Fubotv Inc (FUBO) 2024 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's fuboTV Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Thank you.

謝謝你的支持。值此之際，歡迎大家參加今天的fuboTV 2024年第二季財報電話會議。 （操作員說明）謝謝。

I would now like to turn the call over to Ameet Padte, Senior Vice President of FP&A, Corporate Development and Investor Relations. Ameet, please go ahead.

我現在想將電話轉給 FP&A、企業發展和投資者關係高級副總裁 Ameet Padte。阿米特，請繼續。

Thank you for joining us to discuss Fubo's Second Quarter 2024 results. With me today is David Gandler, Co-Founder and CEO of Fubo and John Janedis, CFO of Fubo. Full details of our results and additional management commentary are available in our earnings release and Letter to Shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv.

感謝您加入我們討論 Fubo 2024 年第二季業績。今天和我在一起的有 Fubo 聯合創始人兼執行長 David Gandler 和 Fubo 財務長 John Janedis。有關我們業績的完整詳細資訊和其他管理層評論，請參閱我們的收益發布和致股東信，您可以在我們網站 ir.fubo.tv 的投資者關係部分找到這些內容。

Before we begin, let me quickly review the format of today's call. David is going to start with some brief remarks on the quarter and our business, and John will cover the financials and guidance. Then we will turn the call over to the analysts for Q&A.

在我們開始之前，讓我快速回顧一下今天電話會議的形式。大衛將首先對本季和我們的業務進行一些簡短的評論，約翰將介紹財務和指導。然後我們會將電話轉交給分析師進行問答。

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our financial condition, anticipated financial performance, business strategy and plans, industry and consumer trends, anticompetitive 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的財務狀況、預期財務業績、業務戰略和計劃、行業和消費者的陳述趨勢、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和對獲利能力的預期。

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

這些前瞻性陳述受到某些風險、不確定性和假設的影響。可能導致實際結果與前瞻性陳述有重大差異的重要因素包括我們向美國證券交易委員會提交的文件中討論的因素。除非另有說明，我們今天提供的業績和指引是在持續經營的基礎上得出的，不包括我們以前的遊戲部門的歷史業績，這些業務被視為已終止經營業務。

In addition, our guidance and other commentary with respect to Fubo's financial condition and our anticipated financial performance in future periods do not reflect any potential impact of the launch of the sports streaming joint venture between the Walt Disney Company, Fox Corporation and Warner Bros. Discovery, including the outcome of our antitrust lawsuit. Risks related to this joint venture and the litigation are described in further detail in the company's SEC filings.

此外，我們對 Fubo 財務狀況以及未來時期預期財務業績的指導和其他評論並未反映出華特迪士尼公司、福克斯公司和華納兄弟探索頻道之間成立體育流媒體合資企業的任何潛在影響。的反壟斷訴訟的結果。該公司向 SEC 提交的文件中進一步詳細描述了與該合資企業和訴訟相關的風險。

During Q&A, the company will not address any questions related to ongoing litigations, including this matter. During the call, we may also refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q2 2024 Earnings Shareholder Letter, which is available on our website at ir.fubo.tv.

在問答過程中，公司不會回答任何與正在進行的訴訟相關的問題，包括本案。在電話會議期間，我們也可能會參考某些非公認會計準則財務指標。這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳也可在我們的 2024 年第二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。

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

這樣，我就把電話轉給大衛。

Thank you, Amit, and good morning, everyone. We appreciate that you joined us today to discuss Fubo's second quarter 2024 results. Our second quarter continued our strong start to 2024, and the momentum we have achieved since becoming a publicly traded company in 2020.

謝謝你，阿米特，大家早安。我們感謝您今天加入我們討論 Fubo 2024 年第二季的業績。我們的第二季延續了 2024 年的強勁開局，以及自 2020 年成為上市公司以來所取得的勢頭。

The second quarter marked our sixth consecutive quarter of global year-over-year improvement in our profitability metrics, while in North America, we exceeded expectations. In North America, we closed the second quarter with double-digit year-over-year growth, posting $382.7 million in total revenue, an increase of 26% year-over-year and 1.45 million paid subscribers, up 24% year-over-year.

第二季標誌著我們的全球獲利指標連續第六個季度同比改善，而在北美，我們超出了預期。在北美，我們以兩位數的年增率結束了第二季度，總營收為 3.827 億美元，年增 26%，付費用戶數為 145 萬，年增 24%。

Our ad business also remains strong, ending the quarter with $25.8 million in revenue, an increase of 14% year-over-year. Alongside this growth, we are making great strides on our path to profitability with meaningful year-over-year improvements in net loss, adjusted EBITDA and free cash flow, which John will discuss in more detail.

我們的廣告業務也依然強勁，本季末營收為 2,580 萬美元，較去年同期成長 14%。除了這種增長之外，我們在盈利的道路上也取得了長足的進步，淨虧損、調整後的 EBITDA 和自由現金流均實現了同比顯著改善，約翰將對此進行更詳細的討論。

This progress gives us continued confidence in our ability to execute, with all teams at Fubo operating at the highest levels. Note that our profitability goals exclude the potential impact of the sports streaming joint venture. In addition to our robust operational execution, we were agile and opportunistic in managing our balance sheet. In Q2 2024, we repurchased $46.9 million of convertible debt at an average price of 56.6% of par value.

