Fubotv Inc (FUBO) 2022 Q4 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuboTV Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Thank you. Alison Sternberg, Senior Vice President, Investor Relations. You may begin your conference.

早上好。我叫 Rob，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 FuboTV 第四季度和 2022 年全年收益電話會議。 （操作員說明）謝謝。投資者關係高級副總裁 Alison Sternberg。你可以開始你的會議。

Thank you for joining us to discuss Fubo's Fourth quarter and full year 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.

感謝您加入我們討論 Fubo 的第四季度和 2022 年全年。今天和我在一起的是 Fubo 的聯合創始人兼首席執行官 David Gandler 和 Fubo 的首席財務官 John Janedis。我們的業績和其他管理層評論的全部細節可在我們的收益發布和致股東的信中找到，這些信息可以在我們網站 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 full year 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.

在我們開始之前，讓我快速回顧一下今天演講的形式。 David 將首先對本季度和全年以及 Fubo 戰略進行一些簡短的評論，而 John 將介紹財務和指導。然後我將把電話轉給分析師進行問答。

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 cash flow and adjusted EBITDA targets; our business strategy and plans; expectations regarding innovation, growth and profitability; consumer industry and advertising trends; the integration of Molotov; planned launch of the Unified platform and expected synergies and market opportunity.

在我們開始之前，我想提醒大家，以下討論可能包含聯邦證券法意義上的前瞻性陳述，包括但不限於關於我們財務狀況的陳述；預期的財務業績，包括季度和年度指導以及現金流和調整後的 EBITDA 目標；我們的業務戰略和計劃；對創新、增長和盈利能力的期望；消費行業和廣告趨勢；莫洛托夫的整合；計劃推出 Unified 平台以及預期的協同效應和市場機會。

These forward-looking statements are subject to certain risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements can be found in the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2022, to be filed with the Securities and Exchange Commission and other periodic filings with the SEC.

這些前瞻性陳述受某些風險、不確定性和假設的影響。可能導致實際結果與前瞻性陳述存在重大差異的重要因素可以在我們向美國證券交易委員會提交的截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分找到以及向美國證券交易委員會提交的其他定期文件。

These statements reflect our current expectations based on our beliefs, assumptions and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Except as otherwise noted, the results and guidance we are presenting today are on a continuing operations basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations.

這些陳述反映了我們基於我們目前可獲得的信念、假設和信息的當前期望。儘管我們認為這些預期是合理的，但我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。除非另有說明，否則我們今天提供的結果和指導基於持續經營，不包括我們以前的博彩部門的歷史業績，這些業務被視為已終止經營。

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 Q4 2022 earnings shareholder letter, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David.

在電話會議期間，我們還提到了非 GAAP 財務措施。這些非 GAAP 措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。我們的 2022 年第四季度收益股東信中也提供了這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬，可在我們的網站 ir.fubo.tv 上查閱。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 proud to report that Fubo's global streaming business achieved record highs in the fourth quarter and full year 2022 across several KPIs. We delivered over $1 billion in total global annual revenue. We exceeded over $100 million in annual ad revenue in North America. And at the same time, we achieved positive gross profit in Q4.

謝謝你，艾莉森，大家早上好。感謝您今天加入我們。我很自豪地宣布，富波的全球流媒體業務在第四季度和 2022 年全年的多個 KPI 均創下歷史新高。我們交付的全球年總收入超過 10 億美元。我們在北美的年廣告收入超過 1 億美元。與此同時，我們在第四季度實現了正的毛利。

We also closed the year with 1,445,000 subscribers in North America, an increase of 29% year-over-year and 420,000 subscribers in our Rest of World streaming business, an increase of 117% year-over-year. 2022 was an inflection point for our business. Our goal is to continue on this trajectory by expanding unit economics and generating positive free cash flow in 2025. My confidence and enthusiasm are not just based on our results, but on the dynamics and trends across the media and consumer landscape at large. Friction and fragmentation continue to persist in streaming, frustrating customers and creating a challenging path to sustainability for media companies.

我們在北美也有 1,445,000 名訂閱者，同比增長 29%，我們在世界其他地區的流媒體業務有 420,000 名訂閱者，同比增長 117%。 2022 年是我們業務的轉折點。我們的目標是通過擴大單位經濟效益並在 2025 年產生正的自由現金流來繼續沿著這條軌道前進。我的信心和熱情不僅基於我們的結果，還基於整個媒體和消費者格局的動態和趨勢。摩擦和碎片化繼續存在於流媒體中，令客戶感到沮喪，並為媒體公司的可持續發展創造了一條充滿挑戰的道路。

As a result, we continue to see the aggregation model and bundling as a massive opportunity. Our service empowers consumers to seamlessly access all of their favorite content via a single app from anywhere in the house and on any device or operating system. Fubo plays an important role in the media ecosystem.

因此，我們繼續將聚合模型和捆綁視為一個巨大的機會。我們的服務使消費者能夠在家裡的任何地方、在任何設備或操作系統上通過一個應用程序無縫訪問他們喜愛的所有內容。伏波在媒體生態系統中扮演著重要的角色。

Our customers already spend over 100 hours on our platform every month on average, reflecting the value we provide to media companies, content creators and advertisers. And as an aggregator and distributor of content, we will continue to work to advance on our vision, and that is to give customers a gateway to all television, surprising and delighting them with a personalized and seamless user experience.

我們的客戶平均每月在我們的平台上花費超過 100 小時，反映了我們為媒體公司、內容創作者和廣告商提供的價值。作為內容的聚合商和分銷商，我們將繼續努力推進我們的願景，即為客戶提供通往所有電視的門戶，通過個性化和無縫的用戶體驗讓他們感到驚喜和愉悅。

U.S. consumers are already supporting our vision. We are extremely proud to rank #1 in J.D. Power's 2022 customer satisfaction survey among live TV streaming providers. We believe this proves that consumers understand the value of an aggregated multichannel streaming platform, and in particular, Fubo's differentiated sports first offering.

美國消費者已經支持我們的願景。我們非常自豪能夠在 J.D. Power 的 2022 年直播電視流媒體提供商客戶滿意度調查中排名第一。我們相信這證明消費者了解聚合多渠道流媒體平台的價值，尤其是 Fubo 的差異化體育首發。

On the content front, it's becoming clear that we have more leverage than we expected due to the certain content drops that historically have had almost no impact on subscriber growth and retention. As we optimize our content portfolio through our first-party data, we plan to selectively carry content that will drive subscribers and leverage our increased scale.

在內容方面，很明顯，由於某些內容下降歷史上對訂戶增長和保留幾乎沒有影響，我們的影響力比我們預期的要大。當我們通過我們的第一方數據優化我們的內容組合時，我們計劃有選擇地攜帶能夠推動訂閱者並利用我們不斷擴大的規模的內容。

As a result, we expect to drive leverage on the subscriber-related expense line on a year-over-year basis going forward. Before John dives into our subscriber guidance, I wanted to give you added context. Fubo has always punched above its weight class. We recently increased prices of our U.S.-based plans by $5. Additionally, we priced up against the recently added Bally's RSNs from $11 to $14 to be able to offer these in all our base plan and to the widest number of consumers.

因此，我們預計未來將逐年推動與訂戶相關的費用線的槓桿作用。在 John 深入了解我們的訂戶指南之前，我想為您提供更多背景信息。 Fubo 始終超越其重量等級。我們最近將美國計劃的價格提高了 5 美元。此外，我們將最近添加的 Bally 的 RSN 定價從 11 美元提高到 14 美元，以便能夠在我們所有的基本計劃中向最廣泛的消費者提供這些產品。

In aggregate, this is a major price up of $16 to $19. Our biggest increase and the first time we raised prices in Q1, which is typically lighter on sports content. The price up and its timing, coupled with the World Cup cohort and typical Q1 seasonality is why we are delivering a conservative sub guide. That being said, we are still very excited about our growth prospects in 2023 and beyond.

總的來說，這是 16 美元到 19 美元的主要價格上漲。我們最大的漲幅，也是我們在第一季度首次提價，通常體育內容較少。價格上漲及其時機，再加上世界杯陣容和典型的第一季度季節性，是我們提供保守的子指南的原因。話雖如此，我們仍然對 2023 年及以後的增長前景感到非常興奮。

Following these moves in Q1, we have been very pleased with our early retention metrics and are monitoring closely. Excluding the estimated impact of the 2022 World Cup, we believe we will maintain double-digit subscriber growth in 2023. We also remain committed to super serving sports fans, which is at the core of our brand DNA.

在第一季度採取這些舉措後，我們對早期的留存指標感到非常滿意，並正在密切關注。排除 2022 年世界杯的估計影響，我們相信我們將在 2023 年保持兩位數的訂戶增長。我們還將繼續致力於超級服務體育迷，這是我們品牌 DNA 的核心。

Fubo is the home for local sports coverage as evidenced by our carriage of approximately 35 regional sports networks. Our RSN portfolio gives us leading coverage of baseball when notably a large virtual MVPD recently reduced their coverage significantly. Fubo now delivers at least one RSN to nearly every U.S. subscriber and is the lowest cost streaming option for local teams.

