FuboTV Inc (FUBO) 2025 Q1 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fubo first quarter 2025 earnings conference call. (Operator Instructions). I would now like to turn the call over to Ameet Padte, SVP, FP&A, Corporate Development, and Investor Relations for Fubo. Please go ahead.

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加富博2025年第一季財報電話會議。（操作員指令）。現在，我想將電話轉給 Fubo 的 FP&A、企業發展和投資者關係高級副總裁 Ameet Padte。請繼續。

Thank you for joining us to discuss Fubo's first quarter 2025 results.

感謝您加入我們討論 Fubo 2025 年第一季的表現。

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.hubo.tv.

今天與我一起的是 Fubo 聯合創始人兼執行長 David Gandler 和 Fubo 財務長 John Janedis。我們的績效詳情和額外的管理評論可在我們的收益報告和致股東的信中找到，這些內容可在我們網站 ir.hubo.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 will 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。David 將首先簡要介紹本季和我們的業務，John 將介紹財務和指導。然後我們將把電話轉給分析師進行問答。

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 including our pending business combination and our product and subscription packages, market, industry and consumer trends and expectations regarding growth and profitability.

我想提醒大家，以下討論可能包含聯邦證券法所定義的前瞻性陳述，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（包括我們即將進行的業務合併以及我們的產品和訂閱套餐）、市場、行業和消費者趨勢以及有關增長和盈利能力的預期。

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.

這些前瞻性陳述受某些風險、不確定性和假設的影響。我們在提交給美國證券交易委員會的文件中討論了可能導致實際結果與前瞻性陳述有重大差異的重要因素。

Except as otherwise noted, the results and guidance we're 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，我們今天呈現的結果和指導均基於持續經營，不包括我們以前遊戲部門的歷史業績，這些業績被視為已終止經營的業務。

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 Q1 2025 earnings shareholder letter, which is available on our website at ir.bubo.tv.

在通話過程中，我們也可能參考某些非公認會計準則財務指標。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表也可在我們的 2025 年第一季收益股東信中找到，該信可在我們的網站 ir.bubo.tv 上找到。

Please note as well that during Q&A, the company will not provide any information related to the pending business combination with Hulu + Live TV and ongoing regulatory matters beyond what we have already shared. With that, I will turn the call over to David.

還請注意，在問答期間，公司不會提供任何與 Hulu + Live TV 即將進行的業務合併以及正在進行的監管事宜相關的信息，除了我們已經分享的信息之外。說完這些，我會把電話轉給大衛。

Thank you, Ameet, and good morning, everyone. Thank you all for joining us today to discuss Fubo's first quarter 2025 results. In the first quarter, our global streaming business exceeded our subscriber forecast and achieved our revenue guidance. We are pleased with these results, which came against a typically lighter first quarter sports calendar and a broader backdrop of economic uncertainty.

謝謝你，Ameet，大家早安。感謝大家今天加入我們討論 Fubo 2025 年第一季的表現。第一季度，我們的全球串流媒體業務超出了我們的用戶預測，並實現了我們的收入預期。我們對這樣的結果感到滿意，這是在第一季體育賽事日程通常較少以及經濟不確定性大背景下取得的。

Looking at our North American streaming business. We delivered 1.47 million paid subscribers, down 2.7% year-over-year but exceeding our Q1 guidance of $1.46 million at the high point. Total revenue in the region was $407.9 million, and that was up 3.5% year-over-year. Notably, we once again improved our global profitability metrics by more than $100 million for the trailing 12 months.

看看我們的北美串流媒體業務。我們擁有 147 萬付費用戶，年減 2.7%，但超過了我們第一季 146 萬美元的最高預期。該地區總收入為 4.079 億美元，年增 3.5%。值得注意的是，過去 12 個月，我們的全球獲利指標再次提高了 1 億多美元。

These results demonstrate our team's ongoing execution as we focus on profitability in 2025 for our global streaming business. We remain excited about our agreement with the Walt Disney Company to combine Fubo with Hulu + Live TV and the potential to increase competition and consumer choice in the pay TV space.

這些結果證明了我們團隊的持續執行力，我們專注於 2025 年全球串流媒體業務的獲利能力。我們對與華特迪士尼公司達成的協議感到興奮，該協議將 Fubo 與 Hulu + Live TV 相結合，並有可能增加付費電視領域的競爭和消費者選擇。

We continue to work through the regulatory process and look forward to sharing more information when we are able. The streaming landscape continues to evolve and grow more fragmented, further demonstrating the importance and relevance of Fubo's aggregation model.

