊伍，大衛，請記住，我們將增加一支直銷隊伍，因為我們將幫助我們的 ARPU。所以我猜想 9 月是最強勁的月份是因為內容，而你在 9 月又回到了 NFL。所以我會認為這會幫助 ARPU 而不是降低它。所以我想問題是，大衛，你能不能更詳細地告訴我們是什麼導致了廣告增長的下降？

Sure. Why don't I kick it off, and John can chime in. First of all, Yes. So you have to remember, we have ARPU is not just for U.S. English packaging. So we have a different mix that comes in. So the ad ARPU is probably not the best way to look at it. When we isolate the English packaging, from the rest of the packages that are available in North America, we see a pretty strong increase year-over-year. On a CPM basis, we're up about 6%. Again, we're looking at revenue right now, which was up 21%. In terms of fill rate, in terms of CPM and overall direct business, we've seen a significant uptick, and we're very confident in the continued growth of the ad business. But again, on the ad ARPU side, you're going to see fluctuations in ad ARPU just really related to the mix.

當然。我為什麼不開始，約翰可以插話。首先，是的。所以你必須記住，我們的 ARPU 不僅僅適用於美國英語包裝。所以我們有一個不同的組合。所以廣告 ARPU 可能不是最好的看待它的方式。當我們將英文包裝與北美其他可用的包裝分開時，我們看到同比增長相當強勁。按每千次展示費用計算，我們上漲了約 6%。同樣，我們現在正在關注收入，增長了 21%。在填充率方面，在 CPM 和整體直接業務方面，我們看到了顯著的上升，我們對廣告業務的持續增長非常有信心。但同樣，在廣告 ARPU 方面，您會看到廣告 ARPU 的波動與組合真正相關。

Laura, let me add a couple of things to your question as well and to augment what David has said. So if you look at just say ARPU in a vacuum in the U.S. only. Sequentially, it was up in the high single digits. When we get to the fourth quarter on a U.S.-only basis, that should be solidly in the positive year-over-year. Not that you asked this directly, but I would just add in terms of our ad growth, if you look at us, I think versus some of the others that have already reported, I think we've put up some pretty good numbers and I think our outlook is probably a bit better. I think part of that is an outcome of your point around direct sales. I think the sales team additions that we made earlier in the year started to hit their stride later in the third quarter, call it 3 to 6 months after they joined the firm. So that is also one of the benefits that we started to see coming out of the third quarter into the fourth quarter.

勞拉，讓我也為你的問題添加幾件事，並補充大衛所說的內容。因此，如果您只看美國的 ARPU 真空度。隨後，它以高個位數上升。當我們在僅美國的基礎上進入第四季度時，這應該是穩定的同比增長。並不是你直接問這個問題，而是我只想補充一下我們的廣告增長，如果你看看我們，我認為與其他一些已經報導過的人相比，我認為我們已經提供了一些相當不錯的數字，我認為我們的前景可能會好一些。我認為其中一部分是您關於直銷的觀點的結果。我認為我們在今年早些時候增加的銷售團隊在第三季度晚些時候開始大踏步前進，在他們加入公司 3 到 6 個月後稱之為。所以這也是我們從第三季度到第四季度開始看到的好處之一。

Fantastic. Thanks for that. My follow-up will be on gaming. David, when we came into the IPO, you had a deal with FanDuel, you walked away, which is the sports folks that now closed that down. Could you talk about your negotiating position when you're going back to like the FanDuel and how that's changed since you walked away from the FanDuel arrangement originally, which sounds like sort of what we're going back to now.

極好的。感謝那。我的後續將是遊戲。大衛，當我們進入 IPO 時，你與 FanDuel 達成了交易，你走開了，現在是體育界人士關閉了它。當你回到喜歡 FanDuel 時，你能否談談你的談判立場，以及自從你最初離開 FanDuel 安排後這種情況發生了怎樣的變化，這聽起來像是我們現在要回到的那種情況。

Yes. So just to be clear, I'm extremely bullish on the integration of gaming and video. Obviously, given the macro environment, we have a responsibility to shareholders to make the right short and mid-term decisions. So we are in discussions with, I would say, numerous books beyond the ones that you probably mentioned. These discussions, I would say, are pretty healthy. It's a very competitive landscape on the gaming side. If you think about, 90% of our audience watches sports, which is looking at the numbers last night, that's pretty amazing, especially relative to an Amazon, where if you think about 150 million Prime customers and the latest ratings, whether you take Nielsen or whether you take their own numbers, it's still about 7% to 8% of audience. So we feel that we'll have some really solid discussions over the next few months, and we'll look for a way to maximize the value of our assets, both on the gaming side as well as on our audience. But I think those conversations will continue and again, I think we're in a pretty good position given the fact that it's a very unique asset, Fubo being a unique asset. Before we move on, one last thing, back to the ARPU because I also wanted to bring it into the North America broadly as opposed to U.S. only because I think it's important to note that in the fourth quarter, we would expect the ad ARPU to grow on both a U.S. and Canada basis year-over-year. So that should grow nicely. Yes.

