Fubotv Inc (FUBO) 2024 Q1 法說會逐字稿

Good morning.

早安.

My name is Dennis and I will be your conference operator today.

我叫丹尼斯，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the fubo first-quarter 2024 earnings conference call.

在此，我歡迎大家參加富波2024年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Alison Sternberg, Senior Vice President of Investor Relations at fubo.

（操作員指示）我現在想將會議轉交給 fubo 投資者關係高級副總裁 Alison Sternberg。

Please go ahead.

請繼續。

Thank you for joining us to discuss fubo's first quarter 2024.

感謝您與我們一起討論 fubo 2024 年第一季的情況。

With me today is David Gandler, Co-Founder and CEO of fubo; and John Janedis, CFO of fubo.

今天和我在一起的是 fubo 聯合創始人兼執行長 David Gandler；和 fubo 財務長 John Janedis。

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.

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.

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; anti-competitive practices among our competitors and our response plan, including our antitrust lawsuit; 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財務狀況的陳述；預期財務業績；業務策略和計劃；產業和消費趨勢；我們的競爭對手之間的反競爭行為以及我們的應對計劃，包括我們的反壟斷訴訟；以及對獲利能力的預期。

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.

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.

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。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q1 2024 earnings shareholder letter, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David.

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 2024 年第一季收益股東信函中找到，該信函可在我們的網站 ir.fubo.tv 上找到。這樣，我就把電話轉給大衛。

Thank you, Alison.

謝謝你，艾莉森。

Good morning and thank you all for joining us today to discuss fubo's first-quarter 2024 results.

早安，感謝大家今天加入我們討論 fubo 2024 年第一季業績。

We are very pleased with our strong start to 2024.

我們對 2024 年的強勁開局感到非常高興。

Fubo again exceeded guidance with double-digit growth across key financial and operating metrics in North America during the first quarter.

第一季度，Fubo 北美地區主要財務和營運指標均實現兩位數成長，再次超越預期。

We ended the quarter with $394 million in total revenue, up 24% year over year and paid subscribers at 1,511,000, up 18% year over year.

本季末，我們的總營收為 3.94 億美元，年增 24%，付費訂閱用戶數為 1,511,000 人，年增 18%。

Our ad sales business continues to be an expanding revenue source for fubo.

我們的廣告銷售業務仍然是 fubo 不斷擴大的收入來源。

In Q1, we delivered North American ad revenue of $27.2 million, an increase of 21% year over year, demonstrating an accelerating business.

第一季度，我們在北美的廣告收入為 2,720 萬美元，年增 21%，業務正在加速成長。

We are also pleased to report that the first quarter marked yet another period of steady progress towards achieving positive cash flow and adjusted EBITDA.

我們也很高興地報告，第一季標誌著實現正現金流和調整後 EBITDA 的另一個穩定進展時期。

In Q1, adjusted EBITDA margin reached minus 10% representing a significant improvement of 796 basis points or an increase of approximately $18 million in absolute dollars compared to the first quarter of 2023.

第一季度，調整後 EBITDA 利潤率達到負 10%，與 2023 年第一季相比，顯著提高了 796 個基點，即絕對值增加了約 1,800 萬美元。

Additionally, Q1 represents the fifth consecutive quarter of year-over-year improvements in free cash flow and adjusted EBITDA, underscoring our forward momentum in the right direction.

此外，第一季自由現金流和調整後 EBITDA 連續第五個季度同比改善，凸顯了我們朝著正確方向前進的勢頭。

Notably, we've grown our market share in the pay TV space since our October 2020 and listing on the NYSE in Q1, we achieved our lowest subscriber acquisition costs to average revenue per user ratio or SAC to our power ratio well below the low end of our target range of 1 to 1.5 times.

值得注意的是，自2020 年10 月並於第一季在紐約證券交易所上市以來，我們在付費電視領域的市場份額不斷增長，我們實現了最低的訂戶獲取成本與每用戶平均收入比率或SAC與功率比率遠低於低端水平我們的目標範圍的 1 至 1.5 倍。

This demonstrates our increased efficiency in customer acquisition.

這顯示我們在獲取客戶方面的效率有所提升。

Additionally, March 2024 represented the lowest churn rate for any March on record for the Company.

此外，2024 年 3 月是本公司有記錄以來任何 3 月的最低客戶流失率。

These results are demonstrative of those continued ability to grow quickly efficiently and effectively since our 2015 founding performing well against benchmark companies across the media and tech sectors.

這些結果表明，自 2015 年成立以來，我們有能力持續快速且有效率地成長，與媒體和科技產業的標竿公司相比，表現良好。

While these statistics are impressive, when comparing our growth time line to industry leaders and applying Moneyball metrics, these results are even more profound.

雖然這些統計數據令人印象深刻，但當將我們的成長時間線與行業領先者進行比較並應用點球成金指標時，這些結果更加深刻。

For instance, fubo achieved $1 billion in revenue in 2020 to just seven years after its founding.

例如，Fubo 在成立僅七年的時間裡，在 2020 年就實現了 10 億美元的收入。

This achievement is particularly striking when compared to larger scaled companies like Netflix and Roku, which reached the $1 billion revenue mark 10 years and 17 years after their respective launches.

與 Netflix 和 Roku 等規模較大的公司相比，這項成就尤其引人注目，這兩家公司分別在推出 10 年和 17 年後收入達到 10 億美元大關。

In 2023, fubo generated $2.6 million of revenue per employee globally, a figure we believe we can improve further based on our latest projections.

2023 年，fubo 在全球每名員工創造了 260 萬美元的收入，我們相信根據我們的最新預測，這個數字可以進一步提高。

We believe this sets fubo apart as one of the most productive companies in direct to consumer streaming for context.

我們相信，這使 fubo 成為直接向消費者提供串流內容方面最俱生產力的公司之一。

In the same period, Netflix also generated $2.6 million of revenue per employee, while both Roku and Spotify achieved less than $2 million during the same period.

同期，Netflix 的每位員工營收還達 260 萬美元，而 Roku 和 Spotify 同期的營收均不足 200 萬美元。

These examples highlight the strength of both tech stack and management team, which we believe underscore our position as a leading operator in the streaming market.

這些例子凸顯了技術堆疊和管理團隊的實力，我們相信這凸顯了我們作為串流媒體市場領先營運商的地位。

Google operates efficiently each quarter, but we continue to be challenged by excessively above market content licensing costs and other onerous contractual terms imposed by programmers.

