Fubotv Inc (FUBO) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Fubo Q2 2023 Earnings Conference Call. (Operator Instructions) Thank you. I will now hand today's call over to Alison Sternberg. Please go ahead.

感謝您的支持，歡迎參加富博 2023 年第二季度收益電話會議。 （操作員說明）謝謝。我現在將今天的電話會議轉交給艾莉森·斯滕伯格。請繼續。

Thank you for joining us to discuss Fubo's second quarter 2023. 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 can be found on the Investor Relations section of our website at ir.fubo.tv.

感謝您與我們一起討論 Fubo 2023 年第二季度的情況。今天和我在一起的是 Fubo 聯合創始人兼首席執行官 David Gandler；和 Fubo 首席財務官 John Janedis。有關我們業績的完整詳細信息和其他管理層評論，請參閱我們的收益報告和致股東的信函，請訪問我們網站 ir.fubo.tv 的投資者關係部分。

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 we will 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。大衛將首先對本季度和全年以及 Fubo 戰略進行一些簡短的評論，約翰將介紹財務和指導。然後我們會將電話轉交給分析師進行問答。

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our financial condition, anticipated financial performance, business strategy and plans and expectations regarding profitability. These forward-looking statements are subject to certain risks, uncertainties and assumptions.

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，包括但不限於有關我們的財務狀況、預期財務業績、業務戰略和盈利能力的計劃和預期的陳述。這些前瞻性陳述受到某些風險、不確定性和假設的影響。

Important factors that could cause actual results to differ materially from forward-looking statements include those discussed in our filings with the SEC. Except as otherwise noted, the results and guidance we are presenting today are on a continuing operations base, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations.

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包括我們向美國證券交易委員會提交的文件中討論的因素。除非另有說明，我們今天提供的業績和指引均基於持續經營業務，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業務。

During the call, we may also refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q2 2023 earnings shareholder letter, which is available on our website at ir.fubo.tv.

在電話會議期間，我們還可能會參考某些非公認會計準則財務指標。這些非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的對賬也可在我們的 2023 年第二季度盈利股東信函中找到，該信函可在我們的網站 ir.fubo.tv 上找到。

With that, I will turn the call over to David.

這樣，我就把電話轉給大衛。

Thank you, Alison, and good morning, everyone. Thank you for joining us today to discuss Fubo's second quarter 2023 results.

謝謝你，艾莉森，大家早上好。感謝您今天加入我們討論 Fubo 2023 年第二季度業績。

In the second quarter, Fubo exceeded targets for revenue and subscribers in North America, delivering $305 million in total revenue, up 41% year-over-year and 1,167,000 paid subscribers, up 23% year-over-year. We are very confident our momentum will continue in the back half of the year, and therefore, we have raised our previously stated full year guidance in North America.

第二季度，Fubo 超出了北美地區的收入和用戶目標，實現總收入 3.05 億美元，同比增長 41%，付費用戶數達到 1,167,000 名，同比增長 23%。我們非常有信心我們的勢頭將在今年下半年持續，因此，我們提高了之前在北美提出的全年指引。

Turning to our ad sales business. Fubo posted North America ad revenue of $22.8 million in the second quarter. That's up 5% year-over-year despite a challenging ad market in the first half of 2023. We are very encouraged as green shoots in July indicate an advertising rebound and a sizable ad recovery for the back half of the year.

轉向我們的廣告銷售業務。 Fubo公佈第二季度北美廣告收入為2280萬美元。儘管 2023 年上半年廣告市場充滿挑戰，但這一數字仍同比增長 5%。我們感到非常鼓舞，因為 7 月份的複蘇表明廣告將出現反彈，下半年廣告將出現大幅復甦。

We meaningfully reduced loss by $41 million year-over-year and ended the quarter with $300 million in cash, cash equivalents and restricted cash. We are confident that this provides us with sufficient liquidity to fund our operating plan as we target positive free cash flow in 2025. While there appears to be improvement in the ad market, the media and streaming industry is as tumultuous as ever. Even with recent consolidation among streaming plus services, which we have long predicted content, fragmentation continues to be a major consumer problem, and frustrated consumers are forced to subscribe to multiple and expensive streaming services.

我們同比大幅減少了 4100 萬美元的虧損，本季度末現金、現金等價物和限制性現金為 3 億美元。我們相信，這為我們的運營計劃提供了充足的流動性，因為我們的目標是在 2025 年實現正自由現金流。雖然廣告市場似乎有所改善，但媒體和流媒體行業仍一如既往地動盪。即使最近流媒體+服務之間出現了整合（我們長期以來預測內容），碎片化仍然是一個主要的消費者問題，沮喪的消費者被迫訂閱多種且昂貴的流媒體服務。

Fubo is benefiting from the industry upheaval as consumers seek a single app to watch all of the content they love. Fubo has maintained stability, continuing to show operating leverage while building value for shareholders. The primacy of sports and particularly, the primacy of local sports is more apparent than ever. Fubo's aggregated content offering, led by our leading local sports package remains sought after by consumers. And given our focus on live sports, we expect that Fubo will remain largely insulated from the Hollywood union strikes.

