(FUBO) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is Krista, and I'll be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the fubo Fourth Quarter Full Year 2023 earnings conference call.

在此，我歡迎大家參加富博2023年第四季全年財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

And if you'd like to withdraw that question again, press star one.

如果您想再次撤回該問題，請按星號一。

Thank you.

謝謝。

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

我現在想將會議交給投資者關係高級副總裁艾莉森·斯特恩伯格 (Alison Sternberg)。

Allison, you may begin your conference.

艾莉森，你可以開始你的會議了。

Thank you for joining us to discuss through those Fourth Quarter 2023.

感謝您與我們一起討論 2023 年第四季。

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 dot fubo dot TV.

今天與我在一起的是fubo 聯合創始人兼首席執行官David Gandler 和fubo 首席財務官John Janedis。我們業績的完整詳細信息和其他管理層評論可在我們的收益報告和致股東的信中找到，這些資訊可以在投資者關係中找到我們網站 ir dot fubo dot TV 的部分。

Before we begin, let me quickly review the format of today's presentation.

在我們開始之前，讓我快速回顧一下今天演講的形式。

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.

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。

Then we will turn the call over to the analysts for Q&A.

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, anticompetitive practices among our competitors and our response plan and expectations regarding profitability.

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、行業和消費者趨勢的陳述、我們競爭對手之間的反競爭行為以及我們的應對計畫和對獲利能力的期望。

These forward-looking statements are subject to certain risks, uncertainties and assumptions.

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.

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。

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 during the call, we may also refer to certain non-GAAP financial measures.

除非另有說明，我們今天提供的業績和指引均以持續經營為基礎，不包括我們先前的遊戲部門的歷史業績（在電話會議期間被視為已終止經營），我們也可能會參考某一些非公認會計原則財務措施。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q4 2023 earnings shareholder letter, which is available on our website at ir dot fubo dot TV.

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 年第四季收益股東信中找到，該信函可在我們的網站 ir dot fubo dot 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, Allison, and good morning, everyone.

謝謝你，艾莉森，大家早安。

We appreciate you joining us today to discuss Prevost Fourth Quarter and Full Year 2023 results.

我們感謝您今天加入我們討論 Prevost 第四季和 2023 年全年業績。

We are pleased to report that fubo once again exceeded guidance across key financial and operating metrics in North America with double-digit year-over-year growth during the fourth quarter, we delivered a record 1.62 million paid subscribers, an increase of 12% year over year and $402 million in total revenue, up an impressive 29% year over year.

我們很高興地報告，Fubo 在北美的主要財務和營運指標再次超出指導，第四季度實現兩位數同比增長，我們交付了創紀錄的 162 萬付費用戶，同比增長 12%總收入達4.02 億美元，年成長29%，令人印象深刻。

Average revenue per user also reached an all-time high of $86.65, an increase of 15% year over year in the context of a challenging year for the advertising industry.

每個用戶的平均收入也創下歷史新高，達到 86.65 美元，在廣告業充滿挑戰的一年中同比增長 15%。

The accomplishments of our ad sales team is indeed noteworthy, delivering a record $114 million in annual revenue, a 14% increase over the prior year demonstrates remarkable resilience and effectiveness in our strategy and execution.

我們的廣告銷售團隊的成就確實值得注意，年收入達到創紀錄的 1.14 億美元，比前一年增長 14%，這表明我們在策略和執行方面具有非凡的彈性和有效性。

Our balance sheet is healthy, reinforcing our confidence in achieving our profitability target in 2025 in 2023, we improved free cash flow by $101 million and adjusted EBITDA by $122 million, both over the prior year.

我們的資產負債表健康，增強了我們實現 2025 年獲利目標的信心，2023 年我們的自由現金流比前一年增加了 1.01 億美元，調整後的 EBITDA 增加了 1.22 億美元。

This $100 million plus adjusted EBITDA improvement was fueled by robust revenue growth, enhanced operational efficiencies and stringent cost management.

強勁的收入成長、營運效率的提高和嚴格的成本管理推動了這 1 億美元加調整後 EBITDA 的改善。

Our ability to efficiently and substantially narrow our losses has been outstanding setting a benchmark for exceptional performance within our industry.

我們有效、大幅縮小損失的能力非常出色，為我們行業的卓越績效樹立了基準。

Even with our significant momentum in 2023, had fubo been afforded the opportunity to compete on fair market terms in line with other distributors such as Hulu, Comcast, Charter and Direct TV stream, we believe our results could have been even better.

即使我們在 2023 年勢頭強勁，如果 fubo 有機會與 Hulu、康卡斯特、Charter 和 Direct TV 串流等其他發行商在公平市場條件下競爭，我們相信我們的業績可能會更好。

In fact, considering the estimated $200 million plus we were forced to pay last year to all of our media partners for content.

事實上，考慮到去年我們被迫向所有媒體合作夥伴支付的估計 2 億美元內容費用。

Consumers don't run as well as outsized penetration rates and access fees paid.

消費者的滲透率和接取費並不高。

We believe fubo may have been able to break even in 2023.

我們相信 fubo 可能能夠在 2023 年達到收支平衡。

And most compelling of all, we would have had the opportunity to return these savings to customers in the form of promotions and future discounts.

最引人注目的是，我們將有機會以促銷和未來折扣的形式將這些節省的費用返還給客戶。

Instead, our customers are hit with annual price hikes because they are forced to buy content.

相反，我們的客戶每年都會受到價格上漲的打擊，因為他們被迫購買內容。

They don't want just to access sports.

他們不僅僅想要參加體育運動。

Last week, we filed an antitrust lawsuit against the Walt Disney Corporation, Fox Corporation and Warner Brothers discovery for forming a sports streaming joint venture expected to launch this fall.

上週，我們對華特迪士尼公司、福斯公司和華納兄弟發現公司提起了反壟斷訴訟，因為它們組建了一家體育串流媒體合資企業，預計將於今年秋天推出。

We assert that this JV is an attempt to monopolize the sports streaming industry and eliminate competition.

我們斷言，該合資企業試圖壟斷體育串流媒體產業並消除競爭。

Their proposed venture is we believe, just the latest example of the sports cartels attempt to block and steal through both vision of what a sports streaming bundle should look like resulting in billions of dollars in damages to our business.

我們相信，他們提出的合資企業只是體育卡特爾試圖阻止和竊取體育串流媒體捆綁應該是什麼樣子的最新例子，導致我們的業務損失數十億美元。

We consider the defendants pernicious contractual terms and other anti-competitive practices, borderline rapid tiering as stated in our complaint, this sports cartel has levied content rates on us that are 30% to 50% plus higher than those of other distributors forced us to license unwanted non-sports content to access their must-have sports programming imposed above market penetration rates for this content and restricted our ability to offer certain features while permitting competitors and their own vertically integrated services to do so.

我們認為被告有有害的合約條款和其他反競爭行為，如我們在投訴中所述的邊緣快速分層，該體育卡特爾向我們徵收的內容費率比其他發行商強迫我們許可的內容費率高出30% 至50% 以上不允許不需要的非體育內容訪問其必備的體育節目，這些內容的市場滲透率高於該內容的市場滲透率，並限制了我們提供某些功能的能力，同時允許競爭對手及其自己的垂直整合服務這樣做。

And this sports cartel further attempts to stifle and destroy competition by forcing fubo to license content.