谷歌每個季度都高效運營，但我們仍然面臨著過度高於市場內容許可成本和程式設計師強加的其他繁重合約條款的挑戰。

In the first quarter, we spent approximately 90% of our total revenue on content, the exorbitant fees imposed on us and consequently on our customers are well above the market.

第一季度，我們將總收入的約 90% 用於內容，對我們以及我們的客戶徵收的高昂費用遠高於市場水平。

The same is true of other onerous contractual terms such as penetration rates.

其他繁瑣的合約條款（例如滲透率）也是如此。

These issues are at the core of our current litigation against the Walt Disney Company, Fox Corp. and Warner Brothers discovery.

這些問題是我們目前針對華特迪士尼公司、福斯公司和華納兄弟發現訴訟的核心。

We allege that this JV has engaged in long-standing anti-competitive practices aimed at monopolizing the market, suppressing competition and depriving consumers have choice, affordability, pricing and innovation.

我們指控該合資企業長期從事反競爭行為，旨在壟斷市場、壓制競爭並剝奪消費者的選擇、承受能力、定價和創新。

The pending launch of those companies joint venture is an existential challenge that we face one that we are committed to meeting in part through our suit to enjoin the launch of the joint venture until and unless the playing field in the industry has been leveled nearly 90 days after filing our lawsuit.

這些公司即將成立的合資企業是我們面臨的一項生存挑戰，我們致力於透過禁止成立合資企業的訴訟來部分應對這一挑戰，直到且除非該行業的競爭環境在近 90 天內實現公平化提起訴訟後。

And while it remains early, we are encouraged by the progress we have made so far.

雖然現在還為時過早，但我們對迄今為止所取得的進展感到鼓舞。

Notably, we were encouraged by the support received by our competitors, Direct TV and Dish, who have filed declarations backing our motion for a preliminary injunction against the JV.

值得注意的是，我們的競爭對手 Direct TV 和 Dish 所獲得的支持令我們感到鼓舞，他們已提交聲明支持我們針對合資企業提出初步​​禁令的動議。

Additionally, the US District Court has granted our request for limited discovery and set a hearing date for our motion.

此外，美國地方法院已批准我們的有限證據披露請求，並為我們的動議設定了聽證日期。

We are eager to present our claims and preliminary injunction motion in court beginning August seventh.

我們渴望從 8 月 7 日開始在法庭上提出我們的索賠和初步禁令動議。

Equally noteworthy, we have received very strong support from Capitol Hill, Congressman Jerry, Nadler of New York, Mike Keane, Castro of Texas are also concerned that the JVs control of 80% of broadcast sports content will negatively impact consumers and market competition.

同樣值得注意的是，我們得到了國會山莊的大力支持，紐約眾議員傑瑞、納德勒、麥克基恩、德州卡斯特羅也擔心合資公司控制80%的廣播體育內容將對消費者和市場競爭產生負面影響。

In April, the congressman sent the JVCEO.s, a letter requesting that they address 19 concerns.

4 月，國會議員向 JVCEO 發送了一封信，要求他們解決 19 個問題。

They also asked that these responses be shared with the Department of Justice just this week eight, cosigners representing companies like fubo, Direct TV, Dish, Numax as well as multiple consumer advocacy groups sent a letter to Congress requesting they hold a hearing on the JV.

他們還要求將這些答覆與司法部分享，就在本週八，代表fubo、Direct TV、Dish、Numax 等公司以及多個消費者權益團體的聯署人致函國會，要求他們就合資企業舉行聽證會。

And last but not least, we are also encouraged by the DOJ's reported investigation into the JV at a minimum.

最後但並非最不重要的一點是，美國司法部至少對合資企業進行的調查也讓我們感到鼓舞。

All distributors, including fubo, should receive fair and equitable terms from programmers, we should be able to offer our subscribers, competitive pricing, packaging flexibility and the ability to launch innovative products that further enhance the sports streaming experience.

所有發行商，包括fubo，都應該從程式設計師那裡獲得公平公正的條款，我們應該能夠為我們的訂閱者提供有競爭力的價格、包裝靈活性以及推出創新產品的能力，從而進一步增強體育流媒體體驗。

This history of programmers forcing unfair deals is the reason why only a few days ago, fubo customers lost the Discovery Networks owned by Warner Brothers discovery while negotiating a renewal.

這段程式設計師強迫不公平交易的歷史正是幾天前fubo客戶在談判續約時失去華納兄弟Discovery擁有的Discovery Networks的原因。

We also requested to license the Turner Sports Networks and ask for flexible packaging the same packaging, we expect the JV will off WBD. did not want to discuss terms instead, they offered an extension for the discovery content on the previous status quo terms in flexible and above market.

我們還要求特納體育網絡獲得許可，並要求採用相同的軟包裝，我們預計合資公司將關閉 WBD。相反，他們不想討論條款，而是在靈活和高於市場的先前現狀條款的基礎上提供了發現內容的擴展。

Meanwhile, fubo has never strayed from our mission to delight consumers with an aggregated sports entertainment offering that leverages a personalized and intuitive streaming experience.

同時，fubo 從未偏離我們的使命，即透過利用個人化和直觀的串流體驗的聚合體育娛樂產品來取悅消費者。

From the outset, fubo has been committed to tech innovation alongside sports.

從一開始，福博就一直致力於科技創新與運動的結合。

At this week's advertising upfronts, we announced several new offerings that enable our brand partners to reach passionate sports fans.

在本週的廣告前期，我們宣布了幾項新產品，使我們的品牌合作夥伴能夠吸引熱情的運動迷。

These include interactive ads, pause ads, banner ads with enhanced targeting and what we are calling the marquee branded carousel takeover displayed prominently on our home screen.

其中包括互動廣告、暫停廣告、具有增強定位的橫幅廣告以及我們所說的在主螢幕上顯著顯示的字幕品牌輪播接管。

On the consumer tech front, we are introducing a I driven playlists in beta within the DVR for basketball content.

在消費者技術方面，我們在籃球內容的 DVR 中引入了測試版的 I 驅動播放清單。

Imagine a playlist of just the three pointers from last night's game, adjust the balance shots from a gain recorded last weekend.

想像一下只有昨晚比賽中的三分球的播放列表，根據上週末記錄的增益調整平衡投籃。

Our plan is to vastly improve for consumers, our DVR experience, enabling user controls and maximizing the value of their DVR with playlists, the consumer could personalize their sports recordings watching and really watching the moments that matter most to them.

我們的計劃是大幅改善消費者的 DVR 體驗，支援用戶控制並透過播放清單最大限度地發揮 DVR 的價值，消費者可以個性化觀看體育錄像，真正觀看對他們來說最重要的時刻。

We believe this will also help drive tune-in for our league and programming partners.