是的。所以要明確一點，我非常看好遊戲和視頻的整合。顯然，鑑於宏觀環境，我們對股東有責任做出正確的短期和中期決策。所以我們正在討論，我想說，除了你可能提到的那些書之外，還有很多書。我想說，這些討論非常健康。在遊戲方面，這是一個非常競爭的格局。如果您考慮一下，我們 90% 的觀眾觀看體育賽事，這是在看昨晚的數字，這非常了不起，尤其是相對於亞馬遜，如果您考慮一下 1.5 億 Prime 客戶和最新收視率，無論您是否選擇尼爾森或者不管你拿他們自己的數字，它仍然是大約 7% 到 8% 的觀眾。所以我們覺得我們將在接下來的幾個月裡進行一些非常紮實的討論，我們將尋找一種方法來最大化我們的資產價值，無論是在遊戲方面還是在我們的觀眾方面。但我認為這些對話會一次又一次地繼續下去，我認為我們處於非常有利的位置，因為它是一種非常獨特的資產，Fubo 是一種獨特的資產。在我們繼續之前，最後一件事，回到 ARPU，因為我還想把它廣泛地帶到北美而不是美國，只是因為我認為重要的是要注意，在第四季度，我們預計廣告 ARPU 將在美國和加拿大的基礎上同比增長。所以應該會長得很好。是的。

Thank you very much.

非常感謝。

Our next question comes from the line of Shweta Khajuria with Evercore ISI.

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

Thank you very much for taking my question. I guess my first one is on, David, your comment on CPMs on fill rates. So how should we think about that just on a go-forward basis, not only in the fourth quarter but as more content from Disney and Netflix comes on streaming, how does that impact Google's platform? And then I have a follow-up, please.

非常感謝您提出我的問題。我想我的第一個是關於，大衛，你對填充率的 CPM 的評論。那麼，我們應該如何考慮這一點，不僅在第四季度，而且隨著迪士尼和 Netflix 的更多內容出現在流媒體上，這對谷歌的平台有何影響？然後我有一個跟進，請。

Sorry, Shweta, was your question related to those companies launching ad-supported? Sorry, I wasn't sure exactly what was with the question.

抱歉，Shweta，您的問題是否與那些推出廣告支持的公司有關？抱歉，我不確定這個問題到底是什麼。

Yes, that's right. How would you expect CPM on Google's platform to trend in the near to mid term as more supply comes on?

是的，這是正確的。隨著更多供應的增加，您預計 Google 平台上的 CPM 在近期和中期會如何發展？

Yes. So I'm actually extremely excited about the ad side of our business. We spent the first 6 months of the year really developing the platform, focusing on header bidding solutions and other optimizations, leveraging some addressable deals for more data integrations. We feel really good. I would say, CPM growth is still low 20s, if you will, up about 6% from last year. So that's a good sign. We also differentiate from Netflix, in particular, just because we're heavily sports and news oriented. So I feel like we're still in very much the premium space. You could see that, as John said a few moments ago that our numbers relative to everybody else that has come out seem to be relatively strong. In particular, our guidance, I think, is also strong. We feel very good. We're continuing to see strong momentum throughout October, but there's significant room to go. As I said, we're in the low 20's, I anticipate when we hit our stride, we should be somewhere in the mid-30s and then layering on top of that some addressability. We've also started to develop some new ad inventory, which is already sold out for the fourth quarter. We launched something that I've been tracking on Roku, which is their banner ads, and they use their banners ads to drive sales for different video services. So again, we're in the same space. We have a customer that spends over $70 a month. We have a customer demographically, who is male skewing 18 to 49 and very hard to reach on traditional television. So I think the positive side of Netflix and Disney is that they're actually going to take our message to market. So we think that buyers will probably be more active in the connected TV space, which, again, roughly 95% of our inventory is connected TV inventory. So with premium content and a premium demographic, I feel very good about our ability to differentiate from some of the other offerings out there and to continue to drive sales.

是的。所以我實際上對我們業務的廣告方面感到非常興奮。我們在今年的前 6 個月裡真正開發了這個平台，專注於標頭競價解決方案和其他優化，利用一些可尋址的交易來進行更多的數據集成。我們感覺真的很好。我想說，每千次展示費用的增長仍然低於 20 多歲，如果你願意的話，比去年增長約 6%。所以這是一個好兆頭。我們還與 Netflix 區分開來，特別是因為我們非常注重體育和新聞。所以我覺得我們仍然處於非常高端的領域。你可以看到，正如約翰剛才所說，我們相對於其他所有人的數字似乎相對強勁。特別是，我認為我們的指導也很強大。我們感覺很好。我們在整個 10 月繼續看到強勁的勢頭，但仍有很大的發展空間。正如我所說，我們處於 20 多歲的低谷，我預計當我們大踏步前進時，我們應該在 30 多歲中期的某個地方，然後在此之上增加一些可尋址性。我們還開始開發一些新的廣告庫存，這些庫存已經在第四季度售罄。我們推出了我一直在 Roku 上跟踪的東西，即他們的橫幅廣告，他們使用橫幅廣告來推動不同視頻服務的銷售。再說一次，我們在同一個空間。我們有一個客戶每月花費超過 70 美元。我們有一個客戶，從 18 歲到 49 歲男性，很難在傳統電視上接觸到。所以我認為 Netflix 和迪士尼的積極方面是他們實際上會將我們的信息推向市場。因此，我們認為買家可能會在聯網電視領域更加活躍，同樣，我們大約 95% 的庫存是聯網電視庫存。因此，憑藉優質內容和優質人口，我對我們與其他一些產品區分開來並繼續推動銷售的能力感到非常滿意。

Thanks David. Just a follow-up to that. How big is political as a percentage of the overall business? My other question was on gaming. Any additional color on how you're thinking about it in terms of cost savings? Thanks a lot.