這個體育卡特爾也試圖透過迫使 fubo 獲得內容許可來扼殺和破壞競爭。

They don't even own which floats our bundle and further raises prices for consumers.

他們甚至不擁有我們的捆綁包並進一步提高了消費者的價格。

We have been dealing with widespread and rampant misconduct from this group and the industry at large, it has to stop consumers deserve choice.

我們一直在處理該組織和整個行業廣泛而猖獗的不當行為，它必須阻止消費者應得的選擇。

They should only pay for the channels they want, they should be able to access delightful product features to enjoy the streaming experience the way they want to and they should get all of this at a fair price.

他們應該只為他們想要的頻道付費，他們應該能夠訪問令人愉快的產品功能，以他們想要的方式享受串流媒體體驗，並且他們應該以合理的價格獲得所有這些。

I want to be clear that despite these challenges, we remain focused on executing our operating plan, our ability to improve our business top and bottom line in a persistently anti-competitive landscape underscores our team's capacity for sustained execution.

我想明確的是，儘管面臨這些挑戰，我們仍然專注於執行我們的營運計劃，我們在持續反競爭的環境中提高業務收入和利潤的能力強調了我們團隊持續執行的能力。

We remain focused on offering consumers a dynamic sports centric entertainment content service and continuing to demonstrate to investors that they can rely on food, most consistent performance in meeting our business goals, delivering an unparalleled streaming offering means solving problems for consumers.

我們仍然專注於為消費者提供充滿活力的以體育為中心的娛樂內容服務，並繼續向投資者證明他們可以依靠食物、最一致的表現來實現我們的業務目標，提供無與倫比的串流媒體服務意味著為消費者解決問題。

As we have said for the past three years, friction and fragmentation in the streaming industry is forcing consumers to pay for multiple services to access must-have content and with exclusive content fragmented across many services and packaged alongside nonexclusive programming, customers are ultimately paying multiple times for much of the same content.

正如我們在過去三年中所說，串流媒體行業的摩擦和碎片化迫使消費者為多種服務付費才能訪問必備內容，而獨家內容分散在許多服務中，並與非獨家節目打包在一起，客戶最終會支付多種費用。大部分相同內容的時間。

It's a well-established fact that for the benefit of consumers and to maximize the monetization of sports leagues, intellectual property sports needs to be broadly disseminated.

眾所周知的事實是，為了消費者的利益並最大限度地實現體育聯賽的貨幣化，知識產權體育需要廣泛傳播。

This is the rationale behind our ambition to become a super aggregator, which we believe addresses the challenge effectively for consumers while also serving as the optimal strategy for our media and advertising partners.

這就是我們成為超級聚合商的雄心壯志背後的理由，我們相信這可以有效解決消費者的挑戰，同時也是我們的媒體和廣告合作夥伴的最佳策略。

Our goal is to engage consumers along the demand curve and deliver aggregated video bundles focused on the consumer experience at different price points.

我們的目標是沿著需求曲線吸引消費者，並提供專注於不同價位消費者體驗的聚合影片包。

We are not trying to be an app store.

我們並不是想成為一家應用程式商店。

Our vision is to offer different types of packages, including free Fast Pay VoD, pay-per-view, TiVo and the virtual MVPD channel bundle and provide consumers with a seamless experience that lets them access just the channels they want when they want.

我們的願景是提供不同類型的套餐，包括免費的快速付費VoD、按次付費、TiVo 和虛擬MVPD 頻道捆綁包，並為消費者提供無縫體驗，讓他們在需要時只訪問他們想要的頻道。

And at a fair price, first in our super aggregation strategy will be the forthcoming launch of a free content tier to include the nearly 160 FastChannel we have launched since 2022.

以合理的價格，我們超級聚合策略中的首要任務是即將推出免費內容層，其中包括我們自 2022 年以來推出的近 160 個 FastChannel。

By providing these channels outside of the paywall, we plan to leverage this tier to retain and monetize consumers who sign up for fubo, but either don't convert into paying users or even cancel their subscription.

透過在付費專區之外提供這些管道，我們計劃利用這一層來留住註冊 fubo 的消費者並從中獲利，但要么不會轉化為付費用戶，甚至會取消他們的訂閱。

Our goal is to keep customers inside the fubo ecosystem.

我們的目標是讓客戶留在 fubo 生態系統中。

There's a lot to enjoy with fubo, and we intend to deliver multiple content and product options, letting consumers choose the fubo experience.

fubo 有很多值得享受的東西，我們打算提供多種內容和產品選項，讓消費者選擇 fubo 體驗。

That's right for them in summary in 2024, we are focused on solidly executing our business plan even as we manage headwinds.

總而言之，這對他們來說是正確的，2024 年我們將專注於堅定地執行我們的業務計劃，即使我們要應對逆風。

Our Q4 and full year 2023 performance reaffirms our belief that those aggregated video bundle delivered through a premium personalized streaming experience, offers value for customers, shareholders and partners.

我們第四季和 2023 年全年的業績重申了我們的信念，即透過優質個人化串流媒體體驗提供的聚合影片包將為客戶、股東和合作夥伴提供價值。

Importantly, we strive to be champions of consumers who are entitled to choose a sports first bundle.

重要的是，我們努力成為有權選擇體育優先捆綁包的消費者的擁護者。

That's right for them.

這對他們來說是正確的。

And at a fair price, we will fight for their right to do so.

我們將以公平的價格爭取他們這樣做的權利。

I will now turn the call over to Jonathan.

我現在將把電話轉給喬納森。

He is CFO, to discuss our financial results in greater detail.

他是首席財務官，負責更詳細地討論我們的財務表現。

John?

約翰？

Thank you, David, and good morning, everyone.

謝謝大衛，大家早安。

Our fourth quarter results reflect the ongoing improvement across our key performance indicators.

我們第四季的業績反映了我們關鍵績效指標的持續改善。

The fourth quarter marks more than a full year of this trend serving as proof that our operational initiatives around bringing added effectiveness and efficiency to the business have been working and that our customer acquisition actions have also had a positive impact.

第四季標誌著這一趨勢已持續一年多，這證明我們圍繞提高業務有效性和效率的營運舉措一直在發揮作用，並且我們的客戶獲取行動也產生了積極影響。

We continued to see healthy top line and subscriber growth with Q4 revenue growth in North America of 29% and rest of world revenue growth of 18%.

我們持續看到健康的營收和用戶成長，第四季北美收入成長 29%，世界其他地區營收成長 18%。

We are equally pleased with our overall subscriber growth, including 12% growth in North America, well ahead of our initial guidance of 5% growth at the start of 2023.

我們對整體用戶成長同樣感到滿意，其中北美用戶成長 12%，遠高於我們 2023 年初 5% 成長的初步指引。

This brings us to $1.37 billion in global revenue for the full year, representing 28% growth year over year.

這使我們全年的全球收入達到 13.7 億美元，年增 28%。

As we continued to grow subscribers and become more strategic around our pricing and packaging, we expect to see continued leverage on the subscriber related expense line, which in the fourth quarter decreased 662 basis points to 87% of revenue versus the prior year period.