我們相信這也將有助於推動我們的聯盟和節目合作夥伴的觀看。

In closing, Q1 represented another strong quarter of exceeding forecasts and making substantial progress.

最後，第一季代表了另一個超出預期並取得實質進展的強勁季度。

We are steadfast in our execution and proactive in addressing these hurdles head-on.

我們堅定不移地執行並積極主動地應對這些障礙。

Despite market challenges, R-Vision promotes a competitive streaming landscape that offers consumers choice, pure pricing and innovative products.

儘管面臨市場挑戰，R-Vision 仍致力於推動競爭性串流媒體格局的發展，為消費者提供選擇、純粹的定價和創新產品。

This is the vision upon which fubo was founded and is only achievable in a truly competitive market.

這是 fubo 創立的願景，只有在真正競爭的市場中才能實現。

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

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。

John.

約翰。

Thank you, David, and good morning, everyone.

謝謝大衛，大家早安。

I am pleased with our ability to deliver another quarter of strong results, including top line growth and continued improvement across just about every key performance indicator.

我很高興我們能夠再交一個季度的強勁業績，包括營收成長和幾乎每個關鍵績效指標的持續改善。

The first quarter results service support that our operational initiatives around bringing added effectiveness and efficiency to the business are working and that our customer acquisition and retention actions are also having a positive impact above all the results over the past few quarters provide further evidence that our business model positions us well for continued growth.

第一季業績服務支持我們圍繞提高業務有效性和效率的營運舉措正在發揮作用，並且我們的客戶獲取和保留行動也產生了積極影響，最重要的是過去幾個季度的所有業績進一步證明了我們的業務模式為我們的持續成長奠定了良好的基礎。

Taking a look at the results for the quarter, we continue to see healthy top line and subscriber growth with global revenue growing by over 24% to $402.3 million, driven by 24% growth in North America and 7% growth in rest of world.

縱觀本季的業績，我們繼續看到營收和用戶的健康增長，在北美增長 24% 和世界其他地區增長 7% 的推動下，全球收入增長了 24% 以上，達到 4.023 億美元。

We are also pleased with our overall subscriber growth, including 18% growth in North America to $1.511 million subscribers and a 5% increase in rest of world subscribers.

我們也對整體用戶成長感到滿意，其中北美用戶成長 18%，達到 151.1 萬美元，世界其他地區用戶成長 5%。

Our progress is not only reflected in our revenue and subscriber growth, but across key performance metrics as well as an example, we continue to gain added leverage over our subscriber related expenses, which decreased from 93% to 90% of revenue in Q1.

我們的進步不僅體現在我們的收入和用戶成長上，而且在關鍵績效指標以及範例中，我們繼續獲得對用戶相關費用的額外槓桿，該費用從第一季佔收入的 93% 下降到 90%。

We expect this trend to continue as we work to grow subscribers, further optimize our pricing and continue to fine-tune our cost structure and mix of premium plans.

我們預計，隨著我們努力增加訂戶、進一步優化我們的定價並繼續微調我們的成本結構和保費計劃組合，這種趨勢將持續下去。

In addition, RPU in North America improved to $84.54, a meaningful improvement compared to $76.79 in the prior year period.

此外，北美地區的 RPU 提高至 84.54 美元，與去年同期的 76.79 美元相比，有了顯著的改善。

We also saw an improvement in RPU in our rest of our business to $7 from $6.57. Importantly, we expect this trend and year-over-year RPU improvement to continue as it relates to some of the key revenue drivers.

我們也看到我們其他業務的 RPU 從 6.57 美元提高到 7 美元。重要的是，我們預計這一趨勢和 RPU 同比改善將持續下去，因為它與一些關鍵的收入驅動因素有關。

Let me turn to our advertising business, a segment of our company that has been significantly improving and which we are confident will continue on this path despite the choppiness that the overall advertising industry continues to face.

讓我談談我們的廣告業務，這是我們公司的一個部門，該部門一直在顯著改善，儘管整個廣告行業繼續面臨動盪，但我們有信心繼續沿著這條道路走下去。

During the first quarter, ad revenue totaled $27.5 million or a 21% increase versus the prior year period.

第一季廣告收入總計 2,750 萬美元，比去年同期成長 21%。

Turning to the operational side of the business, we continue to make progress in lowering expenses and increasing efficiency.

在業務營運方面，我們在降低費用和提高效率方面不斷取得進展。

Starting with gross margin.

從毛利率開始。

We saw a near 600 basis point improvement in gross margin to 7%, marking our sixth consecutive quarter of positive gross margins.

我們的毛利率提高了近 600 個基點，達到 7%，標誌著我們連續第六個季度實現正毛利率。

Our ongoing progress across the income statement also led to a significant reduction in net loss for Q1 net loss of $56.3 million or a 32% year-over-year reduction from a loss of $83.4 million in the prior year period.

我們在損益表上持續的進展也導致第一季淨虧損大幅減少，淨虧損為 5,630 萬美元，比去年同期的虧損 8,340 萬美元減少了 32%。

This resulted in a net loss margin improvement to negative 14% favorably compared to a negative 25.7% loss margin in the prior year period.

與去年同期的負虧損率 25.7% 相比，這導致淨虧損率改善至負 14%。

This led to a first quarter 2024 per share loss of $0.19, a significant improvement compared to a loss of $0.37 in the first quarter of 2023.

這導致 2024 年第一季每股虧損 0.19 美元，與 2023 年第一季每股虧損 0.37 美元相比有了顯著改善。

First quarter adjusted EBITDA loss also improved to a loss of $41.1 million compared to a loss of $58.9 million in the first quarter of 2023.

第一季調整後 EBITDA 虧損也從 2023 年第一季的虧損 5,890 萬美元改善至 4,110 萬美元。

Adjusted EBITDA margin was a negative 10.2%, a significant improvement from a negative 18.2% in the prior year period.

調整後 EBITDA 利潤率為負 10.2%，較上年同期的負 18.2% 顯著改善。

This resulted in an adjusted EPS loss of $0.11 an improvement compared to an adjusted EPS loss of $0.27 in Q1 2023.

這導致調整後每股收益損失 0.11 美元，與 2023 年第一季調整後每股收益損失 0.27 美元相比有所改善。

In short, our results for this quarter and recent quarters underscore the progress we are making across the business.

簡而言之，我們本季和最近幾季的業績強調了我們在整個業務中取得的進展。

Importantly, we believe the direction the company is moving in reflects the potential and resilience of the business and positions us well to advance on our profitability goals.

