Fubotv Inc (FUBO) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the fubo third quarter 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Ameet Padte, SVP, Investor Relations. You may begin.

女士們先生們，謝謝你們的支持。我叫 Desiree，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加富博2024年第三季財報電話會議。 （操作員指示）我現在想將會議轉交給投資者關係資深副總裁 Ameet Padte。你可以開始了。

Thank you for joining us to discuss fubo's third 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 年第三季業績。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，請參閱我們的收益報告和致股東的信函，可在我們網站 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 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 are discussed in our SEC filings, including risks related to our antitrust lawsuit against Disney, Fox and Warner Bros. Discovery and the potential impact of their proposed joint venture.

這些前瞻性陳述受到某些風險、不確定性和假設的影響。我們向美國證券交易委員會提交的文件中討論了可能導致實際結果與前瞻性陳述存在重大差異的重要因素，包括與我們針對迪士尼、福克斯和華納兄弟探索公司的反壟斷訴訟相關的風險以及他們擬議的合資企業的潛在影響。

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. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q3 2024 Earnings Shareholder Letter, which is available on our website at ir.fubo.tv. Similar to last quarter, the company will not address any questions related to ongoing litigations during Q&A.

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 年第三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。與上季類似，該公司不會在問答過程中回答與正在進行的訴訟相關的任何問題。

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

這樣，我就把電話轉給大衛。

Thank you, Ameet. Good morning, and thank you all for joining us today to discuss fubo's third quarter 2024 results. Our third quarter was marked by continued growth on the top line and notable improvements on the bottom line. In North America, we exceeded revenue guidance closing the quarter with $377 million in total revenue, up 21% year-over-year.

謝謝你，阿米特。早安，感謝大家今天加入我們討論 fubo 2024 年第三季業績。我們第三季的特點是營收持續成長，淨利潤顯著改善。在北美，本季末我們的總營收達到 3.77 億美元，超出了營收指引，年增 21%。

Subscriber growth was strong, and we achieved our goal of 1,613,000 paid subscribers, up 9% year-over-year. Our 2025 profitability target remains a priority. I'm pleased to report that we delivered a nearly $100 million year-over-year improvement in adjusted EBITDA over the trailing 12 months.

用戶成長強勁，我們實現了 1,613,000 名付費用戶的目標，年增 9%。我們的 2025 年獲利目標仍然是首要任務。我很高興地報告，在過去 12 個月裡，我們的調整後 EBITDA 年增了近 1 億美元。

This includes a $33.8 million improvement in Q3 2024 compared to Q3 2023. We also posted meaningful year-over-year improvements for Q3 2024 in net loss, adjusted earnings per share loss, net cash used in operating activities and free cash flow. John will provide more details shortly. Advertising revenue in North America declined 11% year-over-year due to a tough comp in Q3 2023 as well as adjustments to our content portfolio.

這包括2024 年第三季與2023 年第三季相比增加了3,380 萬美元。方面的同比顯著改善。約翰將很快提供更多細節。由於 2023 年第三季的嚴峻競爭以及我們內容組合的調整，北美的廣告收入較去年同期下降 11%。

Looking to Q4, we are encouraged by a record upfront season. And in the coming weeks, we plan to add gamification, enabling brands to embed polls or theme trivia games into video without interrupting the live stream to our growing line-up of interactive ad offerings. We continue to be encouraged by a quickly maturing streaming market and our ability to deliver on consumer needs.

展望第四季度，我們對創紀錄的前期業績感到鼓舞。在接下來的幾週內，我們計劃添加遊戲化功能，使品牌能夠將民意調查或主題問答遊戲嵌入影片中，而無需中斷我們不斷增長的互動廣告產品陣容的直播。快速成熟的串流媒體市場以及我們滿足消費者需求的能力繼續令我們感到鼓舞。

Today, there are nearly 50 million households in the United States that still subscribe to legacy pay-TV, a decline of more than 50% compared to the 105 million cable TV subscribers recorded in 2010. As legacy customers turn to streaming, nearly 30% have subscribed to virtual MVPDs over the trailing 12 months according to a recent Moffett Nathanson report.