隨著我們的訂戶數量不斷增長，並在定價和包裝方面變得更具戰略性，我們預計訂戶相關費用項目將繼續發揮作用，第四季度該費用項目與去年同期相比下降了662 個基點，佔收入的87%。

On the operational front, RPU in North America reached $86.65, an all-time high, while rest of world RPU was $6.81. The improvement in RPU was largely the result of the various pricing initiatives undertaken throughout 2023.

在營運方面，北美地區的 RPU 達到 86.65 美元，創歷史新高，而世界其他地區的 RPU 為 6.81 美元。 RPU 的改善主要歸功於 2023 年全年採取的各種定價措施。

Turning to advertising, we are pleased with the growth and trends we are seeing on this front more.

談到廣告，我們對在這方面看到的成長和趨勢感到滿意。

So given the continued volatility, many advertising businesses are facing during the fourth quarter, global ad revenue totaled $39 million or a 15% increase versus the prior year period.

因此，考慮到許多廣告業務面臨的持續波動，第四季全球廣告收入總計 3,900 萬美元，比去年同期成長 15%。

Taking a look at the operational side of the business, we continue to make meaningful progress in our efforts to lower expenses and increase efficiency.

從業務運營方面來看，我們在降低開支和提高效率方面繼續取得有意義的進展。

Starting with the gross margin, we saw a near 900 basis point expansion to 10%, marking our fifth consecutive quarter of positive gross margin and a record for the Company.

從毛利率開始，我們看到毛利率成長了近 900 個基點，達到 10%，標誌著我們連續第五個季度實現正毛利率，並創下了公司的記錄。

This is on the back of another 900 basis point improvement in the prior quarter.

這是在上一季又改善 900 個基點的基礎上實現的。

Improvements across the income statement also led to a significant reduction in net loss with Q4 net loss of $71 million or a $25 million year-over-year reduction.

損益表的改善也導致淨虧損大幅減少，第四季淨虧損為 7,100 萬美元，年減 2,500 萬美元。

This resulted in net loss margin improvement to negative 17% favorably comparing to a negative 30% loss margin in the prior year period.

與去年同期的負虧損率 30% 相比，這導致淨虧損率改善至負 17%。

This led to a fourth quarter 2024 net loss per share of $0.24, a significant improvement compared to a loss of $0.48 in the fourth quarter of 2022.

這導致 2024 年第四季每股淨虧損為 0.24 美元，與 2022 年第四季每股淨虧損 0.48 美元相比有了顯著改善。

These results demonstrate that we are making meaningful progress toward our 2025 positive cash flow goal.

這些結果表明，我們正在朝著 2025 年正現金流目標取得有意義的進展。

Fourth quarter adjusted EBITDA loss also improved to a loss of $50.7 million compared to a loss of $75.4 million in the fourth quarter of 2022.

第四季調整後 EBITDA 虧損也從 2022 年第四季的虧損 7,540 萬美元改善至 5,070 萬美元。

Adjusted EBITDA margin was a negative 12.4%, a significant improvement from a negative 23.6% in the prior year period.

調整後 EBITDA 利潤率為負 12.4%，較上年同期的負 23.6% 顯著改善。

This resulted in an adjusted EPS loss of $0.17, an improvement compared to an adjusted EPS loss of $0.39 in Q4 2022.

這導致調整後每股收益損失 0.17 美元，與 2022 年第四季調整後每股收益損失 0.39 美元相比有所改善。

Moving to the balance sheet, we believe we have ample liquidity to both invest in the business as well as continue to support our path to profitability ending the quarter with $251 million of cash, cash equivalents and restricted cash.

轉向資產負債表，我們相信我們擁有充足的流動性，既可以投資業務，也可以繼續以 2.51 億美元的現金、現金等價物和限制性現金支持我們在本季末實現盈利的道路。

In addition, our ongoing efforts to identify efficiencies and maximize leverage across the business resulted in a 15 million improvement in free cash flow.

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 1500 萬美元。

We continue to focus on maintaining rigor and discipline around our company-wide costs and are pleased with the progress we made throughout the year.

我們繼續致力於保持全公司成本的嚴格性和紀律性，並對我們全年的進展感到滿意。

Now turning to guidance for the full year 2024.

現在轉向 2024 年全年指引。

We expect full year 2020 for North America subscribers of 1.665 million to $1.685 million, representing 4% year over year growth at the midpoint and the full year 2024 revenue of $1.505 billion to $1.525 billion, representing 13% year-over-year growth at the midpoint.

我們預計 2020 年全年北美用戶數量將達到 166.5 萬至 168.5 萬美元，年增 4%；2024 年全年營收將達到 15.05 億美元至 15.25 億美元，年成長 13%。中點。

As described, our outlook reflects some conservatism in our plan, in particular, our exposure to potential industry volatility.

如上所述，我們的前景反映了我們計劃中的一些保守態度，特別是我們對潛在行業波動的曝險。

However, we expect significant revenue growth outpacing subscriber growth due to anticipated RPU expansion, given our continued focus on unit economics and margin improvement.

然而，鑑於我們持續關注單位經濟效益和利潤率改善，由於預期 RPU 擴張，我們預期營收成長將顯著超過用戶成長。

As for the first quarter, we expect subscribers of 1.415 million to 1.435 million, representing 11% year-over-year growth at the midpoint and revenue of $365 million to $375 million, representing 17% year over year growth at the midpoint for rest of world, our full year 2024 guidance projects, 390,000 to 410,000 subscribers, representing a 2% year-over-year decline at the midpoint and revenue of $31 million to $35 million, representing 2% year-over-year growth at the midpoint.

至於第一季度，我們預計用戶數為 141.5 萬至 143.5 萬，年比中位數成長 11%；營收為 3.65 億美元至 3.75 億美元，其餘地區年增 17%。世界，我們的2024 年全年指導項目，訂閱者數為39 萬至41 萬，中點年減2%，營收為3,100 萬美元至3,500 萬美元，中點年增2%。

In the first quarter, we expect subscribers of 380,000 to 385,000, representing a 1% year-over-year growth at the midpoint and we expect revenue of $6.6 million to $8.6 million, representing a 2% decline year over year at the midpoint.

在第一季度，我們預計訂閱用戶數為 38 萬至 38.5 萬美元，中間值年增 1%；我們預計營收為 660 萬美元至 860 萬美元，中間值年減 2%。

In summary, we are encouraged by our strong fourth quarter and full year results and the progress we are making on our long-term plan.

總之，我們對第四季度和全年的強勁業績以及我們在長期計劃上的進展感到鼓舞。

We are driving improvement across our business, including marked progress around RPU, advertising revenue and subscriber related expense.

我們正在推動整個業務的改進，包括 RPU、廣告收入和訂戶相關費用的顯著進展。

This progress positions us well for future success and increases our confidence that fubo has the foundation necessary to deliver enhanced value to shareholders.

這項進展為我們未來的成功奠定了良好的基礎，並增強了我們的信心，即 fubo 擁有為股東提供更高價值所需的基礎。

Operator,

操作員，

Thank you.