我們將繼續推進監管流程，並期待在有能力時分享更多資訊。串流媒體格局不斷發展並變得更加分散，進一步證明了 Fubo 聚合模型的重要性和相關性。

We remain committed to providing customers multiple and flexible packaging options from skinny bundles to the full virtual pay TV bundle and everything in between. In recent months, we've seen the industry follow our lead and introduce skinny year content bundles. We are gratified by this because we believe a streaming landscape with multiple options benefits all consumers. We continue to focus on meeting consumer needs at every point along the demand curve.

我們始終致力於為客戶提供多種靈活的打包選擇，從精簡套餐到完整的虛擬付費電視套餐以及介於兩者之間的一切。最近幾個月，我們看到業界紛紛效法我們的做法，推出瘦年內容包。我們對此感到欣慰，因為我們相信擁有多種選擇的串流媒體環境將使所有消費者受益。我們持續致力於滿足需求曲線上每個點的消費者需求。

As we have previously communicated, our skinny bundle offering will include a sports and broadcasting service. In addition to featuring content from the Walt Disney Company, we are working hard to secure content from non-Disney programmers for the new service.

正如我們之前所傳達的，我們提供的精簡套餐將包括體育和廣播服務。除了展示華特迪士尼公司的內容外，我們還在努力為新服務尋找非迪士尼程式設計師的內容。

It is critical for Fubo subscribers that we are able to negotiate content licensing agreements at their rates and terms. Our goal remains to launch this service for the fall sports season.

對於 Fubo 用戶來說，我們能夠按照他們的費率和條款協商內容授權協議至關重要。我們的目標仍然是在秋季運動季節推出這項服務。

In closing, we continue to focus on consumers and what they expect from a streaming service, namely premium content and innovative product experience, value and above all choice. At the same time, our priority is providing value for our shareholders, and we remain focused on achieving profitability in our streaming business this year.

最後，我們繼續關註消費者以及他們對串流媒體服務的期望，即優質內容和創新產品體驗、價值以及最重要的選擇。同時，我們的首要任務是為股東提供價值，我們今年仍將專注於實現串流媒體業務的盈利。

We look forward to keeping you updated on our progress. I will now turn the call over to John Janedis, CFO, to discuss our financial results in greater detail. John?

我們期待向您通報我們的進展。現在我將把電話轉給財務長約翰‧詹迪斯 (John Janedis)，更詳細地討論我們的財務表現。約翰？

Thank you, David, and good morning, everyone. Our performance during the first quarter validates our strategy to optimize our aggregated content platform even amidst changes in the media landscape and a potentially cautious consumer outlook. We achieved North America revenue growth of 3.5% and within our guidance range and our North America subscriber count of 1.47 million was ahead of expectations.

謝謝你，大衛，大家早安。即使在媒體格局改變和消費者前景可能謹慎的情況下，我們第一季的業績也驗證了我們優化聚合內容平台的策略。我們實現了北美營收成長 3.5%，符合我們的預期範圍，北美用戶數量達到 147 萬，超出預期。

From an advertising revenue standpoint, ad revenue for the quarter was $22.5 million, down 17% year-over-year, largely due to the discontinuation of Warner Bros. Discovery and TelevisaUnivision Networks. Excluding these impacts, our underlying performance improved year-over-year.

從廣告收入來看，本季廣告收入為 2,250 萬美元，年減 17%，主要原因是華納兄弟停止了廣告業務。探索頻道和 TelevisaUnivision 網路。排除這些影響，我們的基本績效較去年同期有所改善。

Net income from continuing operations was $188 million or $0.55 per diluted share compared to a net loss of $56.3 million and a loss per share of $0.19 and in the prior year period. It is important to note that net income includes the $220 million gain on settlement of litigation.

持續經營淨收入為 1.88 億美元，即每股攤薄收益 0.55 美元，而去年同期淨虧損為 5,630 萬美元，每股虧損 0.19 美元。值得注意的是，淨收入包括2.2億美元的訴訟和解收益。

Adjusted EPS loss improved to $0.02 and a marked improvement compared to a loss of $0.14 a year ago as we made meaningful progress reducing non-operating expenses and narrowing adjusted losses. Adjusted EBITDA was negative $1.4 million, a $37 million improvement year-over-year, highlighting our ongoing focus on cost control, efficient growth and driving leverage in the model.