如今，美國仍有近 5,000 萬個家庭訂閱傳統付費電視，與 2010 年的 1.05 億有線電視用戶相比下降了 50% 以上。 ，過去12 個月內訂閱了虛擬MVPD。

It's clear that consumers are looking for an alternative to traditional legacy pay-TV services. Media companies have been recently challenged by big tech competitors. In our view, licensing their programming to pay-TV increasingly virtual is their most profitable path forward. Similar to the way we called out rebundling years ago, we believe that the industry will come to the same conclusion.

顯然，消費者正在尋找傳統付費電視服務的替代方案。媒體公司最近受到大型科技競爭對手的挑戰。我們認為，將他們的節目授權給越來越虛擬的付費電視是他們最有利可圖的前進道路。與我們多年前呼籲重組的方式類似，我們相信業界也會得出同樣的結論。

Legacy business model economics can survive and thrive simply by shifting focus to the virtual MVPD space. We believe this shift to virtual MVPDs is necessary to offset the decline of traditional pay-TV and will also enable media companies to grow their revenue and profits. Therefore, we believe we are well positioned over the long term despite some bumpiness and disruption in the short to medium term.

只需將重點轉移到虛擬 MVPD 空間，傳統商業模式經濟學就可以生存並蓬勃發展。我們認為，向虛擬 MVPD 的轉變對於抵消傳統付費電視的衰落是必要的，也將使媒體公司能夠增加收入和利潤。因此，我們相信，儘管中短期內會遇到一些坎坷和乾擾，但從長遠來看，我們處於有利地位。

As we continue to emphasize product quality and user experience, we believe consumers seeking a frictionless streaming product will increasingly choose fubo. We are also committed to offering consumers choice. Our mission to provide consumers with an aggregated content experience that lets them choose the content they want was further realized with our recent introduction of stand-alone subscriptions.

隨著我們不斷強調產品品質和用戶體驗，我們相信尋求無摩擦串流媒體產品的消費者將越來越多地選擇fubo。我們也致力於為消費者提供選擇。我們的使命是為消費者提供聚合的內容體驗，讓他們選擇自己想要的內容，而我們最近推出的獨立訂閱進一步實現了這項使命。

Now fubo users can subscribe to select live and VOD content without purchasing the main fubo product, choosing the content that's right for them. With stand-alone subscriptions, our fubo free tier and of course, our signature sports first virtual MVPD, we seek to offer consumers multiple competitively priced options within the fubo ecosystem free of friction.

現在，fubo 用戶無需購買 fubo 主要產品即可訂閱精選的直播和點播內容，選擇適合自己的內容。透過獨立訂閱、我們的 fubo 免費套餐，當然還有我們標誌性的體育首款虛擬 MVPD，我們力求在 fubo 生態系統中為消費者提供多種價格有競爭力的選擇，避免摩擦。

In August, we won a preliminary injunction against the sports streaming joint venture from Disney, Fox and Warner Bros. Discovery. In the ruling enjoining the JV's launch, the Federal Court granted our injunction because, as its stated quote, fubo is likely to succeed on its claims against the JV because it would quote substantially lessen competition and restrain trade. We are confident in the merits of our claims and believe the preliminary injunction will remain in place despite defendants' pending appeal.