Fubo 是當地體育報導的大本營，我們擁有大約 35 個區域體育網絡就證明了這一點。我們的 RSN 產品組合為我們提供了領先的棒球報導，尤其是大型虛擬 MVPD 最近顯著減少了他們的報導。 Fubo 現在向幾乎每個美國訂戶提供至少一個 RSN，並且是本地團隊成本最低的流媒體選項。

FAST channels are a growing component of our margin expansion strategy as it relates to the leverage in our subscriber-related expenses. FAST channels help us achieve 2 goals. They provide a wide range of content, creating more fungibility and negotiating leverage with content partners. They also provide us with significantly more ad inventory relative to our current cable network deals. As a reminder, we do not have any inventory with broadcast networks.

FAST 渠道是我們利潤擴張戰略中不斷增長的組成部分，因為它關係到我們訂戶相關費用的槓桿作用。 FAST 渠道幫助我們實現了 2 個目標。他們提供範圍廣泛的內容，創造更多的可替代性和與內容合作夥伴的談判籌碼。相對於我們當前的有線網絡交易，它們還為我們提供了更多的廣告庫存。提醒一下，我們沒有任何廣播網絡庫存。

The 80-plus FAST channels on our platform generated 5% of total ad revenue in 2022, significantly up from 1% in 2021. That's why we are working to improve discovery of our FAST channels to deliver even more ad inventory. In general, our advertising business continues to outperform, growing 30% in Q4 on a year-over-year basis, despite a very difficult quarter that impacted the entire industry.

我們平台上的 80 多個 FAST 頻道在 2022 年產生了總廣告收入的 5%，遠高於 2021 年的 1%。這就是為什麼我們正在努力提高 FAST 頻道的曝光率，以提供更多的廣告庫存。總的來說，我們的廣告業務繼續表現出色，第四季度同比增長 30%，儘管這個季度非常困難，影響了整個行業。

Our largest advertisers from 2021 increased total spend with us in 2022 by 85%, and we added a record number of new brands. While we are excited about our success last year, we still have much to do. This includes improving our ad tech, integrating more data products and packaging up our inventory. On the product front, Fubo has historically been first to market among virtual MVPDs with new features and capabilities from 4K streams to Multiview.

從 2021 年開始，我們最大的廣告商在 2022 年對我們的總支出增加了 85%，並且我們增加了創紀錄數量的新品牌。雖然我們對去年的成功感到興奮，但我們還有很多工作要做。這包括改進我們的廣告技術、整合更多數據產品和打包我們的庫存。在產品方面，Fubo 歷來率先在虛擬 MVPD 中上市，具有從 4K 流到 Multiview 的新特性和功能。

Our internally built tech stack has enabled us to be ahead of the innovation curve. We see AI and computer vision products as a natural evolution of our commitment to interactivity. In December 2021, we acquired a company called edison.ai, anticipating the power of artificial intelligence and computer vision to evolve the consumer experience and augment our advertising capabilities. With this technology, we can programmatically understand what happens in each frame of a live stream in real time.

我們內部構建的技術堆棧使我們能夠走在創新曲線的前面。我們將人工智能和計算機視覺產品視為我們對交互性承諾的自然演變。 2021 年 12 月，我們收購了一家名為 edison.ai 的公司，期待人工智能和計算機視覺的力量能夠改善消費者體驗並增強我們的廣告能力。借助這項技術，我們可以通過編程方式實時了解直播流的每一幀中發生的情況。

We are now focused on building product features that can allow Sports West to lean forward and choose to engage on a per play basis, not just on a per game basis. Additionally, we can leverage this tech to reduce costs, maximize the value of our FAST channels, introduce new ad products and optimize subscriber growth. We currently have multiple patents pending with this technology. We're excited about the initial results of our new capabilities, and we'll also continue to explore opportunities with certain cloud providers about implementation on a B2B basis.

我們現在專注於構建產品功能，讓 Sports West 能夠向前傾斜並選擇在每場比賽的基礎上參與，而不僅僅是在每場比賽的基礎上。此外，我們可以利用這項技術來降低成本、最大化我們 FAST 頻道的價值、推出新的廣告產品並優化訂閱者增長。我們目前有多項這項技術正在申請專利。我們對新功能的初步結果感到興奮，我們還將繼續探索與某些雲提供商合作的機會，以在 B2B 基礎上實施。

We look forward to sharing more on our progress in the quarters to come. And finally, the fourth quarter also marked the 1-year anniversary of our Molotov acquisition. The acquisition has been a success, delivering strong growth of our Rest of World streaming business, more than doubling subscribers and achieving meaningful revenue growth, all with a modest marketing budget.

我們期待在未來幾個季度分享更多關於我們進展的信息。最後，第四季度也標誌著我們收購 Molotov 一周年。此次收購取得了成功，使我們在世界其他地區的流媒體業務實現了強勁增長，訂閱人數增加了一倍以上，並實現了可觀的收入增長，所有這些都以適度的營銷預算進行。

Molotov's premium freemium model has proven to be effective and efficient, something we continue to evaluate as we think about the future of our business. I could not be more excited for 2023. There are still more than 62 million traditional pay-TV consumers here in the United States and a disproportionate number of cable customers who are cutting the cord continue to choose Fubo over many of our competitors.

Molotov 的高級免費增值模式已被證明是有效和高效的，我們在思考我們業務的未來時繼續評估這一點。我對 2023 年感到無比興奮。在美國這裡仍然有超過 6200 萬傳統付費電視消費者，而且不成比例的有線電視客戶繼續選擇 Fubo 而不是我們的許多競爭對手。

In summary, we are very pleased with our record Q4 and full year 2022 results. We are continuing to prioritize profitable growth and remain confident of our mission to deliver a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity. I will now turn the call over to John Janedis, CFO, to discuss our financial results in greater detail.

總之，我們對創紀錄的第四季度和 2022 年全年業績感到非常滿意。我們將繼續優先考慮盈利增長，並對我們的使命充滿信心，即提供領先的全球直播電視流媒體平台，以最廣泛的優質內容和互動性脫穎而出。我現在將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。

Thank you, David, and good morning, everyone. We had a strong quarter across our KPIs, including subscribers total revenue and ad revenue and delivered results well above our forecast. For the full year, total revenue was $1 billion, a 58% increase versus $638 million in 2021. This includes North America streaming revenue of $984 million and Rest of World streaming revenue of $24 million. Within the fourth quarter, North America subscription revenue was $278 million, representing 36% growth year-over-year. This was driven by subscriber growth as well as total ARPU, which was $72.50, representing 4% growth year-over-year. In the fourth quarter, North America advertising revenue was $33.6 million, representing 30% growth year-over-year.

謝謝你，大衛，大家早上好。我們的 KPI 季度表現強勁，包括訂戶總收入和廣告收入，並且交付的結果遠高於我們的預期。全年總收入為 10 億美元，比 2021 年的 6.38 億美元增長 58%。其中包括北美流媒體收入 9.84 億美元和世界其他地區流媒體收入 2400 萬美元。第四季度，北美訂閱收入為 2.78 億美元，同比增長 36%。這是由用戶增長和總 ARPU 推動的，總 ARPU 為 72.50 美元，同比增長 4%。第四季度，北美廣告收入為 3360 萬美元，同比增長 30%。

We added a record number of new advertisers completely sold out our World Cup ad inventory and had a record-breaking political season. This reflects our efforts and success to continue to expand our relationships with our largest advertisers. Now moving to Rest of World. Revenue in the fourth quarter was $7.2 million. While our focus is primarily on integration, we are pleased with the performance of Molotov, particularly as subscriber growth and cash flow has continued to trend ahead of our expectations.

我們增加了創紀錄數量的新廣告商，完全售罄了我們的世界杯廣告庫存，並創造了一個破紀錄的政治季節。這反映了我們為繼續擴大與最大廣告商的關係所做的努力和成功。現在搬到世界其他地方。第四季度的收入為 720 萬美元。雖然我們的重點主要放在整合上，但我們對 Molotov 的表現感到滿意，尤其是在用戶增長和現金流繼續超出我們預期的情況下。

Turning to our path to profitability. As we announced in October, we ceased operation of our sports book in 4Q in support of this. As a result, to allow for a meaningful assessment of our streaming business, the following results are on a continuing operations basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations.

轉向我們的盈利之路。正如我們在 10 月份宣布的那樣，我們在第四季度停止了體育博彩的運營以支持這一點。因此，為了對我們的流媒體業務進行有意義的評估，以下結果是在持續經營的基礎上進行的，不包括我們以前的遊戲部門的歷史業績，這些業務被視為已終止經營。

On our subscriber relative expense line, we reported modest operating leverage in the quarter. Importantly, we expect deleverage in SRE to accelerate meaningfully in 2023 as we remain focused on improving operating leverage across all of our key cost buckets. Importantly, we also achieved positive gross profit of $3 million for 4Q and while we expect typical seasonal patterns in our business, we believe gross profit and all our key operating metrics will continue to improve on a year-over-year basis in 2023.

在我們的訂戶相對費用線上，我們報告了本季度的適度運營槓桿。重要的是，我們預計 SRE 的去槓桿化將在 2023 年顯著加速，因為我們仍然專注於提高所有關鍵成本桶的運營槓桿。重要的是，我們還在第四季度實現了 300 萬美元的正毛利潤，雖然我們預計我們的業務將出現典型的季節性模式，但我們相信毛利潤和我們所有的關鍵運營指標將在 2023 年同比繼續改善。

Moving down the income statement. Net loss in the fourth quarter was $95.9 million. This led to a fourth quarter 2022 earnings per share loss of $0.48 inclusive of a $0.02 impact from operating expenses associated with the Molotov business acquired in 4Q '21 compared to a loss of $0.64 in the fourth quarter of 2021. Fourth quarter adjusted EBITDA loss came in at $75.4 million compared to a loss of $73.4 million in the fourth quarter of 2021 and adjusted EBITDA margin was minus 24%, an 814-basis-point improvement year-over-year.