調整後每股收益虧損改善至 0.02 美元，與去年同期 0.14 美元的虧損相比有顯著改善，因為我們在減少非營業支出和縮小調整後虧損方面取得了重大進展。調整後的 EBITDA 為負 140 萬美元，較上年同期減少 3,700 萬美元，凸顯了我們持續專注於成本控制、高效成長和模型中的驅動槓桿。

Turning to cash flow. Net cash provided by operating activities was $161 million, reflecting the $220 million impact of the gain on settlement of litigation. Free cash flow improved by $9 million year-over-year to negative $62 million as we remain disciplined in our capital allocation and working capital management.

轉向現金流。經營活動提供的淨現金為 1.61 億美元，反映了訴訟和解收益的 2.2 億美元影響。由於我們在資本配置和營運資本管理方面保持嚴格，自由現金流年增 900 萬美元至負 6,200 萬美元。

On a trailing 12-month basis, we improved both adjusted EBITDA and free cash flow by more than $100 million, underscoring the effectiveness of our profitability initiatives and operating efficiency. Looking ahead, our North America guidance for 2Q 2025 calls for subscribers of $1.225 million to $1.255 million or a 14% year-over-year decline at the midpoint and revenue of $340 million to $350 million, a 10% decline at the midpoint.

在過去 12 個月中，我們的調整後 EBITDA 和自由現金流均提高了 1 億多美元，凸顯了我們的獲利舉措和營運效率的有效性。展望未來，我們對 2025 年第二季北美市場的預期是，用戶數為 122.5 萬美元至 125.5 萬美元，中位數年減 14%，營收為 3.4 億美元至 3.5 億美元，中位數下降 10%。

Note that this guidance includes the continued impact of our recent drop of TelevisaUnivision content and reflects the benefit of onetime sports events in 2Q 2024. For rest of world, our Q2 guidance projects subscribers of 325,000 to 335,000, down 17% year-over-year and revenue of $6.5 million to $7.5 million, reflecting a 15% decline at the midpoint.

請注意，該指引包括我們最近放棄 TelevisaUnivision 內容的持續影響，並反映了 2024 年第二季一次性體育賽事的好處。對於世界其他地區，我們預計第二季度用戶數量為 325,000 至 335,000，年減 17%，營收為 650 萬美元至 750 萬美元，中間值下降 15%。

In closing, for several years, we've been driving important investments in Fubo's technology and they made strategic content changes resulting in significantly improved profitability and cash flow under challenging circumstances.

最後，多年來，我們一直在推動對 Fubo 技術的重要投資，他們進行了策略內容變革，從而在充滿挑戰的情況下顯著提高了獲利能力和現金流。

Looking ahead, we are energized by what we believe we can achieve through added scale with our pending transaction with Hulu + Live TV. In the meantime, we remain firmly focused on achieving profitability in 2025 and alongside executing on our long-term strategic priorities. I would now like to turn the call over to the operator for Q&A.

展望未來，我們相信，透過與 Hulu + Live TV 的待定交易擴大規模，我們能夠取得更大的成就，這讓我們充滿信心。同時，我們仍將堅定致力於在 2025 年實現盈利，並執行我們的長期戰略重點。現在我想將電話轉給接線員進行問答。

Dave Joyce, Seaport Research Partners.

戴夫‧喬伊斯 (Dave Joyce)，海港研究夥伴。

On the -- a little bit more color on the content front, please. Given that TelevisaUnivison so did say on their earnings call that they would look forward to being in discussions with you again. Is there anything new that you can report on that front since they expressed that interest?

在內容方面，請再多講一些。鑑於 TelevisaUnivison 在其收益電話會議上確實表示，他們期待再次與您進行討論。自從他們表達了這種興趣之後，您在這方面有什麼新消息可以報道嗎？

And also on the content side, how are you progressing on getting your programming contracts all realigned for skinnier packages and time for the football season?

另外在內容方面，你們在調整節目製作合約以適應更精簡的套餐和足球賽季的時間方面進展如何？

David, this is John. I'll take the first one, and maybe David will talk to the skinny package progression. Look, on TelevisaUnivison, I would say no update to share, but as you know -- look, there's some content we've dropped in the past that we brought back. Consistent with what we said last quarter, I think we're certainly open to those discussions with acceptable terms. And that's important.

大衛，這是約翰。我會選擇第一個，也許大衛會談論精簡包裝的進展。看，關於 TelevisaUnivison，我想說沒有更新可以分享，但正如你所知——看，我們過去放棄的一些內容又重新帶回來了。與我們上個季度所說的一致，我認為我們當然願意以可以接受的條件進行這些討論。這很重要。

But in the interim, we've lowered the price on our Latino package. We're seeing solid interest and we're always looking to improve our offerings to our customers. But I'd also say, as we mentioned, the impact will continue into the second quarter. We're now about 4.5 months since the drop. But as the time goes on, the impact on our subscriber base will be more modest.