隨著消費者尋求一款應用程序來觀看他們喜愛的所有內容，Fubo 正從行業劇變中受益。富博保持穩定，繼續發揮經營槓桿作用，同時為股東創造價值。體育的首要地位，特別是本地體育的首要地位比以往任何時候都更加明顯。以我們領先的本地體育包為首的福波聚合內容產品仍然受到消費者的追捧。鑑於我們對體育直播的關注，我們預計 Fubo 將在很大程度上免受好萊塢工會罷工的影響。

This summer marks a year since we held our first Investor Day, during which we laid out our 2025 positive free cash flow goal. Our 5-pronged approach to executing our long-term plan included driving increased leverage of our content acquisition costs, increasing the efficiency of our subscriber acquisition efforts, furthering our investments in our advertising, ad technology and ad infrastructure and acting ARPU expansion tactics designed to strengthen unit economics and maintaining our rigor around enterprise-wide cost discipline.

今年夏天是我們舉辦首個投資者日以來的一年，在此期間我們制定了 2025 年正自由現金流目標。我們執行長期計劃的五管齊下的方法包括提高內容獲取成本的槓桿率，提高訂戶獲取工作的效率，進一步加大對廣告、廣告技術和廣告基礎設施的投資，以及採取旨在實現 ARPU 擴張策略加強單位經濟效益並保持整個企業成本紀律的嚴格性。

I am pleased to report that we are making significant progress towards achieving positive free cash flow as we meaningfully advance on each of these five initiatives. First, we continue to drive increased leverage of our content acquisition costs. As a reminder, our subscriber-related expenses significantly impacts these costs and have the greatest ability to influence our operating leverage. We have made marked progress in optimizing these costs. This is reflected in our 1,193 basis point reduction in SRE to 87% of revenue in the second quarter compared to 99% in the prior year period.

我很高興地報告，隨著我們在這五項舉措中每一項都取得有意義的進展，我們在實現正自由現金流方面正在取得重大進展。首先，我們繼續提高內容獲取成本的槓桿率。提醒一下，我們的訂戶相關費用會極大地影響這些成本，並且最有可能影響我們的運營槓桿。我們在優化這些成本方面取得了顯著進展。這反映在我們第二季度 SRE 佔收入的比例減少了 1,193 個基點，從去年同期的 99% 降至 87%。

We also continuously examine and adjust our channel plans and add-on offerings to optimize consumer value while driving healthy contribution margins. Second, we continue to increase the efficiency of our subscriber acquisition efforts. For the first time ever, we landed below our target range of 1 to 1.5x first month's average revenue per user, or ARPU. Total sales and marketing as a percentage of revenue declined in the second quarter from roughly 13% to roughly 11% year-over-year.

我們還不斷檢查和調整我們的渠道計劃和附加產品，以優化消費者價值，同時推動健康的貢獻利潤率。其次，我們繼續提高用戶獲取工作的效率。我們有史以來第一次低於第一個月每用戶平均收入 (ARPU) 1 到 1.5 倍的目標範圍。第二季度銷售和營銷總額佔收入的百分比從約 13% 同比下降至約 11%。

Third, we believe our investments in our ad team, technology and infrastructure have enabled our ad sales business to remain healthy despite pressure on the market. We have successfully implemented initiatives to accelerate our direct sales business, offsetting expensive third-party programmatic costs while also optimizing our programmatic supply chain routes. As a result, we expect to increase ad ARPU on a year-over-year basis through the back of 2023 and beyond.

第三，我們相信我們對廣告團隊、技術和基礎設施的投資使我們的廣告銷售業務能夠在市場壓力下保持健康。我們成功實施了加速直銷業務的舉措，抵消了昂貴的第三方程序化成本，同時優化了我們的程序化供應鏈路線。因此，我們預計到 2023 年及以後，廣告 ARPU 將同比增長。

Fubo is the home for local sports. The ad inventory provided by our leading local sports coverage offers brands targeted reach both nationally and regionally. Our targeting capabilities also strongly positioned Fubo to leverage the upcoming political season which is expected to top $11 billion in total ad spend across the industry in 2024.

伏波是當地體育運動的發源地。我們領先的當地體育報導提供的廣告庫存為品牌提供了全國和地區的目標覆蓋範圍。我們的定位能力還使 Fubo 能夠充分利用即將到來的政治季節，預計 2024 年整個行業的廣告支出總額將突破 110 億美元。

Fourth, we continue to enact tactics designed to expand ARPU. Our progress here was demonstrated in the second quarter by a 13% year-over-year ARPU expansion to $81.62 for our North American streaming business. This is an all-time record.

第四，我們繼續採取旨在擴大ARPU的策略。第二季度我們的北美流媒體業務 ARPU 同比增長 13%，達到 81.62 美元，這證明了我們在這方面取得的進展。這是歷史記錄。

Finally, we continue to focus on maintaining rigor around our enterprise-wide cost discipline. Collectively, these initiatives helped Fubo achieve a 1,380 basis point year-over-year improvement in gross margin to 7% during the second quarter, making this the fifth consecutive quarter of gross margin expansion.

最後，我們繼續致力於保持整個企業成本紀律的嚴格性。總的來說，這些舉措幫助富博第二季度的毛利率同比提高了 1,380 個基點，達到 7%，使其毛利率連續第五個季度實現增長。

In closing, we are very encouraged by our strong second quarter results and our progress towards our long-term plan. We continue to believe Fubo is well positioned to benefit from expected streaming and advertising trends. Fubo's sports-first offering continues to meaningfully appeal to consumers and we are confident that our momentum will continue as we approach our 2025 positive cash flow goal.

