Fubotv Inc (FUBO) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Sherell], and I will be your conference operator today. At this time, I would like to welcome everyone to the Fubo Q3 2023 Earnings Call. (Operator Instructions) I would now like to turn the call over to Alison Sternberg, Senior Vice President of Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。我的名字是 [Sherell]，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加富博 2023 年第三季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係高級副總裁艾莉森·斯滕伯格（Alison Sternberg）。請繼續。

Thank you for joining us to discuss Fubo's third 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, which 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 年第三季的情況。今天與我一起討論的是 Fubo 聯合創始人兼執行長 David Gandler 和 Fubo 財務長 John Janedis。有關我們業績的完整詳細資訊和其他管理層評論，請參閱我們的收益報告和致股東的信函，這些內容可以在我們網站 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 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。大衛將首先對本季和全年以及 Fubo 策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, industry and consumer trends and expectations regarding profitability. 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 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 basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations.

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、業務戰略和計劃、行業和消費者的陳述有關盈利能力的趨勢和預期。這些前瞻性陳述受到某些風險、不確定性和假設的影響。可能導致實際結果與前瞻性陳述有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是在持續經營的基礎上得出的，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 Q3 2023 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，我們也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較的 GAAP 衡量標準的對帳也可在我們的 2023 年第三季收益股東信中找到，該信函可在我們的網站 ir.fubo.tv 上找到。這樣，我就把電話轉給大衛。

Thank you, Alison, and good morning, everyone. We appreciate you joining us today to discuss Fubo's third quarter 2023 results. We are very pleased with our results, which we believe continue to show the strength of Fubo's aggregated sports first content and leading product features. In the third quarter, in North America, we delivered $313 million in total revenue, up 43% year-over-year and a record 1.477 million paid subscribers, up 20% year-over-year.

謝謝你，艾莉森，大家早安。我們感謝您今天加入我們討論 Fubo 的 2023 年第三季業績。我們對我們的成績感到非常滿意，我們相信這繼續展現了富博聚合體育第一內容和領先產品功能的實力。第三季度，在北美地區，我們實現了總收入 3.13 億美元，年增 43%，付費用戶達到創紀錄的 147.7 萬，年增 20%。

Our North American ad business continues to grow as a result of our expanding focus on direct sales alongside our already successful programmatic business. We delivered $30.3 million in North America ad revenue during the quarter, an increase of 34% compared to the same period last year. We noted on our last earnings call that we expected the ad market would experience an acceleration in the back half of 2023 and are pleased that trends are moving favorably in that direction. Fubo's growth trajectory gives us continued confidence in our full year performance. Therefore, we are raising our 2023 North American guidance to $1.319 billion to $1.324 million in total revenue, representing 34% year-over-year growth at the midpoint and 1.584 million to 1.599 million paid subscribers, representing 10% year-over-year growth at the midpoint.

由於我們不斷專注於直銷以及已經成功的程序化業務，我們的北美廣告業務持續成長。本季我們在北美地區實現了 3,030 萬美元的廣告收入，與去年同期相比成長了 34%。我們在上次財報電話會議上指出，我們預計廣告市場將在 2023 年下半年加速成長，很高興看到趨勢正朝這個方向發展。富博的成長軌跡讓我們對全年業績充滿信心。因此，我們將 2023 年北美總收入指引上調至 13.19 億美元至 132.4 萬美元，年增 34%，付費用戶數為 158.4 萬至 159.9 萬美元，年成長 10%在中點。

In addition to strong results across our key performance metrics, we also continue to make significant progress towards our 2025 positive cash flow goal. The third quarter marked continued healthy year-over-year improvement in cash usage as a result of our focus on unit economics and cost discipline. We meaningfully reduced net loss by $21 million and delivered a 619 basis point reduction in subscriber-related expenses or SRE as a percentage of revenue to 89%. Additionally, we reached 6% gross margin and 884 basis point year-over-year improvement. We closed the year with $266 million in cash, cash equivalents and restricted cash, and we believe have sufficient liquidity to fund our current operating plan as we progress towards our 2025 call.

除了我們的關鍵績效指標取得強勁成果外，我們也持續在實現 2025 年正現金流目標方面取得重大進展。由於我們注重單位經濟效益和成本紀律，第三季現金使用量較去年同期持續健康改善。我們大幅減少了 2,100 萬美元的淨虧損，並將訂閱者相關費用或 SRE 佔收入的百分比減少了 619 個基點，達到 89%。此外，我們的毛利率達到 6%，年增 884 個基點。今年我們擁有 2.66 億美元的現金、現金等價物和限制性現金，我們相信，隨著我們向 2025 年目標邁進，我們有足夠的流動性為我們當前的營運計劃提供資金。

The cable TV and streaming space experienced a true inflection point during the third quarter with the creation of new content distribution models following the Charter-Disney dispute. Since the first quarter of 2021, we have stated that the industry would see a shift from unbundling of content back to aggregation. More recently, many in the industry have called it The Great Rebundling. We have been steadfast in this position over the last 2.5 years and are confident that bundling is the best way consumers can extract value while providing media companies a profitable path to monetizing their content portfolios and sports contracts. Going a step further, we believe the industry will shift towards super aggregation, meaning distribution platforms will start to package content in different ways and deliver it to consumers at multiple price points. This could mean an entry-level AVOD or fast tier to a skinny bundle comprised of multiple premium channels and plus services to the full virtual MVPD bundle with, of course, AI contributing to a personalized streaming experience.