謝謝。

As a reminder, if you would like to ask a question, please press star followed by the number one on your telephone keypad.

提醒一下，如果您想提問，請按星號，然後按電話鍵盤上的數字 1。

And if you'd like to withdraw that question again, press star one, we also ask that you limit yourself to one question and one follow-up.

如果您想再次撤回該問題，請按星號一，我們也要求您將自己限制在一個問題和一個後續行動上。

Your first question comes from the line of Laura Martin from Needham & Company Please go ahead

您的第一個問題來自 Needham & Company 的 Laura Martin，請繼續

Good morning.

早安.

Good morning.

早安.

And so I'm I guess the first one is your gross margins were fantastic.

所以我想第一個是你們的毛利率非常好。

Could you remind us who's coming up for renewal and how you think the lawsuit impacts your ability to actually get costs lower since you've now source, you have major suppliers of our business?

您能否提醒我們誰將要續約，以及您認為訴訟如何影響您實際降低成本的能力，因為您現在已經購買了我們業務的主要供應商？

John, I'll start with the gross margin there.

約翰，我將從毛利率開始。

Maybe David will take the second part of the question.

也許大衛會回答問題的第二部分。

So look to your point, I think we had a great year in terms of the gross margin improvement, call it around 1,000 basis points versus 2022.

因此，看看你的觀點，我認為我們在毛利率改善方面度過了很棒的一年，與 2022 年相比，毛利率提高了 1,000 個基點左右。

And I think we also feel good about further expansion in 2024 as long term as renewals.

我認為我們也對 2024 年的進一步擴張以及續約的長期發展感到滿意。

I think you know that we don't call out specific renewals.

我想你知道我們不會要求具體的續約。

But what we've said historically, and that hasn't changed is that we typically have one two renewals per year, but we don't comment specifically on who were one.

但我們從歷史上說過，並且沒有改變的是，我們通常每年有兩次續訂，但我們不會具體評論誰是其中之一。

Okay, cool.

好吧，酷。

And then my other question is about the lawsuit so far, John, what do you think an overall cost of the lawsuits are in '24?

然後我的另一個問題是關於迄今為止的訴訟，約翰，你認為 24 年訴訟的總體成本是多少？

Does it affect your promise to hit free cash flow breakeven in '25 and and it were a worst case.

這是否會影響您在 25 年實現自由現金流損益平衡的承諾，而且這是最糟糕的情況。

I mean, you guys have competed.

我的意思是，你們已經參加過比賽了。

I mean, there's lots of screen reports out there like Paramount has three main sports.

我的意思是，有很多螢幕報道，例如派拉蒙有三項主要運動。

The Hulu and YouTube TV have lots of streaming sports.

Hulu 和 YouTube TV 有很多串流體育節目。

And so really these guys have just but they're really just marketing a sports bundle, but there's been lots of sports.

所以，這些人確實只是在行銷運動捆綁包，但實際上有很多體育項目。

So I guess my question is, if you lose everything the courts don't get involved or the DOJ doesn't do anything like can you could use the second was launched the losses sort of signals that you're not sure you can compete with this version of a skinny bundle.

所以我想我的問題是，如果你失去了法庭不介入的一切，或者司法部沒有做類似的事情，你可以使用第二個啟動的損失信號，表明你不確定你是否可以與之競爭這個版本的瘦包。

So can you speak to that?

那你能談談嗎？

And what happens if none of these injunctions know and interest feeds on your behalf and you have to compete against this new entity, please?

如果這些禁令都不知道並且利益代表您而成長，並且您必須與這個新實體競爭，會發生什麼？

Yes, hey, Laurie, this is David.

是的，嘿，勞裡，這是大衛。

Well, I think that as you said we've been competing with these very large companies for nine years now.

嗯，我認為正如你所說，我們已經與這些非常大的公司競爭九年了。

And we have an overwhelming amount of evidence over these years that demonstrates the anti-competitive patterns that we've been dealing with.

這些年來，我們有大量證據證明我們一直在處理反競爭模式。

I think as we've said a win for us, it's really outlined in the complaints.

我認為，正如我們所說的，我們取得了勝利，投訴中確實概述了這一點。

We just want parity parity means that they don't levy rates on us that are 30% to 50% above market.

我們只是想要平價，平價意味著他們不會向我們徵收高於市場 30% 到 50% 的稅率。

They don't force us to license unwanted content to be able to access must-have programming and they don't impose on us penetration rates that are above market along with some of these restrictions, like for instance, we don't sell ESPN plus despite the fact that we offered to pay for and charter receive it for free.

他們不會強迫我們許可不需要的內容才能訪問必備節目，也不會強加高於市場的滲透率以及其中一些限制，例如我們不出售 ESPN另外，儘管我們提出付費並免費租用它。

So that's on the on the one side on the loss side, I guess it's very difficult to say.

所以這是一方面是損失，我想這很難說。

But ultimately, I think things will retain, remain status quo and we'll continue to have to deal with the unreasonable and above market economic terms.

但最終，我認為事情將保持現狀，我們將繼續不得不處理不合理和高於市場的經濟條款。

And as you can see, historically, 11 out of 12 quarters, we're continuing to fight the good fight.

正如您所看到的，從歷史上看，12 個季度中有 11 個季度，我們將繼續為正義而戰。

And so that's sort of where we land within these two sort of situations.

這就是我們在這兩種情況下遇到的情況。

And Laura, maybe I'll just wrap up on the lawsuit costs.

勞拉，也許我會結束訴訟費用。

So what I can tell you is that it's factored into our budget, but it's too soon to give you a number in terms of the totality.

所以我可以告訴你的是，它已計入我們的預算中，但現在給你一個總體數字還為時過早。

Your next question comes from the line of David Joyce from Seaport Research Partners.

您的下一個問題來自 Seaport Research Partners 的 David Joyce。

Please go ahead.

請繼續。

You on the advertising side, your 15% growth seems to be in line with other digitally native video peers.

在廣告方面，您 15% 的成長似乎與其他數位原生影片同行一致。

But I was wondering what you are seeing in the current quarter given that there's incremental inventory coming online from from Amazon?

但我想知道，考慮到來自亞馬遜的線上庫存增量，您在本季會看到什麼？

And also, what do you think the impact could be to the ecosystem with Walmart acquiring Visio, which has some of that connected TV verticality in their strategy?

另外，您認為沃爾瑪收購 Visio 會對生態系統產生什麼影響，Visio 的策略中有一些連網電視垂直性？

Thanks

謝謝

again, this is John.

再說一次，這是約翰。

Maybe I'll start with the advertising question and then David will hop on the video part of the question.

也許我會從廣告問題開始，然後大衛會跳到問題的影片部分。

Actually, Q4 came in better than we expected.

事實上，第四季的表現比我們預期的要好。

I think when we spoke about three months, three months or so ago, I said that we expected single-digit ad growth and we ended up as you know, and now in the double digits.

我想，當我們大約三個月前談論時，我說過我們預計廣告成長將達到個位數，結果如你所知，現在達到了兩位數。

And so for 4Q, we saw more or less mid singles plus for mid-singles for October into mid-November.