謝謝大衛。只是一個後續行動。政治佔整體業務的百分比有多大？我的另一個問題是關於遊戲的。關於您在節省成本方面如何考慮的任何其他顏色？非常感謝。

So why don't I start on the political side, and then I'll let John go from there. So just on the political side, we have seen an influx of orders, I would say, started about 6 weeks ago, 8 weeks ago, which I would say the cadence of those orders has increased to almost daily. So with CPMs that are well above what you typically would see in the third quarter. So I don't know if we can give a percentage, but I would say...

所以我為什麼不從政治方面開始，然後我會讓約翰離開那裡。因此，僅在政治方面，我們已經看到大量訂單湧入，我想說，大約在 6 週前，8 週前開始，我會說這些訂單的節奏幾乎每天都在增加。因此，每千次展示費用遠高於您通常在第三季度看到的水平。所以我不知道我們是否可以給出一個百分比，但我會說......

Yes. Let me add a little bit to that. I'd say it's mid-single-digit range, I'll call it, of our annual revenue, so not quite like a local broadcaster of course. I would also tell you, relative to plan, if you will, we had a range of outcomes in sales, they came in about 10% or so above the top end of the range of that can be expected. Then would you just mind repeating the second question?

是的。讓我補充一點。我會說這是我們年收入的中個位數範圍，我會稱之為年收入，所以當然不像當地的廣播公司。我還要告訴你，相對於計劃，如果你願意的話，我們在銷售方面取得了一系列成果，它們比預期範圍的上限高出約 10% 左右。那你介意重複第二個問題嗎？

How should we think about cost savings from seeing your Sports Book and just the change in gaming business?

我們應該如何考慮通過查看您的體育書籍以及遊戲業務的變化來節省成本？

Yes. So we haven't given sort of a range, if you will, in terms of the investment in the Sports Book. What I would tell you, though, as you would suspect that it certainly extends our runway. So I think what we've said historically is that we have cash through 2023 and then our cash needs in '24 are relatively modest. I would say, in broad strokes, that ending or exit and gaming would modestly extend that. I would also add, don't forget that Q1 tends to be our highest cash use quarter from a seasonal perspective.

是的。因此，如果您願意，我們還沒有給出關於體育博彩投資的範圍。不過，我要告訴你的是，你會懷疑它肯定會延長我們的跑道。所以我認為我們在歷史上所說的是到 2023 年我們有現金，然後我們在 24 年的現金需求相對適中。我想說，概括地說，結束或退出和遊戲會適度地擴展它。我還要補充一點，不要忘記從季節性的角度來看，第一季度往往是我們現金使用量最高的季度。

Okay, thank you John. Thank you David.

好的，謝謝約翰。謝謝大衛。

Thank you.

謝謝你。

Your next question comes from the line of Darren Aftahi with ROTH.

您的下一個問題來自與 ROTH 的 Darren Aftahi。

Hey guys, good morning. Two, if I may. Just on the churn, so as an all-time low. Could you just speak to kind of what's driving that and kind of if you see any further downside? And as a follow-up, just any commentary around the fast channel. I know you said you had 60 and I think the goal is 100 at the Analyst Day by the end of the year and just the benefit that's having to the ad business. Thanks.

嘿伙計們，早上好。二，如果可以的話。只是在流失，因此是歷史最低點。如果你看到任何進一步的不利因素，你能談談是什麼推動了這一點嗎？作為後續，關於快速頻道的任何評論。我知道你說你有 60 個，我認為到今年年底分析師日的目標是 100 個，這對廣告業務來說是有好處的。謝謝。

Sure. What was the first question? Sorry. Sorry, Darren, can you repeat the first question?

當然。第一個問題是什麼？對不起。抱歉，達倫，你能重複第一個問題嗎？

The first question was just around churn, David, and just where you see that go into that trial.

第一個問題是關於流失，大衛，以及你在那個試驗中看到的地方。

Yes. So during the road show in 2020, we said our long-term goal was to hit sort of mid-single digits. I would say that we were pleasantly surprised to see that we actually hit that in the third quarter. That makes sense because, as you know, we're a seasonal business, September being the start of the sports calendar and so you have a return of customers that either pause there, their service or just return. So that feeds back into our net ads and so I would say the brand is starting to drive a lot of value. People come to Fubo for the sports and that's obviously supported by the #1 ranking in customer satisfaction across all of these other services, which I thought was another big win but people like the service. They like the product, and we're starting to see that follow through not only from a net ads perspective on the growth side, but also from the churn perspective. So we anticipate continued year-over-year blended churn to continue to decrease going forward.