在特許迪士尼糾紛之後，隨著新的內容分發模式的創建，有線電視和串流媒體領域在第三季度經歷了真正的轉折點。自2021年第一季以來，我們曾表示產業將從內容分拆轉變為聚合。最近，許多業內人士將其稱為「偉大的重新捆綁」。在過去 2.5 年裡，我們一直堅定這一立場，並相信捆綁銷售是消費者獲取價值的最佳方式，同時為媒體公司提供一條透過其內容組合和體育合約貨幣化的盈利途徑。更進一步，我們相信產業將轉向超級聚合，這意味著分發平台將開始以不同的方式包裝內容，並以多個價位將其交付給消費者。這可能意味著入門級 AVOD 或快速層到由多個高級頻道組成的精簡捆綁包，以及完整虛擬 MVPD 捆綁包的服務，當然，人工智慧有助於提供個人化的串流體驗。

Fubo's goal is to be a super aggregator, and we are well on our way. Our aggregated sports first offering, coupled with diverse news and entertainment programming is delivered through a single app that is customized to our users. We expect to deliver an even more personalized Fubo experience as we focus on our technology advantage in creating must-have product features like we did with MultiView and 4K streaming. First on our road map is playlists, which leveraging our proprietary video AI technology will allow the user to view and select the most important moments of live sports events recorded on their DVR [such] apps. Just the scoring drives from a recorded football game or all the 3-point shots from a recorded basketball game. We believe it's this compelling value proposition, aggregated content delivered through a personalized streaming experience that will make Fubo the gateway to television.

Fubo的目標是成為超級聚合商，我們正在路上。我們的聚合體育首發產品以及多樣化的新聞和娛樂節目是透過為用戶量身定制的單一應用程式提供的。我們希望提供更個人化的 Fubo 體驗，因為我們專注於創造必備產品功能的技術優勢，就像我們在 MultiView 和 4K 串流方面所做的那樣。我們路線圖上的第一個是播放列表，利用我們專有的視訊人工智慧技術，用戶可以查看和選擇在 DVR [此類] 應用程式上記錄的現場體育賽事的最重要時刻。只是錄製的足球比賽中的得分得分或錄製的籃球比賽中的所有三分球。我們相信，正是這種引人注目的價值主張，即透過個人化串流媒體體驗提供的聚合內容，將使 Fubo 成為電視的門戶。

In summary, our third quarter results, progress to our 2025 positive cash flow goal and evolving market dynamics provide us with more confidence than ever that Fubo's business model will provide value for consumers, our content and distribution partners and, of course, you, our shareholders.

總而言之，我們的第三季業績、2025 年正現金流目標的進展以及不斷變化的市場動態使我們比以往任何時候都更有信心，Fubo 的商業模式將為消費者、我們的內容和分銷合作夥伴，當然還有您、我們的客戶提供價值。股東。

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財務長 John Janedis，更詳細地討論我們的財務表現。約翰？

Thank you, David, and good morning, everyone. The third quarter furthers the momentum that we experienced over the first half of the year, including healthy top line and subscriber growth, resulting in meaningful improvements across many of our KPIs and providing us with confidence in our ability to achieve profitability. Total revenue for the quarter increased 43% to $320.9 million, driven by a 43% revenue growth across North America and 45% revenue growth from Rest of World. This represents a 14% upside against the midpoint of our Q3 revenue guidance.

謝謝大衛，大家早安。第三季進一步鞏固了我們上半年的勢頭，包括健康的營收和用戶成長，使我們的許多關鍵績效指標得到了有意義的改善，並使我們對實現盈利的能力充滿信心。由於北美地區營收成長 43%，全球其他地區營收成長 45%，該季度總營收成長 43%，達到 3.209 億美元。這比我們第三季營收指引的中位數上漲了 14%。

We ended the third quarter with 1.477 million subscribers in North America, representing 20% growth year-over-year and over 411,000 subscribers in the Rest of World, representing 15% growth year-over-year. On the monetization front, ARPU in North America reached $83.51, an all-time high, while Rest of World ARPU was $6.98. Growth in subscribers and ARPU allowed us to exceed the midpoint of our Q3 guidance.

截至第三季末，我們在北美擁有 147.7 萬訂戶，年增 20%；在世界其他地區擁有超過 411,000 名訂戶，年增 15%。在貨幣化方面，北美的 ARPU 達到 83.51 美元，創歷史新高，而世界其他地區的 ARPU 為 6.98 美元。用戶和 ARPU 的成長使我們超過了第三季度指導的中點。

Turning to advertising. Despite the continued challenges many advertising businesses are facing, I am pleased with our ability to deliver $30.3 million in advertising revenue across North America, a 34% increase versus the prior year period. Importantly, we continue to make material progress on the operational side of the business by lowering expenses and increasing efficiencies. These efforts resulted in a near 900 basis point improvement in gross margin to 6%, marking our fourth consecutive quarter of positive gross margin. The top line growth and improvements across the income statement led to a $21 million year-over-year reduction in net loss to a loss of $84.4 million, resulting in a net loss margin improvement to negative 26.3% and favorably comparing to a negative 47% net loss margin in the prior year period, demonstrating that we are making meaningful progress towards our goal of becoming profitable.

轉向廣告。儘管許多廣告企業面臨持續的挑戰，但我對我們在北美地區實現 3,030 萬美元廣告收入的能力感到滿意，比去年同期增長了 34%。重要的是，我們透過降低費用和提高效率，繼續在業務運營方面取得實質進展。這些努力使毛利率提高了近 900 個基點，達到 6%，標誌著我們連續第四個季度實現正毛利率。整個損益表的收入成長和改善導致淨虧損年減 2,100 萬美元，至虧損 8,440 萬美元，淨虧損率改善至負 26.3%，與負 47% 相比表現良好上一年期間的淨虧損率，表明我們正在朝著獲利的目標取得有意義的進展。

This led to a third quarter 2023 per share loss of $0.29, a significant improvement compared to a loss of $0.57 in the third quarter of 2022. Third quarter adjusted EBITDA loss also improved to a loss of $61.5 million compared to a loss of $83 million in the third quarter of 2022, while adjusted EBITDA margin was minus 19.2%, a significant improvement from minus 36.9% in the prior year period. This resulted in an adjusted EPS loss of $0.22, an improvement compared to an adjusted EPS loss of $0.46 in Q3 2022.

這導致2023 年第三季每股虧損0.29 美元，與2022 年第三季每股虧損0.57 美元相比有了顯著改善。第三季調整後EBITDA 虧損也改善至虧損6,150 萬美元，而2022 年第三季虧損8,300 萬美元。2022 年第三季度，調整後 EBITDA 利潤率為-19.2%，較上年同期的-36.9% 顯著改善。這導致調整後每股收益損失 0.22 美元，比 2022 年第三季調整後每股收益損失 0.46 美元有所改善。

As it relates to our balance sheet, we believe we continue to have the necessary liquidity to invest in the business and support our path to profitability, ending the quarter with $266 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 $40 million improvement in free cash flow. 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.