8 月，我們贏得了迪士尼、福斯和華納兄弟探索頻道這家體育串流媒體合資企業的初步禁令。在禁止合資企業成立的裁決中，聯邦法院批准了我們的禁令，因為正如其所聲明的那樣，fubo 很可能會勝訴對合資企業的索賠，因為它會大幅減少競爭並限制貿易。我們對我們的主張的正當性充滿信心，並相信儘管被告有待上訴，但初步禁令仍將有效。

Our fight against the JV is only our first step in helping create a fair streaming marketplace. Our goal is to rectify what we see as years long efforts from these vertically integrated media companies to systematically stifle and suppress the growth of our sports streaming service. We believe these anticompetitive practices have inflicted billions of dollars of damage on fubo. We look forward to the opportunity to prove our claims when our antitrust suit is presented at trial in October of 2025.

我們與合資公司的鬥爭只是我們幫助創建公平的串流媒體市場的第一步。我們的目標是糾正我們所認為的這些垂直整合媒體公司多年來系統性扼殺和壓制我們體育串流服務成長的努力。我們認為這些反競爭行為對 fubo 造成了數十億美元的損失。我們期待在 2025 年 10 月審理我們的反壟斷訴訟時有機會證明我們的主張。

In closing, the third quarter was highlighted by meaningful revenue and subscriber expansion balanced by cost controls critical to reaching our 2025 profitability target. And we continue to fight for a fair streaming marketplace as we believe competition will benefit the entire ecosystem.

最後，第三季的亮點是有意義的收入和用戶擴張，以及對實現我們 2025 年獲利目標至關重要的成本控制。我們將繼續爭取公平的串流媒體市場，因為我們相信競爭將使整個生態系統受益。

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. I am pleased with the results for the third quarter and even more so with the continued progress we have made across just about every metric and in relation to our profitability goals.

謝謝大衛，大家早安。我對第三季的業績感到滿意，更對我們在幾乎每個指標以及與獲利目標相關的方面取得的持續進展感到滿意。

These strong results build on our momentum from previous quarters and further demonstrate that our initiatives and strategies are positively influencing our earnings potential and positioning fubo to succeed in an ever-changing operating environment.

這些強勁的業績建立在我們前幾季的勢頭之上，並進一步表明我們的舉措和策略正在積極影響我們的獲利潛力，並使 fubo 在不斷變化的營運環境中取得成功。

Taking a look at the results for the quarter, we continue to see healthy top line and subscriber growth, with North America revenue growth of 21% and Rest of the World revenue growth of 6%. The main drivers behind the continued top line growth has been our ability to monetize, retain and attract subscribers. I am pleased to report North America subscriber growth of 9%, ending the quarter with over 1.61 million and Rest of the World subscribers to over 378,000.

縱觀本季的業績，我們繼續看到收入和用戶的健康成長，其中北美收入成長 21%，世界其他地區收入成長 6%。收入持續成長的主要驅動力是我們貨幣化、保留和吸引訂戶的能力。我很高興地報告北美用戶成長了 9%，本季末用戶數量超過 161 萬，世界其他地區用戶數量超過 378,000。

As has been evident in previous quarters, our commitment to enhancing efficiency while simultaneously expanding our market presence is not solely reflected in our robust revenue and subscriber growth, it is also having a positive impact on our profitability metrics.

正如前幾季所表明的那樣，我們在提高效率的同時擴大市場份額的承諾不僅體現在我們強勁的收入和用戶成長上，而且還對我們的獲利指標產生了積極影響。

In Q3, net loss was $54.7 million, a marked improvement compared to a net loss of $84.4 million in Q3 2023. This led to a per share loss of $0.17, a significant improvement compared to a loss of $0.29 in the third quarter of 2023. Adjusted EBITDA loss was $27.6 million compared favorably to a loss of $61.4 million in the third quarter of 2023. Adjusted EPS loss was $0.08, an improvement compared to an adjusted EPS loss of $0.22 in Q3 2023.

第三季的淨虧損為5,470 萬美元，與2023 年第三季的淨虧損8,440 萬美元相比顯著改善。著改善。所改善。

In summary, our financial results continue to showcase the substantial progress we're making across the business. We believe the company's current trajectory reflects both its potential and resilience, placing us in a strong position to reach our profitability goals.