是的。所以在 2020 年的路演中，我們說我們的長期目標是達到中個位數。我會說我們很驚喜地看到我們實際上在第三季度達到了這一目標。這是有道理的，因為如您所知，我們是一個季節性業務，9 月是體育日曆的開始，因此您有一些客戶返回，他們要么停在那裡，他們的服務，要么只是返回。所以這會反饋到我們的網絡廣告中，所以我想說這個品牌開始帶來很多價值。人們來到 Fubo 是為了運動，這顯然得到了所有其他服務的客戶滿意度排名第一的支持，我認為這是另一個巨大的勝利，但人們喜歡這項服務。他們喜歡這個產品，我們開始看到這一點，不僅從增長方面的網絡廣告的角度來看，而且從客戶流失的角度來看。因此，我們預計未來的混合客戶流失率將繼續下降。

So I'll give you a little more color on fast Darren. So for context, I think in the third quarter, our fast as a percentage of ad revenue nearly doubled sequentially, not that it's a huge number, but it certainly is trajectory-wise, looking good. From the perspective of the fast channels, you are correct. We ended the third quarter at 60. As you saw in the release, we have added to that in October and we'll see where we end the year. It'll be plus or minus 100. But if we don't get there by the end of the year, which I think we have a decent chance to do, we'll be there early in '23 and the runway there remains, I'd say, pretty large.

所以我會給你更多關於快速達倫的顏色。因此，就背景而言，我認為在第三季度，我們的快速廣告收入佔廣告收入的百分比幾乎連續翻了一番，並不是說這是一個巨大的數字，但它肯定是軌跡方面的，看起來不錯。從快速通道的角度來看，您是正確的。我們在第三季度結束時達到了 60。正如您在發布中看到的那樣，我們在 10 月份增加了這一點，我們將看到今年結束的地方。這將是正負 100。但如果我們不能在年底前到達那裡，我認為我們有一個不錯的機會，我們將在 23 年初到達那裡，那裡的跑道仍然存在，我會說，相當大。

Yes and Darren, just to add strategically why this is important, I'll give you some more color around that. You have all of these plus services continue to try and migrate customers from bundles into their own services. So what we decided was continuing to add fast channels allows us to also push consumers to channels where we actually have more inventory. So just to give you a sense for the third quarter, about 3% of our viewership was on fast channels. So what this also allows us to do is create better leverage for ourselves when we start to negotiate deals. Over time, we obviously have more inventory in the fast channel. So this is something that we're going to continue to do and so it should create two things: one, more leverage when we renew some of our entertainment deals. Then on the opposite side, it should also be able to help us drive more ad revenue, albeit at lower CPMs, but still really allows us to sort of leverage all of the data capabilities and addressability that we're developing now. So we're very bullish on, on the ads business in general. Number two, and our ability to keep people engaged on the platform.

是的，Darren，只是為了從戰略上補充為什麼這很重要，我會給你一些更多的顏色。您擁有所有這些附加服務，繼續嘗試將客戶從捆綁包遷移到他們自己的服務中。因此，我們決定繼續增加快速渠道，這使我們也能夠將消費者推向我們實際擁有更多庫存的渠道。因此，為了讓您了解第三季度，我們大約 3% 的收視率來自快速頻道。因此，這也使我們能夠在開始談判交易時為自己創造更好的影響力。隨著時間的推移，我們在快速通道中顯然有更多的庫存。所以這是我們將繼續做的事情，因此它應該創造兩件事：第一，當我們更新我們的一些娛樂交易時，更多的槓桿作用。另一方面，它也應該能夠幫助我們推動更多的廣告收入，儘管 CPM 較低，但仍然真正讓我們能夠利用我們現在正在開發的所有數據功能和可尋址性。所以我們非常看好廣告業務。第二，我們讓人們參與平台的能力。

That's helpful thank you.

這很有幫助，謝謝。

Your next question comes from the line of Clark Latin with BTIG.

您的下一個問題來自 BTIG 的 Clark Latin 一行。

Good morning. I've got two please. John, I'm sorry if I'm prompting you to rehash right now but for the fourth quarter guidance, is there anything baked in for the World Cup? If there is, could you compare that to maybe what you saw with the euro tournament? I guess I'm curious, since there's less of a gap now between domestic league and Champions league content post tournament, do you expect maybe higher retention of any subs that you could be adding? Then David, just on the Fubo gaming transition, you talked about sort of the calculus around why you guys are moving away before and some components of that decision. Was there anything that you saw with sort of this idea of marrying live sports and betting options that ended up being either less compelling or maybe with the engagement, not up to the level that you were initially expecting? I'm just curious if it's sort of from like a base product and sort of user engagement perspective, there was anything that turned out to be a little bit different than maybe you were anticipating. Thanks a lot.