向下移動損益表。第四季度淨虧損為 9590 萬美元。這導致 2022 年第四季度每股收益虧損 0.48 美元，其中包括與 2021 年第四季度收購的 Molotov 業務相關的運營費用帶來的 0.02 美元影響，而 2021 年第四季度為虧損 0.64 美元。第四季度調整後的 EBITDA 虧損來自與 2021 年第四季度虧損 7340 萬美元相比，收入為 7540 萬美元，調整後的 EBITDA 利潤率為負 24%，同比提高 814 個基點。

Adjusted EPS in the fourth quarter of 2022 was a loss of $0.39 but note that adjusted EPS excludes the impact of stock-based compensation, amortization of intangibles, amortization of debt discount and other noncash items. In the fourth quarter, we achieved cash usage of approximately $24 million, including $3 million related to the closure of our gaming segment and our most favorable in our time as a public company.

2022 年第四季度調整後的每股收益為虧損 0.39 美元，但請注意，調整後的每股收益不包括基於股票的薪酬、無形資產攤銷、債務折扣攤銷和其他非現金項目的影響。第四季度，我們實現了約 2400 萬美元的現金使用，其中包括與關閉博彩業務相關的 300 萬美元，這也是我們作為上市公司以來最有利的情況。

Our expectation continues to be that operating cash flow losses will moderate meaningfully in 2023. On a full year basis, 2022 adjusted EBITDA was negative $323 million. We believe 2022 represents peak losses for our business, and both adjusted EBITDA and cash usage will improve on a year-over-year basis going forward.

我們仍然預計，經營現金流損失將在 2023 年大幅減少。按全年計算，2022 年調整後的 EBITDA 為負 3.23 億美元。我們認為 2022 年是我們業務的虧損高峰期，調整後的 EBITDA 和現金使用量將逐年改善。

From a capital structure standpoint, we remain highly disciplined to afford Fubo TV, the financial flexibility to fund measured and disciplined growth initiatives. As of December 31, 2022, we had 209.7 million shares of common stock issued and outstanding. As it relates to our balance sheet, we ended the quarter with $343.2 million of cash, cash equivalents and restricted cash. This includes $63.2 million of net proceeds from securities sales pursuant to our at-the-market program.

從資本結構的角度來看，我們仍然高度自律地負擔 Fubo TV，這是為有節制和有紀律的增長計劃提供資金的財務靈活性。截至 2022 年 12 月 31 日，我們已發行和發行在外的普通股為 2.097 億股。由於與我們的資產負債表相關，我們在本季度結束時擁有 3.432 億美元的現金、現金等價物和受限制的現金。這包括根據我們的上市計劃從證券銷售中獲得的 6320 萬美元淨收益。

Now moving on to our guidance. Our Q1 2023 guidance reflects our continued emphasis on ARPU and unit economic expansion. In projecting 1Q, we took into account the impact of seasonality, the strong benefit from the World Cup in 4Q 2022, our recently announced price increases and our announced content portfolio optimization.

現在繼續我們的指導。我們的 2023 年第一季度指引反映了我們對 ARPU 和單位經濟擴張的持續重視。在預測第一季度時，我們考慮了季節性的影響、2022 年第四季度世界杯帶來的巨大收益、我們最近宣布的價格上漲以及我們宣布的內容組合優化。

Our North America 1Q guidance calls for subscribers of 1,140,000 million to 1,160,000 and net revenue of $295 million to $300 million. While the 1Q subscriber guidance represents 9% growth year-over-year at the midpoint, the revenue guidance represents 26% growth year-over-year at the midpoint.

我們的北美第一季度指導要求訂戶數量為 11400 億至 116 萬，淨收入為 2.95 億至 3 億美元。雖然 1Q 訂戶指引代表中點同比增長 9%，但收入指引代表中點同比增長 26%。

This reflects our emphasis on ARPU expansion and strengthened unit economics with revenue growing at roughly 3x forecasted subscriber growth. For the full year, our expectation is for subscribers of 1,510,000 to 1,530,000 representing 5% year-over-year growth at the midpoint and a revenue of $1.195 billion to $1.225 billion, representing 23% year-over-year growth at the midpoint. This again reflects our emphasis on ARPU and unit economic expansion with revenue growing at roughly 4x to 5x forecasted subscriber growth.

這反映了我們對 ARPU 擴展和單位經濟效益的重視，收入增長大約是預測用戶增長的 3 倍。對於全年，我們的預期是訂戶為 1,510,000 至 1,530,000，中點同比增長 5%，收入為 11.95 億美元至 12.25 億美元，中點同比增長 23%。這再次反映出我們對 ARPU 和單位經濟擴張的重視，收入增長約為預測用戶增長的 4 至 5 倍。

Within our Rest of World segment, our expectation is for 1Q 2023 revenue of $5.5 million to $6.5 million and subscribers of 368,000 to 373,000 and full year 2023 revenue of $24.5 million to $28.5 million and subscribers of 395,000 to 415,000. In closing, Fubo delivered a record fourth quarter and full year results across a number of key financial and operational metrics.

在我們的世界其他地區，我們預計 2023 年第一季度收入為 550 萬至 650 萬美元，訂戶為 368,000 至 373,000 人，2023 年全年收入為 2450 萬至 2850 萬美元，訂戶為 395,000 至 415,000 人。最後，Fubo 在許多關鍵財務和運營指標上實現了創紀錄的第四季度和全年業績。

As we look ahead to 2023 and beyond, we remain focused on the unit economics of our streaming business, margin expansion, gross profit and cash usage as we track towards our previously stated goal of achieving positive cash flow in 2025.

展望 2023 年及以後，我們將繼續關注流媒體業務的單位經濟效益、利潤率擴張、毛利和現金使用情況，以實現我們先前提出的在 2025 年實現正現金流的目標。

We are now ready for a question-and-answer session.

我們現在準備好進行問答環節。

Operator, excuse me. I'd just like to quickly make an announcement. John and I are thrilled to announce that we raised gross proceeds of approximately $68.1 million this morning in block trades at a negotiated discount to Friday's closing price under our ATM program. This helps fortify our balance sheet and advances us on our path to achieving our positive free cash flow target in 2025. More importantly, we believe this financing demonstrates our continued ability to access capital as needed.

接線員，對不起。我只想快速宣布一個消息。約翰和我很高興地宣布，我們今天早上在大宗交易中籌集了大約 6,810 萬美元的總收益，價格是我們 ATM 計劃下週五收盤價的協商折扣。這有助於鞏固我們的資產負債表，並推動我們在 2025 年實現積極的自由現金流目標。更重要的是，我們相信此次融資表明我們有能力根據需要持續獲得資金。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Shweta Khajuria from Evercore ISI.

您的第一個問題來自 Evercore ISI 的 Shweta Khajuria 系列。

Could you please talk about the early impacts you've seen from the price increase on churn. I understand the guidance and the combination of ARPU and sub growth. But what have you seen on churn and retention rates from price increase? And could you please also remind us the timing of when the price increase actually went into effect?

您能否談談您從價格上漲中看到的對客戶流失的早期影響。我了解 ARPU 和子增長的指導和組合。但是你從價格上漲中看到了什麼關於客戶流失率和保留率的信息？您能否也提醒我們提價實際生效的時間？

Shweta, this is John. I'll start. Thanks for the question. Yes. So for a reminder, we announced the price increase on January 6 for new subscribers and then it kicked in on February 6 or so for existing subscribers. The price increase was $5, and then there was another increase on top of that for the RSN subscribers. I would tell you that to date, if we look at the cohort of existing subscribers starting from February 6, we only have, call it, 2 to 3 weeks of data. I would tell you, we expected elevated churn, but I would say that the churn that we're witnessing actually has come in below what we would have expected. And I'd also tell you that our marketing team is doing a great job in terms of coming up a different ways to reach potential subscribers. And we're also seeing, I would say, better trials, if you will, to start the year. David, anything else want to add or.

Shweta，這是約翰。我會開始。謝謝你的問題。是的。提醒一下，我們在 1 月 6 日宣布對新訂閱者提價，然後在 2 月 6 日左右對現有訂閱者開始提價。價格上漲了 5 美元，RSN 訂閱者的價格又上漲了 5 美元。我會告訴你，到目前為止，如果我們查看從 2 月 6 日開始的現有訂戶隊列，我們只有 2 到 3 週的數據。我會告訴你，我們預計會有更高的流失率，但我會說我們目睹的流失率實際上低於我們的預期。而且我還要告訴你，我們的營銷團隊在提出不同的方式來吸引潛在訂閱者方面做得很好。我們還看到，我想說，如果你願意的話，在今年開始時會有更好的試驗。大衛，還有什麼想補充的或。

No, I think you hit the nail on the head. Shweta, I would also say that the guidance that we provided was relatively conservative just because of the price sub. The size of the price sub was pretty significant. The $5 base price up was the $11 to $14 in the RSNs was pretty significant. And so if you think about that, plus the timing of the price that we typically price customers up in the third quarter. So this was our first time pricing up customers in the first quarter. And then you have -- you add on top of that the regular seasonality plus some other noise such as the CBS affiliates, and we felt we would err to the side of conservatism on this.