總之，我們的財務表現繼續展示了我們在整個業務領域的實質進展。我們相信，公司目前的發展軌跡反映了其潛力和韌性，使我們處於實現獲利目標的有利地位。

Moving to the balance sheet and cash flow. We ended the quarter with $152.3 million of cash, cash equivalents and restricted cash. In addition, our ongoing efforts to identify efficiencies and maximize leverage across the business resulted in a $31 million improvement in free cash flow with just over $1 million shy of achieving positive free cash flow for the quarter. This reflects our ongoing commitment to maintaining rigor and discipline in managing our company-wide costs and we are pleased with the progress we've made this quarter.

轉向資產負債表和現金流量。本季結束時，我們擁有 1.523 億美元的現金、現金等價物和限制性現金。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，導致自由現金流改善了 3,100 萬美元，距離本季實現正自由現金流僅差 100 萬美元多一點。這反映了我們對在管理全公司成本方面保持嚴格和紀律的持續承諾，我們對本季的進展感到滿意。

Turning now to guidance. Our fourth quarter North America subscriber guidance is 1.665 million to 1.705 million subscribers representing 4% year-over-year growth at the midpoint. While our fourth quarter revenue guidance projects $426 million to $446 million, representing 9% year-over-year growth at the midpoint.

現在轉向指導。我們第四季北美訂戶指引值為 166.5 萬至 170.5 萬訂戶，中間值年增 4%。我們第四季的營收指引預計為 4.26 億美元至 4.46 億美元，中間值年增 9%。

On a full year basis, our guidance for 2024 North American subscribers is now for between 1.665 million to 1.705 million subscribers, representing 4% year-over-year growth at the midpoint. And for full year 2024 North America revenue, our guidance is for $1.58 billion to $1.60 billion, representing 19% year-over-year growth at the midpoint.

就全年而言，我們對 2024 年北美訂戶的指導目前為 166.5 萬至 170.5 萬訂戶，中間值年增 4%。對於 2024 年全年北美收入，我們的指引為 15.8 億至 16 億美元，中間值年增 19%。

And for Rest of the World, we expect 345,000 to 355,000 subscribers in the fourth quarter, representing a 14% year-over-year decline at the midpoint, while our revenue guidance projects $8 million to $9 million, representing 0% year-over-year growth at the midpoint for the quarter.

對於世界其他地區，我們預計第四季度訂閱用戶數量為 345,000 至 355,000 名，同比下降 14%，而我們的收入指導預計為 800 萬至 900 萬美元，同比下降 0%。中點。

This leads to guidance of 345,000 to 355,000 subscribers for the full year 2024, representing a 14% year-over-year decline at the midpoint and full year 2024 revenue guidance of $33 million to $35 million, representing 4% year-over-year growth at the midpoint. This guidance reflects our current expected exposure to potential industry volatility and our commitment to maintaining discipline in subscriber acquisition costs relative to monetization.

這導致 2024 年全年訂閱用戶數量為 345,000 至 355,000 名，年減 14%，2024 年全年收入指引為 3,300 萬至 3,500 萬美元，年成長 4%在中點。該指引反映了我們目前對潛在產業波動的預期風險，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。

In closing, I am pleased with our results. Even in a challenging market, we have posted strong revenue and subscriber growth. We have stayed true to our principles and thoughtfully evolved our strategy to better leverage our resources. While we recognize there's still much work to be done to capture the vast opportunities we see in front of us, we remain completely committed to our business and our partners.

最後，我對我們的結果感到滿意。即使在充滿挑戰的市場中，我們也實現了強勁的收入和用戶成長。我們始終恪守我們的原則，並深思熟慮地制定我們的策略，以更好地利用我們的資源。儘管我們意識到要抓住擺在我們面前的巨大機會還有很多工作要做，但我們仍然完全致力於我們的業務和合作夥伴。

We believe our culture focused on innovation and relentless execution continues to enhance our capabilities, operational muscle and execution discipline driving forward our action plan and making progress against our profitability goals.