最後，我們對第二季度的強勁業績和長期計劃的進展感到非常鼓舞。我們仍然相信，Fubo 處於有利地位，可以從預期的流媒體和廣告趨勢中受益。 Fubo 的運動優先產品繼續對消費者產生有意義的吸引力，我們相信，隨著我們接近 2025 年正現金流目標，我們的勢頭將繼續下去。

I will now turn the call over to John Janedis, CFO, to discuss our financial results in greater detail. John?

我現在將把電話轉給首席財務官 John Janedis，更詳細地討論我們的財務業績。約翰？

Thank you, David, and good morning, everyone. The second quarter furthers the momentum we experienced over the past few quarters, including a healthy top line and subscriber growth, resulting in meaningful improvements across many of our KPIs and providing us with added confidence in our ability to achieve profitability.

謝謝大衛，大家早上好。第二季度進一步鞏固了我們過去幾個季度所經歷的勢頭，包括健康的營收和用戶增長，使我們的許多關鍵績效指標得到了有意義的改進，並使我們對實現盈利的能力更有信心。

Total revenue for the quarter increased 41% to $312.7 million, driven by 41% revenue growth across North America and 40% revenue growth from Rest of World. This represents a 3% upside against the midpoint of our Q2 revenue guidance. We ended the second quarter with 1.167 million subscribers in North America, representing 23% growth year-over-year and over 394,000 subscribers in the Rest of World, representing 14% growth year-over-year.

該季度總收入增長 41%，達到 3.127 億美元，主要得益於北美地區收入增長 41% 和世界其他地區收入增長 40%。這比我們第二季度收入指引的中值上漲了 3%。截至第二季度末，我們在北美擁有 116.7 萬訂戶，同比增長 23%；在世界其他地區擁有超過 394,000 名訂戶，同比增長 14%。

On the monetization front, ARPU in North America reached $81.62, an all-time high, while Rest of World ARPU was $6.91. Expansion in subscribers and ARPU allowed us to exceed the midpoint of our Q2 guidance.

在貨幣化方面，北美的 ARPU 達到 81.62 美元，創歷史新高，而世界其他地區的 ARPU 為 6.91 美元。用戶和 ARPU 的增長使我們超過了第二季度指導的中點。

Turning to advertising. Despite the continued challenges many advertising businesses are facing, I am pleased with our ability to deliver $22.8 million in advertising revenue across North America, a 5% increase versus the prior year period. And since the closing of the second quarter, we have seen a significant uptick in advertising revenue with July posting strong sequential improvement from the second quarter. There only 1/3 of the way through the third quarter, it bodes well for the second half of the year and reflects the positive impact of the strategic work we are doing to improve our performance in this area.

轉向廣告。儘管許多廣告企業面臨著持續的挑戰，但我對我們在北美地區實現 2280 萬美元廣告收入的能力感到滿意，比去年同期增長了 5%。自第二季度結束以來，我們看到廣告收入顯著上升，7 月份的廣告收入較第二季度出現強勁環比改善。第三季度已經過去了 1/3，這對下半年來說是個好兆頭，反映了我們為改善這一領域的業績而開展的戰略工作的積極影響。

Importantly, we made material progress on the operational side of the business, lowering expenses and bringing added effectiveness and deficiency across a greater share of business. These efforts resulted in a 1,380 basis point improvement in gross margin to 7%. The top line growth and improvements across the income statement led to a $40.8 million year-over-year reduction in net loss to a loss of $54.2 million, resulting in a net loss margin improvement to negative 17.3%, favorably comparing to a negative 42.8% net loss margin in the prior year period, demonstrating that we are making meaningful progress towards our goal of becoming profitable. This led to a second quarter 2023 per share loss of $0.19, a significant improvement compared to a loss of $0.51 in the second quarter of 2022.

重要的是，我們在業務運營方面取得了實質性進展，降低了費用，並在更大的業務份額中提高了效率並彌補了不足。這些努力使毛利率提高了 1,380 個基點，達到 7%。整個損益表的營收增長和改善導致淨虧損同比減少 4080 萬美元，至虧損 5420 萬美元，淨虧損率改善至負 17.3%，較上年同期的負 42.8% 有所改善上一年期間的淨虧損率，表明我們正在朝著盈利的目標取得有意義的進展。這導致 2023 年第二季度每股虧損 0.19 美元，與 2022 年第二季度每股虧損 0.51 美元相比有了顯著改善。

Second quarter adjusted EBITDA loss also improved to a loss of $30.5 million compared to a loss of $70.1 million in the second quarter of 2022 while adjusted EBITDA margin was minus 9.8%, a significant improvement from minus 31.6% in the prior year period. This resulted in an adjusted EPS loss of $0.12, an improvement compared to an adjusted EPS loss of $0.39 in Q2 2022.

第二季度調整後 EBITDA 虧損也從 2022 年第二季度的虧損 7010 萬美元改善至 3050 萬美元，調整後 EBITDA 利潤率為負 9.8%，較上年同期的負 31.6% 顯著改善。這導致調整後每股收益損失 0.12 美元，比 2022 年第二季度調整後每股收益損失 0.39 美元有所改善。

As it relates to our balance sheet, we are confident that we continue to have the necessary liquidity to invest in the business and support our path to profitability, ending the quarter with $299.7 million of cash, cash equivalents and restricted cash. In addition, our ongoing efforts to identify efficiencies and maximize leverage across the business resulted in a $9 million improvement in free cash flow.