由於這與我們的資產負債表相關，我們相信我們將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，本季末現金、現金等價物和限制性現金為 2.66 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，從而使自由現金流改善了 4000 萬美元。此外，正如大衛所提到的，這些結果表明我們在營運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。

As we continue to grow subscribers to optimize our pricing, we expect to see continued leverage on the SRE line, which decreased from 95% to 89% of revenue in Q3 2023 versus the prior year period. Now turning to guidance. For the full year 2023, we are once again raising our guidance for North America. We expect full year 2023 subscribers of 1.584 million to 1.599 million, representing 10% year-over-year growth at the midpoint and full year 2023 revenue of $1.319 billion to $1.324 billion, representing 34% year-over-year growth at the midpoint.

隨著我們不斷增加訂戶以優化我們的定價，我們預計 SRE 產品線的槓桿率將持續上升，與去年同期相比，2023 年第三季該產品線佔營收的比例從 95% 下降至 89%。現在轉向指導。對於 2023 年全年，我們再次提高了對北美的指導。我們預計 2023 年全年訂閱用戶數為 158.4 萬至 159.9 萬，中間值年增 10%，2023 年全年營收為 13.19 億美元至 13.24 億美元，中間值年增 34%。

In the fourth quarter, we expect revenue of $385 million to $390 million, representing 24% year-over-year growth at the midpoint. For Rest of World, our full year 2023 guidance now projects 388,000 to 393,000 subscribers, representing a 7% year-over-year decline at the midpoint and revenue of $32 million to $33 million, representing 33% year-over-year growth at the midpoint. Note that our prior year subscriber count was positively impacted by the 2022 World Cup. In the fourth quarter, we expect revenue of $7.6 million to $8.6 million, representing 13% year-over-year growth at the midpoint.

我們預計第四季營收為 3.85 億美元至 3.9 億美元，中間值年增 24%。對於世界其他地區，我們目前預測 2023 年全年訂閱用戶數為 388,000 至 393,000 名，中間值年減 7%，收入為 3,200 萬美元至 3,300 萬美元，中間值年增 33%中點。請注意，我們上一年的訂閱人數受到 2022 年世界盃的正面影響。我們預計第四季的營收為 760 萬美元至 860 萬美元，中間值年增 13%。

In summary, we believe our 3Q 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.

總而言之，我們相信我們的第三季業績提供了進一步的證據，表明我們在過去幾個季度製定的營運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.

我現在想開始提問。

(Operator Instructions) Your first question comes from the line of Shweta Khajuria with Evercore.

（操作員說明）您的第一個問題來自 Shweta Khajuria 與 Evercore 的路線。

Could you please comment on the overall brand sentiment, advertiser sentiment that you are seeing and hearing? And any commentary on how the ad revenue trend at [intra-quarter.] So to any degree you can comment on month-over-month revenue growth or trends versus last year. And then any thoughts on any impact from the Israel War at all, if at all? And then finally, any commentary on different impact from different verticals, what are you seeing in auto versus perhaps CPG or travel and financial services?

您能否評論一下您所看到和聽到的整體品牌情緒、廣告商情緒？以及對[季度內]廣告收入趨勢的任何評論。因此，在任何程度上，您都可以對逐月收入增長或與去年相比的趨勢進行評論。那麼對於以色列戰爭的影響（如果有的話）有什麼想法嗎？最後，關於不同垂直領域的不同影響的任何評論，您在汽車行業與消費品或旅遊和金融服務行業中看到了什麼？

Shweta, this is John. Maybe I'll start. There's a lot there. So if I miss anything, please feel free to come back. But let me start on the categories, maybe I'll go in reverse chronological order. For the third quarter, to the comments you made on the prepared remarks, we put up a 34% growth. I would say the stronger categories within that for 3Q or, call it, retail e-com, Auto is actually up strong mid-single -- strong double digit, I should say. Home and garden is up solidly and so is pharma.

施韋塔，這是約翰。也許我會開始。那裡有很多東西。所以如果我錯過了什麼，請隨時回來。但讓我從類別開始，也許我會按照相反的時間順序。對於第三季度，根據您對準備好的評論所做的評論，我們預計第三季度將增長 34%。我想說的是，第三季中表現較強的類別，或者稱之為零售電子商務，汽車實際上呈現強勁的中個位數成長——我應該說，強勁的兩位數。家庭和花園穩步上漲，製藥業也是如此。

On the weaker side, I would include, call it, food and beverage, insurance and tech. And if I go to the fourth quarter, I would say that we're continuing to see some weakness in tech and insurance and maybe some financials and then I would see, say, general strength in call the auto and retail e-com categories to date.

在較弱的方面，我將包括食物和飲料、保險和科技。如果我進入第四季度，我會說我們繼續看到科技和保險方面的一些弱點，也許還有一些金融方面的弱點，然後我會看到汽車和零售電子商務類別的整體強勢日期。

In terms of the war, I would say a couple of things. One is that the -- we're not seeing much in terms of cancellation necessarily at this point. I think what we're hearing though in the marketplace is just there's a bit less visibility as I think clients are just holding money a little bit tighter to the best to see how things play out.

關於戰爭，我想說幾句話。一是——目前我們還沒有看到太多取消的情況。我認為我們在市場上聽到的只是可見度有點低，因為我認為客戶只是把錢持有得更緊一些，以看看事情會如何發展。

In terms of the shape of the quarter, call it, July, August, September, I would say the variance by month wasn't too dissimilar. I would say the strongest month was July, the slowest month was September, but when you grow 34%, clearly, they're all pretty strong. I'm not sure if there's anything else that I may have missed, but feel free to ask a thing on top of that.

就季度的形狀而言，稱之為七月、八月、九月，我想說每個月的差異並沒有太大不同。我想說最強勁的月份是 7 月，最慢的月份是 9 月，但當你成長 34% 時，顯然，它們都相當強勁。我不確定是否還遺漏了其他任何內容，但除此之外，請隨時提出問題。

No, that was great. I guess anything you've seen so far in terms of how October trended and what you're hearing for the rest of the quarter as it relates to ad spend?