不，我認為你一針見血。 Shweta，我還要說，我們提供的指導相對保守，只是因為價格低。價格子的大小非常重要。 5 美元的基本價格上漲是 RSN 中的 11 美元到 14 美元，這是非常重要的。因此，如果您考慮一下，再加上我們通常在第三季度向客戶定價的價格時間。所以這是我們第一次在第一季度為客戶定價。然後你 - 你加上常規的季節性加上一些其他噪音，例如 CBS 分支機構，我們覺得我們會在這方面偏向於保守主義。

But as John said, we've been very happy with retention, albeit it's only been about 3 to 4 weeks at the moment, but things are looking very good, and we're very confident about continuing to drive growth, double digits ex World Cup for 2023.

但正如約翰所說，我們對保留率非常滿意，儘管目前只有大約 3 到 4 週，但情況看起來非常好，我們對繼續推動增長非常有信心，全球兩位數2023 年杯賽。

Okay. A quick follow-up. When was -- is this the first price increase ever? Or if not, when was the last one you did, how much was it? And what was the impact and that's it for me?

好的。快速跟進。什麼時候——這是有史以來第一次漲價嗎？或者如果沒有，你最後一次做是什麼時候，多少錢？這對我有什麼影響？

Yes, sure, Shweta. I would just say to your question, we did announce the price up of $5. I think it was on April 2 of last year. And again, that was for new subscribers for the Pro and Elite package. And then it was for existing subscribers 30 days later, so call it around May 2nd of last year. I would note just to continue that theme, if you will, that we saw a little bit less churn than we would have expected in the second quarter as well.

是的，當然，Shweta。對於你的問題，我只想說，我們確實宣布了 5 美元的價格上漲。我想那是去年的 4 月 2 日。同樣，這是針對 Pro 和 Elite 套餐的新訂閱者。然後是 30 天后的現有訂戶，所以將其稱為去年 5 月 2 日左右。我要指出的是，如果你願意的話，只是為了繼續這個主題，我們在第二季度看到的流失率也比我們預期的要少一些。

I know that some investors had concerns around would there be a tail, if you will, through the summer. And just as a reminder, I'd say that we saw the lowest churn ever for the company in the third quarter of last year.

我知道一些投資者擔心整個夏天都會有尾巴，如果你願意的話。提醒一下，我要說的是，我們在去年第三季度看到了公司有史以來最低的流失率。

Your next question comes from the line of Laura Martin from Needham & Company.

您的下一個問題來自 Needham & Company 的 Laura Martin。

Very nice numbers. So guys, I'll ask my 2 together. YouTube TV, you guys are differentiated sports first virtual MVPD and YouTube TV, your biggest competitor has announced Sunday Ticket. How do you retain? What's the impact on you if they become viewed as a sports first competitor? That's first. And then Bally's RSN. If they run into financial distress, tell me how the money works for your commitment and what you think that does to the value of your bundle, please?

非常好的數字。所以伙計們，我會一起問我的2。 YouTube TV，你們是差異化體育第一虛擬 MVPD 和 YouTube TV，你們最大的競爭對手已經宣布了 Sunday Ticket。你如何保留？如果他們被視為體育第一競爭者，對您有何影響？這是第一。然後是 Bally 的 RSN。如果他們陷入財務困境，請告訴我這筆錢是如何為您的承諾服務的，以及您認為這對您的捆綁包的價值有何影響，好嗎？

Yes. Well -- I'll let John talk about sort of the RSN situation. So just in terms of YouTube TV, look, we are 2 companies that as of now are positioned to be sports first. We took -- we've taken very different roads. I'm actually very bullish on the direction we've taken. The RSN TAM is significantly larger than that of Sunday Ticket. And you're talking about 25 million to 35 million sports fans that care about their local sports that are still in the cable ecosystem.

是的。好吧——我讓約翰談談 RSN 的情況。因此，就 YouTube TV 而言，看，我們是 2 家公司，目前定位為體育第一。我們採取了——我們採取了截然不同的道路。我實際上非常看好我們所採取的方向。 RSN TAM 明顯大於 Sunday Ticket。你說的是 2500 萬到 3500 萬體育迷，他們關心仍在有線電視生態系統中的當地體育運動。

At the same time, historically, we've seen that the Sunday Ticket averages about 2 million customers. So again, I think that we've taken the proper direction to superserve sports fans. We have some solid data around the RSNs. And with respect to the Sunday Ticket, we never actually had the Sunday Ticket. So we don't see that to be an impact.

同時，從歷史上看，我們發現週日票平均有大約 200 萬客戶。因此，我再次認為我們已經採取了正確的方向來為體育迷提供服務。我們有一些關於 RSN 的可靠數據。關於週日票，我們實際上從未有過週日票。所以我們認為這不會產生影響。

And lastly, I would say that YouTube TV is not selling that exclusively, I believe, YouTube Premium, will also be selling Sunday Ticket. So basically, you don't actually need a YouTube TV subscription to get it if you want it. So our customers would have access to that if they so intended.

最後，我要說的是 YouTube TV 並不獨家銷售，我相信 YouTube Premium 也將銷售 Sunday Ticket。所以基本上，如果需要，您實際上不需要訂閱 YouTube TV 即可獲得它。因此，如果我們的客戶願意，他們將可以訪問它。

And Laura, just on the Bally's front, I don't want to get too into the terms of the contract itself, but I'd say that we do expect the games to air, and I would also add that the term of the deal is very short term.

勞拉，就 Bally 而言，我不想過多討論合同本身的條款，但我想說我們確實希望比賽能夠播出，我還要補充一點，交易條款是非常短期的。

Your next question comes from the line of Clark Lapin from BTIG.

你的下一個問題來自 BTIG 的 Clark Lapin。

David, I wanted to go back to the comment that you made before Q&A began. I think you talked about $70 million or so of financing as of this morning. So maybe pro forma something like $400 million of cash on the balance sheet. Does that put you guys in a better position to now sort of navigate towards breakeven cash flow levels, maybe in '24 or '25? Or is there a sort of moderate incremental sort of financing that you guys might need from here?

大衛，我想回到你在問答開始之前發表的評論。我想你今天早上談到了大約 7000 萬美元的融資。因此，資產負債表上可能會有大約 4 億美元的現金。這是否讓你們處於更好的位置，現在可能在 24 年或 25 年實現收支平衡的現金流水平？或者你們可能需要從這裡獲得某種適度的增量融資？

And then stepping back, I wanted to see, I guess, if you could talk about sort of underlying sort of cable and ad market trends. Maybe for the latter, you talked about how the fourth quarter was strong from a sellout standpoint? How is the early part of '23 trended sort of relative to that? Or maybe what should we expect, I guess, sort of going forward?

然後退後一步，我想看看你是否可以談論某種潛在的有線電視和廣告市場趨勢。也許對於後者，從銷售的角度來看，您談到了第四季度的表現如何？ '23 的早期趨勢如何與之相關？或者，也許我們應該期待什麼，我猜，某種程度上的前進？

Clark, maybe I'll start with that and then maybe I'll take the second question first and maybe give you a little bit more flavor around it. For context, in the fourth quarter, I know everyone's heard by now in terms of what the market looks like. I would say for us, I think we certainly outperformed the CTV marketplace, and we grew around 30% that CTV market probably grew in the call low-ish 20s or so.

克拉克，也許我會從那個開始，然後也許我會先回答第二個問題，也許會給你更多的味道。就背景而言，在第四季度，我知道現在每個人都聽說過市場的情況。我想對我們說，我認為我們的表現肯定優於 CTV 市場，我們增長了大約 30%，CTV 市場可能在 20 多歲左右的低位增長。

And from a month-to-month basis, October was the best month, November second best and as expected, December third best, but it was also up double digits for us. As we roll into Q1, what I would say is that if you think about that cadence, January for us is probably the bottom. And then we're seeing a bit of improvement in February. And then although early, call it, expectation would be that we would see further improvement into March. And so things can firming up a bit.

從月環比來看，10 月是最好的月份，11 月第二好，正如預期的那樣，12 月第三好，但對我們來說也增長了兩位數。當我們進入第一季度時，我想說的是，如果你考慮這種節奏，1 月份對我們來說可能是底部。然後我們在 2 月份看到了一些改善。然後，儘管還早，但預計我們會在 3 月份看到進一步的改善。所以事情可以變得更加穩固。

From a categorical perspective, for Q1, what I would tell you is some of the categories that are looking better for us would be, say, business. Auto is actually looking decent first in the finance, retail and then health and business. So that's the ad piece. As it relates to the cash component, I would say a couple of things there. You're right.

從分類的角度來看，對於第一季度，我要告訴你的是，一些對我們來說看起來更好的類別將是商業。汽車實際上首先在金融、零售領域看起來不錯，然後是健康和商業領域。這就是廣告片。由於它涉及現金部分，我會在那裡說幾件事。你說得對。

What we've said is that the -- we had to raise some capital to get to self-funding in '25. I would note that for the fourth quarter, our cash usage was, call it, around $20 million ex -- call it, some gaming costs. And so the best quarter by far ever as it relates to cash usage. We had our 10-K filed this morning. You may have noticed in there. We had a clean audit. And so that suggests we have cash to get at least through the next 12 months. So that gets us into '24.