由於這與我們的資產負債表相關，我們有信心繼續擁有必要的流動性來投資業務並支持我們的盈利之路，本季度末現金、現金等價物和限制性現金為 2.997 億美元。此外，我們不斷努力提高整個業務的效率並最大限度地提高槓桿率，從而使自由現金流增加了 900 萬美元。

Further, as David mentioned, these results demonstrate the noteworthy progress we have made across our operating expenses, all of which have come down as a percentage of revenue and in some cases, on a dollar basis as well as we remain disciplined in our investments and deployment of cash. As we continue to grow subscribers, optimize our pricing, we expect to see continued leverage on the SRE line, which decreased from 99% to 87% of revenue in Q2 2023 versus the prior year period.

此外，正如大衛提到的，這些結果表明我們在運營支出方面取得了顯著的進展，所有這些支出佔收入的百分比都下降了，在某些情況下，以美元為基礎，而且我們在投資和投資方面仍然保持紀律。現金部署。隨著我們不斷增加訂閱者、優化定價，我們預計 SRE 線的槓桿率將持續上升，與去年同期相比，2023 年第二季度該線佔收入的比例從 99% 下降至 87%。

Regarding our . We are guiding to North America's third quarter 2023 subscribers of 1.33 million to 1.35 million, representing 9% year-over-year growth at the midpoint, and we expect revenue of $272.5 million to $277.5 million, representing 25% year-over-year growth at the midpoint.

關於我們的 .我們預計 2023 年第三季度北美用戶數量為 133 萬至 135 萬，同比增長 9%，我們預計收入為 2.725 億美元至 2.775 億美元，同比增長 25%在中點。

Before moving on to full year guidance, I want to point out that our Q3 guidance reflects the typical seasonality in which the subscriber growth is highly back-end loaded, resulting in a meaningful increase in subscribers but a smaller increase in revenue, which is largely recognized in the following quarter. For the full year 2023, we are once again raising our guidance for North America and now expect full year 2023 subscribers of 1.565 million to 1.585 million, representing 9% year-over-year growth at the point and the full year 2023 revenue $1.26 billion to $1.28 billion, representing 29% year-over-year growth at the midpoint.

在談到全年指導之前，我想指出，我們的第三季度指導反映了典型的季節性，其中訂戶增長是高度後端負載的，導致訂戶數量顯著增加，但收入增幅較小，這在很大程度上是由於並於下個季度予以確認。對於 2023 年全年，我們再次提高了對北美的指導，目前預計 2023 年全年訂閱用戶數為 156.5 萬至 158.5 萬，同比增長 9%，2023 年全年收入為 12.6 億美元至12.8 億美元，中間值同比增長29%。

This fiscal year 2023 revenue guidance implies $648 million of revenue at the midpoint in the second half of the year, more than $10 million higher than as implied by our prior guidance. For Rest of World, our Q3 2023 guidance now projects 382,500 to 387,500 subscribers, representing 7% year-over-year growth at the midpoint and revenue increases to $7.2 million to $8.2 million, representing 34% year-over-year growth at the midpoint.

2023 財年的收入指引意味著下半年的收入將達到 6.48 億美元，比我們之前的指引高出 1000 萬美元以上。對於世界其他地區，我們的2023 年第三季度指導目前預計訂閱者數量為382,​​500 至387,500 名，中間值同比增長7%，收入增加至720 萬美元至820 萬美元，中間值同比增長34% 。

Our full year 2023 Rest of World guidance now projects 380,000 to 400,000 subscribers, representing a 7% year-over-year decline at the midpoint and revenue of $29.4 million to $33.4 million, representing 29% year-over-year growth at the midpoint. Note that our fiscal 2022 subscriber count was positively impacted by the 2022 World Cup.

我們對 2023 年全年世界其他地區的指導目前預計訂閱者數量為 38 萬至 40 萬，中間值同比下降 7%，收入為 2,940 萬美元至 3,340 萬美元，中間值同比增長 29%。請注意，我們 2022 財年的訂閱人數受到 2022 年世界杯的積極影響。

In summary, our Q2 results provide further evidence that the operational and go-to-market initiatives we have enacted over the past few quarters are gaining momentum and transforming our business. These actions are driving improving trends, and we are confident Fubo has the foundation necessary to further grow and improve across every facet of our business and position us to deliver enhanced value to shareholders.

總之，我們第二季度的業績進一步證明，我們在過去幾個季度製定的運營和上市計劃正在獲得動力並正在改變我們的業務。這些行動正在推動趨勢的改善，我們相信 Fubo 擁有必要的基礎來進一步發展和改進我們業務的各個方面，並使我們能夠為股東提供更高的價值。

I would now like to open the call to questions. Operator?

我現在想開始提問。操作員？

(Operator Instructions) Your first question is from the line of Laura Martin with Needham.

（操作員說明）您的第一個問題來自 Laura Martin 和 Needham 的線路。

What excellent numbers these are. So as I think forward towards the NFL this season, if strikes continue into the fourth quarter, shouldn't we expect to see good sign-ups for the NFL that sports will be sort of the only new content on air by the December quarter?

這是多麼出色的數字啊。因此，當我展望本賽季的 NFL 時，如果罷工持續到第四季度，我們是否應該期望看到 NFL 的良好註冊，體育將成為 12 月季度唯一播出的新內容？

Laura, this is David. Thanks for joining. Well, expectations are always high at Fubo. So we're obviously monitoring the strikes very closely. And putting together our plan should things continue the way they are. So as always, we're looking forward to the fall sports calendar with the beginning of seasons for the NFL, college football, many of the soccer leagues and much, much more. So we're super excited. And then we also get into the sort of towards the end of the baseball season as well. So hopefully, there will be some strong games and an excellent narrative for consumers to stay engaged with our complete lineup.