不，那太好了。我想到目前為止，您在 10 月的趨勢方面看到了什麼，以及您在本季度剩餘時間聽到的與廣告支出相關的消息？

Yes. Sure. Yes. Obviously, so I'd say October came in a little bit lighter than what we saw for the third quarter in any specific month. And so -- if I give you sort of some guardrails, I would say if 2Q grew, I think it was around 5% 3Q was 34%, call it, 4Q probably looks somewhat closer to 2Q than 3Q.

是的。當然。是的。顯然，所以我想說十月份的情況比我們在任何特定月份看到的第三季要少一些。因此，如果我給你一些護欄，我會說，如果第二季度增長，我認為約為5%，第三季度為34%，可以這麼說，第四季度可能看起來比第三季度更接近第二季。

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

您的下一個問題來自羅斯的達倫·阿夫塔希 (Darren Aftahi)。

Just following up on that. Can you kind of speak to with the success you've kind of seen with the direct ad business? Like how confident are you in just like your ad business having legs beyond the fourth quarter? I guess said another way, do you feel like the business has pivoted or reflected in a positive way kind of longer term?

只是跟進此事。您能談談您在直接廣告業務中所看到的成功嗎？例如您對您的廣告業務在第四季之後繼續保持活力有多大信心？我想換句話說，您是否覺得業務已經轉變或以積極的方式反映了長期的變化？

Yes. Darren, this is David. Thank you for the question. Look, we have been very focused on this part of our business. I think we've touched base with you throughout the year. We've made some significant changes in the back end, meaning we've been really focused on developing our team, increasing the size of the team and refocusing from programmatic to direct sales. I think we were one of the first to actually talk about the relevancy of direct ad sales versus programmatic to really drive revenue. And I think we've executed really well on that since we talked about it in March with you.

是的。達倫，這是大衛。感謝你的提問。看，我們一直非常專注於這部分業務。我想我們這一年都與您取得了聯繫。我們在後端做了一些重大改變，這意味著我們真正專注於發展我們的團隊，擴大團隊規模，並將重點從程序化銷售轉向直接銷售。我認為我們是最早真正討論直接廣告銷售與程序化廣告銷售之間的相關性以真正推動收入的公司之一。我認為自從我們三月與您討論以來，我們在這方面執行得非常好。

And we're very focused on continuing to talk to our third-party vendors, our programmatic partners. And in many cases, we have revised some of our agreements to ensure that when we do decide to go programmatic that those rates will be reflective of where we are in our business and what our goals are with respect to driving CPMs and advertising ARPU.

我們非常專注於繼續與我們的第三方供應商、我們的程序化合作夥伴進行對話。在許多情況下，我們修改了一些協議，以確保當我們決定採用程序化時，這些費率將反映我們的業務狀況以及我們在提高每千次展示費用和廣告 ARPU 方面的目標。

So I think execution has been very strong. In terms of product road map on the advertising side, we're looking to continue to develop our inventory. We're starting to learn more about advertising in general, in terms of what our partners are looking for and how they want to engage with our very premium audience.

所以我認為執行力非常強。在廣告方面的產品路線圖方面，我們希望繼續開發我們的庫存。我們開始更多地了解一般廣告，了解我們的合作夥伴正在尋找什麼以及他們希望如何與我們非常優質的受眾互動。

As you recall, we skew men 18 to 49. And so that's a very difficult demo to reach, and I think we'll continue to develop opportunities with advertisers there. The last thing I'll mention is that we have been adding fast channels, as you know, throughout the first half of the year and the advertising revenue coming in from those channels has been quite strong, which as you can imagine, we have a greater share of inventory there and therefore, it's having a greater impact. So again, we're very focused on really developing the 100-plus hours of viewership on the platform to really drive monetization.

正如您所記得的，我們的男性年齡在 18 歲到 49 歲之間。因此，這是一個非常難以達到的演示，我認為我們將繼續與那裡的廣告商開發機會。我要提到的最後一件事是，正如您所知，今年上半年我們一直在增加快速頻道，來自這些頻道的廣告收入非常強勁，正如您可以想像的那樣，我們有那裡的庫存份額更大，因此影響更大。再說一遍，我們非常專注於真正開發平台上 100 多個小時的收視率，以真正推動貨幣化。

And Darren, maybe I [probably] add a couple of more points to that. We added 3 sales resources during the second quarter. We've added sales also in the first quarter. And so when you roll that together, we've really improved market coverage and penetration of the holdcos. And that, I'd say, came together, call it, mid-second quarter. And so the team really hit the ground running as a group in the third quarter, and we saw that there. And so I think that's also positioned differently in the market. And I think you've also been focused on, call it, our direct and programmatic guaranteed and I'll just give you some flavor there in the third quarter of this year, we -- that number was, call it, around 20% of the total, whereas it was somewhere around 1/3 of that in the third quarter of last year. So a pretty meaningful increase.

達倫，也許我[可能]還要補充幾點。我們在第二季增加了 3 個銷售資源。我們在第一季也增加了銷售額。因此，當你綜合考慮時，我們確實提高了控股公司的市場覆蓋率和滲透率。我想說，這是在第二季中期發生的。因此，球隊在第三節真正開始了團隊合作，我們在那裡看到了這一點。所以我認為這在市場上的定位也不同。我認為你們也一直關注我們的直接和程序化保證，我只會在今年第三季度給你們一些風味，我們——這個數字是，稱之為，大約 20%的總數，而去年第三季度約為1/3。所以這是一個非常有意義的成長。

It's helpful. Two more for me. Just in terms of the operating leverage, it looks like you grew your sales and marketing about $5 million year-on-year, but sales were up $100 million. So two questions there. One, like, is that sustainable from an operating leverage perspective? And then two, with the whole Charter-Disney spat, like has brand awareness for Fubo improved as you feel like that has legs beyond kind of the current period?