我們相信，我們注重創新和不懈的文化將繼續增強我們的能力、營運能力和執行紀律，推動我們的行動計劃並在實現盈利目標方面取得進展。

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？

(Operator Instructions) Laura Martin with Needham.

（操作員說明）Laura Martin 與 Needham。

Hi there. Good numbers, you guys, congratulations. I have two for David. One is, David, I would love it if you would explain to me why fubo free especially now that you've -- and now you've added the pay channels, why that isn't available to everybody and why it's only available to lower churn to prior and current fubo subscribers? I don't understand why that's better economics for you.

你好呀。好數字，你們，恭喜。我有兩個給大衛。一是，大衛，如果你能向我解釋為什麼 fubo 免費，特別是現在你已經添加了付費頻道，為什麼不是每個人都可以使用它以及為什麼它只適用於降低以前和當前fubo 訂閱者的流失率？我不明白為什麼這對你來說更經濟。

And then my second one is, you made the point, I think, in your prepared remarks that we now have cable subscribers of 50 million. And I think you said 30% sort of subscribe to virtual MVPDs. My question is, over time, do you think that the virtual MVPD tier is actually a long-term structural business because eventually, cable subscribers are going to zero and as sports moves to streamers, why is it anybody should be a virtual MVPD subscriber. Those are my two questions. Thanks.

我的第二個問題是，我想，您在準備好的演講中指出，我們現在擁有 5,000 萬有線電視用戶。我想你說過 30% 的人訂閱了虛擬 MVPD。我的問題是，隨著時間的推移，您是否認為虛擬MVPD 層實際上是一項長期的結構性業務，因為最終，有線訂閱者將歸零，並且隨著體育賽事轉向串流媒體，為什麼任何人都應該成為虛擬MVPD 訂閱者。這是我的兩個問題。謝謝。

Thank you, Laura. So just on your first question, I think it's a very good question. It's something that we thought long and hard about. I think what we've attempted to do is, one, because it's a new product, we wanted to make sure that we are able to manage the free tier as best as we can and sort of learn a little bit more about what consumers are looking for and what their behaviors are.

謝謝你，勞拉。關於你的第一個問題，我認為這是一個非常好的問題。這是我們經過長時間認真思考的事情。我認為我們試圖做的是，第一，因為它是一個新產品，我們希望確保我們能夠盡可能最好地管理免費套餐，並更多地了解消費者是什麼尋找以及他們的行為是什麼。

The concern of putting it in front of the paywall is we didn't want that to impact the funnel because people basically are coming into fubo today for sports programming. And so by putting that free tier in front immediately, we just didn't want to have an impact on conversion rates, which obviously would drive up subscriber acquisition costs as just sort of one potential outcome.

將其放在付費專區前面的擔憂是我們不希望這影響管道，因為今天人們基本上都是進入 fubo 觀看體育節目。因此，透過立即將免費套餐放在前面，我們只是不想對轉換率產生影響，這顯然會推高訂戶獲取成本，這只是一種潛在結果。

So as we get better on managing and retaining customers and bringing them back into the ecosystem -- we want to maintain them in the ecosystem. So right now, we've been focused on creating features like upselling customers that are on that free tier. But I think eventually, you are correct, we will put that free tier in front of the virtual MVPD paywall.

因此，當我們更好地管理和留住客戶並將他們帶回生態系統時，我們希望將他們保留在生態系統中。因此，現在，我們一直專注於創建諸如向免費套餐的客戶追加銷售等功能。但我認為最終，你是對的，我們會將免費方案置於虛擬 MVPD 付費專區之前。

John, I don't know if you have anything to add to that?

約翰，我不知道你還有什麼要補充的嗎？

No. Nothing.