因此，在第四季度，我們或多或少看到了 10 月至 11 月中旬的中單曲以及中單曲。

And then we saw a real acceleration in December for two to one.

然後我們在 12 月看到了二比一的真正加速。

But I can tell you is that we had a solid January.

但我可以告訴你的是，我們度過了一個充實的一月。

I think we feel good about February sounded still, and we can also post, call it double digit growth for the first quarter.

我認為我們對二月份的感覺仍然不錯，我們也可以將其稱為第一季的兩位數增長。

And I would just say from a category perspective for Q1 lease, we're seeing strength in within a larger categories.

我只想說，從第一季租賃的類別角度來看，我們看到了更大類別的實力。

I'd say a healthy home and garden at QSR, it's gambling and gaming.

我想說 QSR 的健康家庭和花園，就是賭博和遊戲。

And then I'd say, autos, our range of from a strong double to triple digits for Q1.

然後我想說，汽車，我們第一季的銷售範圍從兩位數到三位數。

And if you want to take that to your question.

如果你想把這個問題帶到你的問題。

Yes, short on.

是的，短了。

Yes, with respect to video, we think obviously, this is a positive outcome for the industry who was a very high quality audience that is sports first.

是的，就影片而言，我們顯然認為，這對該行業來說是一個積極的成果，因為該行業擁有非常高品質的觀眾，並且以體育為先。

And so if to the extent that Walmart will help video overlay retail data, we think that this could be a big win, not only for advertisers, but for approval at Walmart as well.

因此，如果沃爾瑪將幫助影片覆蓋零售數據，我們認為這可能是一個巨大的勝利，不僅對廣告商來說，而且對沃爾瑪的批准也是如此。

Thank you very much.

非常感謝。

Your next question comes from the line of [Nick O'Loughlin] from JPMorgan.

您的下一個問題來自摩根大通的 [Nick O'Loughlin]。

Please go ahead, figures.

請繼續，數字。

Good morning.

早安.

Thanks for taking the question, if I could drill in on the 1Q guide a little bit.

感謝您提出問題，我是否可以深入了解 1Q 指南。

Is there anything baked in there from what you observed from the exclusive Peacock playoff game in January and June.

從您在一月和六月的獨家孔雀季後賽中觀察到的情況來看，其中是否有什麼烘焙之處？

Did you notice any incremental churn or if it change the usage behavior afterwards from here regular NFL fans?

您是否注意到任何增量流失，或者是否改變了普通 NFL 球迷之後的使用行為？

Yes, hi, a very good question.

是的，嗨，這是一個很好的問題。

We actually didn't see anything because most people that visit fubo or use fubo are using it for the vast portfolio of sports content we have and based on some of the data that we've seen with respect to plus services.

我們實際上沒有看到任何東西，因為大多數訪問 fubo 或使用 fubo 的人都將其用於我們擁有的大量體育內容組合，並且基於我們所看到的有關附加服務的一些數據。

And this may be the reason why the JV has become a hot topic.

而這或許也是合資企業成為熱門話題的原因。

Is that three out of four customers prefer to watch?

四分之三的顧客喜歡觀看嗎？

Are there content on our platform versus a plus service.

我們的平台上是否有內容與附加服務相比？

So actually, I think we've also seen that people are confused.

所以實際上，我認為我們也看到人們感到困惑。

About 70% of our customers also prefer to have to use fubo for content that is also streamed on exclusively on these plus services.

我們大約 70% 的客戶也更喜歡使用 fubo 來觀看同樣在這些附加服務上獨家播放的內容。

So all in, I think we're in a relatively good spot, and it's clear people, our concern that customers are tired of friction and fragmentation.

總而言之，我認為我們處於一個相對好的位置，很明顯，我們擔心客戶厭倦了摩擦和分裂。

Understood.

明白了。

And maybe if I could follow-up on the DE plus services.

也許我可以跟進 DE plus 服務。

I mean, I guess when you guys discussed charter and Disney in the past and you've talked about how that suggests the industry is heading towards reactivation, which should benefit the company.

我的意思是，我想當你們過去討論特許經營和迪士尼時，你們已經談到了這如何表明該行業正在走向重新激活，這應該會使公司受益。

But I'm curious if you think that there's any longer-term risk from what Charter's doing or potentially other future similar DTC. bundles in that it could slow the pace of cord cutting and if that might shift the magnitude of new customers entering your funnel, I'm just curious how you think about that?

但我很好奇您是否認為 Charter 的做法或未來可能採取的其他類似 DTC 有任何長期風險。捆綁，因為它可能會減慢剪線的速度，如果這可能會改變進入您頻道的新客戶的數量，我只是好奇您對此有何看法？

Thanks.

謝謝。

I think you I don't think we really think about that.

我認為你我認為我們並沒有真正考慮過這一點。

As you know, we've continued to take share analysis on for eight years annually.

如您所知，八年來我們每年都會進行股票分析。

So this is a very robust market and we are all for competition and we think consumers should have choice.

所以這是一個非常強勁的市場，我們都支持競爭，我們認為消費者應該要有選擇。

And we believe the product that we are distributing this product that people enjoy.

我們相信我們所分銷的產品是人們喜歡的。

So and we don't really see any impact on that front.

所以我們並沒有真正看到這方面有任何影響。

Your next question comes from the line of Darren Aftahi from Roth MKM.

您的下一個問題來自 Roth MKM 的 Darren Aftahi。

Please go ahead.

請繼續。

Wondering basically my question is on, can you talk a little bit about in general, just some more near term year-to-date ad trends you're seeing security and SaaS and CTV?

我想知道我的問題基本上是，您能否總體上談談您所看到的安全、SaaS 和 CTV 的一些近期的今年迄今為止的廣告趨勢？

Yes, yes, Hey, Dan, it's John.

是的，是的，嘿，丹，我是約翰。

I'll start and maybe I'll add a little bit on to what I responded to with David's question.

我將開始，也許我會在我回答大衛問題的基礎上補充一些內容。

And so so we actually saw some good help again coming out of December.

因此，我們實際上在 12 月再次看到了一些很好的幫助。

As you know, David and I spend a lot of time with them with our ads are ads team.

如你所知，大衛和我花了很多時間與我們的廣告團隊一起工作。

What I can tell you for Q1 is that we're actually seeing improvement in terms of the demand factor as the quarters progress.

對於第一季度，我可以告訴您的是，隨著季度的進展，我們實際上看到需求因素有所改善。

And so what it means is that for call it and then at the January February, we're seeing the demand coming closer to run rate.

因此，這意味著，在 1 月、2 月，我們看到需求越來越接近運行率。

I would say now we're at a point where we're actually seeing demand for beyond 1Q, meaning March, but also into 2Q and down into the 3Q.

我想說，現在我們實際上看到了第一季（即三月）之後的需求，但也看到了第二季和第三季的需求。

So I think we feel relatively good about it.

所以我認為我們對此感覺相對良好。

On the international on the political side, off of a small base, we saw call it triple digit growth in Q1 and yes, the refresh we put up about, call it, 4 million plus in 2022.