早上好。請給我兩個。約翰，很抱歉，如果我現在提示您重新討論，但對於第四季度的指導，世界杯有什麼準備好的嗎？如果有，您能否將其與您在歐洲錦標賽中看到的情況進行比較？我想我很好奇，因為現在國內聯賽和冠軍聯賽在比賽后的內容之間的差距越來越小，您是否期望您可以添加的任何替補的保留率可能更高？然後大衛，就在 Fubo 遊戲轉型中，你談到了關於你們之前為什麼要離開的微積分以及該決定的一些組成部分。你有沒有看到這種將現場體育賽事和投注選項結合起來的想法，結果要么不那麼引人注目，要么可能因為參與，沒有達到你最初期望的水平？我只是好奇它是否從某種基礎產品和某種用戶參與的角度來看，結果證明與您預期的有些不同。非常感謝。

Clark, thanks for the question. So taking a step back, at the midpoint, our guidance assumes about 130,000 net ads for the quarter. That does take into account, to some extent, the impact of World Cup on both acquisitions and on reactivation. For context, the Euro tournament, which was the summer of last year, that was a key driver for that quarter and we anticipate a higher number of trials owing to higher interest for the World Cup. I'd say given that the Euros was broadcast in the summer versus the World Cup being broadcast during NFL, college football and the holidays, we anticipate higher engagement due to cross viewership of non World Cup content yielding better 4Q retention on World Cup sales relative to Euro's. So maybe I'll leave it there.

克拉克，謝謝你的問題。因此，退後一步，在中點，我們的指導假設本季度約有 130,000 個淨廣告。在某種程度上，這確實考慮到了世界杯對收購和重新激活的影響。就背景而言，去年夏天的歐洲錦標賽是該季度的主要推動力，我們預計由於對世界杯的興趣增加，試訓次數會增加。我想說的是，考慮到歐洲在夏季播出，而世界杯在 NFL、大學橄欖球和假期播出，我們預計由於非世界杯內容的交叉收視率會提高參與度，從而提高第四季度相對於世界杯銷售的留存率到歐元的。所以也許我會把它留在那裡。

I'll just add to that. There's some noise around the World Cup this year, which we've never experienced in the past. As you know, it's now coming into the fourth quarter, and that also has to compete with NFL and college football. Moreover, if you think about just time zone wise, these games are not in prime time. So they'll probably be, I would assume somewhere around 10 a.m. So that may also have some impact. We do anticipate that consumers will choose Fubo over competitors during the low cup and so we're certainly excited about that and we'll follow that very closely. The teams are prepared to take advantage of any organic traffic that comes in. As it relates to gaming, look, I'm very upset about gaming in general because I do believe in the thesis, more importantly, we had about 7 to 10 days of work in New Jersey, where without any marketing or really any activity we saw daily and weekly upticks in new accounts related to watching Fubo channels on the platform. So I think that our goal was to launch and start to tweak as we do improve the funnel. So the good news is that the technology is available and when we decide who that partner will be, and obviously, we want to make sure that the economics make a lot of sense for us, we'll continue to develop that product for third parties. It might initially start with one and maybe down the line years from now, 2 years from now, we might decide that it might be best to just create more of a market auction type environment for gaming. So we'll have to see, but it's touch and go at the moment but again, I still believe that this is probably the best thing and you should also think about... maybe this is probably a good segway into why we thought about this initially. If you think about subscription businesses, we're not just a streaming platform. We acquire subscribers with a SAC that we like to say is between 1 and 1.5x. And so the whole point of acquiring customers is to be able to sell them more and more products and really sort of drive that relationship, which is where the gaming piece came in. Obviously, there are other things that we're also thinking about in those terms. Relative to a streaming platform, it really doesn't have a business model long term because you really can't spread the acquisition costs over just one single product. So I think that we probably changed our mindset a little bit and we'll be thinking more about how to leverage our base and drive incremental revenue, ARPU and margin by way of working with third parties. But in terms of the thesis, I actually think more so now that this was actually a very good idea. Just to remind everyone, I know there's going to be some negative feedback on shutting this down but the reality is when we announced that we wanted to do this the 30-year fixed rate was somewhere around 2.75, right? Today, I think as of yesterday, the third year was 7.2% or something like that. So the market has completely changed and the calculus that came into that decision-making process back then and the cost of capital, obviously, has changed drastically in a very short period of time. But again, I think we'll be able to take advantage of, one, the data that we already have and also some of the technology that we've developed. And also, we're going to continue down the path of interactivity. We've said all along that we want to differentiate our product and make it more for whether customers are interested in the lean back experience or a lean forward experience. So we're very focused on that. We're leveraging our data. And again, just the fact that we received the great distinction from J.D. Power really highlights the fact that we're onto something big. The last thing I'll mention is that I do think that we're getting close to an inflection point similar to Spotify and music, where there is no path forward for most companies in the streaming space. You cannot make money over the long term only because, again, our business is about spreading subscriber acquisition costs and selling more products, whereas media is really about lifetime value. I think the NFL has really proven when you have a very small TAM relative to the global TAM, how you slice and dice and cohort customers and create products for consumers up and down the demand curve, whether it's a Sunday night broadcast, a Thursday night football, an NFL red zone, NFLs products. So I really think that as companies start to change the way they think about profits and as the market changes, I think we're going to be in a really solid position to drive significant customer value. And equally noteworthy at this point, I would say, probably strong opportunities for media companies to monetize their content. So again, we're very bullish in general.