這很有幫助。還有兩個給我。僅就營運槓桿而言，看起來您的銷售和行銷年增了約 500 萬美元，但銷售額卻增加了 1 億美元。那麼有兩個問題。一是，從營運槓桿的角度來看，這是否可持續？然後第二個問題，隨著整個特許迪士尼的爭吵，福波的品牌知名度是否有所提高，因為你覺得它的影響力超出了當前時期？

Yes. Darren, this is David. Of course, brand awareness has improved dramatically. I mean if you think about just organic traffic to Fubo, it continues to grow. We have more advertising partnerships that John has already been talking about the different and the expansive categories that we're working with. And so of course, the Charter-Disney dispute allowed us to get in front of more customers but that's something that's been happening. And you can see that, I would say, just through our quarterly results, I mean, you're seeing Fubo over index and market share of net adds.

是的。達倫，這是大衛。當然，品牌知名度也有了顯著提升。我的意思是，如果您只考慮 Fubo 的自然流量，它會繼續增長。我們有更多的廣告合作夥伴，約翰已經談論過我們正在合作的不同且廣泛的類別。當然，憲章與迪士尼的糾紛讓我們能夠面對更多的客戶，但這種情況已經發生了。我想說，您可以看到，僅透過我們的季度業績，您就可以看到 Fubo 超過指數和淨增加市場份額。

So this is something that I think will continue to progress. And that is largely related to the fact that we have, I would say, a very strong product. You have other players in the market that are not only copying our features, I'm sure you know what I'm talking about, they're also even copying the naming and the branding of those features.

所以我認為這將繼續取得進展。我想說，這很大程度上與我們擁有非常強大的產品有關。市場上還有其他玩家，他們不僅複製我們的功能，我相信您知道我在說什麼，他們甚至複製這些功能的命名和品牌。

So we think we're in a very strong position. We think we'll continue to grow. And we think the Charter dispute actually helps bring the market closer to where we think it's going to be. And that is the aggregation space. So again, also, just if you look at the engagement hours in the platform, again, well over 100 hours relative to some reports that I've seen where other cable companies are in the sort of 60 to 75 hour range.

所以我們認為我們處於非常有利的地位。我們認為我們將繼續成長。我們認為憲章爭議實際上有助於讓市場更接近我們認為的目標。這就是聚合空間。同樣，如果你再看看平台上的參與時間，你會發現，相對於我看到的一些報告，其他有線電視公司的參與時間在 60 到 75 小時之間，遠遠超過了 100 小時。

So across the board, I think the KPIs are really demonstrating that the brand is developing nicely. And we're doing it very cost efficiently. If you think about how competitive September was. I mean there were Sunday ticket offers everywhere between. I've seen offers that were 90% off all the way -- I mean, even as of last week, 50%, 60% off. And so to be able to compete on subs and also be the leading most downloaded app on Amazon Fire, I think, in September. Those are just key metrics that we look at to really speak to the development of our brand across the ecosystem.

因此，總的來說，我認為關鍵績效指標確實表明該品牌發展良好。我們的做法非常具有成本效益。如果你想想九月的競爭有多激烈。我的意思是，在這段期間到處都有周日門票優惠。我見過一直打折 90% 的優惠——我的意思是，即使截至上週，也有 50%、60% 的折扣。我認為，這樣才能在 9 月在訂閱者方面展開競爭，並成為 Amazon Fire 上下載次數最多的應用程式。這些只是我們所關注的關鍵指標，可以真正說明我們品牌在整個生態系統中的發展。

Darren, I'll go to your first question on that. And look, as you know, we don't guide by line item, but the team has just done a really great job of driving subscriber growth. And I don't want to get too specific for obvious reasons, but that includes investing in lower cost channels and also we put in some head count that drives high returns. We don't do a significant amount of TV advertising, but some of the pressures you've heard about on [Linear] have also helped us in terms of CPMs. And so you've probably seen some of our spots on TV. And then I'd say, taking a step back, to the spirit of your question, we expect our sales and marketing line to continue to demonstrate operating leverage on an annual basis going forward.

達倫，我將回答你的第一個問題。如您所知，我們不按訂單項目進行指導，但團隊在推動訂閱者成長方面做得非常出色。出於明顯的原因，我不想說得太具體，但這包括投資於較低成本的管道，而且我們也投入了一些能夠帶來高回報的員工人數。我們沒有做大量的電視廣告，但您在 [Linear] 上聽到的一些壓力也對我們的每千次曝光費用有所幫助。所以您可能在電視上看過我們的一些廣告。然後我想說，退一步來說，回到你問題的實質，我們預計我們的銷售和行銷線將繼續展現出每年的營運槓桿作用。

Yes. And it has. As you follow the story, the last 3 quarters consecutively on a year-over-year basis, you've seen that decline. So I think this is -- it's been, I would say, relatively linear in that respect.

是的。確實如此。當您關注這個故事時，您會看到過去連續三個季度同比下降。所以我認為，我想說，在這方面，這是相對線性的。

(Operator Instructions) Your next question comes from the line of Nick Zangler with Stephens.

（操作員說明）您的下一個問題來自 Nick Zangler 和 Stephens 的線路。

Congrats on the report here. Just the subscriber count, obviously, a pretty significant beat. You had the Disney-Charter dispute that was pushing users into the vMVPD channel. Can you just provide more detail on -- just talk about the upside, where you think most of it came from? What do you attribute -- to what you attribute the Disney-Charter dispute to the growth that you experienced and how sticky you expect those customers to be that did migrate over?

在此恭喜您的報告。顯然，光是訂閱者數量就相當可觀。迪士尼憲章糾紛將用戶推入 vMVPD 頻道。您能否提供更多細節—僅談談好處，您認為其中大部分來自何處？您將迪士尼憲章之爭歸因於您所經歷的成長，以及您期望那些遷移過來的客戶有多大的黏性？

Yes. Thank you for the question. Look, it was -- as you said, it was an extremely strong quarter. We had anticipated a strong quarter we typically do at the beginning of any sports season, just given our brand positioning. I would say the Charter dispute was very helpful in many ways. I think the least impact that it had is actually on sub growth because the -- it was actually, I would say, immaterial from a net adds perspective because the dispute lasted, I think, just under 10 days or 11 days, starting from August 31, and it was resolved right before Monday night football. And typically, the way our funnel works is once we get people inside the platform, the goal is to get them to use different feature sets and also to ensure that we're bubbling up content that makes sense for users in order to drive retention.