這項進展讓我們對自己的執行能力充滿信心，福博的所有團隊都在最高水準運作。請注意，我們的獲利目標不包括體育串流媒體合資企業的潛在影響。除了強大的營運執行力之外，我們在管理資產負債表方面也表現得敏捷且善於把握機會。 2024 年第二季度，我們以票面價值 56.6% 的平均價格回購了 4,690 萬美元的可轉換債券。

To fund these repurchases, we issued stock at $1.28 under our ATM program, achieving an impressive net effective issuance price of $2.26. That's an outstanding 77% premium. This strategic move not only enhanced shareholder value by reducing outstanding debt, but also boosted our financial flexibility and mitigated dilution.

為了為這些回購提供資金，我們根據 ATM 計劃以 1.28 美元的價格發行了股票，實現了 2.26 美元的令人印象深刻的淨有效發行價。這是高達 77% 的溢價。這項策略舉措不僅透過減少未償債務提高了股東價值，而且還提高了我們的財務靈活性並減輕了股權稀釋。

These actions further underscore our confidence in our go-forward plan, as well as our commitment to driving business growth and shareholder value. Fubo is focused on delivering value and expanding our relevancy to consumers in a fast-changing environment. Consumers benefit from a market with healthy competitive dynamics.

這些行動進一步凸顯了我們對未來計畫的信心，以及我們對推動業務成長和股東價值的承諾。 Fubo 專注於在快速變化的環境中提供價值並擴大我們與消費者的相關性。消費者受益於具有健康競爭動態的市場。

We continue to fight for competition and better prices in a market in disruption, contrasting with the Walt Disney Company, Fox Corporation and Warner Bros. Discovery. Their JV attempts to circumvent the need for regulatory approval, while still giving these partners control of 80% of the premium sports market.

與華特迪士尼公司、福斯公司和華納兄弟探索公司相比，我們繼續在混亂的市場中爭取競爭和更好的價格。他們的合資企業試圖規避監管部門的批准，同時仍讓這些合作夥伴控制 80% 的高端運動市場。

The JV claims to solve the issue of bulky cable bundles, but we believe its primary goal is to limit competition, boosting partners' profits synthetically and leading to steep price hikes for consumers similar to those seen with their SVOD services.

該合資公司聲稱要解決龐大的有線電視捆綁問題，但我們認為其主要目標是限制競爭，綜合提高合作夥伴的利潤，並導致消費者的價格急劇上漲，類似於其 SVOD 服務的價格上漲。

Consumers passionate about sports content but frustrated with high prices and inflexible bundles need multiple streaming options with competitive pricing. Fubo, like all distributors, have the right to fairly compete in the sports streaming market.

消費者對體育內容充滿熱情，但對高價格和不靈活的捆綁感到沮喪，需要多種具有競爭力價格的串流媒體選項。福博和所有發行商一樣，有權在體育串流媒體市場上公平競爭。

A fair market would force the JV partners to compete against each other in the licensing of sports channels to pay TV platforms, virtual and traditional, as well as with other market participants further downstream in the distribution space. This will foster competition, benefiting customers with better prices and choices.

公平的市場將迫使合資夥伴在虛擬和傳統付費電視平台的體育頻道授權方面相互競爭，並與分銷領域更下游的其他市場參與者競爭。這將促進競爭，以更好的價格和選擇讓客戶受益。

Our preliminary injunction hearing to prevent the JV's launch goes before the US District Court, Southern District of New York starting today. We appreciate the support we have received from across the spectrum.

從今天開始，我們將在美國紐約南區地方法院舉行旨在阻止合資企業啟動的初步禁令聽證會。我們感謝來自各領域的支持。

We continue to be encouraged by earlier reports that the Department of Justice is looking into the JV and an increasing number of high-profile Capitol Hill lawmakers, public interest groups and other content distributors are alarmed and have weighed in on the negative impact that JV would have for consumers. We continue to strongly believe in the merits of our case and look forward to going before the judge this week.

早些時候有報導稱，司法部正在調查該合資企業，越來越多的知名國會山莊立法者、公共利益團體和其他內容發行商對此感到震驚，並開始考慮該合資企業可能帶來的負面影響，這讓我們繼續感到鼓舞。我們仍然堅信我們案件的是非曲直，並期待本週接受法官審理。

Meanwhile, we remain focused on delighting our consumers with a seamless and innovative product that aggregates a portfolio of programming at compelling price points. In recent months, we've seen media companies increasingly turn their streaming services into app stores, requiring consumers to log into different apps and stream from multiple interfaces to access content.

同時，我們仍然專注於透過無縫和創新的產品來取悅我們的消費者，該產品以極具吸引力的價格聚合了一系列節目。近幾個月來，我們看到媒體公司越來越多地將其串流媒體服務轉變為應用程式商店，要求消費者登入不同的應用程式並從多個介面串流媒體存取內容。

While these companies are characterizing this approach as consumer-friendly, users are still feeling the same pain point, friction. Therefore, we have every indication that our super aggregation strategy is the right one, as we believe the best consumer experience is frictionless with multiple bundles from skinny to fat to choose from.

儘管這些公司將這種方法描述為對消費者友好，但用戶仍然感受到相同的痛點：摩擦。因此，一切跡象表明我們的超級聚合策略是正確的，因為我們相信最好的消費者體驗是無摩擦的，有多種捆綁包可供選擇。

As a super aggregator, our vision is to offer users the premium content they love, all within the Fubo ecosystem, differentiating our service from the so-called soft bundles on the market. In the second quarter, we launched the Fubo Free Tier, the first layer in our super aggregation model. Fubo Free offers nearly 200 free ad-supported streaming television or fast channels and is currently available to certain former Fubo paid and free trial subscribers.