我們所說的是 - 我們必須籌集一些資金才能在 25 世紀實現自籌資金。我要指出的是，在第四季度，我們的現金使用量約為 2000 萬美元，不包括一些博彩成本。因此，這是迄今為止與現金使用相關的最佳季度。我們今天早上提交了 10-K。你可能已經註意到了。我們進行了乾淨的審核。因此，這表明我們至少有足夠的現金來度過接下來的 12 個月。所以這讓我們進入了 24 年。

And as I said and David said before, we'll be self-funding in '25. So this further bridges that gap and narrows that pretty significantly. And then I'd also say that we may want at some point to have a little bit of cushion as well. And if we find things to invest in the business that have high returns, we consider doing it.

正如我和大衛之前所說，我們將在 25 年自籌資金。因此，這進一步彌合了差距並顯著縮小了差距。然後我還要說，我們可能希望在某個時候也有一點緩衝。如果我們發現可以投資於具有高回報的業務，我們會考慮這樣做。

And if I could just ask a sort of quick follow-up. I know you guys don't formally guide to EBITDA or cash burn levels. But in terms of direction, are there seasonal factors or maybe relative levels that you could comment on to give us a better sense for how the year should trend or maybe shake out?

如果我能問一個快速跟進的問題。我知道你們沒有正式指導 EBITDA 或現金消耗水平。但就方向而言，是否存在您可以評論的季節性因素或相對水平，以使我們更好地了解今年應該如何發展或擺脫困境？

Yes, sure. Yes. So let me help you directionally on that. For context, the -- our cash usage was about $330 million for the year in terms of 2022. For 2023, you're right, there's seasonality. And you know this from covering us, Q1 is always our worst cash burn in the quarter for the year. And so I would suggest that for those who are modeling do not annualize the Q1 cash burn, it will be better year-over-year Q1 to Q1, '23 versus '22, and then we expect that quarterly improvement in terms of the cadence for each quarter throughout the year. And that clearly -- should get you to a number in the fourth quarter of this year. That's somewhat as it relates to 4Q cash usage.

是的，當然。是的。因此，讓我在這方面為您提供指導。就背景而言，我們的現金使用量在 2022 年約為 3.3 億美元。對於 2023 年，你是對的，有季節性。你從我們的報導中知道這一點，第一季度始終是我們本季度最嚴重的現金消耗。因此，我建議那些正在建模的人不要將第一季度的現金消耗年化，第一季度到第一季度的同比情況會更好，23 年與 22 年相比，然後我們預計季度節奏會有所改善全年的每個季度。很明顯 - 應該讓你在今年第四季度獲得一個數字。這在某種程度上與第四季度現金使用有關。

Yes. Clark, I just want to add one more thing. We have been working tirelessly to continue to improve the financial profile of the company. If you look at just in terms of our expenses, the leverage we see on almost every line, we are now very focused on subscriber-related expenses. We are spending, call it, $900 million a year. There is an immediate company in the United States that would not want that kind of money because it's very difficult to replace.

是的。克拉克，我只想再補充一件事。我們一直在不懈努力，以繼續改善公司的財務狀況。如果你只看我們的開支，我們幾乎在每條線路上都看到了槓桿作用，我們現在非常關注與訂戶相關的開支。我們每年花費 9 億美元。美國有一家直接的公司不會想要那種錢，因為它很難被取代。

We have about, I would say, half our deals are up in the next 30 months or so. And we anticipate that we'll be able to upgrade some leverage. We're already seeing it on the B&T line, you're seeing a very slight downtick on the SRV line.

我想說，我們有大約一半的交易在未來 30 個月左右的時間內完成。我們預計我們將能夠提升一些槓桿作用。我們已經在 B&T 線上看到它，您在 SRV 線上看到非常輕微的下降。

We've raised prices now in the first quarter, again, an attempt to really drive down cash burn and increase profitability. And we're very focused on our content partners. One thing I will say that's quite interesting is -- we dropped 2 -- well, one we dropped. We dropped one cable partner at the end of 2022 on December 31. We've seen relatively no impact. And at the same time, the CBS affiliates didn't renew.

我們在第一季度再次提高了價格，試圖真正降低現金消耗並提高盈利能力。我們非常關注我們的內容合作夥伴。我要說的一件非常有趣的事情是——我們放棄了 2 個——好吧，我們放棄了一個。我們在 2022 年底的 12 月 31 日放棄了一個有線電視合作夥伴。我們沒有看到相對影響。與此同時，CBS 附屬公司沒有續訂。

And that tactic, I'm not sure worked in their favor. We haven't seen any negative implications so far. There's been some noise about it, but we feel relatively strong in our position to be able to negotiate better rates going forward. So we're excited about this year, and we are very much on track with respect to what we know today towards meeting our 2025 target.

而這種策略，我不確定對他們有利。到目前為止，我們還沒有看到任何負面影響。有一些關於它的噪音，但我們覺得我們的立場相對強大，能夠在未來談判更好的利率。因此，我們對今年感到興奮，並且就我們今天所知道的實現 2025 年目標而言，我們已經步入正軌。

And Clark, one last thing. It didn't add this directly but indirectly because they're related. We did have a positive gross profit in the fourth quarter. And I would, again, say that we expect positive gross profit for the year, variability quarter-to-quarter given seasonality, but I would say we should be comfortably gross profit positive in 2023.

還有克拉克，最後一件事。它沒有直接添加，而是間接添加，因為它們是相關的。我們確實在第四季度獲得了正的毛利潤。我會再次說，我們預計今年的毛利潤為正，考慮到季節性，季度與季度之間存在差異，但我想說我們應該在 2023 年輕鬆實現毛利潤為正。

Your next question comes from the line of Phil Cusick from JPMorgan.

你的下一個問題來自摩根大通的 Phil Cusick。

I wonder if you can just talk -- go back quickly to the free cash flow. Your working capital this quarter -- in the fourth quarter was a nice support of cash. I wonder if you can expand on that and whether that's durable from here and can continue? And then you've got a number of content contracts coming up in 2023 and '24. What do you think is the potential to actually reduce per subscriber fees on those rather than just see slower increases than you've seen in the past?

我想知道你是否可以談談 - 快速回到自由現金流。你本季度的營運資金——在第四季度是對現金的一個很好的支持。我想知道您是否可以對此進行擴展，從這裡開始是否持久並且可以繼續？然後你會在 2023 年和 24 年簽訂許多內容合同。您認為實際降低每個訂戶費用的潛力是什麼，而不是僅僅看到比過去看到的更慢的增長？

Yes. Well, look, as I said, when you look at the streaming losses, relative to the payments that we are sending out monthly and you look at our growth rate relative to affiliate growth rates, it's clearly we're overpaying. And so we're at the moment in time where we feel very comfortable that we only need 80% of the gross rating points to continue to grow meaningfully and take disproportionate share where we continue to do quarter in and quarter out, which was particularly evident in the fourth quarter with 2 other reporting companies.

是的。好吧，就像我說的，當你看流媒體損失，相對於我們每月發送的付款，你看我們的增長率相對於聯盟增長率，很明顯我們支付過高。因此，我們現在感到非常自在，我們只需要 80% 的總收視率就可以繼續有意義地增長，並在我們繼續每季度和每季度進行的情況下佔據不成比例的份額，這一點尤為明顯第四季度與其他 2 家報告公司。

So we're going to make that note. And the good news is that we dropped a number of partners over the years. And as you see from the Bally's RSN, we will work on deals that make sense that are mutually beneficial, and we'll bring content partners back and continue to optimize our content bundle well into 2025. But this is clearly one of our main items that coupled with advertising.

所以我們要記下來。好消息是這些年來我們放棄了一些合作夥伴。正如您從 Bally 的 RSN 中看到的那樣，我們將開展有意義且互惠互利的交易，我們將召回內容合作夥伴，並在 2025 年之前繼續優化我們的內容包。但這顯然是我們的主要項目之一再加上廣告。

And again, just based on early indications from a retention perspective as well as the relatively limited impact with respect to the content drop on December 31, coupled with the affiliate drop as well. On the CBS side, we feel very comfortable that we're in very good to negotiate and improve deals.

同樣，僅基於保留率角度的早期跡象，以及對 12 月 31 日內容下降的影響相對有限，再加上會員下降。在 CBS 方面，我們感到非常自在，因為我們非常擅長談判和改進交易。

Yes. And so I would just add on that topic. The year or so that I've been here, I've probably seen about, call it, 10 deals of varying size over the course of the past 12 months. And the majority of those did see rollbacks as it relates to pricing of those deals. So that may be able to help you a little bit around that to have some context. In terms of working capital, look, there are obviously some swings. It's something we work on constantly. There's also some seasonality to it. So maybe we can help you more with that offline, but we can end try and grind that to our favor.

是的。所以我只想補充一下這個話題。我來這裡的一年左右，在過去的 12 個月裡，我可能看到了 10 筆不同規模的交易。其中大多數確實看到了回滾，因為它與這些交易的定價有關。因此，這可能會幫助您了解一些背景信息。在營運資金方面，看，顯然有一些波動。這是我們不斷努力的事情。它也有一些季節性。因此，也許我們可以在離線方面為您提供更多幫助，但我們可以結束嘗試並將其磨成對我們有利的方式。

If I can follow up, I see the headlines coming across now on the $68 million. So can you just remind us, you did, I think, $60 million in the fourth quarter, another $68 million this morning, and you say there is probably more ATM to come to build your cushion. But without that, do you think you could be -- get to that breakeven point in 2025 on your numbers?