我只是補充一下。今年世界杯周圍有一些噪音，這是我們過去從未經歷過的。如你所知，現在已經進入第四節，這也必須與 NFL 和大學橄欖球隊競爭。此外，如果您只考慮時區，這些遊戲並不是黃金時段。所以他們可能會是，我假設在上午 10 點左右。所以這也可能會產生一些影響。我們確實預計消費者會在低杯期間選擇 Fubo 而不是競爭對手，因此我們對此當然感到興奮，我們將密切關注這一點。團隊準備好利用任何進入的自然流量。因為它與遊戲有關，看，我對遊戲總體上非常沮喪，因為我確實相信論文，更重要的是，我們有大約 7 到 10 天的時間在新澤西州工作，沒有任何營銷或任何活動，我們看到與在平台上觀看 Fubo 頻道相關的新帳戶每天和每週都有增加。所以我認為我們的目標是啟動並開始調整，因為我們確實改進了漏斗。所以好消息是技術可用，當我們決定合作夥伴是誰時，顯然，我們希望確保經濟對我們有很大的意義，我們將繼續為第三方開發該產品.它最初可能從一年開始，也許從現在開始，兩年後，我們可能會決定最好為遊戲創造更多的市場拍賣類型環境。所以我們必須看看，但現在是觸手可及，但我仍然相信這可能是最好的事情，你也應該考慮......也許這可能是我們思考的一個很好的部分這最初。如果您考慮訂閱業務，我們不僅僅是一個流媒體平台。我們使用 SAC 來獲取訂戶，我們喜歡說它在 1 到 1.5 倍之間。因此，獲得客戶的全部意義在於能夠向他們銷售越來越多的產品，並真正推動這種關係，這就是遊戲部分的用武之地。顯然，我們還在考慮其他事情那些條款。相對於流媒體平台，它確實沒有長期的商業模式，因為你真的無法將採購成本分攤到單一產品上。所以我認為我們可能稍微改變了我們的心態，我們將更多地考慮如何利用我們的基礎並通過與第三方合作來增加收入、ARPU 和利潤率。但就論文而言，我實際上認為現在更多，因為這實際上是一個非常好的主意。提醒大家，我知道關閉它會有一些負面反饋，但現實是當我們宣布我們想要這樣做時，30 年固定利率在 2.75 左右，對吧？今天，我認為截至昨天，第三年是 7.2% 或類似的東西。因此，市場已經完全改變，當時進入決策過程的計算和資本成本顯然在很短的時間內發生了巨大變化。但同樣，我認為我們將能夠利用我們已經擁有的數據以及我們開發的一些技術。而且，我們將繼續沿著互動的道路前進。我們一直在說，我們希望使我們的產品與眾不同，並使其更多地考慮客戶是否對後傾體驗或前傾體驗感興趣。所以我們非常關注這一點。我們正在利用我們的數據。再一次，我們從 J.D. Power 獲得了巨大的區別這一事實確實突出了我們正在做大事的事實。我要提到的最後一件事是，我確實認為我們正在接近類似於 Spotify 和音樂的拐點，在流媒體領域，大多數公司都沒有前進的道路。你不能僅僅因為我們的業務是分散訂戶獲取成本和銷售更多產品而長期賺錢，而媒體實際上是關於終身價值的。我認為 NFL 已經真正證明了當你擁有一個相對於全球 TAM 非常小的 TAM 時，你如何對客戶進行切分和分組，並為需求曲線上下的消費者創造產品，無論是周日晚上的廣播，週四晚上橄欖球，NFL 紅區，NFL 產品。所以我真的認為，隨著公司開始改變他們對利潤的看法以及市場的變化，我認為我們將處於一個非常穩固的位置來推動顯著的客戶價值。我想說，在這一點上同樣值得注意的是，媒體公司可能有很好的機會將他們的內容貨幣化。所以，總的來說，我們非常看好。

Your next question comes from the line of Nick Zangler with Stephens.

你的下一個問題來自尼克·贊格勒和斯蒂芬斯的觀點。

Hey guys. I wanted to ask about fast channels because this is, honestly, it's a conundrum for me. If a Fubo user spends too much time on fast channels on that offering, I would think they might wonder why they're paying a monthly fee to Fubo when these fast channels are available for free, the CTV operating systems like Roku and Novacio through which the user is obviously accessing the Fubo app. Obviously, I think that could then lead to a user dropping the service. But at the same time, this changes, I guess, if the fast channels are exclusive. And so my question is, like how often is that the case for you guys, but you have exclusive fast channels? And are you trying to push into these exclusive arrangements so that the fast channels you offer are only available on the Fubo app.

大家好。我想問一下快速頻道，因為老實說，這對我來說是一個難題。如果 Fubo 用戶在該產品上的快速頻道上花費了太多時間，我想他們可能想知道為什麼當這些快速頻道免費提供時他們要向 Fubo 支付月費，Roku 和 Novacio 等 CTV 操作系統通過它用戶顯然正在訪問 Fubo 應用程序。顯然，我認為這可能會導致用戶放棄服務。但與此同時，我猜，如果快速頻道是獨占的，這種情況會發生變化。所以我的問題是，你們這種情況多久發生一次，但你們有專屬的快速頻道？您是否試圖推動這些獨家安排，以便您提供的快速頻道僅在 Fubo 應用程序上可用。