在國際政治方面，在基數較小的情況下，我們在第一季看到了三位數的成長，是的，我們提出的更新，稱其為 2022 年超過 400 萬。

I'd expect meaningful growth off of that in 24, but the majority of that come into call it from August and beyond.

我預計 24 年後會出現有意義的成長，但其中大部分是從 8 月及以後開始的。

And then again, from a category perspective, I mentioned the stronger ones for Q1.

然後，從品類的角度來看，我提到了第一季較強的產品。

I would say on the softer side, I'd call it ABCPG. and traveling for resin, if I call that two that were a little bit softer than the portfolio.

我會說，從更溫和的角度來說，我稱之為 ABCPG。以及樹脂旅行，如果我稱這兩個比投資組合稍微軟一點的話。

But again, I still expect to see double-digit growth for us for Q1.

但同樣，我仍然預計第一季我們將實現兩位數的成長。

Great.

偉大的。

And then maybe just one more philosophical question as it relates to the lawsuit.

也許還有一個與訴訟相關的哲學問題。

So there's a lot of examples of monopolistic practice with big tech out there.

因此，有許多大型科技公司壟斷實踐的例子。

Antitrust regulators have done nothing about it.

反壟斷監管機構對此無所作為。

So I'm just curious in the spirit of the lawsuit, given you don't have unlimited resources, what is your propensity to, I guess, dig in kind of to defend your ground here.

因此，本著訴訟的精神，我很好奇，鑑於您沒有無限的資源，我想您有什麼傾向，以某種方式在這裡捍衛自己的立場。

Is this a depth or is it something where if you don't see progress, you might relent just given there's a very competitive product out there and legal bills are not going to be cheap?

這是一個深度，還是如果你看不到進展，你可能會因為有一個非常有競爭力的產品而放鬆，而且法律費用不會便宜？

Thanks.

謝謝。

Yes.

是的。

Well, again, good question.

好吧，又是一個好問題。

I think that this is a dual to the depth.

我認為這是一個雙重的深度。

It has been when we started this company.

這是我們創辦這家公司的時候。

We are fighting for consumers.

我們正在為消費者而戰。

We are fighting for our customers.

我們正在為我們的客戶而戰。

We are fighting for the tens of billions of dollars that are wasted annually by consumers paying for the same content multiple times.

我們正在為每年因消費者多次付費購買相同內容而浪費的數百億美元而奮鬥。

This is a very important process.

這是一個非常重要的過程。

We are sticking to our principles to our guns, and we're continuing to be able to to gum and walk at the same time.

我們堅持我們的原則，堅持我們的槍，我們繼續能夠同時嚼口香糖和走路。

As you could see from our numbers, we're continuing to execute very well.

正如您從我們的數字中看到的那樣，我們的執行情況仍然非常好。

We're continuing to see revenue growth.

我們繼續看到收入成長。

We're operating efficiently.

我們正在高效運作。

And again, we think that we can handle both of these things at the same time.

再說一遍，我們認為我們可以同時處理這兩件事。

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

您的下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Please go ahead.

請繼續。

Okay.

好的。

Thank you for taking my questions.

感謝您回答我的問題。

Could you please comment on subscription churn or subscriber churn that you saw from Q4 into Q1?

您能否對您從第四季到第一季看到的訂閱流失或訂戶流失發表評論？

And then what is baked into your guidance as the year goes through and do expect an ongoing improvement if it has continued to improve versus prior seasonality that you've seen?

那麼，隨著這一年的過去，您的指導中包含哪些內容？如果與您所看到的先前的季節性相比持續改善，您是否預計會持續改善？

And then question two is just a follow-up on your prior answer, David, regarding the lawsuit in the event that it goes against you.

第二個問題只是你之前的回答的後續，大衛，關於訴訟，如果它對你不利的話。

What how do you see?

你怎麼看？

Yes, the future fubo, I mean, you said you you've been fighting the good fight, but the fight may get a little bit tougher.

是的，未來的伏波，我的意思是，你說過你一直在為美好的戰鬥而戰，但戰鬥可能會變得更加艱難。

So could you comment on that?

您能否對此發表評論？

Thank you.

謝謝。

But hey, John.

但是嘿，約翰。

I'll start with churn.

我將從流失開始。

And what I would say is that we don't disclose exact numbers, but I could say it's a couple of things.

我想說的是，我們沒有透露確切的數字，但我可以說有幾件事。

So that one is as a reminder, there is seasonality by quarter for the churn.

提醒一下，流失是有季節性的。

And so I would say hard to give you a kind of a differential from Q1 to Q4 because it's unknown.

所以我想說很難給你一個從 Q1 到 Q4 的差異，因為它是未知的。

It's only relevant.

這只是相關的。

When I can tell you, though, directionally when we look at it year over year, it's been relatively stable.

不過，我可以告訴你，當我們逐年審視它時，它是相對穩定的。

So I just want to could you just repeat the litigation question.

所以我只想請您重複訴訟問題。

I think there were a few questions within the overall comment here.

我認為這裡的總體評論中存在一些問題。

I was just wondering what you think if the lawsuit goes against you, I mean you mentioned that you've been fighting the fight, but that fight could get a little bit tougher in the event that you lose the lawsuit.

我只是想知道如果訴訟對你不利，你會怎麼想，我的意思是你提到你一直在進行鬥爭，但如果你輸掉訴訟，這場鬥爭可能會變得更加艱難。

So how does the business change and what's your what are your thoughts for that event happening?

那麼，業務發生了怎樣的變化？您對這事件的發生有何看法？

Right.

正確的。

Well, as I said, we're fighting for customers.

嗯，正如我所說，我們正在為客戶而戰。

We don't anticipate well first of all, losing the lawsuit doesn't really change anything.

首先，我們的期望並不好，輸掉官司並不會真正改變任何事。

As we said, if things remain status quo, we'd have to deal with unreasonable pricing and above market terms.

正如我們所說，如果事情保持現狀，我們將不得不應對不合理的定價和高於市場的條款。

And so I don't believe that any of these companies would retaliate against us for filing what we believe is incredible a complaint.

因此，我不認為這些公司會因為我們提出令人難以置信的投訴而對我們進行報復。

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

您的下一個問題來自 BTIG 的 Clark Lampkin。

Please go ahead.

請繼續。

Thanks for taking the question.

感謝您提出問題。

Morning, John.

早安，約翰。

I wanted to follow up on some of the add comments.

我想跟進一些添加的評論。

You mentioned that you were seeing momentum and sort of demand persist beyond 1Q and into 2Q and 3Q.

您提到您看到動力和需求在第一季之後持續到第二季​​和第三季。

Could you help us understand, I guess what's sort of baked into the guidance for the year and how much I guess the lift that we've seen in the back half of 2023 is is symptomatic or maybe conversely, a function of some of the improvements in the go to market that you've implemented?

您能否幫助我們理解一下，我猜今年的指導意見中包含了哪些內容，以及我猜我們在2023 年下半年看到的提昇在多大程度上是症狀性的，或者相反，是某些改進的結果在您實施的市場推廣中？

Yes, sure.

是的，當然。

It might look, as you know, we don't guide specific advertising.

如您所知，我們可能不會指導特定的廣告。

And so again, I'll start with Q1 in terms of the double digit growth, I'd say it's hard to say specifically specifics on 2Q to 4Q, but we continue to expect growth.