如果我能跟進，我會看到 6800 萬美元現在的頭條新聞。所以你能不能提醒我們，我認為你在第四季度做了 6000 萬美元，今天早上又做了 6800 萬美元，你說可能會有更多的 ATM 來建立你的緩衝。但如果沒有它，你認為你能在 2025 年達到盈虧平衡點嗎？

I would say that we will get close to those numbers without any further capital raise. And so what we said before is the need is relatively modest and I would say now that we feel very confident that we can get there in the short to medium term if the capital is at a price that we're willing to accept.

我會說我們將接近這些數字而無需進一步籌集資金。因此，我們之前所說的是需求相對適度，我現在要說的是，如果資本處於我們願意接受的價格，我們非常有信心在中短期內實現這一目標。

Our next question comes from the line of Darren Aftahi from ROTH Capital Partners.

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

This is Dillon, on for Darren. Could you talk a little bit about on the advertising side, what the contribution was from political and the World Cup as well given those are more cyclical in nature?

我是狄龍，代表達倫。你能談談廣告方面嗎？政治和世界杯的貢獻是什麼？考慮到這些在本質上更具週期性？

Yes, I'll start. I don't know if I have a World Cup number here, but I would tell you that we've talked about political. That number, it was around, I think, $4 million or so for the fourth quarter. I don't have the World Cup number in front of me. I am not sure if David has that, but we can get that to you later on.

是的，我會開始。我不知道我這裡是否有世界杯號碼，但我會告訴你我們已經討論過政治問題。這個數字，我認為，第四季度大約是 400 萬美元左右。我面前沒有世界杯號碼。我不確定 David 是否有，但我們稍後可以將其提供給您。

Yes. We typically package up World Cup with other sporting events throughout the quarter. So -- but we can certainly get back to you on that.

是的。我們通常會將世界杯與整個季度的其他體育賽事打包在一起。所以 - 但我們當然可以就此回复您。

Great. Appreciate it. And as a follow-up, when you sort of look at the guidance with subscribers, could you maybe provide some more color on the churn or just the drop-off in Q1 sort of how do you think about what's from the price increase, what's maybe World Cup subscribers? And then is any of it related to subscribers who might have been with you for over a year now rather than the typical seasonality from second half to first half?

偉大的。欣賞它。作為後續行動，當您與訂戶一起查看指南時，您能否提供更多關於流失或第一季度下降的顏色，您如何看待價格上漲的原因，什麼是也許世界杯訂戶？那麼它是否與可能已經和你在一起一年多的訂戶有關，而不是與下半年到上半年的典型季節性有關？

I'll take that one. So Q1 has a lot of noise in it, and we were attempting to be somewhat conservative given all the nuances and I'll just give you kind of 5 -- in my view, 5 nuances that we needed to think about as we went into the guide. One is we pulled forward on the World Cup cohort. We had -- first of all, I'd say, quadrennial event. And not only that, it also happened in December.

我會拿那個。所以 Q1 中有很多噪音，考慮到所有細微差別，我們試圖保持保守，我只給你 5 個——在我看來，我們在進入研究時需要考慮的 5 個細微差別導遊。一是我們在世界杯隊伍中取得了進步。我們有——首先，我想說，四年一次的活動。不僅如此，它還發生在 12 月。

So if you think about that as a pull forward, that was one item that we had to think about as it relates to Q1. The second item is the obvious seasonality of our business with the NFL and the Super Bowl closing out in February, which typically is a weaker quarter in terms of subs historically for the virtual MVPD space. The third is the price up, which was a relatively larger price up than we typically would price up.

因此，如果您將其視為一種推動力，那是我們必須考慮的一個項目，因為它與 Q1 相關。第二項是我們業務的明顯季節性，NFL 和超級碗在 2 月結束，就虛擬 MVPD 空間的歷史上的潛艇而言，這通常是一個較弱的季度。第三個是價格上漲，這是一個比我們通常會上漲的價格相對更大的價格。

And then also the timing of the price of which we mentioned earlier, was the fourth item. And then last but not least, which we did not prepare for which is the CBS affiliate situation, which caught somewhat by surprise. And therefore, when you put these 5 things together, we just felt we should be slightly more conservative. But historically, for most quarters, I think we've guided appropriately. And as in the last quarter, we were able to exceed guidance.

然後還有我們前面提到的價格的時間，是第四項。最後但並非最不重要的一點是，我們沒有準備好 CBS 附屬公司的情況，這讓我們有些吃驚。因此，當你把這 5 件事放在一起時，我們只是覺得我們應該稍微保守一些。但從歷史上看，對於大多數季度，我認為我們的指導是適當的。與上一季度一樣，我們能夠超出指導。

So in terms of -- and the reason why I'm a little bit more comfortable right now, although we only have about 4 weeks of our new pricing in play, we've been tracking our retention and churn levels daily, and they are performing very well relative to our initial forecast. And so obviously, there are some time delays February 28, obviously, is an important day because it is the last day of the month and typically includes churn for end of the month for the 31st, the 30th, the 29th and the 28th.

因此，就我現在感覺更舒服的原因而言，儘管我們的新定價只有大約 4 週的時間，但我們每天都在跟踪我們的保留率和流失水平，它們是相對於我們最初的預測，表現非常好。很明顯，2 月 28 日有一些時間延遲，顯然，這是一個重要的日子，因為它是該月的最後一天，通常包括 31 日、30 日、29 日和 28 日月底的變動。

So there's 4 sort of churn days, all in one. So that's the reason why we decided that we'd rather stay somewhat more conservative, but we feel really good about the quarter, and we feel very good about the year.

所以有 4 種流失日，全部集中在一起。所以這就是為什麼我們決定我們寧願保持更保守的原因，但我們對這個季度感覺非常好，我們對這一年感覺非常好。

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

您的下一個問題來自 Stephens 的 Nick Zangler。

Congrats on the strong results and progress here. It doesn't sound like there's been much of an impact from this CBS affiliate impact, but I'm curious what steps you are able to take if any, just to gain access? Because I would assume you want the content because it's local news, valued by consumers. And as of right now, you're the (inaudible) that doesn't have access to it, whereas your competitors do. So is there any way to negotiate with the affiliates directly? Or does this just all have to flow through CBS? And what can you do directly with them to gain access?

祝賀這裡取得的巨大成果和進步。聽起來好像 CBS 附屬影響沒有太大影響，但我很好奇您可以採取哪些步驟（如果有的話），只是為了獲得訪問權限？因為我假設您想要這些內容，因為它是本地新聞，受到消費者的重視。截至目前，您是無法訪問它的（聽不清），而您的競爭對手可以。那麼有什麼辦法可以直接和加盟商協商呢？還是這一切都必須流經 CBS？您可以直接與他們做什麼來獲得訪問權限？

Yes. So I think there's -- let me unpack that. There's sort of 2 components to this. One is this is a negotiation between CBS specifically, and the affiliates we don't participate in that. We've negotiated pricing with CBS and it's their job to secure the deals with the local broadcasters. That's one side of it. The other side of it is that you are correct, it's great to have local programming. I think the good news is that this local news is now readily available on a number of FAST platforms.

是的。所以我認為有——讓我打開包裝。這有兩個組成部分。一是這是 CBS 與我們不參與的分支機構之間的具體談判。我們已經與 CBS 協商定價，確保與當地廣播公司的交易是他們的工作。這是它的一方面。另一方面是你是對的，有本地編程很棒。我認為好消息是這個本地新聞現在可以在許多 FAST 平台上輕鬆獲得。

And so I think that customers that are looking to get that content are probably able to find it very quickly elsewhere. And so we have not seen much of an impact there. I think the problem is that everyone is looking to double dip. And we're -- we've demonstrated that we're happy to pay a premium to bring in content that we feel is valuable to the bundles, such as the regional sports networks.

因此，我認為希望獲得該內容的客戶可能能夠在其他地方很快找到它。所以我們在那裡沒有看到太大的影響。我認為問題在於每個人都在尋求二次探底。而且我們 - 我們已經證明我們很樂意支付額外費用來引入我們認為對捆綁包有價值的內容，例如區域體育網絡。

And at this time, I think what's happened is we've realized that what we may again have even more leverage than we initially had anticipated, particularly since we are growing double digits year-over-year. So at the moment, for us, we're kind of in a holding pattern, similar as you are waiting to see how this nets out. We're going to let this play out for a little bit longer. And then obviously, we'll reach out to you if there's anything that we can do to help. But under no circumstances, is this programming required for us given the retention levels that we've seen. It's certainly something we would love to return them.

而在這個時候，我認為發生的事情是我們已經意識到我們可能再次擁有比我們最初預期的更多的槓桿作用，特別是因為我們每年都在以兩位數的速度增長。所以目前，對我們來說，我們有點處於持有模式，就像你在等著看這是如何產生的一樣。我們打算讓這玩得久一點。然後很明顯，如果有任何我們可以提供幫助的事情，我們會與您聯繫。但在任何情況下，考慮到我們所看到的保留水平，我們都不需要這種編程。這當然是我們很樂意歸還的東西。

Got it. And then just a longer-term question for you. That subscriber guide for the year in 2023 relative to your goal of $2 million that you're aiming for in 2025, I think you might need like a 15% CAGR from '23 and beyond to get to it, you're calling for 10% growth in 2023. So the question is, following 2023, are you banking on acceleration of cord cutting? Are you baking on market share gains?