重要的是，我們相信公司的發展方向反映了業務的潛力和彈性，並使我們能夠很好地推進我們的獲利目標。

Moving to the balance sheet, we ended the quarter with 175 million of cash, cash equivalents and restricted cash.

轉向資產負債表，本季末我們擁有 1.75 億現金、現金等價物和限制性現金。

Looking ahead, we believe that we have sufficient liquidity to both invest in the business as well as continue to support our path to profitability, setting aside any potential impact of the launch of the sports streaming JV.

展望未來，我們相信，我們有足夠的流動性來投資該業務，並繼續支持我們的盈利之路，拋開體育串流媒體合資企業推出的任何潛在影響。

In addition, our ongoing efforts to identify efficiencies and maximize leverage across the business, resulted in a 10 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 1000 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 quarter.

我們繼續致力於保持全公司成本的嚴格性和紀律性，並對整個季度的進展感到滿意。

Now turning to guidance, our second quarter North America subscriber guidance is 1,275,000 to 1,295,000 subscribers, representing 10% year-over-year growth at the midpoint, while our second quarter revenue guidance projects through to $57.5 million to $367.5 million, representing 19% year-over-year growth at the midpoint.

現在轉向指導，我們第二季度北美訂戶指導為1,275,000 至1,295,000 名訂戶，相當於中點同比增長10%，而我們第二季度收入指導預計將達到5750 萬美元至3.675 億美元，相當於同比增長19 % - 年成長處於中點。

This leads to a full year 2024 North America subscriber guidance of $1.675 million to $1.695 million subscribers, representing 4% year-over-year growth at the midpoint.

這導致 2024 年全年北美訂閱用戶指引值為 167.5 萬美元至 169.5 萬美元，中間值年增 4%。

This reflects our current outlook and in particular, our exposure to potential industry volatility, along with our intention to maintain discipline in subscriber acquisition costs relative to monetization, but does not reflect any potential impact from the JV and for full year 2020 for North America revenue, our guidance is for $1.5 million or $25 million to $1,545 million, representing 15% year-over-year growth at the midpoint.

這反映了我們當前的前景，特別是我們對潛在行業波動的敞口，以及我們維持相對於貨幣化的訂戶獲取成本的紀律的意圖，但並不反映合資企業以及2020 年全年北美收入的任何潛在影響，我們的指導值為 150 萬美元或 2500 萬至 15.45 億美元，相當於中點年增 15%。

Our projection of revenue growth outpaces subscriber growth reflects our expectation of continued RPU expansion and improved unit economics.

我們對營收成長超過用戶成長的預測反映了我們對 RPU 持續擴張和單位經濟效益改善的預期。

And for rest of world, we expect 395,000 to 40,000 subscribers in the second quarter, representing 1% year-over-year growth at the midpoint, while our revenue guidance protects $8 million to $9 million, representing 4% year-over-year growth at the midpoint for the second quarter.

對於世界其他地區，我們預計第二季度訂閱用戶數量為 395,000 至 40,000 名，中間值年增長 1%，而我們的收入指導則為 800 萬至 900 萬美元，同比增長 4%在第二季度的中點。

First, the guidance at the range of 95,000 to 45,000 subscribers for the full year 2020 Form representing a 2% year-over-year decline at the midpoint and at full year 2024 revenue guidance of 33 to $35 million, representing 4% year-over-year growth at the midpoint, given the many unknowns related to the potential launch of the joint venture, including the outcome of our lawsuit and the DOJ's investigation, our guidance and our planned path to profitability do not reflect any potential impact of the joint venture launch to our business.

首先，2020 年全年訂閱者數量為 95,000 至 45,000 名，中間值年減 2%，2024 年全年收入指導為 33 至 3500 萬美元，同比下降 4%考慮到與合資企業的潛在啟動相關的許多未知因素，包括我們的訴訟結果和司法部的調查結果，我們的指導和計劃的盈利路徑並未反映出合資企業的任何潛在影響啟動我們的業務。

In summary, we are pleased with our ability to post record revenue and to continue to have success across our operational initiatives while managing through an ongoing challenging environment.

總而言之，我們對我們能夠創下創紀錄的收入並在我們的營運計劃中繼續取得成功，同時在持續充滿挑戰的環境中進行管理感到滿意。

Our continued strong performance furthers our confidence in our future success and increases our belief that we are on the right path to deliver value to shareholders.

我們持續強勁的業績增強了我們對未來成功的信心，並增強了我們的信念：我們正走在為股東創造價值的正確道路上。

Operator.

操作員。

(Operator Instructions) Laura Martin, Needham.

（操作員說明）Laura Martin，Needham。

Good morning.

早安.

And could you first start on churn lower and SAC customer acquisition costs lower?

您能否先降低客戶流失率並降低 SAC 客戶獲取成本？

Could you talk about what's driving that?

您能談談是什麼推動了這個趨勢嗎？

Yes, Laura, this is John.

是的，蘿拉，這是約翰。

I'll start.

我開始吧。

So in terms of SAC, but I would say that our marketing team has just done an amazing job.

就 SAC 而言，我想說我們的行銷團隊做得非常出色。

And so we saw, I'd say, reasonably good improvement in churn for the quarter.

因此，我想說，我們看到本季的客戶流失率有了相當好的改善。

Our SAC is the lowest it's been, I think, in the history as it relates to a multiple.

我認為，我們的 SAC 是歷史上最低的，因為它與倍數相關。

And so I think we feel pretty good about it.

所以我認為我們對此感覺很好。

I would say they've done a really good job of spending at the right time and moving budget around.

我想說他們在正確的時間支出和調整預算方面做得非常好。

And then I guess that's I think that there's anything else.

然後我想那就是我認為還有其他的事情。

And yes, so where are you on?

是的，那你在哪裡？

Yes.

是的。

Look, the team has done a, I would say, a phenomenal job of making sure that we're able to retain that fall cohort.

看，我想說，團隊做了一項出色的工作，確保我們能夠留住秋季學生。

And we've been able to find some overlap with other sports programming and entertainment programming.

我們已經能夠找到與其他體育節目和娛樂節目的一些重疊之處。

I think one of the unexpected positives in the quarter was the impact of Women's College Basketball.

我認為本季意想不到的正面因素之一是女子大學籃球的影響。

That was certainly a driver that we didn't anticipate at same time.

這肯定是我們同時沒有預料到的車手。

As you know, we didn't have TI and TI.

如你所知，我們沒有TI和TI。

And so we the there was no real impact from the lack of coverage on the men's side.