再說一遍，我將從第一季的兩位數成長開始，我想說很難具體說明第二季到第四季的具體情況，但我們仍然預期會出現成長。

I don't want to be more precise than that, just given lack of visibility, I would tell you that from a direct and programmatic guaranteed perspective, we continue to see momentum there in terms of mix improvements.

我不想比這更精確，只是鑑於缺乏可見性，我想告訴你，從直接和程序化保證的角度來看，我們繼續看到混合改進方面的勢頭。

And so that number kind of tripled, call it from around 6.5% of the total being appropriately those two, I should say, versus 90% plus programmatic in the fourth quarter, it was more like 20%, I'd say for 2024, that number will improve.

因此，這個數字增加了兩倍，我應該說，大約佔總數的6.5% 左右是這兩個，而第四季度的程序化佔90% 以上，我想說到2024 年，這個數字更像是20%，這個數字將會改善。

I would also remind you that a fair amount of the political money comes into the programmatic side.

我還要提醒您，相當數量的政治資金進入了計劃方面。

But if I can kind of pull that out.

但如果我能把它拉出來的話。

And on a like-for-like basis, direct will be no, call it low to mid 20s.

在同類基礎上，直接的將是沒有，稱之為低至 20 多歲。

I would assume that also, as you know, comes with a benefit in terms of pricing and so a higher CPM for that business relative to the programmatic business, some you didn't ask this, but from a given the supply coming on like we spend at a time talking to our teams around that.

我認為，正如您所知，這也帶來了定價方面的好處，因此相對於程序化業務，該業務的每千次展示費用更高，有些您沒有問這個，但從給定的供應來看，就像我們一樣花點時間與我們的團隊討論這個問題。

Yes, there is a little bit of weakness on pricing at, call it in the long tail.

是的，定價有一點弱點，稱之為長尾。

And I'd say for prime, we look at that as somewhat more of a differentiated supply that seeing pricing pressure.

我想說的是，對於優質產品，我們將其視為差異化的供應，面臨定價壓力。

But given our sports focus, I'd say we're relatively immune to that.

但考慮到我們對體育的關注，我想說我們相對不受此影響。

Okay.

好的。

And kind of a bigger picture question but in the shareholder letter, you sort of emphasized that you want to continue delivering a differentiated experience for consumers.

這是一個更大的問題，但在股東信中，您強調了您希望繼續為消費者提供差異化的體驗。

I was wondering if maybe you could shed some light on whether there are feature updates or releases that you guys have planned for 2024 that you're comfortable talking about at this juncture?

我想知道您是否可以透露一下您們計劃在 2024 年發布的功能更新或版本是否是您現在願意談論的？

Or just sort of broadly sort of what I guess we'll help bring that sort of differentiated experience to life for the user.

或者只是廣義的，我想我們將幫助為用戶帶來這種差異化的體驗。

Yes.

是的。

Why don't I take that question on?

我為什麼不回答這個問題呢？

So I think over the last year and a half since our acquisition of Malta, we've been very focused on the platform.

所以我認為自從我們收購馬耳他以來的過去一年半里，我們一直非常關注這個平台。

This is a very forward-thinking company.

這是一家非常有前瞻性的公司。

We've been ahead of the curve now on multiple fronts for many years and the three areas that we've really focused on is really developing a back-end driven platform that enables us to rapidly and seamlessly our release product features.

多年來，我們在多個方面一直處於領先地位，我們真正關注的三個領域是真正開發後端驅動的平台，使我們能夠快速、無縫地發布產品功能。

That's important because we collect a lot of data, and we're doing a lot of A/B testing, hundreds of AAB. tests running simultaneously.

這很重要，因為我們收集了大量數據，並且正在進行大量 A/B 測試，數百個 AAB。測試同時運行。

And that will inform us on the direction we're going to take some of the larger bets, some smaller bets.

這將告訴我們我們將採取一些較大的賭注和一些較小的賭注的方向。

The second piece is the advanced data and AI platform that we have really developed and we started to release some features.

第二塊是我們真正開發的先進數據和人工智慧平台，我們開始發布一些功能。

I think we've we've announced the instant headlines that we're starting to see some tractions with if you're not familiar with that feature to feature, that allows us to overlay the dome now on the homepage that will immediately recognize what is being discussed on a newscast.

我想我們已經宣布了即時頭條新聞，如果您不熟悉該功能，我們將開始看到一些吸引力，這使我們現在可以在主頁上覆蓋圓頂，以便立即識別出什麼內容正在新聞廣播​​中討論。

So if you're talking about the election, you'll quickly see a headline change to whatever is there.

因此，如果您談論的是選舉，您很快就會看到標題發生了變化。

So consumers are more apt to click on that.

因此消費者更容易點擊它。

And the last thing is the just the flexible architecture that we built that allows us to rapidly make changes to configurations, which enable very quick rollouts efficiently across the globe.

最後一件事是我們建立的靈活架構，它使我們能夠快速更改配置，從而能夠在全球範圍內有效地快速部署。

Again, right now, we're very focused on our US plan and achieving our profitability targets in 2025.

同樣，現在我們非常關注我們的美國計劃並實現 2025 年的獲利目標。

But the baseline on the back end of the platform is prepared.

但平台後端的基線已經準備好了。

We're running some tests, as I said, and we're looking forward to starting to roll out features towards the back half of the year.

正如我所說，我們正在運行一些測試，我們期待在今年下半年開始推出功能。

The first feature as I mentioned in my opening remarks was our premium platform, which will give us an opportunity to collect even more data.

我在開場白中提到的第一個功能是我們的高級平台，這將使我們有機會收集更多數據。

So we're very excited.

所以我們非常興奮。

We've always said that we wanted to compete on a nonexclusive basis on fair terms, and we look forward to doing that.

我們一直說我們希望在公平的條件下進行非排他性的競爭，我們期待這樣做。

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

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

Please go ahead.

請繼續。

Good morning, and I had a couple of questions.

早上好，我有幾個問題。

One, I was wondering about your programming fee with your program providers.

第一，我想知道您向節目提供者收取的節目費用。

Are they generally on a per sub basis or are they on a sort an aggregate basis for certain markets and a related basis, how many options do you feel you would be inclined to provide consumers in terms of the mixes of programming in a given market to provide the choice you think they deserve and then ask the Secondly and rest of world is fairly modest and stable.

它們通常是基於每個子項目還是基於某些市場和相關基礎上的總體基礎，您認為您傾向於在給定市場中的節目組合方面為消費者提供多少種選擇提供你認為他們應得的選擇，然後問第二和世界其他地方是相當溫和和穩定的。

And I'm wondering what your commitment to that effort is and what is the continuing rationale?

我想知道您對這項努力的承諾是什麼以及持續的理由是什麼？

Yes, sure.

是的，當然。

Hey, Tim, it's John.

嘿，提姆，我是約翰。

I'll start with the subscriber fees.

我將從訂戶費用開始。

And look, it's a combination.

看，這是一個組合。

But I said the vast majority is on a per sub basis, but we also have, I'd say, a fair amount of flat fee when so it's a combination.