知道了。然後是一個更長期的問題。相對於你在 2025 年設定的 200 萬美元的目標，2023 年的訂戶指南，我認為你可能需要從 23 年及以後的複合年增長率達到 15%，你需要 10 2023 年的增長率。所以問題是，在 2023 年之後，您是否指望加速剪線？您是否在爭取市場份額的增長？

And for the 10%, I know it's the underlying growth, but that 10% that you're guiding for this year, does that include any weight on it by like recessionary concerns? Like do you think it could have been higher. But like given the macro and what you're seeing right now, you want to be a little bit more conservative in that guide?

對於這 10%，我知道這是潛在的增長，但是你今年指導的那 10%，是否包括經濟衰退擔憂等對它的影響？就像你認為它可能會更高一樣。但是就像給定宏觀和你現在看到的一樣，你想在該指南中更保守一點嗎？

So again, don't hold me to this. I believe for the 8 to 10 -- 10 or 11 quarters that we've been public, we would beat, I would say, almost all of them except for 2. And the 2 that I believe we did not beat were the Q1 and Q2 numbers. So as I said, there is some noise in that first quarter number, which has about 5 items that I think could have some impact -- material or not, that will be evident in the next few days for us.

所以，再一次，不要讓我堅持這一點。我相信對於我們公開的 8 到 10 - 10 或 11 個季度，我們會擊敗幾乎所有的人，除了 2。我認為我們沒有擊敗的 2 是 Q1 和Q2 數字。所以正如我所說，第一季度的數字中有一些噪音，我認為大約有 5 個項目可能會產生一些影響——無論是否重要，這將在接下來的幾天內對我們顯而易見。

As for the year, we feel very comfortable. There are still 60 million-plus households that have cable. And as you know, our job is to pull from that existing market. And if you again look at the fourth quarter numbers, you will see that we are continuing to take a disproportionate share of customers into the virtual MVPD space relative to the reporting companies that you've heard from very recently.

至於年，我們覺得很舒服。仍有 6000 萬多戶家庭擁有有線電視。如您所知，我們的工作是從現有市場中拉出來。如果你再次查看第四季度的數據，你會發現相對於你最近聽到的報告公司，我們繼續將不成比例的客戶份額帶入虛擬 MVPD 空間。

So from our view, we're going to continue to take share. And the number -- the 2025 number you just mentioned is something that I don't think is very far off from our current pace. But I do anticipate that as the product continues to improve, we continue to focus on more profitable customers that we think that there will be some reacceleration over the course of that period.

因此，從我們的角度來看，我們將繼續分享。而這個數字——你剛才提到的 2025 年的數字，我認為與我們目前的步伐相去不遠。但我確實預計，隨著產品的不斷改進，我們將繼續關注利潤更高的客戶，我們認為在此期間會有一些重新加速。

Nick, I would maybe add off to -- as we look to the end of the year, we're we are going to be launching our unified platform. And I would just say that, that, I think, it gives us some opportunity to more or less expand the funnel to then drive more subs coming through. And so you'll, I think, start to see that if not end of this year, timing-wise, very early next year, but probably sometime later this year.

尼克，我可能會補充說——展望今年年底，我們將推出我們的統一平台。我只想說，我認為，這給了我們一些機會來或多或少地擴大漏斗，然後吸引更多的潛艇通過。所以我認為，如果不是今年年底，你會開始看到，從時間上講，明年年初，但可能是今年晚些時候的某個時候。

Yes. The only other thing I would add is that if you look at our paid marketing numbers, you'll see that we're continuing to acquire customers at the same level that we've acquired them 3 years ago, which is roughly a 1 to 1.5x first month's ARPU. That number continues to fluctuate closer to the low end of that range. And so again, we're very comfortable. You're seeing leverage on that line.

是的。我要補充的另一件事是，如果您查看我們的付費營銷數據，您會發現我們正在繼續以與 3 年前相同的水平獲得客戶，大約是 1 到1.5 倍第一個月的 ARPU。該數字繼續在該範圍的低端附近波動。再一次，我們很舒服。你在這條線上看到了槓桿作用。

So there's certainly -- we've also grown 3x since going public. So I think we went public with about 550,000, maybe less customers. And now we're in North America at 1,445,000. So we've seen slower growth when we went public initially, and we've seen a reacceleration. Again, this is just one quarter. We're very comfortable in the World Cup pull forward, which is something we expected. We didn't expect it to the degree that we actually delivered.

所以肯定有——自上市以來我們也增長了 3 倍。所以我認為我們上市時有大約 550,000 名客戶，可能更少。現在我們在北美有 1,445,000 人。因此，當我們最初上市時，我們看到增長放緩，並且我們看到了重新加速。同樣，這只是四分之一。我們在世界杯上非常自在，這是我們所期望的。我們沒想到會達到我們實際交付的程度。

So again, we're very comfortable. We've got solid product supported by the J.D. Power ranking #1 within the live TV streaming category. We continue to double down on our brand, which is sports-focused and differentiate there. We're doubling down on our product capabilities. I mentioned some of the AI stuff that we're working on, which will allow us to really develop a little bit more interactivity. Hopefully, there will be some testing that will be available to customers towards the end of this year.

再一次，我們很舒服。我們擁有 J.D. Power 在直播電視流媒體類別中排名第一的可靠產品。我們繼續加倍關注我們的品牌，該品牌專注於運動並在那裡與眾不同。我們正在加倍提高我們的產品能力。我提到了我們正在研究的一些人工智能，這將使我們能夠真正開發出更多的交互性。希望到今年年底，客戶可以進行一些測試。

And then we'll continue to differentiate on the content side as well adding in the Bally's RSNs to superserve sports fans. So all of work, I don't think there's anything that would make me feel uncomfortable with respect to hitting the 2025 target.

然後我們將繼續在內容方面實現差異化，並添加 Bally 的 RSN 來為體育迷提供超級服務。所以所有的工作，我認為沒有什麼會讓我對實現 2025 年目標感到不安。

Your next question comes from the line of Jim Goss from Barrington Research.

你的下一個問題來自 Barrington Research 的 Jim Goss。

All right. As Warner Bros Discovery approaches the launch of its combined HBO Max type service that could have Turner Sports programming. Is there any opening that you might have to create a deal with them, to create an add-on service that would deliver about the sports that you've thought of that has seemed too expensive, that also would deliver added content sort of as an add-on as an incremental bonus value to them, value to you?

好的。隨著 Warner Bros Discovery 即將推出其組合 HBO Max 類型的服務，該服務可能包含 Turner Sports 節目。是否有任何空缺，您可能需要與他們達成協議，創建一項附加服務，以提供您認為似乎過於昂貴的運動，還可以提供附加內容，例如附加組件作為對他們的增量獎金價值，對您有價值嗎？

Yes. So Jim, this is David. Well, first, I'll say that we have a deal with Discovery that does not include Turner. If you recall, we dropped Turner when Turner was under the AT&T umbrella. So we haven't had conversations yet with the Discovery team. We would love to carry Turner. Obviously, that would have to be accomplished at a level that we feel makes sense given our subscriber-related expense line.

是的。吉姆，這是大衛。好吧，首先，我要說的是我們與 Discovery 達成的協議不包括特納。如果你還記得，當特納在 AT&T 旗下時，我們放棄了特納。所以我們還沒有與探索團隊進行過對話。我們很樂意攜帶特納。顯然，鑑於我們與訂戶相關的費用線，這必須在我們認為有意義的水平上完成。

But what's also interesting is that, as I've said previously, we only need about 80% of the gross rating points. So we're open to doing deals. We're open to optimizing our bundle costs and we'll bring the best content portfolio and product that we can to our customer base. So hopefully, that conversation will take place at some point. Obviously, our teams are constantly speaking to all of the content providers on a regular basis. So -- but we'll keep you posted, should there be any changes there.

但同樣有趣的是，正如我之前所說，我們只需要大約 80% 的總收視率。所以我們願意做交易。我們願意優化我們的捆綁成本，我們將盡我們所能為我們的客戶群帶來最好的內容組合和產品。因此，希望該對話會在某個時候進行。顯然，我們的團隊會定期與所有內容提供商交流。所以 - 但如果那裡有任何變化，我們會及時通知您。

Okay. And secondly, with the difficult World Cup comp, is there any way to carve out like subscriber attribution for that particular aspect to that -- I guess it was a little bit implied in some of the normalization of the changes year-over-year and quarter-to-quarter. But how many do you think doing more for that than anything else?

好的。其次，對於艱難的世界杯比賽，有沒有什麼辦法可以像訂戶歸因那樣針對那個特定方面——我想這在一些年度變化的正常化中有點暗示，每季度。但是你認為有多少人為此做的比其他任何事情都多？

I don't know if we have an exact number. I would say that again, there were several things that were happening in the fourth quarter. We had a strong NFL and -- to the season for us. By the way, it's not impacted at all by Thursday Night Football either, which really speaks to the power of the platform. I would say that -- look, it's tough to say right now because so many of our -- I think let me put it this way.