作為超級聚合商，我們的願景是在 Fubo 生態系統內為用戶提供他們喜愛的優質內容，使我們的服務與市場上所謂的軟捆綁服務區分開來。第二季度，我們推出了Fubo Free Tier，這是我們超級聚合模式的第一層。 Fubo Free 提供近 200 個免費的廣告支援串流電視或快速頻道，目前可供某些前 Fubo 付費和免費試用訂閱者使用。

Fubo Free users can reactivate their paid subscriptions at any time, which they may choose to do as their favorite sports seasons return to play. Early results are encouraging, and we may expand Fubo Free to other cohorts in the future.

Fubo Free 用戶可以隨時重新啟動他們的付費訂閱，他們可以選擇在他們最喜歡的體育賽季恢復比賽時這樣做。早期結果令人鼓舞，我們將來可能會將 Fubo Free 擴展到其他群體。

We plan to further build out our tiered offering with standalone content that does not require the purchase of the main Fubo product. This content can range from SVOD to pay-per-view and TVOD to skinny bundles. We look forward to sharing more in the weeks and months ahead.

我們計劃進一步建立我們的分層產品，提供不需要購買主要 Fubo 產品的獨立內容。這些內容的範圍可以從 SVOD 到按次付費，從 TVOD 到瘦身捆綁包。我們期待在未來幾週和幾個月內分享更多資訊。

In closing, the second quarter continued to demonstrate how Fubo has grown efficiently as we balance our profitability goals while strategically investing in our business. We remain focused on bringing consumers an aggregated sports entertainment offering that delivers premium content and innovative product features at the price point that's right for them.

最後，第二季繼續展示了富波如何在平衡獲利目標和策略投資業務的同時實現高效成長。我們仍然致力於為消費者提供聚合的體育娛樂產品，以適合他們的價格提供優質內容和創新產品功能。

And as I said last quarter, we remain committed to a competitive streaming landscape that offers consumers choice, fair pricing and innovation. This is the vision upon which Fubo was founded and is only achievable in a truly competitive market.

正如我上季度所說，我們仍然致力於打造競爭激烈的串流環境，為消費者提供選擇、公平的定價和創新。這是富博創立的願景，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. John?

我現在將把電話轉給財務長 John Janedis，更詳細地討論我們的財務表現。約翰？

Thank you, David, and good morning, everyone. The second quarter saw a continuation of strong results and progress across just about every metric and in relation to our profitability goals. These excellent results build on our strong momentum from the prior quarters and provide added proof that the initiatives and strategies we have implemented are having a positive impact on the earnings power of our business, which we believe positions Fubo for success in what remains a dynamic operating environment.

謝謝大衛，大家早安。第二季度，我們在幾乎所有指標以及與我們的獲利目標相關的方面都繼續取得了強勁的業績和進展。這些出色的業績建立在我們前幾季的強勁勢頭之上，並進一步證明我們實施的舉措和策略正在對我們業務的盈利能力產生積極影響，我們相信這使 Fubo 在充滿活力的運營中取得成功環境。

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 25% year-over-year to $391 million, driven by 26% growth in North America and 2% growth in Rest of World.

從本季的業績來看，我們繼續看到收入和用戶的健康成長，在北美成長 26% 和 2% 的推動下，全球營收年增超過 25%，達到 3.91 億美元在世界其他地區。

The primary driver behind this continued top line growth has been the ongoing robust increase in subscribers. I'm pleased to report overall subscriber growth of 24% year-over-year, bringing North America subscribers to over 1.45 million and Rest of World subscribers to over 399,000. As it relates to some of our key revenue drivers and key areas of the business, ad revenue during the second quarter totaled $26.3 million, or a 14% increase versus the prior year period.

收入持續增長的主要推動力是訂戶數量的持續強勁增長。我很高興地報告整體訂戶年增 24%，使北美訂戶數量超過 145 萬，世界其他地區訂戶數量超過 399,000。由於與我們的一些主要收入驅動因素和關鍵業務領域相關，第二季的廣告收入總計 2,630 萬美元，比去年同期成長 14%。

Turning to the operational side of the business. Our actions around lowering expenses and increasing efficiency are having a positive impact on the business. Starting with gross margin, we saw a 511 basis point year-over-year improvement in gross margin to 13%, marking our seventh consecutive quarter of positive gross margin.

轉向業務的營運方面。我們圍繞著降低費用和提高效率的行動正在對業務產生積極影響。從毛利率開始，我們的毛利率年增了 511 個基點，達到 13%，這標誌著我們連續第七個季度實現正毛利率。

The progress we are making across our operational and expense line items led to a Q2 net loss of $25.8 million, a significant improvement compared to a net loss of $54.2 million in Q2 2023. These improvements resulted in a per share loss of $0.08, significantly improved compared to a loss of $0.19 in the second quarter of 2023.

我們在營運和費用項目上取得的進展導致第二季淨虧損2,580 萬美元，與2023 年第二季5,420 萬美元的淨虧損相比有了顯著改善。著改善相較之下，2023 年第二季虧損 0.19 美元。

In Q2, adjusted EPS loss was $0.04, an improvement compared to an adjusted EPS loss of $0.12 in Q2 2023. Adjusted EBITDA was negative $11 million, an improvement of $19.6 million compared to the second quarter of 2023, while adjusted EBITDA margin was negative 2.8%, a significant improvement from negative 9.8% in the prior year period. In summary, our results for this quarter as well as recent quarters highlight the significant progress we're making throughout the business.