但我說過，絕大多數都是以子費用計算的，但我想說，當這是一個組合時，我們也有相當數量的固定費用。

But again, the vast majority of the total fee will be on a personal basis.

但同樣，總費用的絕大多數將由個人支付。

And there also are some situations where and there is some flexibility in terms of pricing based on volume.

在某些情況下，基於數量的定價也存在一定的彈性。

Okay, gentlemen are inevitable.

好吧，紳士是不可避免的。

And sir, your next question comes from the line of Brett, no buck from Cantor Fitzgerald.

先生，您的下一個問題來自布雷特，而不是來自康托·菲茨杰拉德。

Please go ahead.

請繼續。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

It's been nice thing.

這是一件好事。

The sequential gross margin improvement and I was just curious, provide any color as to and how that will trend throughout the year?

毛利率連續改善，我只是很好奇，請提供任何顏色以及全年趨勢如何？

And then maybe as a follow-up, is it possible for you guys to maybe launch a so-called skinny bundle of your own with the most relevant U.S. sports channels that you guys currently distribute?

然後，也許作為後續行動，你們是否有可能與你們目前發行的最相關的美國體育頻道一起推出一個所謂的你們自己的瘦包？

Or is that kind of against the policies or contracts that you have signed with, call it the big companies, Brett actually broke up a little bit the first half of the question.

或者是那種違反你所簽署的政策或合約的行為，稱之為大公司，布雷特實際上在問題的前半部分分解了一點。

Could you talk about the pace of gross margin improvement?

能談談毛利率改善的速度嗎？

We should be expecting throughout 2024.

我們應該期待整個 2024 年。

And you're right.

你是對的。

So look, as I mentioned before, we saw that 1,000 basis points of improvement in that in 2023.

所以，正如我之前提到的，我們看到 2023 年將改善 1,000 個基點。

We don't guide specific to gross margins.

我們不針對毛利率提供具體指引。

And what I would tell you, though, is that we continue to expect that's a healthy improvement and throughout the course of the year.

不過，我要告訴你的是，我們繼續期望這一點在全年中都能得到健康的改善。

But I don't want to be more specific than that, but probably not as rate of improvement and '24 versus '23.

但我不想說得更具體，但可能不是「24 年與 23 年的改進率」。

But I'd say still very healthy.

但我想說仍然非常健康。

Thank you.

謝謝。

I will now turn the call back over to Alison.

我現在將把電話轉回給艾莉森。

Thank you, operator, and thank you to everyone for your very thoughtful questions, and we'll look forward to speaking with all of you next quarter.

謝謝您，操作員，也感謝大家提出的非常深思熟慮的問題，我們期待下個季度與大家交談。

Before I turn it back to the operator to close out the call, I did want to surface some questions at related to our ST technologies.

在我將其轉回給接線員以結束通話之前，我確實想提出一些與我們的 ST 技術相關的問題。

Investor am platform and one question that got a lot of votes.

投資者是一個平台，還有一個問題得到了很多選票。

I think this is really appropriately directed to you.

我認為這確實是針對您的。

David is sort of a meta question, a very high-level question, which is what long-term strategies do you have in place to ensure the sustainable growth and success of the Company?

大衛是一個元問題，一個非常高層次的問題，即您有哪些長期策略來確保公司的可持續成長和成功？

Yes.

是的。

Very good question.

非常好的問題。

Yes, I tried to hit on that during my opening remarks.

是的，我在開場白中試圖談到這一點。

One of our key goals as part of being a video aggregator is to really drive a super aggregation strategy.

作為視訊聚合商，我們的主要目標之一是真正推動超級聚合策略。

I think we've said many times now that we are not we have no plans to be an app store.

我想我們已經說過很多次了，我們沒有計劃成為應用程式商店。

We want to create a seamless and premium experience for customers, and we'll look to target those customers at different points on the demand curve, which by the way will change, given the seasonality of content that's available.

我們希望為客戶創造無縫且優質的體驗，並且我們將針對需求曲線上不同點的客戶，順便說一下，考慮到可用內容的季節性，需求曲線會改變。

And so as we said, we're going to start to build on our strong advertising business and launch a free tier sometime in the back half of the year to leverage the 160 or roughly 160 FAST channels that we already have behind the paywall.

因此，正如我們所說，我們將開始建立強大的廣告業務，並在今年下半年的某個時候推出免費套餐，以利用我們在付費牆後面已有的 160 個或大約 160 個 FAST 頻道。

And we're focused on continuing to develop some technology in-house that will allow us to create more personalized experiences and upsell customers on things like Teavana and pay-per-view initially.

我們專注於繼續開發一些內部技術，這將使我們能夠創造更個人化的體驗，並向客戶追加銷售 Teavana 和按次付費等服務。

And as we work through our content deals, we'll hopefully get to a place where we can unbundle some of the programming and same way the media companies would plan to do so.

當我們完成內容交易時，我們希望能夠以媒體公司計劃的方式分拆一些節目。

And I think that's going to drive a lot of value, both for customers for our media partners as well, driving revenue for them and our shareholders.

我認為這將為我們的媒體合作夥伴的客戶帶來很大的價值，為他們和我們的股東帶來收入。

Excellent.

出色的。

And one other question that received quite a few of votes, not surprisingly, and you've addressed this throughout the course of the call, but will this new JV and sort of the associated impact or anticipated impact change our path to profitability by '25?

另外一個問題得到了相當多的選票，毫不奇怪，您在整個電話會議過程中都解決了這個問題，但是這個新的合資企業以及相關的影響或預期影響是否會改變我們到25 年實現盈利的道路？

Well, the answer is no.

嗯，答案是否定的。

As you know, the last of four quarters we've really delivered on the bottom line.

如您所知，四個季度的最後一個季度我們確實實現了盈利。

This last quarter was a really impressive move an improvement of $100 million of free cash flow really demonstrates our commitment to achieving our profitability targets.

上個季度是一個令人印象深刻的舉措，自由現金流增加了 1 億美元，真正體現了我們對實現獲利目標的承諾。

That doesn't mean it's going to be an easy road, but this company has demonstrated time and time again its resilience.

這並不意味著這將是一條容易的道路，但這家公司一次又一次地證明了其韌性。

If that's all, I'd like to ask one thing.

如果僅此而已，我想問一件事。

All of our friendly listeners and the majority of the people that follow us is I really encourage you to visit save my sports.com in support of consumer choice.

我們所有友好的聽眾和關注我們的大多數人我真的鼓勵您訪問 save my sports.com 以支持消費者的選擇。

There's a letter out there that are posted and you'll be able to find your local Congress, men and women feel free to reach out to them because this is a really important topic and you'd be saving customers tens of billions of dollars a year.

有一封信已經張貼在那裡，你將能夠找到你當地的國會，男人和女人都可以隨意聯繫他們，因為這是一個非常重要的主題，你可以為客戶節省數百億美元年。

Thank you.

謝謝。

David, and thank you to everyone on the call for your thoughtful questions.

大衛，感謝所有參加電話會議的人提出的深思熟慮的問題。

I'll turn it back over to you, operator, to conclude the call.

接線員，我會將其轉回給您以結束通話。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。