我不知道我們是否有確切的數字。我要再說一遍，第四季度發生了幾件事。我們有一個強大的 NFL 並且 - 對我們來說是一個賽季。順便說一句，它也完全不受週四橄欖球之夜的影響，這確實說明了該平台的強大功能。我會說 - 看，現在很難說，因為我們有很多 - 我想讓我這樣說。

When I think back to the 2018 spring cohort -- no, for the 2018 World cup, I can tell you that the churn level based on the first few weeks was significantly higher in 2018 versus 2022. The second thing I'll say is that the types of customers that came in, in '18, came in only to watch the World Cup. What we're seeing is probably what I'm feeling a little bit more comfortable with our initial Q1 retention numbers is that these World Cup customers are actually watching other programming as well. So this is a new territory for us.

當我回想起 2018 年春季隊列時——不，對於 2018 年世界杯，我可以告訴你，2018 年前幾週的流失率明顯高於 2022 年。我要說的第二件事是18 年進來的客戶類型只是為了觀看世界杯。我們所看到的可能是我對我們最初的 Q1 保留數字感到更舒服的是這些世界杯客戶實際上也在觀看其他節目。所以這對我們來說是一個新領域。

And so we're just kind of, again, being a bit conservative. I would say it's probably in the -- I would say, maybe low to mid-teens maybe in terms of that cohort. That's just a clean, I would say, World Cup cohort, but clearly, it drove strong growth particularly in the beginning of the World Cup. So those users typically stay on longer than the ones who that just come in for the final. So again, tough to actually quantify at the moment.

因此，我們只是有點保守。我想說這可能是——我想說，就那個群體而言，可能是十幾歲到十幾歲。我想說，這只是一個乾淨的世界杯隊列，但顯然，它推動了強勁的增長，尤其是在世界杯開始的時候。因此，這些用戶通常比剛剛進入決賽的用戶停留的時間更長。因此，目前很難真正量化。

Yes, Jim, maybe I can help a little bit more with that. And I think it may be too soon to know. What we had the team look at was the number of subscribers that actually watched more than a certain number of hours in the World Cup. And I think it's too soon to know how many of those have turned off yet because they may not turn off for a while, they may not run at all. To David's point, in terms of that double-digit number, I think in terms of the -- as a percentage of sub growth for the fourth quarter, it was probably somewhere in the low to mid tens of thousands.

是的，吉姆，也許我可以在這方面提供更多幫助。我認為現在下結論可能還為時過早。我們讓團隊查看的是實際觀看世界杯超過一定小時數的訂戶數量。而且我認為現在知道其中有多少已經關閉還為時過早，因為它們可能暫時不會關閉，它們可能根本不會運行。就大衛的觀點而言，就這個兩位數而言，我認為就第四季度次級增長的百分比而言，它可能在幾萬到幾萬之間。

And I will now turn the call over to Ms. Alison Sternberg.

我現在將把電話轉給 Alison Sternberg 女士。

Thank you, operator. As part of today's Q&A session, we have partnered with Say Technologies for the first time in order to open up a new shareholder Q&A platform. And this allows all of our shareholders to submit an upvote questions to management. We elected to use this platform because we really wanted to make sure that all of our shareholders have a voice and are empowered to engage with us. So we decided to focus on answering a handful of questions that were top ranked on the platform. And David, I'm going to direct these to you. Our first question that got a lot of upvotes was the following: where do you see the future of Fubo going?

謝謝你，運營商。作為今天問答環節的一部分，我們首次與 Say Technologies 合作，以開闢一個新的股東問答平台。這使我們所有的股東都可以向管理層提交投票問題。我們選擇使用這個平台是因為我們真的想確保我們所有的股東都有發言權並有權與我們互動。因此，我們決定專注於回答平台上排名靠前的一些問題。大衛，我要把這些直接給你。我們得到很多贊成票的第一個問題如下：您認為 Fubo 的未來會走向何方？

Well, it's a very broad question. Look, I think that there are 2 very strong trends here. One is that we're continuing to experience the secular decline of traditional television and Fubo continues to take a disproportionate share of customers in a very competitive field.

好吧，這是一個非常廣泛的問題。看，我認為這裡有兩個非常強勁的趨勢。一是我們繼續經歷傳統電視的長期衰退，而富博繼續在競爭激烈的領域佔據不成比例的客戶份額。

And again, hitting that $1 billion revenue milestone, coupled with $100 million of advertising sales, these are really strong numbers. We're very confident about the future. Our product, again, is probably, I would say, one of the best products in the world relative to what I've personally used and tested. And we're continuing to really improve that, both with our team in France as well as our team in the U.S.

再一次，達到 10 億美元的收入里程碑，加上 1 億美元的廣告銷售額，這些都是非常強勁的數字。我們對未來非常有信心。我想說，相對於我個人使用和測試過的產品，我們的產品可能是世界上最好的產品之一。我們正在繼續真正改善這一點，無論是我們在法國的團隊還是我們在美國的團隊。

And our newest team, which is the team of Edison AI, which is now Fubo India, which is continuing to innovate around the product to really deliver an interactive experience and provide users with some really strong metadata to be able to discover content in better ways to be able to interact on a sort of play-by-play basis versus on a per game basis.

我們最新的團隊是 Edison AI 的團隊，現在是 Fubo India，他們正在繼續圍繞產品進行創新，以真正提供交互式體驗，並為用戶提供一些非常強大的元數據，以便能夠以更好的方式發現內容能夠在逐場比賽的基礎上進行互動，而不是在每場比賽的基礎上進行互動。

So we're doing lots of interesting things. We're obviously very relevant. Customers are voting with their wallets. We have almost 1.5 million customers at the end of the year in North America. And we're seeing great growth in France from Malta. When we unify our platform, we think we'll continue to be able to absorb more cost-cutting measures, be more efficient and also increase product velocity.

所以我們正在做很多有趣的事情。我們顯然非常相關。客戶正在用他們的錢包投票。截至年底，我們在北美擁有近 150 萬客戶。我們看到馬耳他在法國的巨大增長。當我們統一我們的平台時，我們認為我們將能夠繼續採取更多削減成本的措施，提高效率並提高產品速度。

So I'm very bullish. I don't know if there are many companies like us that are performing and executing the way we are and at the same time, delivering a product that people love. So I feel like we're in a very good position for growth, and I'm very confident in 2023 and also reaching self-sustainability in 2025.

所以我非常看好。我不知道是否有許多像我們這樣的公司正在按照我們的方式執行和執行，同時提供人們喜愛的產品。所以我覺得我們處於非常有利的增長位置，我對 2023 年非常有信心，並在 2025 年實現自我可持續性。

Thanks, David. Second question that got a lot of upvotes on the platform was related to the competitive landscape. So specifically, what is Fubo going to do to compete with the likes of Hulu and other streaming services?

謝謝，大衛。在該平台上獲得大量支持的第二個問題與競爭格局有關。那麼具體來說，Fubo 將如何與 Hulu 和其他流媒體服務競爭？

Yes. Look, this is a question that people have been asking us since 2015 when we were probably 2% or 3% of subs of a company like Sling, for instance, we're continuing to take the disproportionate share. So that numerous times now. I'm not sure it sinks in that we're doing that. We are growing, growing faster than the virtual MVPD space. We're going to continue to grow quickly.

是的。看，這是自 2015 年以來人們一直在問我們的一個問題，例如，當時我們可能是像 Sling 這樣的公司的 2% 或 3% 的子公司，我們將繼續佔據不成比例的份額。所以現在無數次了。我不確定我們正在這樣做。我們正在成長，成長速度超過虛擬 MVPD 空間。我們將繼續快速增長。

We have, I would say, a differentiated content offering and a differentiated product and people are choosing Fubo every single day. And so I think that we're competing across 3 vectors, as I just stated, one on brand. You're clearly sports-focused. Customers choose us first for the sports. That's evident in downloads of certain (inaudible) app, frankly, during a big sporting event days or beginning of the season. You'll see that in the NFL. You'll see that during the World Cup and other major events.

我想說，我們有差異化的內容提供和差異化的產品，人們每天都在選擇 Fubo。所以我認為我們正在通過 3 個向量進行競爭，正如我剛才所說，一個是品牌。你顯然是運動型的。客戶首先選擇我們的運動。這在某些（聽不清）應用程序的下載中很明顯，坦率地說，在大型體育賽事日或賽季初。你會在 NFL 中看到這一點。您會在世界杯和其他重大賽事期間看到這一點。

So -- and we're also differentiating our product, and that's the one where I think is the toughest for other companies because this is our DNA. We're a product technology company, similar to a Netflix or Spotify. And over the long term, I think that we will be one of the leading players in this space in the United States, for sure. And with the potential opportunity, 5, 10 years from now to do this globally.

所以 - 我們也在區分我們的產品，這是我認為對其他公司來說最艱難的產品，因為這是我們的 DNA。我們是一家產品技術公司，類似於 Netflix 或 Spotify。從長遠來看，我認為我們肯定會成為美國這個領域的領先者之一。並有可能在 5 年、10 年後在全球範圍內做到這一點。

So we're positioning ourselves for the future. We're excited about our business and excited about our ability to drive value for our media partners and drive excellent experiences for consumers.

因此，我們正在為未來定位。我們對我們的業務感到興奮，對我們為媒體合作夥伴創造價值並為消費者帶來卓越體驗的能力感到興奮。

Great. David, thank you for that. And a big thank you to our shareholders for your engagement and your thoughtful questions on the Say platform. I'm now going to turn it back over to the operator.

偉大的。大衛，謝謝你。非常感謝我們的股東在 Say 平台上的參與和深思熟慮的問題。我現在要把它轉回給接線員。

This does conclude today's conference call. Thank you for your participation. You may now disconnect.

這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。