第二季度，調整後每股收益損失為0.04 美元，較2023 年第二季度調整後每股收益損失0.12 美元有所改善。美元，而調整後EBITDA 利潤率為負2.8 %，較去年同期的負值 9.8% 顯著改善。總之，我們本季以及最近幾季的業績凸顯了我們在整個業務中取得的重大進展。

Notably, we believe that the company's current trajectory demonstrates both its potential and resilience, putting us in a strong position to achieve our profitability objectives. In addition, our ongoing efforts to identify efficiencies and maximize leverage across the business resulted in a $40.5 million year-over-year improvement in free cash flow. We remain dedicated to upholding rigor and discipline in managing our company-wide cost and are pleased with the progress we have achieved throughout the quarter.

值得注意的是，我們相信公司目前的發展軌跡展示了其潛力和韌性，使我們處於實現獲利目標的有利地位。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，使自由現金流比去年同期增加了 4,050 萬美元。我們仍然致力於在管理全公司成本方面保持嚴格和紀律，並對整個季度的進展感到滿意。

Moving to the balance sheet. We ended the quarter with $161.3 million of cash, cash equivalents and restricted cash. We are confident that our liquidity will be adequate to invest in the business under our current operating plan, while maintaining our trajectory towards profitability. Note that this excludes the potential impact of the ongoing antitrust litigation, including the launch of the sports streaming JV.

轉向資產負債表。本季結束時，我們擁有 1.613 億美元的現金、現金等價物和限制性現金。我們相信，我們的流動性將足以根據我們目前的營運計劃投資於該業務，同時保持我們的獲利軌跡。請注意，這不包括正在進行的反壟斷訴訟的潛在影響，包括體育串流媒體合資企業的推出。

We have also taken proactive steps to optimize our capital structure. In 2Q, we repurchased $46.9 million in face value of our 2026 convertible notes at prices significantly below par value, $19.9 million of which settled in July. Since the fourth quarter of 2023, we have reduced our level of debt outstanding by $80.2 million, while also eliminating the potential dilution associated with the repurchased convertible notes.

我們也積極採取措施優化資本結構。第二季度，我們以遠低於票面價值的價格回購了面額 4,690 萬美元的 2026 年可轉換票據，其中 1,990 萬美元於 7 月結算。自 2023 年第四季以來，我們已將未償債務水準減少了 8,020 萬美元，同時也消除了與回購可轉換票據相關的潛在稀釋。

Turning to our guidance. Our third quarter North America subscriber guidance is 1.605 million to 1.625 million subscribers, representing 9% year-over-year growth at the midpoint. While our third quarter revenue guidance projects $360 million to $370 million, representing 17% year-over-year growth at the midpoint. On a full-year basis, our guidance for 2024 North America subscribers is 1.725 million to 1.745 million, representing 7% year-over-year growth at the midpoint. And for full-year 2024, North American revenue, our guidance is for $1.570 billion to $1.590 billion, representing 18% year-over-year growth at the midpoint.

轉向我們的指導。我們第三季北美訂戶指引值為 160.5 萬至 162.5 萬訂戶，中間值年增 9%。我們第三季的營收指引預計為 3.6 億至 3.7 億美元，中間值年增 17%。就全年而言，我們對 2024 年北美用戶的指引為 172.5 萬至 174.5 萬，中間值年增 7%。對於 2024 年全年北美收入，我們的指引為 15.7 億美元至 15.9 億美元，中間值年增 18%。

Both our full-year subscriber and revenue guidance figures represent upward revisions to our previously shared full-year guidance. This guidance reflects our current exposure to potential industry volatility and our commitment to maintaining discipline in subscriber acquisition costs relative to monetization. However, it does not account for any potential impact from the joint venture.

我們的全年訂戶和收入指導數字均是對我們先前共享的全年指引的向上修正。該指引反映了我們目前面臨的潛在產業波動風險，以及我們對維持相對於貨幣化的訂戶獲取成本的控制的承諾。然而，它沒有考慮合資企業的任何潛在影響。

For Rest of World, we expect 397,000 to 402,000 subscribers in the third quarter, representing a 3% year-over-year decline at the midpoint, while our revenue guidance projects $8 million to $9 million, representing 1% year-over-year growth at the midpoint for the third quarter.

對於世界其他地區，我們預計第三季訂閱用戶數為 397,000 至 402,000 名，中間值同比下降 3%，而我們的收入指導預計為 800 萬至 900 萬美元，同比增長 1%在第三季度的中點。

This leads to guidance of 395,000 to 405,000 subscribers for the full-year 2024, representing a 2% year-over-year decline at the midpoint and a full-year 2024 revenue guidance of $33 million to $35 million, representing 4% year-over-year growth at the midpoint.

這導致 2024 年全年訂戶數量指導為 395,000 至 405,000 名，同比下降 2%，2024 年全年收入指導為 3300 萬至 3500 萬美元，同比下降 4%年增長中點。

As a reminder, 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 other commentary regarding Fubo's financial condition and anticipated financial performance in future periods do not reflect any potential impact of the joint venture to our business.

提醒一下，鑑於與合資企業的潛在成立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，我們對Fubo 的財務狀況和未來時期預期財務業績的指導和其他評論並不反映任何潛在的可能性合資企業對我們業務的影響。

In closing, I'm pleased with our ability to post strong top line results and equally strong subscriber growth. While we recognize there's still much work to be done to capture the best opportunities we see in front of us, we're encouraged by our ability to improve just about every aspect of how we do business.