是的。感謝你的提問。看，正如您所說，這是一個非常強勁的季度。考慮到我們的品牌定位，我們預計在任何體育賽季開始時都會出現一個強勁的季度。我想說，憲章爭端在很多方面都非常有幫助。我認為它實際上對次級成長的影響最小，因為我想說，從淨增加的角度來看，這實際上是無關緊要的，因為我認為，從8 月開始，爭議持續了不到10 天或11 天。31 號，這個問題在周一橄欖球之夜之前得到了解決。通常，我們的管道的工作方式是，一旦我們讓人們進入平台，目標是讓他們使用不同的功能集，並確保我們不斷湧現對用戶有意義的內容，以提高保留率。

So we didn't really have a chance to do that. Just given the nature of that dispute ending before football. So in terms of just what's driven it, I think and you guys know, I mean, we're very strong in the beginning of the fall sports calendar. I think this year, just like any year, the NFL is obviously a key driver, albeit that this year, I think, is quite special because the pressure from YouTube TV, I think, was extraordinary.

所以我們真的沒有機會這樣做。考慮到這場爭端在足球比賽之前結束的性質。因此，就推動它的因素而言，我認為你們也知道，我的意思是，我們在秋季體育日曆的開始階段非常強大。我認為今年，就像任何一年一樣，NFL 顯然是一個關鍵驅動力，儘管我認為今年非常特別，因為來自 YouTube TV 的壓力非常大。

And I just mentioned on the last question, just the number of discounts, the amount of discounting, the amount of money that was poured into marketing didn't really have any impact on our ability to drive subs. I think another piece of it is that the college football season also picked up pretty quickly this fall. I think there were some interesting games that have also been strong drivers. But again, just to highlight that Disney dispute didn't drive as many as we had intended, just due to the length of the dispute resolution.

我剛剛在最後一個問題上提到，折扣的數量、折扣的金額、投入行銷的資金量並沒有真正對我們推動潛艇的能力產生任何影響。我認為另一個原因是大學橄欖球賽季今年秋天也很快恢復。我認為有一些有趣的遊戲也是強大的驅動力。但再次強調，迪士尼糾紛並沒有像我們預期的那樣推動，只是因為糾紛解決的時間太長。

Got it. Okay. Well, then all that considered then and maybe the World Cup was such a driver last year. But I guess the guide that you're implying for fourth quarter, obviously beats numbers a strong guide. But I guess the sequential improvement from 3Q to 4Q, it would suggest that maybe there's still incremental subscribers to go. Like I would have expected maybe a larger guide from 3Q to 4Q, given what you've done historically. And then I was thinking maybe this Charter dispute had a pull-forward effect, and that's why the 4Q guidance isn't as significant. But just maybe you could just talk about the 4Q subscriber guide, how you're thinking about that relative to what you just put out? And then maybe with reference to, I think you guys increased last year sequentially 200,000 subscribers from 3Q to 4Q. Just in consideration of what you're guiding this time around?

知道了。好的。好吧，那麼考慮到當時的情況，也許去年的世界盃就是這樣一個推動因素。但我想你所暗示的第四季的指南顯然勝過數字的強勁指南。但我猜想從第三季到第四季的連續改善表明，也許仍有增量訂閱者。就像我期望的那樣，考慮到您歷史上所做的事情，從第三季到第四季可能會有一個更大的指南。然後我在想，也許這個憲章爭議有一個拉前效應，這就是為什麼第四季的指導不那麼重要。但也許你可以談談 4Q 訂戶指南，相對於你剛剛發布的內容，你是如何看待它的？然後也許參考一下，我認為你們去年從第三季到第四季連續增加了 20 萬訂閱者。只是考慮到你這次的指導是什麼？

Nick, why don't I start, this is John, and if David wants to come in at the end, obviously, feel free. But look, it's always hard to know in terms of the pull forward. But I would say, as you know, we've been focused on improving profitability and so we started the year expecting North America subscribe about 1.52 million at the midpoint of guide and revenue of, call it, about $1.2 billion or $1.21 billion at the midpoint. And so to your point, we're now forecasting 1.591 million subs at the midpoint revenue of $1.32 billion. So we're now expecting sub growth of, call it, 10% for the year. To your point about the World Cup, that did benefit us pretty meaningfully last year. And so if we adjust for that, it's more like, call it, a low double-digit to low teens type of growth year-over-year. And so given the sub growth that we're seeing and how the cadence came throughout the year, we're being slightly less aggressive on marketing to further drive that profitability. But again, hard to know on the pull forward.

尼克，我為什麼不開始呢，這是約翰，如果大衛想在最後進來，顯然，請隨意。但你看，我們總是很難知道向前的拉力。但我想說的是，正如你所知，我們一直專注於提高盈利能力，因此我們年初預計北美地區的認購量約為 152 萬份，收入指南中位數約為 12 億美元或 12.1 億美元。中點。因此，就您的觀點而言，我們現在預測訂閱人數為 159.1 萬，中間收入為 13.2 億美元。因此，我們現在預計今年的成長率將達到 10%。就你關於世界盃的觀點而言，去年這確實讓我們受益匪淺。因此，如果我們對此進行調整，則更像是一種低兩位數到低十幾歲的同比增長。因此，考慮到我們所看到的次成長以及全年的節奏，我們在行銷方面稍微不那麼積極，以進一步提高獲利能力。但同樣，很難知道向前拉動的情況。

Yes. I would say, look, I think you've -- you guys have seen how we've guided throughout the year. I think, again, just thinking about how dynamic our industry is with all the different changes that are happening almost weekly. I think we want to be a little bit conservative going into the end of the year. And as we've said now, numerously we're very focused on profitability. And so the goal is to drive revenue over subs because that's always been -- it's always been the opposite. And in order for us to hit that 25% target we want to make sure that we're focused on customers that are profitable versus just subscribers for the sake of subscriptions. So there's some conservatism in that. And obviously, we'll do our best to continue to remain efficient.