Yes. Very good question, and I would like to answer it with another question. My question to you is with broadcast television that's effectively free with an antenna, why do people pay for broadcast television on cable? That is the conundrum. What I would say is Fubo is pretty much a gateway to television and entertainment is the way we look at it. So you're actually paying for the premium product, the ability to watch NFL and World Cup and all these great sporting events, all of your news programming. At the same time, we leverage our AI and discovery engine to surface content that we think is going to be relevant for you. So I'll give you an example. So for instance, if you're watching a design show on BRAVO or on HGTV, if we surface a design show from a fast channel, I don't think a customer will care where that particular piece of programming comes from. I think what's important in this case is that the customer understands that we're actually providing an amazing service. The ability to give people all of the content in one place effectively, efficiently with a solid user experience. So I think from my perspective, again, I use the NFL example, they've done a great job cohorting users and slicing and dicing their content to maximize the value. I think there's a play for us to be able to look for content that is very similar in nature, high production quality and surface that content to users. Obviously, that would help us drive engagement and help drive revenues. As it relates to exclusivity, I think Fubo has proven that it can compete head-to-head on a nonexclusive basis, according to Makeathon the market is growing at roughly around 13%, we're still continuing to grow well ahead of that number, I think somewhere between, call it, 25% and 30%. So our goal is to ensure that we have as much content as possible that's relevant to our user base. We do have some content we've been developing. As you know, we have the Fubo sports network that continues to grow very quickly, and that's being distributed across the web. We've started on our relationship with Ryan Reynolds and so we'll look to produce some of that, obviously, supported by brands underwriting the content. But overall, I look at Fubo as an entry point for TV. Over time, I suspect what you'll see is we'll be able to buy pay-per-view, EST, watch free television and then have access to premium cable networks and plus services over time.

是的。非常好的問題，我想用另一個問題來回答。我的問題是廣播電視實際上是免費的天線，為什麼人們要為有線電視廣播電視付費？這就是難題。我想說的是，Fubo 幾乎是通向電視的門戶，而娛樂就是我們看待它的方式。因此，您實際上是在為優質產品、觀看 NFL 和世界杯的能力以及所有這些精彩的體育賽事以及您所有的新聞節目付費。同時，我們利用我們的人工智能和發現引擎來展示我們認為與您相關的內容。所以我給你舉個例子。因此，例如，如果您正在 BRAVO 或 HGTV 上觀看設計節目，如果我們從快速頻道播放設計節目，我認為客戶不會關心該特定節目的來源。我認為在這種情況下重要的是客戶了解我們實際上提供了令人驚嘆的服務。能夠以可靠的用戶體驗有效、高效地在一個地方為人們提供所有內容。所以我認為，從我的角度來看，我再次使用 NFL 的例子，他們在群組用戶、對內容進行切片和切塊以最大化價值方面做得很好。我認為我們能夠尋找本質上非常相似、製作質量高並將該內容呈現給用戶的內容對我們來說是一件好事。顯然，這將有助於我們提高參與度並幫助增加收入。由於它與排他性有關，我認為 Fubo 已經證明它可以在非排他性的基礎上進行正面競爭，根據 Makeathon 的說法，市場正在以大約 13% 左右的速度增長，我們仍然繼續遠遠超過這個數字，我認為介於 25% 和 30% 之間。所以我們的目標是確保我們擁有盡可能多的與我們的用戶群相關的內容。我們確實有一些我們一直在開發的內容。如您所知，我們擁有持續快速增長的 Fubo 體育網絡，並且正在整個網絡上分佈。我們已經開始與 Ryan Reynolds 建立關係，因此我們將尋求製作其中的一些內容，顯然，這些內容得到了承銷內容的品牌的支持。但總的來說，我將 Fubo 視為電視的切入點。隨著時間的推移，我懷疑你會看到我們將能夠購買按次付費、EST、觀看免費電視，然後隨著時間的推移訪問優質有線網絡和附加服務。

No, that's fair. Okay. So basically, that's a good answer, which is provide the consumer with as much content as possible. Then part of the value prop is sourcing, surfacing and providing it to the consumer, whether or not effectively, if the consumer had to pay for that viewership or not via your existing arrangements? Yes. Okay. That's fair. That's good. I did also want to ask just because it's been choppy out there. We've heard some pessimistic views for ad spend in the fourth quarter of some major CTV players. You guys stated September was the best month of the quarter. You seem very optimistic for the 4Q, if I'm reading you right. Maybe just a little bit more detail here why specifically you're optimistic for 4Q? I'm assuming you guys are continuing to win new advertiser relationships, especially as the direct sales sales force goes to work, but curious maybe like on existing accounts. Are you seeing a pullback on an organic basis? Or just knowing that there have been some players that have provided a very pessimistic outlook for 4Q. Can you talk about why you're so optimistic?