最後，我對我們能夠發布強勁的營收業績和同樣強勁的用戶成長感到滿意。雖然我們認識到要抓住擺在我們面前的最佳機會還有很多工作要做，但我們對改進業務方式的幾乎各個方面的能力感到鼓舞。

It is clear that our strategies to maximize revenue and improve operating efficiencies are working, providing us with added confidence in our ability to deliver long-term value to our employees, partners and shareholders.

顯然，我們實現收入最大化和提高營運效率的策略正在發揮作用，這讓我們對為員工、合作夥伴和股東提供長期價值的能力更有信心。

I would now like to turn the call over to the operator for Q&A. Operator?

我現在想將電話轉給接線員進行問答。操作員？

Thank you. (Operator Instructions) Laura Martin with Needham.

謝謝。 （操作員說明）Laura Martin 與 Needham。

Good morning. My first one is about ads. Could you give us an update on what's happening with cost per thousand and give us an update on -- looks like the growth slowed a little bit to 14% year-over-year. Could you give us an update on what's happening generally in the ad market for you guys?

早安.我的第一個是關於廣告的。您能否向我們介紹每千人成本的最新情況，並介紹一下——看起來成長率比去年同期略有放緩，降至 14%。能為我們介紹一下廣告市場的最新動態嗎？

Yes. Sure, Laura. This is John. I'd say a couple of things. So to your point on the ad side, you posted, call it, 13%, 14% growth that was off of, I'd say a several percentage point tougher comp relative to the last year. And so if you look at a 2-year stack comp basis, more or less was kind of the same growth rate on a two-year basis for both 1Q and on 2Q. So, I'd start with that. I'd also remind you that we have a 34% comp in the third quarter.

是的。當然，勞拉。這是約翰。我想說幾件事。因此，就您在廣告方面的觀點而言，您發布了 13%、14% 的成長，我想說，與去年相比，成長了幾個百分點。因此，如果您考慮兩年的堆疊比較，您會發現第一季和第二季的兩年成長率或多或少是相同的。所以，我會從那裡開始。我還想提醒您，我們第三季的利潤率為 34%。

From a CPM perspective, a couple of things. One is that I'm sure you've talked a lot about this around, what do CPMs look like across the marketplace? What I can tell you for us is that we continue to see strength as relates to CPMs in the sports marketplace and so we're quite happy there. As you know, we're skewed more towards sports than, I think, most. On the, I'd say, entertainment front, particularly longer tail entertainment, there's a little bit of CPM pressure that we're seeing currently.

從每千次曝光費用的角度來看，有幾件事。一是我確信您已經討論過很多這個問題，整個市場的每千次展示費用是什麼樣的？我可以告訴您的是，我們繼續看到體育市場中與每千次展示費用相關的優勢，因此我們對此感到非常高興。如你所知，我認為我們比大多數人更傾向於運動。我想說，在娛樂方面，特別是長尾娛樂，我們目前看到了一點點千次展示費用壓力。

Alicia Reese with Wedbush.

艾莉西亞·里斯和韋德·布希。

Hi, guys. Thanks for the question. If you could talk a little bit about your advertising performance in the quarter and also the subscription retention that you expect to see in the third quarter around the Olympics, I'd appreciate that.

嗨，大家好。謝謝你的提問。如果您能談談本季的廣告表現以及您預計在奧運期間第三季看到的訂閱保留情況，我將不勝感激。

Yes. Sure, Lisa. So, look, on the advertising side, we were very pleased with the quarter. Maybe to give you a little bit more flavor. Just as a reminder, we built out the sales team that anniversaried about a year or so ago, and so the team has actually been sprinting since.

是的。當然，麗莎。所以，看，在廣告方面，我們對這個季度非常滿意。也許是為了給你多一點味道。提醒一下，我們在大約一年前建立了周年紀念的銷售團隊，因此團隊實際上一直在衝刺。

On a categorical basis, I would say the good news here is that our top five categories in terms of dollars also outperformed the overall portfolio, meaning they're all above 14%. And so among those in terms of strength, we saw that within, call it, auto, e-com, financial services, food and beverage, among others.

從分類的角度來看，我想說的好消息是，我們以美元計算的前五個類別的表現也優於整體投資組合，這意味著它們都高於 14%。因此，就實力而言，我們看到了汽車、電子商務、金融服務、食品和飲料等行業。

I'd say on -- a little bit on the software side, that included travel, tourism and entertainment and pharma. As it relates to the Olympics in general, what I would tell you is that we view one-off events that are short in nature, for example, the Olympics or, say, the Super Bowl. Those subscribers or cohorts tend to have less retentive value. And so our marketing team doesn't aggressively pursue them.

我想說的是軟體方面，包括旅行、旅遊、娛樂和製藥。由於它與一般奧運會有關，我要告訴你的是，我們看待本質上短暫的一次性賽事，例如奧運會或超級碗。這些訂戶或群體往往具有較低的保留價值。因此我們的行銷團隊不會積極追求它們。

Jian Li with Evercore ISI.

Evercore ISI 的李健。

Great. I want to kind of ask about the free ad-supported service. Can you just give us a bit more details on the learnings so far? Are you seeing it actually move the needle on your churn or, like, retention profile? And is that driving part of the North America subs outperforming this quarter? And also, if you can kind of just expand into your plans to roll this out into more cohorts?