因此，我們認為男子方面缺乏報導並沒有產生真正的影響。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

And then advertising, very strong in the quarter?

然後廣告在本季非常強勁？

And would you actually relate that to a better like you've got the sales force in order, you're doing better programmatic with very strong ad numbers, which is really helpful to margins.

您是否真的會將其與更好的聯繫起來，例如您已經擁有了井然有序的銷售隊伍，您正在透過非常強大的廣告數量實現更好的程序化，這對利潤確實很有幫助。

Could you talk about those trends and whether you see them continuing and accelerating?

您能否談談這些趨勢以及您是否認為它們會持續並加速？

Yes.

是的。

We're very we're very focused on our advertising business, and we've strategically invested in our monetization capabilities I just mentioned, we're focused on releasing new ad formats to drive value.

我們非常專注於我們的廣告業務，並且我們對我剛才提到的貨幣化能力進行了策略性投資，我們專注於發布新的廣告格式以推動價值。

And I think one of the key pieces of that is our focus on better ads.

我認為其中的關鍵之一是我們專注於更好的廣告。

As you know, Roku does a phenomenal job selling down our ads on its platform.

如您所知，Roku 在其平台上銷售我們的廣告做得非常出色。

And we've we finally productize.

我們終於產品化了。

They are our new unit, which we call them Marquee, which is prominently displayed on our homepage.

它們是我們的新單位，我們稱之為“Marquee”，在我們的主頁上顯著位置顯示。

We've also focused on ensuring that we're meeting the needs of our many advertisers, and we're specifically responding this quarter next quarter to the growing issues around fragmentation of the media landscape.

我們也致力於確保滿足眾多廣告商的需求，並且我們將在本季和下個季度專門應對圍繞媒體格局碎片化日益嚴重的問題。

So we've currently signed an agreement with comScore to provide more cross-platform measurements for advertisers.

因此，我們目前已與 comScore 簽署了一項協議，為廣告主提供更多跨平台的衡量服務。

And I think one thing that you and I have talked about several times I think throughout the year was the importance of the deprecation of third-party cookies on Google Sites.

我認為你和我在這一年中多次討論過的一件事是在 Google 網站上棄用第三方 cookie 的重要性。

And so we've also locked in a deal with TransUnion to append demo data to the fubo subscriber and household information.

因此，我們也與 TransUnion 達成了一項協議，將演示數據附加到 fubo 訂戶和家庭資訊中。

So we're very focused on advertising.

所以我們非常注重廣告。

We're focused on new units.

我們專注於新單位。

The banners are actually quite interesting because it doesn't require any improvement in engagement, although engagement already is very high.

這些橫幅實際上非常有趣，因為它不需要提高參與度，儘管參與度已經非常高了。

On average, our customers are watching over five hours per day.

平均而言，我們的客戶每天觀看時間超過五個小時。

And on a month, we averaged just north of 100 hours with placements up about 2%, I believe, year over year.

我相信，一個月內，我們的平均工作時間略高於 100 小時，安置時間比去年同期增加了約 2%。

So up all that really speaks to our excitement around advertising.

所有這些都真正說明了我們對廣告的興奮。

We've gone to market.

我們已經去市場了。

Our go-to-market strategy continues to be strong.

我們的市場進入策略依然強勁。

We have an audience that has really high discretionary income.

我們的受眾擁有非常高的可自由支配收入。

As you know, our subscribers pay, call it 80, 80 bucks plus per month.

如您所知，我們的訂戶每月支付 80、80 美元以上。

And we're looking forward to continuing to drive our advertising business we're very confident about that.

我們期待繼續推動我們的廣告業務，我們對此非常有信心。

And more, I would actually add a couple of points there, too.

此外，我實際上還要在那裡添加幾點。

And I think you touched on it, but our new sales leadership team started actually exactly a year ago this week, and there was an instantaneous type of response to them.

我想你已經談到了這一點，但我們新的銷售領導團隊實際上是在一年前的本週開始的，並且對他們做出了即時的回應。

And so for 3Q of last year, we grew advertising 34%.

去年第三季度，我們的廣告成長了 34%。

And then 4Q is in the mid 10s.

然後第四季是 10 年代中期。

And then as you noted, this quarter was plus 21%.

正如您所指出的，本季度增長了 21%。

And I would say we like what we're seeing as it relates to how how April ended up.

我想說，我們喜歡我們所看到的，因為它與四月的結局有關。

And I'd say there is a little more visibility today and looking ahead versus last quarter looking ahead.

我想說，與上個季度的展望相比，今天和展望未來的能見度要高一些。

Jen Lin, Evercore ISI.

Jen Lin，Evercore ISI。

Great, thanks.

萬分感謝。

This is Jen with Evercore.

我是 Jen 和 Evercore。

So first on just the North America subs guide for the year, I understand that, you know, JV impact is not baked in.

首先，關於今年的北美訂閱者指南，我知道，合資企業的影響還沒有反映出來。

And how much of the current license negotiation headwind are you factoring in with the discovery coming offline and any other sort of major content and for renewal that we should keep in mind?

您在多大程度上考慮了目前授權談判的阻力，包括離線發現以及我們應該牢記的任何其他類型的主要內容和續約？

Yes, I'll start with John.

是的，我將從約翰開始。

So in terms of specific content renewals, we don't disclose those.

所以對於具體的內容更新，我們不透露。

What I've said and we've said historically is that we have one or two.

我所說的以及我們歷史上所說的是，我們有一兩個。

We are clearly the discovery.

我們顯然是發現者。

One was the most recent one.

一張是最近的一張。

As it relates to the outlook.

因為它關係到前景。

What I would say is simply that, look, we never actually disclose or talk to specific deals in terms of subscriber impact.

我想說的很簡單，看，我們從未真正披露或談論過關於訂戶影響的具體交易。

But what I can tell you is that the our full year outlook and also our second quarter outlook does assume an impact from that drop.

但我可以告訴你的是，我們的全年前景和第二季前景確實受到了這一下降的影響。

It's very clear.

非常清楚。

And the second one is given just the strong customer acquisition efficiency you're seeing and the tailwind in advertising, would you consider I'd like maintaining at this level or actually leaning a bit more into your target range of ag sector?

第二個是考慮到您所看到的強大的客戶獲取效率和廣告方面的順風，您是否認為我希望維持在這個水平，或者實際上更傾向於您的農業行業目標範圍？

Phoebe?

菲比？

Sorry, what was that?

抱歉，那是什麼？

Are you saying leaning more into what into customer acquisition?