不，這很公平。好的。所以基本上，這是一個很好的答案，即為消費者提供盡可能多的內容。那麼價值支柱的一部分是採購、展示和提供給消費者，無論是否有效，消費者是否必須通過您現有的安排為收視率付費？是的。好的。這還算公平。那挺好的。我也想問只是因為那裡很不穩定。我們聽到了一些主要 CTV 參與者對第四季度廣告支出的一些悲觀看法。你們說九月是本季度最好的月份。如果我沒看錯的話，你似乎對第四季度非常樂觀。也許在這裡稍微詳細一點，為什麼你特別看好第四季度？我假設你們正在繼續贏得新的廣告客戶關係，尤其是在直銷銷售人員開始工作的情況下，但對現有帳戶可能會感到好奇。您是否看到有機基礎上的回調？或者只是知道有些玩家對第四季度的前景非常悲觀。你能談談你為什麼這麼樂觀嗎？

Sure. Why don't I start, and John, you can chime in. So look, I would say that there are categories that are outperforming. There are advertisers within nonperforming categories that are outperforming. And so it really comes down to a few things for us specifically. Number one is you're now entering political season, which has put pressure on the inventory. That's number one. Number two, you're at the height of the sports calendar going into what looks to be a pretty cold winter. So people typically spend a lot of time and how we see hours viewed increase in the fourth quarter and into the first quarter. So I would say the pressure on the inventory from political, the addition of the World Cup will also create a lot of interest in November and December. There are categories like retail to some degree, that are coming back. I think the advertisers are very interested in addressable inventory. I don't know if you know this already or this is something that I'll be highlighting for the first time. If you think about where we sit on the spectrum between a television set, a dumb television set and the consumer, I would say that the VIZIO or the Samsungs or the Rokus, they are sitting at the opposite side of the spectrum, right in front of the TV, right? So because we're sitting right in front of the customer, we're able to collect an exorbitant amount of data on those users, number one. Number two, because we've developed our own ad proxy capabilities, we actually can decide which of our partners see which data points. So I think that creates a lot more value for us and we obviously know our users better than a TV platform would was just selling on a blind basis, I would assume. So from that perspective, I think we're pretty much in a strong spot where sports CPMs are going to be very strong. You have new CPMs that are also on the rise just due to political. We've just launched our new banner ads on the home page that from my understanding on one platform are already sold out. So that gives us some comfort into our numbers, and we expect strong returns on the advertising side throughout October and December.

當然。我為什麼不開始，約翰，你可以插話。所以看，我會說有些類別表現出色。表現不佳的類別中有一些廣告客戶表現出色。因此，對於我們來說，這真的歸結為一些事情。第一個是你現在進入了政治季節，這給庫存帶來了壓力。那是第一名。第二，你正處於體育日曆的高峰期，進入看起來非常寒冷的冬天。因此，人們通常會花費大量時間以及我們如何看待第四季度和第一季度的觀看時間增加。所以我會說來自政治的庫存壓力，世界杯的加入也會在11月和12月產生很多興趣。在某種程度上，零售等類別正在回歸。我認為廣告商對可尋址庫存非常感興趣。我不知道您是否已經知道這一點，或者這是我將首次強調的內容。如果您考慮一下我們在電視機、笨電視機和消費者之間的頻譜，我會說 VIZIO 或三星或 Rokus，它們位於頻譜的另一側，就在前面電視的，對吧？因此，因為我們就坐在客戶面前，所以我們能夠收集有關這些用戶的大量數據，第一。第二，因為我們已經開發了自己的廣告代理功能，我們實際上可以決定哪些合作夥伴可以查看哪些數據點。因此，我認為這為我們創造了更多價值，而且我們顯然比電視平台更了解我們的用戶，而電視平台只是盲目地銷售，我想。所以從這個角度來看，我認為我們幾乎處於一個強大的位置，體育每千次展示費用將會非常強大。新的每千次展示費用也因政治因素而上升。我們剛剛在主頁上推出了新的橫幅廣告，據我了解，在一個平台上已經售罄。因此，這讓我們對我們的數字感到有些安慰，我們預計整個 10 月和 12 月廣告方面的回報將強勁。

Yes. I'd add maybe 1 or 2 things to that as well, Nick. I caught up with our sales team earlier in the week, and I'd add maybe a couple of data points. One is that, and I know that others have talked about cancellations and other things in terms of the scatter market, we have not seen cancellations. I think also in terms of our exposure, I think some of the weaker categories like crypto and others, we don't really have exposure to. We don't really choose to take gaming money, but didn't really have a crypto money in those 2 of the weaker categories. Then on top of that, I think that, again, our advertisers are in the like our audience, they like our programming and they like it live.

是的。尼克，我可能還會添加 1 或 2 件事。我在本週早些時候趕上了我們的銷售團隊，我可能會添加幾個數據點。一個是，我知道其他人在分散市場方面談到了取消和其他事情，我們沒有看到取消。我認為就我們的曝光度而言，我認為一些較弱的類別，如加密貨幣和其他，我們並沒有真正接觸過。我們並沒有真正選擇接受遊戲資金，但在這兩個較弱的類別中並沒有真正擁有加密貨幣。然後最重要的是，我認為，我們的廣告商和我們的觀眾一樣，他們喜歡我們的節目，他們喜歡現場直播。

Awesome. Thanks so much guys. Congrats on the solid quarter and good outlook here.

驚人的。非常感謝你們。恭喜這裡的穩健季度和良好的前景。

Thanks.

謝謝。

We have reached the allotted time for questions. This concludes today's conference. You may now disconnect.

我們已經到了規定的提問時間。今天的會議到此結束。您現在可以斷開連接。