勞拉，這是大衛。感謝您的加入。嗯，人們對 Fubo 的期望總是很高。所以我們顯然正在非常密切地監視罷工。如果事情繼續這樣下去，我們將製定計劃。與往常一樣，我們期待著秋季體育日曆，以及 NFL、大學橄欖球、許多足球聯盟等賽季的開始。所以我們非常興奮。然後我們也會進入棒球賽季即將結束的階段。因此，希望能夠有一些強大的遊戲和精彩的故事讓消費者繼續關注我們的完整產品陣容。

Laura, this is John. I would add on the advertising side, I had some recent conversations with our team. And I would tell you that we are getting incremental incoming calls to place advertising against both the NFL and other sporting events for the back half of the year.

勞拉，這是約翰。我想補充一下廣告方面，我最近與我們的團隊進行了一些對話。我想告訴你的是，今年下半年我們接到的電話越來越多，要求針對 NFL 和其他體育賽事投放廣告。

Right. Because there's going to be no new content. These gross margins are outstanding. At 7% gross margin, I think that might be the highest since you guys went public. My question to you is, is this being driven by structurally or are you benefiting from sort of the drama going on at the RSN? So maybe your margins are high short term, but eventually, you start -- you need to start paying for all that RSN stuff and the disruption will get sorted out in theory? So could you talk about the sustainability of the outstanding gross margins you just reported?

正確的。因為不會有新內容了。這些毛利率非常出色。毛利率為 7%，我認為這可能是你們上市以來的最高水平。我問你的問題是，這是結構性驅動的還是你從 RSN 發生的戲劇性事件中受益？因此，也許短期內你的利潤很高，但最終，你需要開始為所有 RSN 的東西付費，理論上中斷會得到解決？那麼您能談談您剛剛報告的毛利率的可持續性嗎？

Yes, sure. Laura, I'll start with that one. Yes, so you are correct. From a gross margin perspective, -- it's by far the biggest number we've had since we've been public, frankly, going back probably forever since the company was formed. I would tell you -- I wouldn't necessarily overplay, if you will, the impact from the RSNs. I would say it's really a company-wide culture in terms of focusing on growth. And so I'd say the RSN helped, I'd say a little bit. I'd say on a going forward basis, that will not be an incremental or a larger of margin going forward. I would just say it's part of the overall company focus.

是的，當然。勞拉，我就從那個開始吧。是的，所以你是對的。從毛利率的角度來看，坦率地說，這是自我們上市以來迄今為止最高的數字，可能可以追溯到公司成立以來。我想告訴你——如果你願意的話，我不一定會誇大RSN 的影響。我想說，就關注增長而言，這確實是一種全公司文化。所以我想說 RSN 有幫助，我會說有一點幫助。我想說，從長遠來看，這不會是增量或更大的利潤。我只想說這是公司整體重點的一部分。

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

您的下一個問題來自 ROTH MKM 的 Darren Aftahi。

Nice progress here. Two, if I may. So your comments about advertising, not necessarily about 2Q, but the July commentary, I think, David, you said about green shoots and kind of confidence in the second half of the year. Is that something that's sort of Fubo specific and progress you're making on direct? Or do you think that's more of an industry-wide phenomenon?

這裡進步很大。如果可以的話，兩個。所以你對廣告的評論，不一定是關於第二季度的評論，而是關於七月的評論，我想，大衛，你提到了下半年的萌芽和信心。這是 Fubo 特有的事情嗎？你們正在直接取得進展嗎？或者您認為這更像是整個行業的現象？

Yes. Darren, thank you for the question. I think that the industry basically between June and July has hit a trough. I think at Fubo, we were dealing with something that is, I would say, more specific. As you know, about 6 months ago, we set out to change the way we were doing things and DIRECT has become a greater part of the overall mix between programmatic DIRECT response and DIRECT sales.

是的。達倫，謝謝你的提問。我認為6月到7月這個行業基本上已經到了低谷。我認為在 Fubo，我們正在處理一些更具體的事情。如您所知，大約 6 個月前，我們開始改變我們的做事方式，DIRECT 已成為程序化直接響應和直接銷售之間整體組合的重要組成部分。

So we're starting to see the benefits of that. We saw a little bit of that at the end of June, but it was really nice to see that it was sustained well into July with some really robust numbers, which gives us confidence that the third quarter and potentially the fourth quarter again with local sports with the NBA and the NHL starting up, I think, will allow us to continue to drive CPMs again, just given the fact that we're sports first. So we feel pretty good about it so far, and the team is performing quite well.

所以我們開始看到這樣做的好處。我們在6 月底看到了一些這樣的情況，但很高興看到這種情況一直持續到7 月，並且有一些非常強勁的數據，這讓我們對當地體育在第三季度和可能的第四季度再次充滿信心我認為，隨著 NBA 和 NHL 的啟動，我們將能夠繼續提高 CPM，因為我們以體育為先。所以到目前為止我們感覺很好，團隊表現也很好。

And the last area, I think, that we've been focused on, which I don't believe we focused on last year, any companies haven't focused on it, is really the supply chain routes. As you know, the that some of these ad tech partners take is quite significant. And so we've gone back to start reviewing our deals. Just given the high-quality inventory that we provide, we feel we should be getting much better terms than what we have been getting.