是的。我想說，看，我想你們已經看到了我們全年的指導方式。我再次想，只要想想我們的產業是多麼充滿活力，幾乎每週都會發生各種不同的變化。我認為我們希望在年底前保持一點保守。正如我們現在所說的，我們在很大程度上非常關注獲利能力。因此，我們的目標是增加訂閱者的收入，因為事實總是相反的。為了讓我們達到 25% 的目標，我們希望確保我們專注的是能夠獲利的客戶，而不是僅僅為了訂閱而訂閱的客戶。所以這裡面有一些保守主義。顯然，我們將盡最大努力繼續保持效率。

Your final question comes from the line of James Goss for Barrington Research.

你的最後一個問題來自 Barrington Research 的 James Goss。

This is Pat for Jim. Just I had a follow-up question with regards to fast channels. Just wondering the extent to which those are tailored for Fubo and then kind of like just regards to how engagement on those channels has fared relative to some of the other content relationships you may have walked away from given just your focus on kind of more sports first content?

這是吉姆的帕特。只是我有一個關於快速通道的後續問題。只是想知道這些頻道在多大程度上是為Fubo 量身定制的，然後有點像考慮這些頻道的參與度相對於您可能已經放棄的其他一些內容關係的表現如何，因為您首先關注的是更多的體育運動內容？

Yes, this is David. Why don't I start, John. Look, I think this was an area where we definitely wanted to experiment a little bit. I think unlike other platforms that have fast channels and we've limited to about, I would say, under 150-or-so. Most platforms have 300-plus and it's exactly, as you said, the goal was to augment our current entertainment lineup and I think from the onset, even back to the IPO, we've always said that the entertainment content on the platform was fungible. And what we've seen is, although we have removed certain content -- entertainment content from the platform, we've seen the fast channels really take some of that share of viewership and as I said before, it's really allowed us to drive advertising revenue above and beyond where we would.

是的，這是大衛。為什麼我不開始呢，約翰。聽著，我認為這是我們絕對想嘗試的領域。我認為與其他擁有快速通道的平台不同，我們限制在 150 個左右。大多數平台都有 300 多個內容，正如您所說，目標是擴大我們當前的娛樂陣容，我認為從一開始，甚至回到 IPO，我們一直說平台上的娛樂內容是可替代的。我們所看到的是，儘管我們已經從平台上刪除了某些內容——娛樂內容，但我們已經看到快速頻道確實佔據了部分收視率，正如我之前所說，它確實使我們能夠推動廣告投放收入超出了我們的預期。

It also gives us more inventory so if you think about broadcast and cable, with broadcast networks, you don't really have any inventory. And then on the cable side, you essentially have between 2 and 3 minutes of ad avails.

它還為我們提供了更多庫存，因此如果您考慮廣播和有線電視以及廣播網絡，您實際上沒有任何庫存。然後在有線電視方面，您基本上可以獲得 2 到 3 分鐘的廣告效果。

In this case, with fast channels, we're getting roughly around 50% of the inventory. And the interesting thing is we can use our platform to drive viewership to a number of different pieces of content. And so obviously, it's in our best interest to drive people to fast channels when we know there are certain genres that they really enjoy, so which is what we've been doing. And then I don't know if, John, if you want to add anything there?

在這種情況下，透過快速管道，我們可以獲得大約 50% 左右的庫存。有趣的是，我們可以利用我們的平台來提高許多不同內容的收視率。顯然，當我們知道人們真正喜歡某些類型時，將他們推向快速頻道符合我們的最佳利益，這就是我們一直在做的事情。約翰，我不知道你是否想在那裡添加任何內容？

The other thing I would add to that, actually, Pat, is that the team spends a lot of time looking at per subscriber viewing metrics and the like. And what I could share with you on that front is that the viewing hours on a per sub basis are of somewhere in, call it, in the high double digits to around 100% year-over-year.

事實上，我要補充的另一件事是，帕特，團隊花費了大量時間查看每個訂閱者的觀看指標等。在這方面我可以與大家分享的是，每個子頻道的觀看時間每年都處於高兩位數到 100% 左右的水平。

Okay. And then I guess -- last question I had was how you guys see distribution relationships evolving as more content is incorporate onto some of the SVOD services?

好的。然後我想 - 我的最後一個問題是，隨著更多內容融入某些 SVOD 服務，你們如何看待分銷關係的演變？

Yes. This is David. Looks, as you can imagine, it's a very interesting industry, right? It's not like the airline industry where Boeing manufactures planes, American Airlines buys planes and sells tickets and so forth. This is where -- an industry where everyone is distributing, everyone is producing and everyone is at the same time, partnering and competing. So it's a very complex space. I think our relationships continue to improve on multiple levels with distributors. And I think the Charter-Disney dispute is a great example of 2 companies that basically compete for customers in the pay TV space, but at the same time, have found ways to work with one another. And I think that as time goes on, many in the industry believe that not only do we have a strong technology platform, maybe the strongest in the world. We have a wonderful product. We have a fantastic team and we're able to really execute not only well, but very quickly.

是的。這是大衛。看起來，正如你想像的那樣，這是一個非常有趣的行業，對吧？這不像航空業，波音製造飛機，美國航空購買飛機並銷售機票等等。這就是一個每個人都在分銷、每個人都在生產、每個人同時合作和競爭的行業。所以這是一個非常複雜的空間。我認為我們與經銷商的關係在多個層面上持續改善。我認為憲章與迪士尼之爭是兩家公司的一個很好的例子，這兩家公司基本上在付費電視領域爭奪客戶，但同時也找到了彼此合作的方法。而且我認為，隨著時間的推移，許多業內人士相信，我們不僅擁有強大的技術平台，甚至可能是世界上最強的。我們有一個很棒的產品。我們擁有一支出色的團隊，我們不僅能夠很好地執行，而且執行得非常快。

And so I anticipate that relationships with large tech companies could be on the horizon as well as other distributors and content partners to be able to help them achieve their goals as well as ours. And I think from what we've attempted to do from the beginning is we always said that we play a very important role in this industry. Our job is to ensure that customers get the best content at the right time for the best price. And on the opposite side, we want to make sure that our content partners are monetizing their portfolio and sports contracts. And so I think what you're starting to see potentially with this Charter dispute is that we are, in fact, that partner. So I do anticipate better relationships, stronger relationships, more executions and different types of treatments as we go forward.