偉大的。我想詢問有關免費廣告支援服務的問題。您能否向我們介紹迄今為止所學到的更多細節？您是否看到它實際上對您的客戶流失率或留存率產生了重大影響？這是否是北美潛艇本季表現出色的推動因素？另外，您是否可以擴展您的計劃，將其推廣到更多群體？

Yes. Sure. So, I think on the fast, I'll roll in the premium discussion as well. And so I think, as you suggested, we launched our freemium platform, if you will, mid-to-late way through the second quarter.

是的。當然。因此，我認為很快我也會參與高階討論。因此，我認為，正如您所建議的，我們在第二季中後期推出了免費增值平台（如果您願意的話）。

At this time, it's really for those who end up churning out as a way to try to retain them. I'd say at this point, it's extraordinarily early. I'd say, we're pleased in terms of the amount of trials, if you will, or usage we're getting on the freemium side. I'd say too soon to call what it means as it relates to retentive aspects of this.

這個時候，真正適合那些最終以大量生產作為留住他們的方式的人。我想說，現在還非常早。我想說，如果你願意的話，我們對試用數量或我們在免費增值方面的使用量感到滿意。我想說現在談論它的含義還為時過早，因為它與保留方面有關。

And then I'd say, more broadly speaking, we're getting, I'd say, increasing ad growth as it relates to that month-to-month and week-to-week. So, we're happy with what we're seeing there, although it's also off of a small base. More broadly speaking, in terms of fast, not that you asked this, I would say that we're in, call it, 175 plus fast channels. We continue to see very strong growth as it relates to both viewership and advertising growth specific to the fast business.

然後我想說，更廣泛地說，我們正在增加廣告成長，因為它與每月和每周有關。因此，我們對在那裡看到的情況感到滿意，儘管它的基礎也很小。更廣泛地說，就快速而言，不是你問這個，我會說我們處於，稱之為175+快速通道。我們繼續看到非常強勁的成長，因為它與快速業務特有的收視率和廣告成長有關。

Yes. I'll just add one piece on that, is that with respect to the specific way in which we've rolled out our free service is that we're really focused, as you said, on the customers that are churning out. And I think early indications, we're seeing some strong reactivation.

是的。我只想補充一點，就我們推出免費服務的具體方式而言，正如您所說，我們真正關注的是正在流失的客戶。我認為早期跡象表明，我們看到了一些強勁的重新激活。

But at the same time, there's some more work that has to be done around A, B testing to really better understand how do we get more volume back into that funnel. So, we'll be working on that for now. But again, early indications seem very compelling, and we'll probably put more resources behind that very soon and then see if it makes sense to begin to expand that out to other cohorts.

但同時，圍繞 A、B 測試還需要做更多的工作，才能真正更了解我們如何讓更多的流量回到該漏斗中。因此，我們現在將致力於此。但同樣，早期跡像似乎非常引人注目，我們可能很快就會投入更多資源，然後看看開始將其擴展到其他群體是否有意義。

David Joyce with Seaport Research.

海港研究中心的大衛喬伊斯。

Thank you. Congratulations on the balance sheet management, first of all. But second, if you could please drill down on the strength of the net ads in North America. What were some real biggest content drivers there? There were some other streamers, obviously, not virtual MVPDs that had some issues in the quarter. But timing wise, I was just wondering, what were the drivers there?

謝謝。首先，恭喜資產負債表管理。但其次，如果可以的話，請深入了解北美網路廣告的實力。那裡有哪些真正最大的內容驅動因素？顯然，還有其他一些主播在本季遇到了一些問題，而不是虛擬 MVPD。但就時間而言，我只是想知道，那裡的驅動因素是什麼？

Yes, David. I'd highlight a couple of things. One is that we had some, I'd say, sporting events that drove both trials and also conversion, if you will, later in the quarter. So, that was one thing I would say. The second thing I would say was that we -- as you know, we dropped the Warner Brothers Discovery content earlier in the quarter.

是的，大衛。我想強調幾件事。一是，我想說，我們舉辦了一些體育賽事，推動了試驗和轉換（如果你願意的話）在本季晚些時候進行。所以，這是我要說的一件事。我要說的第二件事是，如您所知，我們在本季早些時候放棄了華納兄弟探索頻道的內容。

I would say we didn't see as big of an impact as we would have expected there. And then the third thing, I guess as a result, we also saw better-than-expected churn for the quarter, too. And then finally, I would say we talked about our range in terms of SAC and SAC came in, I'd say a bit below our target as well.

我想說的是，我們沒有看到像我們預期的那樣大的影響。然後第三件事，我想結果是，我們也看到了本季的客戶流失情況比預期好。最後，我想說我們討論了 SAC 方面的範圍，SAC 進來了，我想說也比我們的目標略低一些。

I would just add that it was a very strong sports calendar, generally speaking. We had two major soccer events, and at the same time, I think we've done a really nice job marketing our cricket championship, as well as some strong work behind the RSNs, adding YES Network and ensuring that there was continuity with respect to some of the other regional sports networks and baseball seasons proven to be stronger this year than it was last year for us.

我想補充一點，總的來說，這是一個非常強大的體育賽事日曆。我們舉辦了兩場大型足球賽事，同時，我認為我們在板球錦標賽行銷方面做得非常出色，並且在 RSN 背後做了一些強有力的工作，添加了 YES Network 並確保了賽事的連續性事實證明，今年其他一些地區體育網絡和棒球賽季比我們去年更強。

of Jim Goss with Barrington Research.

吉姆‧戈斯 (Jim Goss) 與巴靈頓研究公司 (Barrington Research) 的合作。

All right. I wonder if you might comment on the potential impact of connected TV options on your TAM. VIZIO, Walmart, TiVo and proprietary OEM efforts provide an option for consumers to get into some of the services without using something else. How do you view that as a competitive threat?