我認為，我們一直關注的最後一個領域，我不認為我們去年關注過，任何公司都沒有關注過它，實際上是供應鏈路線。如您所知，其中一些廣告技術合作夥伴所獲得的收入相當可觀。所以我們回去開始審查我們的交易。鑑於我們提供的高質量庫存，我們認為我們應該獲得比我們已經獲得的更好的條款。

And so we're doing, I would say, a little bit of everything to get those numbers up. But again, we haven't seen this level of improvement since maybe 2020. So we're excited about that. Of course, we're cautiously optimistic and our views are based off of what we're able to see today. Obviously, if market conditions deteriorate quickly, that would change it. But as of now, we feel pretty good about third quarter ad revenue.

因此，我想說，我們正在盡一切努力來提高這些數字。但同樣，我們可能自 2020 年以來就沒有看到這種程度的改進。所以我們對此感到興奮。當然，我們持謹慎樂觀的態度，我們的觀點基於我們今天所看到的情況。顯然，如果市場狀況迅速惡化，情況就會改變。但截至目前，我們對第三季度的廣告收入感覺相當不錯。

And Darren, maybe I could add a couple of things in there for you. With more granularity on the direct front, what I could tell you is that on a year-over-year basis for July, we're seeing pretty dramatic growth, and we saw very dramatic growth. And then I would tell you, on top of that, for August, the money on the books, call it, 4 days in for the month is already larger than what we did for the month of July. So we feel good on that front.

達倫，也許我可以為你添加一些內容。有了更詳細的直接信息，我可以告訴你的是，與 7 月份相比，我們看到了相當戲劇性的增長，而且我們看到了非常戲劇性的增長。然後我會告訴你，最重要的是，對於 8 月份，賬面上的錢，稱之為，這個月的 4 天已經比我們在 7 月份的錢多了。所以我們在這方面感覺良好。

Secondly, I would say the visibility that we have has improved, so call it 3Q visibility starting today versus the visibility in May is better. And then I would say just more broadly, you know this, but I want to put a bit of an explanation point on it because we have the dual-pronged tailwind up secular growth within CTV and then also subscriber growth. And I would just add that the upheaval in linear TV has given us access to talent that we maybe would not have had just a year or 2 years ago.

其次，我想說我們的能見度有所提高，所以從今天開始稱之為第三季度能見度，與 5 月份的能見度相比更好。然後我會更廣泛地說，你知道這一點，但我想對此進行一些解釋，因為我們在 CTV 內有雙管齊下的長期增長，然後還有訂戶增長。我想補充一點，線性電視的劇變讓我們獲得了在一兩年前可能無法獲得的人才。

That's helpful. And just one more, the synthesization of costs you've kind of made over the last, call it, year. Like where are we with that? Are we closer to the ninth inning? Are we still kind of in early innings? I guess said another way, like how much more cost can you kind of strip out of the business? Or do you feel like most of that work has kind of been done?

這很有幫助。還有一點，就是你過去一年所產生的成本的綜合。就像我們現在在哪裡？我們離第九局更近了嗎？我們還處於早期階段嗎？我想換句話說，比如你可以從業務中剝離多少成本？或者你覺得大部分工作已經完成了嗎？

Yes. I would say that I think we have a significant amount of cost savings to go. From an inning, I'd say, kind of early-ish to maybe mid, but somewhere in that range. I would tell you that I'd say on a weekly basis, we go out to the teams and they come back and actually add to the existing cost savings. So I feel very, very good that we have significant to go from here over the next couple of years at least.

是的。我想說的是，我認為我們可以節省大量成本。我想說，從一局開始，有點早到中，但在這個範圍內。我會告訴你，我會說，我們每週都會去團隊，他們回來後實際上會增加現有的成本節省。因此，我感覺非常非常好，至少在接下來的幾年裡，我們將取得重大進展。

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

您的下一個問題來自尼克·贊格勒 (Nick Zangler) 和斯蒂芬斯 (Stephens)。

Yes. So obviously, strong subscriber number for 2Q despite the price hikes on the plan and the incremental RSN fees. So maybe if you could just talk about the upside that you had in the quarter relative to your expectations set in that guide? Just curious if the stronger Brazil was due to new customer growth or just maybe less churn than you might have expected in that initial guided thought?

是的。顯然，儘管計劃價格上漲且 RSN 費用增加，但第二季度的訂戶數量依然強勁。那麼，也許您可​​以談談本季度相對於您在該指南中設定的預期的優勢嗎？只是好奇巴西的走強是否是由於新客戶的增長，或者只是客戶流失率低於您最初的預期？

Yes. Look, I think, Nick, as you know, we've raised prices in the beginning of this year materially. So we were somewhat conservative, I think, at the beginning of the year. But what we have demonstrated is that the true pricing power of our brand and our product. And so I think that we are well positioned in terms of being able to bring in new customers. But at the same time, I think we've done a really solid job reactivating customers back to the platform despite the price up. So I would say it's a combination of that.