因此，我預計與大型科技公司以及其他發行商和內容合作夥伴的關係可能​​即將出現，以幫助他們實現自己的目標以及我們的目標。我認為我們從一開始就試圖做的是我們總是說我們在這個行業中發揮著非常重要的作用。我們的工作是確保客戶在正確的時間以最優惠的價格獲得最好的內容。另一方面，我們希望確保我們的內容合作夥伴能夠將他們的投資組合和體育合約貨幣化。因此，我認為您開始在這場憲章爭議中看到的是，我們實際上就是那個合作夥伴。因此，我確實預計隨著我們的前進，會出現更好、更牢固的關係、更多的執行和不同類型的治療。

Great. This is Alison Sternberg. I just want to thank everybody for your time this morning and your thoughtful questions. And we are looking forward to speaking with everyone again when we report the fourth quarter in February. But before we conclude the call, I did want to take a few questions that came in through our say technologies portal and the first of which I think comes as no surprise, and I'll direct it to both David and John, which is, how are you progressing towards profitability?

偉大的。這是艾莉森‧斯騰伯格。我只想感謝大家今天早上抽出寶貴的時間並提出深思熟慮的問題。我們期待在二月報告第四季時再次與大家交談。但在我們結束電話會議之前，我確實想回答一些透過我們的科技入口網站提出的問題，我認為第一個問題並不奇怪，我將把它轉給大衛和約翰，即，您的盈利進展如何？

This is John. Why don't I start with that. Look, I'd say we're progressing very well. And if you look at Page 3 of the release, there's a bar chart that actually shows that progress. But to dig a little bit deeper on that, let me share a couple of KPIs that our teams are really focused on. On a year-to-date basis, through the third quarter follows, meaning September 30, adjusted EBITDA for our global streaming business has improved by nearly $100 million. Our EBITDA margin has improved by nearly 20 percentage points. And I would just add that our incremental EBITDA margin or meaning revenue -- EBITDA over revenue is about 22% so I'd say we feel really good about directionally where we're headed.

這是約翰。我為什麼不從那裡開始呢？看，我想說我們進展得很好。如果您查看該版本的第 3 頁，您會發現有一個長條圖實際上顯示了該進度。但為了更深入地探討這一點，讓我分享一些我們團隊真正關注的 KPI。年初至今，截至 9 月 30 日的第三季度，我們全球串流媒體業務的調整後 EBITDA 已提高近 1 億美元。我們的 EBITDA 利潤率提高了近 20 個百分點。我想補充一點，我們的增量 EBITDA 利潤率或收入——EBITDA 與收入之比約為 22%，所以我想說，我們對我們的發展方向感到非常滿意。

Yes. I would say, I think one of the big areas of focus, I think, for most investors and specifically for the company, is our content costs, which is -- it's a $1 billion line item. And one of the things that I look at is contribution profit and if you look back the last 6 quarters consecutively, we've seen an expansion of contribution profit. That will continue as we work through our agreements, and we're looking forward to achieving our 2025 goal, and I think we're pacing well towards that goal.

是的。我想說，我認為，對於大多數投資者，特別是對於公司來說，最重要的關注領域之一是我們的內容成本，這是一個 10 億美元的項目。我關注的事情之一是貢獻利潤，如果你連續回顧過去 6 個季度，我們會看到貢獻利潤的擴大。隨著我們達成協議，這種情況將繼續下去，我們期待實現 2025 年的目標，我認為我們正在朝著這一目標邁進。

Excellent. The second question was more of a macro question, and I'll direct this to you, David. What is the company's strategy when it comes to dealing with companies like Amazon and Apple entering the streaming of sports?

出色的。第二個問題更多的是一個宏觀問題，我將把這個問題交給你，大衛。在應對亞馬遜和蘋果等進入體育串流媒體領域的公司時，該公司的策略是什麼？

Yes. Look, again, this is very similar to an analyst question that was just asked. Again, everybody is competing and working together to drive results. I think one thing is quite clear. In order to be successful in the streaming space, you have to distribute to as many people as you can your content. And what has become clear over time is if you look at all the plus services in aggregate, they have lost, I think, now it's north of maybe $10 billion and so the model that we continue to promote, which is one of aggregation is a model that we think ultimately allows all the participants in the ecosystem to create value.

是的。再說一次，這與剛剛提出的分析師問題非常相似。同樣，每個人都在競爭和共同努力以取得成果。我認為有一件事是非常清楚的。為了在串流媒體領域取得成功，您必須將您的內容分發給盡可能多的人。隨著時間的推移，我們已經清楚地看到，如果你把所有附加服務放在一起來看，我認為它們已經損失了，現在可能超過100 億美元，所以我們繼續推廣的模型，即聚合模型，是一種我們認為這種模式最終可以讓生態系統中的所有參與者創造價值。

And so with respect to the 2 players that were actually mentioned, Again, we have wonderful relationships with both of them. We still have over 50,000 sporting events on the platform. The fact that we lost Thursday night football, I think it's now in its second year, had very little impact. I would say no impact if you look at the net adds on a year-over-year basis and the double digit growth we've been able to experience. So we're very comfortable with where we are today and the amount of sports content that we have on the platform. And we look forward to continuing to build relationships, both with customers and tech platforms.

因此，對於實際提到的兩名球員，我們再次與他們保持良好的關係。我們的平台上仍有超過 50,000 場體育賽事。事實上，我們輸掉了周四晚上的足球賽，我認為現在已經是第二年了，影響很小。如果你看看同比的淨增加和我們所經歷的兩位數的增長，我會說沒有影響。因此，我們對目前的狀況以及平台上的體育內容數量感到非常滿意。我們期待繼續與客戶和技術平台建立關係。

Great. Thank you, David. And thank you, operator. This concludes our third quarter call for today. Again, thanks to everyone for your thoughtful questions, and we look forward to speaking with everybody soon.

偉大的。謝謝你，大衛。謝謝你，接線生。我們今天的第三季電話會議到此結束。再次感謝大家提出的深思熟慮的問題，我們期待很快與大家交談。