您是說更多關注客戶獲取嗎？

Just given that you're seeing this tailwind in our P&L yet on the strength in advertising?

考慮到您在我們的損益表中看到了這種順風車，但在廣告方面卻表現強勁？

Yes, very good question.

是的，非常好的問題。

Look, I think our goal from the outset has been about achieving profitability in 2025.

我認為我們從一開始的目標就是在 2025 年實現盈利。

And as you know, subscriber models marketing as a a, you know, an expense that you have to incur today with potential value created over time.

如您所知，訂戶將行銷模式視為您今天必須承擔的費用，隨著時間的推移創造出潛在的價值。

And so we just don't have you know that much of room for us to be able to do that, make those kind of investments.

所以我們只是沒有讓你知道我們有足夠的空間來做到這一點，進行此類投資。

However, you are correct with this type of efficient acquisition cost under normal circumstances, we would certainly want to invest now versus later.

然而，在正常情況下，您對這種有效的購買成本的看法是正確的，我們當然希望現在投資而不是以後投資。

So that makes a lot of sense.

所以這很有意義。

But again, we're very measured and very disciplined with a key focus on achieving profitability as we planned.

但同樣，我們非常謹慎、非常自律，並專注於按計劃實現盈利。

David Joyce, Seaport Research Partners.

大衛喬伊斯，海港研究夥伴。

Do you have some is some significant outflows of cash in the first quarter, even though your free cash flow is trending with better, can you help us understand, was that just the unusually heavy quarter because you were standing up this fubo free tier and partly of prepping using the technology for the new Is it the new ad units that were unveiled at the NewFronts guide?

儘管您的自由現金流趨勢較好，但您在第一季度是否有一些重大的現金流出，您能否幫助我們理解，這是否只是異常沉重的季度，因為您堅持了這個 fubo 免費層，並且部分準備使用該技術的新內容是NewFronts 指南中推出的新廣告單元嗎？

And Mr. John and Tim, thanks for the question, Glen.

約翰先生和提姆先生，謝謝你的提問，格倫。

I'd start by saying that our cash flow is highly seasonal, I think, as you know.

我首先要說的是，正如您所知，我認為我們的現金流具有很強的季節性。

And so 1Q is a highest cash usage quarter as a result of that.

因此，第一季是現金使用量最高的季度。

But I think going back to our Investor Day in August to 22, what I said was that we would see improving cash usage on a year-over-year basis going forward, and that's what we've done.

但我想回到 8 月 22 日的投資者日，我所說的是，我們將看到未來現金使用量逐年改善，而這就是我們所做的。

So for modeling purposes, I would not use 1Q as a run rate.

因此，出於建模目的，我不會使用 1Q 作為運行率。

And I would also add that 1Q cash usage came in better than our internal forecast.

我還要補充一點，第一季的現金使用情況比我們的內部預測好。

And so for the rest of the year, cash usage will improve on an absolute basis.

因此，在今年剩餘時間裡，現金使用量將絕對改善。

And then as a reminder, I'd say our cash usage in the fourth quarter of last year was very modest.

然後提醒一下，我想說我們去年第四季的現金使用非常有限。

So there's nothing to call out in terms of investment for the quarter.

因此，本季的投資沒有什麼值得稱讚的。

And I would add that our investment in our premium again was very modest.

我想補充一點，我們對保費的投資再次非常有限。

And are there other products that you're still working on on the advertising front beyond what was out there?

除了現有的產品之外，您還在廣告方面開發其他產品嗎？

Yes.

是的。

Look, I think this was our first full year of actually really focused focused on monetization.

聽著，我認為這是我們真正專注於貨幣化的第一個全年。

These are significant number of units that we've just released.

這些是我們剛剛發布的大量單位。

There are other areas that we're focused on and there are some things that we're really looking at sort of very forward looking opportunities.

我們也關注其他領域，並且確實在尋找一些非常前瞻性的機會。

And the use of AI to me is an area that I think we can really have positive impacts on monetization.

對我來說，人工智慧的使用確實可以對貨幣化產生正面影響。

So think about a situation where you'd be a I can actually read what's happening on screen at the end.

因此，考慮一下這樣一種情況，您實際上可以閱讀最後螢幕上發生的事情。

A lot of, you know, have an episode or whatever content you're watching and to be able to then call an ad that is relevant to that piece of content that you just watched.

您知道，許多廣告都有一集或您正在觀看的任何內容，然後能夠調用與您剛剛觀看的內容相關的廣告。

So we think that there's many, many areas in which we can continue to innovate around monetization, particularly around ad units and add capabilities.

因此，我們認為，我們可以在許多領域繼續圍繞貨幣化進行創新，特別是圍繞廣告單元和添加功能。

And obviously, data becomes a key component of that.

顯然，數據成為其中的關鍵組成部分。

And I think what's most important approval is the engagement level platform is extremely high, which is really sort of an area that most advertisers are focused on high quality content, high levels of engagement, believe Netflix has also highlighted the fact that engagement is a key area in which their focus to really drive advertising interest and brand awareness.

我認為最重要的認可是參與度平台極高，這確實是大多數廣告商關注高品質內容、高參與度的領域，相信 Netflix 也強調了參與度是關鍵的事實他們的重點是真正提高廣告興趣和品牌知名度的領域。

Darren Aftahi, Roth MKM.

達倫·阿夫塔希，羅斯·MKM。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Two, if I may, just can you kind of give your thoughts on the free tier a launch later this year?

第二，如果可以的話，您能否談談您對今年稍後推出免費套餐的想法？

And then I'm talking about the FastChannel.

然後我要談談 FastChannel。

I think you guys said you had 100 success on channels now, just the contribution to the ad business today and how that may change going forward?

我想你們說過你們現在在頻道上取得了 100 的成功，只是今天對廣告業務的貢獻以及未來可能會發生什麼變化？

Thanks.

謝謝。

Yes, Peter, this is a David look on.

是的，彼得，這是大衛的表情。

I would say a year ago, maybe a year and a half ago, we started adding FAST channels behind our paywall and I can tell you they've actually performed quite well.

我想說一年前，也許一年半前，我們開始在付費專區後面添加 FAST 頻道，我可以告訴你，它們實際上表現得相當不錯。

Just looking at the most recent numbers, I think that FAST channels now account for about 9% of viewing.

僅看最近的數字，我認為 FAST 頻道現在約佔觀看量的 9%。

So roughly call it nine hours.

所以粗略地稱之為九個小時。

I mean, that's a tremendous amount of hours of content that some folks believe may not be as high quality as cable content.