但在此期間，我們降低了拉丁裔套餐的價格。我們看到了濃厚的興趣，並且我們一直在尋求改進我們向客戶提供的服務。但我還要說，正如我們所提到的，影響將持續到第二季​​。現在距離下降已經過去了大約 4.5 個月。但隨著時間的推移，對我們的用戶群的影響將會變得更加溫和。

Yes. And this is David. As to the second part of your question, look, we are very focused on releasing skinny bundles. We've stated this many times. We started offering some stand-alone services. And early indications really, I think, create a situation for us where we feel very comfortable that there's probably a growth opportunity headed into the fall.

是的。這是大衛。至於你問題的第二部分，你看，我們非常專注於發布精簡捆綁包。我們已經多次說過這一點。我們開始提供一些獨立服務。我認為，早期跡象確實為我們創造了一種形勢，讓我們感到非常放心，秋季可能存在成長機會。

So we're very focused on completing our content deals with non-Disney partners. But of course, we've made it very clear that it has to be on acceptable terms at a fair market price with the same flexibility as other distributors. So that will be our focus in the short term, and we look forward to providing you more information as we move forward on that front.

因此，我們非常注重與非迪士尼合作夥伴完成內容交易。但當然，我們已經明確表示，必須以可接受的條款、公平的市場價格，並且具有與其他經銷商相同的靈活性。所以這將是我們短期內的重點，我們期待在這一方面取得進展時為您提供更多資訊。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

For David or John, I'll sort of ask the obligatory macro question, and curious if you guys have seen any impact 2Q to date or whether maybe you expect as a result of some lag effect impact, any impact on your gross additions churn or on the ad side of your business demand in the US?

對於 David 或 John，我會問一個必不可少的宏觀問題，我很好奇你們到目前為止是否已經看到了第二季度的任何影響，或者您是否預計由於某些滯後效應的影響，會對你們的總增加量流失率或美國業務需求的廣告方面產生任何影響？

And then for 2Q, John, I don't know if it's possible to quantify for us or give us a sort of even directional sense for what 2Q growth would have looked like had you not had the Copa America and Televisa impact that might be challenging to quantify, but would just be curious, I guess, if you have a sense for what like-for-like performance across the US is looking like right now?

然後對於第二季度，約翰，我不知道是否可以為我們量化或給我們一個方向性的概念，如果沒有美洲杯和 Televisa 的影響，第二季度的增長會是什麼樣子，這可能很難量化，但我只是好奇，我想，你是否知道現在美國各地的同類表現是什麼樣的？

Yes. Sure. I'll take those, Clark. So maybe I'll start with the second question first. Look, on 2Q to your question, look, we have ongoing churn in the Latino package, as we referenced and then here we had Copa last year. If I were to kind of clean it up and calculate the same store, if you will, I would say, on a same-store basis, our subscriber growth looks to be relatively flattish.

是的。當然。我會接受的，克拉克。所以我可能先從第二個問題開始。看看，關於您第二季度的問題，看看，正如我們提到的，拉丁裔套餐正在不斷流失，去年我們有了 Copa。如果我將其整理一下併計算同一家商店，那麼我想說，在同店基礎上，我們的用戶成長看起來相對平穩。

On the macro side, what I would say is, look, a short answer, nothing stands out in terms of tone from both our customers and our advertising partners. I'd say on the customer side, to your question, I think overall churn for our English package is relatively in line or actually slightly better on a year-over-year basis even with the price increase.

從宏觀角度來看，我想說的是，看，簡短的回答是，在我們的客戶和廣告合作夥伴的語氣方面沒有什麼突出的。我想從客戶角度回答您的問題，我認為即使價格上漲，我們的英語套餐的整體流失率與去年同期相比也相對持平，或者實際上略有好轉。

I would say also that reactivations were better than we expected for the month of April, which I think is relevant given the timing of some of the macro headlines out there. And then on the advertising side, I would say, if I look at what I would just call year-to-date on a monthly basis, April is actually our best month in terms of growth.

我還想說，四月的重新激活情況比我們預期的要好，考慮到一些宏觀新聞的時機，我認為這是相關的。然後在廣告方面，我想說，如果按月度來看今年迄今為止的情況，那麼四月實際上是我們成長最好的月份。

And I would say that, as a reminder, in terms of modeling that we lapped the Discovery Scripps drop as of the end of April. And so we'll see more of a normalization of our advertising business starting now.