不，什麼也沒有。

Yeah. And then, Laura, your second question, look, I think what we've attempted to communicate to the street is that we're very focused on offering consumers a plethora of services. And our goal is really to engage -- attract and engage consumers across the demand curve. So we think that the virtual MVPD product is a solid product. I think, as I'm sure you know, lots of people are complaining about the number of services that they subscribe to, the inability to find anything, but again, there are people that will really enjoy a package that has everything.

是的。然後，勞拉，你的第二個問題，我認為我們試圖向街道傳達的是，我們非常專注於為消費者提供大量服務。我們的目標實際上是吸引和吸引整個需求曲線上的消費者。所以我們認為虛擬MVPD產品是一個可靠的產品。我想，正如我確信您知道的那樣，很多人都在抱怨他們訂閱的服務數量過多，無法找到任何東西，但同樣，有些人會真正喜歡擁有一切的套餐。

Even if they don't watch a lot of the channels, they want to make -- I'll give you an example, like, for instance, if you never watch the weather channel, and there's a climate event in a region that you care about or you may have family in, you want to make sure that, that channel is available to you. So you don't have to scramble for it. So again, I think it's just a matter of making sure that we offer a wide range of products that are flexible and offer people solutions that they're looking for.

即使他們不看很多頻道，他們也想——我給你舉個例子，例如，如果你從不看天氣頻道，而你所在的地區正在發生氣候事件。確保該頻道可供您使用。所以你不必去爭奪它。再說一遍，我認為這只是確保我們提供廣泛的靈活產品並為人們提供他們正在尋找的解決方案的問題。

Alicia Reese with Wedbush.

艾莉西亞·里斯和韋德·布希。

Hey, guys, good morning. I'm just looking at the ARPU. I was just wondering if you could talk a little bit more about what were the dynamics in the quarter with regards, specifically to political advertising?

嘿，夥計們，早安。我只是看ARPU。我只是想知道您是否可以多談談本季的動態，特別是政治廣告方面的動態？

Alicia, I couldn't quite hear the first part of the question. Was it specific to ads?

艾莉西亞，我聽不清楚問題的第一部分。是專門針對廣告的嗎？

Yeah. I'm just wondering if you could talk about the dynamics that occurred in the quarter with regard to ad ARPU, political advertising, what was driving the ad ARPU? Why political didn't perhaps push it a little higher?

是的。我只是想知道您能否談談本季廣告 ARPU、政治廣告方面的動態，是什麼推動了廣告 ARPU？為什麼政治可能沒有把它推高一點呢？

Sure. Okay. Alicia, I'll take that one. So on the political front, what I've said, I think now for the past couple of quarters was that, I think like others, we expect to have and expected to have a record political year, which we did. And so I think we more or less came on top of our budget for the year, which was somewhere, call it, in the mid-single-digit millions. And that was called around 20% or so from last year.

當然。好的。艾莉西亞，我想要那個。因此，在政治方面，我所說的，我認為在過去的幾個季度裡，我認為像其他人一樣，我們預計將迎來創紀錄的政治年，我們確實做到了。因此，我認為我們或多或少超出了今年的預算，可以說是數百萬美元左右。與去年相比，這一數字約為 20% 左右。

In terms of the ARPU there, look, it's not a -- from a third quarter perspective, it's not as significant as a percentage of, say, what a broadcaster would have. And so the inflationary impact, if you will, on ad ARPU is somewhat more limited.

就 ARPU 而言，從第三季的角度來看，它並不像廣播公司所擁有的百分比那麼重要。因此，如果您願意的話，通貨膨脹對廣告 ARPU 的影響更為有限。

But I'd say the biggest impact in terms of the ad ARPU was the drop of the Discovery Scripps content earlier in the year. One last thing I'd say in terms of that was then in terms of 4Q, we expect improvement sequentially on a year-over-year basis in terms of ad ARPU.