好的。我想知道您是否可以評論一下連網電​​視選項對您的 TAM 的潛在影響。 VIZIO、沃爾瑪、TiVo 和專有 OEM 的努力為消費者提供了一種選擇，無需使用其他服務即可使用某些服務。您如何看待這是一種競爭威脅？

David, do you want to take that one?

大衛，你想拿那個嗎？

Yes. Sorry, Jim. I'm not sure I understood. Sounded like you were saying how are we competing with some of these other FAST services. Are you saying on the FAST side? Sorry, if you could just rephrase.

是的。對不起，吉姆。我不確定我是否理解了。聽起來你好像在說我們如何與其他一些 FAST 服務競爭。你是說FAST方面嗎？抱歉，如果你能改一下的話。

Yeah. Well, the fact that if you buy certain televisions, you'll have an opportunity to gain access to a lot of the programming, including a lot of the same sort of fast channels without having a service at all. And I'm just wondering if that satisfies the needs of enough individuals that it proposes a competitive threat to you?

是的。事實上，如果您購買某些電視，您將有機會觀看大量節目，包括許多同類的快速頻道，而無需任何服務。我只是想知道這是否滿足了足夠多的人的需求，以至於對您構成了競爭威脅？

Well, the fast business for us is really complementary. About 7% of our viewership comes from fast within the paid service. And so if the consumer churns out, they'll still have access to free channels. We have -- there's millions of people that come through the platform organically every year. So for us, it's just more incremental opportunities to engage consumers and really highlight the capabilities, the features, the premium programming that we have and the abundance of different connected devices, as you said.

嗯，快速的業務對我們來說確實是互補的。我們大約 7% 的收視率來自付費服務中的 Fast。因此，即使消費者退出，他們仍然可以訪問免費頻道。我們每年都有數百萬人有機地通過這個平台。因此，對我們來說，這只是更多吸引消費者的增量機會，並真正突出我們擁有的功能、特性、優質節目以及豐富的不同連接設備，正如您所說。

I think the interesting thing about Fubo relative to all these OEMs is that most people that have multiple televisions in their homes, call it 2 plus, they typically have different OEMs in different rooms. And so having that seamless way in which that you can use Fubo across different devices, I think, is extremely appealing. And so at this moment in time, I look at them more as potential business development partners versus direct competitors.

我認為 Fubo 相對於所有這些 OEM 的有趣之處在於，大多數人家裡有多台電視，稱之為 2+，他們通常在不同的房間有不同的 OEM。因此，我認為，能夠在不同裝置上使用 Fubo 的無縫方式非常有吸引力。因此，此時此刻，我更多地將它們視為潛在的業務發展合作夥伴而不是直接競爭對手。

Nikhil Aluru from J.P. Morgan.

摩根大通 (J.P. Morgan) 的尼基爾·阿魯魯 (Nikhil Aluru)。

Yes. Hi, thank you. David, you touched on the sporting events. I was wondering if you could potentially comment on what the retention effort look like after that for those subscribers, given that both those events ended before the end? I mean, as you head into 3Q with the retention of those customers you might be looking like.

是的。你好，謝謝。大衛，你談到了體育賽事。我想知道您是否可以對這些訂閱者的保留工作發表評論，因為這兩個事件都在結束之前結束了？我的意思是，當您進入第三季時，您可能會保留那些客戶。

And then second, just on the balance sheet. Obviously, a great job with the opportunistic management. Is there anything you can tell us about kind of further expectations for capital? Do you still feel confident you have the wrong way to breakeven without any additional capital raises?

其次，就資產負債表而言。顯然，機會主義的管理做得很好。您能告訴我們關於資本的進一步預期嗎？您是否仍確信自己在不進行任何額外融資的情況下以錯誤的方式實現收支平衡？

Thank you.

謝謝。

Yes. Why don't I start on the capital.

是的。為什麼不從首都開始呢？

Yes. John, why don't I just close out on the first part and then you can take the second question. Yes. So just on the retention piece, look, these are very large-scale events that drive a lot of viewers. And essentially, the job of the service provider is to deliver that viewer the experience they're looking for.

是的。約翰，我為什麼不結束第一部分，然後你可以回答第二個問題。是的。因此，就保留部分而言，您看，這些都是非常大規模的活動，吸引了許多觀眾。從本質上講，服務提供者的工作就是為觀眾提供他們正在尋找的體驗。

And so the job typically is done. We've seen this for many, many years, starting with the World Cup in 2018. This is why we wanted to add the free service that becomes available to churned out customers to make sure that we can continue to learn more about their viewing behavior and really focus on what it would take to reengage them and have them reactivate their services.

這樣工作通常就完成了。從 2018 年世界盃開始，我們已經看到這種情況很多年了。他們並讓他們重新啟動他們的服務。

What I do think is important is that these customers will come back for Liga MX, and a lot of the soccer programming that will return. So the team is doing the best job they can to retain. Still somewhat early to know, but I will say that I don't think there's a really strong overlap between the soccer viewer, the hardcore soccer fan and the Olympics. So, still early to say, but we do expect that there could be some slight churn associated with those events given the size of the cohort that came in.