我想提醒一下，就建模而言，截至 4 月底，我們已經超過了 Discovery Scripps 的下降速度。因此，從現在開始，我們將看到我們的廣告業務更加正常化。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

Okay. So David, I wanted to ask you about Rest of World. We've got the Rest of World subs down 11% for the last six months now. ARPU is down, revenue is down. I know this was -- my recollection is sort of was an (inaudible), but is this business just going to shrink structurally? And how are you thinking about Rest of World?

好的。大衛，我想問你關於世界其他地區的情況。在過去六個月裡，世界其他地區的訂閱量下降了 11%。ARPU 下降，營收也下降。我知道這是——我記得有點像（聽不清楚），但這個業務會從結構上萎縮嗎？您對世界其他地區有何看法？

And then also for you, David, I wanted to know about Gen AI. What are you guys doing with Gen AI integrating some of the new forms? Are you doing anything with creative or advertising using Gen AI tools?

還有你，大衛，我想了解一下 Gen AI。你們正在利用 Gen AI 整合一些新形式做什麼？您是否使用 Gen AI 工具進行任何創意或廣告活動？

And then John, for you, ad revenue down 17% sort of disappointing, and I didn't understand why it mattered if we dropped certain networks? Do you guys have plenty of networks? So why would -- did they have some kind of commitment where they had to advertise with you because you have plenty of ad inventory. So I don't understand why losing two big content players would actually drive ad revenue down 17% year-over-year.

然後約翰，對你來說，廣告收入下降 17% 有點令人失望，我不明白如果我們放棄某些網路有什麼關係？你們有足夠的網路嗎？那麼為什麼——他們要做出某種承諾，必須向你投放廣告，因為你有大量的廣告資源。所以我不明白為什麼失去兩家大型內容提供者實際上會導致廣告收入比去年同期下降 17%。

Okay. Yes. Laura, I'll take that first question. There's a lot in there. On the Malta side, I think we've said this many times, it's really about team technology and the synergies that we see with that business. As we've stated now since 2022, despite all of the whiplash that we've seen over this period of time from larger companies like Netflix and others and Plus Services, et cetera, our goal has always been profitability, profitability over growth.

好的。是的。蘿拉，我來回答第一個問題。裡面有很多東西。在馬耳他方面，我想我們已經說過很多次了，這實際上與團隊技術以及我們在該業務中看到的協同效應有關。正如我們自 2022 年以來所說的那樣，儘管我們在這段時間內看到了來自 Netflix 等大型公司以及 Plus Services 等公司的所有衝擊，但我們的目標始終是盈利，盈利高於增長。

Malta, like Fubo, we've set that same expectation, and they have to get to profitability. And we feel comfortable that they will get there.

馬耳他和 Fubo 一樣，我們設定了同樣的期望，他們必須實現盈利。我們相信他們一定會實現目標。

And then on the other side of that coin is the fact that we are really focused on building out our unified platform, we feel very good about where the platform is today. Fubo itself is now on that platform. We are now onboarding Malta.

另一方面，我們確實專注於建立我們的統一平台，我們對平台目前的狀況感到非常滿意。Fubo 本身現在就位於該平台上。我們現在正在加入馬耳他。

And in terms of subscriber growth, it's very simple. It's a relatively straightforward formula. You have to invest in marketing. And we as we stated, investing in marketing is an upfront cost that has short-term cost implications. And so that has not been on the forefront for us.

就用戶成長而言，這非常簡單。這是一個相對簡單的公式。你必須在行銷方面進行投資。正如我們所說，行銷投資是一項前期成本，會產生短期成本影響。所以這對我們來說並不是最優先考慮的事情。

But yes, international is an important piece to the long-term trajectory of this business. We see what YouTube has been able to accomplish on a global basis and where the majority of viewership and revenues coming from international. We see the same trend with Netflix, I think even Reed Hastings when he was still CEO, had mentioned that many, many times, the importance of international.

但確實，國際化對於該業務的長期發展軌跡至關重要。我們看到了 YouTube 在全球範圍內的成就，其大部分觀眾和收入都來自國際。我們在 Netflix 上看到了同樣的趨勢，我認為即使里德·哈斯廷斯在擔任執行長時也曾多次提到國際化的重要性。

And we're getting everything ready to expand at the right moment at the right time. And so this will be a testing ground as it has been, and we're almost there. John, would you like to take the rest of this?