我的意思是，這是大量時間的內容，有些人認為這些內容的品質可能不如有線電視內容。

So we've been sort of monitoring that very closely.

所以我們一直在非常密切地監控這種情況。

A part of that calculus is tied to our discovery negotiation.

計算的一部分與我們的發現談判有關。

We've attempted to negotiate in good faith with them.

我們試圖與他們真誠地進行談判。

As you know, that didn't really work out very well, but the FAST channels have really absorb some of that viewing.

如您所知，效果並不理想，但 FAST 頻道確實吸收了部分觀看內容。

So we're very happy about that.

所以我們對此感到非常高興。

And with the number of trials that are coming into the platform and people testing the service.

隨著平台上的試驗數量和測試服務的人員數量不斷增加。

We also want to make sure that we are engaging consumers along the demand curve.

我們也希望確保我們能夠沿著需求曲線吸引消費者。

And so having that free tier we think will allow us to continue to monetize users, both in the sort of the subscription realm as well as when they're pausing their subscriptions and waiting for the next sports season to start.

因此，我們認為，擁有免費套餐將使我們能夠繼續透過訂閱領域以及當他們暫停訂閱並等待下一個體育賽季開始時的用戶獲利。

So again, we're very bullish on that.

再說一遍，我們對此非常看好。

As we've just said, we're very focused on introducing new advertising units, interactive ad units, and we're going to do our best to continue to modest monetize that.

正如我們剛才所說，我們非常專注於引入新的廣告單元、互動廣告單元，並且我們將盡最大努力繼續將其貨幣化。

And as you know, we have a goal of really growing our ad RPU, and this is sort of helps us get to that next level.

如您所知，我們的目標是真正提高廣告 RPU，這在某種程度上有助於我們達到下一個水平。

And Darren, I would just add a couple of things and metrics as it relates to that, that may help you a bit in terms of thinking about the opportunity for March on the FastChannel side, ours for SFR over-indexed our growth in overall sense in terms of approval platform, the fill rate was, I'd say, fairly consistent with the overall footprint of the Company and broadcasting transmission.

達倫（Darren），我只想添加一些與此相關的事情和指標，這可能會幫助您思考 3 月份 FastChannel 方面的機會，我們的 SFR 在整體意義上過度索引了我們的增長就審批平台而言，我想說，填充率與公司和廣播傳輸的整體足跡相當一致。

Despite that significant increase in hours and also channels was actually down year-over-year.

儘管營業時間顯著增加，但頻道數量實際上比去年同期下降。

So from a profit perspective, it's turning into a pretty good profit driver for the Company.

因此，從利潤角度來看，它正在成為公司相當好的利潤驅動力。

Thank you.

謝謝。

James Goss, Barrington Research.

詹姆斯‧戈斯，巴靈頓研究中心。

Good morning.

早安.

A couple of things.

有幾件事。

First, in terms of the personalized DVR strategy and playlists, clearly the technology is there is the issue and that there is an unwillingness to provide the rights to do the sort of things you're trying to do or are they is the incremental rights fee so high that there's not room for negotiation or something else might talk about that.

首先，就個人化 DVR 策略和播放清單而言，顯然技術存在問題，並且不願意提供做您想做的事情的權利，或者它們是增量權利費用太高了，沒有談判的餘地，否則可能會有其他事情談論這一點。

And then my second question would be volatile and was noted you have a $7 our pool.

然後我的第二個問題就很不穩定，有人指出我們的池子裡有 7 美元。

And it seems like it's a fairly robust service and an important brand in France and in the European Union.

它似乎是一項相當強大的服務，也是法國和歐盟的重要品牌。

And I wonder if what are the issues there in terms of the competitiveness and the potential for a higher price point and that service and which is not very largely penetrated it points.

我想知道在競爭力和更高價格點的潛力以及服務方面是否存在哪些問題，而哪些服務並未在很大程度上滲透。

Yes, sure.

是的，當然。

I think I'll see if I can answer all of your questions.

我想我會看看是否能回答你們所有的問題。

With respect to the playlist services.

關於播放清單服務。

Well, this is a sort of a very unique feature recall that this is a DVR feature.

嗯，這是一個非常獨特的功能，請記住，這是 DVR 功能。

So this is within the realm of what consumers control their own.

所以這是在消費者自己控制的範圍內。

And we built this feature in a way, and I think we referred to it earlier as a user control.

我們以某種方式建立了此功能，我認為我們之前將其稱為用戶控制項。

This is user initiated.

這是用戶發起的。

It's a user control.

這是一個使用者控制項。

It's a way to really increase engagement and give our subscribers the control within their DVR to really watch things that are exciting to them relevant to them and sort of improve their user experience.

這是一種真正提高參與度的方法，讓我們的訂閱者能夠控制他們的 DVR，真正觀看與他們相關的令他們興奮的事物，並在某種程度上改善他們的用戶體驗。

So again, I'm not sure that there's anything that needs to be discussed with and the other program programs, given the fact that it is within the DVR.

再說一遍，鑑於它位於 DVR 內，我不確定是否有任何需要與其他程式討論的內容。

That being said, there obviously are difficulties in our ability to reach our programmers in a way that allows us to really maximize service and our goal has always been to improve our service for consumers as well as ensure that they're that we're driving tune-in for their programming and obviously in a league IP.

話雖這麼說，但我們以一種真正最大化服務的方式接觸程式設計師的能力顯然存在困難，我們的目標始終是改善為消費者提供的服務，並確保他們是我們所推動的觀看他們的節目並且顯然是在聯盟IP 中。

So we'll continue to do that.

所以我們將繼續這樣做。

And we'll look for ways to be able to work within our agreements.

我們將尋找能夠在我們的協議範圍內開展工作的方法。

And I think this is our first attempt to do that.

我認為這是我們第一次嘗試這樣做。

I will mention as part of our alleged claims is the fact that we are unable to offer features that others offer.

我要提到的是，作為我們所謂的主張的一部分，我們無法提供其他人提供的功能。

As you know, YouTube TV offers highlights and Yahoo has stacking rights, which we don't have and other distributors are allowed to offer ESPN plus as part of their service.

如您所知，YouTube TV 提供精彩片段，雅虎擁有疊加權，而我們沒有這些權利，而其他發行商可以提供 ESPN plus 作為其服務的一部分。

So we're dealing with it the best we can.

所以我們正在盡力處理它。

But again, we believe that we're really focused on consumer quality and building a product that people love.