我認為重要的是這些客戶會回來觀看 Liga MX，並且許多足球節目也會回歸。因此，團隊正在盡最大努力留住人才。現在還為時過早，但我要說的是，我認為足球觀眾、鐵桿足球迷和奧運會之間並沒有真正強烈的重疊。因此，現在說還為時過早，但考慮到參與群體的規模，我們確實預期這些事件可能會出現一些輕微的波動。

And Nik, on the capital question, what I would say there is, look, as you'd expect, I can't comment on what we may or may not do as it relates to the capital structure or our capital structure directly. But what I can say is that we continue to believe that we are funded to execute on our operating plan, excluding the potential impact of the JV. And I would say that we are very sensitive to shareholder dilution.

尼克，關於資本問題，我想說的是，正如你所期望的那樣，我無法評論我們可以做什麼或不可以做什麼，因為這與資本結構或我們的資本結構直接相關。但我可以說的是，我們仍然相信我們有資金執行我們的營運計劃，排除合資企業的潛在影響。我想說，我們對股東稀釋非常敏感。

Darren Aftahi with ROTH.

達倫·阿夫塔希與羅斯。

Hey, good morning. Thanks for taking my question. Just curious, your marketing approach in the second half, does anything change in light of a competitive landscape changing? And then I guess as a dovetail question of that, what kind of pricing power do you feel like you have, given you've raised prices in the past? Is that a strategy that you'll employ going forward? Thanks.

嘿，早安。感謝您提出我的問題。只是好奇，下半年你們的行銷方式會隨著競爭格局的改變嗎？然後我想，作為一個與之相吻合的問題，鑑於您過去曾提高過價格，您認為自己擁有什麼樣的定價能力？這是您今後將採取的策略嗎？謝謝。

Look, on the pricing side, Darren, what I would say is maybe one thing, which is simply that I think the team has done an amazing job. As you know, we've raised prices now, $5 this year. I would say the churn we've seen related to that is actually -- but I'd say in line to probably better than we would have thought. And so we think we still have some pricing power in the business. Can you go back to the first question?

聽著，在定價方面，達倫，我想說的可能是一件事，就是我認為團隊做得非常好。如您所知，我們現在提高了價格，今年 5 美元。我想說的是，我們所看到的與此相關的流失實際上是——但我想說的是，可能比我們想像的要好。因此，我們認為我們在該業務中仍然擁有一定的定價權。你能回到第一個問題嗎？

He must have cut off. What was it?

他肯定已經斷了。那是什麼？

Yes, on marketing tax. Right. So on the marketing side, what I would say is, look, certainly the team has done, I think, an outstanding job in terms of the first and second quarter. There will be some adjustments that they're making as it relates to the third quarter in terms of driving subscribers. Certainly, I'm not going to preview that today, but when we get to the next quarter's earnings call, we will share that with you.

是的，關於行銷稅。正確的。因此，在行銷方面，我想說的是，看，我認為團隊在第一季和第二季做得非常出色。他們將在第三季推動訂戶方面做出一些調整。當然，我今天不會預覽這一點，但當我們參加下一季的財報電話會議時，我們將與您分享。

All right. Thank you, Darren. And our final question today comes from the line of Brett Knoblauch with Cantor Fitzgerald.

好的。謝謝你，達倫。今天我們的最後一個問題來自布雷特·諾布勞赫和坎托·菲茨杰拉德的台詞。

Hi, guys. Thanks for taking my question. Maybe on the sequential improvement in subscriber-related expenses. Could you maybe quantify how much of that came from removing Warner Brothers content off the platform? Or is there other factors at play there?

嗨，大家好。感謝您提出我的問題。也許是與訂戶相關費用的連續改善有關。您能否量化一下，其中有多少是來自於從平台上刪除華納兄弟的內容？或者還有其他因素在起作用嗎？

Yes. So on the subscriber-related expense, Brett, to your point, as you noted, we saw, I think, a few 100 basis point improvement year-over-year on the SRE line. We also saw even greater improvement from the first quarter to the second quarter.

是的。因此，關於訂閱者相關費用，Brett，就您的觀點而言，正如您所指出的，我認為我們看到 SRE 線比去年同期改善了 100 個基點。我們也看到從第一季到第二季有更大的改善。

We don't get specific, I think, as you know, as it relates to any specific piece of content. But what I can tell you is what and consistent with what I said before is that we will continue to see improvement in that line item going forward. And so expect to see that again in the third quarter and also in the fourth quarter. But again, I can't get more specific than that.

我認為，正如您所知，我們沒有具體說明，因為它與任何特定的內容相關。但我可以告訴你的是，與我之前所說的一致的是，我們將繼續看到該訂單項目的改進。因此，預計第三季和第四季會再次出現這種情況。但同樣，我無法提供比這更具體的資訊。

Yes. I would just add one more thing, and I just don't want you to think that it's just Discovery, the Discovery drop. This is a combination of other activity and other content negotiations that have transpired and just some mix shift opportunities as well that came up just driving customers into different types of packaging. So, I think it's a culmination of things but certainly not specific to Warner Brothers alone.

是的。我只想再補充一件事，我只是不想讓你認為這只是 Discovery，Discovery 的掉落。這是已經發生的其他活動和其他內容談判的結合，以及一些混合轉變機會的出現，這些機會只是推動客戶採用不同類型的包裝。所以，我認為這是事情的頂峰，但肯定不僅僅是華納兄弟特有的。

All right. Thanks for the question,.And that is all the questions we have today. So ladies and gentlemen, I just want to let you know, this concludes today's call. Thank you all for joining, and you may now disconnect.

好的。謝謝你的提問，這就是我們今天的所有問題。女士們、先生們，我想讓你們知道，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。