是的。尼克，我想，正如你所知，我們在今年年初大幅提高了價格。所以我認為，我們在今年年初有些保守。但我們所證明的是我們的品牌和產品的真正定價能力。因此，我認為我們在吸引新客戶方面處於有利地位。但與此同時，我認為儘管價格上漲，但我們在將客戶重新激活到平台方面做得非常紮實。所以我想說這是兩者的結合。

Also, just thinking about the sports viewership and news, again, just wanting to briefly mention the strikes. We've seen a pretty significant bump year-over-year in sports viewership as well as news viewership up by about 14%. And that might be headline related, of course, but I think those two, coupled with our work with our current database of customers, I think, has really been the key driver to maintain a pretty, I would say, strong retention rate.

另外，只是想一下體育賽事的收視率和新聞，再次，只是想簡單地提一下罷工。我們看到體育賽事的收視率和新聞收視率同比增長了約 14%。當然，這可能與標題相關，但我認為這兩者，再加上我們與當前客戶數據庫的合作，我認為，確實是保持相當高的保留率的關鍵驅動力。

And obviously, on that point, if you're seeing higher news viewership and obviously, sports always strong, that would potentially suggest that political ad spend would be favorable for you guys, or at least the opportunity is there. So just any thoughts on whether you've actually seen political ad spend start to flow through? I know it's early, but the talk is that ad spend campaigns can start far earlier. So curious if you're seeing any flow-through yet on the advertising front from political?

顯然，在這一點上，如果你看到更高的新聞收視率，而且顯然體育總是很強勁，這可能表明政治廣告支出對你們有利，或者至少有機會。那麼，您是否真的看到政治廣告支出開始流動，有什麼想法嗎？我知道現在還為時過早，但人們普遍認為廣告支出活動可以更早開始。很好奇您是否在廣告方面看到了政治方面的任何流動？

And then just thoughts on the back half of 2023 for political. Obviously, most of that flows in through 2024, but again, expectations are that maybe we could see some earlier recognition. So again, just overall thoughts on political and what you see so far?

然後是對 2023 年下半年政治的思考。顯然，大部分資金會在 2024 年之前流入，但我們再次期望，也許我們可以看到一些更早的認可。再說一次，只是關於政治的總體想法以及您到目前為止所看到的？

Maybe I'll start with that. I would say, just to bring it back a second, as a reminder, last year, we did call it somewhere in the $4 million to $5 million range in terms of political for the year. I can tell you, at this point, it's been a significant focus for the team starting, I'd say, call it in April or May.

也許我會從那開始。我想說，只是想提醒一下，去年我們確實將當年的政治費用稱為 400 萬至 500 萬美元。我可以告訴你，在這一點上，這是團隊的一個重要焦點，我想說，可以在四月或五月開始。

I'd say over the past couple of weeks, there's been incremental interest, if you will, on the political advertising side. I think maybe there's some small money on the books, but I would tell you that the team is very, very optimistic in terms of where we can go with that and the sales team, I'd say it's focused much earlier this season versus the prior season.

我想說的是，在過去的幾周里，人們對政治廣告方面的興趣不斷增加。我想也許賬上有一些小錢，但我會告訴你，團隊對於我們可以去往的地方非常非常樂觀，而銷售團隊，我想說的是，他們的重點是本賽季早些時候，而不是前一季。

Yes. And Nick, just to add a couple of comments there, why I'm super excited about political because this is a real opportunity for Fubo to drive rate on that side and we have been sort of doing the rounds. So think about elections are won and lost by a couple of thousand votes. So there's no way you can overlook a platform like ours with elections decided with such slim margins. So we're well prepared for political and the teams have this on focus. And the goal will obviously be to take advantage of some of these really tight races.

是的。尼克，我想補充幾句評論，為什麼我對政治感到非常興奮，因為這對 Fubo 來說是一個真正的機會，可以推動這方面的利率，而且我們一直在進行巡迴宣傳。因此，想想選舉的勝敗取決於幾千張選票。因此，您不可能忽視像我們這樣的平台，因為選舉以如此微弱的優勢決定。因此，我們已經為政治做好了充分的準備，團隊也將這一點作為重點。目標顯然是利用其中一些非常緊張的比賽。

And let's not forget, given our local programming capabilities, we think we're going to have a pretty strong opportunity within our local sports coverage to be able to really drive political business.

我們不要忘記，考慮到我們的本地節目製作能力，我們認為我們將在本地體育報導中擁有相當大的機會，能夠真正推動政治業務。

(Operator Instructions) Your next question is from the line of Jim Goss with Barrington Research.

（操作員說明）您的下一個問題來自 Barrington Research 的 Jim Goss。

This is Pat on for Jim. I just wanted to ask about on subscriber acquisition costs, which you said it was kind of low your target range. I was just wondering what some of the drivers of that were. And if like the kind of a softer ad market might make that a little less sustainable as the market improves?

這是吉姆的帕特。我只是想問一下訂閱者獲取成本，你說這有點低你的目標範圍。我只是想知道其中的一些驅動因素是什麼。隨著市場的改善，廣告市場的疲軟是否會使其可持續性變得不那麼可持續？

Yes. I think -- look, I think historically, if you look back, we've always been hyper-focused on efficiency just given our budget versus budgets of other players, whether they're traditional or virtual. And so I think what you're really seeing is continued efficiencies on the digital advertising front. Of course, some of the CPMs and other tactics that we typically deploy have -- sorry, I got cut off there. Typically, just again, focused on efficiency. And so we typically move dollars in and out of inefficient areas on a regular basis, frankly, almost in real time.