但我想說，就廣告 ARPU 而言，最大的影響是今年早些時候 Discovery Scripps 內容的下降。我要說的最後一件事是，就第四季而言，我們預期廣告 ARPU 會逐年改善。

Darren Aftahi with ROTH.

達倫·阿夫塔希與羅斯。

Hey, morning. Two questions, if I may. Just following up on the ad ARPU, your commentary, John. Like is there anything beyond Discovery that's a headwind that isn't making this business grow faster than it is? That's my first question. And then as it pertains to your stand-alone premium packages relative to the virtual MVPD, can you just speak to kind of the relative profitability of the products and then thoughts on any potential cannibalization? Thanks.

嘿，早安。如果可以的話，有兩個問題。約翰，我只是跟進廣告 ARPU，您的評論。除了 Discovery 之外，還有什麼因素會阻礙這項業務的成長？這是我的第一個問題。然後，由於它涉及相對於虛擬 MVPD 的獨立高級套餐，您能否談談產品的相對盈利能力，然後考慮任何潛在的蠶食？謝謝。

Yeah, sure. All right. So on the third quarter ads, let me kind of take a step back a little bit. And so look, we had a year-over-year decline in terms of the reported number. I would say there are a couple of things to think about. Look, I think that I'm very pleased in general in terms of what the team is doing. But the first point is that we didn't have the Discovery Scripps content following a drop during the second quarter or as we had them in the third quarter of last year. So obviously that was the headwind.

是的，當然。好的。因此，關於第三季的廣告，讓我退後一步。所以看，我們報告的數字比去年同期有所下降。我想說有幾件事要考慮。聽著，我認為總體上我對團隊所做的事情感到非常滿意。但第一點是，在第二季或去年第三季下降後，我們沒有發現史克里普斯內容。很明顯，這是逆風。

On the second point, and I think I may have referenced this on our call last quarter, we were up against a 34% comp to last year. So if we take a step back, our two-year stack comp was, call it, somewhere in the 7%-ish range, plus or minus, for the first and second quarters.

關於第二點，我想我可能在上個季度的電話會議上提到了這一點，我們的業績比去年同期增長了 34%。因此，如果我們退一步，我們的兩年堆疊比較是，第一季和第二季在 7% 左右的範圍內，無論是正負還是正負。

And even with what we did in the third quarter, we had an acceleration, the two-year comp is 11%. So I'd say, again, we obviously want to grow. But I'd say, from a two-year basis, we're pretty happy with the growth there. And again, in terms of fourth quarter, not that you asked it directly, but I would say we expect to see improvements, and we're seeing signs of improvement sequentially in 4Q relative to 3Q.

即使我們在第三季所做的事情，我們還是有加速，兩年的比較是 11%。所以我想說，我們顯然想要成長。但我想說，從兩年的角度來看，我們對那裡的成長感到非常滿意。再說一次，就第四季度而言，不是你直接問的，但我想說我們預計會看到改善，並且我們看到第四季度相對於第三季度連續改善的跡象。

In terms of your question around the offerings, what I would tell you is that we announced this, I think, a few weeks ago around some more premium offerings. What I can tell you there is that they will be accretive as it relates to margin dollars. I think in many cases, they'll be actually similar in terms of overall margin. And so I don't expect any kind of degradation as it relates to the margin of the business. In fact, I think over time, it will be overall improve our margin dollars.

就您有關產品的問題而言，我想告訴您的是，我認為我們幾週前圍繞著一些更優質的產品宣布了這一點。我可以告訴你的是，它們會隨著保證金的增加而增值。我認為在很多情況下，它們的整體利潤率實際上是相似的。因此，我預計不會出現任何形式的下降，因為這與業務利潤有關。事實上，我認為隨著時間的推移，我們的利潤率將會全面提高。

Ladies and gentlemen, that concludes the question-and-answer session. Thank you all for joining. You may now disconnect.

女士們、先生們，問答環節到此結束。感謝大家的加入。您現在可以斷開連線。