我們正在做好一切準備，以便在正確的時間、正確的時機擴張。因此，這裡將會像以前一樣成為一個試驗場，而且我們已經快要成功了。約翰，你想拿走剩下的部分嗎？

Yes, sure. And Laura, I would just add one thing to David's comment that, to your point, even with the subscriber decline there, we had -- or the team had EBITDA that came in comfortably ahead of budget. So again, profitability remains the focus.

是的，當然。勞拉，我只想對大衛的評論補充一點，正如你所說，即使用戶數量下降，我們——或者說團隊的 EBITDA 仍然遠遠超出了預算。因此，盈利能力仍然是關注的焦點。

In terms of your question on the ads, I would say a couple of things. One is just don't forget that we do have ad insertion for those networks. So for instance, both on the Univision nets and on the Discovery Scripps nets, we're losing ad insertable hours.

關於你關於廣告的問題，我想說幾點。一是不要忘記我們確實為這些網路插入了廣告。例如，無論是在 Univision 網路還是在 Discovery Scripps 網路上，我們都在失去可插入廣告的時間。

And so -- and there's a direct impact on that. If I were to normalize for that, I would tell you that Q1 would have actually been up-sliding on a year-over-year basis. And I would tell you that 2Q looks to be a little bit better than Q1.

所以——這會產生直接的影響。如果我將其正常化，我會告訴你，第一季的業績實際上會比去年同期有所上升。我想告訴你，第二季看起來比第一季好一點。

Alicia Reese, Wedbush.

艾莉西亞·里斯，韋德布希。

I have a few as well. On the ad spend, I was wondering if you could dig in a little bit on how your gamified ads are tracking and how you can get more advertiser interest, while the budgets are tightening with features such as that. If it's gotten much traction so far, we had heard in the quarter that it has. Could you just double click on that, I'd appreciate it.

我也有幾個。關於廣告支出，我想知道您是否可以深入了解您的遊戲化廣告是如何追蹤的，以及如何在預算因此類功能而收緊的情況下吸引更多廣告商的興趣。如果它到目前為止已經獲得了很大的發展動力，那麼我們在本季度就已經聽說了。您能雙擊它嗎？我將非常感激。

Yes. Sure. Alicia, this is John. I'll take it. Look, I'd actually broaden it out from gamify to what I would just call interactive ads. And look, over the past, I'd say, a couple of quarters or a few quarters you've seen us and read about us launching various new formats that I would just call interactive gamified, et cetera. We'll also be launching shoppable.

是的。當然。艾莉西亞，這是約翰。我要買它。瞧，我實際上將其從遊戲化擴展到我所謂的互動廣告。看看，我想說，在過去的幾個季度裡，你已經看到並讀到我們推出各種新格式的消息，我稱之為互動遊戲化等等。我們還將推出購物功能。

But if I take it as a larger bucket, I would say that we're really starting to see some good traction. And so our interactive ads are up 30% or 37% year-over-year. And I'd say that interest is actually accelerating.

但如果我把它看作一個更大的桶，我會說我們真的開始看到一些好的牽引力。因此，我們的互動廣告年增了 30% 或 37%。我想說的是，人們的興趣實際上正在不斷增長。

I'd say ad products overall in terms of big picture, up 41% year-over-year for the first half. And so we're seeing acceleration. Look, I would say, candidly, the sales cycle was a little bit longer than we would have expected initially. But I'd say that we're actually liking what we're seeing.

我認為從整體來看，上半年廣告產品年增 41%。因此我們看到了加速。坦白說，銷售週期比我們最初預期的要長一些。但我想說的是，我們實際上喜歡我們所看到的。

And then in terms of advertiser interest as budgets potentially shrink. Look, I think that we need to innovate. And I would say our ad sales team was with at a conference earlier in the week, we had very strong interest from a variety of parties, including the Holdcos about a new ad format that we've just brought to market. And I expect that I'll start talking about that on our next quarter's call. But we feel like what we're seeing from our pause ads, from Marquis, among others.

就廣告商的興趣而言，預算可能會縮減。看，我認為我們需要創新。我想說的是，我們的廣告銷售團隊在本週早些時候的一次會議上，包括Holdcos在內的各方都對我們剛剛推向市場的一種新廣告形式表現出了濃厚的興趣。我希望在下一季的電話會議上開始討論這個問題。但我們感覺就像從我們的暫停廣告、Marquis 等廣告中看到的那樣。

There are no further questions at this time. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。