是的。我認為——看，我認為從歷史上看，如果你回顧過去，我們一直非常關注效率，只是考慮到我們的預算與其他參與者的預算，無論他們是傳統的還是虛擬的。因此，我認為您真正看到的是數字廣告方面的持續效率。當然，我們通常部署的一些 CPM 和其他策略有——抱歉，我說到這裡就被打斷了。通常，再次強調效率。因此，坦率地說，我們通常會定期將資金進出效率低下的領域，幾乎是實時的。

So we're super excited about that. And just to kind of give you a sense of how important that number is, I mean if you think about other companies that -- or similar companies that have recently reported, we've seen sales and marketing lines anywhere from -- at some of the most efficient companies at 13% and 25% companies like Roku. So coming in, in terms of subscriber growth, subscriber revenue with such an efficient marketing spend is a real pleasure for us, and we'll continue to focus on that, which is part of our focus for the back half of the year.

所以我們對此感到非常興奮。只是為了讓您了解這個數字的重要性，我的意思是，如果您考慮一下其他公司 - 或最近報告的類似公司，我們已經在某些地方看到了銷售和營銷線效率最高的公司為13%，而Roku 等公司則為25%。因此，就用戶增長而言，用戶收入和如此高效的營銷支出對我們來說是真正的快樂，我們將繼續關注這一點，這是我們今年下半年重點關注的一部分。

Pat, I would add a couple of things to that as well. I think one is that there's certainly, I'd say, increased recognition in terms of the Fubo brand, which has helped. And then I'd say, secondly, I would just want you to remember that in terms of TV, which arguably is where the pressure is in terms of CPM is downward. That's a very small portion of our overall ad budget.

帕特，我還要添加一些內容。我認為其中之一是，我想說，Fubo 品牌的知名度肯定有所提高，這有所幫助。然後我想說，第二，我只是想讓你記住，就電視而言，這可以說是 CPM 壓力下降的地方。這只是我們總體廣告預算的一小部分。

I will now hand today's call back over to Alison Sternberg.

我現在將今天的電話轉回給艾莉森·斯滕伯格。

Thank you. So David, we have a -- I'm going to combine it into one question, but we have some questions from investors via our stay technology platform. Again, there are two questions, but they're sort of similar thematically. So I'll combine them into one. The first is what makes Fubo different from the rest of the streaming services? So pulling out 10,000 feet, what differentiates the offering? And as somewhat of an extension of that, what are some of the things that will be implemented in the future in order to maintain that competitive advantage relative to other streaming platforms?

謝謝。大衛，我們有一個——我將把它合併成一個問題，但我們通過我們的技術平台向投資者提出了一些問題。同樣，有兩個問題，但它們在主題上有點相似。所以我會把它們合二為一。首先是Fubo與其他流媒體服務有何不同？那麼，拉出 10,000 英尺，該產品有何不同之處呢？作為其延伸，為了保持相對於其他流媒體平台的競爭優勢，未來將實施哪些措施？

Yes. So as always, we've been focused in three areas. One is, I think we differentiate on brand. We always have and we are known to be the sports brand that is evident still today. As you look at opening day or any other start of any sports season, you'll see organic downloads really grow significantly. The second piece is content. We continue to differentiate on the sports side. Most recently, we have become the home for local sports. We have relationships now with a multitude of teams including our recent announcement with our partnership with Sky. So we're continuing to build on those locally, and that creates a lot of goodwill with customers.

是的。一如既往，我們一直專注於三個領域。一是，我認為我們在品牌上有所差異。我們一直以來都是運動品牌，並且至今仍被人們所熟知。當您查看開幕日或任何體育賽季的任何其他開始時，您會發現自然下載量確實顯著增長。第二部分是內容。我們繼續在體育方面保持差異化。最近，我們已成為當地體育運動的發源地。我們現在與許多團隊建立了合作關係，包括我們最近宣布與天空電視台的合作夥伴關係。因此，我們將繼續在當地開展業務，這為客戶贏得了很多商譽。

And then third, is really a focus on product. As everyone knows, we've been historically focused on being first to market with key sports features. And today, we've already launched a couple of new capabilities that are in beta and we're continuing to test, all of which are related to our video AI capabilities, our proprietary technology stack that we've continued to develop. And we've tested a new AI feature with the NBA finals, which allow viewers to relive the most exciting moments allowing us to really index in real time, a lot of these capabilities.

第三，真正關注產品。眾所周知，我們一直致力於率先將主要運動功能推向市場。今天，我們已經推出了一些處於測試階段的新功能，並且我們正在繼續測試，所有這些功能都與我們的視頻人工智能功能以及我們繼續開發的專有技術堆棧有關。我們在 NBA 總決賽中測試了一項新的人工智能功能，它可以讓觀眾重溫最激動人心的時刻，讓我們能夠真正實時索引其中很多功能。

So you'll start to see more and more on the advanced DVR front and all of our work with our video AI. Once we have launched our unified platform, which I think will start to roll that out this month very conservatively. We'll be able to open up more resources to really focus on driving greater feature sets for our enthusiastic sports audience.

因此，您將開始看到越來越多的先進 DVR 前端以及我們在視頻 AI 方面的所有工作。一旦我們推出了統一平台，我認為本月將開始非常保守地推出。我們將能夠開放更多資源，真正專注於為熱情的體育觀眾提供更多功能。

Excellent. Thank you, David. Back to you, operator.

出色的。謝謝你，大衛。回到你身邊，操作員。

Thank you. This does conclude today's call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。您現在可以斷開線路。