但我們再次相信，我們真正專注於消費者品質並打造人們喜愛的產品。

And that again is reflected in the strong subscriber growth, strong revenue growth and the strong advertising growth as it relates to monetize again, that's a service that, again, just to level set everyone we took over that service when it was back in 2021.

這再次反映在強勁的用戶成長、強勁的收入成長和強勁的廣告成長上，因為它再次與貨幣化相關，這項服務再次只是為了讓我們在 2021 年接管該服務時的每個人都達到水平。

In 2020, Malta delivered about $7 million of revenue.

2020 年，馬耳他實現了約 700 萬美元的收入。

That business now is north of $30 million.

該業務目前已超過 3000 萬美元。

We've been very efficient.

我們一直都非常有效率。

We're very excited about their gross margin profile, which is just south of 40%, which really speaks to the opportunity in a large market.

我們對他們的毛利率狀況感到非常興奮，毛利率僅為 40%，這確實說明了巨大市場中的機會。

We have been very efficient.

我們一直都非常有效率。

They are cutting costs and our attention is to get them to profitability.

他們正在削減成本，我們的注意力是讓他們獲利。

And at the same time, we've been very focused on really building out a unified technology platform, which I think so far fubo in the United States has been able to take advantage of and we haven't really provided much of the resources they need to be able to drive that business forward.

同時，我們一直非常專注於真正建立一個統一的技術平台，我認為到目前為止，美國的 fubo 已經能夠利用這個平台，但我們並沒有真正提供他們太多的資源。向前發展。

But what's really exciting about that is, as you said, was the fact that it is a scaled player in France, and we've been able to drive growth and without a marketing budget, which I think is also pretty speaks to the potential opportunity there.

但真正令人興奮的是，正如您所說，它是法國的規模化企業，我們能夠在沒有行銷預算的情況下推動成長，我認為這也很好地說明了潛在的​​機會在那裡。

I'll pause there for any questions and so that that covers it for now.

如果有任何問題，我會暫停一下，所以現在就講到這裡。

Thank you very much, David.

非常感謝你，大衛。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

I Thanks, for taking my question on the Warner Brothers discovery, I guess, contract negotiations.

我感謝您提出有關華納兄弟發現的問題，我猜是合約談判。

I was just curious from a pricing perspective now that because you're not paying this distribution fees, will that alter your pricing strategy?

我只是從定價角度好奇，因為你不支付分銷費，這會改變你的定價策略嗎？

Or is that something where you're going to leave pricing the same and the savings will flow to the bottom line?

或者說，您將保持定價不變，而節省的成本將流入利潤？

Thank you.

謝謝。

Yes.

是的。

Well, as you know, it's not like we have that much room in our current pricing.

嗯，如您所知，我們目前的定價並沒有那麼多空間。

We have been under pressure by the defendants for a long period of time.

長期以來，我們一直受到被告的壓力。

We're dealing with the pernicious tactics that they continue to apply on our business owner's terms that make it quite difficult for us to reach profitability quickly.

我們正在應對他們繼續按照我們企業主的條件採取的有害策略，這使得我們很難快速實現盈利。

And so at this point time, we believe our pricing will remain status quo and this should flow to the bottom line.

因此，在這個時候，我們相信我們的定價將保持現狀，這應該會影響到利潤。

And is it possible for you to quantify maybe the savings in fees from that and I guess termination of service Yes.

您是否可以量化由此節省的費用，我想終止服務是的。

Well, I think the short answer is we don't disclose our content deals and the impact of those content deals on our business.

好吧，我認為簡短的答案是我們不會透露我們的內容交易以及這些內容交易對我們業務的影響。

But I'm sure you would probably see that reflected in the next quarter or begins to be reflected in the network.

但我確信您可能會在下個季度看到這一點，或者開始在網路中反映出來。

Thank you all for your questions.

謝謝大家的提問。

I will now turn the call back to Alison Sternberg.

現在我將把電話轉回給艾莉森·斯滕伯格。

Thank you, everybody.

謝謝大家。

For your thoughtful questions this morning.

今天早上你們深思熟慮的問題。

Before we conclude, I did want to add take one question from our, say, shareholder portal.

在我們結束之前，我確實想補充一個來自我們股東入口網站的問題。

This I'm going to direct to you, David.

這是我要向你介紹的，大衛。

The question is what measures is the company currently taking to ensure sustainable long-term growth and shareholder value creation?

問題是公司目前正在採取哪些措施來確保可持續的長期成長和股東價值創造？

Thank you.

謝謝。

Also, well, I think it's been evident over the last five quarters that we are really focused on creating shareholder value.

另外，我認為過去五個季度很明顯我們確實專注於創造股東價值。

So we've been very focused on cost cutting.

因此，我們一直非常注重削減成本。

If you look at our operating leverage, you'll note that the two key areas, our gross gross margin drivers are subscriber-related expenses, which is down this year year over year, as well as continued improvement on our broadcasting and transmission line.

如果您查看我們的營運槓桿，您會注意到我們毛利率驅動因素的兩個關鍵領域是與用戶相關的費用（今年同比下降）以及我們的廣播和傳輸線路的持續改進。

So those two lines are continuing to help drive, you know, operational cost down leading to greater value.

因此，這兩條生產線將繼續幫助降低營運成本，從而創造更大的價值。

And then we've been really focused on doubling down on our content strategy.

然後我們一直專注於加倍努力我們的內容策略。

As you see, we're very much sports first we have over 35 regional sports networks.

如您所見，我們首先重視體育，我們擁有超過 35 個地區體育網絡。

We're continuing to look for more content opportunities in that area.

我們將繼續在該領域尋找更多內容機會。

We're very focused on continuing to develop our technology and product capabilities featuring our AI powered have a capabilities, and you'll probably see more of that as the team starts to experiment with more features.

我們非常專注於繼續開發我們的技術和產品功能，以我們的人工智慧驅動的功能為特色，隨著團隊開始嘗試更多功能，您可能會看到更多這樣的功能。

And then in terms of reach and distribution, we're looking to continue to drive engagement across the demand curve, as I just have just mentioned.

然後，在覆蓋範圍和分銷方面，正如我剛才提到的，我們希望繼續推動整個需求曲線的參與。

And we're looking forward to the forthcoming free tier that will be launched in the next couple of quarters.

我們期待著即將在接下來的幾季推出的免費套餐。

Excellent.

出色的。

Thank you, David.

謝謝你，大衛。

Back to you, operator.

回到你身邊，操作員。

This concludes today's fubo first-quarter 2024 earnings call.

今天的 fubo 2024 年第一季財報電話會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝大家的加入，現在可以斷開連線了。